Document:

Exhibit 10.1

 

FLEX SPACE AGREEMENT

 

I.                                               THE BASICS

 

	
Flex Space Provider:
    	
 
    	
Elandzee Trust under declaration of Trust dated   March 27, 1972, as the same may be amended, but not individually.
    
	
 
    	
 
    	
 
    
	
Flex Space User:
    	
 
    	
Millendo Therapeutics, Inc.
    
	
 
    	
 
    	
 
    
	
Building:
    	
 
    	
420 Bedford Street, Lexington, Massachusetts
    
	
 
    	
 
    	
 
    
	
Flex Space:
    	
 
    	
Certain space consisting of approximately 4,058   square feet of floor area located on the second (2nd) floor of the Building, which   space is shown on Exhibit A attached.
    
	
 
    	
 
    	
 
    
	
Term:
    	
 
    	
The period beginning on April 15, 2019, (the   “Start Date”) and ending on September 30, 2020 (the “End Date”), unless   extended or sooner terminated as provided in this Flex Space Agreement (the   “Agreement”).
    
	
 
    	
 
    	
 
    
	
Flex Fee:
    	
 
    	
1.              Landlord will not   charge Tenant rent for the month of April 2019.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
2.              From May 1,   2019 through August 31, 2019, the monthly rent will be $7,875.00.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
3.              Commencing on   September 1, 2019, through the end of the term expiring on   September 30, 2020, the monthly rent will be $10,652.25. In all cases   payable on a pro-rata per diem basis for any partial month, if applicable.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Flex Fee shall be payable in advance when due,   without demand, offset, abatement, diminution or reduction, in equal monthly   installments on the first day of every month during the Term commencing on   the Start Date and until notice of some other designation is given by Flex   Space Provider to Flex Space User as provided herein, shall be paid by   remittance to or for the order of Boston Properties Limited Partnership,   either (i) by ACH transfer to Bank of America in Dallas, Texas, Bank   Routing Number 111 000 012 or (ii) by mail to P.O. Box 3557,   Boston, Massachusetts 02241-3557, and in the case of (i) referencing   Account Number 3756454460, Account Name of Boston Properties, LP, Flex Space   User’s name and the Building address.
    
	
 
    	
 
    	
 
    
	
Deposit:
    	
 
    	
$10,650.00
    

 

 

	
Number of Parking Spaces:
    	
 
    	
3.3 spaces per 1,000 square feet, rounded to the   nearest whole number. Initially, 13 parking spaces shall be made available to   Tenant.
    

 

II.                                          THE SPACE

 

1.                                        Flex Space Provider hereby grants to Flex Space User and Flex Space User hereby accepts from Flex Space Provider, the license to use and occupy the Flex Space during the Term of this Agreement.

 

2.                                        The Flex Space shall be delivered to and accepted by Flex Space User in its current “as-is” condition as described on Exhibit A, except that Landlord agrees to balance the current HVAC system (within two (2) months from the beginning of the Term) to Flex Space User’s reasonable satisfaction.

 

3.                                        If for any reason Flex Space Provider is unable to deliver the Flex Space to Flex Space User as of the Start Date set forth in Section I above, the Term will automatically be postponed until possession becomes available.  If the Flex Space is not delivered to Flex Space User within thirty (30) days of the Start Date set forth in Section I above, then Flex Space User shall have the right to terminate this Agreement with no penalty or liability to either party and be entitled to a full refund of amounts paid.

 

4.                                        Flex Space User shall have the right to terminate this Agreement at any time and for any reason whatsoever upon sixty (60) days prior written notice to Flex Space Provider and the Term hereof shall expire as of that date which is sixty (60) days from the date of such notice (in which event, such date shall be the End Date for all intents and purposes of this Agreement).

 

5.                                        This Agreement shall automatically terminate if the Flex Space or the Building is rendered unusable as a result of fire, other casualty or condemnation.  All proceeds of any insurance maintained by Flex Space Provider and/or any condemnation award shall be retained by and belong to Flex Space Provider. Landlord shall promptly repay the pro-rata portion of the monthly rent paid by Tenant for the days that the Flex Space was rendered unusable.

 

6.                                        Flex Space User shall also have access to and non-exclusive use of any portions of the Building designated for common use of tenants and others (“Common Areas”), subject to the terms and provisions of this Agreement. The Common Areas may be changed, relocated, altered, eliminated or otherwise modified at any time during the Term without the consent of, or notice to, Flex Space User. Flex Space User shall be granted the same rights of access and use as other tenants of Landlord who are occupying other space in the Building.

