Document:

exv10w1

 

EXHIBIT 10.1

	 	 	 
	 	 	November 15, 2005

General Finance Corporation

206 S. Los Robles, Suite 217

Pasadena, CA 91101

Morgan Joseph & Co. Inc.

600 Fifth Avenue, 19th Floor

New York, New York 10020

Wedbush Morgan Securities

275 Madison Avenue, Suite 1203

New York, New York 10016

	 	Re:   	 	Initial Public Offering

Gentlemen:

     The undersigned officer and/or director of General Finance Corporation (the “Company”), in
consideration of Morgan Joseph & Co. Inc. (“Morgan Joseph”) and Wedbush Morgan Securities
(“Wedbush Morgan”) entering into a letter of intent in connection with the initial public
offering of the securities of the Company (“IPO”), hereby agrees as follows:

     1.     The undersigned shall take all actions within his power to cause the Corporation to
liquidate and dissolve under the circumstances contemplated by Article Seventh of the Certificate
of Incorporation of the Company provided that at the Distribution Date (as defined in the
Certificate of Incorporation) the undersigned is a director and/or officer.

     2.     The undersigned hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of the Trust Account (as defined in the Certificate of
Incorporation of the Company) as a result of such liquidation or otherwise and hereby waives any
Claim the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Account for any reason
whatsoever.

     3.     In order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned agrees to present to the Company for its consideration, prior to
presentation to any other person or entity, any suitable opportunity to acquire an operating
business, until the earlier of the consummation by the Company of a Business Combination (as
defined in the Certificate of Incorporation of the Company), the liquidation of the Company or
until such time as the undersigned is neither an officer nor director of the Company, subject to
any pre-existing fiduciary and contractual obligations the undersigned might have.

     4.     The undersigned acknowledges and agrees that the Company has agreed not to consummate any
Business Combination that involves a company that is affiliated with any director, officer or
shareholder or the Company immediately prior to the consummation of the

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 2

 

IPO (each, an “Insider” and collectively the “Insiders”) unless the Company obtains an opinion from
an independent investment banking firm reasonably acceptable to Morgan Joseph and Wedbush Morgan to
the effect that the Business Combination is fair to the Company’s stockholders from a financial
perspective.

     5.     Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive from the Company, and will not accept from the Company,
any compensation for services rendered to the Company prior to the consummation of the Business
Combination except as described in the registration statement filed with and declared effective by
the Securities and Exchange Commission in connection with the IPO (the “Registration
Statement”).

     6.     Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive or will accept a finder’s fee or any other compensation
in the event the undersigned, any member of the family of the undersigned or any affiliate of the
undersigned originates a Business Combination.

     7.     The undersigned agrees to not to resign (or advise the Board that the undersigned declines
to seek re-election to the Board of Directors) from his position as officer and/or director of the
Company as set forth in the Registration Statement without the prior consent of Morgan Joseph and
Wedbush Morgan until the earlier of the consummation by the Company of a Business Combination,
liquidation of the Trust Account, or the liquidation of the Company. The undersigned acknowledges
that the foregoing does not interfere with or limit in any way the right of the Company to
terminate the undersigned’s employment at any time (subject to other contractual rights the
undersigned may have) nor confer upon the undersigned any right to continue in the employ of
Company.

     8.     The undersigned will escrow the shares of common stock owned by him immediately prior to
the IPO until the earliest of (i) one year from the completion of a Business Combination, (ii) the
Company’s liquidation and (iii) and the consummation of a merger, stock exchange or other similar
transaction which results in all of the Company’s stockholders having the right to exchange their
shares of common stock for cash, securities or other property subsequent to the Company’s
consummating a Business Combination subject to the terms of a Stock Escrow Agreement which the
Company will enter into with the undersigned and an escrow agent acceptable to the Company.

     9.     The undersigned’s biographical information set forth in the Registration Statement is true
and accurate in all respects, does not omit any material information with respect to the
undersigned’s background and contains all of the information required to be disclosed pursuant to
Item 401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s
Director’s and Officer’s Questionnaire to be furnished to the Company, Morgan Joseph and

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 3

 

Wedbush Morgan in connection with the Registration Statement will be true and accurate in all
respects. The undersigned represents and warrants that:

             (a)     he is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction;

             (b)     he has never been convicted of or pleaded guilty to any crime (i) involving any fraud or
(ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities, and he is not currently a defendant in any such
criminal proceeding; and

             (c)     he has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.

