Document:

Exhibit
10.9

Execution
Copy

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

          This
Employment Agreement (this “Agreement”) is entered into as of August 1,
2006 by and among Douglas A. Waugaman (“Executive”), Mobile Storage
Group, Inc., a Delaware corporation (“Company”) and MSG WC Holdings
Corp. (“Holdings”), a Delaware corporation.

          WHEREAS,
the parties hereto are party to that certain Employment Agreement, by and among
Company and Executive, dated as of January 20, 2006 (the “Original Agreement”);

          WHEREAS,
Holdings, MSG WC Acquisition Corp., a Delaware corporation and wholly-owned
subsidiary of Holdings (the “Merger Sub”), Mobile Services Group, Inc.,
a Delaware corporation (“Mobile Services”), and Windward Capital
Management, LLC, a Delaware limited liability company, are parties to that
certain Agreement and Plan of Merger dated as of May 24, 2006 and as amended
June 9, 2006, whereby, among other things, the Merger Sub shall merge with and
into Mobile Services (the “Merger”) with Mobile Services surviving the
Merger;

          WHEREAS,
Company, a wholly-owned subsidiary of Mobile Services, desires Executive to
continue to serve as President and Chief Executive Officer of Company following
the Merger, and Executive desires to continue to serve as President and Chief
Executive Officer of Company following the Merger for the term and upon the
other conditions hereinafter set forth; and

          WHEREAS,
the parties hereto desire to amend and restate the Original Agreement;

          NOW,
THEREFORE, in consideration of the agreements and covenants contained herein,
Executive and Company hereby agree as follows:

ARTICLE 1 

Employment

          Section
1.1 Position; Term; Condition Precedent, Responsibilities. Company and
Holdings shall employ Executive as its President and Chief Executive Officer
for a term commencing on August 1, 2006 (the “Commencement Date”) and
ending on the date that the term of employment is terminated pursuant to
Article 3 (the “Termination Date”). The term of employment as prescribed
in this Section 1.1 is hereinafter called the “Employment Period”.
Subject to the powers, authorities and responsibilities vested in the Board of
Directors of Company (the “Board”) and in duly constituted committees of
the Board under the Delaware General Corporation Law and Company’s Certificate
of Incorporation and Bylaws, Executive shall have the responsibilities assigned
to him by the Board, including the execution of the business plans. Executive
shall report directly to the Board. Executive shall also perform such
other executive and administrative duties as Executive may reasonably be
expected to be capable of performing on behalf of Company and its subsidiaries,
as may from time to time be authorized or requested by the Board. Executive
agrees to be employed by Company in all such capacities for the Employment
Period, subject to all the covenants and conditions hereinafter set forth.

          Section 1.2 Faithful Performance. During the
Employment Period, Executive shall perform faithfully the duties assigned to
him hereunder to the best of his abilities and devote

substantially all of his
business time and attention to the transaction of the business of Company and
its subsidiaries and not engage in any other business activities except with
the approval of the Board. Executive covenants, warrants and represents to
Company that he shall: (i) devote his best efforts to the fulfillment of his
employment obligations; (ii) exercise the highest degree of loyalty and the
highest ethical standards of conduct in the performance of his duties; and
(iii) do nothing which Executive knows or should know will harm, in any way,
the business or reputation of Company or any of its subsidiaries.

          Section
1.3 Board Participation. During the Employment Period, Executive shall
serve as a member of the Board of Directors of both Holdings and Company
(collectively, the “Boards”). Upon the termination or expiration of the
Employment Period, Executive shall immediately resign as a member of the
Boards.

ARTICLE 2

Compensation

          Section
2.1 Basic Compensation. As compensation for his services hereunder,
Company shall pay to Executive during the Employment Period an annual salary of
$350,000 (the “Base Salary”), payable in installments in accordance with
Company’s normal payment schedule for senior management of Company, subject to
payroll deductions as may be necessary or customary in respect of Company’s
salaried employees and five percent of which, as contemplated by the Original
Agreement, is paid in consideration for Executive having signed and being bound
by the Employee Proprietary Information and Inventions Agreement. Executive’s
annual salary in effect from time to time under this Section 2.1 is
hereinafter called his “Basic Compensation”. Such Basic Compensation
shall be determined on a pro rata basis
for any period described in Article 3 that is not equal to 12 months.

          Section
2.2 Discretionary Incentive Compensation. Beginning with the 2007 fiscal
year, an additional discretionary bonus of up to 100% of Base Salary may be
paid to Executive upon the achievement of certain targeted financial results
and operational and strategic objectives as determined by the compensation
committee of the Board (the “Compensation Committee”) as part of each
annual budget. Such targets and objectives shall be established in Company’s
annual budget process, and any discretionary bonus payable hereunder shall be
payable within 30 days after finalization of Company’s audited financial
statements for the fiscal year with respect to which such targets or objectives
relate, subject to final Compensation Committee approval. The Discretionary
Bonus shall be determined on a pro rata basis
for any period described in Article 3 that is not equal to twelve
months. For the 2006 fiscal year, an additional discretionary bonus (the “FY2006
Bonus”) of up to 50% of Base Salary may be paid to Executive by Company in
accordance with the terms of Company’s 2006 executive bonus plan, a copy of
which is attached hereto as Exhibit A. The FY 2006 Bonus, if any, shall be
payable within 30 days after finalization of Company’s audited financial
statements for the 2006 fiscal year, subject to final Compensation Committee
approval. 

          Section
2.3 Other Employee Benefits. Executive shall be entitled as of the
Commencement Date to participate in all employee benefit plans, including group
health care and disability plans of Company, to take up to four weeks of paid
time off for vacation and to receive all such fringe benefits (including 401(k)
savings plan) as are from time to time made

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generally available to the
senior management of Company. Company shall pay all costs of the participation
of Executive and the immediate family of Executive in the group health care
plan and dental plan of Company, except for payment of co-payments and
deductibles, which shall be paid by Executive. During the Employment Period
Company shall reimburse Executive for the cost of (i) annual premiums for life
insurance policies not to exceed $5,000 per annum, (ii) the cost of disability
insurance policy premiums not to exceed $10,000 per annum and (iii)
professional dues and association fees not to exceed $2,000 per annum. Company
shall pay Executive a car allowance of $450 per month.

