Form of United Rentals, Inc. Restricted Stock Unit Agreement



 Exhibit 10.3 
 FORM OF 
 2001 COMPREHENSIVE STOCK PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
 Awardee:
                                 (“Awardee”) 
 Date of Grant:                         

 Restricted Stock Units:            
 This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made as of the Date of Grant set forth above by and between UNITED
RENTALS, INC., a Delaware corporation, having an office at Five Greenwich Office Park, Greenwich, CT 06831 (the “Company”), and Awardee, currently an executive of the Company or an affiliate of the Company. 
 In consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 1. Grant of Restricted Stock Units. The Company,
pursuant to its 2001 Comprehensive Stock Plan, as amended (the “Plan”), which is incorporated herein by reference, and subject to the terms and conditions thereof, hereby grants to Awardee (also referred to as
“you”) [            ] Restricted Stock Units (the “Units”). Your failure to sign and return a copy of this Agreement within 30 days of receipt shall
automatically effect a cancellation and forfeiture of the Units, except as determined by the Company in its sole discretion. 
 2.
Vesting; Forfeiture 
  

	 	(i)	Vesting. Provided you have remained continuously employed by the Company through the relevant date of vesting (each, a “Vesting Date”), the Units shall vest
on the following schedule: 

 One-third of the Units shall vest on each of the first, second and third anniversaries of the Date
of Grant. 
  

	 	(ii)	Forfeiture. Except as set forth in Section 7, if your employment with the Company terminates for any reason whatsoever, including, but not limited to, a termination by
the Company for “Cause” (as hereinafter defined), a resignation by you without “Good Reason” (as hereinafter defined), or your retirement (which is considered resignation by you without Good Reason), all unvested Units shall be
canceled and forfeited as of the date of such termination. 

 3. Transfer. Except as may be effected by will or
other testamentary disposition or by the laws of descent and distribution, the Units are not transferable, whether by sale, assignment, exchange, pledge, or hypothecation, or by operation of law or otherwise before they vest and are settled, and any
attempt to transfer the Units in violation of this Section 3 will be null and void. 







 4. Settlement upon Vesting. 
  

	 	(i)	General. Vested Units shall be settled in shares of the common stock, $.01 par value, of the Company (“Shares”), on a one-for-one basis, as soon as
practicable (but not more than 30 days) following each date on which one or more Units vest, provided in each case that Awardee has satisfied their tax withholding obligations with respect to such vesting as described in this Agreement. Shares, in a
number equal to the number of Units that have so vested, will be issued by the Company in the name of Awardee by electronic book-entry transfer or credit of such shares to an account of Awardee maintained with such brokerage firm or other custodian
as the Company determines. Alternatively, in the Company’s sole discretion, such issuance may be effected in such other manner (including through physical certificates) as the Company may determine and/or by transfer or credit to such other
account of Awardee as the Company or Awardee may specify. 

  

	 	(ii)	Section 409A. The Company intends that the Units shall not constitute “nonqualified deferred compensation” subject to Section 409A of the Internal Revenue
Code of 1986, as amended (“Section 409A”) and this Agreement shall be interpreted, administered and construed consistent with such intent. If, and only to the extent that, (1) the Units constitute “deferred compensation”
within the meaning of Section 409A and (2) the Awardee is deemed to be a “specified employee” (as such term is defined in Section 409A and as determined by the Company), the payment of vested Units on account of the
Awardee’s termination of employment shall not be made until the first business day of the seventh month after the Awardee’s “separation from service” (as such term is defined and used in Section 409A) with the Company, or if
earlier, the date of the Awardee’s death. 

 5. Forfeiture. You acknowledge that an essential purpose of the
grant of the Units is to ensure the utmost fidelity by yourself to the Company’s interests and to your diligent performance of all of your understandings and commitments to the Company. Accordingly, YOU SHALL NOT BE ENTITLED TO RETAIN THE
UNITS OR RECEIVE SHARES IN SETTLEMENT THEREOF, EITHER DURING OR AFTER TERMINATION OF YOUR EMPLOYMENT WITH THE COMPANY IF THE COMPANY, IN ITS SOLE DISCRETION, BELIEVES THAT YOU HAVE AT ANY TIME ENGAGED IN “INJURIOUS CONDUCT” (AS HEREINAFTER
DEFINED).  
 In the event of any such determination: 
  

	 	(i)	the Units shall terminate and be forfeited as of the date of such determination; and 

  

	 	(ii)	Awardee shall (a) transfer back to the Company, for consideration of $.01 per Share, all Shares that are held, as of the date of such determination, by Awardee and that were
acquired upon settlement of the Units on or after the date which is 180 days prior to the date of such conduct (Shares so acquired, the “Acquired Shares”) and (b) to the extent such Acquired Shares have previously been sold or
otherwise disposed of by Awardee, repay to the Company the aggregate Fair Market Value (as defined in the Plan) of such Acquired Shares on the date of such sale or disposition, less the number of such Acquired Shares times $.01.