 

III.                                     FLEX SPACE PROVIDER’S RIGHTS AND RESPONSIBILITIES

 

1.                                        Flex Space Provider shall furnish the services, utilities, facilities and supplies set forth in the “Customer Handbook” for the Building, as the same may be amended from time to time. Flex Space Provider reserves the right to stop any service or utility system, when necessary by reason of any cause beyond Flex Space Provider’s reasonable control, or until necessary

 

 

repairs have been completed. Except in the event of an emergency, Flex Space Provider will give Flex Space User reasonable advance notice of any contemplated stoppage.  Flex Space Provider shall not be liable to Flex Space User for any compensation or reduction of the Flex Fee by reason of any such stoppage.

 

2.                                        Other than as specifically set forth herein, Flex Space Provider shall not have any obligation to make any additions, alterations, improvements, demolition, repairs or other work therein pertaining to the Flex Space; provided, however, that Flex Space Provider shall at its sole cost and expense install standard entry signage identifying Flex Space User’s name at the front door of the Flex Space and at the lobby directory.

 

3.                                        Flex Space Provider, and its duly authorized representatives, shall, upon reasonable prior notice (except in the case of emergency) have the right to enter the Flex Space at all reasonable times (except at any time in the case of emergency) for the purposes of inspecting the condition of same and making such repairs, alterations, additions or improvements thereto as may be necessary if Flex Space User fails to do so as required in this Agreement (but Flex Space Provider shall have no duty whatsoever to make any such inspections, repairs, alterations, additions or improvements except as otherwise specifically provided in this Agreement), and to show the Flex Space to prospective users, purchasers and mortgagees. During any such access, Flex Space Provider and its duly authorized representatives shall cooperate with Tenant and use reasonable efforts to avoid unnecessary interruption of or disruption to Tenant’s use of the Flex Space for the use permitted herein.

 

IV.                                      FLEX SPACE USER’S RIGHTS AND RESPONSIBILITIES

 

1.                                        The Flex Space shall be used by Flex Space User solely for general office uses consistent with the operation and maintenance of the Building as first-class office space and for no other use or purpose.

 

2.                                        Flex Space User shall have the right, at its sole cost and expense (i) to install within the Flex Space typical workplace furniture and equipment of the type and quantity typically found in first-class office space, and (ii) subject to Flex Space Provider’s approval, to contract with a third party vendor for the installation and/or provision of additional information technology infrastructure and services in the Flex Space.  Flex Space User may not make any other alterations, additions or improvements to the Flex Space.

 

3.                                        Flex Space User shall at all times comply with all governmental rules, regulations, ordinances, statutes and laws relating to the use and occupancy of the Flex Space.  All installations and equipment used by Flex Space User shall be maintained and installed in strict conformity with the requirements of the Board of Fire Underwriters, as well as local, state and federal laws, rules and regulations.

 

4.                                        Flex Space User shall at all times comply with the requirements of the “Customer Handbook” for the Building, as the same may be amended from time to time.

 

5.                                        Flex Space User agrees to maintain the Flex Space, and all of the personal property and other equipment located in the Flex Space (whether owned by Flex Space Provider or Flex Space User), in good condition, damage by normal wear and tear, fire and other casualty only excepted.

 

 

6.                                        Flex Space User shall not, without the prior consent of Flex Space Provider, keep, maintain, store, dispose of or engage in any activity which might produce or generate any substance which is or may be classified as a hazardous material, waste or substance under federal, state or local laws, rules and regulations.

 

7.                                        Flex Space User may not assign this Agreement, in whole or in part, nor sublicense all or any part of the Flex Space.

 

8.                                        Flex Space User shall carry and maintain in full force and effect at all times during the Term of this Agreement the insurance described on Exhibit B attached.

 

9.                                        To the fullest extent permitted by law, Flex Space User hereby releases and discharges and agrees to indemnify and hold harmless Boston Properties Limited Partnership, Boston Properties, Inc., BP Management, L.P., Elandzee Trust and the Trustees of Elandzee Trust, Flex Space Provider, Boston Properties Limited Partnership, Boston Properties, Inc., BP Management, L.P., Elandzee Trust and the Trustees of Elandzee Trust and their respective affiliates and each and all of their employees, servants, agents, officers, officials, shareholders and partners (collectively, the “Covered Parties”), of and from all claims, costs, damages, demands, actions, liabilities, expenses and causes of action (including, without limitation, attorney’s fees) of any sort (“Claims”) arising from or claimed to have arisen from (a) the use of the Flex Space and the Common Areas by Flex Space User, its agents, contractors, employees, guests, invitees, customers and clients, (b) any act or omission to act by Flex Space User in connection with the Flex Space or (c) any breach or default by Flex Space User under this Agreement. In addition, in the event that any action or proceeding is brought against one or more of the Covered Parties by reason of any such claim, at the request of the Covered Party, Flex Space User will defend such action or proceeding on behalf of the Covered Party with counsel reasonably satisfactory to the Covered Party. Flex Space Provider hereby releases and discharges and agrees to indemnify and hold harmless Flex Space User and its affiliates, subsidiaries, and each and all of their respective employees, servants, agents, officers, officials, shareholders and partners (“Flex Space User Indemnitees”) from Claims arising from or claimed to have arisen from Flex Space Provider’s material breach of this Agreement; provided, however, in no event shall Flex Space User be liable for any loss or damage to personal property of Flex Space User Indemnitees and in no event shall Flex Space Provider be liable for indirect or consequential damages. The provisions of this Section IV.9 shall survive the expiration or early termination of this Agreement.

