Document:

Exhibit

Exhibit 10.2

SIXTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT
THIS SIXTH AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (this “Amendment”) is made effective as of the 2nd day of August, 2018 by and between IEC ELECTRONICS CORP., a corporation formed under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY (“Lender”).
W I T N E S S E T H:
WHEREAS, the parties hereto are parties to a Fifth Amended and Restated Credit Facility Agreement dated as of December 14, 2015, as amended by that certain First Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of June 20, 2016, that certain Second Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of November 28, 2016, that certain Third Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of May 5, 2017, that certain Fourth Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of January 26, 2018, and that certain Fifth Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of April 20, 2018 (as amended, and as the same may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”);
 WHEREAS, Section 12.3 of the Credit Agreement requires that the Borrower maintain a certain Fixed Charge Coverage Ratio unless the Lender otherwise consents in writing; and
WHEREAS, Borrower has requested and the Lender has agreed to (i) waive Events of Default arising from non-compliance with the aforementioned covenant for the Fiscal Quarter ending June 29, 2018, and (ii) make certain amendments to the Credit Agreement, all on the terms and conditions herein set forth.
NOW, THEREFORE, for due consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
1.    DEFINITIONS.    All capitalized terms used herein and not defined shall have the meaning given such terms in the Credit Agreement.
     2.    AMENDMENTS.  Effective as of the Sixth Amendment Closing Date:
(A)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following definition in its entirety to read as follows:
“Applicable Margin” means, with respect to the applicable facility, the per annum percentage points shown in the applicable column of the table below based on the applicable Fixed Charge Coverage Ratio, calculated for Borrower on a consolidated basis and without duplication in accordance with GAAP:

Exhibit 10.2

	
				
	Pricing Grid - Applicable Margin

	 
	Fixed Charge Coverage 
	 
	 

	Level
	Ratio
	Revolver
	Term Loan B

	I
	x ≤ 1.60:1.00
	2.75%
	3.00%

	II
	1.60:1.00 < x ≤ 1.85:1.00
	2.50%
	2.75%

	III
	x > 1.85:1.00
	2.25%
	2.50%

provided, however, that commencing on June 29, 2018 and continuing to but excluding the tenth (10th) day after the date on which the Borrower’s QCC Sheet is delivered to the Lender pursuant to Section 12.6 for a Fiscal Quarter ending September 30, 2018, the Applicable Margin shall be fixed at Level I plus twenty-five (25) basis points.  Effective on the tenth (10th) day following the date on which the Borrower’s QCC Sheet is required to be delivered to the Lender pursuant to Section 12.6 for the Fiscal Quarter ending September 30, 2018, the Applicable Margin will be adjusted based upon the Fixed Charge Coverage Ratio shown therein.  Thereafter, changes, if any, in the Level applicable to Loans will be effective on the tenth (10th) day following each date on which the Borrower’s QCC Sheet is required to be delivered to the Lender pursuant to Section 12.6, based upon the Fixed Charge Coverage Ratio shown therein.  In the event that any QCC Sheet is not delivered by the date required, pricing will revert to the higher of Level I and the Applicable Margin then in effect until the tenth (10th) day following the date of delivery of the delayed QCC Sheet, on which tenth (10th) day pricing will be adjusted to the applicable level shown by the QCC Sheet.  Upon the occurrence of a Default or Event of Default, the Applicable Margin shall immediately be adjusted to Level I and no reduction shall occur thereafter unless the Default is cured, or if the Default is also an Event of Default, the Event of Default is waived in writing by the Lender; provided that if such Default or Event of Default occurs after June 29, 2018 but before the date on which the Borrower’s QCC Sheet is delivered to the Lender as and when required by Section 12.6 for the Fiscal Quarter ending September 30, 2018, the Applicable Margin shall be fixed at Level II plus fifty (50) basis points and no reduction shall occur thereafter unless the Default is cured, or if the Default is also an Event of Default, the Event of Default is waived in writing by the Lender.
(B)Section 1.1 of the Credit Agreement is hereby amended by adding the following definition thereto in alphabetical order: 
“Sixth Amendment Closing Date” means August 2nd, 2018.
3.    WAIVER.  Lender hereby waives any Event of Default arising under Section 14.1(b) of the Credit Agreement as a result of Borrower’s non-compliance with Section 12.3 of the Credit Agreement for the Fiscal Quarter ending June 29, 2018.  Borrower acknowledges and agrees that the forgoing waiver shall not constitute a waiver of any Event of Default arising under (i) any other covenant in the Credit Agreement not specified herein, or (ii) any covenant in the Credit Agreement for any period not specified herein.
4.    Representations and Warranties.  Borrower hereby makes the following representations and warranties to the Lender as of the Sixth Amendment Closing Date, each of which shall survive the effectiveness of this Amendment and continue in effect as of the date hereof so long as any Obligations remain unpaid:
4.1    Authorization.  Borrower has full power and authority to borrow under the Credit Agreement, as amended by this Amendment, and to execute, deliver and perform this Amendment and any documents delivered in connection with it and all other related documents and transactions, all of which have been duly authorized by all proper and necessary corporate action.  The execution and delivery of this 

