Document:

Exhibit
10.23

INDEMNIFICATION
AGREEMENT

          THIS
INDEMNIFICATION AGREEMENT (this “Agreement”), is made and entered into this
10th day of May, 2006 (the “Effective Date”), by and among Mobile Storage
Group, Inc., a Delaware corporation, Mobile Services Group, Inc., a Delaware
corporation (each a “Company” and collectively, the “Companies”), and Douglas
A Waugaman (“Indemnitee”).  

          WHEREAS,
it is essential to the Companies to retain and attract as officers the most
capable persons available;

          WHEREAS,
at the request of the Companies, Indemnitee currently serves as an officer of
one or more of the Companies and may, therefore, be subjected to claims, suits
or proceedings arising as a result of his service;

          WHEREAS,
as an inducement to Indemnitee to continue to serve as such officer, the
Companies have agreed (i) to jointly and severally indemnify and be obligated
to advance expenses and costs incurred by Indemnitee in connection with any
such claims, suits or proceedings, to the fullest extent permitted by law and
as set forth in this Agreement, and (ii) to the extent insurance is maintained,
to provide coverage for, or continue coverage of, Indemnitee under the
Companies’ directors’ and officer’s liability insurance policies; and

          WHEREAS,
the parties by this Agreement desire to set forth their agreement regarding
indemnification.

          NOW,
THEREFORE, in consideration of the premises contained herein and of Indemnitee’s agreement to continue to serve the Companies
directly or, at their request, another enterprise, and intending to be legally
bound hereby, the parties hereto agree as follows:

          Section
1. Definitions. For purposes of this Agreement:

          (a)
“Change in Control” means a change in control of one or more of the
Companies occurring after the Effective Date of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or
in response to any similar item on any similar schedule or form) promulgated
under the Securities Exchange Act of 1934, as amended (the “Act”),
whether or not the Company involved is then subject to such reporting
requirement; provided, however, that, without limitation, such a Change
in Control shall be deemed to have occurred if after the Effective Date:

	
 

	
 

	
 

	
                         (i)
  any “person” (as such term is used in Sections 13(d) and 14(d) of the Act),
  other than a trustee or other fiduciary holding securities under an employee
  benefit plan of the Company involved or a corporation owned directly or
  indirectly by the stockholders of such Company in substantially the same
  proportions as their ownership of stock of such Company, is or becomes the
  “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly,
  of securities of such Company representing 20% or more of the total voting
  power represented by such Company’s then outstanding Voting Securities
  without the prior approval of at least two-thirds of the members of the Board
  of Directors in office immediately prior to such person attaining such
  percentage interest;

	
 

	
 

	
 

	
                         (ii)
  there occurs a proxy contest, or the Company involved is a party to a merger,
  consolidation, sale of assets, plan of liquidation or other reorganization
  not approved by at least two-thirds of the members of the

	
 

	
 

	
 

	
Board of Directors then in office, as a consequence
  of which members of the Board of Directors in office immediately prior to
  such transaction or event constitute less than a majority of the Board of
  Directors thereafter; or

	
 

	
 

	
 

	
                         (iii)
  during any period of two consecutive years, other than as a result of an
  event described in clause (a)(ii) of this Section 1, individuals who at the
  beginning of such period constituted the Board of Directors of the Company
  involved and any new director whose election by the Board of Directors or
  nomination for election by the Company’s stockholders was approved by a vote
  of at least two-thirds (2/3) of the directors then still in office who either
  were directors at the beginning of the period or whose election or nomination
  for election was previously so approved, cease for any reason to constitute
  at least a majority of the Board of Directors.

          (b)
“Claim” means any threatened, pending or completed action, suit or
proceeding, or any inquiry or investigation, whether instituted by any or all
of the Companies or by any other party, that Indemnitee in good faith believes
might lead to the institution of any such action, suit or proceeding, whether
civil, criminal, administrative, investigative or other.

          (c)
“Expenses” shall include attorneys’ fees and all other costs, expenses
and obligations paid or incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal), or preparing to
defend, be a witness in or participate in, any Claim relating to any
Indemnifiable Event.

