Document:

2007 Equity Incentive Plan

 Exhibit 10.10 
 CAI INTERNATIONAL, INC. 
 2007 EQUITY INCENTIVE PLAN 
 SECTION 1. PURPOSE 
 The purpose of the CAI
International, Inc. 2007 Equity Incentive Plan is to attract, retain and motivate employees, officers, directors, consultants, agents, advisors and independent contractors of the Company and its Related Companies by providing them the opportunity to
acquire a proprietary interest in the Company and to align their interests and efforts to the long-term interests of the Company’s stockholders. 
 SECTION 2. DEFINITIONS 
 Certain capitalized terms used in the Plan have the
meanings set forth in Appendix A. 
 SECTION 3. ADMINISTRATION 

	3.1	Administration of the Plan 

 The Plan shall be administered by the
Board or the Compensation Committee, which shall be composed of two or more directors, each of whom is a “non-employee director” within the meaning of Rule 16b-3(b)(3) promulgated under the Exchange Act, or any successor definition adopted
by the Securities and Exchange Commission. Notwithstanding the foregoing, the Board may delegate responsibility for administering the Plan with respect to designated classes of Eligible Persons to different committees consisting of one or more
members of the Board, subject to such limitations as the Board deems appropriate, except with respect to Awards to Participants who are subject to Section 16 of the Exchange Act. Members of any committee shall serve for such term as the Board
may determine, subject to removal by the Board at any time. To the extent consistent with applicable law, the Board or the Compensation Committee may authorize one or more officers of the Company to grant Awards to designated classes of Eligible
Persons, within limits specifically prescribed by the Board or the Compensation Committee; provided, however, that no such officer shall have or obtain authority to grant Awards to himself or herself or to any person subject to Section 16 of
the Exchange Act. All references in the Plan to the “Committee” shall be, as applicable, to the Compensation Committee or any other committee or any officer to whom the Board or the Compensation Committee has delegated authority to
administer the Plan. 
  

	3.2	Administration and Interpretation by Committee 

 (a) Except for the
terms and conditions explicitly set forth in the Plan and to the extent permitted by applicable law, the Committee shall have full power and exclusive authority, subject to such orders or resolutions not inconsistent with the provisions of the Plan
as may from time to time be adopted by the Board or a Committee composed of members of the 

 
Board, to (i) select the Eligible Persons to whom Awards may from time to time be granted under the Plan; (ii) determine the type or types of Award
to be granted to each Participant under the Plan; (iii) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (iv) determine the terms and conditions of any Award granted under the Plan;
(v) approve the forms of notice or agreement for use under the Plan; (vi) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or canceled or suspended;
(vii) determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant;
(viii) interpret and administer the Plan and any instrument evidencing an Award, notice or agreement executed or entered into under the Plan; (ix) establish such rules and regulations as it shall deem appropriate for the proper
administration of the Plan; (x) delegate ministerial duties to such of the Company’s employees as it so determines; and (xi) make any other determination and take any other action that the Committee deems necessary or desirable for
administration of the Plan. 
 (b) In no event, however, shall the Committee have the right, without stockholder approval, to (i) cancel or amend
outstanding Options or SARs for the purpose of repricing, replacing or regranting such Options or SARs with Options or SARs that have a purchase or grant price that is less than the purchase or grant price for the original Options or SARs except in
connection with adjustments provided in Section 15, or (ii) issue an Option or amend an outstanding Option to provide for the grant or issuance of a new Option on exercise of the original Option. 
 (c) The effect on the vesting of an Award of a Company-approved leave of absence or a Participant’s working less than full-time shall be determined by the
Company’s chief executive officer or, with respect to directors or executive officers, by the Compensation Committee, whose determination shall be final. 
 (d) Decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, any Participant, any stockholder and any Eligible Person. A majority of the members of the Committee may determine its actions.

 SECTION 4. SHARES SUBJECT TO THE PLAN 
  

	4.1	Authorized Number of Shares 

 Subject to adjustment from time to
time as provided in Section 15.1, the number of shares of Common Stock available for issuance under the Plan shall be 721,980 shares. 
 Shares issued
under the Plan shall be drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company as treasury shares. 
  

 -2- 

	4.2	Share Usage 

 (a) Shares of Common Stock covered by an Award shall
not be counted as used unless and until they are actually issued and delivered to a Participant. If any Award lapses, expires, terminates or is canceled prior to the issuance of shares thereunder or if shares of Common Stock are issued under the
Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company, the shares subject to such Awards and the forfeited or reacquired shares shall again be available for issuance under the Plan. Any shares of Common Stock
(i) tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase price of an Award or to satisfy tax withholding obligations in connection with an Award, or (ii) covered by an Award that
is settled in cash, or in a manner such that some or all of the shares of Common Stock covered by the Award are not issued, shall be available for Awards under the Plan. The number of shares of Common Stock available for issuance under the Plan
shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares of Common Stock or credited as additional shares of Common Stock subject or paid with respect to an Award. 
 (b) The Committee shall also, without limitation, have the authority to grant Awards as an alternative to or as the form of payment for grants or rights earned or due
under other compensation plans or arrangements of the Company. 
 (c) Notwithstanding anything in the Plan to the contrary, the Committee may grant
Substitute Awards under the Plan. Substitute Awards shall not reduce the number of shares authorized for issuance under the Plan. In the event that an Acquired Entity has shares available for awards or grants under one or more preexisting plans not
adopted in contemplation of such acquisition or combination, then, to the extent determined by the Board or the Compensation Committee, the shares available for grant pursuant to the terms of such preexisting plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to holders of common stock of the entities that are parties to such acquisition or
combination) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock authorized for issuance under the Plan; provided, however, that Awards using such available shares shall not be made after the date awards
or grants could have been made under the terms of such preexisting plans, absent the acquisition or combination, and shall only be made to individuals who were not employees or directors of the Company or a Related Company prior to such acquisition
or combination. In the event that a written agreement between the Company and an Acquired Entity pursuant to which a merger or consolidation is completed is approved by the Board and said agreement sets forth the terms and conditions of the
substitution for or assumption of outstanding awards of the Acquired Entity, said terms and conditions shall be deemed to be the action of the Committee without any further action by the Committee, except as may be required for compliance with
Rule 16b-3 under the Exchange Act, and the persons holding such awards shall be deemed to be Participants. 
 (d) Notwithstanding the other provisions
in this Section 4.2, the maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate share number stated in Section 4.1, subject to adjustment as provided in Section 15.1.

