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Exhibit 10(a) 
RESTRICTED STOCK UNIT AGREEMENT
            
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 100 First Stamford Place, Suite 700 Stamford, CT  06902 (the “Company”), and Awardee, currently an employee 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 the United Rentals, Inc. 2019 Long Term Incentive Plan (the “Plan”), which is incorporated herein by reference, and subject to the terms and conditions thereof and of this Agreement, hereby grants to Awardee (also referred to as “you”) Restricted Stock Units (the “Units”). Your failure to execute and/or electronically 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 or an affiliate of the Company through June 30, 2022 (your “Final Day”) and provided transition services through December 31, 2022 (the “Transition Date”), the Units shall vest as indicated on the UBS Platform.
(ii)               Forfeiture based on Termination/Resignation.  Except as set forth in Section 7, if you cease to be employed by the Company or an affiliate of the Company for any reason whatsoever, including, but not limited to, a termination by the Company or an affiliate of the Company with or without “Cause” (as hereinafter defined) or a resignation by you with or without “Good Reason” (as hereinafter defined) prior to your Final Day or fail to provide transition services through the Transition Date, all unvested Units shall be canceled and forfeited as of the date of such termination or failure to provide services.
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 later than March 15th of the year following the year of your Final Day) 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.  It is the Company’s intent that payments under this Agreement shall comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) to the extent applicable, 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.  Each payment or delivery under this Agreement will be treated as a separate payment or delivery for purposes of Section 409A.
5.                  Forfeiture. You acknowledge that an essential purpose of the grant of the Units is to ensure the utmost fidelity by yourself to the interests of the Company and its affiliates and to your diligent performance of all of your understandings and commitments to the Company and its affiliates. Accordingly, YOU SHALL NOT BE ENTITLED TO RETAIN THE UNITS OR RECEIVE SHARES IN SETTLEMENT THEREOF, OR RETAIN THE PROCEEDS FROM THE SALE OF ANY UNIT(S) OR SHARES(S), EITHER DURING OR AFTER TERMINATION OF YOUR EMPLOYMENT WITH THE COMPANY OR AN AFFILIATE OF THE COMPANY IF YOU BREACH ANY OF THE OBLIGATIONS IMPOSED IN SECTION 16 OF THIS AGREEMENT, OR IF THE COMPANY, IN ITS SOLE DISCRETION, DETERMINES THAT YOU HAVE AT ANY TIME ENGAGED IN ANY OTHER “INJURIOUS CONDUCT” (AS HEREINAFTER DEFINED).
            In the event of any such determination, the Company shall be entitled, at its sole discretion and/or election, to the following relief, in addition to any other relief to which the Company may be entitled under any other agreement or applicable law:
(i)                 the Units shall terminate and be forfeited as of the date of such determination; and/or
(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 (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; and/or
(iii)             Awardee shall pay to the Company the value of all Units and/or Shares received and/or sold by Awardee at any time under this Agreement, as calculated as of the date(s) of such receipt and/or sale, as may be elected by the Company; and/or
(iv)             Any and all relief available to the Company under any employment agreement or other agreement with Awardee, including any relief that, by its terms, relates to stock options, restricted stock, and/or restricted stock units
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 this Agreement, or of 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 
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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 with the Securities and Exchange Commission (or similar filing under state laws) 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.
7.                  Change in Control; Death or Disability.
(i)                 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 or an affiliate of the Company without Cause, or by Awardee for Good Reason, within 12 months after any Change in Control, then all Units that have not previously become vested or been forfeited shall become immediately vested and nonforfeitable upon the occurrence of such event.
(ii)               In the event of a termination of Awardee’s employment as a result of Awardee’s death or permanent disability (as defined under the Company’s long-term disability policies), then all Units that have not previously become vested or been forfeited shall become immediately vested and nonforfeitable on the date of such termination.
(iii)             For purposes of this Agreement, “Change in Control” means (A) any person or business entity  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) the consummation of 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)             For purposes of this Agreement, “Cause” means (A) Awardee’s continued failure to substantially perform his or her duties (other than as a result of total or partial incapacity due to physical or mental illness), (B) Awardee’s commission of a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor involving moral turpitude, (C) Awardee’s fraud, misappropriation, misconduct or dishonesty in connection with his or her duties, (D) 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, (E) 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 (F) Awardee’s breach of the Company’s Code of Conduct or (G) Awardee’s material breach of any Company policies and procedures applicable to Awardee.
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(v)               For purposes of this Agreement, “Good Reason” shall exist if Awardee resigns his or her employment following the Company’s (A) material reduction of Awardee’s base salary, or (B) requirement that Awardee relocate more than 50 miles from Awardee’s current principal location of employment; “Good Reason” shall exist only if Awardee has given written notice to the Company within 30 days after the initial occurrence of the event, with a reference to this Agreement, and the Company has not cured such event by the 15th day after the date of such notice. 
(vi)             For purposes of this Agreement, in the event Awardee has an employment agreement with the Company or an affiliate of the Company that provides definitions for the terms “Cause” and/or “Good Reason,” then, during the time in which Awardee’s employment agreement is in effect, the definitions provided within Awardee’s employment agreement shall be used instead of the definitions provided above. For the avoidance of doubt, Awardee’s transition in accordance with the Consulting Agreement will not constitute Good Reason for any purpose under this Agreement.
8.                  [Reserved]  
9.                  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 to Awardee, including, but not limited to, by withholding Shares which otherwise would 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 date of such delivery or withholding.
10.              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.
11.              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.
12.              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.
13.              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 receipt of Shares upon settlement, any subsequent disposition of Shares and otherwise of participating in the Plan, and also ultimately remains 
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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
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, 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. Notwithstanding the foregoing, the Parties acknowledge that any litigation shall be resolved as described in Section 18(e) below. 
16.              Non-Compete Provisions.  IMPORTANT: The following covenants are made by Awardee in exchange for good and valuable consideration, including but not limited to the opportunity to receive the Units as set forth more fully above.  Such covenants were material inducements to the Company in deciding to invest in Awardee, to award said Units, and in entering into this Agreement.  Awardee understands that a violation of this Section may result in, among other things, forfeiture of Units/Acquired Shares and/or repayment to the Company of the value thereof.  For purposes of this Section 16, references to the “Company” shall include any and all affiliates of the Company with which Awardee was employed during the relevant time period(s); and the termination date of Awardee’s employment shall be the date Awardee is no longer employed by the Company or any of its affiliates.
