Compensation Arrangement for Non-Executive Chairman of United Rentals, Inc.
This agreement outlines the compensation for the non-executive chairman of United Rentals, Inc. The chairman receives $351,000 annually, split equally between cash (paid twice a year) and fully-vested restricted stock units (granted at the annual meeting and settled after three years, with possible acceleration). If the chairman serves for only part of the year, compensation is prorated. This arrangement replaces any other director fees or payments.
Exhibit 10(c)
Compensation Arrangement for Non-Executive Chairman of the Board
Below is a summary written description of the terms of the compensation arrangement for United Rentals’ non-executive chairman of the board. The arrangement is not set forth in a formal document.
Annual Compensation. Total annual compensation is $351,000: one-half paid in cash in arrears twice a year at the same time that other outside directors receive the cash component of their pay; and one-half paid in fully-vested restricted stock units, granted on the date of the company’s annual meeting and, subject to acceleration in certain circumstances, settled three years after grant.
For any partial year, a pro rata portion of the above is paid.
The above total compensation is in lieu of any other director’s pay (e.g., per meeting fees).
