01—Abstract
Summary
Summary of the 8-K filed January 22, 2009. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing by United Rentals, Inc. (URI) primarily announces changes to its Board of Directors.
Wayland R. Hicks has resigned from his director position, effective March 1, 2009. In his place, the company has elected three new directors: José B.
Alvarez, Bobby J. Griffin, and Filippo Passerini. These appointments are effective immediately as of January 16, 2009.
The new directors will receive a compensation package including annual retainer fees, meeting attendance fees, and equity grants in the form of Restricted Stock Units (RSUs). They will also be eligible for the company's medical benefits program and deferred compensation plan for directors. This board refreshment indicates a strategic move by United Rentals to potentially bring in new perspectives and expertise during what could be a challenging economic period.
02—Key points
Key Highlights
- Director Wayland R. Hicks has resigned, effective March 1, 2009.
- José B. Alvarez, Bobby J. Griffin, and Filippo Passerini have been elected as new directors.
- The new directors' compensation includes annual retainers, meeting fees, and equity grants (RSUs).
- New directors will be eligible for medical benefits (at their own cost) and the Deferred Compensation Plan for Directors.
- The company is entering into standard indemnification agreements with the new directors.
- The election of new directors may signal a strategic shift or strengthening of the board's capabilities.
03—Questions
Frequently Asked Questions
Why did Wayland R. Hicks resign from the Board?
The filing states that Mr. Hicks tendered his resignation, but it does not provide a specific reason for his departure. It indicates the Board has accepted his resignation.
What are the qualifications of the newly appointed directors?
While this 8-K filing announces their election, detailed background information and qualifications of José B. Alvarez, Bobby J. Griffin, and Filippo Passerini are available in the press release filed as Exhibit 99.1 to this report.
What is the compensation for the new directors?
Each new director will receive an annual retainer of $60,000, $2,000 for each Board meeting attended, and an annual equity grant of $60,000 in fully vested RSUs. Additional compensation may be provided if they serve on board committees.
Are the new directors being compensated with cash or stock?
The compensation includes both cash (retainer and meeting fees) and equity (RSUs - Restricted Stock Units). The equity grant is valued at $60,000 annually.
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