(a)    During his or her employment by the Company and for a period of 12 months immediately following the termination of his or her employment for any reason whatsoever, whether or not for Cause or by resignation (whether or not for Good Reason), Awardee will not, directly or indirectly (whether through affiliates, relatives or otherwise):
(i)                 in any Restricted Area (as hereinafter defined), be employed or retained by any person or entity who or which then competes with the Company in the Restricted Area to any extent, nor will Awardee directly or indirectly own any interest in any such person or entity or render to it any consulting, brokerage, contracting, financial or other services or any advice, assistance or other accommodation. Awardee shall be deemed to be employed or retained in the Restricted Area if Awardee has an office in the Restricted Area or if Awardee performs any duties or renders any advice with respect to any competitive facility, business activities or customers in the Restricted Area. A “Restricted Area” means any geographic area in which or in relation to which Awardee shall have performed any duties, or in/for which Awardee had management, financial, sales, corporate or other responsibilities, for the Company during the one-year period preceding the termination of his or her employment.
(b)   During his or her employment by the Company and for a period of 12 months immediately following the termination of his or her employment for any reason whatsoever, whether or not for Cause or by resignation (whether or not for Good Reason), Awardee will not anywhere directly or indirectly (whether as an owner, partner, employee, consultant, broker, contractor or otherwise, and whether personally or through other persons):
(i)                 solicit or accept the business of, or call upon, any customer or potential customer of the Company with whom Awardee dealt, on behalf of the Company, at any time during the one year period immediately preceding the termination of his or her employment with the Company, for the 
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purpose of providing any product or service reasonably deemed competitive with any product or service then offered by the Company;
(ii)               solicit or accept the business of, or call upon, any person or entity, or affiliate of any such person or entity, who or which is or was a customer, supplier, manufacturer, finder, broker, or other person who had a business relationship with the Company or who was a prospect for a business relationship with the Company at any time during the period of Awardee’s employment, for the purpose of providing or obtaining any product or service reasonably deemed competitive with any product or service then offered by the Company;
(iii)             approve, solicit or retain, or discuss the employment or retention (whether as an employee, consultant or otherwise) of any person who was an employee of the Company at any time during the one-year period preceding the termination of Awardee’s employment by the Company.  (Nothing in this section restricts employees from engaging in protected activities with other employees concerning their wages, hours, and working conditions as set forth in Section 7 of the National Labor Relations Act);
(iv)             solicit or encourage any person to leave the employ of the Company; or
(v)               call upon or assist in the acquisition of any company which was, during the term of this Agreement, either called upon by an employee of the Company  or by a broker or other third party, for possible acquisition by the Company or for which an employee of the Company or other person made an acquisition analysis for the Company; or own any interest in or be employed by or provide any services to any person or entity which engages in any conduct which is prohibited to Awardee under this Section 16(b).
(c)    All time periods under Section 16 of this Agreement shall be computed by excluding from such computation any time during which Awardee is in violation of any provision of Section 16 of this Agreement and any time during which there is pending in any court of competent jurisdiction any action (including any appeal from any final judgment) brought by any person, whether or not a party to this Agreement, in which action the Company seeks to enforce the agreements and covenants in this Agreement or in which any person contests the validity of such agreements and covenants or their enforceability or seeks to avoid their performance or enforcement.
(d)   Before taking any position with any person or entity during the 12 month period following the termination of his or her employment for any reason, with or without Cause or by resignation, Awardee will give prior written notice to the Company of the name of such person or entity.  Irrespective of whether such notice is given, the Company shall be entitled to advise each such person or entity of the provisions of this Agreement, and to correspond and otherwise deal with each such person or entity to ensure that the provisions of this Agreement are enforced and duly discharged. Awardee understands and expressly agrees that the obligation to provide written notice under this Section 16(d) is a material term of this Agreement, and that the failure to provide such notice shall be a material breach of this Agreement, and shall constitute a presumption that any employment about which he or she failed to give notice violates Section 16(a) of this Agreement.
(e)    Awardee understands that the provisions of this Agreement have been carefully designed to restrict his or her activities to the minimum extent which is consistent with law and the Company's requirements. Awardee has carefully considered these restrictions, and Awardee confirms that they will not unduly restrict Awardee’s ability to obtain a livelihood. Awardee has heretofore engaged in businesses other than the business in which he will be engaged on behalf of the Company.  Before signing this Agreement, Awardee has had the opportunity to discuss this Agreement and all of its terms with his or her attorney.
(f)    Since monetary damages will be inadequate and the Company will be irreparably damaged if the provisions of Section 16 of this Agreement are not specifically enforced, the Company shall be entitled, among other remedies under this Agreement, any other agreement, and/or applicable law (i) to an injunction (without any bond or other security being required) restraining any violation of Section 16 of 
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this Agreement by Awardee and by any person or entity to whom Awardee provides or proposes to provide any services in violation of this Agreement, (ii) to require Awardee to hold in a constructive trust, account for and pay over to the Company all compensation and other benefits which Awardee shall derive in whole or in part as a result of any action or omission which is a violation of any provision of this Agreement and (iii) to require Awardee to hold in constructive trust, account for, and transfer/return and/or repay the value of the Units/Acquired Shares as described in Section 5
(g)   The courts enforcing Section 16 of this Agreement shall be entitled to modify the duration, scope or other provision of any restriction contained herein to the extent such restriction would otherwise be unenforceable, and such restriction as modified shall be enforced.
(h)   NOTICE.  18 U.S.C. § 1833(b) provides: An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that —(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Accordingly, the Awardee has the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The Awardee also has the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).
(i)     Trade Secrets; Confidentiality and Company Property.  Subject to Section 16(h) above, during and at all times after Awardee’s employment with the Company:
(i)                 Awardee will not disclose to any person or entity, without the Company’s prior written consent, any Trade Secrets or other Confidential Information (as defined below), whether prepared by Awardee or others;
(ii)               Awardee will not, except in the furtherance of the business of the Company, use any Trade Secrets or other Confidential Information in order to solicit, call upon or do business with any person or entity;