          (d)
“Indemnifiable Event” means any event or occurrence related to or
alleged to be related to the fact that Indemnitee is or was a director,
officer, employee, agent or fiduciary of any of the Companies, or is or was
serving at the request of any of the Companies as a director, officer,
employee, trustee, agent or fiduciary of another corporation, partnership,
joint venture, employee benefit plan, trust or other enterprise, or by reason
of anything done or not done by Indemnitee in any such capacity.

          (e) “Independent
Legal Counsel” means an attorney or firm of attorneys, selected in accordance
with the provisions of Section 3, who shall not have otherwise performed
services for any of the Companies or Indemnitee within the last three years
(other than with respect to matters concerning the rights of Indemnitee under
this Agreement, or of other indemnitees under similar indemnity agreements).

          (f) “Potential
Change in Control” shall be deemed to have occurred if (i) any of the
Companies enters into an agreement, the consummation of which would result in
the occurrence of a Change in Control; (ii) any person (including the Company
involved) publicly announces an intention to take or to consider taking actions
which if consummated would constitute a Change in Control; (iii) any person,
other than a trustee or other fiduciary holding securities under an employee
benefit plan such Company or a corporation owned, directly or indirectly, by
the stockholders of such Company in substantially the same proportions as their
ownership of stock of such Company, who is or becomes the beneficial owner,
directly or indirectly, of securities of such Company representing nine and
one-half percent (9.5%) or more of the combined voting power of such Company’s
then outstanding Voting Securities, increases his beneficial ownership of such
securities by five percent (5%) or more over the percentage so owned by such
person; or (iv) the Board adopts a resolution to the effect that, for purposes
of this Agreement, a Potential Change in Control has occurred.

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          (g)
“Reviewing Party” means any appropriate person or body consisting of a
member or members of one of the Companies’ Boards of Directors or any other
person or body appointed by the Board who is not a party to the particular
Claim for which Indemnitee is seeking indemnification, or Independent Legal
Counsel.

          (h) “Voting
Securities” means any securities of any of the Companies which vote
generally in the election of directors.

          Section
2. Basic Indemnification
Arrangement. (a) In the event Indemnitee was, is or becomes a party to or
witness or other participant in, or is threatened to be made a party to or
witness or other participant in, a Claim by reason of (or arising in part out
of) an Indemnifiable Event, the Companies, jointly and severally shall
indemnify Indemnitee to the fullest extent permitted by law as soon as
practicable but in any event no later than 30 days after written demand is
presented to any of the Companies, against any and all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties or amounts paid in settlement) of
such Claim and shall include, without limitation, Expenses of any counsel
selected by Indemnitee who has the right to select his or her own counsel. If so
requested by Indemnitee, the Companies, jointly and severally shall be
obligated to advance (within two business days of such request) any and all
Expenses to Indemnitee (an “Expense Advance”). 

          (b)
Notwithstanding the foregoing, (i) the obligations of the Companies under
Section 2(a) shall be subject to the condition that the Reviewing Party shall
not have determined (in a written opinion, in any case in which the Independent
Legal Counsel referred to in Section 3 hereof is involved) that Indemnitee
would not be permitted to be indemnified under applicable law, and (ii) the
obligation of the Companies, jointly and severally, to make an Expense Advance
pursuant to Section 2(a) shall be subject to the condition that, if, when and
to the extent that the Reviewing Party determines that Indemnitee would not be
permitted to be so indemnified under applicable law, the Companies shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
Companies) for all such amounts theretofore paid; provided, however, that
if Indemnitee has commenced or thereafter commences legal proceedings in a
court of competent jurisdiction to secure a determination that Indemnitee
should be indemnified under applicable law, any determination made by the
Reviewing Party that Indemnitee would not be permitted to be indemnified under
applicable law shall not be binding and Indemnitee shall not be required to
reimburse the Companies for any Expense Advance until a final judicial
determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed). If there has not been a Change in
Control, the Reviewing Party shall be legal counsel or a person who shall be
advised by legal counsel which person and/or legal counsel, as applicable,
shall be selected by the Board of Directors of Mobile Services Group, Inc., a
Delaware corporation, and if there has been such a Change in Control (other
than a Change in Control which has been approved by a majority of the Company’s
Board of Directors who were directors immediately prior to such Change in
Control), the Reviewing Party shall be the Independent Legal Counsel referred
to in Section 3 hereof. If there has been no determination by the Reviewing
Party or if the Reviewing Party determines that Indemnitee substantively would
not be permitted to be indemnified in whole or in part under applicable law,
Indemnitee shall have the right to commence litigation in any court in the
States of California or Delaware having subject matter jurisdiction thereof and
in which venue is proper seeking an initial determination by the court or
challenging any such determination by the Reviewing Party or any aspect
thereof, including the legal or factual bases therefor, and the Companies
hereby