  

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 For purposes of the preceding clause (ii)(b) of this Section 5, the amount of the repayment described therein shall
not be affected by whether Awardee received such Fair Market Value with respect to such sale or other disposition, and repayment may, without limitation, be effected, at the discretion of the Company, by means of offset against any amount owed by
the Company to Awardee. 
 “Injurious Conduct” for purposes of this Agreement shall mean (i) Awardee’s fraud, misappropriation,
misconduct or dishonesty in connection with his or her duties (ii) any act or omission which is, or is reasonably likely to be, materially adverse or injurious (financially, reputationally or otherwise) to the Company or any of its affiliates,
(iii) Awardee’s breach of any material obligations contained in Awardee’s employment agreement or offer letter with the Company, including, but not limited to, any restrictive covenants or obligations of confidentiality contained
therein; (iv) conduct by Awardee that is in material competition with the Company or any affiliate of the Company; or (v) conduct by Awardee that breaches Awardee’s duty of loyalty to the Company or any affiliate of the Company.

 6. Securities Laws Restrictions. You represent that when the Units are settled, you will be acquiring Shares for your own
account and not on behalf of others. You understand and acknowledge that federal and state securities laws govern and restrict your right to offer, sell or otherwise dispose of any Shares so received unless otherwise covered by a Form S-8 or unless
your offer, sale or other disposition thereof is otherwise registered under the Securities Act of 1933, as amended, (the “1933 Act”) and state securities laws or, in the opinion of the Company’s counsel, such offer, sale or
other disposition is exempt from registration thereunder. You agree that you will not offer, sell or otherwise dispose of any such Shares in any manner which would: (i) require the Company to file any registration statement (or similar filing
under state laws) with the Securities and Exchange Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the 1933 Act, the rules and regulations promulgated thereunder or any other state or federal
law. You further understand that (i) any sale of the Shares you acquire upon settlement of the Units are subject to the Company’s insider trading rules and policies, as they exist from time to time, and (ii) the certificates for such
Shares will bear such legends as the Company deems necessary or desirable in connection with the 1933 Act or other rules, regulations or laws. 
 If you are a director, officer or principal shareholder, Section 16(b) of the Securities Exchange Act of 1934 (the “1934 Act”) further restricts your ability to sell or otherwise dispose of Shares acquired upon
settlement of the Units. 
  

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 7. Change in Control; Certain Terminations of Employment. 
  

	 	(i)	Notwithstanding Section 2(b) hereof, in the event of either (A) a Change in Control (as defined below) that results in none of the common stock of the Company or any
direct or indirect parent entity being publicly traded or (B) a termination of Awardee’s employment by the Company without Cause or by Awardee for Good Reason within 12 months after any Change in Control, then all Units shall become
immediately vested and nonforfeitable upon the occurrence of such event. 

  

	 	(ii)	Notwithstanding Section 2(ii) hereof, in the event of a termination of Awardee’s employment (A) by the Company without Cause, (B) by Awardee for Good Reason
prior to, or after the first anniversary of, the occurrence of any Change in Control, or (C) as a result of Awardee’s death or permanent disability (as defined under the Company’s long-term disability policies), a pro rata portion of
the Units shall vest on the date of such termination equal to [            ] multiplied by a fraction (the denominator of which is 365 and the numerator of which is the number of days since
the preceding Vesting Date until the date of termination). All Units that are unvested and do not become vested on the date of (including as a result of) such termination shall be forfeited on the date of such termination. 


 

	 	(iii)	For purposes of this Agreement, “Change in Control” means (A) any person or business entity is or becomes a “beneficial owner” (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by then outstanding voting securities of the Company or (B) there shall be consummated a merger of
the Company, the sale or disposition by the Company of all or substantially all of its assets within a 12-month period, or any other business combination of the Company with any other corporation or business entity, but not including any merger or
business combination of the Company which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or business combination. 

  

	 	(iv)	“Cause” shall have the meaning set forth in the employment agreement, dated [            ] between
Awardee and the Company (the “Employment Agreement”). 

  

	 	(v)	“Good Reason” shall have the meaning set forth in the Employment Agreement. 

 8. Withholding Taxes. The Awardee shall pay to the Company, or make provision satisfactory to the Company for payment of, the minimum
aggregate federal, state and local taxes required to be withheld by applicable law or regulation in respect of the vesting of any portion of the Units hereunder, or otherwise as a result of your receipt of the Units, no later than the date of the
event creating the tax liability. The Company may, and, in the absence of other timely payment or provision made by Awardee that is satisfactory to the Company, shall, to the extent permitted by law, deduct any such tax obligations from any payment
of any kind otherwise due 

  