 

10.                                 All of the equipment, effects and property of Flex Space User, and all persons claiming, by through or under Flex Space User, which may be in the Flex Space, shall be at the sole risk and hazard of Flex Space User and if the whole or any part thereof is destroyed, damaged by any cause whatsoever, or stolen, no part of such loss or damage is to be charged to or borne by Flex Space Provider.

 

11.                                 At Flex Space Provider’s option, Flex Space User shall, at its sole cost and expense, promptly repair or cause to be repaired any damage caused by Flex Space User or its subcontractors, agents or invitees to the Flex Space or the Building. If Flex Space User fails to begin such repairs within ten (10) business days after notice from Flex Space Provider or to pursue such repairs to completion, Flex Space Provider shall have the right to make the repair on Flex Space User’s behalf and Flex Space User shall pay Flex Space Provider’s costs in making the repair within thirty (30) days after receipt of an invoice.

 

 

12.                                 Flex Space User agrees to look solely to Flex Space Provider for the satisfaction of any liability of Flex Space Provider under this Agreement.  In no event shall Flex Space Provider (or any of the officers, trustees, directors, partners, beneficiaries, joint ventures, members, stockholders, or other principals or representatives, etc. of Flex Space Provider) be personally liable for any such liability. In no event shall Flex Space Provider (or any such officers, trustees, etc.) ever be liable for indirect or consequential damages.

 

13.                                 If Flex Space User fails to comply with any of its obligations under this Agreement and Flex Space User shall fail to remedy the same within ten (10) business days after notice from Flex Space Provider to Flex Space User, Flex Space Provider may immediately revoke and terminate this Agreement upon notice to a representative of Flex Space User. Upon such revocation and termination, Flex Space User shall remove all of Flex Space User’s goods and effects and the provisions of Section V.3 below regarding surrender shall be applicable and in such event Flex Space User shall pay Flex Space Provider for all payments due to the date of said termination and surrender.

 

14.                                 Flex Space User shall not cause or permit any lien to be placed on the Flex Space, the Building or the land underlying the Building.  Flex Space User shall immediately discharge any such lien after becoming aware of the same.

 

15.                                 If Flex Space User shall fail to make any payments of any amount when due, Flex Space User shall pay as additional rent a “Late Charge” equal to five percent (5%) of the amount due.

 

V.                                           GENERAL PROVISIONS

 

1.                                        Any notice which may be given or required to be given hereunder may be served by either party by hand delivery to the other party or by overnight courier service, and addressed to the other party at the following address:

 

If intended for Flex Space Provider, addressed to it:

 

c/o Boston Properties, Inc.

Prudential Center

800 Boylston Street, Suite 1900

Boston, Massachusetts 02199-8103

Attn:  Regional General Counsel

 

If intended for Flex Space User, addressed to it:

 

Millendo Therapeutics, Inc.

301 N. Main Street, Suite 100

Ann Arbor, MI 48104

Attention: Chief Administrative Officer and General Counsel

 

Either party may, at any time, change its address or contact person for the above purposes by sending a written notice to the other party stating the change and setting forth the new address and/or contact person.

 

 

Except as otherwise provided herein, all such notices shall be effective when received; provided, that (i) if receipt is refused, notice shall be effective upon the first occasion that such receipt is refused, (ii) if the notice is unable to be delivered due to a change of address of which no notice was given, notice shall be effective upon the date such delivery was attempted, (iii) if the notice address is a post office box number, notice shall be effective the day after such notice is sent as provided hereinabove or (iv) if the notice is to a foreign address, notice shall be effective two (2) days after such notice is sent as provided hereinabove.

