Document:

EX-10.1

 EXHIBIT 10.1 
 AMENDMENT NO. 2 TO 
 EXECUTIVE EMPLOYMENT AGREEMENT 

The Executive Employment Agreement, by and between Electro Rent Corporation, a California corporation, (the “Company”) and Daniel Greenberg
(the “Executive”), as amended and restated as of July 15, 1992 and as later amended and supplemented by Amendment No. 1 dated October 12, 2001 (together, the “Agreement”), is hereby clarified and supplemented as
set forth below by this second amendment to the Agreement (the “Amendment”). This Amendment is effective as of April , 2012 (the “Effective Date”). Capitalized terms not otherwise defined in this Amendment are given the meanings
ascribed to such terms in the Agreement. 
 RECITALS 

WHEREAS, the Agreement provides that it may be amended only by an instrument in writing executed by the parties; and 

WHEREAS, the parties agree that this Amendment is not a material amendment or material modification to the Agreement but rather is
just a clarification of certain provisions of the Agreement and reflects certain factual events which have occurred after the July 15, 1992 amendment and restatement of the Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Executive, intending to be legally
bound, hereby agree as follows: 
 1. Involuntary Resignation. As a result of a Change of Control that occurred in 2000
(and such Change of Control was not a “change in ownership or control” of the Company within the meaning of Code Section 280G), the parties acknowledge and agree that, in accordance with Section 2.1(b) of the Agreement, any
termination of his employment by the Executive shall be considered an Involuntary Resignation and the effect of such termination shall be governed by Section 2.3 of the Agreement and not by Section 2.2(b). In other words, and for avoidance
of doubt, as of the Change of Control in 2000, Executive was vested in his right to terminate his employment and have such termination be treated as an Involuntary Resignation subject to the other terms in the Agreement. 

2. Timing of Payments and Conditions to Payment. In order to clarify the timing of certain payments and the conditions affecting
such payments, the following revisions are applicable to Section 2.3(a) of the Agreement. 
 (i) The following sentence in
Section 2.3(a) of the Agreement, 
 The Company shall pay this gross aggregate amount to the Executive in 36 equal
monthly installments; or, at the election of the Executive, the Company shall pay this gross amount to the Executive in a lump sum provided such lump sum payment does not constitute an excess parachute payment as said term is defined in
Section 280G of the Code., 

  
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 shall be entirely restated to read as follows: 

The Company shall pay this gross aggregate amount to the Executive in a lump sum on the 60th day after Executive’s termination of employment provided that
any portion of such lump sum payment that constitutes an excess parachute payment as said term is defined in Section 280G of the Code shall not be paid. 

3. Governing Law. This Amendment shall be interpreted, construed and enforced in accordance with the laws of the State of
California. 
 4. No Other Modification. Except as provided above in this Amendment, all terms, provisions, covenants and
conditions in the Agreement (for the avoidance of doubt, including the first amendment to the Agreement) shall remain in full force and effect and shall not be affected by this Amendment. 

5. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of
which shall be taken together and deemed to be one instrument. 
 IN WITNESS WHEREOF, the parties hereby execute this Second
Amendment to the Agreement as of the Effective Date. 
  

							
	ELECTRO RENT CORPORATION	 		 	
				
	By:	 	 /s/ Steven Markheim
	 		 	 /s/ Daniel Greenberg

	Name:	 	Steven Markheim	 		 	Daniel Greenberg
	Title:	 	Chief Operating Officer	 		 	

  
 2EX-10.2

 EXHIBIT 10.2 
 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 
 The Employment Agreement, by and between Electro
Rent Corporation, a California corporation, (the “Company”) and Steven Markheim (the “Executive”), dated October 31, 2005 (the “Agreement”), is hereby clarified and supplemented as set forth below by this first
amendment to the Agreement (the “Amendment”). This Amendment is effective as of August , 2012 (the “Effective Date”). Capitalized terms not otherwise defined in this Amendment are given the meanings ascribed to such terms in the
Agreement. 
 RECITALS 
 WHEREAS, the Agreement provides for accelerated vesting of equity compensation awards under its Section 5.2.1 and the parties wish to clarify that all such unvested equity compensation awards
are covered by this provision; 
 WHEREAS, the Agreement provided for alternative timing with respect to post-employment
payments under its Sections 5.2.1 and 5.2.2 and the parties wish to clarify the timing of any such payments and the predicate conditions to any such post-employment payments; 
 WHEREAS, the Agreement provides that the Executive may resign for Good Reason and the parties wish to clarify the process through which such resignation can occur; 

WHEREAS, the Agreement provides that none of the terms or provisions of the Agreement shall be modified, waived, amended or
terminated, except by a written instrument signed by the parties; and 
 WHEREAS, the parties agree that this Amendment
is not a material amendment or material modification to the Agreement but rather is just a clarification of certain provisions of the Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Executive, intending to be legally bound, hereby agree as follows: 

