Document:

Exhibit

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934

As of the date of the Annual Report on Form 10-K of which this exhibit forms a part, the only class of securities of Laboratory Corporation of America Holdings (“we” and “our”) registered under Section 12 of the Securities Exchange Act of 1934, as amended is our common stock, $0.10 par value per share.  

DESCRIPTION OF COMMON STOCK
The following description of our common stock summarizes certain material terms and provisions of our certificate of incorporation, by-laws, and the Delaware General Corporation Law. For the complete terms of our common stock, please refer to our certificate of incorporation and by-laws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part, and to the applicable provisions of the Delaware General Corporation Law.
Authorized Common Stock
We have authority to issue 265 million shares of Common Stock, par value $0.10 per share. 
Rights of Common Stock

Voting Rights; Liquidation; Dividends. Holders of our common stock are entitled: 
		
	•
	to one vote per share upon any matter, including, without limitation, the election of directors, on which stockholders are entitled to vote;

		
	•
	upon our liquidation, dissolution or winding up, whether voluntary or involuntary, to participate in the distribution of any assets remaining after the payment of all debts and liabilities, subject to any preferential rights of holders of any outstanding shares of preferred stock; and

		
	•
	to receive dividends, which may be cumulative or non-cumulative, as may be lawfully declared from time to time by our board of directors.

Other Rights and Restrictions. The holders of our common stock do not have any preemptive or subscription rights to purchase additional securities issued by us, nor any rights to convert their common stock into other of our securities or to have their shares of common stock redeemed by us. Our common stock is not subject to redemption by us. Our certificate of incorporation and by-laws do not restrict the ability of a holder of common stock to transfer his or her shares of common stock. 
Preferred Stock. Our board of directors has the authority, without further action by our stockholders, to issue up to 30 million shares of preferred stock, par value $0.10 per share, in one or more series and to fix the number of shares, designations, relative rights (including voting, conversion, redemption, and dividend rights), terms of redemption, preferences, and limitations of such series to the full extent now or hereafter permitted by Delaware law. 

1

Anti-Takeover Effects of Our Certificate of Incorporation and By-Law Provisions

Undesignated Preferred Stock. Because the board of directors has the power to establish the preferences and rights of the shares of any additional series of preferred stock, it may afford holders of any preferred stock preferences, powers and rights, including voting and dividend rights, senior to the rights of holders of the common stock, which could adversely affect the holders of the common stock and could discourage a takeover of us even if a change of control of our company would be beneficial to the interests of our stockholders. 

 
Special Stockholder Meetings.  Our bylaws provide that a special meeting of stockholders may be called only by a resolution adopted by a majority of our board of directors or by stockholders owning at least 25% of our outstanding common stock, subject to other restrictions.
 
 
Stockholder Advance Notice Procedure.  Our bylaws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or to bring other business before an annual meeting of our stockholders. 

Section 203 of the Delaware General Corporation Law.  We are subject to Section 203 of the Delaware General Corporation Law, which, with specified exceptions, prohibits a Delaware corporation from engaging in any “business combination” with any “interested stockholder” for a period of three years following the time that the stockholder became an interested stockholder unless: 
 
		
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	before that time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		
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	upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

		
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	at or after that time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. 

 
Section 203 defines “business combination” to include the following: 

		
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	any merger or consolidation of the corporation with the interested stockholder; 

		
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	any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; 

		
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	subject to specified exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; 

		
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	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or 

		
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	any receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through the corporation. 

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In general, Section 203 defines an “interested stockholder” as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by that entity or person. 

The application of Section 203 may make it difficult and expensive for a third party to pursue a takeover attempt we do not approve even if a change in control would be beneficial to the interests of our stockholders. 

 

 

3Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”) is entered into by and between WillScot Corporation, a Delaware corporation
(the “Employer”), and Brad Soultz, an individual (the “Executive”).

 

WHEREAS,
the Executive previously entered into that certain Employment Agreement with Williams Scotsman, Inc., a Maryland corporation and
wholly owned subsidiary of the Employer, dated as of November 29, 2017 (the “Employment Agreement”), and the
Executive is currently employed as the President and Chief Executive Officer;

 

WHEREAS,
the Employer has entered into an Agreement and Plan of Merger with Mobile Mini Inc. (the “Target”), dated as
of March 1, 2020, pursuant to which Target will merge with and into the Employer (the “Merger Agreement”),
and effective as of and contingent upon the consummation of the transactions contemplated in the Merger Agreement (the “Merger”),
the Employer will be the surviving company of which the Executive will serve as the Chief Executive Officer on the terms and conditions
set forth herein; and

 

WHEREAS,
the parties desire to enter into this Agreement to encourage the Executive to remain employed following the Merger and to set
out the terms and conditions for the continued employment relationship of the Executive with the Employer.

 

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

 

1.                 
Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to continue to
employ the Executive and the Executive agrees to continue to be employed by the Employer for the Employment Period set forth in
Section 2 and in the positions and with the duties set forth in Section 3. Terms used herein with initial
capitalization not otherwise defined are defined in Section 25. For the avoidance of doubt, prior to the date of the
Merger, the Employment Agreement shall remain in full force and effect and continue to govern the rights and obligations of the
Employer and the Executive.

 

2.                 
Term. The term of employment under this Agreement shall commence on the date of the Merger and extend for 24 months
thereafter (the “Employment Period).” On the last day of the Employment Period, unless earlier terminated in
accordance with the provisions of this Agreement, the Employment Period shall end and this Agreement shall cease to have any further
force or effect in respect of any period thereafter, and to the extent the Executive’s employment continues, the Executive
shall be employed at-will.

