Document:

Neff-2014-12-31-14-Ex10.13

Exhibit 10.13

NEFF CORPORATION 
EXECUTIVE OFFICER STOCK OWNERSHIP POLICY 
as of November 20, 2014 
(the “Effective Date”)

Purpose

This Executive Officer Stock Ownership Policy (the “Policy”) of Neff Corporation (“Neff”) is designed to align the interests of executive officers of Neff with the interests of Neff’s common stockholders. 

Eligibility

This Policy shall apply to all Executive Officers of Neff. For purposes of this Policy, “Executive Officer” shall mean any executive officer who, in the determination of Neff’s Board of Directors for purposes of Item 401(b) of Regulation S-K, is a “vice president in charge of a principal business unit, division or function” of Neff or performs a “policy-making function.”

Share Retention Requirement

Following the Compliance Date (as defined below), all Executive Officers must hold (and not transfer) a pre-defined percentage of all “net settled shares” (as defined below) received from the vesting, delivery or exercise of equity awards granted under the equity award plans of Neff or Neff Holdings LLC (“Neff Holdings”) or the redemption of Common Units of Neff Holdings (“Common Units”), if the Executive Officer’s total Qualifying Shareholdings (as defined herein) are less in value than the Executive Officer’s applicable ownership threshold, as reflected under “Salary Multiple Used to Determine Ownership Thresholds” below.  This share retention requirement applies to an Executive Officer only if such Executive Officer has not achieved his or her applicable ownership threshold at any time on or following such Executive Officer’s Compliance Date (as defined below).

For purposes of this Policy, “net settled shares” means those shares of Neff’s Class A common stock (“Common Stock”) or Common Units that remain after payment of (i) the exercise price of stock options or purchase price of other awards and all applicable withholding taxes, and (ii) all applicable transaction costs.

The percentage of net settled shares required after the Compliance Date to be held if the Executive Officer’s Qualifying Shareholdings after the Compliance  Date is less than his or her applicable ownership threshold is 50%.  

Ownership Guidelines

Effective as of the fifth anniversary of the later of (i) the Effective Date and (ii) the date of an Executive Officer’s hire by Neff (such later date, an Executive Officer’s “Compliance Date”), each Executive Officer must hold Qualifying Shareholdings that are at least equal in value to the Executive Officer’s ownership threshold.

Neff uses the average New York Stock Exchange closing price per share of Common Stock (as adjusted for stock splits and similar changes to the Common Stock) for the most recently completed fiscal year (the “Average NYSE Closing Price”) to determine the number of Qualifying Shareholdings required to meet the following thresholds, which are calculated as a multiple of the Executive Officer’s base salary in effect from time to time:

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	Executive
	Salary Multiple Used to Determine 
Ownership Threshold

	Chief Executive Officer
	5x

	Chief Financial Officer, Executive Vice Presidents, Senior Vice Presidents
	3x

	Regional Vice Presidents, Vice Presidents
	1x

Any person who becomes subject to the Policy after the Effective Date will have his or her initial individual threshold established based upon his or her title and base salary in effect at the time he or she becomes subject to the Policy. 

Once established, an Executive Officer’s salary multiple used to determine the ownership threshold will not change as a result of fluctuations in Common Stock price,  and will not change as a result of a change in his or her base salary that is not made in connection with a change in title, but may increase or decrease as a result of a change in title of the Executive Officer in accordance with the chart above; provided that an Executive Officer will not be required to hold the increased number of Qualified Shareholdings required as a result of a promotion until the second anniversary of such promotion. 

Qualifying Shareholdings

Securities that qualify in determining whether an Executive Officer has satisfied the shareholding requirements of this Policy (“Qualifying Shareholdings”) include:  (i) issued and outstanding shares of Common Stock held beneficially or of record by the Executive Officer that are not subject to transfer or other restrictions; (ii) issued and outstanding Common Units held beneficially or of record by the Executive Officer; (iii) issued and outstanding shares of Common Stock or Common Units held by a Qualifying Trust (as defined below); (iv) issued and outstanding shares of Common Stock or Common Units held by a 401(k) or other qualified pension or profit-sharing plan for the benefit of the Executive Officer (whether denominated in shares or units); (v) shares of Common Stock underlying vested and unvested Neff time-based stock options and restricted stock units;  and (vi) Common Units underlying vested and unvested time-based stock options of Neff Holdings, LLC; provided that the number of shares of Common Stock or Common Units underlying stock options or restricted stock units constituting Qualifying Shareholdings shall equal the number of shares of Common Stock or Common Units that would be deliverable upon exercise or settlement in full of the respective awards, less (A) a number of shares of Common Stock or Common Units with a value equal to any applicable withholding taxes, utilizing an assumed tax rate equal to 40% (the “Tax Withholding Amount”), and (B) in the case of stock options, a number of shares of Common Stock or Common Units with a value equal to the exercise price thereof.  Neff uses the Average NYSE Closing Price to determine the number of shares or Common Units needed to satisfy the Tax Withholding Amount and the exercise price.