 

2.                                        Flex Space User warrants and represents that Flex Space User has not dealt with any broker in connection with the consummation of this Agreement other than JLL (the “Broker”); and in the event any claim is made against Flex Space Provider relative to dealings by Flex Space User with brokers other than the Broker, Flex Space User shall defend the claim against Flex Space Provider with counsel of Flex Space User’s selection first approved by Flex Space Provider (which approval will not be unreasonably withheld) and save harmless and indemnify Flex Space Provider on account of loss, cost or damage which may arise by reason of such claim.  Flex Space Provider agrees that it shall be solely responsible for the payment of a brokerage commission to the Broker in connection with the original Term of this Agreement.

 

3.                                        No later than the End Date or any earlier termination date of this Agreement, Flex Space User agrees to remove all of its personal property, goods and effects from the Flex Space and to surrender the same in broom-clean and substantially the same condition as at the Start Date. Flex Space User agrees that Flex Space Provider shall have all remedies available at law or in equity for Flex Space User’s failure so to do, including, without limitation, removal of such personal property at Flex Space User’s expense. In addition to such remedies, Flex Space User further agrees that any holding over by it which has not been consented to in writing by Flex Space Provider shall be solely at Flex Space User’s risk but shall be at two (2) times the last monthly rental payment fair market rent for the Flex Space as determined by Flex Space Provider in its reasonable discretion for the period immediately prior to the expiration or earlier termination of the Term hereof, prorated on a daily basis and otherwise upon the same terms and conditions set forth herein. The obligations of Flex Space User under this Agreement shall survive the termination hereof.

 

4.                                        Flex Space User agrees that the Deposit will be paid upon execution and delivery of this Agreement and that Flex Space Provider shall hold the same, throughout the Term, as security for the performance by Flex Space User of all its obligations under this Agreement. Flex Space Provider shall have the right from time to time without prejudice to any other remedy it may have, to apply such Deposit, or any part thereof, to Flex Space Provider’s damages arising from any default on the part of Flex Space User. If Flex Space Provider so applies all or any portion of such Deposit, Flex Space User shall within ten (10) business days after notice from Flex Space Provider deliver cash to Flex Space Provider in an amount sufficient to restore such Deposit to the full amount stated in Section I.

 

Flex Space User not then being in default and having performed all of its obligations under this Agreement, Flex Space Provider shall return the Deposit then being held by Flex Space Provider to Flex Space User on the expiration or earlier termination of the Term and surrender of possession of the Flex Space by Flex Space User in the condition required by this Agreement.

 

Flex Space Provider shall have no obligation to pay interest on the Deposit and shall have

 

 

the right to commingle the same with Flex Space Provider’s other funds. If Flex Space Provider sells its interest in the Building or the Agreement, it shall turn over the Deposit to its successor  for proper application in accordance with the terms of this Agreement, and Flex Space Provider shall have no further liability therefor.  Neither the holder of a mortgage nor the landlord in a ground lease on property which includes the Flex Space shall ever be responsible to Flex Space User for the return or application of the Deposit, whether or not it succeeds to the position of Flex Space Provider under this Agreement, unless the Deposit shall have been received in hand by such holder or ground lessor.

 

5.                                        Flex Space User hereby represents and warrants that: (i) Flex Space User is not, nor is it owned or controlled directly or indirectly by, any person, group, entity or nation named on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control of the United States Treasury (“OFAC”) (any such person, group, entity or nation being hereinafter referred to as a “Prohibited Person”); (ii) Flex Space User is not (nor is it owned, controlled, directly or indirectly, by any person, group, entity or nation which is) acting directly or indirectly for or on behalf of any Prohibited Person; and (iii) Flex Space User (and any person, group, or entity which Flex Space User controls, directly or indirectly) has not knowingly conducted nor will knowingly conduct business nor has knowingly engaged nor will knowingly engage in any transaction or dealing with any Prohibited Person that either may cause or causes Flex Space Provider to be in violation of any OFAC rule or regulation, including without limitation any assignment of this Agreement or the license granted herein or the making or receiving of any contribution of funds, goods or services to or for the benefit of a Prohibited Person in violation of the U.S. Patriot Act or any OFAC rule or regulation. In connection with the foregoing, it is expressly understood and agreed that (x) any breach by Flex Space User of the foregoing representations and warranties shall be deemed an immediate default by Flex Space User under Section IV.13 above (without the benefit of notice or grace) and shall be covered by the indemnity provisions of Section IV.9 above, and (y) the representations and warranties contained in this subsection shall be continuing in nature and shall survive the expiration or earlier termination of this Agreement.

 

6.                                        This Agreement is subject and subordinate to any mortgage or ground lease now or hereafter on the Building, and to all renewals, modifications, consolidations, replacements and extensions thereof.  In the event that any mortgagee or its respective successor in title shall succeed to the interest of Flex Space User and this Agreement shall continue in full force and effect, Flex Space User hereby agrees to attorn to such mortgagee or successor.