 

3.                
Position and Duties. During the Employment Period, the Executive shall serve as the Chief Executive Officer. In
such capacities, the Executive shall report exclusively to the Chairman of the Board and shall have the duties, responsibilities
and authorities customarily associated with such position(s) in a company the size and nature of the Employer. The Executive shall
devote the Executive’s reasonable best efforts and full business time to the performance of the Executive’s duties
hereunder and the advancement of the business and affairs of the Employer; provided that, the Executive may serve on civic,
charitable, educational, religious, public interest or public service boards, and manage the Executive’s personal and family
investments, in each case, to the extent such activities do not materially interfere
with the performance of the Executive’s duties and responsibilities hereunder.

 

     

     

    

 

4.                
Place of Performance. During the Employment Period, except for reasonable travel on the Employer’s business
consistent with the Executive’s position, the Executive shall be based primarily at the Employer’s executive headquarters
located in Phoenix, Arizona. The Employer shall provide the Executive, or reimburse the Executive in accordance with Section 5(d)
for reasonable and customary costs incurred by the Executive in obtaining, the benefits listed in the relocation package in Exhibit
A.

 

5.                 
Compensation and Benefits.

 

(a)              
Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the “Base
Salary”) at the rate of no less than $850,000 per calendar year, less applicable deductions, and prorated for any partial
year. Beginning with the first quarter following the Merger, the Base Salary shall be reviewed for increase by the Employer no
less frequently than annually, and shall be increased in the discretion of the Employer and any such adjusted Base Salary shall
constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal
installments in accordance with the Employer’s regular payroll procedures. The Executive’s Base Salary may not be
decreased during the Employment Period.

 

(b)             
Annual Bonus. For each fiscal year of the Employer ending during the Employment Period, the Executive shall be eligible
to earn an annual cash performance bonus (an “Annual Bonus”) based on performance against performance criteria
determined by the Compensation Committee of the Board (the “Committee”). The Executive’s annual target
bonus opportunity for a fiscal year shall equal 125% of the Executive’s Base Salary at the beginning of such year (the “Target
Bonus”). The Executive’s Annual Bonus for a fiscal year shall be determined by the Committee after the end of
the applicable bonus period and shall be paid to the Executive when annual bonuses for that year are paid to other senior executives
of the Employer generally, but in no event later than March 15 of the year following the year to which such Annual Bonus relates.

 

(c)              
Long Term Incentive Equity.

 

(i)               Annual
Award. With respect to each fiscal year of the Employer ending during the Employment Period, the Executive shall be
eligible to receive annual equity awards under the WillScot 2017 Incentive Award Plan or other long-term equity incentive
plan of the Employer then in effect (the “Plan”), 60% of which shall be in the form of performance-based
restricted stock units (“PSUs”) vesting over three years and 40% in the form of restricted stock units
(“RSUs”) vesting ratably over four years. The level of the Executive’s participation in the Plan, if
any, shall be determined in the discretion of the Committee from time to time. The target grant value of this annual award
shall be $2,600,000, but the actual value of any grant may be higher or lower based on Committee discretion. Terms and
conditions of such awards shall be governed by the terms and conditions of the Plan and the applicable award
agreements.

 

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(ii)             
Retention Award. In connection with the Merger, the Executive shall be eligible to receive a one-time equity award
with a target grant value of $1,250,000, the actual value of which may be higher or lower based on Committee discretion, 60% of
which shall be in the form of PSUs vesting over three years and 40% in the form of RSUs vesting ratably over four years, in each
case, consistent with the terms and conditions of the Plan and any applicable award agreements.

 

(d)             
Vacation. During the Employment Period, the Executive shall be entitled to four (4) weeks’ vacation annually
to be used in accordance with the Employer’s applicable vacation policy.

 

(e)             
Automobile Allowance. During the Employment Period, the Executive shall be entitled to an automobile allowance of
$15,000 annually to be used in accordance with the Employer’s applicable automobile allowance policy.

 

(f)               
Benefits. During the Employment Period, the Employer shall provide to the Executive employee benefits and perquisites
on a basis that is comparable in all material respects to that provided to other similarly situated executives of the Employer.
The Employer shall have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit plans
and arrangements at any time and without the consent of the Executive.

 

6.                
Expenses. The Executive is expected and is authorized to incur reasonable expenses in the performance of his duties
hereunder. The Employer shall reimburse the Executive for all such expenses reasonably and actually incurred in accordance with
policies which may be adopted from time to time by the Employer promptly upon periodic presentation by the Executive of an itemized
account, including reasonable substantiation, of such expenses.

 

7.                 
Confidentiality, Non-Disclosure and Non-Competition Agreement. The Employer and the Executive acknowledge and agree
that during the Executive’s employment with the Employer, the Executive will have access to and may assist in developing
Employer Confidential Information and will occupy a position of trust and confidence with respect to the Employer’s affairs
and business and the affairs and business of the Employer Affiliates. The Executive agrees that the following obligations are
necessary to preserve the confidential and proprietary nature of Employer Confidential Information and to protect the Employer
and the Employer Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by
the Executive that would result in serious adverse consequences for the Employer and the Employer Affiliates:

 

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(a)              
Non-Disclosure. During and after the Executive’s employment with the Employer, the Executive will not knowingly
use, disclose or transfer any Employer Confidential Information other than as authorized in writing by the Employer or within
the scope of the Executive’s duties with the Employer as determined reasonably and in good faith by the Executive. Anything
herein to the contrary notwithstanding, the provisions of this Section 7(a) shall not apply when disclosure is required
by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual
or apparent jurisdiction to order the Executive to disclose or make accessible any information or as to information
that becomes generally known to the public or within the relevant trade or industry other than due to the Executive’s violation
of this Section 7(a).

 

(b)             
Materials. The Executive will not remove any Employer Confidential Information or any other property of the Employer
or any Employer Affiliate from the Employer’s premises or make copies of such materials except for normal and customary
use in the Employer’s business as determined reasonably and in good faith by the Executive. The Executive will return to
the Employer all Employer Confidential Information and copies thereof and all other property of the Employer or any Employer Affiliate
at any time upon the request of the Employer and in any event promptly after termination of Executive’s employment. The
Executive agrees to attempt in good faith to identify and return to the Employer any copies of any Employer Confidential Information
after the Executive ceases to be employed by the Employer. Anything to the contrary notwithstanding, nothing in this Section 7
shall prevent the Executive from retaining a home computer, papers and other materials of a personal nature that do not contain
Employer Confidential Information.