          Section
2.4 Expense Reimbursements. Company shall reimburse Executive for all
proper expenses reasonably incurred by him in the performance of his duties
hereunder in accordance with the policies and procedures established by the
Board, including, without limitation, reasonable travel and lodging expenses
incurred by Executive during the Employment Period in connection with commuting
between his residence in Arizona and the executive offices of Company. Company
shall reimburse Executive for the following expenses, plus a gross up factor
for all taxes incurred by Executive, during the Employment Period if Executive
is required by Company to relocate from his primary residence in Arizona (“Relocation
Expenses”): (i) commissions and closing costs incurred as a result of the
sale of the primary residence of Executive, (ii) packing and moving costs
incurred in connection with moving Executive and his immediate family, (iii) up
to 30 days of temporary housing for Executive and his immediate family and (iv)
fees and expenses incurred to finance the purchase of a new primary residence.

ARTICLE 3

Termination of Employment

          Section
3.1 Events of Termination.

                    (a)
Termination for Cause, Breach of Article 4 or Voluntary Termination. In
the event during the Employment Period there should occur any of the following:
(i) “Cause” (as hereinafter defined) of Executive, (ii) the breach by
Executive of Article 4 (as determined by the Board) or (iii) Executive chooses
to terminate his employment with Company, the Board or Executive, as
applicable, may elect to terminate Executive’s employment by written notice to
the other party.

                    In
the event the Board or Executive exercises its election to terminate
Executive’s employment with Company pursuant to this Section 3.1(a),
the Employment Period shall terminate effective with such notice, and Executive
shall be entitled to receive: (1) any accrued but unpaid amounts under Section
2.1 (“Accrued Salary”), (2) a pro rata portion, based on the number
of days worked in the year in which Executive’s employment is terminated, of
the discretionary bonus, as contemplated by Section 2.2 (the “Discretionary
Bonus”), for the year in which Executive’s employment is terminated based
upon Company’s actual performance relative to the specified performance
objectives established by the Compensation Committee for the fiscal year during
which the termination of Executive’s employment occurs, such determination as
to whether the specified performance objectives have been satisfied will be (x)
made by the Board (excluding Executive if Executive is a member of the Board as
of the Termination Date),

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(y) based upon Executive’s
achievement of the specified performance objectives for the relevant fiscal
year and (z) to the extent appropriate, based upon Company’s audited financial
statements for the relevant fiscal year (the “Prorated Annual Bonus”)
and (3) any incurred but unreimbursed expenses under Section 2.4, in
each case through the Termination Date less standard withholdings for tax and
social security purposes (and except as otherwise provided). To the extent any
Prorated Annual Bonus is payable under this Agreement, such amount will be paid
at the same time as the Discretionary Bonus would have been paid had Executive’s
employment not been terminated. Amounts due and payable to Executive under this
Agreement following Executive’s termination of the nature described in clauses
(1) - (3) above shall be paid in accordance with Company’s payroll procedures
for senior management as if Executive’s employment had continued for such
period.

                    (b)
Termination for Disability, Without Cause, or for Good Reason. In the
event during the Employment Period there should occur either: (i) a “Disability”
(as hereinafter defined) of Executive or (ii) Good Reason, or the Board shall
determine to terminate Executive without Cause, the Board or the Executive, as
applicable, may elect to terminate Executive’s employment by written notice to
the other party.

                    In
the event the Board or Executive exercises its election to terminate
Executive’s employment with Company pursuant to this Section 3.1(b), the
Employment Period shall terminate effective with such notice, and Executive
shall be entitled to: (1) receive any Accrued Salary, (2) receive the Prorated
Annual Bonus, if any, (3) receive any incurred but unreimbursed expenses under Section
2.4, (4) receive payments equal to the Basic Compensation, as determined
pursuant to Section 2.1, payable in monthly installments for a period of
18 months after the Termination Date (“Continuing salary”), (5)
participate in Company paid or reimbursed insurance benefits described in Section
2.3 for a period of 18 months ending on the 18 month anniversary of the
Termination Date, including but not limited to, life insurance, disability
insurance and such benefits as may be required to be provided by Company under
the Comprehensive Omnibus Budget Reconciliation Act (“COBRA”); provided, however, that
Executive’s right to participate in
insurance benefits shall terminate in the event Executive obtains new
employment and has the ability to obtain comparable insurance benefits through
such new employment (“Continuing Benefits”) and (6) participate at
Executive’s expense in such benefits as may be required to be provided by
Company under COBRA for a period of 18 months commencing on the 18 month
anniversary of the Termination Date and ending 36 months after the Termination
Date (“COBRA Benefits”). Amounts due and payable to Executive under this
Agreement following Executive’s termination of the nature described in clauses
(3) and (4) above are paid in partial consideration for Executive’s compliance
with the covenants set forth in Section 4.1.

                    (c)
Termination for Death. In the event of the death of Executive during the
Employment Period, this Agreement shall be deemed immediately terminated and
his Designated Successors shall be entitled to: (1) receive any Accrued
Salary, (2) receive the Prorated Annual Bonus, if any, (3) receive any incurred
but unreimbursed expenses under Section 2.4, (4) receive Continuing
Salary, (5) receive Continuing Benefits; provided, that only those family members of
Executive who were participating in any of the insurance benefits described in Section.2.3 on the Termination Date shall continue to participate in such insurance
benefits (the “Eligible Family Members”), and (6) participate at the
Eligible Family Members’ expense in COBRA Benefits.  

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          Section
3.2 Definitions of Certain Terms.

                    (a)
“Cause” used in connection with the termination of employment of
Executive shall mean a termination due to a finding by the Board in good faith
that such Executive has (i) committed a felony or a crime involving moral
turpitude, (ii) committed any other material act or omission involving
dishonesty of fraud (A) with respect to Company or its subsidiaries or (B)
materially adversely affecting the reputation or standing of Company or its
subsidiaries, (iii) engaged in material acts constituting gross negligence or
willful misconduct with respect to Company or its subsidiaries or (iv)
materially or repeatedly breached a material Company policy established by the
Board that is generally applicable to all employees of Company. Executive shall
be given written notice that Company intends to terminate employment for Cause
after which he shall have (x) 30 days to cure, if curable, the acts or
omissions that serve as the basis for termination of employment and (y) the
right to appear before the Board (with counsel if he so chooses) within such 30
day period in order to appeal the Board’s determination that Executive shall be
terminated for Cause.

                    (b)
“Designated Successors” shall mean such person or persons or the executors,
administrators or other legal representatives of such person or persons (and in
such order of priority) as Executive may have designated in a written
instrument filed with the Secretary of Company.

