Employment Termination and Stock Option Agreement between United Rentals, Inc. and John S. McKinney (July 21, 2004)

Contract Categories: Human Resources › Separation Agreements
Summary

This agreement confirms that John S. McKinney has resigned from United Rentals, Inc. as of July 21, 2004, by mutual agreement. It states that his previously granted stock options will not expire or terminate early due to his resignation, and all other terms of the options remain unchanged. The arrangement was approved by the company's compensation committee. McKinney is asked to confirm his resignation by signing and returning the agreement.

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EX-10.B 2 dex10b.htm FORM OF AGREEMENT DATED AS OF JULY 21, 2004, BETWEEN UNITED RENTALS, INC. Form of agreement dated as of July 21, 2004, between United Rentals, Inc.

Exhibit 10(b)

 

To:   John S. McKinney

 

From:   United Rentals, Inc.

 

Date:   July 21, 2004

 

Re:   Termination of Employment

 

This will confirm the following:

 

  1.   As of July 21, 2004, by mutual agreement, you have resigned as an employee of United Rentals.

 

  2.   You have previously been granted options to acquire United Rentals common stock. Notwithstanding anything to the contrary that may be contained in the grant agreements for these options, the fact that you have ceased to be an employee of United Rentals will not accelerate the termination or expiration of any of these options. For the sake of clarity, it is specified that the other terms of these options (including, without limitation, the exercise price and the scheduled expiration date) remain unchanged.

 

  3.   The provisions of the preceding paragraph were approved by the compensation committee of the United Rentals board of directors on July 20, 2004.

 

 

United Rentals, Inc.

By:  
    John N. Milne
    President and Chief Financial Officer

 

 

Please confirm your resignation by signing below and faxing a copy back to Joe Ehrenreich at ###-###-####.

 

 

 

 

John S. McKinney