(iii)             Awardee will not directly or indirectly use any Trade Secrets or other Confidential Information  other than as directed by the Company in writing;
(iv)             Awardee will not, except in the furtherance of the business of the Company, copy, delete and/or remove any Trade Secrets or other Confidential Information, whether in electronic, paper, or other form, from the premises of the Company, or from Company servers, computers, or other devices, without the prior written consent of the Company;
(v)               All products, correspondence, reports, records, charts, advertising materials, designs, plans, manuals, field guides, memoranda, lists and other property compiled or produced by Awardee or delivered to Awardee by or on behalf of the Company or by its customers (including, but not limited to, customers obtained by the Awardee), whether or not Confidential Information, shall be and remain the property of the Company and shall be subject at all times to its direction and control;
(vi)             Upon termination of employment for any reason whatsoever, or upon request at any time, Awardee shall, immediately and in no event more than three (3) business days thereafter: (a) turnover to the Company, and not maintain any copy of, any customer names, contact information, or other customer data stored in any Company or personal cellular/mobile phone, smartphone, tablet, personal computers or other electronic device(s) (collectively, “Devices”); (b) provide to the Company, in writing, all user names, IDs, passwords, pin codes, and encryption or other access/authorization keys/data utilized by Awardee with respect to any Company Devices, computers, hardware or services; (c) comply with all exit interview and/or termination processes utilized by the Company; (d) promptly deliver to the Company all originals and copies (whether in note, memo or other document form or on the Device(s), 
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USB drive(s), hard drive(s), video, audio, computer tapes, discs, electronic media, cloud-based accounts, other formats now known or hereinafter devised, or otherwise) of all Trade Secrets or other Confidential Information, and all property identified in Section i(v) above, that is in Awardee’s possession, custody or control, whether prepared by Awardee or others, including, but not limited to, the information described above in this Section i(vi); (e) tender to the Company any Device(s), USB drive(s), hard drive(s), video, audio, computer tapes, discs, electronic media, cloud-based accounts, or other electronic devices or formats now known or hereinafter devised, on which Awardee stored any Confidential Information or Trade Secrets; and (f) arrange with the Company a safe, secure, and complete removal/deletion of any and all remaining electronic copies of any such data or information, including, but not limited to, the information described above in this Section i(vi);
(vii)           “Trade Secrets” shall mean all information not generally known about the business of the Company, which is subject to reasonable efforts to maintain its secrecy or confidentiality, and from which the Company derives economic value from the fact that the information is not generally known to others who may obtain economic value from its disclosure or use, regardless of whether such information is specifically designated as a trade secret, and regardless of whether such information may be protected as a trade secret under any applicable law. Awardee acknowledges that the Company’s Trade Secrets reside in Connecticut, and that Awardee will access, utilize, and/or obtain such Trade Secrets.
(viii)         “Confidential Information” includes, but is not limited to:
a)                  business, strategic and marketing plans and forecasts, and the past results of such plans and forecasts;
b)                  business, pricing and management methods, as well as the accumulation, compilation and organization of such information;
c)                  operations manuals and best practices memoranda;
d)                 finances, strategies, systems, research, surveys, plans, reports, recommendations and conclusions;
e)                  arrangements with, preferences, pricing history, transaction history, identity of internal contacts or other proprietary business information relating to, the Company’s customers, equipment suppliers, manufacturers, financiers, owners or operators, representatives and other persons who have business relationships with the Company or who are prospects for business relationships with the Company;
f)                   technical information, work product and know-how;
g)                  cost, operating, and other management information systems, and other software and programming developed, maintained and/or utilized by the Company;
h)                  the name of any company or business, any part of which is or at any time was a candidate for potential acquisition by the Company, together with all analyses and other information which the Company has generated, compiled or otherwise obtained with respect to such candidate, business or potential acquisition, or with respect to the potential effect of such acquisition on the Company’s business, assets, financial results or prospects; and
i)                    the Company’s Trade Secrets (note that some of the information listed above may also be a Trade Secret).
Awardee understands that the Company’s Confidential Information includes not only the individual categories of information identified in this Section, but also the compilation and/or aggregation of the Company’s information, which is and has been compiled/aggregated via significant effort and expense and which has value to the Company and to the Company’s employees as used in furtherance of the Company’s business.
17.       Miscellaneous.
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(a)    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.
(b)   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.
(c)    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; provided that, this Agreement shall not supersede, replace, or otherwise affect in any manner, the restrictive covenant provisions or other post-employment obligations, including, without limitation, the non-competition provisions, contained in any agreement between Awardee and the Company or an affiliate of the Company (collectively, for purposes of this Section, the “Employment Agreement”).  Nothing contained herein shall adversely affect or impair the Company or its affiliate’s right to enforce any of the restrictive covenants or other post-employment obligations contained in the Employment Agreement, or to obtain any relief provided for therein. Awardee agrees that Awardee’s post-employment obligations under the Employment Agreement shall remain in effect and enforceable in accordance with the terms of the Employment Agreement and Awardee hereby reaffirms those obligations.  Awardee agrees that his/her obligations under Section 16 above supplement and are in addition to, and shall not supersede, modify or otherwise affect, his/her obligations under the Employment Agreement. The Company and its affiliates reserve the right to enforce any restrictive covenant imposed under any Employment Agreement and/or this Agreement, individually or collectively, at its option.
(d)    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same Agreement. The counterparts of this Agreement may be executed and delivered by facsimile or other digital or electronic means by any of the parties to any other party and the receiving party may rely on the receipt of such document so executed and delivered by facsimile or other digital or electronic means as if the original had been received.
(e)    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.   As additional consideration for the benefits Awardee is receiving under this Agreement, Awardee promises not to move to dismiss or transfer any litigation brought by the Company in Connecticut to enforce this Agreement based on personal jurisdiction, venue, or “convenience.”  If any section, provision or clause of this Agreement, or any portion thereof, is held void or unenforceable, the remainder of such section, provision or clause, and all other sections, provisions or clauses of this Agreement, shall remain in full force and effect as if the section, provision or clause determined to be void or unenforceable had not been contained herein.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Date of Grant.
UNITED RENTALS, INC.
By:   /s/ Matthew Flannery                              
Matthew Flannery
Chief Executive Officer