For purposes of the foregoing paragraph, “beneficial ownership” shall mean the ownership or sharing, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, of (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to direct the disposition, of such security. “Qualifying Trust” means a trust created for the benefit of the Executive Officer, the Executive Officer’s spouse, or members of the Executive Officer’s immediate family.

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Qualifying Shareholdings Reporting

Each Executive Officer shall report in such Executive Officer’s annual Director and Officer Questionnaire (“D&O Questionnaire”) his or her Qualifying Shareholdings as of the date the D&O Questionnaire is completed and, in the case of newly appointed (whether through promotion or new employment) Executive Officers, such information shall also be reported in such Executive Officer’s initial D&O Questionnaire.

Remedies for Non-Compliance

Any Executive Officer who does not comply with this Policy following his or her Compliance Date shall be subject to discipline by Neff, up to and including termination of employment.  In addition, Neff’s Compensation Committee (the “Committee”) has the authority to review each Executive Officer’s compliance (or progress towards compliance) with this Policy from time to time following such Executive Officer’s Compliance Date and, in its sole discretion, to impose such conditions, restrictions or limitations on any Executive Officer as the Committee determines to be necessary or appropriate in order to achieve the purposes of this Policy.  For example, the Committee may mandate that an Executive Officer retain (and not transfer) all or a portion of any shares or Common Units delivered to the participant through the equity plans of Neff or Neff Holdings (or any shares received upon redemption of Common Units) or otherwise restrict the Executive Officer’s transfer or redemption of previously owned shares or Common Units.  With regard to Executive Officers other than the CEO, the Committee may delegate this authority to the CEO as it deems appropriate from time to time.

Undue Hardship

There may be instances in which this Policy would place a severe hardship on an Executive Officer or prevent the Executive Officer from complying with a court order, such as a divorce settlement, or other legal requirement.  In these instances, the Executive Officer must submit a request in writing to the Chairman of the Compensation Committee or his or her designee that summarizes the circumstances and describes the extent to which an exemption is being requested.  The Chairman of the Compensation Committee or his or her designee will make the final decision as to whether an exemption will be granted.  If such a request is granted in whole or part, the Chairman of the Compensation Committee or his or her designee will work with the Executive Officer to develop an alternative stock ownership plan that reflects both the intention of this Policy and the Executive Officer’s individual circumstances.

Administration

This Policy is administered and interpreted by the Committee.  The Committee retains the authority to make exceptions to or waivers of the Policy based upon changes in circumstances or to otherwise amend or alter the guidelines as it may determine appropriate.  The Committee will review each Executive Officer’s compliance efforts with respect to this Policy no less than annually, and will review this Policy from time to time as the Committee deems necessary or appropriate.
 

- 3 -EX-10.1

 Exhibit 10.1 

REGIONAL MANAGEMENT CORP. 

RETENTION AWARD AGREEMENT 

THIS AGREEMENT (the “Agreement”) is made effective as of the      day of
            , 20    , by and between Regional Management Corp., a Delaware corporation (the “Company”), and
                                        , an
employee of the Company (the “Employee”). 
 RECITALS 

WHEREAS, it is critical that the Company retain its employees to facilitate the achievement of important Company goals and, accordingly, the
Company desires to provide additional incentive to the Employee to remain employed by the Company and provide valuable services; 
 NOW,
THEREFORE, in consideration of the various promises and undertakings set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

Section 1. Agreement Period. This Agreement will commence effective as of
                                         and will
end as of
                                         (the
“Agreement Period”). 
 Section 2. Retention Benefits. Subject to the terms and conditions of this
Agreement, the Company will provide Employee with a retention award (the “Retention Award”) in the amount of $            , less any applicable withholding or other
obligations, as provided in Section 11 herein. The Retention Award shall be payable as follows: $             (representing 25% of the Retention Award) to be paid on or about
                    ; $             (representing 25% of the Retention Award) to be paid
on or about                     ; and $             (representing 50% of the Retention
Award) to be paid on or about                     
(                    ,                     , and
                     shall be collectively referred to as the “Payout Date(s)”). In order to receive a Retention Award payment, the
Employee must be employed by the Company, any parent or subsidiary of the Company or any successor to the Company as of each of the applicable Payout Dates listed above. Notwithstanding the foregoing, if the Company, any parent or subsidiary of the
Company or any successor to the Company terminates the Employee’s employment prior to a designated Payout Date for any reason other than for “Cause” (as that term is defined in Section 20 of this Agreement), then the
Company will pay Employee the Retention Award payment(s) Employee would have been entitled to receive under the terms of this Agreement had Employee remained employed by the Company throughout the Agreement Period. All Retention Award payments shall
be made (without interest) within thirty (30) days following the Payout Date; provided that, in the case of termination by the Company without Cause and notwithstanding anything herein to the contrary, no Retention Award payment shall be
due or payable unless Employee shall have executed and delivered to the Company a Release (as that term is defined in Section 20 of this Agreement) within such thirty (30) day period. The determination of whether a termination for Cause
has occurred shall be made by the Compensation Committee of the Company’s Board of Directors (the “Committee”) acting in good faith. 

