Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS
AGREEMENT (this “Agreement”) is made and entered into as of the 1st day of March, 2020, by and between WillScot
Corporation, a Delaware Corporation (“Parent”) and Kelly Williams (the “Employee”). The Parent
and the Employee are hereinafter collectively referred to as the “Parties”.

 

RECITALS

 

WHEREAS,
the Employee previously entered into that certain Fourth Amended and Restated Employment Agreement, dated as of May 8, 2019 (the
 “Employment Agreement”), with Mobile Mini, Inc., a Delaware corporation (the “Company”),
and the Employee currently serves as Chief Executive Officer of the Company;

 

WHEREAS,
the Company has entered into an Agreement and Plan of Merger with Parent, dated as of March 1, 2020, pursuant to which the Company
will merge with and into Parent (the “Merger Agreement”), and effective as of and contingent upon the consummation
of the transactions contemplated in the Merger Agreement (the “Merger”), the Employee hereby agrees to become
the President and Chief Operating Officer of Parent pursuant to the terms and conditions set forth herein; and

 

WHEREAS,
Parent values the Employee’s contributions to the Company and considers his continued service and dedication essential to
their business and the Parties desire to enter into this Agreement to encourage the Employee to remain employed following the Merger,
and in light of the Employee’s new position following the Merger, on the terms and conditions set forth herein effective
as of and contingent upon the Merger.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants herein contained, the Parties hereby represent, covenant and agree
as follows:

 

AGREEMENT

 

1.                  
Employment. The Employee hereby agrees to be employed by Parent, and the Parent hereby agrees to employ the Employee,
upon the terms and conditions set forth herein as of the Effective Time (as defined in the Merger Agreement) and, as of the Effective
Time, the Employment Agreement shall terminate and no longer be of any force or effect. 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 Employee and the Company. If the Merger is not consummated, this Agreement shall be null and void and the Employment Agreement
shall remain in full force and effect and govern the rights and obligations of the Employee and the Company.

 

2.                   Term.
This Agreement shall be effective for a term commencing on the date of the Merger and, subject to termination under Section
5, expiring on the day that is 24 months from the date of the Merger (the “Employment Period”).
Notwithstanding the previous sentence, this Agreement, the Employment Period and the employment of the Employee hereunder
shall be automatically extended for successive one year periods upon the terms and conditions set forth herein, with the
first such automatic extension occurring on the last day of the Employment Period, and on each anniversary thereof, unless
either party to this Agreement gives the other party written notice (in accordance with Section 14) within the ninety (90)
day period prior to the last day of the Employment Period (or the relevant anniversary thereof, as applicable) of such
party’s intention that the Employment Period shall expire at the close of business on the last day of the then current
Employment Period, whereupon, unless earlier terminated in accordance with the provisions of this Agreement, the Employment
Period shall expire and this Agreement shall cease to have any further force or effect in respect of any period thereafter.
For purposes of this Agreement, any reference to the “term” of this Agreement shall include the original term and
any extension thereof.

 

     

     

    

 

3.
                    Duties of the
Employee.

 

(a)               
The Employee shall serve as President and Chief Operating Officer and the Employee agrees to perform such duties and responsibilities
customarily associated with the position, including without limitation the duties and responsibilities as may be assigned from
time to time by the Chief Executive Officer of Parent. 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 Employee and the Company;
provided that the Employee acknowledges that the changes in the terms and conditions of his employment in connection with the Merger
described in this Agreement shall not give rise to Good Reason (as defined below in Section 5(c) hereof).

 

(b)               
During the Employment Period, the Employee shall devote his normal working time and attention to the business and affairs
of Parent, and, subject to the terms of this Section 3(b) with respect to service on the board of directors of other entities,
will not render services to any other business without the prior written approval of the Chief Executive Officer of Parent. During
his employment hereunder, the Employee shall not, directly or indirectly, engage or participate in any business that is competitive
in any manner with the business of Parent. Subject to obtaining the prior express consent or approval of the Chief Executive Officer
of Parent, the Employee may serve as a member of the board of directors of other entities (other than the board of directors of
a business that is competitive with the business of Parent), provided that such service shall not interfere with the Employee’s
performance of his duties hereunder. The Employee shall request the consent or approval of Parent’s Chief Executive Officer
of his intention to serve on the board of directors (or similar governing body) of any company or other entity prior to commencing
such service.

 

4.                  
Compensation. During the term of this Agreement, the Employee shall be eligible to the following compensation and
benefits:

 

(a)               
Base Salary and Bonus. During the Employment Period, Parent agrees to pay the Employee a base salary at the rate
of $700,000 per annum or such larger amount as the Board of Directors of Parent (the “Board”) may from time
to time determine (hereinafter referred to as the “Base Salary”). Employee’s Base Salary shall be reviewed
annually. Such Base Salary shall be payable in accordance with Parent’s customary practices applicable to its senior executives.
In addition to the Base Salary, Employee shall be eligible for an incentive bonus subject to the terms and conditions of Parent’s
incentive bonus plan as in effect from time to time for senior management and as the Compensation Committee of the Board of Directors
of Parent (the “Compensation Committee”) in its discretion may determine (the “Bonus”). Employee’s
annual target Bonus for a fiscal year shall be 100% of Employee’s Base Salary at the beginning of such year, subject to Parent’s
achievement of performance targets.

 

(b)               
Participation in Equity-Based Plans. During the Employment Period, the Employee shall be entitled to participate
in all equity-based employee benefit plans maintained from time to time during the term of this Agreement (including, without limitation,
any such plans as may hereafter established by Parent) for the purpose of providing compensation and/or benefits to employees of
Parent including, but not limited to, Parent’s 2017 Incentive Award Plan (or any successor plan or plans) (the “Plan”)
and other bonus or incentive compensation plans. The equity awards shall be subject to change and approval by the Compensation
Committee and the terms of the Plan and the provisions set forth in any applicable award agreements.

 

     

     

    

 

(i)                
Annual Award. Employee’s annual 2021 equity grant under the Plan shall have a target grant value of 250% of
Employee’s Base Salary or such other amount as approved by the Board and based on the terms, conditions and targets set forth
by the Compensation Committee, 60% of which shall be in the form of performance-based restricted stock units vesting over a three
year period and 40% of which shall be in the form of restricted stock units (“RSUs”) vesting ratably over a
four year period, in each case, subject to the discretion of the Committee.

 

(ii)              
Retention Award. The Employee shall be entitled to receive a one-time equity grant under the Plan in connection with
the Merger with a grant value of $3,000,000, based on the terms and conditions set forth by the Compensation Committee, 100% of
which shall be in the form of RSUs vesting and delivered on annual basis ratably over a four year period (the “Retention
Grant”).