Exhibit 10.2

Amendment by Borrower will not violate the provisions of, or cause a default under, Borrower’s Organizational Documents, any law or any agreement to which Borrower is a party or by which it or its assets are bound.
4.2    Binding Effect.  This Amendment has been duly executed and delivered by Borrower, and the Credit Agreement, as amended by this Amendment, is the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except to the extent that enforcement of any such obligations of the Borrower may be limited by bankruptcy, insolvency, reorganization or similar laws of general application affecting the rights and remedies of creditors generally.
4.3    Consents; Governmental Approvals.  Except as may be specifically identified in a written agreement to which Borrower and Lender are parties, no consent, approval or authorization of, or registration, declaration or filing with, any Governmental Authority or any other Person is required in connection with the valid execution, delivery or performance of this Amendment or any other document executed and delivered by Borrower herewith or in connection with any other transactions contemplated hereby.
4.4    Representations and Warranties.  The representations and warranties contained in the Credit Agreement, as amended by this Amendment, are true on and as of the date hereof with the same force and effect as if made on and as of the date hereof, except for those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.
4.5    No Events of Default.  No Default or Event of Default has occurred, except that waived by this Amendment, and no Default or Event of Default is continuing.
4.6    No Material Misstatements.  Neither this Amendment nor any document delivered to Lender by Borrower or any Credit Party to induce Lender to enter into this Amendment contains any untrue statement of a material fact or, taken as a whole with the other Loan Documents, omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances in which they were made.
5.    CONDITIONS OF AMENDMENT.  The Lender shall have no obligation to execute or deliver this Amendment until each of the following conditions shall have been satisfied:
5.1    Authorization.  Borrower shall have taken all appropriate corporate action to authorize, and its directors, if and as required by Borrower’s Organizational Documents, shall have adopted resolutions authorizing the execution, delivery and performance of this Amendment and the taking of all other action contemplated by this Amendment, and Lender shall have been furnished with copies of all such corporate action, certified by an authorized officer of Borrower as being true and correct and in full force and effect without amendment on the date hereof, and such other corporate documents as Lender may request.   
5.2    Consents.  Borrower shall have delivered to Lender any and all consents, if any, necessary to permit the transactions contemplated by this Amendment.
5.3    Fees.  Borrower shall have paid to the Lender all reasonable fees and disbursements of Lender’s counsel and all reasonable out-of-pocket expenses incurred by Lender, recording fees, search fees, charges and taxes in connection with this Amendment and all transactions contemplated hereby or made other arrangements with respect to such payment as are satisfactory to Lender.  