 Section 3. No Right to Continued Employment; Forfeiture. Nothing contained in
this Agreement shall be construed as conferring upon the Employee the right or imposing upon him the obligation to continue in the employment of the Company, nor shall it limit the right of the Company to terminate the Employee’s employment at
any time for any reason or for no reason. If the Employee’s employment terminates other than in accordance with the conditions described in Section 1 (whether by the Company or the Employee, and whether voluntary or involuntary), the
Employee will forfeit his right to any portion of the Retention Award. 
 Section 4. No Trust Fund. The obligation of the
Company to make payments hereunder shall constitute a liability of the Company to the Employee. Such payments shall be made from the general funds of the Company. The Company shall not be required to establish or maintain any special or separate
fund or otherwise to segregate assets to assure that such payments shall be made, and the Employee shall not have any interest in any particular assets of the Company by reason of its obligations hereunder. Nothing contained in this Agreement shall
create or be construed as creating a trust of any kind or any other fiduciary relationship between the Company and the Employee or any other person. To the extent that any person acquires a right to receive payment from the Company, such right shall
be no greater than the right of an unsecured creditor of the Company. 
 Section 5. Facility of Payments. If it appears
that the Employee shall, at the time any payment hereunder is due, be incapacitated so that the recipient cannot legally receive or acknowledge receipt of the payments, then the Company at its option may make the payment to the legal guardian,
attorney in fact, or other person with whom such recipient is residing, and such payment shall be in full satisfaction of the Company’s obligations hereunder with respect to such payment. 

Section 6. Administration by Committee. The Agreement shall be administered by the Committee. The Committee shall be
responsible for the general administration and interpretation of the Agreement and for carrying out its provisions, except to the extent that the Committee delegates ministerial authority to a designee. The Committee shall have the authority to
interpret and construe the provisions of the Agreement and to decide any dispute which may arise regarding the rights of the Employee or the Company hereunder, which determinations shall be binding and conclusive upon all interested persons. 

Section 7. No Assignment or Transfer by the Employee. None of the rights, benefits, obligations or duties under this
Agreement may be assigned or transferred by the Employee, except by will or under the laws of descent and distribution. Any purported assignment or transfer by the Employee shall be void. 

Section 8. Right of Offset. Notwithstanding any other provision of the Agreement, the Company may (subject to any
considerations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)), at any time reduce the amount of any payment or benefit otherwise payable to or on behalf of the Employee by the amount of any
obligation of the Employee to the Company, and, by entering into this Agreement, the Employee shall be deemed to have consented to such reduction. 

  
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 Section 9. Binding Agreement. This Agreement shall be binding upon and inure
to the benefit of the Employee, his executors, administrators, heirs and next of kin, and the Company, its successors and assigns. 

Section 10. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any
estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a
waiver of such term or condition for the future or as to any act other than that specifically waived. 
 Section 11.
Withholding; Payroll Taxes. To the extent required by law in effect at the time of any payment or accrual of benefits pursuant to the terms of this Agreement, the Company shall withhold from payments made hereunder (or other compensation
payable to the Employee) the taxes required to withheld by the federal or any state or local government. 
 Section 12.
Amendment; Termination. Except as otherwise provided in this Section 12, this Agreement may not be amended or terminated except by an instrument in writing signed by both parties. Notwithstanding the foregoing, the Company shall have
unilateral authority to amend this Agreement to the extent necessary to comply with applicable laws, rules and regulations (including but not limited to Code Section 409A). 

Section 13. Severability; Reformation. In case any one or more of the provisions or part of a provision contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of this Agreement in any
other jurisdiction or any other provision or part of a provision of this Agreement, but this Agreement shall be reformed and construed in such jurisdiction as if such invalid or illegal or unenforceable provision or part of such a provision had
never been contained herein, and such provision or part thereof shall be reformed so that it will be valid, legal and enforceable in such jurisdiction to the maximum extent possible. 

