Exhibit 10.1

 



 

March 18, 2019

 

Sally Shanks

 

Dear Sally,

 

We are pleased to revise your offer letter dated August 23, 2017. You will continue to report to me and work in our corporate office, located at 901 S. Bond St. Baltimore, MD 21231.

 

The details of the position are as follows:

 

	
POSITION:
    	
Chief Accounting   Officer and Treasurer of WillScot Corporation
    
	
 
    	
 
    
	
SALARY:
    	
$300,000 annualized   ($11,538.46 bi-weekly) base salary, effective as of January 1, 2019
    
	
 
    	
 
    
	
INCENTIVES:
    	
You will be eligible   for the Short-Term Incentive Plan (STIP) at a target of 40%, commencing with   the STIP payout for fiscal 2019.
    
	
 
    	
 
    
	
 
    	
You will also be   eligible for a Long-Term Incentive Plan (LTIP) grant for 2019 and subsequent   plan years. Our management team intends to recommend to the Compensation   Committee of the Board of Directors that you receive a grant with fair market   value equal to 50% of your base salary under the Company’s 2017 Incentive   Award Plan, as may be amended or replaced from time to time (the “Plan”).
    
	
 
    	
 
    
	
 
    	
Please be advised this letter   does not constitute a grant to you of any Company securities, and this   recommendation and any future equity grant is contingent upon, among other   things, your continued employment with the Company and satisfactory   performance by you of your designated position at the Company. Equity grants   under the Plan are completely discretionary and are not guaranteed. Any   future grant is also contingent upon the Committee’s consideration and   approval of management’s recommendation and the Committee’s action in making   such grant and will be subject to the terms and conditions of the Plan and   applicable award agreement evidencing such grant.
    
	
 
    	
 
    
	
AUTO:
    	
You will be eligible   for a monthly auto allowance of $1,250, less applicable taxes.
    
	
 
    	
 
    
	
BENEFITS:
    	
You will have the   opportunity to use up to twenty (20) days of vacation time per calendar year.   You will become eligible to participate in the Company’s comprehensive   benefits program, which includes medical, dental and life insurance options   on the first of the month following your date of hire. Additionally, the   Company offers a 401(k) Retirement Savings Plan in which you will be   automatically enrolled.
    
	
 
    	
 
    
	
CHANGE   OF CONTROL:
    	
The Company will pay to   you $50,000 within five business days following the closing of a transaction   that results in a Change of Control of WillScot Corporation.
    


 











 

	
SEVERANCE:
    	
If your employment is   terminated by the Company without cause, you will be eligible for nine months   base salary plus the prorata value of accrued STIP. You will also be eligible   for the continuation of healthcare benefits for a period not to exceed one   year from your termination date. As soon as you are eligible for coverage   under another employer’s plan, the health care continuation benefits will   cease.
    


 

Your employment will remain at-will.

 

By accepting this offer of employment, you agree that during your employment with the Company you will not use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom you have an obligation of confidentiality, unless the former employer or other person consents to such disclosure in writing.  You agree that in performing your duties you will only use information which is generally known and used by persons with training and experience similar to yours, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by Williams Scotsman.

 

If you sign below, then you are indicating your acceptance of and agreement with the terms of this revised offer letter. This revised offer letter supersedes your original offer letter in its entirety.

 

We remain very pleased to have you with WillScot Corporation, and look forward to continuing to work with you.

 

Sincerely,

 

	
/s/ Tim Boswell
    	
 
    
	
Tim Boswell
    	
 
    
	
CFO
    	
 
    


 

Employee Acceptance and Acknowledgement

 

I have read, understood, and accept this revised offer of employment at will, as set forth above.

 

	
Signature: 
    	
/s/ Sally Shanks
    	
 
    	
Date: 
    	
3/18/2019