     10.   The undersigned has full right and power, without violating any agreement by which he is
bound, to enter into this letter agreement.

     11.   The undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to Morgan Joseph, Wedbush Morgan and their legal representatives or
agents (including any investigative search firm retained by Morgan Joseph and Wedbush Morgan) any
information they may have about the undersigned’s background and finances (“Information”).
Neither Morgan Joseph, Wedbush Morgan nor their agents shall be violating the undersigned’s right
of privacy in any manner in requesting and obtaining the Information and the undersigned hereby
releases them from liability for any damage whatsoever in that connection.

     12.   The undersigned agrees that in connection with the vote required to consummate a Business
Combination he shall vote the shares of common stock owned by him immediately prior to the IPO in
accordance with the majority of the shares of common stock voted by the holders of shares purchased
in the IPO.

     13.   This letter agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The undersigned hereby
(i) agrees that any action, proceeding or claim against him arising out of or relating in any way
to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of
the State of New York of the United States of America for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum; and
(iii) irrevocably agrees to appoint, at the expense of the Company, prior to the effectiveness of
the Registration Statement, a person or entity acceptable to Morgan

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 4

 

Joseph, as agent for the service of process in the State of New York to receive, for the
undersigned and on his behalf, service of process in any Proceeding (and Morgan Joseph agrees that
CT Corporation System is an acceptable agent). If for any reason such agent is unable to act as
such, the undersigned will promptly notify the Company, Morgan Joseph and Wedbush Morgan and
appoint a substitute agent acceptable to Morgan Joseph within 30 days and nothing in this letter
will affect the right of either party to serve process in any other manner permitted by law.

	 	 
	 	 

 

 

November 15, 2005

General Finance Corporation

206 S. Los Robles, Suite 217

Pasadena, CA 91101

Morgan
Joseph & Co. Inc.

600 Fifth Avenue, 19th Floor

New York, New York 10020

Wedbush Morgan Securities

275 Madison Avenue, Suite 1203

New York, New York 10016

     Re:          Initial Public Offering

Gentlemen:

     The undersigned officer and/or director of General Finance Corporation (the “Company”), in
consideration of Morgan Joseph & Co. Inc. (“Morgan Joseph”) and Wedbush Morgan Securities
(“Wedbush Morgan”) entering into a letter of intent in connection with the initial public
offering of the securities of the Company (“IPO”), hereby agrees as follows:

     1. The undersigned shall take all actions within his power to cause the Corporation to
liquidate and dissolve under the circumstances contemplated by Article Seventh of the Certificate
of Incorporation of the Company provided that at the Distribution Date (as defined in the
Certificate of Incorporation) the undersigned is a director and/or officer.

     2. The undersigned hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of the Trust Account (as defined in the Certificate of
Incorporation of the Company) as a result of such liquidation or otherwise and hereby waives any
Claim the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Account for any reason
whatsoever. In the event of the liquidation of the Trust Account, the undersigned agrees to
indemnify and hold harmless the Company against any and all loss, liability, claims, damage and
expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or
threatened, or any claim whatsoever) that the Company may become subject as a result of any claim
by any vendor or other person who is owed money by the Company for services rendered or products
sold or contracted for, or by any target business, but only to the extent necessary to ensure that
such loss, liability, claim, damage or expense does not reduce the amount in the Trust Account.

     3. In order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned agrees to present to the Company for its consideration, prior to
presentation to any other person or entity, any suitable opportunity to acquire an operating

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 2

business, until the earlier of the consummation by the Company of a Business Combination (as
defined in the Certificate of Incorporation of the Company), the liquidation of the Company or
until such time as the undersigned is neither an officer nor director of the Company, subject to
any pre-existing fiduciary and contractual obligations the undersigned might have.