AWARDEE
By:  /s/ Jeffrey Fenton                                             
Jeffrey Fenton

10Document

Exhibit 10(b) 

CONSULTING AGREEMENT

            This Consulting Agreement (the “Agreement”), made as of the date identified below, is between United Rentals, Inc., a Delaware corporation, having offices at 100 First Stamford Place – Suite 700, Stamford, CT 06902 (United Rentals, Inc. and its subsidiaries, parents and other affiliates are referred to collectively as “United Rentals”), and Devonshire Advisors, LLC (“Consultant”).

W I  T N E S S E T H:

            WHEREAS, United Rentals and the principal of Consultant, Jeffrey Fenton (“Mr. Fenton”) are parties to an Employment Agreement entered into by the parties in January 2016 (that agreement, including the documents incorporated therein and/or attached thereto, is referred to as the “Employment Agreement”), which (1) contains, among other things, certain post-employment obligations of Mr. Fenton, (2) is incorporated herein, and (3) United Rentals and Mr. Fenton, by way of this Agreement, for sufficient consideration, the receipt of which is acknowledged, hereby reaffirm;

            WHEREAS, United Rentals wishes to avail itself of Consultant’s experience and knowledge by retaining Consultant to provide consulting services to United Rentals upon the terms and conditions hereinafter set forth; and

            WHEREAS, Consultant desires to perform such services.

            NOW THEREFORE, in consideration of the mutual promises contained in this Agreement, United Rentals and Consultant agree as follows:

1.         CONSULTANT WORK

            Consultant agrees to perform the following functions for United Rentals (the “Work”):

•business development activities;
•assist in the transition of Mr. Fenton’s former responsibilities as an employee of United Rentals to other United Rentals employees; and
•such other duties as may be assigned by United Rentals.  

            Consultant agrees to assign Mr. Fenton to perform all of the Work.  (For purposes of this Agreement, the obligations of, and restrictions on, Consultant shall apply to Mr. Fenton as well, unless otherwise stated.)  Consultant and Mr. Fenton shall report to, and take direction from, the Chief Executive Officer of United Rentals and/or his designee or designees from time to time. Consultant and its Representatives (as defined below) shall not have the authority to issue statements on behalf of, bind, or contract on behalf of United Rentals in the performance of these duties or for any other purpose.

2.         TERM

The term shall run from July 1, 2022, through December 31, 2022.  During the term, this Agreement may be terminated immediately by any non-breaching party upon any material breach of the other party.  This Agreement may be extended by the parties in any signed writing that expressly refers to this Agreement and extends its term.

3.         PERFORMANCE OF WORK

(a)Consultant represents that Consultant has the capability, expertise and means required to perform the Work.
(b)Consultant will perform the Work in a diligent and workmanlike manner consistent with the best professional standards and practices.  Consultant will also perform the Work in accordance with all applicable and existing laws, regulations and ordinances, and United Rentals’ policies, standards and specifications as are made known or available to Consultant by United Rentals.
(c)In performing the Work, Consultant will ensure that Mr. Fenton is available at such times and at such locations as agreed upon between United Rentals and Consultant.  Consultant shall use reasonable efforts to respond promptly to any inquiry from United Rentals.  
(d)In performing any Work on the premises of United Rentals, Consultant and its Representatives will comply with all conduct, security, safety and fire prevention rules applicable to those premises.  Consultant further understands and agrees that Consultant, on behalf of itself, heirs, assigns and Representatives, and on its and their respective behalves, hereby releases United Rentals and its Representatives (as defined below) from any and all risks and hazards arising out of this Agreement and Consultant’s and its Representatives’ performance of Consultant’s obligations hereunder.
(e)Consultant represents that it and its Representatives has no contrary contractual commitments or obligations still in existence regarding non-competition within the equipment rental industry or non-solicitation of employees or customers, that would in any way impede or affect its ability to enter into this Agreement and perform the Work and other obligations of Consultant hereunder.  Consultant affirms that it and its Representatives are prohibited from revealing non-public and proprietary confidential information or material of any third party.  Consultant and its Representatives will not use or share any third party’s Confidential Information (as defined below) in connection with Consultant performing the Work on behalf of United Rentals.  United Rentals does not engage consultants for the purpose of acquiring their former employer’s or client’s Confidential Information, and United Rentals does not want to be offered or given access to any materials containing such information.  

4.         PAYMENT FOR WORK; EXPENSES

(a)In consideration of Mr. Fenton satisfactorily performing the Work, United Rentals will: (i) pay Consultant at the rate of $18,100 per month (the “Monthly Rate”), and (ii) will treat Consultant as being eligible for a pro rata annual incentive award payable in cash based on actual performance (the “Incentive Compensation”).  The Monthly Rate shall be paid to Consultant in arrears, promptly after the 1st of each month of the term.  
(b)Except for pre-approved expenses incurred by Consultant at United Rentals’ request in connection with the Work and consistent with United Rentals’ policies, Consultant shall be fully and solely responsible for all costs and expenses incident to the Work performed for United Rentals under this Agreement, including, but not limited to, the cost of any travel, tools, equipment, materials, and insurance that may be needed to complete the Work.  Regarding pre-approved travel, United Rentals will reimburse Consultant in accordance with United Rentals’ Consultant Travel Policy, a copy of which is attached as Attachment A.  No sales, payroll or employment taxes of any kind (including, but not limited to, FICA, FUTA, federal or state personal income taxes, state workers’ compensation or disability insurance taxes, and state unemployment taxes) shall be withheld or paid with respect to any payments to Consultant.  United Rentals and Consultant agree that Consultant is fully and solely responsible for filing appropriate tax returns, sales tax payments, social security contributions and any other relevant 
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payments to government authorities, and for any tax consequences arising from or related to this Agreement.  