 

7.                                        This Agreement contains the entire understanding of the parties and there are no further or other agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof.  This Agreement may be amended or modified only by a written instrument signed by the respective parties.

 

8.                                        This Agreement shall be governed exclusively by the provisions hereof and by the laws of the Commonwealth of Massachusetts, as the same may from time to time exist.

 

9.                                        Each party hereby waives any right to trial by jury in any action, proceeding or counterclaim brought by either Flex Space Provider or Flex Space User on any matters whatsoever arising out of or any way connected with this Agreement, the relationship of the Flex Space Provider and the Flex Space User, Flex Space User’s use of the Flex Space and/or any claim of injury or damage, including but not limited to, any summary process action.

 

 

10.                                 Each party hereby represents and warrants to the other that it has the full right, power and authority to enter into this Agreement, and to perform all of their respective obligations thereunder, and that the person signing the Agreement on its behalf has the requisite lawful authority to do so.

 

11.                                 If any one or more provisions of this Agreement shall be found to be illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, provided the surviving agreement materially comports with the parties’ original intent.  The Parties shall make a good faith effort to replace any such provision with a valid and enforceable one such that the objectives contemplated by the parties when entering this Agreement may be realized.

 

12.                                 The parties acknowledge and agree that this Agreement may be executed by electronic signature, which shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, “electronic signature” shall include faxed versions of an original signature or electronically scanned and transmitted versions (e.g., via pdf) of an original signature. This Agreement may also be signed in counterparts in one or more counterparts, each of which shall be deemed an original Agreement and both of which shall constitute but one Agreement.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be made effective and executed as of the 11th day of April, 2019.

 

	
 
    	
 
    	
 
    	
FLEX SPACE PROVIDER:
    
	
 
    	
 
    	
 
    	
ELANDZEE TRUST
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Patrick Mulvihill
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
FLEX SPACE USER:
    
	
 
    	
 
    	
 
    	
MILLENDO   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/ Julia C. Owens
    
	
 
    	
Name:
    	
 
    	
Julia C. Owens
    
	
 
    	
Title:
    	
 
    	
Chief Executive Officer
    

 

 

EXHIBIT A

 

Flex Space

 

4,058 RSF

 

 

 

EXHIBIT B

 

Insurance Requirements

 

I.                       POLICY REQUIREMENTS. Flex Space User shall procure and maintain in full force and effect during the Term, the standard policies of insurance coverages specified below under Policy Coverages. The following stipulations apply to all policies:

 

A.                        All policies (except for workers’ compensation coverage) shall be endorsed to name the Covered Entities and any other entity specified by Flex Space Provider as additional insured respecting this Agreement. Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Flex Space Provider, Flex Space Provider’s managing agent, or other Covered Entities. Such insurance shall also waive any right of subrogation against each of the Covered Entities.

 

B.                        The insurance requirements shall not limit the indemnification of Flex Space Provider and the Covered Entities by Flex Space User.

 

C.                        All policies of insurance shall be with an insurance company with a current Best’s Key Rating Guide (or similar rating if no longer available) of A- or better and within a financial size category of not less than “Class VIII”; and authorized to do business in the Commonwealth of Massachusetts.  All policies shall be in a form and content reasonably acceptable to Flex Space Provider.

 

D.                        No policy shall contain any self insured retention greater than $25,000.00.

 

E.                         All policies shall contain a minimum of 30 days’ notice of cancellation, failure to renew, reduction in insurance or change in coverage.

 

F.                          Flex Space User shall furnish evidence of the required insurance to Flex Space Provider upon request.

 

II.                                          POLICY COVERAGES. Listed below are the standard policy coverages required to be maintained by Flex Space User.

 

A.                        Workers’ Compensation with statutory limits.

 

B.                        Employers’ Liability insurance with the following minimum limits:

 

	
Bodily injury by   disease per person
    	
 
    	
$1,000,000
    	
 
    
	
Bodily injury by   accident policy limit
    	
 
    	
$1,000,000
    	
 
    
	
Bodily injury by   disease policy limit
    	
 
    	
$1,000,000
    	
 
    

 

C.                        Commercial General Liability Insurance (including contractual liability), on an occurrence basis, with minimum limits of $2,000,000 per occurrence, which may be satisfied through a combination of primary and excess/umbrella insurance.

