Document:

Exhibit 10.11 

EMPLOYMENT
AGREEMENT

          This
Employment Agreement (this “Agreement”) is entered into as of November 9, 2005
by and between Christopher A. Wilson (the “Executive”) and Mobile Storage
Group, Inc., a Delaware corporation (the “Company”).  

          WHEREAS,
the Company desires the Executive to serve as its General Counsel and Assistant
Secretary, and the Executive desires to serve as the General Counsel and
Assistant Secretary of the Company for the term and upon the other conditions
hereinafter set forth;

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

ARTICLE 1

Employment

          Section
1.1. Position; Term; Condition Precedent; Responsibilities. The Company
shall employ the Executive as its General Counsel and Assistant Secretary for a
term commencing on the date of this Agreement (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 (the “Board”) of the
Company and in duly constituted committees of the Board under the Delaware
General Corporation Law and the Company’s Certificate of Incorporation and
Bylaws, the Executive shall have the responsibilities assigned to him by the
President and Chief Executive Officer of the Company, including the execution of
the business plans, and shall report to the President and Chief Executive
Officer. The 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 the Company and its subsidiaries, as may from time
to time be authorized or requested by the President. The Executive agrees to be
employed by the 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, the 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 the Company and its subsidiaries. The
Executive covenants, warrants and represents to the 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 the
Executive knows or should know will harm, in any way, the business or
reputation of the Company or any of its subsidiaries.

ARTICLE 2

Compensation

          Section
2.1. Basic Compensation. As compensation for his services hereunder, the
Company shall pay to the Executive during the Employment Period an annual
salary of $154,500 (the “Base Salary”), payable in installments in
accordance with the Company’s normal payment schedule for senior management of
the Company and subject to payroll deductions as may be necessary or customary
in respect of the Company’s salaried employees. The 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. For 2005 and thereafter
Executive shall participate in the Executive Bonus Plan under which Executive
shall be eligible for bonuses 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 and subsequent
budgets. Such targets and objectives shall be established in the Company’s
annual budget process, and any discretionary bonus payable hereunder shall be
payable within 30 days after finalization of the 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.”

          Section
2.3. Stock Options; Shareholders Agreement. The 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 the Board. Subject to the fiduciary duties of
the Compan’s Board under applicable law as advised by counsel, the Board of the
Company (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 the Executive and the Company of
such agreement. The 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 the Company, to take up to three
weeks of time off for vacation or illness 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 the Company. The Company shall
pay all costs of the participation of Executive and the immediate family of Executive
in the group health care plan of the Company, except for payment of co-payments
and deductibles which shall be paid by Executive. Executive shall pay all costs
incurred by the participation of Executive and the immediate family of
Executive in the dental plan of the Company.

          Section
2.5. Expense Reimbursements. The Company shall reimburse the 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.

2

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 the Executive of the terms of Article
4 of this Agreement, the Board may elect to terminate the rights and
obligations of the parties hereunder by written notice to the Executive, except
as otherwise provided in this Section 3.1. In the event the Board
exercises its election to terminate the Executive pursuant to this Section
3.1, the Employment Period shall terminate effective with such notice, and
the 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 3.1
(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 12 months from the date of the
termination of this Agreement (the “Termination Date”); provided, however,
that the
Executive’s right to participate in insurance benefits shall terminate in the
event the Executive obtains new employment and has the ability to obtain
comparable insurance benefits through such new employment and (B) receive
noncompetition payments equal to the Basic Compensation, as determined pursuant
to Section 2.1, for a period of 12 months after the Termination Date in
consideration for Executive’s compliance with covenants set forth in Section
4.1. In each case such amounts shall be payable in accordance with the
Company’s payroll procedures for senior management and as if the Executive’s
employment had continued for such period.

          Section
3.2. Death. In the event
of the death of the 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 the Company’s payroll procedures for senior
management and as if the Executive’s employment had continued for such period.
In addition, family members of the 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 six months from the termination of this Agreement.

