Document:

Exhibit
10.2

UNITED
RENTALS, INC.

DEFERRED COMPENSATION PLAN FOR DIRECTORS

(as amended and restated, effective December 16, 2008)

	
 

	
 

	
 

	
1.

	
Definitions

	
 

	
 

	
 

	
 

	
(a)

	
Account.  The bookkeeping account established for each Participant as
  provided in Section 4.

	
 

	
 

	
 

	
 

	
(b)

	
Administrator.  The committee appointed pursuant to
  Section 8.

	
 

	
 

	
 

	
 

	
(c)

	
Code.  The Internal Revenue Code of 1986, as amended.

	
 

	
 

	
 

	
 

	
(d)

	
Company.  United Rentals, Inc., a Delaware corporation.

	
 

	
 

	
 

	
 

	
(e)

	
Company Stock.  Common stock of the Company.

	
 

	
 

	
 

	
 

	
(f)

	
Directors’ Fees.  The cash amount payable to a Participant
  by the Company as fees for services rendered
  as a director of the Company.

	
 

	
 

	
 

	
 

	
(g)

	
Fee Deferrals.  The portion of Directors’ Fees that a
  Participant elects to defer in accordance with Section 3.

	
 

	
 

	
 

	
 

	
(h)

	
Fee Deferral Election.  The separate written agreement, submitted
  to the Administrator, by which a director agrees to participate in this Plan
  and make Fee Deferrals hereunder.

	
 

	
 

	
 

	
 

	
(i)

	
Participant.  A director of the Company who elects to
  defer receipt of Directors’ Fees hereunder and
  whose Account has not been fully distributed.

	
 

	
 

	
 

	
 

	
(j)

	
Plan.  The United Rentals, Inc. Deferred Compensation Plan for
  Directors.

	
 

	
 

	
 

	
2.

	
Participation

	
 

	
 

	
 

	
 

	
(a)

	
Eligibility for Participation.  All non-employee directors of the Company
  are eligible to make Fee Deferrals
  hereunder.

	
 

	
 

	
 

	
 

	
(b)

	
Commencement of Participation.  A director becomes a Participant as of the
  date specified by the Administrator.

	
 

	
 

	
 

	
3.

	
Contributions

	
 

	
 

	
 

	
 

	
(a)

	
Fee Deferrals.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
The Company shall credit to the Account of a
  Participant an amount equal to the Director’s Fees that would have been
  payable to the Participant had Participant not signed a Fee Deferral Election
  therefor.  Such amounts shall not be
  made available to such Participant, except as provided in Section 5, and
  shall reduce such Participant’s compensation from the Company in accordance
  with the provisions of the applicable Fee Deferral Election. All such amounts
  shall in any event be subject to the rights of the general creditors of the
  Company as provided in Section 7.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Directors shall deliver a Fee Deferral Election to
  the Administrator before any Fee Deferrals
  become effective. Such Fee Deferral Election shall be void with respect to any
  Fee Deferral unless submitted before the beginning of the calendar year
  during which the amount to be deferred
  will be earned; provided, however, that in the year in which a
  director is first eligible to participate, such Fee Deferral Election may be filed within 30 days of the date on which
  the director is first eligible to participate, and shall be effective with
  respect to compensation earned during the remainder of the calendar year
  subsequent to the filing of the Fee Deferral Election.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
The Fee Deferral Election
  shall designate the amount of compensation from the Company deferred
  by each Participant, the date on which such amounts shall be distributed to
  the Participant and such other items as the Administrator may prescribe. Such designations shall remain
  effective unless amended as provided below.
  Subject to Section 4(b)(iii), there shall be no maximum limit on the Fee Deferrals permitted for each
  Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
A Participant may amend or cancel his or her Fee
  Deferral Election from time to time, but such amendment or cancellation only
  shall be effective with respect to the calendar year following the year in
  which such amendment or cancellation is delivered to the Administrator.

	
 

	
 

	
 

	
 

	
(b)

	
Time of Credits.  Fee Deferrals shall be credited to the
  Plan as soon as administratively feasible following
  each quarterly period for which fees are otherwise payable to the director.

	
 

	
 

	
 

	
 

	
(c)

	
Vesting.  A Participant shall have a nonforfeitable right to the amounts
  credited to his or her Account; provided, however, that all such amounts shall be subject
  to the rights of the general creditors of the Company as provided in Section
  7.

	
 

	
 

	
 

	
 

	
 

	
4.

