Exhibit 10(c)

 

 

April 21, 2003

 

Bradley S. Jacobs c/o United Rentals, Inc.

Five Greenwich Office Park

Greenwich, Connecticut 06830

 

Dear Mr. Jacobs:

 

This will evidence and confirm that the Compensation Committee of the Board of
Directors of the United Rentals, Inc. (the “Company”) on April 21, 2003 approved
the modifications set forth below to your existing compensation equity
arrangements with the Company.

 

1.   You were granted in March 1998, and continue to hold, options to purchase
1,200,000 shares of United Rentals common stock at an exercise price of $21.9375
per share. The last day on which such options may be exercised is hereby
extended until March 10, 2013.

 

2.   On June 5, 2001, you were granted 800,000 shares of restricted stock as
provided in a Senior Restricted Stock Agreement dated as of June 5, 2001 (the
“Grant Agreement”). The terms of such grant and the Grant Agreement are modified
as follows:

 

  2.1.   145,534 shares of such grant are fully vested effective immediately.

 

  2.2.   The accelerated vesting provisions set forth below shall apply to the
grant in addition to the vesting provisions provided for in the Grant Agreement.
(The prices set forth below shall be adjusted to reflect any stock split, stock
dividend or combination after the date hereof).

 

  2.2.1.   if, while you are a Service Provider (as defined below), the average
closing price of the Company’s common stock on the New York Stock Exchange for
any 20 consecutive trading day period at any time is at least $15.00, there will
immediately vest 400,000 shares (in addition to any shares that may have
previously vested); and

 

  2.2.2.   if, while you are a Service Provider, the average closing price of
the Company’s common stock on the New York Stock Exchange for 20 consecutive
trading day period at any time is at least $20.00, there will immediately vest
all then unvested shares (this subsection being in addition to and cumulative
with subsection 2.2.1).

 

  2.3.   Award Shares (as defined in the Grant Agreement) that have not
theretofore vested shall be forfeited if you cease to be a Service Provider, but
only if the events resulting in your

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ceasing to be a Service Provider do not themselves vest the Award under the
express provisions of Secti0mon 2 of the Grant Agreement. You will be deemed a
“Service Provider” as long as you are either an employee, director or consultant
of or to the Company or its subsidiaries. The provisions of this subsection 2.3
replace and supersede in their entirety the provisions of Section 3 of the Grant
Agreement.

 

  2.4.   For all purposes of the Grant Agreement (including, without limitation,
Sections 2(a), 2(b) and 2(c)), you will deemed to be “employed by the Company”
as long as you are a Service Provider (whether or not you are actually an
employee).

 

  2.5.   The provisions of Section 5(e) of the Grant Agreement (limiting the
brokerage firms through which you may sell your shares) are terminated.

 

  2.6.   If any of your shares of restricted stock hereafter vest solely because
of the new vesting triggers provided for in subsection 2.2.1 of 2.2.2, you agree
that, without the Company’s consent, you will not sell such shares prior to
January 1, 2005 (or, if earlier, the occurrence of any other event that would
have caused such shares to vest without the new vesting triggers).

 

3.   The Company will at its cost (except as provided below): (i) continue to
maintain the effectiveness of each registration statement on Form S-3 or Form
S-8 that it has heretofore filed that covers the issuance of any securities to
you or the resale of any securities that you or your affiliates hold or may
hereafter acquire; (ii) upon your written request, promptly file and have
declared effective such additional registration statements on Form S-3 or Form
S-8 (or successor forms) as you or your affiliates require to register for
resale any warrants, restricted stock or any other securities that you have
heretofore acquired or may hereafter acquire from the Company (or have the right
to acquire pursuant to options, warrants or convertible securities) and maintain
the effectiveness of such registration statements; and (iii) upon your written
request, promptly file such supplements or amendments to the registration
statements referred to in the preceding two clauses as are required to update
the information on plan of distribution or to name as a selling stockholder any
transferee of the securities covered by such registration statement. If you
transfer any securities to which the foregoing registration rights relate, you
may assign to the transferee the foregoing rights to the extent such rights
relate to the securities transferred. You will be responsible for any transfer
taxes, underwriting discounts, or commissions of any kind attributable to your
sale or transfer of shares pursuant to any registration statement. In connection
with the Company’s obligations hereunder, you will cooperate with the Company by
providing the Company with any reasonably required information concerning you or
your share holdings that is not otherwise available to the Company.

 

 

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4.   All existing agreements and grant instruments, to the extent inconsistent
with the terms set forth herein, are modified by this letter agreement. In all
other respects, such agreements and instruments remain unmodified and in full
force and effect.

 

Please execute this letter below to acknowledge your agreement to the foregoing
and please contact Joseph Sherk to arrange for the necessary withholding to be
paid with regard to the vested Restricted Stock.

 

 

Sincerely,

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Christian Weyer

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Gerald Tsai

   

 

Confirmed and agreed to:

 

 

United Rentals, Inc.

By:

       

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Name:

 

Joseph Sherk

Title:

 

Vice President, Corporate Controller

 

 

Confirmed and agreed to:

 

 

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Bradley S. Jacobs, for himself

 

 

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