 

 

III.                                     NON-SUBROGATION. All insurance policies required by this Agreement to be maintained by Flex Space User shall include a clause stating that the insurer waives all rights of recovery, under subrogation or otherwise, against the Covered Entities. To the fullest extent permitted by law and notwithstanding any provisions of this Agreement to the contrary, Flex Space User hereby waives any rights of recovery against the Covered Entities for injury or loss to the extent covered by any insurance carried by Flex Space User (or which would have been covered had Flex Space User carried the insurance required to be carried by it under this Agreement). All deductibles in such insurance shall be treated as “insurance” for purposes of the foregoing waiver. This waiver shall apply to, and be for the benefit of, the Covered Entities.Exhibit

Exhibit 10(h) 

United Rentals, Inc.
2019 Annual Incentive Compensation Plan
		
	1.
	Purpose.

The purpose of the United Rentals, Inc. 2019 Annual Incentive Compensation Plan (this “Plan”) is to attract, retain and motivate selected executive officers and employees of United Rentals, Inc. (“United Rentals”) and its subsidiaries and affiliates (together with United Rentals, and their and its successors and assigns, the “Company”) in order to promote the Company’s growth and profitability.  This Plan replaces the United Rentals, Inc. 2014 Annual Incentive Compensation Plan beginning with the Performance Period (as defined in Section 4) from January 1, 2019 through December 31, 2019.
		
	2.
	Administration.

(a)General.  The Plan shall be administered by the Compensation Committee (the “Committee”) of the United Rentals Board of Directors (the “Board”), as such committee is from time to time constituted, provided that the Committee may delegate its duties and powers in whole or in part to any subcommittee thereof or to any other individual or individuals.  Except as specifically provided to the contrary, references herein to the Committee include any subcommittee, individual or individuals to whom the Committee has delegated some or all of its duties and powers. 
(b)Role of the Committee.  The Committee shall have complete control over the administration of this Plan, and shall have the authority in its sole and absolute discretion to: (i) exercise all of the powers granted to it under this Plan, including designating individuals as Participants (as defined in Section 3) in accordance with Section 3 and establishing the Performance Goals (as defined in Section 5(a)); (ii) construe, interpret and implement this Plan; (iii) prescribe, amend and rescind rules and regulations relating to this Plan, including rules and regulations governing its own operations; (iv) make all determinations and take all actions necessary or advisable in administering this Plan (including, without limitation, calculating the Bonus, if any, payable to each Participant); (v) correct any defect, supply any omission and reconcile any inconsistency in this Plan; and (vi) amend this Plan to reflect changes in or interpretations of applicable law, rules or regulations. 
(c)Procedures; Decisions Final.  Actions of the Committee shall be made by the vote of a majority of its members.  The determination of the Committee on all matters relating to this Plan and any amounts payable thereunder shall be final, binding and conclusive on all parties. 
(d)No Liability.  No member of the Board or any employee of the Company performing services with respect to the Plan (each, a “Covered Person”) will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made, in each case, in good faith with respect to this Plan or any Participant’s participation in it.  Each Covered Person will be indemnified and held harmless by the Company against and from any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan, provided that the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice.  The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct.  The 

foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the United Rentals Restated Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.
		
	3.
	Participants.

The Committee shall have power to designate employees and other persons (other than non-employee directors of the Company) who provide services to the Company as eligible participants in this Plan (“Participants”).  If an individual is hired after the Performance Period commences, the individual may become a Participant in the Plan, and the amount of his or her Bonus may be pro-rated to reflect the portion of the Performance Period worked.  The Committee shall have the authority at any time to remove Participants from this Plan for that Performance Period.
		
	4.
	Performance Periods.

The Committee shall designate the periods (each, a “Performance Period”) with respect to which a Participant may be granted the opportunity to earn one or more payouts.  The first Performance Period shall commence January 1, 2019.  Unless otherwise determined by the Committee, the Performance Period shall be United Rentals’ fiscal year.
		