5.         RECORDS; AUDIT

            During the term of this Agreement and for a period of 36 months thereafter, Consultant will maintain, and provide to United Rentals upon request, true and correct records relating to all Work performed.

6.         TRADE SECRETS; CONFIDENTIALITY AND UNITED RENTALS PROPERTY  
            In performing the Work, it is contemplated that United Rentals will give Consultant and Mr. Fenton access to certain of United Rentals’ Trade Secrets (as defined below) and/or Confidential Information (as defined below).  “Trade Secrets” shall mean all information not generally known about the business of United Rentals which is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or confidentiality and from which United Rentals derives economic value from the fact that the information is not generally known to other persons who can obtain economic value from its disclosure or use, and shall include any and all Confidential Information (as defined below) which may be protected as a trade secret under any applicable law, even if not specifically designated as such.  Unless told otherwise, Consultant shall treat all Confidential Information (as defined below) as Trade Secrets, and Consultant shall ensure that its Representatives do the same.  During and at all times after the term of this Agreement:
(a)Consultant and its Representatives will not use or disclose to any person or entity, without United Rentals’ prior written consent, any Confidential Information or Trade Secrets, whether prepared by Consultant or its Representatives, except as necessary during the term of the Agreement with United Rentals to perform services on behalf of United Rentals.
(b)Consultant and its Representatives will not use any Trade Secrets or Confidential Information in order to solicit or call upon any person or entity.   
(c)Consultant and its Representatives will hold all Trade Secrets and Confidential Information of United Rentals in trust for United Rentals and will not use any of them for any purpose other than on behalf of and for the benefit of United Rentals.
(d)Consultant and its Representatives will take reasonable steps to safeguard such Trade Secrets and Confidential Information and prevent their disclosure to unauthorized persons.
(e)Consultant and its Representatives will not, except to the extent necessary in performance of the Work, remove Confidential Information or Trade Secrets from the premises of United Rentals (and even then only with the prior written consent of United Rentals).
(f)All Trade Secrets, Confidential Information and products, correspondence, reports, records, charts, advertising materials, designs, plans, manuals, field guides, memoranda, lists and other property compiled or produced by Consultant or its Representatives or delivered to Consultant or its Representatives by or on behalf of United Rentals or by its existing or prospective customers or suppliers, whether or not confidential, shall be and remain the property of United Rentals and shall be subject at all times to its direction and control.
(g)Consultant and its Representatives will, upon expiration of the term of this Agreement, or at any time requested by United Rentals, promptly deliver to United Rentals all originals and copies (whether in note, memo or other document form or on video, audio or computer drives or discs or otherwise) of all Trade Secrets, Confidential Information and other property referred to above, that is in its possession, custody or control, and whether prepared by Consultant, its Representatives, or others.  Consultant and its Representatives shall further delete, dispose of, or take other action with respect to any electronic or other 
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copies of any Trade Secrets, Confidential Information and other property referred to above, as reasonably directed by United Rentals. 
(h)“Confidential Information” includes, but is not limited to:
(i)business, pricing and management methods;
(ii)finances, strategies, systems, research, surveys, plans, reports, recommendations and conclusions;
(iii)names of, arrangements with, or other information relating to, United Rentals’ customers, equipment suppliers, manufacturers, financiers, owners or operators, Representatives and other persons who have business relationships with United Rentals or who are prospects for business relationships with United Rentals;
(iv)information relating to employees and consultants of United Rentals, including names, positions and compensation;
(v)technical information, work products and know-how;
(vi)cost, operating, and other management information systems, and other software and programming; 
(vii)information relating to any strategic alternative that may be considered by United Rentals at any time (including any acquisition, sale, divestiture or recapitalization), including the name or names of any parties potentially involved therein, the terms or status thereof and data and analyses relating to such alternative; and
(viii)United Rentals’ Trade Secrets. 
(i)  Consultant agrees that any inventions, improvements or developments that Consultant or its Representatives authors, makes, conceives or devises, either solely or jointly, as a result of performance of the Work, during the term of this Agreement or within 6 months thereafter:

(i)     Will be promptly disclosed to United Rentals;

(ii)   Is the sole and exclusive property of United Rentals, to be used and patented or not as United Rentals sees fit; and

(iii) Consultant and its Representatives will assign all rights in such inventions, improvements or developments to United Rentals.  Consultant and its Representatives will otherwise cooperate with United Rentals, at United Rentals’ expense, in prosecution of any patent application that United Rentals elects to undertake covering the invention, improvement or development.
(j)  Consultant and its Representatives acknowledge that any Work prepared by Consultant or its Representatives under this Agreement will be considered “work for hire” and the exclusive property of United Rentals unless otherwise agreed in writing between United Rentals and Consultant.  To the extent such work may not be deemed a “work for hire” under applicable law, Consultant and its Representatives hereby assign to United Rentals all right, title and interest in and to Consultant’s and/or its Representatives’ copyrights to such Work.  Consultant and its Representatives will execute and deliver to United Rentals any instruments of transfer and take such other actions as United Rentals may reasonably request, including, without limitation, executing and filing, at United Rentals’ expense, copyright applications and other documents required for the protection of United Rentals’ rights in and to such materials.
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(k) Consultant understands that nothing in this Agreement prevents Consultant from cooperating with any government investigation, making a truthful statement or complaint to law enforcement or a government agency, testifying under oath to law enforcement or a government agency, or from complying with a properly-served and lawfully-issued subpoena or similar order issued by a government agency or court of competent jurisdiction. Consultant acknowledges that Consultant has not signed a confidentiality, non-competition or non-solicitation agreement with any former employer, other than United Rentals, that by its terms remains in effect.