	
Accounts

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Bookkeeping
  Accounts.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
The Administrator shall
  establish and maintain a bookkeeping account in the name of each
  Participant. The Administrator may also establish any subaccounts that it
  feels may be appropriate.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Each Participant’s Account
  shall be credited with Fee Deferrals (as specified in the Participant’s
  Fee Deferral Election) and any earnings or losses on the foregoing. Each Participant’s Account shall be reduced by any
  distributions made plus any federal and state tax withholding as may be required by law.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Investments, Gains and Losses.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
The Administrator is not obligated to make any
  investments with respect to Participant’s Accounts.  Participant’s Accounts shall be credited with investment
  earnings or losses pursuant to deemed investments of such Accounts.  By written investment directions to the
  Administrator, each Participant shall direct the deemed investment of his or her Account among the investment funds
  available under this Plan. Unless modified by the Administrator, the
  deemed investment funds shall consist of a money market fund selected by the
  Administrator or shares of Company Stock.
  For each deemed investment in Company Stock, the Participant’s Account shall be credited with a
  number of shares of Company Stock equal
  to (a) the Directors’ Fees that would have been paid in cash in the absence
  of the applicable Fee Deferral,
  divided by (b) the market value of a share of Company Stock at the
  close of business on such date.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Each Account, including shares of Company Stock or
  money market funds credited thereto, is for bookkeeping purposes only.  The Administrator is not obligated to make
  any actual investment with respect to an Account.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Notwithstanding anything to the contrary in this
  Plan, no Participant may make further investments
  under the Plan in shares of Company Stock once Participants in the aggregate have invested in a total of 75,000
  shares of Company Stock under the
  Plan.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
The Administrator shall adjust the amounts credited
  to each Participants Account to reflect Fee Deferrals,
  investment experience, distributions and any other appropriate adjustments.
  Such adjustments shall be made as
  frequently as is administratively feasible.

	
 

	
 

	
 

	
 

	
5.

	
Distributions

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Payment.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
General.
  Except as otherwise provided herein, lump sum payments of vested
  amounts to a Participant shall be made on the first day of the month
  immediately following the date that the
  Participant terminates service as a director of the Company or such other
  date as may be specified in the Fee
  Deferral Election. Payment of amounts deemed invested in a money market account shall be paid in cash.
  Payment of amounts deemed invested in Company Stock shall be paid in Company Stock.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Unforeseeable Emergency.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
General.  In the event of an Unforeseeable Emergency (as defined below), the
  Participant may apply to the Committee for the distribution of all or any
  part of the individual’s vested Account balance.  The Committee shall have the discretion, subject to the
  provisions of this Section 5(a)(ii), as to whether to permit such a
  distribution and the amount of any such distribution.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
Definition
  of Unforeseeable Emergency.  For the purposes of this Section 5(a)(ii),
  an Unforeseeable Emergency is a severe financial hardship to the Participant
  resulting from a sudden and unexpected illness or accident of the Participant
  or of a dependent (as defined in Section 152(a) of the Code without regard to
  section 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant, loss of the
  Participant’s property due to casualty, or other similar extraordinary and
  unforeseeable circumstances arising as a result of events beyond the control
  of the Participant.  The circumstances
  constituting an Unforeseeable Emergency shall depend upon the facts of each
  case, but, in any event, a distribution on account of an Unforeseeable Emergency shall not be made to the extent
  that such condition is or may be relieved: (i) through reimbursement or
  compensation by insurance or otherwise; (ii) by liquidation of the Participant’s
  assets, to the extent the liquidation of such assets would not itself cause
  severe financial hardship; or (iii) by cessation of deferrals under this Plan
  and/or under any cash-or-deferred arrangement maintained by the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(C)

	
Procedure.  A Participant must request an
  Unforeseeable Emergency distribution on a form provided by and filed with the
  Committee no later than the 60th day after the event causing the
  Unforeseeable Emergency or, if more than one event shall cause the
  Unforeseeable Emergency, the last of such events.  The Participant shall, no later than the 70th day
  after the such event or last such event, as the case may be, provide such
  information and documentation as the Committee shall require in order to
  substantiate the existence of the Unforeseeable Emergency and to calculate
  the amount to which the Participant may be entitled by reason thereof,
  provided, however, that if, due to circumstances beyond the control of the
  Participant, the Participant is unable to provide such information within
  such period, the Participant shall provide such information as soon as
  practicable after such period.  The
  Committee shall, no later than the 90th day after such event or
  last such event, as the case may be, make a determination as to whether an
  Unforeseeable Emergency exists, and the amount, if any, to which the
  Participant may be entitled, and pay such amount on the 90th day,
  provided, however, that pursuant to Treasury Regulation section 1.409A-3(d),
  if Participant is unable to timely provide necessary information, the
  Committee’s determination and payment shall be within 30 days of the date
  Participant provides such information.
  The Committee may take into account in making such determination whether
  and the extent to which the Participant provided any necessary information in
  a timely manner.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(D)