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          Section
3.3. Voluntary Termination by Employee. If the Executive chooses to
terminate his employment with the Company, the 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 the 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 any applicable
benefit plan or statute, the Executive shall not be entitled to receive any
other amount under this Agreement. A termination by the Executive of his
employment with the Company will be considered to be for “Good Reason” if
it follows, within a reasonable period of time thereafter, (x) a material
breach of the Company’s obligations under this Agreement, or (y) the President
and Chief Executive Officer determines in his reasonable discretion that the
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 the 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 convicted of 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 the Executive may have designated in
a written instrument filed with the Secretary of the Company.

          (c)
“Disability” shall mean the inability of Executive to substantially
render to the Company the services required by the 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 the 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 the Board.

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
extention as set forth below, the “Non-Competition Period”), the
Executive:

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                              (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, in competition within the United States,
England and Canada with the Company or any of its affiliates;

                              
(ii) shall not solicit, directly or indirectly, any person who is a customer or
supplier of the 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 (the “Company Business”);
and

                              
(iii) shall not induce or actively attempt to persuade any employee of the
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, the Executive shall not, at any time during the Non-Competition Period or thereafter, make use of any confidential information of
the Company, Windward or any of their respective affiliates, nor divulge any
trade secrets or proprietary or confidential information of the 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 the Executive), is published in
a newspaper, magazine or other periodical available to the general public or as
Windward may so authorize in writing. When the Executive shall cease to be
employed by the Company, the Executive shall surrender to the 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 the Company or Windward or which were
paid for by the 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 4.1(a) shall
apply within all territories in which the Company is actively engaged in the
conduct of business during the Non-Competition Period.

          (e)
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 he 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.l(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 the Company and

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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 the Executive’s employment by the Company and/or his service as an officer
of the Company.

          (g)
If, at any time, the Executive sells or transfers any securities of the Company
to the Company or to any then-current shareholder of the 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 the Executive and the Company during the original
Non-Competition Period shall apply with equal force and effect to the Executive
and the 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)
The Executive acknowledges and agrees that the covenants, obligations and
agreements of the 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 the 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, the 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 the 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 the 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 the 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.

          (j)
The Executive acknowledges and agrees that he has and will have a prominent
role in the management, and the development of the goodwill, of the Company and
its affiliates and has and will establish and develop relations and contacts
with the principal customers and suppliers of the 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 the Executive to compete unfairly
with, the Company and its affiliates and that (i) the Executive has obtained
confidential

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and
proprietary information and trade secrets concerning the business and
operations of the Company and its affiliates in the United States and the rest
of the world that could be used to compete unfairly with the Company and its
affiliates, (ii) the covenants and restrictions contained herein are intended
to protect the legitimate interests of the Company and its affiliates in their
respective goodwill, trade secrets and other confidential and proprietary
information, and (iii) the Executive desires to be bound by such covenants and
restrictions.

          (k)
The 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 the Executive raises any question as to the enforceability of any part or
terms of this Agreement, including, without limitation, the restrictive
covenants contained herein, the 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 the
Executive, to his address as set forth in the records of the Company, and if to
the Company, to the 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. The Executive represents and warrants to
the 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 the Executive will not conflict with or result in a breach
of the terms, conditions or provisions of any agreement, restriction or
obligation by which the Executive is bound.

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

          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. The 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 any law, regulation or ruling.

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

	
 

	
 

	
 

	
 

	
 

	
 

	
EXECUTIVE

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
Christopher A. Wilson 

	
 

	
 

	
 

	
 

	
 

	
COMPANY

	
 

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: Douglas A. Waugaman 

	
 

	
 

	
 

	
Title:   President 

9Exhibit 10.12

EMPLOYMENT AGREEMENT

          This
Employment Agreement (this “Agreement”) is entered into as of August 19, 2004 by
and between William Armstead (the “Executive”) and Mobile Storage Group, Inc., a
Delaware corporation (the “Company”).