7.         NON-DISPARAGEMENT

            During and at all times after the term of this Agreement, Consultant and its Representatives hereby covenant and promise not to make any disparaging remarks or statements, orally or in writing, and regardless of whether or not such remarks or statements are truthful, nor take any actions, which (i) in any way could disparage United Rentals or any of its Representatives, or which could harm the reputation and/or goodwill of United Rentals or any of its Representatives, or (ii) in any way, directly or indirectly, could cause or encourage or condone the making of such statements or the taking of such actions by anyone else.  Consultant and its Representatives further agree to refrain from any conduct, activity, or conversation which is intended to, or does, interfere with or disparage the relationships between United Rentals and its customers, suppliers, shareholders, financiers, or others.  

8.         CONFIDENTIALITY OF THIS AGREEMENT

            Consultant and its Representatives agree that this Agreement is confidential and Consultant and its Representatives shall not disclose the Agreement’s existence or terms to anyone except for (a) Mr. Fenton’s spouse, (b) Consultant’s attorneys or financial advisors, as necessary, and on the condition that any such recipient(s) agree to further maintain the confidentiality of the disclosed information consistent with this Section 8, or (c) except as required by law or if necessary in order to enforce this Agreement, on the condition that, prior to such disclosure, Consultant and its Representatives give United Rentals reasonable advance notice of any request or intended disclosure such that United Rentals could object or otherwise seek to protect the confidentiality of this Agreement.  

9.         NO PUBLIC STATEMENTS

            Consultant and its Representatives hereby covenant and promise, except as required by law or pre-approved in writing by United Rentals, not to make any statements, orally or in writing, to any third parties regarding or pertaining in any way to United Rentals, United Rentals’ Representatives, or performance of the Work for United Rentals. 

10.       ENFORCEMENT OF AGREEMENT

            Consultant agrees that Consultant’s (including Mr. Fenton’s) services are unique and that Consultant and its Representatives will have access to Confidential Information and Trade Secrets.  Accordingly, Consultant and its Representatives agree that a breach by Consultant or its Representatives of Sections 6, 7, and 8 (the “Restrictive Provisions”) of this Agreement would cause immediate and irreparable harm to United Rentals that would be difficult or impossible to measure, and that damages to United Rentals for such injury would be an inadequate remedy for any such breach.  Therefore, Consultant and its Representatives agree that in the event of any breach or threatened breach of such sections, United Rentals, in addition to and without limitation upon all other remedies it may have under this Agreement, at law or otherwise, is entitled to obtain specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the terms of the Restrictive Provisions, and/or require Consultant and its Representatives to account for and pay over to 
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United Rentals all compensation, profits, moneys, accruals, increment or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Provisions if and when final judgment of a court of competent jurisdiction is so entered against Consultant and/or its Representatives.  Consultant and its Representatives further agree that the duration of any Restrictive Provision shall be extended by the same amount of time that Consultant and/or its Representatives is/are in breach of any Restrictive Provision.  If either Consultant or United Rentals is successful in any suit for damages for breach of this Agreement, to enforce this Agreement, or to enjoin the other party from violating this Agreement, the prevailing party will be entitled to recover as part of its damages its reasonable attorneys’ fees, costs and expenses to bring and maintain any such suit.

11.       INDEPENDENT CONTRACTOR

            Consultant’s relationship with United Rentals is that of an independent contractor on a “fee for service” basis.  Without limiting the generality of the foregoing:  (i) Consultant and its Representatives do not and shall not have the authority to execute contracts for or on behalf of, make commitments or statements for or on behalf of, or otherwise bind to any obligation whatsoever United Rentals or any of its affiliates, (ii) Consultant and its Representatives shall not purport to bind or otherwise make any such commitment for or on behalf of United Rentals or its affiliates; (iii) Consultant and its Representatives are not and shall not be, and Consultant and its Representatives shall not hold itself or themselves out as, an agent or agents of United Rentals or any of its affiliates; and (iv) nothing in this Agreement shall be construed as creating an employer/employee relationship, partnership, joint venture, or other business group or concerted action. 

12.       NOTICE

            Any notice that may be given, or is required to be given, under this Agreement, will be in writing and will be delivered via overnight carrier (i.e., UPS, FedEx), or sent by first-class mail; and in the case of United Rentals, addressed to the individual to whom Consultant reports, as identified in Section 1, above, or, in the case of the Consultant, addressed to the last address on file with the Company or sent by email (JJFENTON@DevonshireAdvisors.com), or to such other address as may be hereafter designated by either party in writing.  Notice shall be deemed effective: (a) five business days after the document is deposited in the U.S. mail (provided it is sent via first class mail); (b) one business day after the document is given to a nationally recognized courier for overnight delivery; and/or (c) upon personal delivery.  

13.       ASSIGNMENT

            Consultant’s rights under this Agreement may not be assigned, and Consultant’s and/or its Representatives’ obligations under this Agreement may not be delegated, in whole or in part, by Consultant or its Representatives.  United Rentals may, in its sole discretion, assign its rights and delegate its obligations under this Agreement.

14.       ENTIRE AGREEMENT 

            Except as expressly provided herein, this Agreement constitutes the entire agreement between United Rentals and Consultant on the subject matter of Consultant’s performing consulting work for United Rentals.  There are no oral representations, understandings or agreements between (a) United Rentals or any of its officers, directors or employees, on one hand, and (b) the Consultant, on the other hand, covering the same subject matter as this Agreement, except as noted herein.  Notwithstanding anything in this Agreement, to the contrary or otherwise, it is understood and agreed by Consultant and Mr. Fenton that nothing in this Agreement shall be deemed to supersede, affect, impact or replace the Employment Agreement, which contains post-employment obligations that Mr. Fenton hereby reaffirms and once again agrees to by way of his signature below in exchange for, among other things, the 
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consideration described in this Agreement, and which Mr. Fenton understands and agrees shall remain in effect and enforceable by United Rentals in accordance with the terms thereof. Except as noted herein, this written Agreement (i) is the final, complete and exclusive statements and expressions of the agreement between United Rentals and Consultant, (ii) cancels and supersedes all prior agreements with respect to the subject matter hereof, and (iii) cannot be varied, contradicted or supplemented by evidence of any prior or contemporaneous oral or written agreements. Nothing in this Agreement shall affect or impair any rights or obligations from any party hereto pursuant to or arising out of the Employment Agreement and/or United Rentals’ right to enforce any of the restrictive covenants or other obligations contained in the Employment Agreement. For the avoidance of doubt, the parties hereby acknowledge and agree that the covenants set forth in this Agreement shall operate independently of, and shall be in addition to, any covenants to which United Rentals or Mr. Fenton may be subject pursuant to the Employment Agreement, as well as independently of other agreements between United Rentals and Mr. Fenton unrelated to the consulting work described herein (e.g., Restricted Stock Unit Agreements). This written Agreement may not be later modified except by a further writing signed by United Rentals and Consultant, and no term of this Agreement may be waived except by a writing signed by the party waiving the benefit of such terms. Any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not apply to the interpretation of this Agreement or any amendments or exhibits hereto.