                    (c)
“Disability” shall mean (i) the inability of Executive to substantially
render to Company the services required by Company under this Agreement for
more than 90 days out of any consecutive 150-day period because of mental or
physical illness or incapacity, as determined by a physician, mutually agreed
upon by Executive (or Executive’s legal guardian or custodian, if applicable)
and Company (a “Physician”), (ii) Executive being “totally disabled” or
“permanently disabled” (or has a comparable condition, if applicable) as such
terms are defined in Company’s long term disability insurance policy in effect
at the time of such determination or (iii) Executive’s development of any
illness that is likely to result in either death or a condition described in
clause (ii) above, as determined by a Physician. The date of such Disability
shall be on the last day of such 90-day period.

                    (d)
“Good Reason” used in connection with the termination of employment by
Executive shall mean a termination within 45 days following the date of, as
applicable, (A) any of the following events or (B) the end of any cure period
referenced below with respect to any of the following events:

                              (i)
the assignment to Executive of any material duties that are materially inconsistent
with Executive’s title and position, authority, duties or responsibilities as
contemplated by Section 1.1 of this Agreement, or any other action by Company
which directly results in a material diminution in such position, authority,
duties or responsibilities, excluding for this purpose any isolated,
insubstantial and inadvertent action not taken in bad faith and where such
diminution, if curable, is not cured within 30 days after written notice
thereof is provided by Executive;

                              (ii)
a reduction in Executive’s Basic Compensation (provided, that an “across
the board” reduction in Basic Compensation and/or bonus opportunities affecting
all

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senior executive employees of Company on a
substantially similar basis shall not constitute “Good Reason”) or opportunity
to receive the Discretionary Bonus, which reduction is not related to any
failure by Executive to satisfy certain targeted financial results and
operational and strategic objectives as established by the Board and where such failure, if curable, is not
cured within 30 days after written notice thereof is provided by Executive; or

                              (iii)
a material breach by Company of its obligations under this Agreement and where
such breach, if curable, is not cured within 30 days after written notice
thereof is provided by Executive.

          Section
3.3 409A Considerations. Executive and Company agree to use commercially
reasonable efforts to cooperate, including by restructuring the timing of
payments under this Agreement, to avoid the imposition of any additional tax,
penalty or interest charge under Section 409A in respect of payments to
Executive under this Agreement.

ARTICLE 4

Non-Competition; Confidential Information

          Section
4.1 Non-Competition.

                    (a)
From the date hereof until the date that is 18 months after the Termination
Date (the “Non-Competition Period”), Executive:

                              (i)
shall not engage, directly or indirectly, in any activities whether as
employer, proprietor, partner, shareholder (other than the holder of less than
5% of the stock of a corporation, the securities of which are traded on a
national securities exchange or in the over-the-counter market), director,
officer, employee or otherwise, with any entity or person engaged, in
competition with Company Business (as defined below) within the United States,
the United Kingdom, Canada and any other country in which Company operates;

                              (ii)
shall not solicit, directly or indirectly, any person who is a customer or
supplier of Company, any of its affiliates or Holdings, MSG WC Acquisition
Corp., Welsh, Carson, Anderson & Stowe X, L.P. (“WCAS X”) or WCAS
Capital Partners IV, L.P. (together with WCAS X, “WCAS”) for the purpose
of acquiring, marketing, leasing, renting or selling mobile or fixed storage
containers, storage trailers, cartage trailers or modular offices (the “Company
Business”); and

                              (iii)
shall not induce or actively attempt to persuade any employee of Company, any
of its affiliates or WCAS to terminate his employment relationship in order to
enter into any competitive employment.

                    (b)
Except as required by law, Executive shall not, at any time during the
Employment Period, the Non-Competition Period or thereafter, make use of any
confidential information of Company, WCAS or any of their respective
affiliates, nor divulge any trade secrets or proprietary or confidential
information of Company, WCAS or any of their respective affiliates (including,
without limitation, information relating to customers, suppliers, contracts,
business plans and developments, discoveries, processes, products, systems,
know-how, books and records), except to the extent that such information
becomes a matter of public record (other

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than as a result of disclosure by Executive), is
published in a newspaper, magazine or other periodical available to the general
public or as WCAS may so authorize in writing; provided, however, during the Employment Period
Executive shall be permitted to make use of confidential information in the
execution of his duties under this Agreement. When Executive shall cease to be
employed by Company, Executive shall surrender to Company or WCAS all records
and other documents obtained by him or entrusted to him during the course of
his employment hereunder (together with all copies thereof) which pertain to
the business of Company or WCAS or which were paid for by Company other than
Executive’s counterparts of this Agreement and employment-related documents
referred to herein.

                    (c)
The covenants contained in clauses (i), (ii) and (iii) of Section 4.l(a)
shall apply within all territories in which Company is actively engaged in the
conduct of business during the Non-Competition Period.

                    (d)
It is the desire and intent of the parties that the provisions of Sections
4.1(a) and 4.1(b) shall be enforced to the fullest extent
permissible under the law and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, if any particular provision of Sections
4.1(a) or 4.1(b) shall be adjudicated to be invalid or
unenforceable, such provision shall be deemed amended to delete therefrom the
portion thus adjudicated to be invalid or unenforceable, such deletion to apply
only with respect to the operation of such provision in the particular
jurisdiction in which such adjudication is made. In addition, should any court
determine that the provisions of Sections 4.1(a) or 4.1(b) shall
be unenforceable with respect to scope, duration or geographic area, such court
shall be empowered to substitute, to the extent enforceable, provisions similar
hereto or other provisions so as to provide to Company and WCAS, to the fullest
extent permitted by applicable law, the benefits intended by Sections 4.1(a) and 4.1(b).

                    (e)
The covenants contained in Section 4.1(b) shall survive the conclusion
of Executive’s employment by Company and/or his service as an officer of
Company.

                    (f)
If, at any time, Executive sells or transfers any securities of Company to
Company or to any then-current shareholder of Company (a “Repurchase”),
such Repurchase shall serve as additional consideration for Executive’s
compliance with the restrictions during the Non-Competition Period provided for
under this Section 4.1;

                    (g)
In the event Executive violates any provision of this Agreement, the running of
the time period of such provisions so violated shall be automatically suspended
upon the date of such violation and shall resume on the date such violation
ceases and all appeals, if any, are resolved.