	
Payment.  The amount determined by the Committee to
  be payable by reason of an Unforeseeable Emergency shall be paid in a single
  cash lump sum on the 90th day after the event causing the
  Unforeseeable Emergency or, if more than one event shall cause the
  Unforeseeable Emergency, the last of such events.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Death.  Upon the death of a Participant, all vested amounts credited to
  his or her Account shall be paid within 30 days after the Participant’s death
  to his or her beneficiary or beneficiaries, as determined under Section 6.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Transferability.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Each Participant is deemed to represent, and as a
  condition to the receipt of any distribution may be required to represent,
  that he or she will acquire Company Stock for
  Participant’s own account and not on behalf of others.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Participant’s rights hereunder are not transferable
  by the Participant, whether by sale, assignment,
  exchange, pledge, or hypothecation, or by operation of law or otherwise.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Federal and state
  securities laws govern and restrict the right to offer, sell or otherwise
  dispose of any Company Stock unless otherwise covered by a Form S-8 or unless
  the 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, sales or other disposition is exempt from registration thereunder. The
  Company is not required to file a Form S-8 or any other registration statement. Participant will in no event
  offer, sell or otherwise dispose of any Company Stock 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. Stock certificates representing the Company
  Stock may bear
  an appropriate legend setting forth the foregoing restrictions and any
  restrictions on resales of such shares by affiliates.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
The Company shall not be required to transfer on its
  books any Company Stock that shall have been sold or transferred in violation
  of any of the provisions set forth herein,
  or to treat any transferee to whom such shares have been so sold or
  transferred as a stockholder of the Company.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
No Rights as a Stockholder.  Until Participant receives a certificate
  for Company Stock, Participant shall not be entitled to any rights of a
  stockholder with respect to such shares.
  Without limiting the generality of the foregoing,
  Participant shall not have the right to vote the Company Stock or to
  receive dividends and/or other distributions
  declared on such shares.

	
 

	
 

	
 

	
 

	
6.

	
Beneficiaries

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Beneficiaries.  Each Participant may from time to time
  designate one or more persons (who may be any one or more members of such
  Participant’s family or other persons, administrators, trusts, foundations or other entities) as his or her
  beneficiary under this Plan. Such designation shall be made on a form
  prescribed by the Administrator. Each Participant may at any time and from
  time to time, change any previous
  beneficiary designation, without notice to or consent of any previously designated beneficiary, by amending
  his or her previous designation on a form prescribed by the Administrator. If the beneficiary does not survive
  the Participant (or is otherwise unavailable to receive payment) or if
  no beneficiary is validly designated, then the amounts payable under this
  Plan shall be paid to the Participant’s surviving spouse, if any, and, if
  none, to the Participant’s estate and such person shall be deemed to be a beneficiary hereunder. If more
  than one person is the beneficiary of a deceased Participant, each such
  person shall receive a pro rata share of any death benefit payable unless
  otherwise designated on the applicable form. If a beneficiary who is receiving benefits dies, all benefits that
  were payable to such beneficiary shall then be payable to the estate
  of that beneficiary.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Lost Beneficiary.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
All Participants and beneficiaries shall have the
  obligation to keep the Administrator informed
  of their current address until such time as all benefits due have been paid.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
If a Participant or
  beneficiary cannot be located by the Administrator exercising due diligence,
  then, in its sole discretion, the Administrator may presume that the
  Participant or beneficiary is deceased
  for purposes of this Plan and any unpaid amounts (net of due diligence expenses) owed to the Participant or
  beneficiary shall be paid accordingly. Any such presumption of death shall be final, conclusive
  and binding on all parties.

	
 

	
 

	
 

	
 

	
7.

	
Funding

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Prohibition
  Against Funding. Should any investment be acquired in connection with the
  liabilities assumed under this Plan, it is expressly understood and agreed
  that the Participants and beneficiaries shall not have any right with respect
  to, or claim against, such assets nor shall any such purchase be construed to
  create a trust of any kind or a fiduciary relationship between the Company
  and the Participants, their beneficiaries or any other person. Any such
  assets (including any amounts deferred by a Participant) shall be and remain
  a part of the general, unpledged, unrestricted assets of the Company, subject
  to the claims of its general creditors. It is the express intention of the
  parties hereto that this arrangement shall be unfunded. Each Participant and
  beneficiary shall be required to look to the provisions of this Plan and to
  the Company for enforcement of any and all benefits due under this Plan, and
  to the extent any such person acquires a right to receive payment under this
  Plan, such right shall be no greater than the right of any unsecured general
  creditor of the Company. The Company shall be designated the owner and
  beneficiary of any investment acquired in connection with its obligation
  under this Plan.

	
 

	
 

	
 

	
 

	
8.