 

(c)               
Employee Benefits. The Employee shall be entitled to participate in (including coverage for the Employee’s
eligible dependents under Parent’s medical, dental and similar welfare benefit plans as applicable) all employee benefit
plans, practices and programs maintained by Parent and made available to employees generally including, without limitation, all
retirement, profit sharing, savings, 401(k), medical, hospitalization, disability, dental, life or travel accident insurance benefit
plans, as well as any plans, practices and programs maintained generally for senior management including, without limitation, any
deferred compensation, supplemental medical or life insurance plans. The Employee shall receive an annual car allowance of $7,200,
or such other amount as shall be approved by the Compensation Committee. The Employee’s participation in such plans, practices
and programs shall be on the same basis and terms as are applicable to senior executives of Parent generally. These benefits are
subject to change from time to time and any benefit may be added, deleted or modified by Parent in its sole discretion.

 

(d)               
Other Benefits. Parent shall pay or reimburse the Employee for reasonable and necessary expenses incurred by the
Employee in connection with his duties on behalf of Parent in accordance with the general policies of Parent.

 

(e)               
Vacation and Sick Leave. Parent shall be entitled to annual vacation in the greater of four weeks or in accordance
with the policies as periodically established by Parent for other senior executives of Parent. The Employee is also entitled to
sick leave (without loss of pay) in accordance with Parent’s policies as in effect from time to time.

 

5.                  
Termination. In addition to the expiration of the term of this Agreement pursuant to Section 2, the Employee’s
employment hereunder may be terminated under the following circumstances:

 

(a)                Disability.
Parent may terminate the Employee’s employment upon 30 days written notice after having established the
Employee’s Disability; provided that Parent exercises reasonable efforts to accommodate such disability in
accordance with the Americans with Disabilities Act. For purposes of this Agreement, “Disability” means a
physical or mental infirmity which impairs the Employee’s ability to perform substantially his duties for a period of
ninety (90) consecutive days. A determination of Disability shall be made by a physician satisfactory to both the Employee
and Parent, which physician’s determination as to Disability shall be made within ten (10) days of the request therefor
and shall be binding on all parties; provided, however, that if the Employee and Parent do not agree on a physician, the
Employee and Parent shall each select a physician and these two together shall select a third physician, which third
physician’s determination as to Disability shall be binding on all parties. The Employee shall be entitled to the
compensation and benefits provided for under this Agreement for any period during the term of this Agreement and prior to
termination in accordance herewith relating to Employee’s Disability. Notwithstanding anything contained in this
Agreement to the contrary, until the Termination Date specified in a Notice of Termination (as each term is hereinafter
defined) relating to the Employee’s Disability, the Employee shall be entitled to return to his position with Parent as
set forth in this Agreement in which event no Disability of the Employee will be deemed to have occurred.

 

     

     

    

 

(b)               
Cause. Parent may terminate the Employee’s employment by written notice for “Cause.” Parent shall
be deemed to have terminated the Employee’s employment for “Cause” in the event that the Employee’s
employment is terminated for any of the following reasons: (i) the commission of an act of fraud or intentional misrepresentation
or an act of embezzlement, misappropriation or conversion of assets or opportunities of Parent; (ii) material dishonesty or willful
misconduct in the performance of duties; (iii) willful violation of any law, rule or regulation in connection with the performance
of duties (other than traffic violations or similar offenses); provided, that no act or failure to act shall be considered willful
unless done or omitted to be done in bad faith and without reasonable belief that the action or omission was in the best interests
of Parent; or (iv) any material breach by the Employee of any provision of this Agreement (after notice from Parent and 30 days
to cure such breach and such breach is not cured). Notwithstanding anything contained in this Agreement to the contrary, no failure
to perform by the Employee after the Notice of Termination is given by Parent shall constitute Cause for purposes of this Agreement.

 

(c)               
Good Reason. The Employee may terminate his employment for “Good Reason”, provided that he gives Parent
notice of such Good Reason within a reasonable period (but, except as provided below, in no event more than 90 days) after he has
knowledge of the events giving rise to the Good Reason. For purposes of this Agreement, “Good Reason” shall
mean, without the Employee’s consent:

 

(i)               
the assignment to Employee of material duties that are materially inconsistent with Employee’s title and responsibilities
as contemplated by Section 3(a) of this Agreement;

 

(ii)              
a reduction in Employee’s Retention Grant or Base Salary (provided, that an “across the board”
reduction in base salary and/or bonus opportunities (for the sake of clarity, this proviso shall not apply to the Retention Grant)
affecting all of the senior executive employees of Parent on a substantially similar basis shall not constitute “Good Reason”);

 

 (iii)               any material breach by Parent of any provision of this Agreement;

 

(iv)             
any purported termination of the Employee’s employment for Cause by Parent which does not comply with the terms of
Section 5 of this Agreement;

 

(v)              
the failure of Parent to obtain an agreement, satisfactory to the Employee, from any successor or assign of Parent to assume
and agree to perform this Agreement, as contemplated in Section 10 hereof;

 

(vi)              
a relocation of the Employee’s primary place of employment to a location more than 50 miles from the Parent’s
executive headquarters in Phoenix, AZ;

 

(vii)           
the failure of the Board to appoint the Employee Chief Executive Officer of Parent within the 24-month period following
the Merger on terms no less favorable than those applicable to the Chief Executive Officer of Parent on the last day of such period
or the cessation of Brad Soultz as Chief Executive Office of Parent and subsequent failure of the Board to appoint the Employee
as his successor at any point during this period on terms no less favorable than those applicable to Brad Soultz on the date of
his cessation as the Chief Executive Officer of Parent.

 

     

     

    

 

The
Employee’s right to terminate his employment pursuant this Section 5(c) shall not be affected by his incapacity due to physical
or mental illness if such incapacity occurs after the event or condition giving rise to the Employee’s right to terminate
his employment pursuant to this Section 5(c).

 

Notwithstanding
anything to the contrary stated above in this Section 5(c) or elsewhere in this Agreement, the Employee will only be treated as
having Good Reason to terminate his employment pursuant to clauses (i) – (v) if the Employee has given Parent notice and
a period of at least thirty (30) days during which it can remedy any of such conditions and, during such period, Parent fails to
remedy such condition.

 

(d)               
Voluntary Termination. The Employee may voluntarily terminate his employment hereunder at any time upon ninety (90)
day prior notice to Parent.