                    (h)
Executive acknowledges and agrees that the covenants, obligations and agreements of Executive contained herein
relate to special, unique and extraordinary matters and that a violation
of any of the terms of such covenants, obligations or agreements shall cause
Company and its successors irreparable injury for which adequate remedies are
not available at law. In the event of a breach or threatened breach by
Executive of any provision of this Section 4.1, Company and its
successors, without proving actual damages shall be entitled to seek an
injunction (without the requirement to post bond) restraining Executive from
(a) soliciting or

7

interfering with employees, consultants, independent
contractors, customers or suppliers of Company, its affiliates or their
respective successors, (b) disclosing, in whole or in part, the private, secret
and confidential information described herein, or from rendering any services
to any person, firm, corporation, association or other entity to whom such
information has been disclosed, or is threatened to be disclosed, (c) engaging,
participating or otherwise being connected with any arrangement in competition
with Company’s business of leasing and selling storage containers, storage
trailers, cartage trailers and mobile offices or (d) otherwise violating the
provisions of this Section 4.1. Nothing herein contained shall be
construed as prohibiting Company or its successors from pursuing any other
remedies available to it or them for such breach or threatened breach,
including without limitation the recovery of damages from Executive.

                    (i)
Executive acknowledges and agrees that (i) he has and will have a prominent
role in the management, and the development of the goodwill, of Company and its
affiliates and has and will establish and develop relations and contacts with
the principal customers and suppliers of Company and its affiliates in the
United States and the rest of the world, if any, all of which constitute
valuable goodwill of, and could be used by Executive to compete unfairly with,
Company and its affiliates, (ii) Executive has obtained confidential and
proprietary information and trade secrets concerning the business and
operations of Company and its affiliates in the United States and the rest of
the world that could be used to compete unfairly with Company and its
affiliates, (iii) the covenants and restrictions contained herein are intended
to protect the legitimate interests of Company and its affiliates in their
respective goodwill, trade secrets and other confidential and proprietary
information and (iv) Executive desires to be bound by such covenants and
restrictions.

                    (j)
Executive represents that his economic means and circumstances are such that
the provisions of this Agreement, including the restrictive covenants herein,
will not prevent him from providing for himself and his family on a basis
satisfactory to him and them.

                    (k)
If Executive raises any question as to the enforceability of any part or terms
of this Agreement, including, without limitation, the restrictive covenants
contained herein, Executive agrees that he will comply fully with this
Agreement unless and until the entry of an award to the contrary.

ARTICLE 5

Miscellaneous

          Section
5.l Notices. Any notice or request required or permitted to be given
hereunder shall be sufficient if in Writing and delivered personally or sent by
registered or certified mail, return receipt requested, as follows: if to
Executive, to his address as set forth in the records of Company, and if to
Company, to Company’s address hereinabove set forth, or to any other address
designated by either party by notice similarly given. Such notice shall be
deemed to have been given upon the personal delivery or such mailing thereof,
as the case may be.

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          Section
5.2 Survival. Sections 3.1 and 4.1 and Article 5 of this
Agreement shall survive and continue in full force in accordance with their
respective terms notwithstanding the expiration or termination of the
Employment Period.

          Section
5.3 Authority; No Conflict. Executive represents and warrants to Company
that he has full right and authority to execute and deliver this Agreement and
to comply with the terms and provisions hereof and that the execution and
delivery of this Agreement and compliance with the terms and provisions hereof
by Executive will not conflict with or result in a breach of the terms,
conditions or provisions of any agreement, restriction or obligation by which
Executive is bound.

          Section
5.4 Assignment and Succession. The rights and obligations of Company
under this Agreement shall inure to the benefit of and be binding upon its
respective successors and assigns, and Executive’s rights and obligations
hereunder shall inure to the benefit of and be binding upon his Designated
Successors. Executive may not assign any obligations or responsibilities he has
under this Agreement.

          Section
5.5 Headings. The Article, Section, paragraph and subparagraph headings
are for convenience of reference only and shall not define or limit the
provisions hereof.

          Section
5.6 Tax Withholding. Company may withhold from any amounts payable under
this Agreement all Federal, state, city or other taxes as may be required
pursuant to any law, regulation or ruling.

          Section
5.7 Applicable Law. This Agreement shall at all times be governed by and
construed, interpreted and enforced in accordance with the internal laws (as
opposed to conflict or choice of laws provisions) of the State of Delaware.
Each party hereto irrevocably submits to the exclusive jurisdiction of any
state or Federal court located within the State of Arizona for the purposes of
any suit, action or other proceeding arising out of this Agreement or any
transaction contemplated hereby, and agrees to commence any such action, suit
or proceeding only in such courts. Each party further agrees that service of
any process, summons, notice or document by U.S. registered mail to such
party’s respective address set forth herein shall be effective service of
process for any such action, suit or proceeding. Each party irrevocably and
unconditionally waives any objection to the laying of venue of any action, suit
or proceeding arising out of this Agreement or the transactions contemplated
hereby in such courts, and hereby irrevocably and unconditionally waives and
agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

          Section
5.8 Waiver. No waiver of any right or remedy of either party hereto
under this Agreement shall be effective unless in writing, specifying such
waiver, executed by such party. A waiver by either party hereto of any of its
rights or remedies under this Agreement on any occasion shall not be a bar to the exercise
of same right or remedy on any subsequent occasion or of any other right or remedy at any time.

          Section
5.9 Amendment or Modification. This Agreement may be amended, altered,
or modified only by writing, specifying such amendment, alteration or
modification, executed by all of the parties.

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          Section
5.10 Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which shall constitute the
same instrument.

          Section
5.11 Entire Agreement. This Agreement constitutes the entire Agreement
between the parties regarding the subject matter hereof, and supersedes all
prior or contemporaneous negotiations, understandings or agreements of the
parties, whether written or oral, with respect to such subject matter.

          Section
5.12 Section 280G. Holdings represents and warrants that persons holding
more than 75% of the voting power of Holdings have, prior to the Commencement
Date, approved the payments and benefits payable to Executive under this
Agreement and the award agreement (the “Option Agreement”) entered by
and between Executive and Holdings pursuant to the MSG WC Holdings 2006 Stock
Option Plan in accordance with the requirements under Section 280G(b)(5)(B) of
the Code. Anything in this Agreement to the contrary notwithstanding except the
following sentence, in the event it shall be determined that any payment or
distribution in the nature of compensation (within the meaning of Section
280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or
payable pursuant to this Agreement (including, without limitation, the
accelerated vesting of equity awards held by Executive) or otherwise, would be
subject to the excise tax imposed by Section 4999 of the Code (the “280G
Payments”), then Executive shall be entitled to receive an additional payment
(the “Gross-Up Payment”) in an amount such that, after payment by Executive of
all taxes (and any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and excise tax imposed upon the Gross-Up Payment,
Executive retains an amount of the Gross-Up Payment equal to the excise tax
imposed upon the 280G Payments. If (x) WCAS together with its affiliates
controls in excess of fifty percent (50%) of the voting power of Holdings, (y)
persons holding at least 75% of the voting power of Holdings request Executive
to waive his rights to any payments that would give rise to the imposition of
the excise tax under Section 4999 of the Code in order to subject them to the
shareholder vote required by Section 280G and applicable Treasury Regulations
thereunder, and (z) Executive refuses to waive his entitlement as requested, then
Executive shall be entitled to an amount equal to one-half of the Gross-Up
Payment.