 

(c)              
No Solicitation or Hiring of Employees. During the Non-Compete Period, the Executive shall not solicit, entice,
persuade or induce any individual who is employed by the Employer or any Employer Affiliate (or who was so employed within 180 days
prior to the Executive’s action) to terminate or refrain from continuing such employment or to become employed by or enter
into contractual relations with any other individual or entity and the Executive shall not hire, directly or indirectly, as an
employee, consultant or otherwise, any such person.

 

(d)              
Non-Competition.

 

(i)               During
the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit or encourage any client or customer
of the Employer or any direct or indirect subsidiary of the Employer, or any person or entity who was such a client or
customer within 180 days prior to Executive’s action to terminate, reduce or alter in a manner adverse to the
Employer or any direct or indirect subsidiary of the Employer, any existing business arrangements with the Employer or any
direct or indirect subsidiary of the Employer or to transfer existing business from the Employer or any direct or indirect
subsidiary of the Employer to any other person or entity, (B) provide services in any capacity to any entity in any
geographic area in which the Employer or any direct or indirect subsidiary of the Employer conducts that business, or is
actively planning to conduct that business, as of the date of such termination (the “Non-Competition
Area”) if (i) the entity competes with the Employer or any direct or indirect subsidiary of the Employer by
engaging in the Business, or (ii) the services to be provided by the Executive are competitive with the Business, or (C) own
an interest in any entity, including those described in Section 7(d)(i)(B)(i) immediately above. The Executive agrees
that, before providing services, whether as an employee or consultant, to any entity during the Non-Compete Period, the
Executive will provide a copy of this Section 7 of this Agreement to such entity, and such entity shall acknowledge to
the Employer in writing that it has read this Agreement. The Executive acknowledges that this covenant has a unique, very
substantial and immeasurable value to the Employer, that the Executive has sufficient assets and skills to provide a
livelihood for the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that
the Executive breaches such covenant, monetary damages would be an insufficient remedy for the Employer and equitable
enforcement of the covenant would be proper.

 

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(ii)            
If the restrictions contained in Section 7(d)(i) shall be determined by any court of competent jurisdiction
to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason
of their being too extensive in any other respect, Section 7(d)(i) shall be modified to be effective for the maximum
period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to
the maximum extent in all other respects as to which it may be enforceable.

 

(e)               Enforcement.
The Executive acknowledges that in the event of any breach of this Section 7, the business interests of the
Employer and the Employer Affiliates will be irreparably injured, the full extent of the damages to the Employer and the
Employer Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Employer and the
Employer Affiliates, and the Employer will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent
injunction or other equitable relief, without the necessity of posting bond or security, which the Executive expressly
waives. The Executive understands that the Employer may waive some of the requirements expressed in this Agreement, but that
such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the Employer’s
right to enforce any other requirements or provisions of this Agreement. The Executive agrees that each of the
Executive’s obligations specified in this Agreement is a separate and independent covenant and that the
unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. In signing this
Agreement, the Executive gives the Employer assurance that the Executive has carefully read and considered all of the terms
and conditions of this Agreement. The Executive agrees that these restraints are necessary for the reasonable and proper
protection of the Employer and the Employer Affiliates and their Confidential Information and that each and every one of the
restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints,
individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period
in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an
employee or consultant, to any entity during the period of time that the Executive is subject to the constraints in this
Agreement, the Executive will provide a copy of this Section 7 of this Agreement to such entity, and such entity shall
acknowledge to the Employer in writing that it has read this Agreement. The Executive acknowledges that each of these
covenants has a unique, very substantial and immeasurable value to the Employer and its Affiliates and that the Executive has
sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants
that he will not challenge the reasonableness or enforceability of any of the covenants set forth in this Agreement, and that
the Executive will reimburse the Employer and the Employer Affiliates for all costs (including, without limitation,
reasonable attorneys’ fees) incurred in connection with any action to enforce any of the provisions of this Agreement
if the Executive challenges the reasonableness or enforceability of any of the provisions of this Agreement. It is also
agreed that each of the Employer Affiliates will have the right to enforce all of the Executive’s obligations to that
affiliate under this Agreement.

 

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8.                 
Termination of Employment.

 

(a)             
Permitted Terminations. The Executive’s employment hereunder may be terminated during the Employment Period
under the following circumstances:

 

(i)              
Death. The Executive’s employment hereunder shall terminate automatically upon the Executive’s death;

 

(ii)             
By the Employer. The Employer may terminate the Executive’s employment:

 

(A)          
Disability. If the Executive shall have been substantially unable to perform the Executive’s material duties
hereunder by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for
180 consecutive days or 270 days in any 24-month period (a “Disability”) (provided, that until such
termination, the Executive shall continue to receive the Executive’s compensation and benefits hereunder, reduced by any
benefits payable to the Executive under any applicable disability insurance policy or plan); or

 

(B)            
Cause. For Cause or without Cause;

 

(iii)            
By the Executive. The Executive may terminate the Executive’s employment for any reason (including Good Reason)
or for no reason.

 

(b)              Termination.
Any termination of the Executive’s employment by the Employer or the Executive (other than because of the
Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 10
hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon, if any, and set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. The Executive
agrees, in the event of any dispute under Section 8(a)(ii)(A) as to whether a Disability exists, and if requested
by the Employer, to submit to a physical examination by a licensed physician selected by mutual consent of the Employer and
the Executive, the cost of such examination to be paid by the Employer. The written medical opinion of such physician shall
be conclusive and binding upon each of the parties hereto as to whether a Disability exists and the date when such Disability
arose. This Section shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities
Act and any applicable state or local laws.

 

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9.                 
Compensation Upon Termination.