Section 14. Compliance with Recoupment and Other Policies or Agreements. As a condition to entering into this Agreement,
the Employee agrees that he shall abide by all provisions of any compensation recovery policy and/or other similar policies maintained by the Company, each as in effect and applicable to the Employee from time to time. In addition, the Employee
shall be subject to such compensation recovery, recoupment, forfeiture or other similar provisions as may apply at any time to the Employee under applicable law, rule or regulation. 

Section 15. Governing Law. This Agreement shall be governed by and shall be construed and enforced in accordance with the
laws of the State of South Carolina, without regard to the conflicts of law provisions of any state. 
 Section 16.
Compliance with Code Section 409A. The parties intend that this Agreement comply with, or be exempt from, Code Section 409A, and all rules, regulations, and other similar guidance issued thereunder, to the extent that they are
reasonably determined to be subject to Code Section 409A. In the event that the Company (or a successor thereof) has any stock which is publicly traded on an established securities market or otherwise, distributions to the Employee

  
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if he is a “specified employee” (as defined under Code Section 409A), upon a separation from service may only be made on a date that is more than six months after the date of
separation from service (or, if earlier than the end of the six-month period, the date of death of the specified employee) (with such payments being made during the seventh month following separation from service), if and to the extent required
under Code Section 409A. Further, (a) in the event that Code Section 409A requires that any special terms, provisions or conditions be included in the Agreement, then such terms, provisions and conditions shall, to the extent
practicable, be deemed to be made a part of the Agreement, and (b) terms used in the Agreement shall be construed in accordance with Code Section 409A if and to the extent required. Further, in the event that the Award shall be deemed not
to comply with Code Section 409A, then neither the Company, the Board, the Committee, nor its or their designees or agents shall be liable to any Employee or other person for actions, decisions or determinations made in good faith. 

Section 17. Tax Consequences. The Company has made no warranties or representations to the Employee with respect to the tax
consequences (including, without limitation, income tax consequences) related to this Agreement or the Retention Award, and the Employee is in no manner relying on the Company or its representatives for an assessment of such tax consequences. The
Employee acknowledges that there may be adverse tax consequences upon the receipt of the Retention Award and that he has been advised that he should consult with his own attorney, accountant and/or tax advisor regarding the decision to enter into
this Agreement and the consequences thereof. The Employee also acknowledges that the Company has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Employee. 

Section 18. Entire Agreement. This Agreement represents the entire agreement of the parties with respect to the subject
matter hereof and expressly supersedes all previous communications, understandings, commitments and agreements by or between the parties, whether written, oral or otherwise, related to the subject matter hereof. 

Section 19. Gender. The use of any of the masculine, feminine or neuter gender herein shall be construed also to include
each of the other genders. 
 Section 20. Definitions. The following capitalized terms used in this Agreement have the
respective meanings set forth in this Section: 
 (a) Cause. “Cause” shall mean “Cause” as defined in any
employment, severance, or similar agreement then in effect between the Employee and any of the Company or its affiliates, or, if no such agreement containing a definition of “Cause” is then in effect or if such term is not defined therein,
“Cause” shall mean (i) the Employee’s engagement in misconduct which is materially injurious to the Company or its affiliates, (ii) the Employee’s continued failure to substantially perform his duties to the Company,
(iii) the Employee’s repeated dishonesty in the performance of his duties to the Company, (iv) the Employee’s commission of an act or acts constituting any (x) fraud against, or misappropriation or embezzlement from, the
Company or any of its affiliates, (y) crime involving moral turpitude, or (z) offense that could result in a jail sentence of at least one year or (v) the Employee’s material breach of any confidentiality, non-solicitation, or
non-competition covenant entered into between the Employee and the Company. 

  
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 (b) Release. “Release” shall mean a general waiver and release, in a form
determined by the Company, discharging the Company, its affiliates and its and their respective officers, directors, employees, agents, attorneys and representatives and the heirs, predecessors, successors and assigns of all of the foregoing from
any and all claims, actions, causes of action or other liability, whether known or unknown, contingent or fixed, arising out of or in any way related to the Retention Award (including, without limitation, any claims under the Agreement, other than
the Company’s obligation to pay the consideration as provided in this Agreement). 
 [Signatures on Following Page] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by and on behalf of the parties effective as
of the day and year first above written. 
  

			
	REGIONAL MANAGEMENT CORP.
		
	By:		  

 
			
		
	Printed Name:		  

 
			
		
	Its:		  

 
			
		
	Date:		  

 
			
	
	EMPLOYEE

 
			
		
	By:		  

 
			
		
	Printed Name:		  

  
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