Letter Agreement Modifying Equity Compensation Arrangements between United Rentals, Inc. and Wayland R. Hicks
This agreement between United Rentals, Inc. and Wayland R. Hicks modifies Mr. Hicks's existing equity compensation. It extends the exercise period for his stock options until March 10, 2013, removes restrictions on the brokerage firms he can use to sell certain restricted stock, and provides ongoing registration rights for the resale of his securities. Mr. Hicks may assign these rights to transferees of his securities. All other terms of previous agreements remain unchanged unless specifically modified by this letter.
Exhibit 10(e)
April 21, 2003
Mr. Wayland R. Hicksc/o United Rentals, Inc.
Five Greenwich Office Park
Greenwich, Connecticut 06830
Dear Mr. Hicks:
This will evidence and confirm that the Compensation Committee of the Board of Directors of the United Rentals, Inc. (the “Company”) on April 21, 2003 approved the modifications set forth below to your existing compensation equity arrangements with the Company.
| 1. | You have heretofore been granted, and continue to hold, the following options to purchase shares of United Rentals common stock: options for 225,000 shares at $21.9375; options for 50,000 shares at $20.00; and options for 50,000 shares at $15.00. The last day on which such options may be exercised is hereby extended until March 10, 2013. |
| 2. | On June 5, 2001, you were granted 500,000 shares of restricted stock as provided in a Senior Restricted Stock Agreement dated as of June 5, 2001 (the “Grant Agreement”). The terms of such grant and the Grant Agreement are modified as follows: |
| 2.1. | The provisions of Section 5(e) of the Grant Agreement (limiting the brokerage firms through which you may sell your shares) are terminated. |
| 3. | The Company will at its cost (except as provided below): (i) continue to maintain the effectiveness of each registration statement on Form S-3 or Form S-8 that it has heretofore filed that covers the issuance of any securities to you or the resale of any securities that you or your affiliates hold or may hereafter acquire; (ii) upon your written request, promptly file and have declared effective such additional registration statements on Form S-3 or Form S-8 (or successor forms) as you or your affiliates require to register for resale any warrants, restricted stock or any other securities that you have heretofore acquired or may hereafter acquire from the Company (or have the right to acquire pursuant to options, warrants or convertible securities) and maintain the effectiveness of such registration statements; and (iii) upon your written request, promptly file such supplements or amendments to the registration statements referred to in the preceding two clauses as are required to update the information on plan of distribution or to name as a selling stockholder any transferee of the securities covered by such registration statement. If you transfer any securities to which the foregoing registration rights relate, you may assign to the transferee the foregoing rights to the extent such rights relate to the securities transferred. You will be responsible for any transfer taxes, underwriting discounts, or commissions of any kind attributable to your sale or transfer of shares pursuant to any registration statement. In connection with the Company’s obligations |
hereunder, you will cooperate with the Company by providing the Company with any reasonably required information concerning you or your share holdings that is not otherwise available to the Company.
| 4. | All existing agreements and grant instruments, to the extent inconsistent with the terms set forth herein, are modified by this letter agreement. In all other respects, such agreements and instruments remain unmodified and in full force and effect. |
Please execute this letter below to acknowledge your agreement to the foregoing and please contact Joseph Sherk to arrange for the necessary withholding to be paid with regard to the vested Restricted Stock.
| Sincerely, |
| Christian Weyer |
| Gerald Tsai |
Confirmed and agreed to:
| United Rentals, Inc. | ||
| By: | ||
| Name: | Joseph Sherk | |
| Title: | Vice President, Corporate Controller | |
Confirmed and agreed to:
Wayland R. Hicks, for himself
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