          Section
5.13 Stock Appraisal Rights. If upon termination of Executive’s
employment, Holdings or a designee thereof exercises its option to repurchase
all or any part of Executive’s shares of capital stock in Company (the “Common
Stock”) held or owned by Executive or Executive’s Permitted Transferees (as
defined in the Stockholders Agreement, dated August 1, 2006, between the
Company and certain stockholders signatory thereto (as amended, restate or
supplemented from time to time)), Holdings shall repurchase such Common Stock
at the Fair Market Value. For purposes of this Section 5.13, “Fair
Market Value” of a share of Common Stock means, as of the date in which Fair
Market Value is to be determined, the average of the officially-quoted closing
selling prices of the Common Stock (or if no selling prices are quoted, the bid
price) on the principal securities exchange or market on which the Common Stock
is then listed for trading (the “Market”) for the 30 trading days
immediately prior to the date in question or, if the Common Stock is not then
listed ox quoted in the Market, the Fair Market Value shall be the fair value
of the Common Stock determined in good faith by the Board of Directors of
Holdings (the “Holdings Board”) using any reasonable method; provided, however, that when shares
received upon exercise of an option are immediately sold in the open market,
the net sale

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price received may be used to determine the Fair
Market Value of any shares used
to pay the exercise price or applicable withholding taxes and to compute the
withholding taxes; further provided, however,
that the Holdings Board shall:

          (A)
give due consideration to such factors as it deems appropriate, including, but
not limited to, the earnings and other financial and operating information of
Company in recent periods, the potential value of Company as a whole, the
future prospects of Company and the industries in which it competes, the
history and management of Company, the fair market value of securities of
companies engaged in businesses similar to those of Company, and any recent
valuation of the Common Stock that shall have been performed by an independent
valuation firm;

          (B)
not give effect to any restrictions on transfer or lack of marketability,
reduce the value for any control premium that might otherwise be available, or
take into account the fact that stock options or shares of Common Stock would represent
a minority interest;

          (C)
value the Senior Unsecured Notes and Mezzanine Notes (both such terms as
defined in the Credit Agreement, dated as of August 1, 2006, by and among
certain financial institutions, Mobile Storage, Mobile Services and Holdings)
based solely on the liquidation preference, accrued and unpaid dividends as of
the date of determination.

          If
Executive or any Permitted Transferee disagrees with the determination of the
Fair Market Value by the Board of Directors, Executive or such Permitted
Transferee, as applicable, must notify the Board of Directors within 30 days of
the receipt of notice of such value, and the parties shall attempt to agree on
Fair Market Value for a period of 30 days. If the parties are unable to reach
an agreement, each of them shall within ten (10) days nominate an independent
appraiser skilled in valuing securities similar to the Common Stock, and the
two (2) appraisers so nominated shall appoint a third appraiser within ten (10)
days. The third appraiser shall determine the Fair Market Value, and such
determination shall he conclusive and binding on all parties. Each party shall
bear the costs for the independent appraiser that it appoints. If the Fair
Market Value as determined by the third appraiser is equal to one hundred and
ten percent (110%) (the “110% Threshold”) or greater of the Fair Market
Value as determined by the Holdings Board, then Holdings shall bear the costs
for the third appraiser, and if the Fair Market Value as determined by the
third appraiser is less than the 110% Threshold, then Executive shall bear the
costs for the third appraiser.

11

          IN
WITNESS WHEREOF, Company has caused this Agreement to be signed by its
respective duly authorized officer and Executive has signed this Agreement as
of the day and year first above written.

	
 

	
 

	
 

	
 

	
EXECUTIVE

	
 

	
 

	

	
 

	

	
 

	
Douglas A. Waugaman

	
 

	
 

	
 

	
 

	
COMPANY

	
 

	
 

	
MOBILE STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
 

	
Name: Christopher A. Wilson
  

	
 

	
 

	
Title: Assistant Secretary

	
 

	
 

	
 

Signature Page to Waugaman Employment Agreement

          IN
WITNESS WHEREOF, Company has caused this Agreement to be signed by its
respective duly authorized officer and Executive has signed this Agreement as
of the day and year first above written.

	
 

	
 

	
 

	
 

	
EXECUTIVE

	
 

	
 

	

	
 

	

	
 

	
Douglas A. Waugaman

	
 

	
 

	
 

	
 

	
COMPANY

	
 

	
 

	
 

	
 

	
MOBILE STORAGE GROUP, INC.

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Christopher A.
  Wilson 

	
 

	
 

	
Title: Assistant Secretary

Signature Page to Waugaman Employment Agreement

          IN
WITNESS WHEREOF, Company has caused this Agreement to be signed by its
respective duly authorized officer and Executive has signed this Agreement as
of the day and year first above written.

	
 

	
 

	
 

	
 

	
EXECUTIVE 

	
 

	
 

	

	
 

	

	
 

	
Douglas A. Waugaman

	
 

	
 

	
 

	
 

	
COMPANY

	
 

	
 

	
MOBILE STORAGE GROUP, INC.

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
 

	
Name: Christopher A. Wilson

	
 

	
 

	
Title: Assistant Secretary

Signature Page to Waugaman Employment AgreementExhibit 10.10 

EMPLOYMENT AGREEMENT 

          This
Employment Agreement (this “Agreement”) is entered into as of October 4, 2005 by
and between Allan A. Villegas (“Executive”) and Mobile Storage Group, Inc., a Delaware corporation
(“Company”).  

          WHEREAS,
Company and Executive desire that Executive serve as the Chief Financial Officer of Company for the term and upon the other
conditions hereinafter set forth. 