	
Administration of the Plan

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Committee as
  Administrator.  The Compensation
  Committee of the Company’s Board of Directors (or any other committee
  designated by the Board of Directors)
  shall be the Administrator.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Actions Taken by the Committee.  All resolutions or other actions taken by
  the committee at a meeting shall be by the affirmative vote of a majority of
  those present at the meeting. More than half
  of the members must be present to constitute a quorum for a meeting. Any
  member of the committee may sign
  any document or instrument requiring the signature of the committee or otherwise act on behalf of the committee, unless
  otherwise directed by the committee. The committee may adopt such additional rules of procedures and conduct
  as it deems appropriate.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Duties of the Administrator.  The Administrator
  shall undertake all duties assigned to it under the Plan and shall undertake
  all actions, express or implied, necessary for the proper administration of
  the Plan. All actions and decisions of the Administrator
  shall be made in its sole discretion, unless expressly otherwise provided in
  the Plan. The Administrator’s
  duties and responsibilities include, but are not limited to, the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
adopting and enforcing such rules and regulations
  that it deems necessary or appropriate for
  the administration of the Plan in accordance with applicable law;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
interpreting the Plan, in its sole discretion, with
  its good faith interpretation thereof to be final
  and conclusive on any Participant, former Participant, beneficiary or other
  party;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
deciding all questions concerning the Plan,
  including the eligibility of any person to participate
  in the Plan in accordance with the Plan provisions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
computing the amounts to be distributed to any
  Participant or beneficiary in accordance with the provisions of the Plan,
  determining the person or persons to whom such amounts will be distributed
  and determining when such amounts will be distributed;

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
authorizing the payment of distributions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(vi)

	
keeping such records and
  submitting such filings, elections, applications, returns or other
  documents or forms as may be required under the Code and applicable
  regulations, or under other federal, state
  or local law and regulations; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(vii)

	
appointing such agents, counsel, accountants and
  consultants as may be required to assist in administering the Plan.

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Expenses.  All expenses of Plan administration and
  operation, including the fees of any agents or counsel employed and including any expenses attributable to a
  termination of the Plan, shall be paid
  by the Company. To the extent that the Company may be liable for withholding
  tax, the Administrator, in its sole discretion, may charge such
  expenses to the benefits due to the applicable
  Participant or beneficiary.

	
 

	
 

	
 

	
 

	
9.

	
General Provisions

	
 

	
 

	
 

	
 

	
 

	
(a)

	
No
  Assignment. Benefits or payments under this Plan shall not be subject in
  any manner to anticipation, alienation, sale, transfer, assignment, pledge,
  encumbrance, attachment, or garnishment by creditors of a Participant or a
  Participant’s beneficiary, whether voluntary or involuntary, and any attempt
  to so anticipate, alienate, sell, transfer, assign, pledge, encumber, attach
  or garnish the same shall not be valid, nor shall any such benefit or payment
  be in any way liable for or subject to the debts, contracts, liabilities,
  engagement or torts of any Participant or beneficiary, or any other person
  entitled to such benefit or payment pursuant to the terms of this Plan,
  except to such extent as may be required by law. If any Participant or
  beneficiary or any other person entitled to a benefit or payment pursuant to
  the terms of this Plan becomes bankrupt or attempts to anticipate, alienate,
  sell, transfer, assign, pledge, encumber, attach or garnish any benefit or
  payment under this Plan, in whole or in part, or if any attempt is made to
  subject any such benefit or payment, in whole or in part, to the debts,
  contracts, liabilities, engagements or torts of the Participant or
  beneficiary or any other person entitled to any such benefit or payment
  pursuant to the terms of this Plan, then such benefit or payment, in the
  discretion of the Administrator, shall cease and terminate with respect to
  such Participant or beneficiary, or any other such person.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Amendment and Termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Except as otherwise provided in this Section 9(b),
  the Company shall have the sole authority to modify, amend or terminate this
  Plan; provided, however, that any modification or termination of this Plan
  shall not reduce, alter or impair, without the consent of a Participant, a
  Participant’s right to any amounts already credited to his or her Account on
  the day before the effective date of such modification or termination. The
  Company may provide for the payment during the 30-day period following the
  termination of the Plan of all amounts then credited to Participants’ Accounts,
  to the extent provided under Treasury Regulation section 1.409A-3(j)(4)(ix).
  Any such decision to pay outstanding Accounts shall apply to all
  Participants.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Any funds remaining in the Plan after termination of
  this Plan and satisfaction of all liabilities
  to Participants and others shall be returned to the Company.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Construction.  All questions of interpretation,
  construction or application arising under or concerning the terms of this
  Plan shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final,
  binding and conclusive upon all persons.

United
Rentals, Inc. Deferred Compensation Plan for Directors

Fee Deferral Election

	
 

	
 

	
 

	
Name:
  __________________________

	
 

	
Social Security Number: _______________

	
 

	
 

	
1.

	
Deferral of Fees. I hereby elect
  to participate in the United Rentals, Inc. Deferred Compensation Plan for Directors (the “Plan”) by deferring receipt
  of ______% of my director fees received from the Company beginning
  ______________ (date) and continuing until further notice.

	
 

	
 

	
2.

	
I acknowledge that I have received a copy of the
  Plan and that I understand the risks of making this deferral election. I
  further understand that such deferred amounts will be tracked in a
  bookkeeping account and will remain
  subject to the claims of the Company’s creditors until such amounts are
  distributed to me. I also make the representation referred to in Section 5(b)
  of the Plan.

	
 

	
 

	
3.

	
Deemed Investments. I hereby
  request that the Plan Administrator credit my deferred amounts as follows. I understand my Account is for
  bookkeeping purposes only and the Administrator is under no obligation to
  actually invest any amounts pursuant to these investment instructions:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Money Market Account:

	
__________________%

	
 

	
(ii)

	
Company Stock:

	
__________________%

	
 

	
 

	
4.