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consent to service of process and to appear in any
such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Companies and Indemnitee.

          Section
3. Change in Control. The Companies agree that if there is a Change in
Control of any of the Companies (other than a Change in Control which has been
approved by a majority of the Company’s Board of Directors who were directors
immediately prior to such Change in Control) and the Companies elect to seek
legal advice concerning the rights and obligations of the parties hereunder,
then with respect to all matters thereafter arising concerning the rights of
Indemnitee to indemnity payments and Expense Advances under this Agreement or
any other agreement or the Companies’ bylaws now or hereafter in effect
relating to Claims for Indemnifiable Events, the Companies shall seek legal
advice only from Independent Legal Counsel selected by Indemnitee and approved
by the Companies (which approval shall not be unreasonably withheld). Such
counsel, among other things, shall render its written opinion to the Companies
and Indemnitee as to whether and to what extent the Indemnitee would be
permitted to be indemnified under applicable law. The Companies agree to,
jointly and severally be obligated to pay the reasonable fees of the
Independent Legal Counsel referred to above and to indemnify fully such counsel
against any and all expenses (including attorneys’ fees), claims, liabilities
and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

          Section
4. Indemnification for Additional Expenses, The Companies, jointly and
severally shall indemnify Indemnitee against any and all expenses (including
attorneys’ fees) and, if requested by Indemnitee, shall (within two business
days of such request) advance such expenses to Indemnitee, which are incurred
by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification
or advance payment of Expenses by the Companies under this Agreement or any
other agreement or the Companies’ bylaws now or hereafter in effect relating to
Claims for Indemnifiable Events and/or (ii) recovery under any directors’ and
officers’ liability insurance policies maintained by the Companies, regardless
of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may
be.

          Section
5. Partial Indemnity. If Indemnitee is entitled under any provision of
this Agreement to indemnification by the Companies, jointly and severally, for
some or a portion of the Expenses, judgments, fines, penalties and amounts paid
in settlement of a Claim but not, however, for all of the total amount thereof,
the Companies, jointly and severally shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled. Moreover,
notwithstanding any other provision of this Agreement, to the extent that Indemnitee
has been successful on the merits or otherwise in defense of any or all Claims
relating in whole or in part to an Indemnifiable Event or in defense of any
issue or matter therein, including dismissal without prejudice, Indemnitee
shall be indemnified against all Expenses incurred in connection therewith.

          Section
6. Burden of Proof. In connection with any determination by the Reviewing
Party or otherwise as to whether Indemnitee is entitled to be indemnified
hereunder, the burden of proof shall be on the Companies to establish that
Indemnitee is not so entitled.

          Section
7. No Presumptions. For purposes of this Agreement, the termination of
any claim, action, suit or proceeding, by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that Indemnitee
did not meet any particular standard of conduct or have any

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particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the
failure of the Reviewing Party to have made a determination as to whether
Indemnitee has met any particular standard of conduct or had any particular
belief, nor an actual determination by the Reviewing Party that Indemnitee has
not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial
determination that Indemnitee should be indemnified under applicable law shall
be a defense to Indemnitee’s claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular
belief.

          Section
8. Nonexclusivity. The rights of the Indemnitee hereunder shall be in
addition to any other rights Indemnitee may have under the Companies’ bylaws,
the Corporations Code of California, the Delaware General Corporation Law or
otherwise. To the extent that a change in the Corporations Code of California
or the Delaware General Corporation Law (whether by statute or judicial
decision) permits greater indemnification by agreement than would be afforded
currently under the Companies’ bylaws and this Agreement, it is the intent of
the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change.