Exhibit 10.2

5.4    Deliveries.  Borrower shall have delivered to Lender, each of the following documents, duly executed by the Borrower or as specified: (i) this Amendment, (ii) a Reaffirmation executed by the Borrower and each of the Guarantors, and (iii) such additional documents, consents, authorizations, insurance certificates, governmental consents and other instruments and agreements as Lender or its counsel may reasonably require (including for purposes of evidencing and/or facilitating Borrower’s and Lender’s compliance with all applicable laws and regulations, including all “know your customer” rules in effect from time to time pursuant to the Bank Secrecy Act, USA PATRIOT Act and other applicable laws) and all documents, instruments and other legal matters in connection with the Loan Documents shall be reasonably satisfactory to Lender and its counsel.
5.5    Representations and Warranties.  The representations and warranties set forth in this Amendment and in the Loan Documents shall be true, correct and complete as of the Sixth Amendment Closing Date, except those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.
5.6    No Event of Default.  No Event of Default or Default shall have occurred as of the Sixth Amendment Closing Date, except that waived by this Amendment, and no Event of Default or Default shall be continuing after giving effect to such waiver.
5.7    No Material Misstatements.  Neither this Amendment nor any document delivered to Lender by or on behalf of Borrower to induce Lender to enter into this Amendment contains any untrue statement of a material fact or, taken as a whole with the other Loan Documents, omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances in which they were made.
5.8    No Material Adverse Change.  As of the Sixth Amendment Closing Date, no Material Adverse Effect shall have occurred with respect to the Borrower and its Subsidiaries taken as a whole since September 30, 2017, including, without limitation, the Credit Parties’ ability to meet the projections delivered by the Borrower to the Lender prior to the Sixth Amendment Closing Date.
5.9    No Litigation.  As of the Sixth Amendment Closing Date, except as set forth on Schedule 8.5 to the Credit Agreement, there shall not be any claim, action, suit, investigation, litigation, or legal proceeding pending or threatened in any court or before any arbitrator or governmental authority which relates to the legality, validity or enforceability of the Credit Agreement (as amended by this Amendment) or the transactions contemplated hereby or that, if adversely determined, is not adequately covered by insurance or would have a Material Adverse Effect on the Borrower or its Subsidiaries.
5.10    Diligence.  Lender shall have satisfactorily completed all business, financial, tax and collateral due diligence.
6.    MISCELLANEOUS.
6.1    Reaffirmation of Security Documents. As of the Sixth Amendment Closing Date, Borrower hereby (a) acknowledges and reaffirms the execution and delivery of the Security Documents, (b) acknowledges, reaffirms and agrees that the security interests granted under the Security Documents continue in full force and effect as security for all indebtedness, obligations and liabilities under the Loan Documents, as may be amended from time to time, and (c) remakes the representations and warranties set forth in the Security Documents, except those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.

Exhibit 10.2

6.2    Entire Agreement; Binding Effect.  The Credit Agreement, as amended by this Amendment, represents the entire understanding and agreement between the parties hereto with respect to the subject matter hereof.  This Amendment supersedes all prior negotiations and any course of dealing between the parties with respect to the subject matter hereof.   This Amendment shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit of, and be enforceable by the Lender and its successors and assigns.  The Credit Agreement, as amended hereby, is in full force and effect and, as so amended, is hereby ratified and reaffirmed in its entirety.
6.3    Severability.  If any provision of this Amendment shall be determined by a court to be invalid, such provision shall be deemed modified to conform to the minimum requirements of applicable law.
6.4    Headings.  The section headings inserted in this Amendment are provided for convenience of reference only and shall not be used in the construction or interpretation of this Amendment.
6.5    Counterparts.  This Amendment may be executed by the parties hereto in separate counterparts (including those delivered by facsimile or other electronic means), each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument.

[signature page follows]

Exhibit 10.2

[Sixth Amendment to Fifth Amended and Restated Credit Facility Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized officers as of the day and year first above written.

MANUFACTURERS AND TRADERS TRUST COMPANY
By:      /s/ Michael D. Pick
Name:    Michael D. Pick
Title:    Vice President
IEC ELECTRONICS CORP.
By:      /s/ Jeffrey T. Schlarbaum
Name: Jeffrey T. Schlarbaum
Title:    President & CEOExhibit