 

(e)               
Termination by Parent Without Cause. Parent may terminate the Employee’s employment hereunder for any reason
by a notice to the Employee.

 

(f)                
Change in Control; Accelerated Vesting of Equity-Based Awards. In certain circumstances, termination may occur
following a Change in Control (as contemplated in Section 6 hereof). For purposes of this Agreement, a “Change in Control”
shall mean any of the following events:

 

(i)                
an acquisition (other than directly from Parent) of any voting securities of Parent (the “Voting Securities”)
by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), immediately after which such Person has “Beneficial
Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty- five percent (35%) or more
of the then outstanding Shares of the combined voting power of Parent’s then outstanding Voting Securities; provided,
however, in determining whether a Change in Control has occurred, Shares or Voting Securities which are acquired in a “Non-Control
Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control
Acquisition” shall mean an acquisition by (A) an employee benefit plan (or a trust forming a party thereof) maintained
by (1) Parent or (2) any corporation or other Person of which all of its voting power or its voting equity securities or equity
interest is owned, directly or indirectly, by Parent prior to such acquisition (for purposes of this definition, a “Subsidiary”,
(B) Parent or its Subsidiaries, or (C) any Person in connection with a “Non-Control Transaction” (as hereinafter defined).

 

(ii)              
the individuals who, as of the date of this Agreement are members of the Board (the “Incumbent Board”),
cease for any reason to constitute at least two-thirds of the members of the Board of Directors of Parent; provided, however,
that if the election, or nomination for election by Parent’s common stockholders, of any new director was approved by a vote
of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member
of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board
if such individual initially assumed officer as a result of either an actual or threatened “Election Contest”
(as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest; or

 

     

     

    

 

 (iii)             the consummation of:

 

(A)             
a merger, consolidation or reorganization involving Parent, unless such merger, consolidation or reorganization is a “Non-Control
Transaction.” A “Non-Control Transaction” shall mean a merger consolidation or reorganization of Parent
where (1) the stockholders of Parent, immediately before such merger, consolidation or reorganization, own directly or indirectly
immediately following such merger, consolidation or reorganization, at least fifty-one percent (51%) of the combined voting power
of the outstanding voting securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving
Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such
merger, consolidation or reorganization, (2) the individuals who were members of the Incumbent Board immediately prior to the execution
of the agreement providing for such merger, consolidation or reorganization constitute at least two-thirds of the members of the
board of directors of the Surviving Corporation, or a corporation beneficially directly or indirectly owning a majority of the
Voting Securities of the Surviving Corporation, and (3) no Person other than (i) Parent, (ii) any Subsidiary, or (iii) any employee
benefit plan (or any trust forming a part thereof) that, immediately prior to such merger, consolidation or reorganization, was
maintained by Parent, or any Subsidiary;

 

 (B)               a complete liquidation or dissolution of Parent; or

 

(C)              
the sale or disposition of all or substantially all of the assets of Parent to any Person (other than a transfer to a Subsidiary).

 

Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur (i) solely because any Person (the “Subject Person”)
acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities as a result
of the acquisition of Shares or Voting Securities by Parent which, by reducing the number of Shares or Voting Securities then outstanding,
increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would
occur (but for the operation of this sentence) as a result of the acquisition of Shares or Voting Securities by Parent, and after
such share acquisition by Parent, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities
which increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then
a Change in Control shall occur.

 

Upon
a Change in Control, and without regard to whether or not the Employee’s employment hereunder is terminated in connection
therewith, all restrictions on any outstanding equity-based awards (including, without limitation, restricted stock and performance
stock awards) then held by the Employee shall lapse and all performance targets and goals applicable to such awards in respect
of any past or future period shall be deemed to have been met by Parent and the Employee, as applicable, for each period relevant
to such award and all such equity-based awards shall become and be deemed to be fully (100%) vested immediately prior to such Change
in Control, and all stock options and stock appreciation rights granted to the Employee shall become fully (100%) vested and shall
become immediately exercisable. In the event of any conflict between this subsection and any agreement between the Employee and
Parent relating to any outstanding award (whether now existing or hereafter entered into), the provisions of this subsection shall
prevail.

 

(g)               
Notice of Termination. Any purported termination by Parent or by the Employee shall be communicated by verbal or
written Notice of Termination to the other (the “Notice of Termination”).

 

(h)               
Termination Date, Etc. “Termination Date” shall mean in the case of the Employee’s death,
his date of death, or in all other cases, the date specified in the Notice of Termination subject to the following:

 

     

     

    

 

(i)                
if the Employee’s employment is terminated by Parent for Cause or due to Disability, or by Parent without Cause, the
date specified in the Notice of Termination shall be at least thirty (30) days from the date the Notice of Termination is given
to the Employee, provided that in the case of Disability the Employee shall not have returned to the full-time performance of his
duties during such period of at least thirty (30) days; and

 

(ii)              
if the Employee’s employment is terminated for Good Reason, the date specified in the Notice of Termination shall
not be more than thirty (30) days from the date the Notice of Termination is given to Parent.

 

6.                  
Compensation Upon Termination. Upon termination of the Employee’s employment during the term of this Agreement
(including any extensions thereof), the Employee shall be entitled to the following benefits:

 