          Section
9. Liability Insurance. To the extent the Companies maintain an
insurance policy or policies providing directors’ and officers’ liability
insurance, Indemnitee shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage
available for any of the Companies’ directors or officers.

          Section
10. Period of Limitations. No legal action shall be brought and no cause
of action shall be asserted by or in the right of any of the Companies against
Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of any of the Companies
shall be extinguished and deemed released unless asserted by the timely filing
of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause
of action, such shorter period shall govern.

          Section
11. Amendments. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor
shall such waiver constitute a continuing waiver.

          Section
12. Subrogation. In the event of payment under this Agreement, the
Companies shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and
shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Companies effectively to
bring suit to enforce such rights.

          Section
13. No Duplication of Payments. The Companies shall not be liable under
this Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, the Companies’ bylaws or otherwise) of the amounts
otherwise indemnifiable hereunder.

          Section
14. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective
successors, assigns,

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including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Companies, spouses, heirs, executors and personal
and legal representatives. This Agreement shall continue in effect regardless
of whether Indemnitee continues to serve as an officer or director of the
Companies or of any other enterprise at the Companies’ request.

          Section
15. Severability. The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable in any respect, and
the validity and enforceability of any such provision in every other respect
and of the remaining provisions hereof shall not be in any way impaired and
shall remain enforceable to the fullest extent permitted by law.

          Section
16. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in such state without giving effect to the
principles of conflicts of laws.

(Signature Follow)

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          IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Effective Date.

	
 

	
 

	
 

	
 

	
MOBILE STORAGE GROUP, INC.,

	
 

	
a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
 

	
Name: Christopher A. Wilson

	
 

	
 

	
Title: General Counsel & Assistant Secretary

	
 

	
 

	
 

	
 

	
MOBILE SERVICES GROUP, INC.,

	
 

	
a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
 

	
Name: Christopher A. Wilson

	
 

	
 

	
Title: General Counsel & Assistant Secretary

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
Douglas A. Waugaman

7Exhibit 10.24

BOARD RETENTION AND CONSULTING AGREEMENT

                    THIS
BOARD RETENTION AND CONSULTING AGREEMENT (this “Agreement”) is entered
into as of this 31st day of January, 2007 (the “Effective Date”)
by and among Mobile Storage Group, Inc., a Delaware corporation (the “Company”)
with an office at 7590 North Glenoaks Boulevard, Suite 101, Burbank, CA 91504,
MSG WC Holdings Corp., a Delaware corporation (“Parent”) with an office
at 7590 North Glenoaks Boulevard, Suite 101, Burbank, CA 91504 and Ronald F.
Valenta, an individual residing at 5200 Jessen Drive, La Canada, CA 91011 (“Consultant”).

R E C I T A L S

          WHEREAS,
the parties wish to set forth the terms and conditions upon which the Company
will retain Consultant.

                    NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                    1.
Consulting Services.

                              1.1
The term of the retention of Consultant (the “Term”) shall
commence on Effective Date and continue (unless terminated earlier pursuant to Section
4 hereof) until the first anniversary of the Effective Date, Consultant
shall consult with the Company regarding such tasks and assignments as directed
by the Chief Executive Officer or President (the “Executive Officer”).
During the Term, Consultant shall serve as a consultant to the Company and as a
member of the Board of Directors of Parent (the “Board”), with
commensurate title, duties, responsibility and status. In his capacity as a
consultant hereunder, Consultant shall report to Douglas A. Waugaman, the
President and Chief Executive Officer or the Company, or his successor. Upon
the first anniversary of the Effective Date this Agreement shall renew
automatically for additional one (1)-year terms unless either party shall
deliver written notice of termination to the other no later than 90 days prior
to the end of the then-current term.

                              1.2
Consultant shall have exclusive control over the means and manner by which the
services called for by this Agreement are performed.