June 5, 2018
Mark Irion
[Address Redacted]
Dear Mark:
I am very pleased to confirm our offer of employment for the position of Chief Financial Officer of Herc Rentals (“Herc” or the “Company”).  This position will report directly to Larry Silber, Chief Executive Officer of Herc and will be based out of our Bonita Springs, FL location.  Your start date is expected to be on or about June 11, 2018.
Your base salary, paid on a bi-weekly basis, will be $17,307.70, which equates to an annualized salary of $450,000.  This offer is contingent upon verification of your education, previous employment, satisfactory references, passing the drug test and criminal background check, presentation of legally required documentation establishing your right to work in the United States, including compliance with Federal immigration employment law requirements, and agreement to enter into and signing an Employee Confidentiality & Non-Competition Agreement (the “Non-Competition Agreement”).
You are eligible to participate in the Herc Executive Incentive Compensation Plan for 2018, which provides for a target payment of 75% of your eligible earnings.  Your participation for 2018 will be pro-rated based on length of service during the performance period.  Actual payout is contingent upon the Company’s financial performance, your performance and your start date.  Herc retains the right and sole discretion to amend, modify or rescind such plan at any time and for any reason.
In consideration of amounts that you will forfeit in connection with the Severance Agreement between you and United Rentals, Inc. (“URI”) you will receive a one-time equity award equaling $1,000,000, granted in the form of Restricted Stock Units (RSUs).  This award will be granted at the fair market value on the grant date (the date your employment commences) and will vest ratably over a three-year period assuming continued employment.  You will also be eligible for an annual equity grant in 2018 and beyond.  Your target annual equity grant will be $700,000, awarded in the same form as other executives.
Equity grants are subject to approval by the Compensation Committee Board of Directors. Generally, awards are based upon or denominated as a dollar value and may be all or partially granted in the form of Restricted Stock Units, Performance Stock Units, and/or stock options and are subject to the Committee’s sole and exclusive discretion.  
You will be eligible for vehicle privileges in this role.  This privilege provides for the use of a company vehicle for personal and professional use.  The service vehicle use policy will be reviewed with you upon commencement of your employment.  You will also be eligible for 20 days (4 weeks) of vacation per year.

In exchange for you waiving your relocation benefit, the company will pay you a taxable bonus of $40,000, as soon as administratively practical after your employment commences. Additionally, the Company will provide to you reimbursement of up to 60 hotel nights (or other agreed upon temporary accommodations) to assist with your transition to the Bonita Springs area. 
Herc provides you the opportunity to participate in a comprehensive employee benefits program.  On the first day of the month following your sixty days of employment, you are eligible to enroll in the Herc Custom Benefit Program.
This benefits program offers you numerous coverage options for:
	
				
	u
	Medical
	u
	Accidental Death and Dismemberment

	u
	Dental
	u
	Long Term Disability

	u
	Vision
	u
	Dependent Care Flexible Spending Account

	u
	Life Insurance
	u
	Health Care Flexible Spending Account

	u
	Dependent Life Insurance
	 
	 

Additionally, you will be eligible for the Herc Income Savings Plan (401k) after you complete 90 days of employment.  Herc matches your contributions (both before-tax and Roth after-tax contributions) dollar for dollar on the first 3% of your Eligible Compensation you contribute and 50 cents on the dollar for the next 2% of your Eligible Compensation you contribute.  You are always 100% vested in Company matching contributions, your own contributions, and any related investment earnings. 
In addition, the Company will reimburse your reasonable attorneys’ fees incurred by you in the negotiation and preparation of this Offer and the Employee Confidentiality, Non-solicitation and Non-Competition Agreement, in an amount not to exceed $10,000. 
It is a fundamental term and condition of your employment that you must execute and deliver to the undersigned the Non-Competition Agreement.  It is also a fundamental term and condition of your employment that:
(i) You represent and warrant that you have not and will not disclose any confidential information or trade secrets that you may have from any third party, including but not limited to any current or former employer.
(ii) You represent and warrant to the Company and agree that the negotiation, entering into or performance of your employment with the Company has not resulted in and must not result in any breach by you of any agreement, duty or other obligation (including but not limited to a Confidentiality, Non-Competition and/or Non-Solicitation duty, agreement, or obligation), to any third party, including but not limited to any current or prior employer. This offer is contingent on URI providing written assurance that your employment with the Company will not constitute a breach by you of any agreement, duty or other obligation that you have with URI.  
(iii) You confirm and agree that you must not bring and will not transfer to the Company or use in the performance of your duties and functions with the Company any confidential material, documents of information or property, whether electronic or otherwise, of any third party, including but not limited to any current or former employer.  You agree that you will not remove or possess any documents of information, whether electronic or otherwise, from such third party and you will not transfer any such documents or information to the Company at any time or otherwise use such documents or information in the scope of your employment with the Company.