(a)                Cause,
Death or Disability; Voluntary Termination By Employee other than Good Reason. If the Employee’s employment is
terminated by Parent for Cause or Disability or by the Employee (other than for Good Reason), or by reason of the
Employee’s death, Parent shall pay the Employee (or his estate, as applicable) all amounts earned or accrued hereunder
through the Termination Date but not paid as of the Termination Date, including (i) Base Salary, (ii) reimbursement for any
and all monies advanced or expenses incurred in connection with the Employee’s employment for reasonable and necessary
expenses incurred by the Employee on behalf of Parent for the period ending on the Termination Date, (i) unused vacation days
as of the termination date, (iv) any bonuses and incentive compensation which at the time of termination is earned but unpaid
under the terms and provisions of the applicable plan, and (v) any previously earned compensation which the Employee has
deferred until separation from service (but not any other date) (including any interest earned or credited thereon)
(collectively, “Accrued Compensation”). In addition, in connection with the termination of the
Employee’s employment hereunder by Parent for Disability or by reason of the Employee’s death, Parent shall pay
the Employee (or his estate, as applicable), on the 60th day (except as otherwise may be required under Section 24(b) of this
Agreement if the Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) following the date of Disability or death, as the case may be, an
amount (which shall be in lieu of any target bonus or other bonus plan amount that might otherwise for any reason be or be
deemed to be payable directly or indirectly in connection with the fiscal year in which such termination occurred, an amount
equal to the product of (I) the average of the cash bonus amounts (if any) paid by Parent to the Employee in relation to the
two fiscal years immediately preceding the year in which such termination occurs, multiplied by (II) a fraction, the
numerator is the number of days in the year that were elapsed as of the date of the termination of employment and the
denominator is 365; provided that if such thirty (30) day period begins in one calendar year and ends in another, the
Employee and/or his beneficiary shall not have the right to designate the taxable year of payment. In connection with the
termination of the Employee’s employment hereunder by Parent for Disability or by reason of the Employee’s death,
all restrictions on any outstanding equity-based awards (including, without limitation, restricted stock and performance
stock awards) then held by the Employee shall lapse and all performance targets and goals applicable to such awards in
respect of any past or future period shall be deemed to have been met by Parent and the Employee, as applicable, for each
period relevant to such award and all such equity-based awards shall become and be deemed to be fully (100%) vested
immediately prior to such termination of employment, and all stock options and stock appreciation rights granted to the
Employee shall become fully (100%) vested and shall become immediately exercisable and Parent shall permit the Employee (or
his estate), to exercise the same at any time during the 90-day period following such termination. In the event of the
Employee’s death, for a period of twelve (12) months from the date of death, Parent shall pay for COBRA benefits (or
the equivalent) for Employee’s surviving spouse and eligible dependents covered by Parent’s group health plan at
the time of Employee’s death. In the event the Employee’s employment hereunder is terminated due to Disability,
Parent shall pay COBRA benefits (or the equivalent) for the Employee and Employee’s spouse and eligible dependents
covered by Parent’s group health plan at the time of Employee’s disability for a period of twelve (12) months
from the date of such termination. The Employee’s entitlement to any other compensation or benefits shall be determined
in accordance with Parent’s employee benefit plans and other applicable programs and practices then in effect.

 

     

     

    

 

(b)               
Without Cause; For Good Reason. If the Employee’s employment by Parent is terminated by Parent following the
Merger but prior to a Change in Control (which for purposes of this Section 6(b), a Change in Control shall not include
consummation of the Merger) other than for Cause, death or Disability, or by the Employee for Good Reason, or Parent has notified
the Employee pursuant to Section 2 that Parent intends to terminate the Agreement (rather than allow the terms of the Agreement
to renew automatically), then the Employee shall be entitled to the benefits provided below (the “Without Cause Benefits”):

 

(i)                
Parent shall pay the Employee all Accrued Compensation;

 

(ii)              
Parent shall pay the Employee, as severance pay and in lieu of any further salary for periods subsequent to the Termination
Date, in a single payment an amount in cash equal to the sum of (A) two (2) times the Employee’s Base Salary at the highest
rate in effect at any time within the ninety (90) day period ending on the date the Notice of Termination is given and (B) the
 “Payment Amount.” For purposes of this Agreement, the term “Payment Amount” shall mean an amount
which is equal to one hundred percent (100%) of the Employee’s Base Salary in effect during the year in which the Termination
Date shall occur;

 

(iii)               Parent shall
cause all equity and equity awards held by the Employee to be treated as follows :

 

(A)            
All service-based restrictions on outstanding equity-based awards (including, without limitation, restricted stock, restricted
stock unit and performance stock awards) then held by the Employee shall lapse and, if the Retention Grant was either not made
or the target amount of which was reduced, the cash value of what the Retention Grant would have been had it been granted in full
shall be determined on the date of termination and such amount (less the value of the Retention Grant to the extent granted) shall
be paid to Employee at the time of termination;

 

(B)             
All performance targets and goals applicable to such equity- based awards in respect of any past or future period must continue
to be satisfied for each period relevant to such award;

 

(C)             
Any equity-based award shall be paid at the time and in the form specified in the Plan or the relevant plan under which
such award is outstanding; and

 

(D)            
All stock options (including performance-based stock options) and stock appreciation rights granted to the Employee shall
become fully (100%) vested and shall become immediately exercisable and Parent shall permit the Employee (or his estate), to exercise
the same at any time during the 90-day period following such termination; and

 

(iv)             
for a period of twelve (12) months following such termination (24 months if such termination occurs within the first year
of the consummation of the Merger), Parent shall at its expense continue on behalf of the Employee and his dependents and beneficiaries
the life insurance, disability, medical, dental and hospitalization benefits which were being provided to the Employee and other
members of senior management of Parent at the time Notice of Termination was given. Post-termination medical, dental, and hospitalization
coverage will run concurrently with the COBRA coverage period. The benefits provided in this Section 6(b)(iv) shall be no less
favorable to the Employee, in terms of amounts and deductibles and costs to him, than the coverage provided the Employee under
the plans providing such benefits at the time Notice of Termination is given. Parent’s obligation hereunder with respect
to the foregoing benefits shall be limited to the extent that the Employee obtains any such benefits pursuant to a subsequent
employer’s benefit plans, in which case Parent may reduce the coverage of any benefits it is required to provide the Employee
hereunder as long as the aggregate coverage of the combined benefit plans is no less favorable to the Employee, in terms of amounts
and deductibles and costs to him, than the coverage required to be provided hereunder. This Subsection (iv) shall not be interpreted
so as to limit any benefits to which the Employee or his dependents may be entitled under any of Parent’s employee benefit
plans, programs or practices following the Employee’s termination of employment, including, without limitation, retiree
medical and life insurance benefits.

 

     

     

    

 

(c)               
Following a Change in Control. If within one year following the occurrence of a Change of Control (which for purposes
of this Section shall not include the Merger) the Employee’s employment by Parent is terminated either by Parent other than
for Cause, death or Disability, or by the Employee for Good Reason, then the Employee shall be entitled to the benefits provided
below (the “CiC Benefits” and together with Without Cause Benefits, the “Severance Benefits”):

 

(i)                
Parent shall pay the Employee all Accrued Compensation;

 

(ii)              
Parent shall pay the Employee as severance pay and in lieu of any further salary for periods subsequent to the Termination
Date, in a single payment an amount in cash equal to the sum of (A) two (2) times the Employee’s Base Salary at the highest
rate in effect at any time within the ninety (90) day period ending on the date the Notice of Termination is given or the Employee’s
Base Salary immediately prior to the Change in Control, if greater, and (B) the Payment Amount; and

 