	
Distributions. Subject to the
Plan, distribution of the amounts deferred under this Fee Deferral Election,
together with any income credited to such amounts, shall be paid to me on
[check one of the following]: 

	
 

	
 

	
 

	
 

	
o   

	
the first day of the month immediately following the
  date that I terminate service as a
  director of the Company.

	
o   

	
_______________________ 
(insert date).

	
 

	
 

	
 

	
Note:  The distribution date selected cannot be
  changed with respect to amounts deferred pursuant to this Fee Election.

	
 

	
 

	
 

	
Amounts deemed invested in a money market account
  shall be paid in cash and amounts deemed invested in Company stock shall be
  paid in stock.  I understand that if I
  do not select a payment date above, I will receive the amounts deferred under
  this Fee Deferral Election in a lump sum on the first day of the month
  immediately following the date that I
  terminate service as a director. I
  understand the restrictions on transferability set forth in the Plan.

	
 

	
 

	
5.

	
Death Benefits. I hereby designate
  the following person(s) to receive any death benefits under the Plan.  I understand that it is my responsibility
  to inform the Company of any changes to such person(s)’ address and telephone
  number.

	
 

	
 

	
 

	
Beneficiary Name: ________________________________________________

	
 

	
Relationship: __________________

	
 

	
Address:
  ____________________________________________________________________________________________

	
 

	
Telephone Number:
  ___________________________________________________________________________________

	
 

	
 

	
 

	
_______________________
	
 

	
____________________________________

	
Date

	
 

	
Signature
  of DirectorExhibit 10.3

        UNITED RENTALS, INC.

        RESTRICTED STOCK UNIT DEFERRAL PLAN

        (as amended and restated effective December 16, 2008)

        Preamble

                            This United Rentals, Inc. Restricted Stock Unit Deferral Plan (the “Plan”) is an unfunded deferred compensation arrangement designed to attract and retain a select group of employees of United Rentals, Inc. (the “Company”). The Plan originally was adopted in 2004 and was amended and restated in December 2008 to comply with the
        provisions of section 409A of the Internal Revenue Code of 1986, as amended.

                            The Company maintains the United Rentals, Inc. 2001 Senior Stock Plan which allows for the grant of restricted stock unit awards (“Awards”) to officers and directors of the Company. The purpose of this Plan is to enable personnel who receive such Awards to elect to defer receipt of the voting common stock of the Company (the “Company
        Stock”) payable upon the vesting and settlement of such Award.

        1.   Definitions

                            1.1   “Award Proceeds” means the cash or Company Stock distributed upon the vesting of an Award.

                            1.2   The “Credit Date” for any deferred Award Proceeds shall mean the date, determined by the Company, within five(5) business days following the vesting date for an Award with respect to which the Award Proceeds have been deferred hereunder on which the Company shall credit such deferred amounts to a Subaccount pursuant to
        Section 3 herein.

                            1.3   “Deferral Election Form” shall mean a written notice to be completed by a potential Participant and delivered to the Company indicating a desire to defer all or a portion of such potential Participant’s Award Proceeds for an Award and setting forth the information described in subsection 2.3 herein (a form of which is
        attached hereto as Exhibit A).

                            1.4   “Deferral Period” shall mean the period commencing on the applicable vesting date for any particular Award, delineated in full one-year increments not longer than ten (10) years, with respect to which a Participant has chosen to defer any portion of his or her Award Proceeds.

                            1.5   “Deferred Stock Units” shall mean the stock units into which the deferred amounts credited to a Subaccount are delineated pursuant to Section 4 herein.

                            1.6   The “Distribution Date,” with respect to any Participant’s deferred Award Proceeds for any Award, shall mean the date determined by the Company, in its sole discretion, that is within five (5) business days following the end of the Deferral Period chosen by such Participant pursuant to subsections 2.2 and 2.3
        hereof.

        

        

        

                            1.7   “Fair Market Value” of the Company Stock with respect to any date shall mean the average of the high and low sale prices of one share of Company Stock as reported on the principal national securities exchange on which the Company Stock is listed and traded or the NASDAQ Stock Market on the date of determination, or, if
        there is no such sale on that date, then on the last preceding date on which such a sale was reported. If the Company Stock is not listed on an exchange or quoted on the NASDAQ Stock Market, or representative quotes are not otherwise available, the “Fair Market Value” of the Company Stock shall mean the amount determined by the Board of Directors of the Company to be the fair market value based upon a good faith attempt to value the Company Stock accurately.

                            1.8   A “Participant” shall mean an Award recipient (i) who is a member of a select group of management or highly compensated employees of the Company for the Performance Period, (ii) who is designated by the Company as being eligible to make a deferral election hereunder with respect to such Award, and (iii) who has made a
        voluntary election hereunder to defer all or part of his or her Award Proceeds for such Award.

