Summary
This 8-K filing from United Rentals, Inc. (URI) on April 10, 2006, reports on material definitive agreements related to executive compensation. Specifically, it details increases in the base salaries for CEO Wayland Hicks and Executive Vice President Michael Kneeland, effective April 1, 2006. These adjustments were made by the compensation committee following the company's recent filing of its 2004 and 2005 financial statements, signaling a potential focus on executive incentives aligned with financial performance. The filing also outlines the target and maximum bonus structures for Mr. Hicks and Mr. Kneeland under the company's Annual Incentive Compensation Plan for 2006. For Mr. Hicks, the target bonus is 100% of his $750,000 base salary, with a maximum of 150%. For Mr. Kneeland, the target is 100% of his $400,000 base salary, with a maximum of 125%. These details provide insight into the company's strategy for motivating its key leadership.
Key Highlights
- 1United Rentals, Inc. (URI) filed an 8-K on April 10, 2006, detailing executive compensation changes.
- 2Effective April 1, 2006, CEO Wayland Hicks' base salary increased to $750,000 per annum.
- 3Executive Vice President Michael Kneeland's base salary increased to $400,000 per annum, effective April 1, 2006.
- 4The compensation committee of the board of directors approved these salary increases.
- 5These changes follow the company's filing of its 2004 and 2005 financial statements.
- 6For 2006, Mr. Hicks has a target bonus of 100% (max 150%) of his base salary.
- 7For 2006, Mr. Kneeland has a target bonus of 100% (max 125%) of his base salary.