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to Awardee, including, but not limited to, by withholding shares from any Shares to be delivered hereunder. In the event that payment to the Company of such
tax obligations is made by delivery or withholding of Shares, such Shares shall be valued at their Fair Market Value (as determined in accordance with the Plan) on the applicable date for such purposes. 
 9. No Rights as a Stockholder. Neither the Units nor this Agreement shall entitle Awardee to any voting rights or other rights as a
stockholder of the Company unless and until Shares have been issued in settlement thereof. Without limiting the generality of the foregoing, no dividends or dividend equivalents shall accrue or be paid with respect to any Units. 
 10. Conformity with Plan. This Agreement, and the Units awarded hereby, are intended to conform in all respects with, and are subject to
all applicable provisions of, the Plan, which is incorporated herein by reference. Any inconsistencies between this Agreement and any mandatory provisions of the Plan shall be resolved in accordance with the terms of the Plan and this Agreement
shall be deemed to be modified accordingly. By executing and returning this Agreement, you acknowledge your receipt of the Plan and agree to be bound by all the terms and conditions of the Plan as it shall be amended from time to time. 

11. Employment and Successors. Nothing herein confers any right or obligation on you to continue in the employ of the Company or any
affiliate of the Company or shall affect in any way your right or the right of the Company or any affiliate of the Company, as the case may be, to terminate your employment at any time. The agreements contained in this Agreement shall be binding
upon and inure to the benefit of any successor to the Company by merger or otherwise. Subject to the restrictions on transfer set forth herein, all of the provisions of the Plan and this Agreement will be binding upon the Awardee and the
Awardee’s heirs, executors, administrators, legal representatives, successors and assigns. 
 12. Awardee Advised To Obtain
Personal Counsel and Tax Representation. IMPORTANT: The Company and its employees do not provide any guidance or advice to individuals who may be granted Units under the Plan regarding the federal, state or local income tax
consequences or employment tax consequences of participating in the Plan. Notwithstanding any withholding by the Company of taxes hereunder, Awardee remains responsible for determining Awardee’s own personal tax consequences with respect to the
Units, any vesting thereof, the payment of Shares upon settlement, any subsequent disposition of Shares and otherwise of participating in the Plan, and also ultimately remains liable for any tax obligations in connection therewith (including any
amounts owed in excess of withheld amounts). Accordingly, Awardee may wish to retain the services of a professional tax advisor in connection with the Units and this Agreement. 
 13. Beneficiary Designation. The Awardee may designate one or more beneficiaries, from time to time, to whom any benefit under this
Agreement is to be paid in case of Awardee’s death. Each designation must be in writing, signed by Awardee and delivered to the Company. Each new designation will revoke all prior designations. 
 14. Adjustments for Changes in Capital Structure. In the event any change is made to the Shares by reason of any dividend of shares or
extraordinary cash dividend, stock split or reverse stock split, recapitalization, reorganization, merger, consolidation, split-up, 

  

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combination or exchange of shares, or other change affecting the outstanding Shares as a class without the Company’s receipt of consideration, the
Company shall make such appropriate adjustments to the Units as it determines are equitable and reasonably necessary or desirable to preserve the intended benefits under this Agreement. 
 15. Disputes. Any question concerning the interpretation of or performance by the Company or Awardee under this Agreement, including, but
not limited to, the Units, their vesting, settlement or forfeiture, or the issuance or delivery of Shares upon settlement, or any other dispute or controversy that may arise in connection herewith or therewith, shall be determined by the Company in
its sole and absolute discretion; provided, however, that, following a Change in Control, any determinations by the Company or a successor entity with respect to the existence or not of Injurious Conduct, Cause or Good Reason, or any other
post-Change in Control determination that would effect a forfeiture of all or a portion of the Units, must be objectively reasonable. 
 16.
Miscellaneous. 
  

	 	(i)	References herein to determinations or other decisions or actions to be taken or made by the Company shall be made by the Administrator (as defined in the Plan) or such other person
or persons to whom the Administrator may from time to time delegate authority or otherwise designate and any such determinations, decisions or actions shall be final, conclusive and binding on the Awardee and all persons claiming under or through
the Awardee. 

  

	 	(ii)	This Agreement may not be changed or terminated except by a written agreement expressly referencing this Agreement and signed by the President or Chief Executive Officer of the
Company and Awardee. 

  

	 	(iii)	This Agreement, together with the Plan, constitutes the entire understanding of the parties, and supersedes and cancels all prior agreements, with respect to the subject matter
hereof. 

  

	 	(iv)	This Agreement may be signed in one or more counterparts, each of which shall be an original, with the same effect as if the signature thereto and hereto were upon the same
instrument. 

  

	 	(v)	This Agreement will be governed by and construed in accordance with the laws of the State of Connecticut, without regard to principles of conflicts of laws. The interpretation and
enforcement of the provisions of this Agreement shall be resolved and determined exclusively by the state court sitting in Fairfield County, Connecticut or the federal courts in the District of Connecticut and Awardee hereby consents that such
courts be granted exclusive jurisdiction for such purpose. 

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Date of
Grant. 
  

			
	UNITED RENTALS, INC.
		
	By:	 	  

	
	AWARDEE:
	
	  



  

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