(iv) During your employment with the Company you will not engage in any activity that competes with or adversely affects the Company, nor will you begin to organize or develop any competing entity (or assist anyone else in doing so).
(v) During your employment with the Company you may only serve on one outside Board without the written consent of the Company.
(vi) You will not disclose at any time (except for business purposes on behalf of the Company) any confidential or proprietary material of the Company.  That material shall include, but is not limited to, the names and addresses of customers, customer contacts, suppliers, supplier contacts, contracts, terms and conditions, bidding information, business strategies, pricing information and the Company’s policies and procedures.
(vii) You agree that all documents (paper or electronic) and other information related in any way to the Company shall be the property of the Company and will be returned to the Company upon the end of your employment with the Company.
(viii) You agree that should a court issue injunctive relief to enforce any term of this Agreement, or if a court (or jury) determines that you breached any provision of this Agreement, you will reimburse the Company for all attorney’s fees and costs incurred in enforcing the terms of this Agreement, and you will also be liable for any other damages or relief permitted by law.
(ix) You agree that any disputes over the above terms shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to conflict of laws principles thereof. Any action initiated by either party shall be brought in either the Circuit Court of the Twentieth Judicial Circuit, Lee County, Florida or in the United States District Court for the Middle District of Florida. The terms of this agreement may be enforced by the Company or its successors or assigns.
The foregoing terms and conditions and representations and warranties will survive and will continue in full force and effect following the commencement of your employment with the Company.  Should you at any time be in breach of the foregoing terms and conditions or should the foregoing representations and warranties be inaccurate or false, it will result in your immediate termination from the Company.  In addition, you agree that you will indemnify and save harmless the Company and its directors, officers, employees and agents from any and all claims and demands incurred by any of them directly or indirectly arising from any breach of the foregoing terms or conditions or any inaccuracy or misrepresentation of the foregoing representations and warranties.
At times during your employment and thereafter during which you may be subject to liability for your acts and omissions occurring within the course and scope of your employment, you will be indemnified and held harmless (including advances of attorney’s fees and expenses), in a manner consistent with other similarly situated executives, and consistent with the Company’s Certificate of Incorporation and By-Laws.  The Company will indemnify you, provide D & O coverage, and advance attorney’s fees and expenses on the same basis as the Company provides such protections to its senior officers.
In the event your position with Herc is eliminated or your employment is terminated for any reason other than for Cause (as defined below) or your employment is terminated by you for Good Reason (as defined below), then you will receive a severance payment equal to one times your annual base salary and target bonus, a prorated cash bonus for the year of termination, and professional outplacement with a value not to exceed $25,000.  Payment of any such severance shall be contingent upon the execution of a General Release including non-competition and non-disclosure provisions, which shall be consistent with the Non-Competition Agreement attached hereto. 