          NOW,
THEREFORE, in consideration of the agreements and covenants contained herein,
Executive and Company hereby agree as follows: 

ARTICLE 1

Employment

          Section
1.1. Position; Term; Condition Precedent; Responsibilities. Company
shall employ Executive as its Chief Financial Officer based in Burbank,
California for a term commencing on the date Executive commences work for
Company which shall be no later than November 7, 2005 (the “Commencement
Date”) and ending on the date this Agreement is terminated pursuant to
Article 3. The
term of employment as prescribed in this Section 1.1 is hereinafter called the
“Employment Period”. Subject to the powers, authorities and
responsibilities vested in the Board of
Directors (“Board”) of Company and in duly constituted committees
of Board under the Delaware General Corporations Law and Company’s Certificate
of Incorporation and Bylaws, Executive shall have the responsibilities assigned
to him by the President and Chief Executive Officer of
Company, including the execution of the business plans, and shall report to the
President and Chief Executive Officer of Company. Executive shall also perform
such other executive and administrative duties as the Executive may reasonably
be expected to be capable of performing on behalf of Company and its
subsidiaries, as may from time to time be authorized or requested by the
President and Chief Executive Officer. Executive agrees to be employed by
Company in all such capacities for the Employment Period, subject to all the
covenants and conditions hereinafter set forth.  

          Section
1.2. Faithful Performance. During the Employment Period, Executive shall
perform faithfully the duties assigned to him hereunder to the best of his
abilities and devote substantially all of his business time and attention to
the transaction of the business of Company and its subsidiaries and not engage in any other business
activities except with the approval of the Board. Executive covenants, warrants
and represents to Company that he shall: (i) devote his best efforts to the
fulfillment of his employment obligations; (ii) exercise the highest degree of
loyalty and the highest ethical standards of conduct in the performance of his
duties; and (iii) do nothing which Executive knows or should know will harm, in
any way, the business or reputation of Company or any of its subsidiaries. 

ARTICLE 2

Compensation

          Section
2.1. Basic Compensation. As compensation for his services hereunder,
Company shall pay to Executive during the Employment Period an annual salary of
$200,000 (the “Base Salary”), payable in installments in accordance with
Company’s normal payment schedule for senior management of Company and subject
to payroll deductions as may be necessary or customary in respect of Company’s
salaried employees. Executive’s annual salary in effect from time to time under
this Section 2.1 is
hereinafter called his “Basic Compensation”. Such Basic Compensation
shall be determined on a pro rata basis for any period described in
Article 3 which is not equal to
one year.  

          Section
2.2. Discretionary Incentive Compensation; Commencement Bonus. For 2005 Executive shall participate in
the Company Executive Bonus Plan under
which Executive shall be eligible for a bonus equal to up to 50% of Base
Salary pro-rated based on the number of days in the Employment Period during
2005 and based upon the achievement of certain targeted financial results and
operational and strategic objectives as determined by the Compensation
Committee as part of the 2005 annual budget. Such targets and objectives shall
be established in Company’s
annual budget process, and any discretionary bonus payable hereunder shall be
payable within 30 days after finalization of Company’s audited financial
statements for the immediately preceding fiscal year, subject to final Board
approval. Any discretionary bonus paid to Executive hereunder shall be referred
to herein as a “Discretionary Bonus.” The Company shall pay Executive a
bonus of $7,000 upon the completion by Executive of the first day of work
during the Employment Period.  

          Section
2.3. Stock Options; Stockholders Agreement. Executive shall be eligible
to receive options to acquire shares of common stock pursuant to the Mobile
Services Group 2005 Stock Incentive Plan (the “Plan”), based upon and
subject to the discretion of Board. Subject to the fiduciary duties of
Company’s Board under applicable law as advised by counsel, Board (or its
Executive or Compensation Committee, if any) shall adopt a stock option
agreement setting forth the terms of any options granted and the grant shall be
subject to the execution by Executive and Company of such agreement. Executive shall
execute and agree to abide by the terms of the Company’s Stockholders
Agreement. 

          Section
2.4. Other Employee Benefits. The Executive shall be entitled to
participate in all employee benefit plans, including group health care plans,
disability plans and life insurance plans of Company, to take up to three weeks
of time off for vacation in addition to the standard number of days for illness
and personal reasons under Company policy and to receive all such fringe
benefits (including 401(k) savings plan) as are from time to time made
generally available to the senior management of Company. During the Employment
Period, Company shall reimburse Executive up to $450 per month for the costs incurred
to lease, insure, maintain and purchase fuel for a vehicle for use by
Executive. Company shall pay all costs of the participation of Executive and
the immediately family of Executive in the group health care plan and dental
plan of Company, except for payment of co-payments and deductibles which shall
be paid by Executive. Until the earlier of (i) 90 days after the date of this
Agreement or (ii) the
date that Executive and the immediate family of Executive first become eligible
for participation in the

2

health benefit
plan of Company, Company shall pay the cost of such benefits as may be required
to be provided to Executive and the immediate family of Executive by American
Reprographics Company under the Comprehensive Omnibus Budget Reconciliation
Act. 

          Section
2.5. Expense Reimbursements. Company shall reimburse Executive for all
proper expenses reasonably incurred by him in the performance of his duties
hereunder in accordance with the policies and procedures established by Board. 

ARTICLE 3

Termination of Employment

          Section
3.1. Events of Termination. 

          (a)
In the event during the Employment Period there should occur any of the
following (as determined by the Board): (i) the “Disability” (as
hereinafter defined) of the Executive, (ii) “Cause” (as hereinafter
defined) of the Executive or (iii) the breach by Executive of the terms of Article
4 of this Agreement, Board may elect to terminate the rights and
obligations of the parties hereunder by written notice to Executive, except as
otherwise provided in this Section 3.1. In the event Board exercises its
election to terminate Executive pursuant to this Section 3.1, the
Employment Period shall terminate effective with such notice, and Executive
shall be entitled to receive any accrued but unpaid amounts under Section
2.1 and any incurred but unreimbursed expenses under Section 2.5, in
each case through the effective date of such termination, less standard
withholdings for tax and social security purposes. Except as set forth in Section
3.1(b) and as otherwise required under any applicable benefit plan or
statute, the Executive shall not be entitled to receive any other amount under
this Agreement. 

          (b)
In the case of (i) termination of this Agreement pursuant to Section 3.l(a)(i), (ii) termination
of this Agreement without Cause or (iii)
termination pursuant to Section 3.3 for “Good Reason”, the
Executive shall be entitled to: (A) participate in the insurance benefits
described in Section 2.4 for a period
of twelve months from the date of the termination
of this Agreement (the “Termination Date”); provided, however, that
Executive’s right to participate in insurance benefits shall terminate in the
event Executive obtains new employment and has the ability to obtain comparable
insurance benefits through such new employment and (B) receive compensation
equal to the Basic Compensation, as determined pursuant to Section 2.1,
for a period of twelve months
after the Termination Date. In each case such amounts shall be payable in
accordance with Company’s payroll procedures for senior management and as if
Executive’s employment had continued for such period. 