15.       SEVERABILITY

            If any section, provision or clause of this Agreement, or any portion thereof, is held void or unenforceable, the remainder of such section, provision or clause, and all other sections, provisions or clauses of this Agreement, shall remain in full force and effect as if the section, provision or clause determined to be void or unenforceable had not been contained herein.  

16.       GOVERNING LAW

            This Agreement shall be governed by the laws of the State of Connecticut, without regard to its conflict of laws principles.  The interpretation and enforcement of the provisions of this Agreement shall be resolved and determined exclusively by the state or federal courts sitting in Connecticut, and such courts are hereby granted exclusive jurisdiction for such purpose.  

17.       MISCELLANEOUS

(a)   Consultant and its Representatives are neither authorized nor empowered to act as United Rentals’ agent for any purpose or to enter into any contract or undertaking of any kind or to make any promise or give any warranty or representation, with respect to any United Rentals products or any other matter, unless otherwise previously agreed to in writing.
(b)   Consultant and its Representatives are free to pursue other work for other clients or customers, provided such other work does not violate the covenants described or incorporated herein.  
(c)   This Agreement is for contractual consulting services.  Consultant and its Representatives have control and discretion over how, when and where the Work is to be performed.  As an independent contractor, Consultant and its Representatives are: (a) free from control and direction in connection with the performance of Consultant’s services under this Agreement; (b) performing work outside of the usual course of business of United Rentals; and (c) customarily engaged in an independent business that provides work of the nature to be performed by Consultant under this Agreement.  In no event shall this Agreement be construed as creating an employer/employee relationship.  Any prior employer/employee relationship (full time or otherwise) that existed prior to this Agreement between United Rentals and Mr. Fenton is and/or has been terminated.  
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(d)   Consultant and its Representatives agree to comply fully with the terms of United Rentals’ Ethics Policy, a copy of which is attached hereto as Attachment B, and United Rentals’ Insider Trading and Selective Disclosure policy, attached hereto as Attachment C, both as may be amended from time to time. Consultant and its Representatives understand that not all rules and policies applicable to Consultant’s activities are contained in this Agreement, and Consultant and its Representatives agree to abide by any other rules and policies that United Rentals currently has or may adopt or amend from time to time.
(e)   Consultant and its Representatives will not be eligible to participate in any United Rentals employee benefit plan, policy, program or practice, including, but not limited to, vacation pay, holiday pay, health insurance, unemployment insurance, workers’ compensation insurance, and fringe benefit plan.  
(f)    No workers’ compensation insurance shall be obtained by United Rentals on account of Consultant or its Representatives or any of Consultant’s employees or subcontractors.  Instead, since Consultant is an independent contractor, Consultant hereby affirms Consultant has obtained all workers’ compensation insurance required by law.  Consultant further affirms that Consultant has complied with all international, federal, state and local laws regarding visas, business permits and licenses that may be required to complete the work to be performed under this Agreement.
(g) For purposes of this Agreement, the term “Representatives” shall include the officers, employees, directors, stockholders, and/or agents of the referenced entity.
(h) Consultant hereby acknowledges that Consultant is aware that United Rentals is a public company and that U.S. securities laws restrict persons with material non-public information about a company (obtained directly or indirectly from that company) from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.
(i) This Agreement may be executed digitally, electronically and/or by facsimile, and may be transmitted digitally, electronically, and/or by facsimile, in any number of counterparts, each of which upon execution and delivery shall be considered an original for all purposes; provided, however, all such counterparts shall, together, upon execution and delivery, constitute one and the same instrument.  

IN WITNESS WHEREOF, United Rentals and Consultant, intending to be legally bound, have caused this Agreement to be duly executed effective on the day and year first written above. 
						
		
	UNITED RENTALS, INC.

By: /s/ Craig Pintoff

Title: EVP, Chief Administrative Officer
                                                                                                                             
Date: 3/30/22

	CONSULTANT:
DEVONSHIRE ADVISORS, LLC

By: /s/ Jeffrey Fenton
Jeffrey Fenton, individually and as Authorized Representative of Devonshire Advisors, LLC
Date: 3/30/22

		
		
		
		
		
		
		
		

Affirmation of Jeffrey Fenton

I, Jeffrey Fenton, affirm that I am a “Representative” (as that term is defined in Section 18(g) above) of Devonshire Advisors, LLC, that the terms contained herein were material inducements to United Rentals, Inc., in deciding to enter into this Agreement, and that I agree to comply with those terms.

/s/ Jeffrey Fenton
Jeffrey Fenton
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ATTACHMENT A

CONSULTANT TRAVEL POLICY

PURPOSE: 
The policies contained herein are the mandatory travel and other business expense policies for Consultants to ensure that expenses incurred are for legitimate business purposes only. 

United Rentals (referred to for purposes of this policy as the “Client”) will permit Consultants in accordance with this policy to incur travel and other business expenses that are: reasonable and necessary to accomplish an approved Client business purpose, reported in a timely manner, properly documented, and approved by the proper authority. Any deviations from this policy must be pre-approved by the senior-most manager executing the Consultant Agreement and approving the Work. The written approval must be submitted with the invoice for travel expenses. 

Any misrepresentation of expenses or any other violations of this policy will result in corrective action up to and including termination of the Agreement.

Regardless of the expense, original receipts must be submitted for all business expenses for which Consultant invoices.