     4. The undersigned acknowledges and agrees that the Company has agreed not to consummate any
Business Combination that involves a company that is affiliated with any director, officer or
shareholder or the Company immediately prior to the consummation of the IPO (each, an “Insider” and
collectively the “Insiders”) unless the Company obtains an opinion from an independent investment
banking firm reasonably acceptable to Morgan Joseph and Wedbush Morgan to the effect that the
Business Combination is fair to the Company’s stockholders from a financial perspective.

     5. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive from the Company, and will not accept from the Company,
any compensation for services rendered to the Company prior to the consummation of the Business
Combination except as described in the registration statement filed with and declared effective by
the Securities and Exchange Commission in connection with the IPO (the “Registration
Statement”).

     6. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive or will accept a finder’s fee or any other compensation
in the event the undersigned, any member of the family of the undersigned or any affiliate of the
undersigned originates a Business Combination.

     7. The undersigned agrees to not to resign (or advise the Board that the undersigned declines
to seek re-election to the Board of Directors) from his position as officer and/or director of the
Company as set forth in the Registration Statement without the prior consent of Morgan Joseph and
Wedbush Morgan until the earlier of the consummation by the Company of a Business Combination,
liquidation of the Trust Account, or the liquidation of the Company. The undersigned acknowledges
that the foregoing does not interfere with or limit in any way the right of the Company to
terminate the undersigned’s employment at any time (subject to other contractual rights the
undersigned may have) nor confer upon the undersigned any right to continue in the employ of
Company.

     8. The undersigned will escrow the shares of common stock owned by him immediately prior to
the IPO until the earliest of (i) one year from the completion of a Business Combination, (ii) the
Company’s liquidation and (iii) and the consummation of a merger, stock exchange or other similar
transaction which results in all of the Company’s stockholders having the right to exchange their
shares of common stock for cash, securities or other property subsequent to the Company’s
consummating a Business Combination subject to the terms of a

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 3

Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

     9. The undersigned’s biographical information set forth in the Registration Statement is true
and accurate in all respects, does not omit any material information with respect to the
undersigned’s background and contains all of the information required to be disclosed pursuant to
Item 401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s
Director’s and Officer’s Questionnaire to be furnished to the Company, Morgan Joseph and Wedbush
Morgan in connection with the Registration Statement will be true and accurate in all respects.
The undersigned represents and warrants that:

          (a) he is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction;

          (b) he has never been convicted of or pleaded guilty to any crime (i) involving any fraud or
(ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities, and he is not currently a defendant in any such
criminal proceeding; and

          (c) he has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.

     10. The undersigned has full right and power, without violating any agreement by which he is
bound, to enter into this letter agreement.

     11. The undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to Morgan Joseph, Wedbush Morgan and their legal representatives or
agents (including any investigative search firm retained by Morgan Joseph and Wedbush Morgan) any
information they may have about the undersigned’s background and finances (“Information”).
Neither Morgan Joseph, Wedbush Morgan nor their agents shall be violating the undersigned’s right
of privacy in any manner in requesting and obtaining the Information and the undersigned hereby
releases them from liability for any damage whatsoever in that connection.

     12. The undersigned agrees that in connection with the vote required to consummate a Business
Combination he shall vote the shares of common stock owned by him immediately prior to the IPO in
accordance with the majority of the shares of common stock voted by the holders of shares purchased
in the IPO.

     13. This letter agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law

 

 

General Finance Corporation

Morgan Joseph & Co. Inc.

Wedbush Morgan Securities

November 15, 2005

Page 4

principles that would result in the application of the substantive laws of another
jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim against him
arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be
brought and enforced in the courts of the State of New York of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum; and (iii) irrevocably agrees to appoint, at the expense of the
Company, prior to the effectiveness of the Registration Statement, a person or entity acceptable to
Morgan Joseph, as agent for the service of process in the State of New York to receive, for the
undersigned and on his behalf, service of process in any Proceeding (and Morgan Joseph agrees that
CT Corporation System is an acceptable agent). If for any reason such agent is unable to act as
such, the undersigned will promptly notify the Company, Morgan Joseph and Wedbush Morgan and
appoint a substitute agent acceptable to Morgan Joseph within 30 days and nothing in this letter
will affect the right of either party to serve process in any other manner permitted by law.