          WHEREAS,
the Company and Executive desire that Executive serve as the Regional Vice
President of the Southwest Region for the term and upon the other conditions
hereinafter set forth;

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

ARTICLE 1
Employment

          Section
1.1. Position; Term; Condition Precedent; Responsibilities. The Company
shall employ the Executive as its Regional Vice President of the Southwest Region
for a term commencing on the date Executive commences work for the Company (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 (the “Board”) of the Company and in duly constituted
committees of the Board under the Delaware General Corporation Law and the Company’s
Certificate of Incorporation and Bylaws, the Executive shall have the responsibilities
assigned to him by the President and Chief Executive Officer of the Company,
including the execution of the business plans, and shall report to the
President. The 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 the Company and its subsidiaries, as may from time
to time be authorized or requested by the President. The Executive agrees to
be employed by the 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, the 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 the company and its subsidiaries and
not engage in any other business activities except with the approval of the
Board. The Executive covenants, warrants and represents to the 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 the Executive knows or should know will harm, in any way, the business or reputation of
the Company or any of its subsidiaries.

ARTICLE 2

Compensation

          Section
2.1. Basic Compensation. As compensation for his services hereunder, the
Company shall pay to the Executive during the Employment Period an annual
salary of $100,000 (the “Base Salary”), payable in installments in accordance
with the Company’s normal payment schedule for senior management of the
Company and subject to payroll deductions as may be necessary or customary in
respect of the Company’s salaried employees. The 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. A discretionary bonus for
2004 may be paid upon the achievement of certain targeted financial results and
operational and strategic objectives provided, however, that Company agrees that
for 2004 Executive shall receive a bonus at the semi-annualized rate of $19,000
which shall be payable quarterly. Notwithstanding anything to the contrary
herein, the maximum discretionary bonus that Executive may earn during 2004
shall be pro-rated based on the number of days in the Employment Period during
2004. For 2005 Executive shall participate in the Region Managers Bonus Plan
under which  Executive shall be eligible for bonuses 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 the Company’s, annual
budget process, and any discretionary bonus payable hereunder shall be payable
within 30 days after finalization of the 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.”

          Section
2.3. Stock Options; Shareholders Agreement. The Executive shall be eligible
to receive options to acquire shares of common stock pursuant to the Mobile
Storage Group 2002 Stock Incentive Plan (the “Plan”), based
upon and subject to the discretion of the Board. Subject to the fiduciary duties
of the Company’s Board under applicable law as advised by counsel, the Board
of the Company (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 the Executive and the Company
of such agreement. The 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 the Company, to take up to three weeks of time
off for vacation or illness 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 the Company. The Company shall pay all costs of the
participation of Executive in the group health care plan of the Company,
except for payment of co-payments and deductibles which shall be paid by
Executive. Executive shall pay all costs incurred by the participation of
Executive and the immediate family of Executive in the dental plan of the
Company. Until the earlier of (i) 90 days after the date of this Agreement or
(ii) the 

2

date that Executive and the immediate family of Executive first become
eligible for participation in the health benefit plan of the Company,  the
Company shall pay the cost of such benefits as may be required to be provided
to Executive and the immediate family of Executive by Executive’s prior
employer under the Comprehensive Omnibus Budget Reconciliation Act. Company
shall pay Executive a car allowance of $450 per month.

          Section 2.5.
Expense Reimbursements. The Company shall reimburse the 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.

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 the Executive of the terms of Article 4 of this
Agreement, the Board may elect to terminate the rights and obligations of the
parties hereunder by written notice to the Executive, except as otherwise
provided in this Section 3.1. In the event the Board exercises its
election to terminate the Executive pursuant to this Section 3.1, the
Employment Period shall terminate effective with such notice, and the 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 3.1(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 six months from the date of the termination of this Agreement (the “Termination
Date”), provided, however,
that the Executive’s right to participate in insurance benefits shall terminate
in the event the Executive obtains new employment and has the ability to obtain
comparable insurance benefits through such new employment and (B) receive
compensation equal (o the Basic Compensation, as determined pursuant to Section
2.1, for a period of six months after the Termination Date. In each case
such amounts shall be payable in accordance with the Company’s payroll
procedures for senior management and as if the Executive’s employment had
continued for such period.

