Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-20

Herc Holdings (HRI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,289,126
Lawrence Silber total, FY2025
60th
CEO pay percentile vs peers
84:1
CEO-to-median pay ratio
97.7%
Say-on-pay support, latest vote
Companies that benchmark against HRI
2 companies name HRI as a compensation peer

Each company listed discloses HRI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HRI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lawrence Silber$1,056,538$0$5,500,037$0$1,484,000$0$248,551$8,289,126
Chief Executive Officer
Aaron Birnbaum691,34602,350,3520595,00029,20094,5563,760,454
Chief Operating Officer
W. Mark Humphrey591,34601,000,0070480,000080,1482,151,501
Chief Financial Officer
Christian Cunningham532,11501,000,0070401,250075,2992,008,671
Chief Human Resources Officer
Tamir Peres532,11501,000,0070401,250064,8341,998,206
Chief Information Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Lawrence Silber$8,289,126
Aaron Birnbaum3,760,454
W. Mark Humphrey2,151,501
Christian Cunningham2,008,671
Tamir Peres1,998,206

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Tamir PeresRSU2025-02-032,028$400,003
W. Mark HumphreyPSU2025-02-032,738400,003
Christian CunninghamRSU2025-02-032,028400,003
Aaron BirnbaumPSU2025-05-151,8593,7177,434500,122
Aaron BirnbaumPSU2025-02-0344,1078,214810,065
Lawrence SilberRSU2025-02-0311,1542,200,015
Tamir PeresPSU2025-02-031,5213,0426,084600,004
Aaron BirnbaumRSU2025-05-151,859500,122
W. Mark HumphreyPSU2025-02-031,5213,0426,084600,004
Lawrence SilberPSU2025-02-038,36616,73133,4623,300,022
Aaron BirnbaumRSU2025-02-032,054810,065
Christian CunninghamPSU2025-02-031,5213,0426,084600,004
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Tamir Peres$400,003$600,004$060.0%
W. Mark Humphrey01,000,0070100.0%
Christian Cunningham400,003600,004060.0%
Aaron Birnbaum1,310,1871,310,187050.0%
Lawrence Silber2,200,0153,300,022060.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
W. Mark HumphreyRSU1,321$196,010
Aaron BirnbaumRSU922136,806
Aaron BirnbaumRSU2,251334,003
Aaron BirnbaumRSU4,107609,397
W. Mark HumphreyRSU32648,372
Tamir PeresRSU2,641391,872
Tamir PeresRSU2,261335,487
Tamir PeresRSU58787,099
Lawrence SilberRSU16,7312,482,546
Lawrence SilberRSU11,1541,655,031
Aaron BirnbaumRSU5,066751,693
Christian CunninghamRSU2,028300,915
W. Mark HumphreyRSU2,028300,915
Aaron BirnbaumRSU3,717551,528
Christian CunninghamRSU3,040451,075
Christian CunninghamRSU3,042451,372
Christian CunninghamRSU58787,099
Lawrence SilberRSU7,5641,122,346
Tamir PeresRSU3,042451,372
Aaron BirnbaumRSU2,738406,264
Tamir PeresRSU1,351200,461
W. Mark HumphreyRSU29343,475
Lawrence SilberRSU13,5782,014,704
W. Mark HumphreyRSU1,467217,673
Christian CunninghamRSU2,641391,872
Tamir PeresRSU2,028300,915
W. Mark HumphreyRSU3,042451,372
Tamir PeresRSU3,040451,075
Christian CunninghamRSU1,351200,461
Lawrence SilberRSU17,0192,525,279
Lawrence SilberRSU3,017447,662
W. Mark HumphreyRSU2,837420,954
W. Mark HumphreyRSU1,260186,959
Aaron BirnbaumRSU4,149615,629
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation program should be aligned with our financial performance, simple, transparent and clearly articulated to participants and our stockholders, provide short- and long-term components to drive performance over the long run, be competitive and market-based to attract and retain senior executives, and responsibly balance incentives with prudent risk management.