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Ronald F. Valentaexv10w2

 

EXHIBIT 10.2

INVESTMENT MANAGEMENT TRUST AGREEMENT

     This
Agreement (this “Agreement”) is made as of                     , 2006 by and between General
Finance Corporation (the “Company”) and Continental Stock Transfer & Trust Company (the
“Trustee”).

     WHEREAS, the Company has entered into an Underwriting Agreement (“Underwriting
Agreement”) with Morgan Joseph & Co. Inc. (“Morgan Joseph”) and Wedbush Morgan
Securities acting as the representatives (collectively, with Morgan Joseph, the
“Representatives”) of the underwriters (collectively, the “Underwriters”), pursuant
to which, among other matters, the Underwriters have agreed to purchase from the Company, and
effect a public offering (the “IPO”) of, 10,000,000 Units (“Units”), each Unit
consisting of one share of the Company’s common stock, par value $.0001 per share (“Common
Stock”), and two Warrants, each Warrant to purchase one share of Common Stock, all as more
fully described in the Company’s final Prospectus comprising part of the Company’s Registration
Statement on Form S-1 (File No. 333                     ) under the Securities Act of 1933, as amended
(“Registration Statement”);

     WHEREAS, the Registration Statement has been declared effective as of the date hereof by the
Securities and Exchange Commission (“Effective Date”);

     WHEREAS, as described in the Registration Statement, funds (the “Property”)
constituting a portion of the proceeds of the IPO will be delivered to the Trustee to be deposited
and held in a trust account for the benefit of the Company and the holders of the Common Stock (the
“Public Stockholders,” and collectively with the Company, the “Beneficiaries”)
issued in the IPO as part of the Units (such shares, excluding shares of Common Stock issued upon
exercise of Warrants issued in the IPO, the “IPO Shares”); and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the
terms and conditions pursuant to which the Trustee shall hold the Property.

     IT IS AGREED:

     1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

          (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement (“Trust Account”) established by the Trustee at a branch of JP Morgan Chase NY
Bank selected by the Trustee;

          (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein;

          (c) In a timely manner, upon the instruction of the Company, invest and reinvest the Property
in any Government Security. As used herein, “Government Security” means any Treasury Bill
issued by the United States, having a maturity of one hundred and eighty days or less;

 

 

          (d) Collect and receive, when due, all principal and income arising from the Property, which
shall become part of the “Property”;

          (e) Notify the Company and the Representatives of all communications received by it with
respect to any Property requiring action by the Company;

          (f) Supply any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of the tax returns for the Trust Account;

          (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Company and Morgan Joseph;

          (h) Render to the Company and to the Representatives, and to such other persons as the Company
may from time to time instruct, monthly written statements of the activities of and amounts in the
Trust Account reflecting all receipts and disbursements of the Trust Account;

          (i) Upon written instructions from the Company, deliver to the Company, on a quarterly basis,
from the Property in the Trust Account, an amount equal to the taxes payable by the Company, if
any, relating to interest earned on the Property;

          (j) Upon receipt of a letter (a “Termination Letter”), in a form substantially similar
to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its
Chief Executive Officer or Chairman of the Board and affirmed by a majority of its Board of
Directors, comply with the instructions set forth in the letter regarding the liquidation of the
Trust Account, including distribution of the Property in the Trust Account only as directed in the
Termination Letter and the other documents referred to therein; and

          (k) If the Trustee shall not have received a Termination Letter on or prior to the
Distribution Date, promptly following the Distribution Date the Trustee shall liquidate the Trust
Account in accordance with the procedures set forth in the Termination Letter attached as Exhibit B
to the Public Stockholders of record as of a record date fixed by the
Trustee, which record date shall be within ten days of the liquidation
date, or as soon thereafter as is practicable. For purposes of this Agreement,
the “Distribution Date” shall mean                                          , 2007 [18 months from the Effective Date]
or, if on or prior to such date the Trustee has received a
certification from the Company substantially in
the form of Exhibit C, the date that is two years from the Effective Date.