          Section
3.2. Death.
In the event of the death of Executive during the Employment Period, this
Agreement shall be deemed immediately terminated and his Designated Successors
shall be entitled to: (A) receive any accrued and unpaid compensation under Section
2.1, (B) receive reimbursement for any unreimbursed expenses under Section
2.5, and (C) receive the Discretionary Bonus, if any, as determined
pursuant to Section 2.2, provided that the amount of such Discretionary
Bonus shall be prorated to the date of termination, in each case less standard
withholdings for tax and social
security purposes. In each case, such amounts shall be payable in accordance
with Company’s payroll procedures for senior management and as if Executive’s

3

employment had
continued for such period. In addition, family members of Executive who were
participating in any of the insurance benefits described in Section 2.4 on the
date of the termination of this Agreement shall continue to participate in such
insurance benefits for a period commencing as of the termination of this
Agreement and ending twelve months from the termination of this Agreement.  

          Section
3.3. Voluntary Termination by Employee. If Executive chooses to
terminate his employment
with Company, Executive shall provide written notice to such effect to the
Company’s Board, in which case the Employment Period shall terminate effective
with such notice, and Executive shall be entitled to receive any accrued but
unpaid amounts under Section 2.1 and any incurred but unreimbursed
expenses under Section 2.5 less standard withholdings for tax and social
security purposes, in each case through the effective date of such termination
and, except as required under my applicable benefit plan or statute, Executive
shall not be entitled to receive any other amount under this Agreement. A
termination by Executive of his employment with Company will be considered to
be for “Good Reason” if it follows,
within a reasonable period of time thereafter, (x) a material breach of
Company’s obligations under this Agreement, or (y) the President and Chief Executive Officer determines in his reasonable
discretion that
Executive terminated such employment for “Good Reason” under the circumstances
then prevailing. 

          Section
3.4. Definitions of Certain Terms.

          (a)
“Cause” used in connection with the termination of employment of Executive
shall mean a termination due to a finding by Board in good faith that such
Executive has (i) failed to substantially perform Executive’s duties (as
reasonably imposed by the Company) (other than failure resulting from
Executive’s Disability), persisting for a reasonable period following the
delivery to Executive of written notice specifying the details of any alleged failure to perform; (ii)
violated or failed to comply in any material respect with the Company’s
published rules, regulations or policies, as currently in effect or as may be adopted from time to
time; (iii) breached this Agreement in any material respect; (iv) been charged
or indicted for any felony offense or a misdemeanor offense involving fraud,
theft or dishonesty at any time; or (v) been incarcerated during the term of
this Agreement. 

          (b)
“Designated Successors” shall mean such person or persons or the
executors, administrators or other legal representatives of such person or
persons (and in such order of priority) as Executive may have designated in a
written instrument filed with the Secretary of Company. 

          (c)
“Disability” shall mean the inability of Executive to substantially
render to Company the services required by Company under this Agreement for
more than 60 days out of any consecutive 120 day period because of mental or
physical illness or incapacity, as determined in good faith by Board. The date
of such Disability shall be on the last day of such 60-day period. Disability
shall also mean the development of any illness which is likely to result in either death or Disability, as
determined in good faith by Board. 

4

ARTICLE 4

Non-Competition; Confidential Information 

          Section
4.1 Non-Competition. 

                    (a)
From the date hereof until the termination of the Employment Period (subject
to extension as set forth below, the “Non-Competition Period”), Executive: 

             
                 (i)
shall not engage, directly or indirectly, in any activities whether as
employer, proprietor, partner, stockholder (other than the holder of less than 5% of the stock of a corporation, the
securities of which are traded on a national securities exchange or in the
over-the-counter market), director, officer, employee or otherwise, in
competition within the United States, England and Canada with Company or any of its affiliates; 

              
                (ii)
shall not solicit, directly or indirectly, any person who is a customer or
supplier of Company, any of its affiliates or Windward Capital Partners II,
L.P., Windward Capital II, LP, LLC, Windward/MSG
Co-Invest, LLC and Windward Acquisition/MS, LLC (collectively, “Windward”)
for the purpose of acquiring, marketing, leasing or selling mobile or fixed
storage containers, storage trailers or mobile offices (the “Company
Business”); and 

         
                     (iii)
shall not induce or actively attempt to persuade any employee of Company, any
of its affiliates or Windward to terminate his employment relationship in order
to enter into any competitive employment. 

          (b)
Except as required by law, Executive shall not, at any time during the Non-Competition Period or thereafter, make use of any confidential information of
Company, Windward or any of their respective affiliates, nor divulge any trade
secrets or proprietary or confidential information of Company, Windward or any
of their respective affiliates (including, without limitation, information
relating to customers, suppliers, contracts, business plans and developments, discoveries,
processes, products, systems, know-how, books and records), except to the
extent that such information becomes a matter of public record (other than as a
result of disclosure by Executive), is published in a newspaper, magazine or
other periodical available to the general public or as Windward may so
authorize in writing. When Executive shall cease to be employed by Company,
Executive shall surrender to Company or Windward all records and other
documents obtained by him or entrusted to him during the course of his
employment hereunder (together with all copies thereof) which pertain to the
business of Company or Windward
or which were paid for by Company
other than the Executive’s counterparts of this Agreement and employment-related documents
referred to herein. 

          (c)
The covenants contained in clauses (i) and (ii) of Section 4.l(a) shall apply within all territories in which Company is
actively engaged in the conduct of business during the Non-Competition Period.

5

          (e)
It is the desire and intent of the parties that the provisions of Sections
4.1(a) and 4.l(b) shall be enforced to the fullest extent
permissible under the law and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, if any particular provision of Sections
4.l(a) or 4.1(b) shall be adjudicated to be invalid or
unenforceable, such provision shall be deemed amended to delete therefrom the
portion thus adjudicated to be invalid or unenforceable, such deletion to apply
only with respect to the operation of such provision in the particular
jurisdiction in which such adjudication is made. In addition, should any court
determine that the provisions of Sections 4.l(a) or 4.1(b) shall
be unenforceable with respect to scope, duration or geographic area, such court
shall be empowered to substitute, to the extent enforceable, provisions similar
hereto or other provisions so as to provide to Company and Windward, to the
fullest extent permitted by applicable law, the benefits intended by Sections 4.1(a) and 4.1(b).  