 

(a)             
Disability. If the Employer terminates the Executive’s employment during the Employment Period because of
the Executive’s Disability pursuant to Section 8(a)(ii)(A), the Employer shall pay to the Executive (i) the
Accrued Benefits; (ii) a pro rata portion (based on the number of days during the applicable fiscal period prior to the Date of
Termination) of the Annual Bonus the Executive would have earned absent such termination, with such payment to be made based on
actual performance and at the time bonus payments are made to executives of the Employer generally; (iii) any outstanding equity
awards granted pursuant to Sections 5(c)(i)-(ii) that are subject solely to time-based vesting conditions shall immediately
vest in full and any outstanding equity awards that are subject to performance-based vesting conditions shall vest based on target
performance for the applicable performance period in which termination occurs; and (iv) the Executive shall be entitled to additional
payments payable in equal installments in accordance with the Employer’s normal payroll practices, equal to the total costs
that would be incurred by the Executive to obtain and pay for continued coverage under the Employer’s health insurance plans
pursuant to COBRA for 12 months following the Date of Termination (the “Continued Coverage Payment”). Except
as set forth herein, the Employer shall have no further obligation to the Executive under this Agreement.

 

(b)             
Death. If the Executive’s employment is terminated during the Employment Period as a result of the Executive’s
death, the Employer shall pay to the Executive’s legal representative or estate, and the Executive’s legal representative
or estate shall be entitled to, as applicable, (i) the amounts and acceleration of outstanding equity awards set forth in Sections
9(a)(i)-(iii) (excluding, for the avoidance of doubt, the Continued Coverage Payment under clause (iv)); and (ii) one times
the Executive’s Base Salary at the time of termination payable in a lump sum. Except as set forth herein, the Employer shall
have no further obligation to the Executive under this Agreement.

 

(c)              
Termination by the Employer for Cause or by the Executive without Good Reason. If, during the Employment Period,
the Employer terminates the Executive’s employment for Cause pursuant to Section 8(a)(ii)(B) or the Executive
terminates his employment without Good Reason, the Employer shall pay to the Executive the Accrued Benefits. Except as set forth
herein, the Employer shall have no further obligations to the Executive under this Agreement.

 

(d)              Termination
by the Employer without Cause or by the Executive with Good Reason. Subject to Section 9(e), if the Employer
terminates the Executive’s employment during the Employment Period for a reason other than for Cause or due to the
Executive’s Disability pursuant to Section 8(a)(ii)(A) or if the Executive terminates his employment
hereunder with Good Reason, (i) the Employer shall pay the Executive (A) the Accrued Benefits, (B) a pro rata
portion (based on the number of days during the applicable fiscal period prior to the Date of Termination) of the Annual
Bonus the Executive would have earned absent such termination, with such payment to be made based on actual performance and
at the time bonus payments are made to executives of the Employer generally, (C) a lump sum equal to the
Executive’s Target Annual Bonus for the year of termination, (D) continued Base Salary for 12 months following the Date
of Termination (the “Severance Period”) payable in equal installments in accordance with the
Employer’s normal payroll practices (the “Cash Severance Payment”), and (E) (1) any outstanding
equity awards granted pursuant to Sections 5(c)(i) shall continue to vest during the Severance Period and (2) any
outstanding equity awards granted pursuant to Section 5(c)(i) during the 24 month period following the Merger or Section
5(c)(ii) shall immediately vest in full on the Date of Termination (without regard to any time-based vesting conditions)
provided that any such awards subject to performance-based vesting conditions shall vest based on actual performance in the
applicable fiscal period and payout to the extent performance metrics are ultimately achieved; (ii) the Continued Coverage
Payment; and (iii) the Executive shall be provided with executive outplacement with a provider of Executive’s choice,
up to a maximum of $25,000. For the purposes of this Agreement, a voluntary termination by the Executive upon the expiration
of the Employment Period due to delivery of a non-renewal notice by the Employer pursuant to Section 2 shall be
treated as a termination by the Employer without Cause.

 

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(e)              
Change in Control.

 

(i)             
Section 9(e)(ii) shall apply if there is (A) a termination of the Executive’s employment by the
Employer for a reason other than for Cause or due to the Executive’s Disability or by the Executive for Good Reason, in
either case, during the 30-month period following the Merger or 12-month period after any subsequent Change in Control; or (B) a
termination of the Executive’s employment by the Employer for a reason other than for Cause or due to the Executive’s
Disability prior to a Change in Control, if the termination was at the request of a third party or otherwise arose in anticipation
of a Change in Control (a termination described in either clause (A) or clause (B), a “CIC Termination”).

 

(ii)             If
any such termination occurs, the Executive shall receive the benefits set forth in Section 9(d), including for
the avoidance of doubt, the accelerated vesting of his outstanding equity awards, except that (A) the Cash Severance Payment
shall be equal to 1.5x the sum of the Executive’s Base Salary at the rate in effect at the time of termination and
the Executive’s Target Bonus for the year of termination and, if such Change in Control is a “change in control
event” under Section 409A of the Code (a “Qualifying CIC”), shall be paid in a lump sum; (B) the
Continued Coverage Payment shall be equal to the total costs that would be incurred by the Executive to obtain and pay for
continued coverage under the Employer’s health insurance plans for 18 months following the CIC Termination and shall be
paid in a lump sum; and (C) any outstanding equity awards granted pursuant to Section 5(c)(i) shall immediately vest
in full upon a CIC Termination (without regard to any time-based or performance-based vesting conditions). In addition, any
outstanding equity awards granted pursuant to Section 5(c)(i)-(ii) that are subject solely to time-based vesting
conditions shall immediately vest upon a CIC Termination. To the extent the Executive’s CIC Termination is described in Section
9(e)(i)(B) and the Change in Control is a Qualifying CIC, the incremental Cash Severance Payment and any unpaid Cash
Severance Payment shall be paid in a lump sum.