     2. Agreements and Covenants of the Company. The Company hereby agrees and covenants
to:

          (a) Give all instructions to the Trustee hereunder in writing, signed by an Authorized
Individual. The “Authorized Individuals” shall be those individuals from time to time
designated in writing to the Trustee by the Company as “Authorized Officers,” provided that each
such individual must be an executive officer or Chairman of the Board of the Company. The initial
Authorized Individuals are identified in Exhibit D to this Agreement. In addition, except with
respect to its duties under Section 1(j) above, the Trustee shall be entitled to rely on, and shall
be protected in relying on, any verbal or telephonic advice or instruction

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which it in good faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such instructions in
writing;

          (b) Hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection
with any action, suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to this Agreement,
the services of the Trustee hereunder, or the Property or any income earned from investment of the
Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim, provided, however,
that the Trustee shall obtain the consent of the Company with respect to the selection of counsel,
which consent shall not be unreasonably withheld. The Company may participate in such action with
its own counsel;

          (c) Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it being
expressly understood that the Property shall not be used to pay such fee). The Company shall pay
the Trustee the initial acceptance fee and first year’s fee on the Effective Date and thereafter on
the anniversary of the Effective Date. The Trustee shall refund to the Company the fee (on a pro
rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall
not be responsible for any other fees or charges of the Trustee except as may be provided in
Section 2(b) of this Agreement (it being expressly understood that the Property shall not be used
to make any payments to the Trustee under such paragraph);

          (d) In connection with any vote of the Company’s stockholders regarding a Business Combination
(as defined in the Certificate of Incorporation of the Company), provide to the Trustee an
affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and
tabulating stockholder votes (which firm may be the Trustee) verifying the number of votes of the
Company’s stockholders for and against such Business Combination.

     3. Limitations of Liability. The Trustee shall have no responsibility or liability
to:

          (a) Take any action with respect to the Property, other than as directed in Section 1 of this
Agreement and the Trustee shall have no liability to any party except for liability arising out of
its own gross negligence or willful misconduct;

          (b) Institute any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Company given as provided herein to
do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

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          (c) Change the investment of any Property, other than in compliance with Section 1(c) of this
Agreement;

          (d) Refund any depreciation in principal of any Property;

          (e) Assume that the authority of any Authorized Officer designated by the Company to give
instructions hereunder shall not be continuing unless provided otherwise in such designation, or
unless the Company shall have delivered a written revocation of such authority to the Trustee;

          (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the exercise of its own best
judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which is believed
by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this agreement or any of the terms hereof, unless evidenced by a
written instrument delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

          (g) Verify the correctness of the information set forth in the Registration Statement or to
confirm or assure that any Business Combination consummated by the Company or any other action
taken by the Company is as contemplated by the Registration Statement; or

          (h) Subject to the requirements of Section 1(i) of this Agreement, pay any taxes on behalf of
the Trust Account to any governmental entity or taxing authority.

     4. Termination. This Agreement shall terminate as follows:

          (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the
Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the
transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that if the Company does not locate a
successor trustee within 90 days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States District Court for
the Southern District of New York and upon such deposit, the Trustee shall be immune from any
liability whatsoever that arises due to any actions or omissions to act by any party after such
deposit; or

          (b) At such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of Section 1(j) or Section 1(k) of this Agreement, and

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distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Section 2(b) of this Agreement.

     5. Miscellaneous.

          (a) The Company and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth in the Section 5 with respect to funds transferred from the Trust Account.
Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized
Individual at an Authorized Telephone Number listed on the attached Exhibit D. The Company and the
Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to
believe unauthorized persons may have obtained access to such information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or
other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than
names. The Trustee shall not be liable for any loss, liability or expense resulting from any error
in an account number or other identifying number, provided it has accurately transmitted the
numbers provided.

          (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws. It may be executed in several
counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.

          (c) This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. This Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment or modification may be made without the prior
written consent of Morgan Joseph. As to any claim, cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

          (d) The parties hereto consent to the jurisdiction and venue of any state or federal court
located in the City of New York for purposes of resolving any disputes hereunder.