          (f)
The covenants contained in Section 4.l(b) shall survive the
conclusion of Executive’s employment by the Company and/or his service as an
officer of Company. 

          (g)
If, at any time, the Executive sells or transfers any securities of Company to
Company or to any then-current stockholder of Company, a subsequent
Non-Competition Period shall begin on the effective date of any such sale or
transfer and expire on the first anniversary of such effective date; provided,
however, that such subsequent Non-Competition Periods shall not extend beyond
the tenth (10th) anniversary of the date hereof. Each and every provision of
this Agreement applicable to Executive and Company during the original
Non-Competition Period shall apply with equal force and effect to Executive and
Company during such subsequent Non-Competition Period and any reference in this Agreement to the
“Non-Competition Period” shall be deemed to include such subsequent
Non-Competition Period. 

          (h)
In the event Executive violates any provision of this Agreement, the
running of the time period of such provisions so violated shall be
automatically suspended upon the date of such violation and shall resume on the
date such violation ceases and all appeals, if any, are resolved. 

          (i)
Executive acknowledges and agrees that the covenants, obligations and
agreements of Executive contained herein relate to special, unique and
extraordinary matters and that a violation of any of the terms of such
covenants, obligations or agreements will cause Company and its successors
irreparable injury for which adequate remedies are not available at law. In the
event of a breach or threatened breach by Executive of any provision of this
Agreement, Company and its successors, without proving actual damages, shall be
entitled to an injunction (without the requirement to post bond) restraining
Executive from (a)
soliciting or interfering with employees, consultants, independent
contractors, customers or suppliers of Company, its affiliates or their
respective successors, (b) disclosing, in whole or in part, the private, secret and confidential information
described herein, or from rendering any services to any person, firm, corporation,
association or other entity to whom such information has been disclosed, or is
threatened to be disclosed, (c) engaging, participating or otherwise being
connected with any arrangement in competition with Company’s Business described
in Section 4.1 or (d) otherwise violating the provisions
of this Agreement. Nothing herein contained shall be construed as prohibiting
Company or its successors from pursuing any other remedies 

6

available to
it or them for such breach or threatened breach, including, without limitation,
the recovery of damages from Executive. 

          (j)
Executive acknowledges and agrees that he has and will have a prominent
rule in the management, and
the development of the goodwill,
of Company and its affiliates and has and will establish and develop relations
and contacts with the principal customers and suppliers of Company and its
affiliates in the United States and the rest of the world, if any, all of which
constitute valuable goodwill of, and could be used by Executive to compete unfairly with, Company and its
affiliates and that (i) Executive has obtained confidential and proprietary
information and trade secrets concerning the business and operations of Company
and its affiliates in the United States and the rest of the world that could be
used to compete unfairly with Company and its affiliates, (ii) the covenants
and restrictions contained herein are intended to protect the legitimate
interests of Company and its affiliates in
their respective goodwill, trade secrets and other confidential and
proprietary information, and (iii) Executive desires to be bound by such
covenants and restrictions. 

          (k)
Executive represents that his economic means and circumstances are such that
the provisions of this Agreement, including the restrictive covenants herein,
will not prevent him from providing for himself and his family on a basis
satisfactory to him and them. 

          (l)
If Executive raises any question as to the enforceability of any part or terms
of this Agreement, including, without limitation, the restrictive covenants
contained herein, Executive agrees that he will comply fully with this
Agreement unless and until the entry of an award to the contrary. 

ARTICLE 5

Miscellaneous

          Section
5.1. Notices. Any notice or request required or permitted to be given
hereunder shall be sufficient if in writing and delivered personally or sent by
registered or certified mail, return receipt requested, as follows: if to
Executive, to his address as set forth in the records of Company, and if to
Company, to Company’s address hereinabove set forth, or to any other address
designated by either party by notice similarly given. Such notice shall be
deemed to have been given upon the personal delivery or such mailing thereof,
as the case may be. 

          Section
5.2. Authority: No Conflict. Executive represents and warrants to
Company that he has full right and authority to execute and deliver this
Agreement and to comply with the terms and provisions hereof and that the
execution and delivery of this Agreement and compliance with the terms and
provisions hereof by Executive will not conflict with or result in a breach of
the terms, conditions or provisions of any agreement, restriction or obligation
by which Executive is bound. 

          Section
5.3. Assignment
and Succession. The rights and obligations of Company under this Agreement
shall inure to the benefit of and be binding upon its respective successors and
assigns, and Executive’s rights and obligations hereunder shall inure to the
benefit of and be binding upon his Designated Successors. Executive may not
assign any obligations or responsibilities he has under this Agreement. 

7

          Section
5.4. Headings. The Article, Section, paragraph and subparagraph headings
are for convenience of reference only and shall not define or limit the
provisions hereof. 

          Section
5.5. Tax Withholding. Company may withhold from any amounts payable
under this Agreement, including, without limitation, any Discretionary Bonus
paid hereunder, all federal, state, city or other taxes as may be required
pursuant to my law,
regulation or ruling. 

          Section
5.6. Applicable
Law. This Agreement shall at all times be
governed by and construed, interpreted and enforced in accordance with the
internal laws (as opposed to conflict of laws provisions) of the State of
California. 

          Section
5.7. Waiver. No waiver of any right or remedy of either party hereto
under this Agreement shall be effective unless in a writing, specifying such waiver,
executed by such party. A waiver by either party hereto of any of its rights or
remedies under this Agreement on any occasion shall not be a bar to the
exercise of the same right or remedy on any subsequent
occasion or of any other right or remedy at any time. 

          Section
5.8. Amendment or Modification.
This Agreement may be amended, altered, or modified only by a writing, specifying such amendment,
alteration or modification, executed by all of the parties. 

          Section
5.9. Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which shall constitute one and
the same instrument. 

          Section
5.10. Entire Agreement. This Agreement constitutes the entire Agreement
between the parties regarding the subject matter hereof, and supersedes all
prior or contemporaneous negotiations, understandings or agreements of the
parties, whether written or oral, with respect to such subject matter. 

8

          IN
WITNESS WHEREOF, Company has caused this Agreement to be executed by its
respective duly authorized officer and Executive has executed this Agreement as of the day
and year first above written. 

	
 

	
 

	
 

	
 

	
EXECUTIVE 

	
 

	
 

	

	
 

	

	
 

	
Allan A.
  Villegas

	
 

	
 

	
 

	
COMPANY

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.,

  a Delaware corporation 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 By:

	

	
 

	
 

	
Name:
  Douglas A. Waugaman

	
 

	
 

	
Title:   President & Chief
  Executive Officer

9

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