 

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(f)              
Liquidated Damages. The parties acknowledge and agree that damages which will result to the Executive for termination
by the Employer of the Executive’s employment without Cause or by the Executive for Good Reason shall be extremely difficult
or impossible to establish or prove, and agree that the amounts, excluding the Accrued Benefits, payable to the Executive under
Section 9(d) or Section 9(e) (the “Severance Benefits”) shall constitute liquidated damages for
any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be entitled
as expressly provided by the terms of this Agreement or any other applicable benefit plan, such liquidated damages shall be in
lieu of all other claims that the Executive may make by reason of any such termination of his employment and that, as a condition
to receiving the Severance Benefits, the Executive must execute a release of claims substantially in the form attached hereto
as Exhibit B (the “Release”). To be eligible for Severance Benefits, the Executive must execute and deliver
the Release, and such Release must become irrevocable, within 60 days of the Date of Termination. The Cash Severance Payment shall
be made, and the continuing health insurance coverage shall commence, promptly after the Release becomes irrevocable; provided
that to the extent the 60-day period spans two calendar years and to the extent required to comply with Code Section 409A,
such payments shall be made or commence, as applicable, on the 60th day following the Date of Termination.

 

(g)              
No Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek other
employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any
subsequent employment he may obtain. The Employer’s obligation to make any payment pursuant to, and otherwise to perform
its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Employer or any
Employer Affiliate may have against him for any reason.

 

10.               
Notices. All notices, demands, requests, or other communications which may be or are required to be given or made
by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class
registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by
facsimile transmission addressed as follows:

 

(i)       If
to the Employer:

  

WillScot
Corporation

4646
E Van Buren St #400

Phoenix,
AZ 85008

Attn:
General Counsel & Secretary

 

    9

     

    

 

(ii)       If
to the Executive:

 

Brad
Soultz

[ADDRESS]

 

Each
party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be
so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above
shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return
receipt, the delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but
not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

11.              
Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect
the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

 

12.               
Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy, agreement,
award or other arrangement of the Employer (whether entered into before or after the date hereof) to the extent application of
the terms of this Agreement is more favorable to the Executive.

 

13.               
Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections 7,
9, 10, 14, 15, 17, 18, 20, 21, 23 and 24 hereof and this
Section 13 shall survive the termination of employment of the Executive. In addition, all obligations of the Employer
to make payments hereunder shall survive any termination of this Agreement on the terms and conditions set forth herein.

 

14.               
Assignment. The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except
that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the Executive’s
estate, as the case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder and (ii) the
rights and obligations of the Employer hereunder shall be assignable and delegable in connection with any subsequent merger, consolidation,
sale of all or substantially all of the assets or equity interests of the Employer or similar transaction involving the Employer
or a successor corporation. The Employer shall require any successor to the Employer to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession
had taken place.

 

15.               
Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the
parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators,
legal representatives, successors and assigns.

 

    10

     

    

 

16.               
Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly
executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or
a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to
enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed
as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges
hereunder.

 

17.               
Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference
only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction or scope of any of the provisions hereof.

 

18.               
Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating
thereto, shall be governed by and construed in accordance with the laws of the State of Delaware (but not including any choice
of law rule thereof that would cause the laws of another jurisdiction to apply). In the event of a dispute concerning or arising
out of this Agreement, the prevailing party (meaning the party who received substantially all of the relief sought) in such action
will be reimbursed by the other party for all costs (including, without limitation, reasonable attorneys’ fees) incurred
in connection with any such action.

 

19.               
Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment
of the Executive, there being no representations, warranties or commitments except as set forth herein and supersedes the Employment
Agreement; provided, however, that if the transactions contemplated in the Merger Agreement are not consummated (i.e., the Merger
does not occur), this Agreement shall not become effective and shall be void ab initio.

 

20.               
Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all of
which shall be deemed to constitute one and the same instrument. This Agreement may be executed using a secure electronic signature
program (such as Docusign), which shall be deemed to constitute original signatures.

 

21.               
Withholding. The Employer may withhold from any benefit payment under this Agreement all federal, state, city or
other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation
arising in connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through
withholding an appropriate number of shares of stock or appropriate amount of such other property.

 

    11

     

    

 

22.                Section
409A. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code
and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and,
accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the
Executive notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision
of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to
incur any additional tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer
(without any obligation whatsoever to do so) independently makes such determination, the Employer shall, after consulting
with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the
minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified
in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent
reasonably possible, maintain the original intent and economic benefit to the Executive and the Employer of the applicable
provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Employer be liable for any
additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to
comply with Code Section 409A. With respect to any payment or benefit considered to be nonqualified deferred compensation
under Code Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of
this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such
termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any
such provision of this Agreement, references to a “termination,” “termination of employment” or like
terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the
Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under
Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified
deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or
benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period
measured from the date of such “separation from service” of the Executive, and (B) the date of the
Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period,
all payments and benefits delayed pursuant to this Section 22 (whether they would have otherwise been payable in a
single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and
any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment
dates specified for them herein. To the extent that reimbursements or other in-kind benefits under this Agreement constitute
 “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements
hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses
were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or
exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits
provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any
installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct
payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual
date of payment within the specified period shall be within the sole discretion of the Employer. Notwithstanding any other
provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes
 “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount
unless otherwise permitted by Code Section 409A.

 

    12

     

    

 

23.               
Section 280G.

 

(a)              
Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any
of the payments or benefits provided or to be provided by the Employer or its affiliates to the Executive or for the Executive's
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “parachute
payments” within the meaning of Section 280G of the Code and would, but for this Section 23 be subject to the excise
tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making
the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered
Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under
(ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments
is subject to the Excise Tax. “Net Benefit” shall mean the present value of the Covered Payments net of all
federal, state, local, foreign income, employment and excise taxes.

 

(b)              
The Covered Payments shall be reduced in a manner that maximizes the Executive’s economic position. In applying this
principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two
economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro
rata basis but not below zero.

