Summary
United Rentals, Inc. (URI) has filed an 8-K/A amendment on July 22, 2022, to disclose details of an employment agreement with William (Ted) Grace, effective July 29, 2022, appointing him as Interim Chief Financial Officer. This appointment and compensation structure are key changes for investors to note, as they impact executive leadership and financial oversight during a transitional period. The agreement outlines Mr. Grace's interim base salary of $550,000 and a bonus target of 90% of his base salary. Additionally, he will receive a one-time restricted stock unit (RSU) grant valued at $325,000, vesting over three years. The filing also details severance provisions and restrictive covenants, including non-competition and non-solicitation clauses, which provide insights into the terms governing his executive role and potential future transitions.
Key Highlights
- 1William (Ted) Grace appointed as Interim Chief Financial Officer, effective July 29, 2022.
- 2Interim annual base salary for Mr. Grace set at $550,000.
- 3Interim bonus target of 90% of base salary approved for Mr. Grace.
- 4One-time restricted stock unit (RSU) grant valued at $325,000, vesting over three years, awarded to Mr. Grace.
- 5Severance package includes 100% of base salary and target annual incentive if terminated without cause or resigns for good reason.
- 6Mr. Grace is subject to indefinite confidentiality and non-disparagement, and 12-month post-termination non-competition and non-solicitation covenants.