  

 -3- 

 SECTION 5. ELIGIBILITY 
 An Award may be granted to any employee, officer or director of the Company or a Related Company whom the Committee from time to time selects. An Award may also be granted to any consultant, agent, advisor or
independent contractor for bona fide services rendered to the Company or any Related Company that (a) are not in connection with the offer and sale of the Company’s securities in a capital-raising transaction and (b) do not directly
or indirectly promote or maintain a market for the Company’s securities. 
 SECTION 6. AWARDS 
  

	6.1	Form, Grant and Settlement of Awards 

 The Committee shall have the
authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Such Awards may be granted either alone or in addition to or in tandem with any other type of Award. Any Award settlement may be subject to
such conditions, restrictions and contingencies as the Committee shall determine. 
  

	6.2	Evidence of Awards 

 Awards granted under the Plan shall be
evidenced by a written, including an electronic, notice or agreement that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem advisable and that are not inconsistent with the Plan. 
  

	6.3	Deferrals 

 The Committee may permit or require a Participant to
defer receipt of the payment of any Award. If any such deferral election is permitted or required, the Committee, in its sole discretion, shall establish rules and procedures for such payment deferrals, which may include the grant of additional
Awards or provisions for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred stock unit equivalents; provided, however, that the terms of any deferrals under this Section 6.3 shall comply
with all applicable law, rules and regulations, including, without limitation, Section 409A of the Code. 
  

	6.4	Dividends and Distributions 

 Participants may, if the Committee so
determines, be credited with dividends paid with respect to shares of Common Stock underlying an Award in a manner determined by the Committee in its sole discretion. The Committee may apply any restrictions to the dividends or dividend equivalents
that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units. 
  

 -4- 

 SECTION 7. OPTIONS 
  

	7.1	Grant of Options 

 The Committee may grant Options designated as
Incentive Stock Options or Nonqualified Stock Options. 
  

	7.2	Option Exercise Price 

 The exercise price for shares purchased
under an Option shall be as determined by the Committee, but shall not be less than 100% of the Fair Market Value on the Grant Date, except in the case of Substitute Awards. 
  

	7.3	Term of Options 

 Subject to earlier termination in accordance with
the terms of the Plan and the instrument evidencing the Option, the maximum term of a Nonqualified Stock Option shall be as established for that Option by the Committee or, if not so established, shall be ten years from the Grant Date. For Incentive
Stock Options, the Option Term shall be as specified in Section 8.4. 
  

	7.4	Exercise of Options 

 The Committee shall establish and set forth in
each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any time. If not so established in the
instrument evidencing the Option, the Option shall vest and become exercisable according to the following schedule, which may be waived or modified by the Committee at any time: 
  

			
	 Period of Participant’s Continuous
 Employment or Service With the Company
 or Its Related Companies From the Vesting
 Commencement Date
	  	Portion of Total Option That Is Vested and Exercisable
		
	 After 1 year
	  	1/4th
		
	 Each additional one-month period of
 continuous service completed thereafter
	  	An additional 1/48th
		
	 After 4 years
	  	100%

 To the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to
time in part by delivery to or as directed or approved by the Company of a properly executed stock option exercise agreement or notice, in a form and in accordance with procedures established by the Committee, setting forth the number of shares with
respect to which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as 

  

 -5- 

 
may be required by the Committee, accompanied by payment in full as described in Sections 7.5 and 13. An Option may be exercised only for whole shares
and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Committee. 
  

	7.5	Payment of Exercise Price 

 The exercise price for shares purchased
under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased. Such consideration must be paid before the Company will issue the shares being
purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase, which forms may include: 
 (a) cash, check or wire
transfer; 
 (b) tendering (either actually or, so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by
attestation) shares of Common Stock that on the day prior to the exercise date have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option owned by the Participant; 
 (c) so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by law, delivery of a properly executed
exercise notice, together with irrevocable instructions to a brokerage firm designated or approved by the Company to deliver promptly to the Company the aggregate amount of proceeds to pay the Option exercise price and any withholding tax
obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board; or 
 (d) such other
consideration as the Committee may permit. 
  

	7.6	Effect of Termination of Service 

 The Committee shall establish and
set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the
Committee at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following terms and conditions, which may be waived or modified by the Committee at any time: 
 (a) Any portion of an Option that is not vested and exercisable on the date of a Participant’s Termination of Service shall expire on such date. 
 (b) Any portion of an Option that is vested and exercisable on the date of a Participant’s Termination of Service shall expire on the earliest to occur of:

 (i) if the Participant’s Termination of Service occurs for reasons other than Cause, Retirement, Disability or death, the date that is three months
after such Termination of Service; 
  

 -6- 

 (ii) if the Participant’s Termination of Service occurs by reason of Retirement, Disability or death, the one-year
anniversary of such Termination of Service; and 
 (iii) the last day of the maximum term of the Option (the “Option Expiration Date”).

