Exhibit 10(r)
Amendment No. 1 to Employment Agreement
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Reference is made to the Employment Agreement dated as of September 19,
1997 (the "Agreement"), between United Rentals, Inc. (subsequently renamed
United Rentals (North America), Inc.), a Delaware corporation (the "Company"),
and Xxxx X. Xxxxx ("Executive").
The Company and Executive agree that following new subparagraph shall be added
following Paragraph 6(d):
(e) The Company and Xxxxxxx X. Xxxxxx ("Xxxxxx") are parties to an
Employment Agreement dated September 19, 1997 (the "Xxxxxx Agreement").
Paragraph 6(a)(iii)(D) of the Xxxxxx Agreement provides that Xxxxxx may
terminate the Xxxxxx Agreement for "Good Reason" (as defined in the Xxxxxx
Agreement). If (1) Xxxxxx terminates the Xxxxxx Agreement for Good Reason
(as defined in the Xxxxxx Agreement), (2) the circumstances constituting
such "Good Reason" are described in clause (i) of the definition of such
term in the Xxxxxx Agreement, and (3) concurrently therewith or during the
90-day period that commences on the date of such termination, Executive
resigns as an employee of the Company (even if not for Good Reason) or his
employment with the Company otherwise terminates, then the Company shall be
required to pay to Executive a severance payment equal to 10.91 times the
sum of (x) the Executive's annual Base Salary in effect at the time of
termination plus (y) the highest annual cash bonus (if any) paid by the
Company to Executive during the three-year period preceding the date of
termination. Such severance payment shall be payable in a lump sum payment
within fifteen (15) days of the termination of Employee's employment. If
the Company is required to make a payment pursuant to this paragraph 6(e),
the Company shall not be required to make the payment provided for in
paragraph 6(a)(iii).
Except as specifically set forth above, the Agreement remains unmodified and in
full force and effect:
Dated: December 24, 1999
UNITED RENTALS (NORTH AMERICA), INC.
By
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Xxxx X. Xxxxx
