Summary
This 8-K filing by United Rentals, Inc. primarily reports on key executive appointments and a significant financial action. The company announced the appointment of Todd G. Helvie as senior vice president and controller, along with John Fahey as vice president – assistant corporate controller and principal accounting officer. Both individuals have entered into employment agreements that include provisions for severance pay and accelerated vesting of equity in the event of termination without cause or resignation for good reason, or following a change of control. These appointments indicate a strengthening of the company's financial leadership team.
Key Highlights
- 1Appointment of Todd G. Helvie as Senior Vice President and Controller.
- 2Appointment of John Fahey as Vice President – Assistant Corporate Controller and Principal Accounting Officer.
- 3Employment agreements for both Mr. Helvie and Mr. Fahey include 12-month salary continuation upon termination without cause or resignation for good reason.
- 4Equity awards (restricted stock and stock options) for Mr. Helvie may vest if employment is terminated without cause or resigned for good reason within six months following a change of control.
- 5Redemption of $63 million of 6 1/2% Convertible Quarterly Income Preferred Securities by a subsidiary trust, effective September 29, 2006.
- 6The filing incorporates by reference press releases detailing these executive changes and the securities redemption.