          Section3.2. Death.
In the event of the death of the 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 

3

withholdings for tax and social security purposes. In each case, such
amounts shall be payable in accordance with the Company’s payroll procedures
for senior management and as if the Executive’s employment had continued for
such period. In addition, family members of the 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 six months from the termination of this Agreement.

          Section 3.3.
Voluntary Termination by Employee. If the Executive chooses to terminate
his employment with the Company, the 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 the 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 any applicable
benefit plan or statue, the Executive shall not be entitled to receive any
other amount under this Agreement. A termination by the Executive of his
employment with the Company will be considered to be for “Good Reason”
if it follows, within a reasonable period of time thereafter, (x) a material
breach of the Company’s  obligations under this Agreement or (y) the
President and Chief Executive Officer determines in his reasonable discretion
that the 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 the 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 convicted of 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 the Executive may have designated in a written
instrument filed with the secretary of the Company.

          (c) “Disability”
shall mean the inability of Executive to substantially render to the Company
the services required by the 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 the 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 the Board.

4

ARTICLE 4

Non-Competition; Confidential Information

          Section
4.1 Non-Competition.

          (a)
From the date hereof until two years after the termination of the Employment
Period (subject to extension as set forth below, the “Non-Competition
Period”), the 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, in competition within the United States,
England and Canada with the Company or any of its affiliates.

                    (ii)
shall not solicit, directly or indirectly, any person who is a customer or
supplier of the Company any of its affiliates or Windward Capital Partners II,
L.P., Windward Capital II, L.P, 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
(the “Company Business”); and

                    (iii)
shall not induce or actively attempt to persuade any employee of the 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, the Executive shall not, at any time during the
Non-Competition Period or thereafter, make use of any confidential information
of the Company, Windward or any of their respective affiliates, nor divulge any
trade secrets or proprietary or confidential information of the 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),
excepts to the extent that such information becomes a matter of public record
(other than as a result of disclosure by the Executive), is published in a
newspaper, magazine or other periodical available to the general public or as Windward may so authorize in writing. When the Executive shall cease to be employed
by the Company, the Executive shall surrender to the 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 the Company or Windward or which were paid for by
the 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 4.1(a) shall
apply within all territories in which the Company is actively
engaged in the conduct of business during the Non-Competition Period.

          (e)
It is the desire and intent of the parties that the provision of Sections
4.1(a) and 4.1(b) shall be enforced to the fullest extent
permissible under the law and public policies applied

5

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

          (g)
If, at any time, the Executive sells or transfers any securities of the Company
to the Company or to any then current shareholder of the 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 the Executive and the Company during the original
Non-Competition Period shall apply with equal force and effect to the Executive
and the 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)
The Executive acknowledges and agrees that the covenants, obligations and
agreements of the 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 the 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, the 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 the 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 the 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 the Company or its successors
from pursuing any

6

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

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

          (k)
The 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 the Executive raises any question as to the enforceability of any part or
terms of this Agreements, including, without limitation, the restrictive
covenants contained herein, the 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 receipts requested, as follows: if to the
Executive, to his address as set forth in the records of the Company, and if to the Company, to the 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. The Executive represents and warrants to the
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 the Executive will not conflict with or result in a breach
of the terms, conditions or provisions of any agreement, restriction or
obligation by which the Executive is bound.

          Section
5.3. Assignment and Succession. The rights and obligations of the Company
under this Agreements shall inure to the benefit of and be binding upon its
respective successors and assigns, and the Executive’s rights and obligations
hereunder shall inure to the benefit of and

7

be binding upon his Designated
Successors. The Executive may not assign any obligations or responsibilities
he has under this Agreement.

          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. The Company may withhold from any amounts payable
under this Agreements, including, without limitation, any Discretionary Bonus
paid hereunder, all Federal state, city or other taxes as may be required pursuant
to any 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 Delaware. 

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

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE 

  
	
   

  	

  
	
   

  	
  

  
	
   

  	
  William
  Armstead

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	

  
	
   

  	
   

  	
  

  
	
   

  	
   

  	
  Name:

  	
  Douglas A.
  Waugaman

  
	
   

  	
   

  	
  Title:

  	
  President

  

9

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