                              1.3
Consultant shall devote so much of his productive time, ability and attention
as is necessary to perform consulting services as requested or assigned by the
Executive Officer. Consultant may render services of a business or commercial
nature to another individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, or an
unincorporated organization (each a “Person”) during the term of this
Agreement.

                    2.
Compensation. In consideration of the services to be rendered by
Consultant hereunder a consulting fee of $6,250 per month in advance, which
shall be payable on the first day of each month during the Term. The foregoing
fees shall be Consultant’s sole compensation for all services rendered by
Consultant hereunder.

                    3.
Expenses. The Company shall reimburse Consultant for expenses incurred
by him during the term of this Agreement in the performance of his duties as a
consultant for the Company; provided, however, that the Company shall not be
obligated to reimburse Consultant for any expenses which have not been approved
in advance by the Company.

                    4.
Termination.

                              4.1
Termination for Cause. Consultant understands and agrees that this
Agreement may be terminated by the Company for “cause” upon written notice to
Consultant in the manner set forth in Section 7.3 below. “Cause” shall
mean a finding by the Board in good faith that Consultant has (i) been engaged
in an act or acts of dishonesty that resulted directly or indirectly in more
than an aggregate of $5,000 in gain or personal enrichment to Consultant at the
expense of the Company; (ii) breached this Agreement in any material respect;
(iii) been convicted of any felony offense involving fraud, theft or dishonesty
at any time; (iv) been incarcerated for more than 10 days during the term of
this Agreement, or (v) failed to substantially perform duties persisting for a
reasonable period following written notice; provided that, in any event,
the Term shall automatically terminate upon consummation of a Sale of the
Company (as defined in the Stockholders Agreement, dated as of August 1, 2006,
by and among MSG WC Holdings Corp. and the stockholders party thereto, as such
agreement may be amended or otherwise modified from time to time). In the event
that Consultant’s retention shall be terminated (a “Retention Termination”)
for any reason by the Company or shall expire (the date such Retention
Termination occurs, being referred to herein as the “Retention Termination
Date”), the Company shall have no further obligations hereunder. Except as
otherwise specifically agreed in writing by the parties hereto, the termination
of the Term or of this Agreement shall not relieve any of the parties hereto of
any obligation arising under this Agreement prior to termination. For the
avoidance of doubt, non-renewal of the Term under Section 1.1 by either
party, shall not be considered a breach by such party of the terms of this
Agreement.

                              4.2
Death. In the event of the death of Consultant during the term of this
Agreement, the Company shall pay, or cause to be paid, to any one or more
beneficiaries designated by Consultant pursuant to notice to the Company or,
failing such designation, to Consultant’s estate, the fees earned provided for
herein through the date on which Consultant’s death occurs.

                              4.3
Disability. In the event that Consultant shall become, by reason of
physical or mental disability, incapable of performing his duties and services
in accordance with the provisions of this Agreement, and such incapacity(ies)
shall continue for more than 60 days out of any consecutive 120-day period, the
Company shall have the right to terminate this Agreement by giving Consultant
written notice of such termination and, thereafter, this Agreement shall
immediately terminate. Upon such termination, all compensation shall cease

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immediately, and the Company
shall owe Consultant only the amount of Consultant’s fees earned as of the date
of such termination.

                              4.4
Effect of Termination. Upon termination or expiration of this
Agreement, Consultant shall immediately surrender to the Company all lists,
books, records, materials and documents, together with all copies thereof, and
all other property in Consultant’s possession or under Consultant’s control,
relating to or used in connection with the past or present business of the
Company, or any affiliate or subsidiary of the Company. Consultant acknowledges
and agrees that all such lists, books, records, materials and documents,
including, but not limited to, compilations or collections of suppliers’,
contractors’, employees’ and customers’ names and addresses, are the sole and
exclusive property of the Company.