                            1.9   A “Subaccount” shall mean a deferral subaccount for a Participant established by the Company under subsection 3.1 hereof.

                            1.10   A “Terminating Event” shall mean an event described in section 6 hereof. 1.13. A “Termination Date” shall mean the date of any Terminating Event.

        2.   Voluntary Deferral

                            2.1   As part of the Award agreement, the Company shall inform each potential Participant that he or she may elect to defer receipt of all or part of the Award Proceeds which may become payable for any such Award by an election made pursuant to this Plan and the maximum percentage of such Award Proceeds that may be voluntarily deferred
        hereunder.

                            2.2   Subject to the maximum percentage established by the Company under subsection 2.1 herein, a potential Participant may elect to defer all or any part of his or her Award Proceeds for a particular Award. An election to defer receipt of all or part of the Award Proceeds for a particular Award shall be made by completing and delivering a
        Deferral Election Form to the Company on a date that is both (i) within thirty (30) days following the date the Award is granted and (ii) at least one year prior to the vesting date with respect to such Award Proceeds. A Participant’s deferred Award Proceeds shall be automatically deferred and credited to a Subaccount on the Credit Date following the vesting date with respect to such Award Proceeds.

                            2.3    Each notice of deferral made pursuant to subsection 2.2 hereof shall state (a) the percentage of the Award Proceeds (subject to the maximum percentage established by the Company for each Participant for such Award) for such Award which a Participant elects to defer into a Subaccount established in the name of such Participant,
        (b) the length of the Deferral Period after which such deferred amount is to be distributed, and (c) if desired, the name of one or more beneficiaries to whom the deferred amounts are to be distributed upon the Participant’s death.

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                            2.4   Any portion of the Award Proceeds that is voluntarily deferred pursuant to this Section 2 shall be distributed in a lump sum distribution on the respective Distribution Date, unless distributed earlier on account of a Terminating Event.

                            2.5   Each notice of deferral made pursuant to subsection 2.2 hereof shall be irrevocable and, with respect to the portion of any Award Proceeds which a Participant elects to defer, the Participant shall have no right to distribution thereof otherwise than on account of a Distribution Date or a Terminating Event.

                            2.6   Notwithstanding anything herein to the contrary, upon application by a Participant, the Company may, in its sole discretion, allow for a re-deferral election upon such terms and conditions that it deems appropriate.

        3.   Establishment of Subaccounts

                            3.1   Immediately after a Participant elects to defer Award Proceeds, the Company shall establish, for bookkeeping purposes only, a separate Subaccount for each Participant. A Participant’s deferred Award Proceeds attributable to each Award, minus any amount required to be withheld pursuant to Section 3121(v) of the Internal Revenue
        Code of 1986, as amended from time to time (“Section 3121(v)”), shall be provisionally credited to the appropriate Subaccount on the Credit Date following the applicable vesting date. Deferred amounts shall be delineated in the form of Deferred Stock Units, with each Deferred Stock Unit having a value equal to the Fair Market Value of one share of Company Stock as of the Credit Date. At the time of such provisional crediting, the Company shall subtract from the amount to be
        credited the appropriate amount to be withheld for purposes of Section 3121(v) and shall remit an amount equal to such withholding amount to the appropriate taxing authorities in satisfaction of the requirements of Section 3121(v).

        4.   Investment of Deferred Amounts

                            4.1   Any part of the Award Proceeds which a Participant elects to defer, as provided in Section 2 hereof, and which is provisionally credited to a Subaccount established in the name of such Participant, shall be deemed invested in Company Stock and delineated in Deferred Stock Units. Each Deferred Stock Unit shall appreciate or depreciate
        in value from the Credit Date through the Distribution Date or earlier Termination Date in the same manner and at the same rate as one share of Company Stock. To the extent that dividends are paid on shares of Company Stock, each Deferred Stock Unit shall accrue dividend equivalents having equal value to the value of the dividends paid on one share of Company Stock. Such dividend equivalents shall be credited to each Participant’s Subaccount on the regular dividend payment date
        for the Company Stock and delineated in full or partial Deferred Stock Units.

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        5.   Payment of Deferred Amounts

                            5.1   The Deferred Stock Units shall be paid out in a lump sum to the respective Participants, or their chosen beneficiaries (or estate if no beneficiaries are chosen or if no such chosen beneficiaries survive the Participant) in the event of death, (i) on the respective Distribution Date or (ii) following a Termination Date as stipulated in
        Section 6 below.

                            5.2   Deferred Stock Units will be distributed in shares of Company Stock on a one to one ratio. Any deferred amount distributed hereunder is compensation income to the respective Participant and is subject to applicable tax withholding. The Company may deduct from any distribution hereunder an amount up to the minimum amount necessary to
        satisfy all federal, state and local taxes as required by law to be withheld with respect to such distribution. In addition or in the alternative, the Company may require a Participant to pay to the Company an amount up to the minimum amount necessary for the Company to satisfy all federal, state and local taxes as required by law to be withheld and in such event the Company may condition distribution on payment of such withholding amount and postpone distribution of the deferred
        amounts until such withholding amounts are paid to the Company by the Participant. Partial Deferred Stock Units, whether created through the crediting of dividend equivalents or as a result of tax withholding, shall be distributed in cash having a value equal to the value of the partial Deferred Stock Unit based on the Fair Market Value of the Company Stock on the date of distribution.