 Notwithstanding the foregoing, if a Participant dies after his or her Termination of Service but while an Option is otherwise exercisable, the portion of
the Option that is vested and exercisable on the date of such Termination of Service shall expire upon the earlier to occur of (y) the Option Expiration Date and (z) the one-year anniversary of the date of death, unless the Committee
determines otherwise. 
 Also notwithstanding the foregoing, in case a Participant’s Termination of Service occurs for Cause, all Options granted to the
Participant shall automatically expire upon first notification to the Participant of such termination, unless the Committee determines otherwise. If a Participant’s employment or service relationship with the Company is suspended pending an
investigation of whether the Participant shall be terminated for Cause, all the Participant’s rights under any Option shall likewise be suspended during the period of investigation. If any facts that would constitute termination for Cause are
discovered after a Participant’s Termination of Service, any Option then held by the Participant may be immediately terminated by the Committee, in its sole discretion. 
 (c) A Participant’s change in status from an employee of the Company or a Related Company to a nonemployee director, consultant, advisor or independent contractor of the Company or a Related Company, or a change
in status from a nonemployee director, consultant, advisor or independent contractor of the Company or a Related Company to an employee of the Company or a Related Company shall not be considered a Termination of Service for purposes of this
Section 7.6. 
 SECTION 8. INCENTIVE STOCK OPTION LIMITATIONS 
 Notwithstanding any other provisions of the Plan, the terms and conditions of any Incentive Stock Options shall in addition comply in all respects with Section 422 of the Code, or any successor provision, and any
applicable regulations thereunder, including, to the extent required thereunder, the following: 
  

	8.1	Dollar Limitation 

 To the extent the aggregate Fair Market Value
(determined as of the Grant Date) of Common Stock with respect to which a Participant’s Incentive Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock option plans of the Company and
its parent and subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event the 

  

 -7- 

 
Participant holds two or more such Options that become exercisable for the first time in the same calendar year, such limitation shall be applied on the
basis of the order in which such Options are granted. 
  

	8.2	Eligible Employees 

 Individuals who are not employees of the
Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options. 
  

	8.3	Exercise Price 

 The exercise price of an Incentive Stock Option
shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all classes of the stock of the
Company or of its parent or subsidiary corporations (a “Ten Percent Stockholder”), shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date. The determination of more than 10% ownership shall be
made in accordance with Section 422 of the Code. 
  

	8.4	Option Term 

 Subject to earlier termination in accordance with the
terms of the Plan and the instrument evidencing the Option, the maximum term of an Incentive Stock Option shall not exceed ten years, and in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, shall not exceed five years.

  

	8.5	Exercisability 

 An Option designated as an Incentive Stock Option
shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted by the terms of the Option) (a) more than three months after the date of a Participant’s Termination of Service if
termination was for reasons other than death or disability, (b) more than one year after the date of a Participant’s Termination of Service if termination was by reason of disability, or (c) after the Participant has been on leave of
absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract. 
  

	8.6	Taxation of Incentive Stock Options 

 In order to obtain certain tax
benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date of exercise.

 A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant shall give the Company
prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods. 
  

 -8- 

	8.7	Code Definitions 

 For the purposes of this Section 8
“disability,” “parent corporation” and “subsidiary corporation” shall have the meanings attributed to those terms for purposes of Section 422 of the Code. 
 SECTION 9. STOCK APPRECIATION RIGHTS 
  

	9.1	Grant of Stock Appreciation Rights 

 The Committee may grant Stock
Appreciation Rights to Participants at any time on such terms and conditions as the Committee shall determine in its sole discretion. An SAR may be granted in tandem with an Option or alone (“freestanding”). The grant price of a tandem SAR
shall be equal to the exercise price of the related Option. The grant price of a freestanding SAR shall be established in accordance with procedures for Options set forth in Section 7.2. An SAR may be exercised upon such terms and conditions
and for the term as the Committee determines in its sole discretion; provided, however, that, subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the term of a freestanding SAR shall be as
established for that SAR by the Committee or, if not so established, shall be ten years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b) the tandem SAR may be exercised for all or part
of the shares subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares for which its related Option is then
exercisable. 
  

	9.2	Payment of SAR Amount 

 Upon the exercise of an SAR, a Participant
shall be entitled to receive payment in an amount determined by multiplying: (a) the difference between the Fair Market Value of the Common Stock on the date of exercise over the grant price of the SAR by (b) the number of shares with
respect to which the SAR is exercised. At the discretion of the Committee as set forth in the instrument evidencing the Award, the payment upon exercise of an SAR may be in cash, in shares, in some combination thereof or in any other manner approved
by the Committee in its sole discretion. 
 SECTION 10. STOCK AWARDS, RESTRICTED STOCK AND STOCK UNITS 
  

	10.1	Grant of Stock Awards, Restricted Stock and Stock Units 

 The
Committee may grant Stock Awards, Restricted Stock and Stock Units on such terms and conditions and subject to such repurchase or forfeiture restrictions, if any, which may be based on continuous service with the Company or a Related Company or the
achievement of any performance goals, as the Committee shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in the instrument evidencing the Award. 
  

 -9- 

	10.2	Vesting of Restricted Stock and Stock Units 

 Upon the satisfaction
of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant’s release from any terms, conditions and restrictions of Restricted Stock or Stock Units, as determined by the
Committee, and subject to the provisions of Section 13, (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the Participant, and (b) Stock Units shall be paid in shares of
Common Stock or, if set forth in the instrument evidencing the Awards, in cash or a combination of cash and shares of Common Stock. Any fractional shares subject to such Awards shall be paid to the Participant in cash. 
  

	10.3	Waiver of Restrictions 

 Notwithstanding any other provisions of the
Plan, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions as the
Committee shall deem appropriate. 
 SECTION 11. PERFORMANCE AWARDS 
  

	11.1	Performance Shares 

 The Committee may grant Awards of Performance
Shares, designate the Participants to whom Performance Shares are to be awarded and determine the number of Performance Shares and the terms and conditions of each such Award. Performance Shares shall consist of a unit valued by reference to a
designated number of shares of Common Stock, the value of which may be paid to the Participant by delivery of shares of Common Stock or, if set forth in the instrument evidencing the Award, of such property as the Committee shall determine,
including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.
Notwithstanding the foregoing, the amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion. 
  