In addition, if your employment is involuntarily terminated for any reason other than Cause or terminated by you for Good Reason, a portion of each outstanding equity grant will vest proportional to the number of completed months of service since each grant was made divided by the total number of months in the vesting period for each grant.  If a Change in Control occurs and your employment is involuntarily terminated for any reason other than Cause or terminated by you for Good Reason, in each case within 12 months of the event, each outstanding equity grant will vest fully.
For purposes of this letter, “Cause” means your: (i) willful and continued failure to perform substantially your material duties with Herc (other than any such failure resulting from your incapacity due to physical or mental illness) after a written demand for substantial performance specifying the manner in which you have not performed such duties is delivered by the Chief Executive Officer of Herc to you, (ii) engaging in willful and serious misconduct that is injurious to the Company or any of its subsidiaries, (iii) one or more acts of fraud or personal dishonesty resulting in or intended to result in personal enrichment at the expense of Herc or any of its subsidiaries, (iv) substantial abusive use of alcohol, drugs or similar substances that, in the sole judgment of Herc, impairs your job performance, (v) material violation of any Herc policy that results in material harm to Herc or any of its subsidiaries or (vi) conviction of a felony or of any crime (whether or not a felony) involving moral turpitude. 
For the purposes of this letter, "Good Reason" means, without your written consent: (i) Herc’s  material breach of this letter; (ii) Your position has been changed so that you are no longer serving as Chief Financial Officer; (iii) You are subjected to a material diminution in duties, reporting requirements or responsibilities, or you are required to perform duties inconsistent with your position as Chief Financial Officer; (iv) Your primary work location is moved more than 50 miles from its location as of your start date within 3 years of your start date; provided that, you may only terminate your employment for Good Reason if: (a) you provide written notice to the Company of the existence of any condition included in the definition of Good Reason on or before the sixtieth (60th) day following the later of the initial existence of the condition or your first knowledge of such condition, (b) the Company fails to remedy the condition on or before the thirtieth (30th) day after receiving such notice, and (c) your “separation from service” (as defined in Treas. Reg. § 1.409A-(h)(1)) due to your resignation occurs on or after the end of the thirty (30) day period following the period described in clause (b).
Internal Revenue Code Section 409A - It is intended that this letter will comply with Internal Revenue Code Section 409A and any regulations and guidelines issued thereunder (collectively “Section 409A”) to the extent this letter is subject thereto.  This letter shall be interpreted on a basis consistent with such intent.  If any payments or benefits provided to you by the Company per this letter are non-qualified deferred compensation subject to, and not exempt from, Section 409A (“Subject Payments”), the following provisions shall apply to such payments and/or benefits:
(A)    For payments and benefits triggered by termination of employment, reference to your “termination of employment” (and corollary terms) shall be construed to refer to “separation from service” from the Company (with such phrase determined under Treas. Reg. Section 1.409A-1(h)).
(B)    If you are deemed on the date of your “separation from service” to be a “specified employee” (within the meaning of Treas. Reg. Section 1.409A-1(i)), then with regard to any payment that is required to be delayed pursuant to Code Section 409A(a)(2)(B) the (“Delayed Payments”), such payment shall not be made prior to the earlier of (i) the expiration of the six month period measured from the date of your “separation from service” and (ii) the date of your death.  Any payments other than the Delayed Payments shall be paid in accordance with normal payment dates specified herein.
(C)    If the sixty day period following a “separation from service” begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”) and if there are any Subject Payments due you that are:  (i) conditioned on your signing and not revoking a release of claims and (ii) otherwise due to be paid during the portion 

of the Crossover 60-Day Period that falls within the first year, then such payments will be delayed and paid in a lump sum during the portion of the Crossover 60-day Period that falls within the second year.
(D)    Lump-sum severance payments shall be made, and installment severance payments initiated, within sixty days following your “separation from service”.
(E)    Notwithstanding any other provision of this letter to the contrary, in no event shall any Subject Payment be subject to offset by any other amount unless otherwise permitted by Section 409A.
Per Herc’s standard policy, this letter is not intended nor should it be considered as an employment contract for a definite or indefinite period of time.  Employment with Herc is at will, and either you or the Company may terminate employment at any time, with or without cause.  
In addition, by signing this letter, you acknowledge that this letter and the attached Confidentiality Agreement and Non-Competition Agreement sets forth the entire agreement between you and the Company regarding your employment with the Company, and fully supersedes any prior agreements or understandings, whether written or oral. The parties acknowledge that, to the extent more favorable than the terms of an equity award, the equity vesting provisions of this letter shall govern any equity award granted to you.
Mark, we are very excited you are considering joining Herc and look forward to the opportunity to work with you.
Very truly yours,
/s/ CHRISTIAN CUNNINGHAM
Christian Cunningham
Senior VP, Chief Human Resources Officer

ACCEPTANCE

I, Mark Irion, have read, understand, and having had the opportunity to obtain independent legal advice hereby voluntarily accept and agree to the terms and conditions for employment as outlined in this letter and I agree to do all things and to execute all documents necessary to give effect to the terms and conditions of employment as outlined in this letter, including but not limited to my execution of the Employee Confidentiality & Non-Competition Agreement.
	
		
	/s/ MARK IRION
	6/22/18

	Mark Irion
	Date:

cc:     L. Silber
C. Cunningham

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