Summary
This 8-K/A filing from United Rentals, Inc. (URI) serves as an amendment to a previous filing, providing crucial details regarding the compensation and employment agreement for Ms. Jessica Graziano in her role as Chief Financial Officer (CFO). The primary focus of this amendment is to disclose finalized compensation terms that were not available at the time of her initial appointment announcement. Investors are provided with clarity on her base salary, bonus potential, and equity awards, which are key components of executive compensation. The filing specifies Ms. Graziano's base salary of $485,000 and an annual bonus target of 90% of her base salary. Additionally, a one-time restricted stock unit (RSU) award valued at $500,000 has been granted, vesting over three years. The agreement also outlines severance provisions in the event of termination without cause or resignation for good reason, including salary continuation, COBRA coverage, and a cash payment equivalent to 190% of her annual base salary. These details offer transparency into the financial arrangements for a key executive position, which is important for understanding management incentives and potential future liabilities.
Key Highlights
- 1Amendment discloses finalized compensation for new CFO, Jessica Graziano.
- 2Ms. Graziano's base salary is set at $485,000 annually, effective October 12, 2018.
- 3She is eligible for an annual bonus targeted at 90% of her base salary.
- 4A one-time award of $500,000 in restricted stock units (RSUs) was granted, vesting over three years.
- 5The employment agreement includes severance provisions providing for up to 190% of base salary in certain termination scenarios.
- 6Post-termination restrictions include 12-month non-competition and non-solicitation covenants.