(iii)            
for a period of twenty-four (24) months following such termination, Parent shall at its expense continue on behalf of the
Employee and his dependents and beneficiaries the life insurance, disability, medical, dental and hospitalization benefits which
were being provided to the Employee at the time Notice of Termination is given (or, if the Employee is terminated following a Change
in Control, the benefits provided to the Employee at the time of the Change in Control, if greater). Post-termination medical,
dental, and hospitalization coverage will run concurrently with the COBRA coverage period. The benefits provided in this subsection
6(c)(iii) shall be no less favorable to the Employee, in terms of amounts and deductibles and costs to him, than the coverage provided
the Employee under the plans providing such benefits at the time Notice of Termination is given or at the time of the Change in
Control if more favorable to the Employee. Parent’s obligation hereunder with respect to the foregoing benefits shall be
limited to the extent that the Employee obtains any such benefits pursuant to a subsequent employer’s benefit plans, in which
case Parent may reduce the coverage of any benefits it is required to provide the Employee hereunder as long as the aggregate coverage
of the combined benefit plans is no less favorable to the Employee, in terms of amounts and deductibles and costs to him, than
the coverage required to be provided hereunder. This subsection 6(c)(iii) shall not be interpreted so as to limit any benefits
to which the Employee or his dependents may be entitled under any of Parent’s employee benefit plans, programs or practices
following the Employee’s termination of employment, including, without limitation, retiree medical and life insurance benefits.

 

     

     

    

 

(d)                Time
of Payment; Adjustment for Taxes. The amounts provided for in Sections 6(a), 6(b)(ii), and 6(c)(ii) shall be paid on the
60th day after the Employee’s Termination Date (except as otherwise may be required under Section 24(b) of this
Agreement if the Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”)). In the event the Employee’s severance and other benefits
provided for in Section 5(f) or this Section 6 or otherwise constitute “parachute payments” within
the meaning of Section 280G of the Code and, but for this subsection, would be subject to the excise tax imposed by Section
4999 of the Code, then the Employee’s severance and other benefits will be payable either in full or in such lesser
amount as would result, after taking into account the applicable federal, state and local income taxes and the excise tax
imposed by Section 4999, in the Employee’s receipt on an after-tax basis of the greatest amount of severance and other
benefits. All determinations to be made pursuant to this Section 6(d), including without limitation whether partial payment
or payment in full will provide the greatest after-tax benefit to the Employee and the amount of any such partial payment to
be made, shall be made by an independent public accounting firm selected by Parent and reasonably acceptable to the Employee
and such determinations shall be binding on Parent and the Employee. In connection with such determination, the Parent shall
obtain a valuation of the Employee’s non-compete obligations by a firm knowledgeable in such matters. If the payments
and benefits are required to be reduced, the cash severance shall be reduced first, followed by a reduction in the
accelerated vesting of any equity awards, and last by the reduction of any other benefits.

 

(e)               
No Duty to Mitigate. The Employee shall not be required to mitigate the amount of any payment, benefit or other Parent
obligation provided for in this Agreement by seeking other employment or otherwise and no such payment, benefit or other Parent
obligation shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent
employment.

 

(f)                
Clawback. Parent shall have no obligation to make any payment to the Employee pursuant to any provision of this Section
6 if the Employee shall be in default of his obligations under Section 13 hereof (Covenant Not To Compete).

 

7.                  
Post-Termination Assistance; Non-Disparagement. The Employee agrees that after his employment with Parent has terminated
he will provide to Parent, upon reasonable notice from Parent, such information and assistance in the nature of testifying and
the preparation therefore as may reasonably be requested by Parent in connection with any litigation, administrative or agency
proceeding, or other legal proceeding in which it or any of its affiliates is or may become a party; provided, however, that Parent
agrees to reimburse the Employee for any reasonably, related expenses, including travel expense, and shall pay the Employee a daily
per diem comparable to his Base Salary under this Agreement at time of termination (determined for this purpose on a per diem basis
by dividing such Base Salary by 230). The Parties agree that they will not disparage or make false or defamatory comments about
the other party as to all matters. This is a material term of this Agreement.

 

8.                  
Unauthorized Disclosure. The Employee shall not make any Unauthorized Disclosure. For purposes of this Agreement,
 “Unauthorized Disclosure” shall mean disclosure by the Employee without the consent of the Board to any person,
other than an employee of Parent or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance
by the Employee of his duties as an executive of Parent or as may be legally required, of any confidential information obtained
by the Employee while in the employ of Parent (including, but not limited to, any confidential information with respect to any
of Parent’s customers or methods of distribution) the disclosure of which he knows or has reason to believe will be materially
injurious to Parent; provided, however, that such term shall not include the use or disclosure by the Employee, without consent,
of any information known generally to the public (other than as a result of disclosure by him in violation of this Section 8) or
any information not otherwise considered confidential by a reasonable person engaged in the same business as that conducted by
Parent.

 

9.                   Indemnification.
Parent remains subject to its standard form of indemnification agreement for officers and directors which was entered into
with the Employee to indemnify the Employee against certain liabilities the Employee may incur as an officer or director of
Parent. A copy of that standard form as in effect on the date of this Agreement is identified on Exhibit A to this
Agreement, and if for any reason Parent and the Employee have not heretofore executed and delivered such an indemnification
agreement, the terms and provisions of Parent’s standard indemnification agreement are hereby incorporated herein by
reference.

 

 10.                  Successors and Assigns.

 

(a)               
This Agreement shall be binding upon and shall inure to the benefit of Parent and its successors and Parent shall require
any successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Parent would
be required to perform it if no such succession or assignment had taken place, but this Agreement will not otherwise be assignable,
transferable or delegable by Parent. The term “Parent” as used herein shall include such successors.

 

(b)               
Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Employee, his beneficiaries
or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit
of and be enforceable by the Employee’s legal personal representatives, beneficiaries, designees, executors, administrators,
heirs, distributes, devisees and legatees.

 

11.              
Fees and Expenses. Parent or the Company shall pay all reasonable legal fees and related expenses incurred by the
Employee as they become due as a result of Parent and the Employee entering into this Agreement.

 

12.
                  Assignment of Inventions.

 

(a)               
General Assignment. The Employee agrees to assign and hereby does assign to Parent all right, title and interest
in and to any inventions, designs and copyrights made during employment by Parent which relate directly to the business of Parent.

 

(b)               
Further Assurances. The Employee shall acknowledge and deliver promptly to Parent without charge to Parent but at
its expense such written instruments and do such other acts, as may be necessary in the opinion of Parent to obtain, maintain,
extend, reissue and enforce United States and/or foreign letters patent and copyrights relating to the inventions, designs an copyrights
and to vest the entire right and title thereto in Parent or its nominee. The Employee acknowledges and agrees that any copyright
developed or conceived of by the Employee during the term of the Employee’s employment which is related to the business of
Parent shall be a “work for hire” under the copyright law of the United States and other applicable jurisdictions.