Expenses must be invoiced in a timely fashion, no later than 21 days after the date of the expense transaction.

Hotel or other charges must not be pre-paid.

The following are examples of non-reimbursable expenses; but, do not represent an exhaustive list: 
Adult entertainment 
Air phone usage 
ATM fees 
Baby-sitting, child care, day care 
Barbers and hairdressers 
Cell phone purchases, non-essential accessories, repairs, installations, monthly fees 
Clothing or toiletry items 
Club Dues 
Entertainment at locations that exclude individuals due to race, gender, religion, etc. 
Excess baggage charges: The first-bag charge is permitted, if charged by airline. 
Fines for driving or parking violations.
Insurance for auto rentals.
Laundry or valet services for travel fewer than five (5) days.
Lost airline ticket fees.
Loss or theft of personal funds or property.
Lost baggage.
Luggage and briefcases.
Medical expenses, prescriptions and over-the-counter drugs while traveling.
Hotel room mini-bar refreshments.
Movies (including in-flight and hotel in-room movies).
Optional travel or baggage insurance.
Personal accident insurance.
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Personal entertainment.
Saunas, massages, health club use, shoe shine.
 
Air Travel
All airfares must be the lowest logical fare available in economy class, with flights scheduled as early in advance as possible. 
Reservations should be made at least two (2) weeks in advance of the date of departure unless at the request of Client. 
The lowest logical fare is defined as the least costly fare that: 
•Uses a regular scheduled commercial aircraft; 
•Prohibits preference of any airline, type of aircraft and connecting airports; 
•May require one plane transfer on either or both the departure or return, if reasonable; 
•Departs from the airport nearest to the Consultant’s location or at the discretion of the Consultant from an airport offering a fare which is more cost effective for the Consultant, including parking, mileage or additional overnight stays; 
•Allows for up to a two (2) hour leeway in scheduling which may necessitate that the Consultant arrive up to two (2) hours early to their business activities or depart up to two (2) hours after the end of their business activities.
First class and business class travel is not permitted.  
e-tickets should be obtained instead of paper tickets.
If the airline charges a fee to check luggage, the fee for the first bag is permitted.  Fees for additional bags are not reimbursed.

Lodging 
Consultant should use Client’s designated class of preferred hotels and request Client rate or other best available rate when reserving a hotel room.
Hotel stays of more than seven (7) consecutive days are considered extended stays.  Those stays are expected to use weekly or long-term rates where available.
The detailed room billing (indicating dates of arrival and departure, number of days, location, room rate, taxes and other expenses detailed).
Charges for guaranteed reservations that the Consultant failed to cancel are not permitted.

Auto Rentals
Order economy, sub-compact or compact cars only unless Consultant is conducting a shoot in which case a van or other vehicle as appropriate may be rented. Mid-size rentals are permitted if two or more people are sharing. Rentals of all full size vehicles must be pre-approved by the Client. 
Additional equipment such as navigation systems is not a reimbursable expense.
Consultants should refuel before returning their rental car.  Refueling charges incurred that are not arranged in advance will not be reimbursed.

Mileage Allowance for Business Use of Personal Vehicles 
Mileage will be reimbursed at the IRS reimbursement rate in effect at the time the mileage occurred.  

Consultant Individual Meals 
Meal Allowance: The cost of reasonably priced meals during business travel is reimbursable. Expense amounts are limited to a maximum combined amount for Breakfast, Lunch and Dinner of $65 (not including tax and gratuity) per person, per day. This is not a per diem rate, but is reimbursed for expenses actually incurred, broken out by meal and accompanied by receipts. 

All other charges must be approved in writing by Client prior to the expense being incurred. 
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ATTACHMENT B

ETHICS POLICY

1.         General.
Consultants often are grateful for United Rentals’ business and sometimes wish to express that appreciation in a tangible way.  The result may be a very positive and well meaning gesture that nonetheless puts both United Rentals and Consultant in a particularly difficult position.  In order to prevent that from happening, United Rentals has clearly defined the responsibilities that United Rentals’ employees have when interacting with Consultants.  United Rentals expects that both its employees and Consultants will always comply with the highest ethical standards.
2.         Specific Prohibitions.
Consultants may not provide, or offer to provide, directly or indirectly, to employees or officers of United Rentals, gifts or favors, of any kind, including gratuities, including but not limited to:  (a) money or gift certificates, (b) stock, bonds, or any other evidence of ownership or obligation of any value, (c) loans of any value, (d) free services or discounts (i.e., not available to the public), (e) lodging, use of facilities, transportation (other than local transportation, e.g., from airport to Consultant’s location), (f) liquor or gift baskets, (g) offers of entertainment (whether at Consultant’s home, offices or other location) such as show tickets, admission, or passes to sporting events, concerts, performances or other events, golf, fishing trips, or other activities, (h) meals (except as described below), or (i) other items or services of value (except as described below).  Consultant may not enter into business arrangements with employees or officers of United Rentals unless such employees or officers are acting as representatives of United Rentals.
3.         Meals.
Consultants should not routinely provide or offer to provide meals.  However, meals may be offered or provided to the extent that they may be required for the effective conduct of business.  Further, if United Rentals’ employee(s) have traveled to Consultant’s site, Consultant may provide or pay for meals as long as:  (1) the meal is appropriate, (2) the meal is not extravagant, (3) providing or paying for the meal fully complies with Consultant’s rules and policies, and (4) the meal is related to the effective conduct of business.
4.         No Kickbacks.
Consultants should not provide any form of bonus, incentive, kickback or other remuneration to any employee or agent of United Rentals for any reason including as a reward for past purchases of products, to induce current purchases of product or services or to influence future purchases of products or services.
5.         Exception.
Consultant may provide promotional items with an apparent value of less than $150.00 (e.g., calendars, pens).
6.         Violations.
Consultant shall immediately notify United Rentals of any violation of this policy, whether by Consultant or United Rentals’ employees.  Upon receipt of notice, United Rentals will evaluate the situation and take whatever action United Rentals deems appropriate, which may include suspension or termination of any agreement between United Rentals and Consultant.

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