	11.2	Performance Units 

 The Committee may grant Awards of Performance
Units, designate the Participants to whom Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each such Award. Performance Units shall consist of a unit valued by reference to a
designated amount of property other than shares of Common Stock, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other property,
or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. Notwithstanding the foregoing, the amount to be paid under an Award of Performance
Units may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion. 
  

 -10- 

 SECTION 12. OTHER STOCK OR CASH-BASED AWARDS 
 Subject to the terms of the Plan and such other terms and conditions as the Committee deems appropriate, the Committee may grant other incentives payable in cash or in
shares of Common Stock under the Plan. 
 SECTION 13. WITHHOLDING 
 The Company may require the Participant to pay to the Company the amount of (a) any taxes that the Company is required by applicable federal, state, local or foreign law to withhold with respect to the grant,
vesting or exercise of an Award (“tax withholding obligations”) and (b) any amounts due from the Participant to the Company or to any Related Company (“other obligations”). The Company shall not be required to issue any
shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding obligations and other obligations are satisfied. 
 The
Committee may permit or require a Participant to satisfy all or part of the Participant’s tax withholding obligations and other obligations by (a) paying cash to the Company, (b) having the Company withhold an amount from any cash
amounts otherwise due or to become due from the Company to the Participant, (c) having the Company withhold a number of shares of Common Stock that would otherwise be issued to the Participant (or become vested, in the case of Restricted Stock)
having a Fair Market Value equal to the tax withholding obligations and other obligations, or (d) surrendering a number of shares of Common Stock the Participant already owns having a value equal to the tax withholding obligations and other
obligations. The value of the shares so withheld may not exceed the employer’s minimum required tax withholding rate, and the value of the shares so tendered may not exceed such rate. 
 SECTION 14. ASSIGNABILITY 
 No Award or interest in an Award may be sold, assigned, pledged (as
collateral for a loan or as security for the performance of an obligation or for any other purpose) or transferred by a Participant or made subject to attachment or similar proceedings otherwise than by will or by the applicable laws of descent and
distribution, except to the extent the Participant designates one or more beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s death. During a Participant’s
lifetime, an Award may be exercised only by the Participant. Notwithstanding the foregoing and to the extent permitted by Section 422 of the Code, the Committee, in its sole discretion, may permit a Participant to assign or transfer an Award
subject to such terms and conditions as the Committee shall specify. 
  

 -11- 

 SECTION 15. ADJUSTMENTS 
  

	15.1	Adjustment of Shares 

 In the event, at any time or from time to
time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company’s corporate or capital
structure results in (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities of the Company or (b) new, different or
additional securities of the Company or any other company being received by the holders of shares of Common Stock, then the Committee shall make proportional adjustments in (i) the maximum number and kind of securities available for issuance
under the Plan; (ii) the maximum number and kind of securities issuable as Incentive Stock Options as set forth in Section 4.2; and (iii) the number and kind of securities that are subject to any outstanding Award and the per share
price of such securities, without any change in the aggregate price to be paid therefor. The determination by the Committee, as to the terms of any of the foregoing adjustments shall be conclusive and binding. 
 Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or
property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall
not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. Also notwithstanding the foregoing, a dissolution or liquidation of the Company or a Company Transaction shall not be governed by this
Section 15.1 but shall be governed by Sections 15.2 and 15.3, respectively. 
  

	15.2	Dissolution or Liquidation 

 To the extent not previously exercised
or settled, and unless otherwise determined by the Committee in its sole discretion, Awards shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a vesting condition, forfeiture provision or repurchase
right applicable to an Award has not been waived by the Committee, the Award shall be forfeited immediately prior to the consummation of the dissolution or liquidation. 
  

	15.3	Company Transaction; Change in Control 

  

	15.3.1	Effect of a Company Transaction That Is Not a Change in Control or a Related Party Transaction 

 Notwithstanding any other provision of the Plan to the contrary, unless the Committee shall determine otherwise at the time of grant with respect to a particular Award, in the event of a Company Transaction that is
not (a) a Change in Control or (b) a Related Party Transaction: 
 (i) All outstanding Awards, other than Performance Shares and Performance Units,
shall become fully and immediately exercisable, and all applicable deferral and restriction limitations or forfeiture provisions shall lapse, immediately prior to the Company Transaction and shall terminate effective at the effective time of the
Company Transaction, if and to the extent such Awards are not converted, assumed or replaced by the Successor Company. 
  

 -12- 

 For the purposes of this Section 15.3.1, an Award shall be considered converted, assumed or replaced by the
Successor Company if following the Company Transaction the option or right confers the right to purchase or receive, for each share of Common Stock subject to the Award immediately prior to the Company Transaction, the consideration (whether stock,
cash or other securities or property) received in the Company Transaction by holders of Common Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Company Transaction is not solely common stock of the Successor Company, the Committee may, with the consent of the
Successor Company, provide for the consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto, to be solely common stock of the Successor Company substantially equal in fair market value to the per
share consideration received by holders of Common Stock in the Company Transaction. The determination of such substantial equality of value of consideration shall be made by the Committee, and its determination shall be conclusive and binding.

 (ii) All Performance Shares or Performance Units earned and outstanding as of the date the Company Transaction is determined to have occurred shall be
payable in full at the target level in accordance with the payout schedule pursuant to the Award agreement. Any remaining Performance Shares or Performance Units (including any applicable performance period) for which the payout level has not been
determined shall be prorated at the target payout level up to and including the date of such Company Transaction and shall be payable in full at the target level in accordance with the payout schedule pursuant to the Award agreement. Any existing
deferrals or other restrictions not waived by the Committee in its sole discretion shall remain in effect. 
 (iii) Notwithstanding the foregoing, the
Committee, in its sole discretion, may instead provide that a Participant’s outstanding Awards shall terminate upon or immediately prior to such Company Transaction and that such Participant shall receive, in exchange therefor, a cash payment
equal to the amount (if any) by which (x) the value of the per share consideration received by holders of Common Stock in the Company Transaction, or, in the event the Company Transaction is one of the transactions listed under subsection
(c) in the definition of Company Transaction or otherwise does not result in direct receipt of consideration by holders of Common Stock, the value of the deemed per share consideration received, in each case as determined by the Committee in
its sole discretion, multiplied by the number of shares of Common Stock subject to such outstanding Awards (to the extent then vested and exercisable or whether or not then vested and exercisable, as determined by the Committee in its sole
discretion) exceeds (y) if applicable, the respective aggregate exercise price or grant price for such Award. 
  