        6.   Termination

                            6.1   Following the Termination Date with respect to a Terminating Event, the corresponding amounts attributable to Deferred Stock Units credited to Participants’ Subaccounts established hereunder shall be distributed to Participants or their beneficiaries, as the case may be, as set forth below.

                            6.2   The termination and liquidation of the Plan shall be a Terminating Event with respect to all Subaccounts. In such an event, amounts attributable to Deferred Stock Units credited to all Subaccounts shall be distributed to Participants at such time as shall be determined by the Administrator pursuant to Treasury Regulation section
        1.409A-3(j)(4)(ix).

                            6.3   The following events shall constitute Terminating Events with respect to each individual Subaccount maintained in the name of a Participant:

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (a)

                	
                    the death of the Participant;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (b)

                	
                    the Participant’s separation from service with the Company, as such term is defined in the Treasury Regulations issued under Section 409A of the Code; or

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (c)

                	
                    the presentation by any Participant to the Board of Directors of the Company of satisfactory evidence of a final determination by a court of competent jurisdiction from which no appeal is or can be taken, or, in the event that no litigation is pursued, the final determination by the United States Internal Revenue Service, or analogous taxing authority of another jurisdiction, that all or a portion of such Subaccount is currently taxable or taxable in any
                    prior year to the Participant, or a change in the tax laws of the United States, or any other applicable jurisdiction, having the same effect (but only the amount necessary to cover any such taxes, penalties and/or interest due to the applicable taxing authority shall be distributed).

                

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        7.   Right to Deferral Account

                            7.1   No Participant shall have any property interest whatsoever in any Subaccount. Nothing contained herein and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between any Participant and the Company. Any amounts which may be set aside by the
        Company for the purpose of satisfying the Company’s obligations hereunder shall continue for all purposes to be a part of the general assets of the Company and subject to the claims of its general creditors, and no person other than the Company shall have, by virtue of the provisions of this Plan, any interest in such amounts. To the extent that a Participant acquires a right to receive a distribution of Deferred Stock Units, such right shall create no right of action by the
        Participant against the Company greater than the right of any unsecured general creditor of the Company.

                            7.2   Notwithstanding any provision to the contrary contained herein, no provision in this Plan shall create or be construed to create any claim, right or cause of action against the Company arising from any diminution in the value of any of the Subaccounts in connection with the deemed investment of such Subaccount in accordance with
        Section 4 hereof. The liability of the Company under this Plan shall be limited to the value of each of the Subaccounts as computed in accordance with Section 4 hereof.

        8.   Prohibition of Transfer and Assignment

                            8.1   The right of a Participant or any other person to any payment under this Plan shall not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution, and any attempted assignment or transfer shall be null and void.

        9.   Authority to Construe Plan; Claims Procedures

                            9.1   Administration. The Compensation Committee of the Board of Directors of the Company shall act as the Plan administrator and shall have full power and authority to interpret, construe, administer and make determinations under the Plan (the “Administrator”), and the Administrator’s interpretations and
        construction thereof, and actions thereunder, including any determination of the amount of any deferred Award Proceeds shall be binding and conclusive on all persons for all purposes. Neither the Administrator, the Company, nor any officer or employee thereof shall be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Plan unless attributable to his or its own willful violation of the terms of the Plan. The
        Administrator, and any employee or officer thereof, shall be indemnified by the Company for any liabilities costs and expenses (including without limitation reasonable attorneys’ fees) incurred by him or her as a result of actions taken, or not taken, in good faith and without gross negligence or willful misconduct in connection with the administration of the Plan.

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                            9.2   Claim. A Participant or his beneficiary or authorized representative (each one being hereinafter referred to as a “Claimant”) who expects a benefit under the Plan which he has not received may file a formal claim for benefits under the Plan with the Administrator. The Administrator shall review the claim and render a
        determination relating to the claim based on this Plan document (including the Administrator’s power and authority to interpret and construe the Plan and to make rules relating to the administration of the Plan) and consistent with prior determinations rendered with respect to similarly situated claims. The Administrator shall notify the Claimant within 90 days of the receipt of the claim of the Administrator’s determination relating to the claim, unless the Administrator
        determines that special circumstances require an extension of time for processing a claim, in which case the Administrator shall notify the Claimant of the extension within 90 days of receipt of the claim, specifying the special circumstances requiring an extension and the date by which it expects to render a determination on the claim, which determination must be rendered and notice given to the Claimant no later than the 180th day following the receipt of the claim. If an
        extension is required because the Claimant failed to submit the information necessary to decide a claim, the time period for making a benefit determination set forth in the prior sentence shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information. The determination notice shall be in writing, sent by regular mail to the address specified by the Claimant or if
        none is specified to the Claimant’s last known address, and must contain the following information:

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (a)

                	
                    The specific reasons for a determination adverse to the Claimant, if applicable;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (b)

                	
                    The specific reference to the pertinent Plan provision(s) on which the determination is based;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (c)

                	
                    If applicable, a description of any additional information or material necessary to perfect the claim, and an explanation of why such information or material is necessary; and

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (d)

                	
                    An explanation of the claims review procedure and the time limitations of the review procedure applicable thereto, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an appeal of any adverse benefit determination, if applicable.