CEO STI target (% of salary)140%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1429,517,952695,48915,94997.7%Passed
20252025-05-1524,194,1381,564,844129,39293.93%Passed
20242024-05-1625,381,609304,73432,21398.81%Passed
20232023-05-1123,668,1662,013,67939,49392.16%Passed
20222022-05-1226,635,316392,86921,90998.55%Passed
20212021-05-1325,712,7811,141,41459,95695.75%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1497.7%a
20252025-05-1593.93%b
20242024-05-1698.81%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)84 : 1
CEO total compensation$8,301,040
Median employee compensation$98,269
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Patrick D. CampbellIndependent · Board Chair · Audit · Nominating and Governance$105,700$280,133$0$0$0$385,833
James H. BrowningIndependent · Audit (Chair) · Not standing for re-election127,906130,110000258,016
Michael A. KellyIndependent · Compensation · Nominating and Governance (Chair)114,460130,110000244,570
Jean K. HolleyIndependent · Compensation (Chair) · Nominating and Governance114,157130,110000244,267
Rakesh SachdevIndependent · Compensation · Nominating and Governance102,924130,110000233,034
Shari L. BurgessIndependent · Audit102,907130,110000233,017
John M. EngquistIndependent33,994149,486000183,480
Lorin CrenshawIndependent · Not standing for re-election · Departed during FY38,34400038,344
John A. OlinIndependent · Audit · Newly elected000000
Patrick S. ShannonIndependent · Audit · Newly elected000000
Lawrence H. SilberEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$130,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 15,000 / 10,000
Stock ownership guideline5x base annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$740,392
Equity awards (grant-date value)$1,080,169
All other compensation$0
Total cost of the board$1,820,561

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Ritchie Bros Auctioneers Inc.TEX Terex CorporationRUSHA Rush Enterprises, Inc.GATX GATX Corp.MGRC McGrath RentcorpPOOL Pool Corp.XYL Xylem Inc.HEES H&E Equipment ServicesAL Air Lease CorporationCTOS Custom Truck One Source Inc. Ashtead Group plcWSC WillScot Mobile Mini Holdings Corp.FAST Fastenal CompanyURI United Rentals, Inc.TRN Trinity Industries, Inc.FSS Federal Signal Corporation
10a

Peer reciprocity

Of the companies Herc Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Terex Corporation (TEX)41 Rush Enterprises, Inc. (RUSHA) GATX Corp. (GATX) McGrath Rentcorp (MGRC) Pool Corp. (POOL) Xylem Inc. (XYL)42 H&E Equipment Services (HEES) Air Lease Corporation (AL) Custom Truck One Source Inc. (CTOS) WillScot Mobile Mini Holdings Corp. (WSC) Fastenal Company (FAST)43 United Rentals, Inc. (URI)44 Trinity Industries, Inc. (TRN) Federal Signal Corporation (FSS)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Herc Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1United Rentals, Inc.2025Matthew Flannery$1,187,671$9,080,474$0$1,767,656$12,057,571
2Xylem Inc.2025Matthew Pine1,120,1936,190,3081,825,0341,937,25011,286,806
3Herc Holdings2025Lawrence Silber1,056,5385,500,03701,484,0008,289,126
4Terex Corporation2025Simon Meester961,5385,203,3180840,6097,294,990
5H&E Equipment Services2023Bradley W. Barber907,6923,599,92406,295,836
6Fastenal Company2025Daniel Florness750,0000861,3872,569,0004,183,328
Rush Enterprises, Inc.not in coverage universe
GATX Corp.not in coverage universe
McGrath Rentcorpnot in coverage universe
Pool Corp.not in coverage universe
Air Lease Corporationnot in coverage universe
Custom Truck One Source Inc.not in coverage universe
WillScot Mobile Mini Holdings Corp.not in coverage universe
Trinity Industries, Inc.not in coverage universe
Federal Signal Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Herc Holdings100%PSU 60 · RSU 40NoFW Cook
Air Lease Corporationnot disclosednot disclosednot disclosednot disclosed
Custom Truck One Source Inc.not disclosednot disclosednot disclosednot disclosed
Fastenal Company342%Options 100not disclosednot disclosed
Federal Signal Corporationnot disclosednot disclosednot disclosednot disclosed
GATX Corp.not disclosednot disclosednot disclosednot disclosed
H&E Equipment Servicesnot disclosednot disclosednot disclosednot disclosed
McGrath Rentcorpnot disclosednot disclosednot disclosednot disclosed
Pool Corp.not disclosednot disclosednot disclosednot disclosed
Rush Enterprises, Inc.not disclosednot disclosednot disclosednot disclosed
Terex Corporationnot disclosedPSU 65 · RSU 35Yes — total shareholder return (TSR)Pay Governance LLC
Trinity Industries, Inc.not disclosednot disclosednot disclosednot disclosed
United Rentals, Inc.99.2%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
WillScot Mobile Mini Holdings Corp.not disclosednot disclosednot disclosednot disclosed
Xylem Inc.123%PSU 50 · RSU 25 · Options 25Yes — Relative TSRMeridian Compensation Partners