          (e) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by Express Mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or by
facsimile transmission:

	 	 	 	 	 
	 

	 	if to the Trustee, to:
	 	Continental Stock Transfer
	 

	 	 	 	& Trust Company
	 

	 	 	 	17 Battery Place
	 

	 	 	 	New York, New York 10004
	 

	 	 	 	Attn: Steven G. Nelson, Chairman
	 

	 	 	 	Fax No.: (212) 509-5150

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	 	if to the Company, to:
	 	General Finance Corporation
	 

	 	 	 	260 South Los Robles, Suite 217
	 

	 	 	 	Pasadena, CA 91101
	 

	 	 	 	Attn: Ronald Valenta
	 

	 	 	 	Fax No.:                     
	 
	 	 	 	 
	 

	 	in either case with a copy to:
	 	Morgan Joseph & Co. Inc.
	 

	 	 	 	600 Fifth Avenue, 19th Floor
	 

	 	 	 	New York, New York 10020
	 

	 	 	 	Attn: Michael Powell
	 

	 	 	 	Fax No.: (212) 218-3719
	 
	 	 	 	 
	 

	 	 	 	Wedbush Morgan Securities
	 

	 	 	 	1000 Wilshire Boulevard, Suite
	 

	 	 	 	Los Angeles, CA 90017
	 

	 	 	 	Attn:
	 

	 	 	 	Fax No.:
	 
	 	 	 	 
	 

	 	and
	 	Troy & Gould PC
	 

	 	 	 	1801 Century Park East, Suite 1600
	 

	 	 	 	Los Angeles, CA 90067-2367
	 

	 	 	 	Attn: Alan B. Spatz, Esq.
	 

	 	 	 	Fax No.: (310) 789-1431
	 
	 	 	 	 
	 

	 	 	 	McDermott Will & Emery LLP
	 

	 	 	 	50 Rockefeller Plaza
	 

	 	 	 	New York, NY 10020
	 

	 	 	 	Attn: Joel L. Rubinstein, Esq.
	 

	 	 	 	Fax No.: (212) 547-5444

          (f) This Agreement may not be assigned by the Trustee without the prior written consent of the
Company and the Representatives.

          (g) Each of the Trustee and the Company hereby represents that it has the full right and power
and has been duly authorized to enter into this Agreement and to perform its respective obligations
as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims
or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

     IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement
as of the date first written above.

- 6 -

 

	 	 	 	 	 	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER &	 	 
	 	 	TRUST COMPANY, as Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Steven G. Nelson	 	 
	 

	 	 	 	Title:
	 	Chairman	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GENERAL FINANCE CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Ronald Valenta	 	 
	 

	 	 	 	Title:
	 	Chief Executive Officer	 	 

- 7 -

 

EXHIBIT A

[Letterhead of Company]

[Insert date]

Continental Stock Transfer
  &
Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

	 	 	Re: Trust Account No. [        ] Termination Letter

Gentlemen:

     Reference is made to that certain Investment Management Trust Agreement between General
Finance Corporation (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”)
dated as of
                    , 2006 (the “Trust Agreement”). Capitalized terms used in this letter
shall have the meanings ascribed to them in the Trust Agreement unless otherwise defined in this
letter.

     Pursuant to Section 1(j) of the Trust Agreement, the Company hereby advises you that it has
entered into a definitive agreement to consummate a Business Combination with                     . The
Company anticipates that the Business Combination will be consummated on or about [insert date].
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of
the Business Combination (the “Consummation Date”).

     In accordance with paragraph B of Article Sixth of the Certificate of Incorporation of the
Company, the Business Combination has been approved by the stockholders of the Company and by the
Public Stockholders holding a majority of the IPO Shares, and Public Stockholders holding less than
20% of the IPO Shares have voted against the Business Combination and given notice of exercise of
their conversion rights described in paragraph C of Article Sixth of the Certificate of
Incorporation of the Company. Pursuant to Section 2(d) of the Trust Agreement, we are providing
you with [an affidavit] [a certificate] of                     , which verifies the number of votes of
the Company’s stockholders for and against the Business Combination.