 

(c)               
Excepted Inventions. As a matter of record the Employee has identified on Exhibit B attached hereto all inventions
or improvements relevant to the subject matter of his engagement by Parent which have been made or conceived or first reduced to
practice by the Employee alone or jointly with others prior to his engagement by Parent, and the Employee covenants that such list
is complete. If there is no such list on Exhibit B, the Employee represents that he had made no such inventions and improvements
as of the time of signing this Agreement.

 

 13.                  Covenant Not to Compete.

 

(a)               
The Employee agrees that during the term of this Agreement and for two (2) years subsequent to termination of Employee’s
employment with Parent for any reason (the “Non- Compete Term”) the Employee shall not:

 

     

     

    

 

(i)                
Either directly or indirectly, for himself or on behalf of or in conjunction with any other person, persons, company, firm,
partnership, corporation, business, group or other entity (each, a “Person”), engage in any business or activity,
whether as an employee, consultant, partner, principal, agent, representative, stockholder or other individual, corporate, or representative
capacity, or render any services or provide any advice or substantial assistance to any business, person or entity, if such business,
person or entity, directly or indirectly will in any way compete with Parent (a “Competing Business”). Without
limiting the generality of the foregoing, for purposes of this Section 13, it is understood that Competing Businesses shall include
any business that is in direct competition with Parent; provided, however, that notwithstanding the foregoing, the Employee
may make passive investments in up to four percent (4%) of the outstanding publicly traded common stock of an entity which operates
a Competing Business.

 

(ii)              
Either directly or indirectly, for himself or on behalf of or in conjunction with any other Person, solicit any Person who
is, or who is, at the time of termination of the Employee’s employment, or has been within six (6) months prior to the time
of termination of Employee’s employment, an employee of Parent or any of its subsidiaries for the purpose or with the intent
of enticing such employee away from the employ of Parent or any of its subsidiaries.

 

(iii)            
Either directly or indirectly, for himself or on behalf of or in conjunction with any other Person, solicit any Person who
is, or who is, at the time of termination of the Employee’s employment, or has been within six (6) months prior to the time
of termination of Employee’s employment, a customer or supplier of Parent or any of its subsidiaries for the purpose or with
the intent of (A) inducing or attempting to induce such Person to cease doing business with Parent or (B) in any way interfering
with the relationship between such Person and Parent.

 

(b)               
Specific Performance; Repayment of Certain Termination Payment Amounts. The Employee hereby acknowledges that the
services to be rendered to Parent hereunder by the Employee are of a unique, special and extraordinary character which would be
difficult or impossible for Parent to replace or protect, and by reason thereof, the Employee hereby agrees that in the event he
violates any of the provisions of subsection 13(a) hereof, Parent shall, in addition to any other rights and remedies available
to it, at law or otherwise, be entitled to an injunction or restraining order to be issued by any court of competent jurisdiction
in any state enjoining and restraining the Employee from committing any violation of said subsection 13(a).

 

The
Employee agrees that, if he breaches subsection 13(a) of this Agreement, he shall have forfeited all right to receive any amounts
payable to him pursuant to subsection 6(b)(ii) and (iii) or subsection 6(c)(ii) and (iii), as the case may be, and he shall promptly
repay to Parent the entire amount theretofore paid to him or to his order by reason of any of said subsections.

 

(c)               
The covenants in this Section 13 are severable and separate, and the unenforceability of any specific covenant shall not
affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the
scope, time or territorial restrictions set forth herein are unreasonable, then it is the intention of the parties that such restrictions
be enforced to the fullest extent that such court deems reasonable, and the Agreement shall thereby be reformed to reflect the
same.

 

(d)                All
of the covenants in this Section 13 shall be construed as an agreement independent of any other provision in this Agreement,
and the existence of any claim or cause of action of the Employee against Parent whether predicated on this Agreement or
otherwise shall not constitute a defense to the enforcement by Parent of such covenants. It is specifically agreed that the
period following the termination of the Employee’s employment with Parent during which the agreements and covenants of
the Employee made in this Section 13 shall be effective, shall be computed by excluding from such computation any time during
which the Employee is in violation of any provision of this Section 13.

 

     

     

    

 

(e)               
Notwithstanding any of the foregoing, if any applicable law, judicial ruling or order shall reduce the time period during
which the Employee shall be prohibited from engaging in any competitive activity described in Section 13 hereof, the period of
time for which the Employee shall be prohibited pursuant to Section 13 hereof shall be the maximum time permitted by law.

 

14.              
Notice. For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including
the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by
certified mail, return receipt requested, postage prepaid addressed as follows:

 

		(i)	If to Parent:

 

WillScot Corporation 4646 E Van Buren St #400

Phoenix, AZ 85008

Attn: General Counsel and Secretary

 

(ii)          
If to the Employee: to the address in the payroll records of the Parent with a copy to Bonnie Klugman, Becker, Glynn, Muffly, Chassin
 & Hosinski, 299 Park Avenue, NY, NY 10171 (bklugman@beckerglynn.com)

 

 

All
notices and communications shall be deemed to have been received on the date of delivery thereof or on the third business day after
the mailing thereof, except that notice of change of address shall be effective only upon receipt.

 

15.              
Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Employee’s continuing or future
participation in any benefit, bonus, incentive or other plan or program provided by Parent or any of its subsidiaries and for which
the Employee may qualify, nor shall anything herein limit or reduce such rights as the Employee may have under any other agreements
with Parent or any of its subsidiaries. Amounts which are vested benefits or which the Employee is otherwise entitled to receive
under any plan or program of Parent or any of its subsidiaries shall be payable in accordance with such plan or program, except
as explicitly modified by this Agreement.

 

16.              
Settlement of Claims. Parent’s obligation to make the payments provided for in this Agreement and otherwise
to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which Parent may have against the Employee or others.

 

17.              
Survival. The agreements and obligations of Parent and the Employee made in Sections 6, 7, 8, 9, 11, 13, 17, 18,
19 and 24 of this Agreement shall survive the expiration or termination of this Agreement.

 

18.              
Federal Income Tax Withholding. Parent may withhold from any compensation and other amounts payable under this Agreement
all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.

 

     

     

    

 

19.              
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 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.

 

20.              
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of
any provision shall not affect the validity or enforceability of the other provisions hereof.

 

21.              
Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing and signed by the Employee and Parent. No waiver by either party hereto at any time of any
breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other
party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
Unless otherwise noted, references to “Sections” are to sections of this Agreement. The captions used in this Agreement
are designed for convenient reference only and are not to be used for the purpose of interpreting any provision of this Agreement.