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lawrence SilberDEF 14A2026-03-270001364479-26-000076Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 8,289,126. Filing ↗machine: r3 · c42 · span 424311–424320
2Section 01, Aaron BirnbaumDEF 14A2026-03-270001364479-26-000076Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,760,454. Filing ↗machine: r9 · c42 · span 440630–440639
3Section 01, W. Mark HumphreyDEF 14A2026-03-270001364479-26-000076Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 2,151,501. Filing ↗machine: r6 · c42 · span 432769–432778
4Section 01, Christian CunninghamDEF 14A2026-03-270001364479-26-000076Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 2,008,671. Filing ↗machine: r15 · c42 · span 456919–456928
5Section 01, Tamir PeresDEF 14A2026-03-270001364479-26-000076Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,998,206. Filing ↗machine: r12 · c42 · span 449061–449070
6Section 03, Tamir Peres RSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r31 · c10 · span 652850–652855
7Section 03, W. Mark Humphrey PSUDEF 14A0001364479-26-000076Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Christian Cunningham RSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r37 · c10 · span 667509–667514
9Section 03, Aaron Birnbaum PSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r20 · c16 · span 629211–629216
10Section 03, Aaron Birnbaum PSUDEF 14A2026-03-270001364479-26-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t52 · r19 · c16 · span 626836–626841
11Section 03, Lawrence Silber RSUDEF 14A2026-03-270001364479-26-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t52 · r8 · c10 · span 601626–601632
12Section 03, Tamir Peres PSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r28 · c16 · span 647446–647451
13Section 03, Aaron Birnbaum RSUDEF 14A0001364479-26-000076Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, W. Mark Humphrey PSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r12 · c16 · span 611177–611182
15Section 03, Lawrence Silber PSUDEF 14A2026-03-270001364479-26-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t52 · r5 · c16 · span 595347–595353
16Section 03, Aaron Birnbaum RSUDEF 14A2026-03-270001364479-26-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
17Section 03, Christian Cunningham PSUDEF 14A0001364479-26-000076Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t52 · r34 · c16 · span 661089–661094
18Section 07, pay ratioDEF 14A2026-03-270001364479-26-000076Section “CEO Pay Ratio”. As printed: 84 : 1. Filing ↗machine: span 940789–940791
19Section 08, Patrick D. CampbellDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 385,833. Filing ↗machine: t68 · r2 · c8 · span 961463–961470
20Section 08, James H. BrowningDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 258,016. Filing ↗machine: t68 · r3 · c8 · span 962972–962979
21Section 08, Michael A. KellyDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 244,570. Filing ↗machine: t68 · r8 · c8 · span 970562–970569
22Section 08, Jean K. HolleyDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 244,267. Filing ↗machine: t68 · r7 · c8 · span 969080–969087
23Section 08, Rakesh SachdevDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 233,034. Filing ↗machine: t68 · r9 · c8 · span 972042–972049