                    5. Nondisclosure;
Ownership and Protection of Proprietary Rights;
Noncompetition and Nonsolicitation.

                              5.1
Nondisclosure. Consultant understands and agrees that, in
the course of Consultant’s relationship with the Company, Consultant may
acquire confidential information and trade secrets concerning the Company’s
operations, future plans, methods of doing business, marketing, costs, and that
it would be extremely damaging to the Company if such information were
disclosed or made available to any other Person. In view of the nature of the
consulting relationship with the Company contemplated herein, Consultant agrees
that, during the term of this Agreement and thereafter, any and all
confidential information, including, without limitation, any customer lists,
customer information or addresses, trade secrets, information relating to
governmental relations, discoveries, practices, processes, methods or products,
whether patentable or not, concerning the business of the Company or any
confidential information concerning or relating to any former or existing
suppliers, contractors, employees or customers of the Company or any Person is
controlling, controlled by, under common control with or otherwise affiliated
with the Company (collectively, the “Customers”), with respect to the
past, present or future business of the Company, or any affiliate or subsidiary
of the Company or any secret, proprietary or confidential information
concerning or relating to the past, present or future business of the Company,
or any affiliate or subsidiary of the Company (collectively, “Confidential
Information”) that Consultant has acquired or may acquire from any such
corporation or business entity or the Company, shall be maintained by
Consultant in confidence and shall not be disclosed or divulged to any third
party without the prior written consent of the Executive Officer. Consultant
further agrees that Consultant will not utilize such Confidential Information
on Consultant’s own behalf or on behalf of others at any time during the term
of this Agreement or thereafter. Consultant agrees that he will not divert or
attempt to divert any of the customers or do any act to impair, prejudice or destroy
the goodwill of the Company with the Customers.

                              5.2
Ownership of Intellectual Property. Consultant acknowledges and agrees
that all intellectual property (including without limitation all ideas,
concepts, inventions, plans, developments, software, data, configurations,
materials (whether written or machine-readable), designs, drawings,
illustrations and photographs, which may be protectable, in whole or in part,
under any patent, copyright, trademark, trade secret or other intellectual
property law), developed, created, conceived, made or reduced to practice
during the term of this Agreement which (a) relate to the current, future or
potential business of the Company, (b) result from the 

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duties or work performed by
Consultant hereunder, or (c) are developed during working time or using the
Company’s equipment, supplies, facilities, resources, materials or information,
shall be the sole and exclusive property of the Company and Consultant shall
and hereby does assign all right, title and interest in and to such
intellectual property to the Company.

                              5.3
Non-Competition and Non-Solicitation Covenants.

                                      
  5.3.1 Subject to Section 5.3.6, during the Term, Consultant shall not
(directly or indirectly) (i) own any interest in, manage, control, participate
in (whether as an officer, director, employee, partner, agent, consultant,
representative, or otherwise), (ii) render services to any Person or (iii) in
any manner engage in any activity or enterprise, in either case, competing with
the business of leasing or selling containers, trailers and mobile office units
(the “Business”) in any location in the United States of America or the
United Kingdom (“Restricted Territory”); provided, however,
that nothing herein shall prohibit Consultant from being a beneficial owner of
not more than five percent (5%) of the outstanding stock of any class of an
entity which is publicly traded.

                                        5.3.2
During the Term, Consultant shall not (directly or indirectly) do any of the
following: (i) solicit the employment of or hire any employee of the Company or
any of its subsidiaries that is employed as of the date of this Agreement (or
any employee who was employed by the Company or any of its subsidiaries for any
type of employment within the six-month period prior to the date of this
Agreement unless such employee was terminated by the Company or its
subsidiaries) without the prior written consent of the Parent, provided,
however, that nothing herein shall prohibit Consultant from making
general, non-targeted solicitation advertisements; (ii) call on, solicit, or
service any supplier, licensee, licensor, or other business relation of the
Company or any of its subsidiaries as of the date of this Agreement with
respect to products or services related to the Business in order to influence
or induce or attempt to influence or induce such Person to decrease or cease
doing business with the Company or any of its subsidiaries; or (iii) make any
statement or do any act intended to cause customers of the Company or any of
its subsidiaries as of the date of this Agreement to make use of the services
or purchase the products of any business that competes with the Business.