 

22.              
Entire Agreement. This Agreement (together with the Exhibits hereto and the Employee’s indemnification agreement
with Parent) constitutes the entire agreement between the Parties and supersedes all prior agreements, understandings and arrangements,
oral or written, between the parties hereto with respect to the subject matter hereof. 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.

 

23.              
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original and all of which together will constitute one and the same agreement.

 

 24.                Section 409A.

 

(a)                To
the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code. This
Agreement will be administered and interpreted in a manner consistent with this intent. Parent agrees to take all reasonable
steps to ensure that Employee shall not be subject to any penalties with respect to any payments received hereunder. In the
event that any guidance is issued by the Internal Revenue Service, or if a judicial decision is rendered, to the effect that
arrangements similar to this Agreement do not satisfy the requirements of Section 409A, Parent and Employee agree to take
whatever reasonable actions may be necessary at such time in order to ensure that (i) the payments under this Agreement shall
be in compliance with Section 409A and (ii) the Employee shall not be subject to any penalty under Section 409A with respect
to his receipt of such payments.

 

(b)                Notwithstanding
anything contained herein to the contrary, any payments on account of a termination of employment that are subject to Section
409A shall not be made until Employee would be considered to have incurred a “separation from service” from
Parent within the meaning of Section 409A. To the extent required in order to avoid accelerated taxation and/or tax penalties
under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this
Agreement during the six-month period immediately following Employee’s separation from service shall, if Employee is a
 “specified employee” within the meaning of Section 409A at the time of his separation from service, instead be
paid on the first business day after the date that is six months following Employee’s separation from service (or
Employee’s death, if earlier).

 

     

     

    

 

(c)               
For purposes of this Agreement, each amount to be paid or benefit to be provided to Employee pursuant to this Agreement
shall be construed as a separate identified payment for purposes of Section 409A.

 

(d)               
With respect to expenses eligible for reimbursement under the terms of the Agreement, (i) the amount of such expenses eligible
for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year (ii) any
reimbursements of such expenses shall be made no later than the end of the calendar year following the calendar year in which the
related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral
of compensation” within the meaning of Section 409A; provided, however that with respect to any reimbursements for any taxes
to which Employee becomes entitled under the terms of this Agreement, the payment of such reimbursements shall be made by Parent
no later than the end of the calendar year following the calendar year in which Employee remits the related taxes; and (iii) the
right to reimbursement is not subject to liquidation or exchange for any other benefit.

 

(e)               
Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Employee. The Employee
shall be solely responsible for the tax consequences with respect to all amounts payable under this Agreement, and in no event
shall Parent have any responsibility or liability if this Agreement does not meet any applicable requirements of Section 409A.

 

25.              
Release and Forfeiture of Severance Benefits. The right of Employee to receive or to retain Severance Benefits shall
be in consideration for, and subject to, (1) execution of and delivery to Parent of a release of claims substantially in the form
attached as Exhibit C to this Agreement, amended as necessary to comply with applicable law (the “Release”)
and lapse of the period for revocation, if any, of the Release without the Release having been revoked no later than 60 days after
the Termination Date, and (2) Employee’s continued compliance with the covenants hereof. In the event that Employee breaches
any of the covenants, Parent shall have the right to (a) terminate any further provision of Severance Benefits not yet paid or
provided, (b) seek reimbursement from Employee for any and all such Severance Benefits previously paid or provided to Employee,
(c) recover from Employee all shares of stock of Parent the vesting of which, or the option to purchase, was accelerated by reason
of the Severance Benefits (or the proceeds therefrom, reduced by any exercise or purchase price paid to acquire such shares), and
(d) to immediately cancel all equity awards the vesting of which was accelerated by reason of the Severance Benefits. No Severance
Benefits shall be paid until the 60th day following the Termination Date, subject to Section 24(b) hereof.

 

[Signature Page follows; remainder of this page
is blank.]

 

     

     

    

 

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

 

 

		WILLSCOT CORPORATION
	 	 
	 	By:	/s/ Bradley Soultz
	 	 	 
	 	Date:	3/1/2020
	 	 	 
	 	Name:	Bradley Soultz
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Kelly Williams
	 	Kelly Williams

 

     

     

    

 

EXHIBIT
A

 

[Form
of Indemnification Agreement]

 

     

     

    

 

EXHIBIT
B

 

List
of Inventions and Improvements

 

     

     

    

 

EXHIBIT
C

 

[Form
of Release]

 

CONFIDENTIAL SEPARATION AND RELEASE
AGREEMENT

 

This
Confidential Separation and Release Agreement (“Agreement”) is between Kelly Williams (“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.

 

     

     

    

 

2.                  
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.

 

3.                  
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”).

 

4.                  
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.

 

5.                  
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.

 

6.                  
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.

 

7.                  
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.

 

8.                  
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.

 

9.                  
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.

 

10.                 
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.

 

     

     

    

 

11.              
Entire Agreement: This Agreement, along with the Employment Agreement (including any exhibits thereto) and the Proprietary
Rights Agreement which are referred to above, 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.

 

12.              
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.

 

13.
               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:	 
	Kelly Williams	 	Name: 	                          
	Date:	 	 	Title:	 
	 	 	Date:Exhibit 10.3

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”) is entered into by and between WillScot Corporation, a Delaware corporation
(the “Employer”), and Timothy Boswell, 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 Chief Financial 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 to serve the transactions contemplated in
the Merger Agreement (the “Merger”), the Employer will be the surviving company, and the Executive will
continue to serve as Chief Financial Officer of the surviving company on the terms and conditions set forth herein following
the merger; 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. This Agreement shall become effective March 1, 2020
(the “Effective Date”), provided, however, that Section 5(c)(ii) shall only become effective upon the
Merger date.

 

2.                  Term.
The initial term of employment under this Agreement shall commence on the Effective Date and extend for 36 months following
the later of the Effective Date or the Merger date (the “Initial Term”). The term of employment shall be
automatically extended for an additional consecutive 12-month period (the “Extended Term”) on the last day
of the Initial Term and each subsequent anniversary thereof, unless and until the Employer or Executive provides written
notice to the other party in accordance with Section 10 hereof not less than 120 days before such
anniversary date that such party is electing not to extend the term of employment under this Agreement
(“Non-Renewal”), in which case the term of employment hereunder shall end as of the end of such Initial
Term or Extended Term, as the case may be, unless sooner terminated as hereinafter set forth. Such Initial Term and all such
Extended Terms are collectively referred to herein as the “Employment Period.” Anything herein to the
contrary notwithstanding, if on the date of a Change in Control the remaining term of the Employment Period is less
than 12 months, the Employment Period shall be automatically extended to the end of the 12-month period following such
Change in Control.