 

(c)              
Any determination required under this Section 23 shall be made in writing in good faith by an independent accounting
firm selected by the Employer that is reasonably acceptable to the Executive (the “Accountants”). The Employer
and the Executive shall provide the Accountants with such information and documents as the Accountants may reasonably request
in order to make a determination under this Section 23. For purposes of making the calculations and determinations required
by this Section 23, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application
of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on the Employer
and the Executive. The Employer shall be responsible for all reasonable and customary fees and expenses incurred by the Accountants
in connection with the calculations required by this Section 23.

 

 

24.                Indemnification.
Employer hereby agrees to indemnify the Executive and provide Directors & Officers Liability Insurance coverage to
the Executive, in each case, on terms and conditions no less favorable than those provided to members of the Board and other
executive officers.

 

    13

     

    

 

25.               
Definitions.

 

“Accrued
Benefits” means (i) Base Salary through the Date of Termination; (ii) accrued and unused vacation pay; (iii) any earned
but unpaid Annual Bonus; (iv) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive
prior to the Date of Termination and which are reimbursable in accordance with Section 6; and (v) any other benefits
or amounts due and owing to the Executive under the terms of any plan, program or arrangement of the Employer. Amounts payable
pursuant to the clauses (i) - (iii) shall be paid promptly after the Date of Termination and all other amounts will be paid in
accordance with the terms of the applicable plan, program or arrangement (as modified by this Agreement).

 

“Board”
means the Board of Directors of the Employer.

 

“Business”
means the provision of (i) specialty rental services  providing innovative modular space and portable solutions
across North America and the UK and (ii) modular space for the construction, education, health care,
government, retail, commercial transportation, security, retail and energy sectors.

 

“Cause”
shall be limited to the following events (i) the Executive’s conviction of, or plea of nolo contendere to, a felony
(other than in connection with a traffic violation) under any state or federal law; (ii) the Executive’s failure to
substantially perform his essential job functions hereunder after receipt of written notice from the Employer requesting such
performance; (iii) a material act of fraud or material misconduct with respect, in each case, to the Employer, by the Executive;
(iv) any material misconduct by the Executive that could be reasonably expected to damage the reputation or business of the
Employer or any Employer Affiliate or (v) the Executive’s material violation of a material written policy of the Employer.
Any determination of whether Cause exists shall be made by the Committee in its sole discretion. Anything herein to the contrary
notwithstanding, the Executive shall not be terminated for Cause hereunder unless (A) written notice stating the basis for
the termination is provided to the Executive, (B) as to clauses (ii), (iii), (iv) or (v) of this paragraph, the Executive
is given 30 days to cure the neglect or conduct that is the basis of such claim (it being understood that any errors in expense
reimbursement may be cured by repayment), and (C) if the Executive fails to cure such neglect or conduct, there is a
vote of a majority of the members of the Board to terminate the Executive for Cause.

 

“Change
in Control” For the purposes of this Agreement, “Change in Control” means the occurrence of any one of the
following events:

 

(i)
During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the
 “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that
any person becoming a director subsequent to the beginning of such period whose election or nomination for election was
approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by
approval of the proxy statement of the Employer in which such person is named as a nominee for director, without written
objection to such nomination) shall be an Incumbent Director; provided, however, that no individual
initially elected or nominated as a director of the Employer as a result of an actual or threatened election contest with
respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;

 

    14

     

    

 

(ii)
Any “person” (as such term is defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Employer representing 35% or
more of the combined voting power of the Employer’ then outstanding securities eligible to vote for the election of the
Board (the “Employer Voting Securities”); provided, however, that the event described
in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by
the Employer or any Subsidiary; (B) by any employee benefit plan (or related trust) sponsored or maintained by the Employer
or any Subsidiary; (C) by any underwriter temporarily holding securities pursuant to an offering of such securities; (D) pursuant
to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E) by any person of Employer Voting Securities from the
Employer, if a majority of the Incumbent Board approves in advance the acquisition of beneficial ownership of 35% or more of Employer
Voting Securities by such person;

 

(iii)
The consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the
Employer or any of its Subsidiaries that requires the approval of the Employer’s stockholders, whether for such
transaction or the issuance of securities in the transaction (a “Business Combination”), unless
immediately following such Business Combination: (A) more than 50% of the total voting power of (1) the corporation
resulting from such Business Combination (the “Surviving Corporation”), or (2) if applicable, the
ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to
elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Employer Voting
Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares
into which such Employer Voting Securities were converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power of such Employer Voting Securities among the
holders thereof immediately prior to the Business Combination; (B) no person (other than any employee benefit plan (or
related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial
owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to
elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at
least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation,
the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a
 “Non-Qualifying Transaction”); or

 

    15

     

    

 

(iv)
The consummation of a sale of all or substantially all of the Employer’s assets or the stockholders of the Employer approve
a plan of complete liquidation or dissolution of the Employer.

 

Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more
than 35% of the Employer Voting Securities as a result of the acquisition of Employer Voting Securities by the Employer which
reduces the number of Employer Voting Securities outstanding; provided, that if after such acquisition
by the Employer such person becomes the beneficial owner of additional Employer Voting Securities that increases the percentage
of outstanding Employer Voting Securities beneficially owned by such person, a Change in Control of the Employer shall then occur.

 

Solely
with respect to any award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable
on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change
in Control), a Change in Control shall occur only if such event also constitutes a "change in the ownership", "change
in effective control", and/or a "change in the ownership of a substantial portion of assets" of the Employer as
those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time or
form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for purposes
of determining whether rights to such award become vested or otherwise unconditional upon the Change in Control.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

 

“Date
of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, the
date of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s
Disability, 30 days after Notice of Termination, provided that the Executive shall not have returned to the performance of
the Executive’s duties on a full-time basis during such 30-day period; or (iii) if the Executive’s employment
is terminated by the Employer pursuant to Section 8(a)(ii)(B) or by the Executive pursuant to Section 8(a)(iii),
the date specified in the Notice of Termination, which may not be less than 60 days after the Notice of Termination in the event
the Employer is terminating the Executive without Cause or the Executive is terminating employment without Good Reason.