     On the Consummation Date (a) counsel for the Company shall deliver to you written notification
that (i) the Business Combination has been consummated and (ii) the provisions of Section
11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met or are not applicable to the
Trust Account, and (b) the Company shall deliver to you written instructions with respect to the
transfer of the funds held in the Trust Account (the “Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your
receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the
Instruction Letter. If certain deposits held in the Trust Account may not be liquidated by the
Consummation Date without penalty, you will notify the Company of the same and the Company shall
direct you as to whether such funds should remain in the Trust Account and

A - 1

 

distributed after the Consummation Date to the Company. Upon the distribution of all the
funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

     If the proposed Business Combination is not consummated on the Consummation Date described in
the notice thereof and we have not notified you on or before the original Consummation Date of a
new Consummation Date, then you shall reinvest the funds held in the Trust Account as provided in
the Trust Agreement on the business day immediately following the Consummation Date as set forth in
the notice.

     The undersigned directors constitute a majority of the Board of Directors of the Company as of
the date of this letter.

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GENERAL FINANCIAL CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AFFIRMED:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 

A - 2

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

Continental Stock Transfer

   & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

     Re:Trust
Account No. [
               ] Termination Letter

Gentlemen:

     Reference is made to that certain Investment Management Trust Agreement between General
Finance Corporation (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”)
dated as of
                    , 2006 (the “Trust Agreement”). Capitalized terms used in this letter
shall have the meanings ascribed to them in the Trust Agreement unless otherwise defined in this
letter.

     Pursuant to Section 1(j) of the Trust Agreement, the Company hereby advises you that the Board
of Directors of the Company has voted to dissolve and liquidate the Company. Attached hereto is a
copy of the minutes of the meeting of the Board of Directors of the Company relating thereto,
certified by the Secretary of the Company as true and correct and in full force and effect.

     In accordance with the terms of the Trust Agreement, we hereby (a) certify to you that the
provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met or are
inapplicable and (b) authorize you to liquidate the Trust Account to the Public Stockholders. In
connection with this liquidation, you are hereby authorized to establish a record date for the
purposes of determining the Public Stockholders of record entitled to receive their pro rata share
of the Trust Account. The record date shall be within ten days of the liquidation date, or as soon
thereafter as is practicable.

     You shall notify the Company in writing as to when all of the funds in the Trust Account will
be available for immediate transfer (“Transfer Date”) in accordance with the terms of the Trust
Agreement. You shall commence distribution of such funds in accordance with the terms of the Trust
Agreement and you shall oversee the distribution of the funds. Upon the payment of all the funds
in the Trust Account, the Trust Agreement shall be terminated.

     The undersigned directors constitute a majority of the Board of Directors of the Company as of
the date of this letter.

B - 1

 

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GENERAL FINANCIAL CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AFFIRMED:	 	 	 	 
	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	Director	 	 

B - 2

 

EXHIBIT C

[Letterhead of Company]

[Insert date]

Continental Stock Transfer

   & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

     Re:Trust Account No. [ ] –Extension of Distribution Date

Gentlemen:

     Reference is made to that certain Investment Management Trust Agreement between General
Finance Corporation (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”)
dated as of
                    , 2006 (the “Trust Agreement”). Capitalized terms used in this letter
shall have the meanings ascribed to them in the Trust Agreement unless otherwise defined in this
letter.

     The Company hereby advises you that it has entered into a letter of intent, an agreement in
principle or a definitive agreement to complete a Business Combination, a copy of which is
enclosed. As a result, the Distribution Date has been extended to                     , 2008, the second
anniversary of the Effective Date.

	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	GENERAL FINANCIAL CORPORATION  
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

C - 1

 

EXHIBIT D

	 	 	 
	AUTHORIZED INDIVIDUAL(S)	 	AUTHORIZED
	FOR TELEPHONE CALL BACK	 	TELEPHONE NUMBER(S)
	Company:
	 	 
	 
	 	 
	Ronald Valenta
	 	(626) 795-0040
	 
	 	 
	John O. Johnson

	 	 
	 
	 	 
	Trustee:
	 	 
	 
	 	 
	Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

	 	(212) 845-3200

C - 2

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