                                        5.3.3
Consultant acknowledges and agrees that: (1) the Business has been and shall be
conducted in the Restricted Territory; (2) as applicable, Consultant’s (A)
knowledge of the Company’s and
its subsidiaries’ operations and the Business, (B) rendering of services in the
Business as a director, officer, employee or consultant of the Company or any
of its subsidiaries, (C) financial resources and (D) customer contacts in the
Business would permit Consultant, but for the non-compete, non-solicitation and
confidentiality covenants in this Agreement, to unfairly compete with the
Business; and (3) the geographical restrictions and the length of the
non-competition and non-solicitation periods are reasonable and narrowly drawn
to impose no greater restraint than is necessary to protect the goodwill of the
Company and its subsidiaries.

                                        5.3.4.
Each of the Parent, the Company and Consultant intends that the covenants of
this Section 5 shall be deemed to be a series of separate covenants, one
for each county or province of each and every state, territory or jurisdiction
of each country within

4

any geographical area in the
Restricted Territory, and one for each month of the time periods covered by
such covenants.

                                        5.3.5.
Consultant agrees that in the event a court of competent jurisdiction declares,
by way of a final non-appealable order, that there has been a breach by
Consultant of this Section 5, the term of any such term or covenant so
breached shall be automatically extended for Consultant for the period of time
of the violation from the date on which such breach ceases or from the date of
the entry by such court of competent jurisdiction of such order, whichever is
later.

                                        5.3.6
Notwithstanding the foregoing, the covenants contained in Section 5.3.1,
Section 5.3.2(ii) and Section 5.3.2(iii) of the Agreement shall
not prevent Consultant from acquiring and operating a business that competes
with the Business so long as the activities of such entity that compete with
the Business generate and comprise less than twenty percent (20%) of the total
annual revenues of such entity for the most recent fiscal year of such entity.

           
                   5.4
Survival. Subject to the following provisions, the provisions of this
Section 5 shall survive the termination of this Agreement, irrespective of the
reason therefor.

                    6.
Relief. Consultant acknowledges that (a) the services to be rendered by
him are of a special, unique and extraordinary character and it would be very
difficult or impossible to replace such services, (b) the provisions of Section
5 are reasonable and necessary to protect the legitimate interests of the
Company, (c) the restrictions contained in Section 5 will not prevent
Consultant from earning or seeking a livelihood, (d) the restrictions contained
in Section 5 shall apply in all areas where such application is permitted
by law and (e) any violation of this Agreement by Consultant would result in
irreparable harm to the Company. Accordingly, Consultant consents and agrees
that, if Consultant violates any of the provisions of this Agreement, the
Company shall be entitled to, in addition to other remedies available to it, an
injunction to be issued by any court of competent jurisdiction restraining him
from committing or continuing any violation of this Agreement, without the need
to post any bond or for any other undertaking, including, without limitation,
proving the inadequacy of money damages.

                    In
the event that the whole or any part of the provisions of Section 5
hereof shall be determined to be invalid by reason of the extent, duration,
scope or other provision set forth therein, the extent, duration, scope or
other provision of that section shall be reduced so as to cure such invalidity
and in its reduced form the provisions of Section 5 shall be enforceable
in the manner contemplated hereby. The provisions of this Section 6
shall survive the termination of this Agreement, irrespective of the reason
therefor.

                    7.
Miscellaneous.

                              7.1
Waiver of Breach. Neither party’s failure to enforce any provision or
provisions of this Agreement shall be deemed or in any way construed as a
waiver of any such provision or provisions, nor prevent that party thereafter
from enforcing each and every provision of this Agreement. The rights granted
the parties herein are cumulative and shall not 

5

constitute a waiver of any
party’s right to assert all other legal remedies available to it under the
circumstances.

                              7.2
Successors; Assigns. The Company shall not assign its rights and
obligations hereunder without the prior written consent of Consultant;
provided, however, that the Company shall be entitled to assign its rights
hereunder to any acquirer, affiliate or successor to the Company without the
prior written consent of Consultant. Consultant shall not assign any of his
rights or obligations hereunder without the prior written consent of the
Executive Officer. Subject to the foregoing, the provisions of this Agreement
shall be binding upon and inure to the benefit of the heirs, legal representatives,
executors, successors and assigns of Consultant and the Company.