 -13- 

	15.3.2	Effect of a Change in Control 

 Notwithstanding any other provision
of the Plan to the contrary, unless the Committee shall determine otherwise at the time of grant with respect to a particular Award, in the event of a Change in Control: 
 (a) any Options and Stock Appreciation Rights outstanding as of the date such Change in Control is determined to have occurred, and which are not then exercisable and vested, shall become fully exercisable and vested
to the full extent of the original grant; 
 (b) any restrictions and deferral limitations applicable to any Restricted Stock or Stock Units shall lapse, and
such Restricted Stock or Stock Units shall become free of all restrictions and limitations and become fully vested and transferable to the full extent of the original grant; 
 (c) all Performance Shares and Performance Units shall be considered to be earned at the target level and payable in full, any deferral or other restriction shall lapse and such Performance Shares and Performance
Units shall be immediately settled or distributed; and 
 (d) any restrictions and deferral limitations and other conditions applicable to any other Awards
shall lapse, and such other Awards shall become free of all restrictions, limitations or conditions and become fully vested and transferable to the full extent of the original grant. 
  

	15.3.3	Change in Control Cash-Out 

 Notwithstanding any other provision of
the Plan, during the 60-day period from and after a Change in Control (the “Change in Control Exercise Period”), if the Committee shall so determine at, or at any time after, the time of grant, a Participant holding an Option, SAR,
Restricted Stock Unit or Performance Share, shall have the right, whether or not the Award is fully vested and/or exercisable and without regard to any deferral or other restriction and in lieu of the payment of the purchase price for the shares of
Common Stock being purchased under an Option, to elect by giving notice to the Company within the Change in Control Exercise Period to surrender all or part of the Award to the Company and to receive cash, within 30 days of such notice: 

(a) for an Option or SAR, in an amount equal to the amount by which the Acquisition Price per share of Common Stock on the date of such election shall exceed the
exercise price per share of Common Stock under the Option, or the grant price per share of Common Stock under the SAR; and 
 (b) for a Restricted Stock Unit
or Performance Share, in an amount equal to the Acquisition Price per share of Common Stock under the Restricted Stock or Performance Share, multiplied by the number of shares of Common Stock granted under the Award as to which the right granted
under this Section 15.3.3 shall have been exercised. 
  

 -14- 

	15.4	Further Adjustment of Awards 

 Subject to Sections 15.2 and
15.3, the Committee shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization, liquidation, dissolution or change in control of the Company, as defined by the Committee, to take such further action as it
determines to be necessary or advisable with respect to Awards. Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Awards so as to
provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Committee may take such actions with respect to all Participants, to certain categories of Participants or only to individual
Participants. The Committee may take such action before or after granting Awards to which the action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation, dissolution or
change in control that is the reason for such action. 
  

	15.5	No Limitations 

 The grant of Awards shall in no way affect the
Company’s right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
  

	15.6	Fractional Shares 

 In the event of any adjustment in the number of
shares covered by any Award, each such Award shall cover only the number of full shares resulting from such adjustment. 
  

	15.7	Section 409A of the Code 

 Notwithstanding anything in this
Plan to the contrary, (a) any adjustments made pursuant to this Section 15 to Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the
requirements of Section 409A of the Code; (b) any adjustments made pursuant to Section 15 to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner as
to ensure that after such adjustment the Awards either (i) continue not to be subject to Section 409A of the Code or (ii) comply with the requirements of Section 409A of the Code; and (c) in any event, the Plan Administrator
shall not have the authority to make any adjustments pursuant to Section 15 to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A of the Code at the time of grant to be
subject thereto. 
  

 -15- 

 SECTION 16. MARKET STANDOFF 
 In the event of an underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, no person may sell, make any short sale of, loan,
hypothecate, pledge, grant any option for the purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any shares issued pursuant to an Award granted under the Plan
without the prior written consent of the Company or its underwriters. Such limitations shall be in effect for such period of time as may be requested by the Company or such underwriters; provided, however, that in no event shall such period exceed
180 days after the effective date of the registration statement. The limitations of this Section 16 shall in all events terminate two years after the effective date of the Company’s initial public offering. 
 In the event of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the Company’s outstanding
Common Stock effected as a class without the Company’s receipt of consideration, any new, substituted or additional securities distributed with respect to the purchased shares shall be immediately subject to the provisions of this
Section 16, to the same extent the purchased shares are at such time covered by such provisions. 
 In order to enforce the limitations of this
Section 16, the Company may impose stop-transfer instructions with respect to the purchased shares until the end of the applicable standoff period. 
 SECTION 17. AMENDMENT AND TERMINATION 
  

	17.1	Amendment, Suspension or Termination 

 The Board or the Compensation
Committee may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange rule,
stockholder approval shall be required for any amendment to the Plan; and provided, further, that any amendment that requires stockholder approval may be made only by the Board. Subject to Section 17.3, the Committee may amend the terms of any
outstanding Award, prospectively or retroactively. 
  

	17.2	Term of the Plan 

 Unless sooner terminated as provided herein, the
Plan shall terminate ten years from the Effective Date. After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and the
Plan’s terms and conditions. Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten years after the later of (a) the Effective Date and (b) the approval by the stockholders of any amendment to the Plan
that constitutes the adoption of a new plan for purposes of Section 422 of the Code. 
  