1. Accelerated Vesting of Equity Compensation Awards. In order to clarify that all equity compensation awards are eligible for
accelerated vesting under Section 5.2.1, the following clause in Section 5.2.1 of the Agreement, 
 (2) the vesting
of all of Executive’s options granted by the Company shall be immediately accelerated., 

  
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 shall be entirely restated to read as follows: 

(2) the vesting of all of Executive’s then-outstanding unvested equity compensation awards granted by the Company (including
without limitation any stock options or restricted stock units) shall be immediately accelerated. 
 2. Timing of
Payments and Conditions to Payments. In order to clarify the timing of certain payments and benefits under Sections 5.2.1 and 5.2.2 and the conditions affecting such payments and benefits, the following revisions are applicable to Sections
5.2.1, 5.2.2 and 5.4 of the Agreement. 
 (i) The following clause in Section 5.2.1 of the Agreement, 

Executive shall be entitled to receive as a severance payment two times Executive’s Base Salary in effect at that time, payable,
at the Company’s option, either (i) in monthly installments over two years or (ii) as one accelerated lump sum as soon as practically possible, with an appropriate discount to reflect such acceleration, 

shall be entirely restated to read as follows: 
 Executive shall be entitled to receive as a severance payment two times Executive’s Base Salary in effect at that time, payable as one lump sum on the 60th day after Executive’s termination of employment

 (ii) The following clause in Section 5.2.2 of the Agreement, 

Executive shall be entitled to receive as a severance payment an amount equal to one year of Base Salary in effect at that time,
payable, at the Company’s option, either (i) in monthly installments over one year or (ii) as one accelerated lump sum as soon as practically possible, with an appropriate discount to reflect such acceleration. 

shall be entirely restated to read as follows: 
 Executive shall be entitled to receive as a severance payment one times Executive’s Base Salary in effect at that time, payable as one lump sum on the 60th day after Executive’s termination of employment.

 (iii) The following clause in Section 5.4 of the Agreement, 

and the Company may require that Executive will sign a reasonable release to that effect as a condition to any severance payments.,

 shall be entirely restated to read as follows: 
 and the Company shall require as a condition of payment that (a) the Executive deliver to the Company (on or within 45 days after his termination

  
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of employment) a signed and dated reasonable release of all claims against the Company and its affiliates, in a form prescribed by the Company (“Release”) and (b) Executive not
revoke such Release and (c) Executive remain in full compliance with the terms of the Release. 
 3. Good Reason
Process. In order to clarify the process for effecting a Good Reason resignation, the following clause in the definition of Good Reason in the Agreement, 
 and in each case such matter continues for more than ten (10) days after written notice from Executive (except in the case of a willful breach, which shall require no warning)., 

shall be entirely restated to read as follows: 
 and in each case Executive must provide the Company with written notice within ninety (90) days of the initial existence of the purported Good Reason event and such notice must describe in detail
the basis and underlying facts supporting Executive’s belief that a Good Reason event has occurred (the “Good Reason Notice”). After its receipt of the Good Reason Notice, the Company shall then have thirty (30) days to cure or
remedy the alleged Good Reason event. Executive’s resignation for Good Reason can only be effective if the Company has not cured or remedied the Good Reason event within thirty (30) days after the Company’s receipt of the Good Reason
Notice and if Executive actually resigns his employment for Good Reason within sixty (60) days after the expiration of the foregoing thirty (30) day cure/remedy period. 

4. Title. In order to reflect Executive’s current job title, the following sentence in Section 1 of the Agreement,

 Executive shall be employed as Electro Rent’s Vice President, Administration and Secretary, with the duties and
responsibilities commensurate with his position as may be assigned by Electro Rent., 
 shall be entirely restated to read as follows:

 Executive shall be employed as Electro Rent’s President and Chief Operating Officer, with the duties and
responsibilities commensurate with his position as may be assigned by Electro Rent. 
 5. Governing Law. This
Amendment shall be interpreted, construed and enforced in accordance with the laws of the State of California. 
 6. No Other
Modification. Except as provided above in this Amendment, all terms, provisions, covenants and conditions in the Agreement shall remain in full force and effect and shall not be affected by this Amendment. 

  
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 7. Counterparts. This Amendment may be executed in one or more counterparts, each of
which shall be deemed an original and all of which shall be taken together and deemed to be one instrument. 
 IN WITNESS
WHEREOF, the parties hereby execute this First Amendment to the Agreement as of the Effective Date. 
  

							
	ELECTRO RENT CORPORATION	  		  	
				
	By:	  	 /s/ Daniel Greenberg
	  		  	 /s/ Steven Markheim

	Name:	  	Daniel Greenberg	  		  	Steven Markheim
	Title:	  	Chief Executive Officer	  		  	

  
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