                

        For purposes of the claims procedures in this Section 9, claims, notifications and determinations shall be deemed to be received when actually received and parties shall be deemed to be notified and a notification shall be deemed to be sent or submitted on the date that such notification is postmarked or actually delivered by courier if not mailed.

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                            9.3   Appeal Procedure. A Claimant is entitled to request an appeal of any adverse determination of his claim by the Administrator. The request for appeal must be submitted in writing within 60 days of the receipt by the Claimant of the notification of an adverse claim determination. Absent a request for appeal within the 60-day
        period, the determination of the Administrator regarding the claim will be deemed to be final and conclusive. During the appeal process, the Claimant shall have a reasonable opportunity to submit written confluents, documents, records and other information relating to the claim and shall be entitled, free of charge, to reasonable access to and copies of all documents, records and other information relevant to the claim. The Administrator shall review the appeal of the initial claim
        determination (including all comments, documents, records and other information submitted by the Claimant, regardless of whether such information was submitted with the original claim) and render a final determination.

                            9.4   Final Determination. Within 60 days following receipt by the Administrator of the Claimant’s request for appeal, the Administrator shall render a final determination relating to the claim, unless the Administrator determines that special circumstances (such as the need to hold a hearing) require an extension of time for
        processing the appeal, in which case the Administrator shall notify the Claimant of such extension within 60 days following receipt by the Administrator of the request for appeal, specifying the special circumstances requiring an extension and the date by which it expects to render a final determination on the appeal, which determination must be rendered and notice given to the Claimant no later than the 120th day following the receipt by the Administrator of the request for
        appeal. If an extension is required because the Claimant failed to submit the information necessary to decide a claim, the time period for making a benefit determination set forth in the prior sentence shall be tolled from the date on which the extension notification is sent to the Claimant until the date on which the Claimant responds to the request for additional information. The final determination shall be made in writing to the Claimant. The final determination shall (i) recite the
        specific reasons for a determination adverse to the Claimant, if applicable, with specific reference to the pertinent Plan provision(s) on which the determination is based, (ii) state that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claim and (iii) state that the Claimant has a right to bring an action under Section 502(a) of ERISA, if applicable.

        10.   General Provisions

                            10.1   This Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns and any Participant, his heirs, executors, administrators and legal representatives.

                            10.2   This Plan is intended to comply with all applicable provisions of Section 409A of the Code and all regulations, guidance, and other interpretative authority issued thereunder (collectively, “Section 409A”), and this Agreement shall be construed and administered in accordance with such intent.If you are a
        “specified employee” within the meaning of the Section 409A at the time of your “separation from service” within the meaning of Section 409A, then any payment otherwise required to be made to you hereunder on account of your separation from service, to the extent such payment (after taking in to account all exclusions applicable to such payment under Section 409A) is properly treated as deferred compensation subject to Section 409A, shall not be made until the
        first business day after (i) the expiration of six months from the date of your separation from service, or (ii) if earlier, the date of your death.

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                            10.3   This Plan does not create an employment relationship between the Company and any Participant, and does not create in any Participant any right or obligation to continue to provide services to the Company for any length of time, and does not create in or on the part of any Participant or the Company any rights except those set forth
        herein.

                            10.4   The Company may terminate or amend this Plan in whole or in part at any time. Specifically, this Plan, as it relates to amounts previously deferred hereunder and to future deferrals, (i) may be amended by the Company at any time (without the consent of Participants) to take advantage of any tax deferral methods or strategies allowed
        by or liberalized by, and (ii) shall be amended (without the consent of Participants) to eliminate or amend any provision of this Plan that is proscribed by, in either case, any legislative changes relating to or regulatory, administrative or judicial action interpreting the law governing non-qualified deferred compensation for deferral arrangements similar to this Plan enacted, promulgated or decided following the execution of this Plan.

                            10.5   Illegality of any provision hereunder shall not affect enforceability of any other provision hereunder.

                            10.6   This Plan shall be construed in accordance with and governed by the laws of the State of Connecticut without reference to the conflict of laws provisions thereof.

                            10.7   Any controversy, claim or dispute arising out of or relating in any way, directly or indirectly, to the Plan, including the amount due any Participant hereunder, or the terms of the payment thereof, shall be finally resolved by arbitration in Fairfield County, Connecticut in accordance with the rules of the American Arbitration
        Association then in effect relating to commercial arbitration.

        - 8 -

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