	5.
	Individual Target Awards and Bonuses. 

(a)General.  Prior to or as soon as practicable following the commencement of a Performance Period, the target award applicable to a Participant (the “Individual Target Award”) will be established or otherwise determined and the performance goals (the “Performance Goals”) applicable to such Participant will be established by the Committee.  The Individual Target Award will generally be based upon the Participant’s job grade, business, local market, job scope, responsibilities and experience.  The Performance Goals shall be based on one or more criteria (either separately or in combination) with regard to the Participant’s individual performance or the performance of the Company (including a subsidiary, division, other operational unit or administrative department thereof), that the Committee, in its sole discretion, deems appropriate.  The Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances.
(b)Determination of Bonuses.  Following the completion of each Performance Period, the Committee shall calculate the earned amount based upon each Participant’s Individual Target Award (such earned amount that the Committee determines to pay to a Participant for a Performance Period, a “Bonus”) based on the level of attainment of the Performance Goals or any other criteria as determined by the Committee in its sole discretion.  The Committee has the sole discretion to determine whether all, any portion of or an amount greater than a Participant’s Individual Target Award shall be paid, and the specific amount, if any, to be paid to each Participant, subject in all cases to the terms, conditions and limits of this Plan.  The Committee may, at any time, establish (and, once established, rescind, waive or amend) additional conditions and terms of payment of Individual Target Awards (including, but not limited to, the achievement of other financial, strategic or individual goals, which may be objective or subjective) as it may deem desirable in carrying out the purposes of this Plan.
(c)Vesting; Payment.  Bonuses for a Performance Period will be awarded as the Committee determines in its sole discretion and shall be payable by the Company, in the discretion of the Committee, in cash and/or an United Rentals equity-based award of equivalent value (provided that in determining the number of shares of United Rentals common stock (whether restricted or unrestricted) that is equivalent to a dollar amount, that dollar amount shall be divided by the closing price of a share of common stock as reported on the New York Stock Exchange on the date any equity-based award in settlement of the incentive (or a portion thereof) is granted (with fractional shares being rounded to the nearest whole 

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share)).  The cash portion of the Bonus shall be paid by March 15th in the fiscal year after the fiscal year in which the Performance Period in which they are earned is completed, generally at such time as incentives are paid by United Rentals for the relevant fiscal year.  Any equity-based award shall be granted under a stockholder-approved equity-based compensation plan subject to such terms and conditions (including vesting requirements) as the Committee and the administrative committee of the plan under which such equity-based award is granted may determine.  Subject to approval by the Committee and to any requirements imposed by the Committee in connection with such approval, each Participant may be entitled to defer receipt, under the terms and conditions of any applicable deferred compensation plan of the Company and the requirements of Section 409A of the Code, of part or all of any payments otherwise due under this Plan.  No Participant shall have any right to payment of any amounts under this Plan unless and until the Committee determines (i) the amount of such Participant’s Bonus, (ii) that such Bonus shall be paid and (iii) the method and timing of its payment.
(d)Termination During a Performance Period.  If a Participant’s employment with the Company terminates for any reason before the end of a Performance Period, the Participant shall not be entitled to any Bonus under this Plan for that Performance Period unless otherwise provided in the terms of the Individual Target Award or an employment agreement, severance plan or agreement or similar agreement, or otherwise determined by the Committee in connection with specified terminations of employment.  A Participant who is terminated for gross misconduct after the end of the Performance Period shall forfeit participation in this Plan, and no Bonus shall be payable to such a Participant.
		
	6.
	General Provisions. 

(a)Amendment and Termination.  The Board or the Compensation Committee of the Board may at any time and from time to time modify, alter, amend, suspend, discontinue or terminate this Plan, except that no modification, alteration, amendment, suspension, discontinuation or termination may materially impair the rights of a Participant under any Individual Target Award theretofore granted without the Participant’s consent, except for an amendment made to comply with applicable law, stock exchange rules or accounting rules.
(b)Nonassignability.  No rights of any Participant under this Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (including through the use of any cash-settled instrument), either voluntarily or involuntarily by operation of law, other than by will or by the laws of descent and distribution.  Any sale, exchange, transfer, assignment, pledge, hypothecation or other disposition in violation of the provisions of this Section 6(b) shall be void and shall not be recognized or given effect by the Company. 
(c)Plan Creates No Employment Rights.  Nothing in this Plan shall confer upon any Participant the right to continue in the employ of the Company for the Performance Period or thereafter or affect any right which the Company may have to terminate such employment. 
(d)Choice of Forum.
1.Jurisdiction. The Company and each Participant, as a condition to such Participant’s participation in this Plan, hereby irrevocably submit to the exclusive jurisdiction of any state or federal court of appropriate jurisdiction located in the County of Fairfield, State of Connecticut over any suit, action or proceeding arising out of or relating to or concerning this Plan that is not otherwise arbitrated or resolved according to Section 6(e).  The Company and each Participant, as a condition to such Participant’s participation in this Plan, acknowledge that the forum designated by this Section 6(d) has a reasonable relation to this Plan and to the relationship between such Participant and the Company.  Notwithstanding the foregoing, nothing herein shall preclude the Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this Section 6(d).