 -16- 

	17.3	Consent of Participant 

 The amendment, suspension or termination of
the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Any change or
adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute a “modification” that would cause such Incentive Stock Option to fail to continue to qualify as
an Incentive Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to Section 15 shall not be subject to these restrictions. 
 Notwithstanding any provision contained in the Plan to the contrary, the Board shall have broad authority to amend the Plan or any outstanding Award without the consent of a Participant to the extent the Board deems necessary or advisable
to (a) comply with, or take into account, changes in applicable tax laws, securities laws, accounting rules and other applicable law, rules and regulations or (b) to ensure that an Award is not subject to additional taxes under
Section 409A of the Code. 
 SECTION 18. GENERAL 
  

	18.1	No Individual Rights 

 No individual or Participant shall have any
claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan. 
 Furthermore,
nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the
Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate a Participant’s employment or other relationship at any time, with or without cause. 
  

	18.2	Issuance of Shares 

 Notwithstanding any other provision of the
Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such issuance, delivery or
distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity.

 The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to
register or qualify under the laws 

  

 -17- 

 
of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to
continue in effect any such registrations or qualifications if made. 
 As a condition to the exercise of an Option or any other receipt of Common Stock
pursuant to an Award under the Plan, the Company may require (a) the Participant to represent and warrant at the time of any such exercise or receipt that such shares are being purchased or received only for the Participant’s own account
and without any present intention to sell or distribute such shares and (b) such other action or agreement by the Participant as may from time to time be necessary to comply with the federal, state and foreign securities laws. At the option of
the Company, a stop-transfer order against any such shares may be placed on the official stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion of counsel
is provided (concurred in by counsel for the Company) stating that such transfer is not in violation of any applicable law or regulation, may be stamped on stock certificates to ensure exemption from registration. The Committee may also require the
Participant to execute and deliver to the Company a purchase agreement or such other agreement as may be in use by the Company at such time that describes certain terms and conditions applicable to the shares. 
 To the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance
may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 
  

	18.3	Indemnification 

 Each person who is or shall have been a member of
the Board, or a committee appointed by the Board, or an officer of the Company to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from any loss, cost, liability or
expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason of any action
taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such claim, action, suit or
proceeding against such person; provided, however, that such person shall give the Company an opportunity, at its own expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf,
unless such loss, cost, liability or expense is a result of such person’s own willful misconduct or except as expressly provided by statute. 
 The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or of any power
that the Company may have to indemnify or hold harmless. 
  

 -18- 

	18.4	No Rights as a Stockholder 

 Unless otherwise provided by the
Committee or in the instrument evidencing the Award or in a written employment, services or other agreement, no Award, other than a Stock Award, shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and
until the date of issuance under the Plan of the shares that are the subject of such Award. 
  

	18.5	Compliance With Laws and Regulations 

 In interpreting and applying
the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed as an “incentive stock option” within the meaning of Section 422 of the Code.

  

	18.6	Participants in Other Countries or Jurisdictions 

 Without amending
the Plan, the Committee may grant Awards to Eligible Persons who are foreign nationals on such terms and conditions different from those specified in this Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote
achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable to comply with provisions of the laws or regulations of other countries or
jurisdictions in which the Company or any Related Company may operate or have employees to ensure the viability of the benefits from Awards granted to Participants employed in such countries or jurisdictions, meet the requirements that permit the
Plan to operate in a qualified or tax-efficient manner, comply with applicable foreign laws or regulations and meet the objectives of the Plan. 
  

	18.7	No Trust or Fund 

 The Plan is intended to constitute an
“unfunded” plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts
payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company. 
  

	18.8	Successors 

 All obligations of the Company under the Plan with
respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets
of the Company. 
  

	18.9	Severability 

 If any provision of the Plan or any Award is
determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be 

  

 -19- 

 
construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee’s determination,
materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	18.10  Choice	of Law and Venue 

 The Plan, all Awards granted thereunder and all
determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of California without giving effect to principles of conflicts of law.
Participants irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of California. 
  

	18.11  Legal	Requirements 

 The granting of Awards and the issuance of shares of
Common Stock under the Plan are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 SECTION 19. EFFECTIVE DATE 
 The effective date (the “Effective Date”) is the
date on which the Plan is adopted by the Board. If the stockholders of the Company do not approve the Plan within 12 months after the Board’s adoption of the Plan, any Incentive Stock Options granted under the Plan will be treated as
Nonqualified Stock Options. 
  

 -20- 

 APPENDIX A 
 DEFINITIONS 
 As used in the Plan, 
 “Acquired Entity” means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines. 
 “Award” means any Option, Stock Appreciation Right, Stock Award, Restricted Stock, Stock Unit, Performance Share, Performance Unit, cash-based award or
other incentive payable in cash or in shares of Common Stock as may be designated by the Committee from time to time. 
 “Board” means the
Board of Directors of the Company. 
 “Cause,” unless otherwise defined in the instrument evidencing an Award or in a written
employment, services or other agreement between the Participant and the Company or a Related Company, means dishonesty, fraud, serious or willful misconduct, unauthorized use or disclosure of confidential information or trade secrets, or conduct
prohibited by law (except minor violations), in each case as determined by the Company’s chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Compensation Committee,
whose determination shall be conclusive and binding. 
 “Change in Control,” unless the Committee determines otherwise with respect to an
Award at the time the Award is granted, means the happening of any of the following events: 
 (a) an acquisition by any Entity of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (1) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”), excluding, however, the following: (i) any acquisition
directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege where the security being so converted was not acquired directly from the Company by the party exercising the conversion privilege, (ii) any
acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Company, or (iv) a Related Party Transaction; or 
 (b) a change in the composition of the Board during any two-year period such that the individuals who, as of the beginning of such two-year period, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that for purposes of this definition, any individual who becomes a member of the Board subsequent to the beginning of
the two-year period, whose election, or 

  

 B-1 

 
nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of those individuals who are members of the Board
and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; and provided further, however, that any such individual whose
initial assumption of office occurs as a result of or in connection with an actual or threatened solicitation of proxies or consents by or on behalf of an Entity other than the Board shall not be considered a member of the Incumbent Board.