 

     

     

    

 

3.                
Position and Duties. During the Employment Period, the Executive shall serve as the Chief Financial Officer. In
such capacities, the Executive shall report exclusively and directly to the Chief Executive Officer 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. Prior to the Merger date, the Executive shall be based primarily in Baltimore, Maryland. If
the Merger is not consummated, the Executive shall continue to be based primarily in Baltimore, Maryland. For the first twelve
(12) months following the Merger date, Executive will split his time between the Employer’s office in Baltimore, Maryland,
and Phoenix, Arizona (the “Relocation Period”). Within eighteen (18) months of the Merger date, the Executive
shall relocate to Phoenix, Arizona, and thereafter, will work primarily at the Employer’s executive headquarters 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 during
the Relocation Period.

 

5.                 
Compensation and Benefits.

 

(a)              
Base Salary. During the Employment Period prior to the Merger, the Employer shall pay to the Executive a base salary
(the “Base Salary”) at the rate of no less than $460,000 per calendar year, less applicable deductions, and
prorated for any partial year. During the Employment Period following the Merger, the Employer shall pay to the Executive a Base
Salary at the rate of no less than $525,000 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 each fiscal year prior to the Merger shall equal 71% of the Executive’s Base Salary
at the beginning of such year, and for each fiscal year following the Merger, the Executive’s annual target bonus
opportunity shall equal 75% of the Executive’s Base Salary at the beginning of such year, provided, however, that for
2020, following the Merger, Executive’s annual target bonus shall be based on the initial Base Salary hereunder of
$525,000 (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.

 

    2

     

    

 

(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 prior to the Merger is $713,000
and following the Merger it will be $1,050,000, 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.

 

(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 $1,000,000, 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, 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.

 

    3

     

    

 

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 may result in serious adverse consequences for the Employer and the Employer Affiliates:

 

(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.

 

    4

     

    

 

(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 and substantially similar
to those previously provided by the Executive to the Employer; or (C) own an interest in any entity 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.

 

(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.

 

    5

     

    

 

(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 may be impossible to ascertain, monetary damages may not be an adequate remedy for the Employer and the
Employer Affiliates, and the Employer will be entitled to seek 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.

 

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

 

    6

     

    

 

(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.

 

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
severance 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.

 

    7

     

    

 

(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 Section 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 due to the Executive’s Disability
pursuant to Section 8(a)(ii)(A) or for a reason other than for Cause 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 of 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 18 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”),
(E) (1) any outstanding equity awards granted pursuant to Section 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 pursuant to Section 5(c)(ii) shall immediately vest in full on the Date of Termination (without regard to any time-based
or performance-based vesting conditions); (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. If a termination under
this Section occurs within three (3) years following the Executive’s relocation to Phoenix, Arizona pursuant to Section
4, the Employer shall provide Executive with a relocation package substantially similar to the estimated costs in Exhibit
A.

 

(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 due to the
Executive’s Disability or for a reason other than for Cause 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”).

 

    8

     

    

 

(ii)              
If any such CIC 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 the sum of the Executive’s continued Base Salary at the rate in effect at the time of termination for
24 months following the CIC Termination (the “CIC Severance Period”) 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 during the CIC Severance Period 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). 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.

 

(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 due to the Executive’s Disability or 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.

 

    9

     

    

 

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:

 

Prior to the Merger:

 

WillScot Corporation

901 S. Bond Street #600

Baltimore, MD 21231

Attn: General Counsel & Secretary

 

Following the Merger:

 

WillScot Corporation

4646 E Van Buren St #400

Phoenix, AZ 85008

Attn: General Counsel & Secretary

 

		(ii)	If
to the Executive:

 

Timothy
Boswell

To
the address on file for Timothy Boswell with the Employer

 

With
a copy (which shall not constitute notice) to:

 

Wayne
Outten

Outten
 & Golden LLP

685
Third Avenue, 25th Floor

New
York, NY 10017

wno@outtengolden.com

 

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.

 

    10

     

    

 

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.

 

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.

 

    11

     

    

 

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.

 

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.

 

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.

 

    13

     

    

 

(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”) which shall
provide detailed supporting calculations to the Employer and the Executive as requested by the Employer or the Executive. 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 (“D&O 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.

 

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 storage 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.

 

    14

     

    

 

“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. 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 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;

 

(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’s 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;

 

    15

     

    

 

(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

 

(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.

 

    16

     

    

 

“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.

 

“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 $1,050,000; (iv) a requirement that the Executive report to someone other
than the Employer’s Chief Executive Officer; (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; (viii) if, within
24 months after the Merger, the Executive determines, in his sole discretion, that he wishes to relocate away from Phoenix, Arizona
(notwithstanding the provisions of Section 4 of this Agreement; or (ix) any of 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.

 

    17

     

    

 

“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.

 

[SIGNATURE
PAGE FOLOWS]

 

    18

     

    

 

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/ Bradley Soultz
	 	 	 
	 	Date: 	3/1/2020

 

	 	Name: Bradley Soultz
	 	Title: President and Chief
    Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Timothy Boswell
	 	Timothy Boswell

 

Signature page to Timothy Boswell
Employment Agreement

 

     

     

    

 

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 CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT

 

This
Confidential Separation and Release Agreement (“Agreement”) is between Timothy Boswell (“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, each in their capacity as such, 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, each in their capacity as
such, 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. Notwithstanding anything to the
contrary in this Agreement, this Agreement does not waive any claims or rights: (a) that may arise after the date on which
you sign this Agreement, including the right to enforce this Agreement; (b) that cannot be released as a matter of law,
including your rights to COBRA, workers compensation, and unemployment insurance (the application for which shall not be
contested by the Company); and/or (c) to accrued, vested benefits under any employee benefit, stock, savings, insurance, or
pension plan of the Company.

 

     

     

    

 

2.                
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.

 

3.                 
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”).

 

4.                 
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.

 

5.                 
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 materially breaches any of the material provisions of this Agreement.

 

     

     

    

 

6.                 
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.

 

7.                 
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.

 

8.                 
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.

 

9.                
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.

 

10.               
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.

 

11.               
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.

 

12.               
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.

 

13.                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:	 

	 	Timothy Boswell	 	Name:	 

	 	Date:	 	 	Title:	 
	 	 	 	 	Date:

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