 

“Employer
Affiliate” means any entity controlled by, in control of, or under common control with, the Employer.

 

    16

     

    

 

“Employer
Confidential Information” means information known to the Executive to constitute trade secrets or proprietary information
belonging to the Employer or other confidential financial information, operating budgets, strategic plans, research methods, personnel
data, projects or plans, or non-public information regarding the terms of any existing or pending lending transaction between
Employer and an existing or pending client or customer (as the phrase “client or customer” is defined in Section
7(d)(i) hereof), in each case, received by the Executive in the course of his employment by the Employer or in connection
with his duties with the Employer. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and
experience gained during the Executive’s employment with the Employer, information publicly available or generally known
within the industry or trade in which the Employer competes and information or knowledge possessed by the Executive prior to his
employment by the Employer, shall not be considered Employer Confidential Information.

 

“Good
Reason” means, unless otherwise agreed to in writing by the Executive, (i) any material diminution or adverse change
in the Executive’s titles; (ii) reduction in the Executive’s Base Salary or Target Bonus; (iii) a failure to
grant the Executive, in any consecutive 12 month period, long term incentive equity awards having a grant date fair value (as
determined by the Committee in good faith) of at least $1,062,500; (iv) a requirement that the Executive report to someone other
than the Employer’s Chairman of the Board; (v) a material diminution in the Executive’s authority, responsibilities
or duties or material interference with the Executive’s carrying out his duties; (vi) the assignment of duties inconsistent
with the Executive’s position or status with the Employer as of the date hereof; (vii) a relocation of the Executive’s
primary place of employment to a location more than 50 miles from the Employer’s executive headquarters; or (viii) any action
or inaction by the Employer that constitutes a material breach of the terms of this Agreement. In order to invoke a termination
for Good Reason, (A) the Executive must give written notice of the occurrence of an event of Good Reason within 60 days of its
occurrence, (B) the Employer must fail to cure such event within 30 days of such notice, and (C) the Executive must terminate
employment within 10 days of the expiration of such cure period.

 

“Non-Compete
Period” means the period commencing on the date hereof and ending twelve months after the earlier of the expiration
of the Employment Period or the Executive’s Date of Termination.

 

    17

     

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed
and delivered on their behalf.

 

	 	WILLSCOT
    CORPORATION
	 	 	 
	 	By:	/s/
    Gerry E. Holthaus
	 	 	 
	 	Date:	3/1/2020
	 	 	 
	 	Name:	Gerry
    E. Holthaus
	 	Title:	Chairman
    of the Board
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/
    Bradley Soultz
	 	 	 
	 	Bradley
    Soultz

 

    18

     

    

 

EXHIBIT
A

 

RELOCATION
PACKAGE

 

	Home
    Finding - 4 nights/ 5 days
	HF
    Trip - Airfare

    Roundtrip airfare for employee and spouse and children
	HF
                                         - Hotel 

        Maximum
        of 4 nights 

	HF
    Trip - Meals

    Maximum of 5 days for employee and family 
	HF
    Trip - Transportation

    Maximum of 5 days
	Spouse
    Counseling
	Home
    Sale Assistance - BVO
	Home
Purchase Assistance
	Household
    Goods Shipment 
	Storage-In-Transit
	Auto
    Transport 

      2 cars
	Full
    Unpack White Glove service
	Temporary
    Living - Lodging

    Maximum of 90 days
	Temp
    Living Meals
	Temp
    Living Return Trips 4
	Temporary
                                         Living - Transportation 

        Maximum
        of 30 days

	School
    Assistance with an in person Destination Service Partner
	Trip
    for spouse and children to view schools
	Final
    Move Trip
	Final
    Move Trip - Airfare/Mileage

    One-way airfare for employee and three dependents 
	Final
    Move Trip – Meals
	Final
    Move Trip - Transportation

    To and from airport
	Reimbursement
    of reasonable and customary expenses associated with business travel between Baltimore and Phoenix and accommodations

 

     

     

    

 

EXHIBIT
B

 

FORM
OF RELEASE

 

This
Confidential Separation and Release Agreement (“Agreement”) is between Brad Soultz (“Employee”)
and WillScot Corporation (the “Company”) (hereinafter the “parties”), and
is entered into as of ____________. This Agreement will not become effective until the expiration of seven (7) days from Employee’s
execution of this Agreement (the “Effective Date”).

 

WHEREAS,
Employee has been employed by Company and is a party to that certain Employment Agreement dated ___________, 20__ Date (the “Employment
Agreement”).

 

WHEREAS,
the Employee’s employment with Company was terminated effective as of ________, 20__ (the “Termination Date”);

 

WHEREAS,
Company and Employee desire to avoid disputes and/or litigation regarding Employee’s termination from employment or any
events or circumstances preceding or coincident with the termination from employment; and

 

WHEREAS,
Company and Employee have agreed upon the terms on which Employee is willing, for sufficient and lawful consideration, to compromise
any claims known and unknown which Employee may have against Company.