                              7.3
Notices. All notices and other communications which are required or
permitted to be given under this Agreement shall be in writing and shall be deemed
to be sufficiently given (a) if delivered personally, upon delivery and (b) if
delivered by registered or certified mail (return receipt requested), postage
prepaid, upon the earlier of actual delivery or upon three (3) days after being
mailed, in each case to Consultant or the Company at the address set forth at
the beginning of this Agreement. Either party may, by notice given hereunder,
designate any further or different address to which subsequent notices or other
communications shall be sent.

                              7.4
Severability. If any term or provision of this Agreement is held to be
void or unenforceable by any court of competent jurisdiction, only that
objectionable term or provision shall be deleted herefrom while the remainder
of the term, provision and agreement shall be enforceable.

                              7.5
Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California without regard to conflicts
of laws principles.

                              7.6
Agreement to Arbitrate.

                                        7.6.1
Except for the remedies available to the Company pursuant to Section 6
hereof, any controversy, dispute or claim under, arising out of, in connection
with or in relation to this Agreement, including but not limited to the
negotiation, execution, interpretation, construction, coverage, scope,
performance, nonperformance, breach, termination, validity or enforceability of
this Agreement or any alleged fraud in connection therewith or this Section
7.6, shall be settled, at the request of either party, by arbitration
conducted in accordance with the Commercial Arbitration Rules or then existing
rules for commercial arbitration of the American Arbitration Association before
a single arbitrator. The arbitration of such issues, including the
determination of any amount of damages suffered by any party hereto by reason
of the acts or omissions of any party, shall be binding upon the parties after
confirmation of the award by a court of competent jurisdiction; provided,
however, that the parties may attack or appeal any arbitration award in
accordance with applicable law. The parties intend that this Section 7.6
shall be valid, binding, enforceable and irrevocable and shall survive the
termination of this Agreement. 

6

                                        7.6.2
Any arbitration proceedings hereunder shall be held in Los Angeles,
California.

                                        7.6.3
Judgment upon any award rendered by the arbitrator may be entered by any
court having jurisdiction thereof.

                                        7.6.4
The prevailing party shall be entitled to an award of its costs,
attorneys’ and other fees and other expenses as part of the arbitrator’s award
in connection with each arbitration, and the non-prevailing party shall bear
the costs, fees and expenses incurred by and payable to the arbitrator and
court reporter.

                              7.7
Counterparts. This Agreement may be executed simultaneously in
two (2) or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one (1) and the same instrument. Facsimiles of
signatures may be taken as the actual signatures, and each party agrees to
furnish the other with documents bearing the original signatures within ten
(10) days of the facsimile transmission.

                              7.8
Complete Agreement; Amendments. This Agreement contains the
entire understanding between the parties hereto with respect to the subject
matter hereof and supersedes any prior agreements and understandings relating
thereto. This Agreement may not be waived, changed, modified, extended or
discharged orally, but only by a written instrument signed by the party against
whom enforcement of any waiver, change, modification, extension or discharge is
sought.

                              7.9
Parties Not Bound. The parties to this Agreement agree and
acknowledge that Consultant currently is (i) the Chief Executive Officer and a
Director of General Finance Corporation, a publicly traded Delaware corporation
(“General Finance”), and (ii) the beneficial owner of approximately 15% of the outstanding shares of
capital stock of General Finance. The parties further agree that nothing in
this Agreement is intended to, or shall, limit or in any manner affect
Consultant’s obligations as an officer or director of General Finance or his
duties to General Finance. For the avoidance of doubt, notwithstanding any
provision of this Agreement, this Agreement (x) shall have no binding effect
upon, and shall not be enforceable against, General Finance and (y) shall not
restrict Consultant’s activities as an officer or director or General Finance.

7

[CONSULTING AGREEMENT SIGNATURE PAGE]  

                    IN
WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on
the day and year first above written.  

	
 

	
 

	
 

	
 

	
COMPANY: 

	
 

	
 

	
 

	
 

	
Mobile
Storage Group, Inc. 

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
 

	
   An
Authorized Officer 

	
 

	
 

	
 

	
 

	
CONSULTANT 

	
 

	
 

	

	
 

	

	
 

	
 

	
   Ronald
F. Valcnta 

8

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