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2.Acceptance of Jurisdiction.  The agreement by the Company and each Participant as to forum is independent of the law that may be applied in the action, and the Company and each Participant, as a condition to such Participant’s participation in this Plan, (i) agree to such forum even if the forum may under applicable law choose to apply non-forum law, (ii) hereby waive, to the fullest extent permitted by applicable law, any objection which the Company or such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in Section 6(d)(1), (iii) undertake not to commence any suit, action or proceeding arising out of or relating to or concerning this Plan in any forum other than the forum described in this Section 6(d) and (iv) agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Company and each Participant.
3.Service of Process.  Each Participant, as a condition to such Participant’s participation in this Plan, hereby irrevocably appoints the General Counsel of United Rentals as such Participant’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning this Plan that is not otherwise arbitrated or resolved according to Section 6(e), who shall promptly advise such Participant of any such service of process.
4.Confidentiality.  Each Participant, as a condition to such Participant’s participation in this Plan, agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in this Section 6(d), except that a Participant may disclose information concerning such dispute, controversy or claim to the arbitrator or court that is considering such dispute, controversy or claim or to such Participant’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute, controversy or claim).
(e)Dispute Resolution.  Subject to the provisions of Section 6(d), any dispute, controversy or claim between the Company and a Participant, arising out of or relating to or concerning this Plan or any Individual Target Award or Bonus shall be finally settled by binding arbitration in New York, New York before, and in accordance with the rules then obtaining of, the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of the AAA.  Prior to arbitration, all claims maintained by a Participant must first be submitted to the Committee in accordance with claims procedures determined by the Committee.
(f)Governing Law.  All rights and obligations under this Plan shall be governed by and construed in accordance with the laws of the State of Connecticut, without regard to principles of conflict of laws.
(g)Tax Withholding.  In connection with any payments to a Participant or other event under this Plan that gives rise to a federal, state, local or other tax withholding obligation relating to this Plan (including, without limitation, FICA tax), (i) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to such Participant whether or not pursuant to this Plan or (ii) the Committee shall be entitled to require that such Participant remit cash (through payroll deduction or otherwise), in each case in an amount sufficient in the opinion of the Company to satisfy the amount required by law to be withheld.
(h)Severability.  If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby.

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(i)No Third Party Beneficiaries.  This Plan shall not confer on any person other than the Company and any Participant any rights or remedies hereunder.
(j)Successors and Assigns.  The terms of this Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns and each permitted successor or assign of each Participant as provided in Section 6(b).
(k)Plan Headings.  The headings in this Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.
(l)Construction.  In the construction of this Plan, the singular shall include the plural, and vice versa, in all cases where such meanings would be appropriate.
(m)Section 409A of the Code.  The Company intends that Bonus payments under this Plan shall be exempt from Section 409A of the Code as short-term deferrals and shall not constitute “deferred compensation” within the meaning of Section 409A of the Code (absent a valid deferral election under the terms of another plan or arrangement maintained by the Company).  This Plan shall be interpreted, construed and administered in accordance with the foregoing intent, so as to avoid the imposition of taxes and penalties on Participants pursuant to Section 409A of the Code.  The Company shall have no liability to any Participant or otherwise if this Plan or any Bonus paid or payable hereunder is subject to the additional tax and penalties under Section 409A of the Code.
(n)No Liability With Respect to Tax Qualification or Adverse Tax Treatment.  Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Participant on account of the failure of any Bonus or amount payable under this Plan to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.
(o)No Funding.  The Company shall be under no obligation to fund or set aside amounts to pay obligations under this Plan.  Participants shall have no rights to any amounts under this Plan other than as a general unsecured creditor of the Company.
(p)No Rights to Other Payments; No Limitation on Other Payments.  The provisions of this Plan provide no right or eligibility to a Participant to any other payouts from the Company under any other alternative plans, schemes, arrangements or contracts the Company may have with any employees or group of employees of the Company.  Nothing in this Plan shall preclude or limit the ability of the Company to pay any compensation to a Participant under any other plan or compensatory arrangement whether or not in effect on the date this Plan was adopted.
(q)No Effect on Benefits.  Bonuses and payments under this Plan shall constitute special discretionary incentive payments to the Participants and shall not be required to be taken into account in computing the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, incentive, life insurance, severance or other benefit plan of the Company or under any agreement with a Participant, unless the Company or such other arrangement specifically provides otherwise.
(r)Clawback Policy.  The Bonuses granted under this Plan are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of Bonuses or any shares of common stock or other cash or property received with respect to Bonuses (including any value received from a disposition of shares of common stock acquired upon payment of Bonuses).
(s)Term of Plan.  This Plan shall continue until suspended, discontinued or terminated by the Board or the Compensation Committee of the Board in its sole discretion provided that the existence of 

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this Plan at any time or from time to time does not guarantee or imply the payment of any Bonuses hereunder, or the establishment of any future plans or the continuation of this Plan.

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