 

WHEREAS,
the parties desire to settle fully and finally, in the manner set forth herein, all differences between them which have arisen,
or which may arise, prior to, or at the time of, the execution of this Agreement, including, but in no way limited to, any and
all claims and controversies arising out of the employment relationship between Employee and Company, and the termination thereof;

 

NOW,
THEREFORE, in consideration of these recitals and the promises and agreements set forth in this Agreement, Employee’s employment
with Company will terminate upon the following terms:

 

1.                  General
Release: Employee for himself or herself and on behalf of Employee’s attorneys, heirs, assigns, successors,
executors, and administrators IRREVOCABLY AND UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES Company and any
current or former stockholders, directors, parent, subsidiary, affiliated, and related corporations, firms, associations,
partnerships, and entities, and their successors and assigns, from any and all claims and causes of action whatsoever,
whether known or unknown or whether connected with Employee’s employment by Company or not, which may have arisen, or
which may arise, prior to, or at the time of, the execution of this Agreement, including, but not limited to, any claim or
cause of action arising out of any contract, express or implied, any covenant of good faith and fair dealing, express or
implied, any tort (whether intentional or released in this agreement), or under Title VII of the Civil Rights Act of 1964,
the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Worker Adjustment and Retraining
Notification (WARN) Act, the Older Workers Benefit Protection Act, or any other municipal, local, state, or federal law,
common or statutory, but excluding any claims with respect to the Company’s obligations under the Employment Agreement,
any claims relating to vested benefits under any Company employee benefit plan (including without limitation any such plan
subject to the Employee Retirement Income Security Act of 1974, as amended) and any claims which Employee cannot release as a
matter of applicable law. Furthermore, neither this Agreement nor the Employment Agreement shall apply to, modify or in any
way supersede obligations arising from any of (i) the terms of directors and officers insurance or (ii) any indemnification
agreement for the benefit of the Employee as a result of the Employee’s position as a director or officer of the
Company or one of its affiliates.

 

     

     

    

 

1.                 
Covenant Not to Sue: Employee also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ANY ACTION OR CLASS ACTION
against Company or any of the released parties based upon any of the claims released in this Agreement.

 

2.                 
Severance Terms: Upon the expiration of seven (7) days from Employee’s execution of this Agreement and provided
that this Agreement has become effective in accordance with its terms, in consideration for the promises, covenants, agreements,
and releases set forth herein and in the Employment Agreement, Company agrees to pay Employee the Severance Benefits as defined
in and pursuant to the Employment Agreement (the “Severance Benefits”).

 

3.                 
Right to Revoke: Employee may revoke this Agreement by notice to Company, in writing, received within seven (7)
days of the date of its execution by Employee (the “Revocation Period”). Employee agrees that
Employee will not receive the benefits provided by this Agreement if Employee revokes this Agreement. Employee also acknowledges
and agrees that if Company has not received from Employee notice of Employee’s revocation of this Agreement prior to the
expiration of the Revocation Period, Employee will have forever waived Employee’s right to revoke this Agreement, and this
Agreement shall thereafter be enforceable and have full force and effect.

 

4.                 
Acknowledgement: Employee acknowledges and agrees that: (A) except as to any Severance Benefits which remain unpaid
as of the date of this Agreement, no additional consideration, including salary, wages, bonuses or Equity Awards as described
in the Employment Agreement, is to be paid to him by Company in connection with this Agreement; (B) except as provided by this
Agreement, Employee has no contractual right or claim to the Severance Benefits; and, (C) payments pursuant to this Agreement
shall terminate immediately if Employee breaches any of the provisions of this Agreement.

 

5.                 
Non-Admissions: Employee acknowledges that by entering into this Agreement, Company does not admit, and does specifically
deny, any violation of any local, state, or federal law.

 

     

     

    

 

6.                 
Confidentiality: Employee agrees that Employee shall not directly or indirectly disclose the terms, amount or fact
of this Agreement to anyone other than Employee’s immediate family or counsel, bankers or financial advisors, except as
such disclosure may be required for accounting or tax reporting purposes or as otherwise may be required by law.

 

7.                 
Nondisparagement: Each party agrees that it will not make any statements, written or verbal, or cause or encourage
others to make any statements, written or verbal, that defame, disparage or in any way criticize the personal or business reputation,
practices or conduct of the other including, in the case of Company, its employees, directors and stockholders.

 

8.               
Acknowledgement of Restrictions; Confidential Information: Employee acknowledges and agrees that Employee has continuing
non-competition, non-solicitation and non-disclosure obligations under the Employment Agreement . Employee acknowledges
and reaffirms Employee’s obligation to continue abide fully and completely with all post-employment provisions of the Employment
Agreement and agrees that nothing in this Agreement shall operate to excuse or otherwise relieve Employee of such obligations.

 

9.                 
Severability: If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision
shall be fully severable and/or construed in remaining part to the full extent allowed by law, with the remaining provisions of
this Agreement continuing in full force and effect.

 

10.               
Entire Agreement: This Agreement, along with the Employment Agreement , constitute the entire agreement between
the Employee and Company, and supersede all prior and contemporaneous negotiations and agreements, oral or written. This Agreement
cannot be changed or terminated except pursuant to a written agreement executed by the parties.

 

11.               
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
except where preempted by federal law.

 

12.                Statement
of Understanding: By executing this Agreement, Employee acknowledges that (a) Employee has had at least twenty-one (21)
or forty-five (45) days, as applicable in accordance with the Age Discrimination in Employment Act, as amended, (the
 “ADEA”) to consider the terms of this Agreement (and any attachment necessary or desirable in
accordance with the ADEA) and has considered its terms for such a period of time or has knowingly and voluntarily waived
Employee’s right to do so by executing this Agreement and returning it to Company; (b) Employee has been advised by
Company to consult with an attorney regarding the terms of this Agreement; (c) Employee has consulted with, or has had
sufficient opportunity to consult with, an attorney of Employee’s own choosing regarding the terms of this Agreement;
(d) any and all questions regarding the terms of this Agreement have been asked and answered to Employee’s complete
satisfaction; (e) Employee has read this Agreement and fully understands its terms and their import; (f) except as provided
by this Agreement, Employee has no contractual right or claim to the benefits and payments described herein; (g) the
consideration provided for herein is good and valuable; and (h) Employee is entering into this Agreement voluntarily, of
Employee’s own free will, and without any coercion, undue influence, threat, or intimidation of any kind or type
whatsoever.

 

     

     

    

 

HAVING
READ AND UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT
TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW. 

 

	EMPLOYEE	WILLSCOT CORPORATION
	 	 
	 	By:	                         
	Brad Soultz	Name:	 
	Date:_____________________________________	Title:	                
	 	Date:

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