 “Change in Control Exercise Period” has the meaning set forth in Section 15.3.3. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Committee” has the meaning set forth in Section 3.1. 
 “Common Stock” means the
common stock, par value $0.0001 per share, of the Company. 
 “Company” means CAI International, Inc., a Delaware corporation. 

“Company Transaction,” unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement
between the Participant and the Company or a Related Company, means consummation of: 
 (a) a merger or consolidation of the Company with or into any other
company or other entity; 
 (b) a sale in one transaction or a series of transactions undertaken with a common purpose of all of the Company’s
outstanding voting securities; or 
 (c) a sale, lease, exchange or other transfer in one transaction or a series of related transactions undertaken with a
common purpose of all or substantially all of the Company’s assets. 
 Where a series of transactions undertaken with a common purpose is deemed to be a
Company Transaction, the date of such Company Transaction shall be the date on which the last of such transactions is consummated. 
 “Compensation
Committee” means the Compensation Committee of the Board. 
 “Disability,” unless otherwise defined by the Committee or in
the instrument evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, means a mental or physical impairment of the Participant that is expected to result in death or
that has lasted or is expected to last for a continuous period of 12 months or more and that causes the Participant to be unable to perform his or her material duties for the Company or a Related Company and to be engaged in any substantial
gainful activity, in each case as determined by the Company’s chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Compensation Committee, whose determination shall be
conclusive and binding. 
  

 B-2 

 “Effective Date” has the meaning set forth in Section 19. 
 “Eligible Person” means any person eligible to receive an Award as set forth in Section 5. 
 “Entity” means any individual, entity or group (within the meaning of Section 13(d)(3) of the Exchange Act). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Fair Market Value” means the per share fair market value of the Common Stock as established in good faith by the Committee or, if the Common Stock is publicly traded, the closing sales price for the
Common Stock on any given date during regular trading, or if not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee using such methods or procedures as it
may establish. 
 “Grant Date” means the later of (a) the date on which the Committee completes the corporate action authorizing the
grant of an Award or such later date specified by the Committee or (b) the date on which all conditions precedent to an Award have been satisfied, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant
Date. 
 “Incentive Stock Option” means an Option granted with the intention that it qualify as an “incentive stock option” as
that term is defined for purposes of Section 422 of the Code or any successor provision. 
 “Nonqualified Stock Option” means an Option
other than an Incentive Stock Option. 
 “Option” means a right to purchase Common Stock granted under Section 7. 
 “Parent Company” means a company or other entity which as a result of a Company Transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries. 
 “Participant” means any Eligible Person to whom an Award is
granted. 
 “Performance Award” means an Award of Performance Shares or Performance Units granted under Section 11. 
 “Performance Share” means an Award of units denominated in shares of Common Stock granted under Section 11.1. 
 “Performance Unit” means an Award of units denominated in cash or property other than shares of Common Stock granted under Section 11.2.

  

 B-3 

 “Plan” means Container Applications International, Inc. 2007 Equity Incentive Plan. 
 “Related Company” means any entity that is directly or indirectly controlled by, in control of or under common control with the Company. 
 “Related Party Transaction” means a Company Transaction pursuant to which: 
 (a) the Entities who are the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Company Transaction will beneficially own, directly or
indirectly, more than 50% of the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Successor Company in substantially the same
proportions as their ownership, immediately prior to such Company Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities; 
 (b) no Entity (other than the Company, any employee benefit plan (or related trust) of the Company or a Related Company, the Successor Company or, if reference was made to equity ownership of any Parent Company for purposes of determining
whether clause (a) above is satisfied in connection with the applicable Company Transaction, such Parent Company) will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock of the
Successor Company or the combined voting power of the outstanding voting securities of the Successor Company entitled to vote generally in the election of directors unless such ownership resulted solely from ownership of securities of the Company
prior to the Company Transaction; and 
 (c) individuals who were members of the Incumbent Board will immediately after the consummation of the Company
Transaction constitute at least a majority of the members of the board of directors of the Successor Company (or, if reference was made to equity ownership of any Parent Company for purposes of determining whether clause (a) above is satisfied
in connection with the applicable Company Transaction, of the Parent Company). 
 “Restricted Stock” means an Award of shares of Common
Stock granted under Section 10, the rights of ownership of which are subject to restrictions prescribed by the Committee. 
 “Retirement,” unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, means
“Retirement” as defined for purposes of the Plan by the Committee or the Company’s chief human resources officer or other person performing that function or, if not so defined, means Termination of Service on or after the date the
Participant reaches “normal retirement age,” as that term is defined in Section 411(a)(8) of the Code. 
 “Securities Act”
means the Securities Act of 1933, as amended from time to time. 
  

 B-4 

 “Stock Appreciation Right” or “SAR” means a right granted under Section 9.1 to
receive the excess of the Fair Market Value of a specified number of shares of Common Stock over the grant price. 
 “Stock Award” means an
Award of shares of Common Stock granted under Section 10, the rights of ownership of which are not subject to restrictions prescribed by the Committee. 
 “Stock Unit” means an Award denominated in units of Common Stock granted under Section 10. 
 “Substitute
Awards” means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for awards previously granted by an Acquired Entity. 
 “Successor Company” means the surviving company, the successor company or Parent Company, as applicable, in connection with a Company Transaction. 
 “Termination of Service” means a termination of employment or service relationship with the Company or a Related Company for any reason, whether
voluntary or involuntary, including by reason of death, Disability or Retirement. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service shall be
determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors and executive officers, by the Compensation Committee, whose determination shall be conclusive and binding.
Transfer of a Participant’s employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service for purposes of an Award. Unless the Compensation Committee determines otherwise, a
Termination of Service shall be deemed to occur if the Participant’s employment or service relationship is with an entity that has ceased to be a Related Company. 
 “Vesting Commencement Date” means the Grant Date or such other date selected by the Committee as the date from which an Award begins to vest. 
  

