01—Abstract
Summary
Summary of the 8-K filed September 4, 2018. Cited figures are marked; the original filing is the authoritative source.
This Current Report (8-K) filed by United Rentals, Inc. on September 4, 2018, primarily announces a change in its Board of Directors.
The company expanded its board from eleven to twelve members with the appointment of Kim Harris Jones, who will also serve on the Audit Committee. Ms. Jones' compensation package includes annual retainer fees for her director and committee roles, an equity grant, and potential per-meeting fees. This appointment is part of a broader corporate governance adjustment.
02—Key points
Key Highlights
- United Rentals expanded its Board of Directors from 11 to 12 members.
- Kim Harris Jones was appointed as a new director, effective September 1, 2018.
- Ms. Jones has been appointed as a member of the Board's Audit Committee.
- Ms. Jones' compensation includes director and Audit Committee retainers, and equity grants.
- The report details the compensation structure for Ms. Jones, including retainer fees and restricted stock units.
- As part of corporate governance improvements, several directors voluntarily resigned from the board of United Rentals (North America), Inc. (URNA), a subsidiary.
- New directors were subsequently appointed to the URNA board, including William B. Plummer and Jessica T. Graziano.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to announce changes to the Board of Directors of United Rentals, Inc., specifically the appointment of a new director, Kim Harris Jones, and related compensation arrangements. It also reports on changes to the board of its subsidiary, United Rentals (North America), Inc.
Who is Kim Harris Jones and what are her new responsibilities?
Kim Harris Jones has been appointed as a new director to the Board of United Rentals, Inc., effective September 1, 2018. She has also been appointed as a member of the Board's Audit Committee.
How will Kim Harris Jones be compensated for her new roles?
Ms. Jones will receive an annual retainer of $80,000 for serving as a director, an additional annual retainer of $15,000 for serving on the Audit Committee, and an annual equity grant of $150,000 in restricted stock units (pro-rated for 2018). She may also receive additional per-meeting fees if the Audit Committee meets more than ten times annually.
Were there any changes to the subsidiary's board?
Yes, as part of an effort to improve corporate governance, several directors voluntarily resigned from the board of United Rentals (North America), Inc. (URNA). Subsequently, new directors were appointed to serve on the URNA board.
04—Continue