24Section 08, Shari L. BurgessDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 233,017. Filing ↗machine: t68 · r4 · c8 · span 964454–964461
25Section 08, John M. EngquistDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 183,480. Filing ↗machine: t68 · r6 · c8 · span 967600–967607
26Section 08, Lorin CrenshawDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 38,344. Filing ↗machine: t68 · r5 · c2 · span 965301–965307
27Section 08, John A. OlinDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, Patrick S. ShannonDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, Lawrence H. SilberDEF 14A2026-03-270001364479-26-000076Section “Director Compensation”. As printed: 0. Filing ↗
30Section 06, 2026 voteForm 8-K2026-05-200001364479-26-000103Item 5.07 · say-on-pay result. As reported: 97.7% (votes for as printed: 29,517,952). Filing ↗
31Section 06, 2025 voteForm 8-K2025-05-200001364479-25-000033Item 5.07 · say-on-pay result. As reported: 93.93% (votes for as printed: 24,194,138). Filing ↗
32Section 06, 2024 voteForm 8-K2024-05-210001364479-24-000029Item 5.07 · say-on-pay result. As reported: 98.81% (votes for as printed: 25,381,609). Filing ↗
33Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)ComputedcomputedCash 740,392 + equity 1,080,169 + all other 0 = 1,820,561, summed across the director compensation table rows.machine: formula: Σ = 1,820,561
35United Rentals, Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124113CEO total compensation as printed in United Rentals, Inc.'s own proxy. As printed: 12,057,571. Filing ↗machine: span 1280664–1280674
36Xylem Inc., Section 10b CEO totalDEF 14A2026-03-300001104659-26-036678CEO total compensation as printed in Xylem Inc.'s own proxy. As printed: 11,286,806. Filing ↗machine: r4 · c17 · span 1770673–1770683
37Herc Holdings (subject), Section 10b CEO totalDEF 14A2026-03-270001364479-26-000076CEO total compensation as printed in Herc Holdings's own proxy. As printed: 8,289,126. Filing ↗machine: r3 · c42 · span 424311–424320
38Terex Corporation, Section 10b CEO totalDEF 14A2026-04-290000097216-26-000071CEO total compensation as printed in Terex Corporation's own proxy. As printed: 7,294,990. Filing ↗machine: r2 · c27 · span 838129–838139
39H&E Equipment Services, Section 10b CEO totalDEF 14A2024-04-020000950170-24-039778CEO total compensation as printed in H&E Equipment Services's own proxy. As printed: 6,295,836. Filing ↗machine: r5 · c25 · span 671019–671028
40Fastenal Company, Section 10b CEO totalDEF 14A2026-02-250000815556-26-000017CEO total compensation as printed in Fastenal Company's own proxy. As printed: 4,183,328. Filing ↗machine: span 487146–487155
41Section 10a, Terex Corporation reciprocityDEF 14A0000097216-26-000071Terex Corporation's most recent proxy was read; its disclosed peer group does not include Herc Holdings. Filing ↗
42Section 10a, Xylem Inc. reciprocityDEF 14A0001104659-26-036678Xylem Inc.'s most recent proxy was read; its disclosed peer group does not include Herc Holdings. Filing ↗
43Section 10a, Fastenal Company reciprocityDEF 14A0000815556-26-000017Fastenal Company's most recent proxy was read; its disclosed peer group does not include Herc Holdings. Filing ↗
44Section 10a, United Rentals, Inc. reciprocityDEF 14A0001193125-26-124113United Rentals, Inc.'s most recent proxy was read; its disclosed peer group does not include Herc Holdings. Filing ↗