 B-5 

 PLAN ADOPTION AND AMENDMENTS/ADJUSTMENTS SUMMARY PAGE 
  

							
	 Date of Board
 Action
	  	 Action
	  	 Section/Effect
 of Amendment
	  	 Date of Stockholder
 Approval

	 April 23, 2007
	  	Initial Plan Adoption	  		  	April 23, 2007

  

 R-B1Stock Purchase Agreement

 Exhibit 10.13 
  

 STOCK PURCHASE AGREEMENT 
 For the purchase of 
 Common Stock Representing 14.95951868% of the Outstanding Stock of

 CAI INTERNATIONAL, INC. 
 Between 
 HIROMITSU OGAWA (as Seller) 
 and 
 DBJ VALUE UP FUND (as Purchaser) 
 FEBRUARY 16, 2007 
  

 STOCK PURCHASE AGREEMENT 
 This Stock Purchase Agreement (this “Agreement”) is made as of February 16, 2007, by and among Hiromitsu Ogawa (“Seller”), DBJ Value Up Fund, a Japanese partnership
(“DBJ”) and CAI International, Inc. a Delaware corporation (the “Company”). The Company was formerly known as “Container Applications International, Inc.”, and changed its name to “CAI International,
Inc.” on February 2, 2007, at the time it reincorporated in the State of Delaware. 
 SECTION 1 
 Sale of Common Stock. 
 1.1 Sale
and Issuance of Shares. Subject to the terms and conditions of this Agreement, DBJ agrees to purchase and the Seller agrees to sell to DBJ, 4,028 shares of the Company’s Common Stock (the “Shares”), at a cash purchase price
of $26,927,133 (the “Purchase Price”), payable in an initial payment (“Initial Payment”) of $20,943,326 and, as provided Section 1.2 a deferred payment (the “Deferred Payment”) of up to
$5,983,807. The Purchase Price shall be paid in United States Dollars. The Purchase Price is based on an agreed equity value of the Company of $200,000,000, with a 10% discount that Seller has agreed to provide to DBJ to reflect the large block
sale, and the fact that the Shares are presently not publicly tradable. 
 Payments of the Initial Payment and Deferred Payment shall
be made by wire transfer to: 
 Hiromitsu Ogawa 
 Account #13295-41137 
 Bank of America 
 555 California Street, 7th Floor 
 San
Francisco, California 94104 
 ABA # 0260-0959-3 
 Swift Code: BOFAUS3N 
 All wire transaction fees incurred in connection with this Agreement in connection
with the receipt of the wire transfer shall be paid by Seller, and all wire transaction fees incurred in connection with the sending of the wire shall be paid by DBJ. 
 1.2 Timing of Payments. The Initial Payment shall be paid at the Closing (as herein after defined), upon satisfaction of the closing conditions set forth in Section 5. The Deferred Payment shall be
payable within thirty (30) days following the closing of the initial public offering of the 

  

 - 2 - 

 
Company’s common stock (the “IPO”). The amount of the Deferred Payment that shall be paid by DBJ will be based on the Company’s
Whole Equity Value (as hereinafter defined) that is reflected in the pricing of the IPO. 
 (a) If the IPO is priced to reflect a Whole
Equity Value of $200,000,000 or more, DBJ shall pay the entire Deferred Payment of $5,983,807. 
 (b) If the IPO is priced to reflect a Whole
Equity Value of less than $200,000,000, but more than $155,555,556, DBJ shall pay to Seller a portion of the Deferred Payment equal to the product obtained by multiplying: (i) $5,983,807, by (ii) the fraction obtained by dividing (yy) the
Whole Equity Value of the Company minus $155,555,556, by (zz) $44,444,444. 
 (c) If the IPO is priced to reflect a Whole Equity Value
of less than $155,555,556, DBJ shall not be required to pay any portion of the Deferred Payment, and the Initial Payment shall constitute payment in full for the Shares. 
 “Whole Equity Value” shall equal the remainder obtained by subtracting: 
 (a) The gross
proceeds received by the Company from the IPO (prior to payment of underwriter’s discount), from 
 (b) the product obtained by
multiplying: (i) the price per share at which stock of the Company is sold to the public in the IPO, by (ii) the number of outstanding shares of the Company on the closing date of the IPO (calculated on a “fully-diluted” basis,
and after giving effect to the shares sold in the IPO and any options issued under the Stock Plan described in Section 3.2(b)(ii)). 
 SECTION 2 
 Closing Dates and Delivery. 
  

	 	2.1	Closing. 

 (a) The purchase and sale of the Shares
shall take place at a closing (the “Closing”), which shall take place at the offices of Perkins Coie LLP at Four Embarcadero Center, 24th Floor, San Francisco, California, at 10:00 a.m. local time on February 20, 2007, or such
other date or place as the Seller and DBJ may agree. 
 (b) At the Closing, the Company will deliver to DBJ a certificate registered in
DBJ’s name representing 4,028 Shares against payment of the Initial Payment portion of the Purchase Price, by wire transfer in accordance with the Seller’s instructions 
  

 - 3 - 

 SECTION 3 
 Representations and Warranties by the Seller. 
 Seller hereby represents and warrants to DBJ as
follows: 
 3.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware. The Company has the requisite corporate power and authority to own and operate its properties and assets, to carry on its business as presently conducted. The Company is presently qualified
to do business as a foreign corporation in each jurisdiction where the failure to be so qualified could reasonably be expected to have a material adverse effect on the Company’s financial condition or business as now conducted (a
“Material Adverse Effect”). 
 3.2 Capitalization. The authorized capital stock of the Company consists of
200,000 shares of Common Stock, of which 25,200 shares are issued and outstanding and 2,652 shares of Preferred Stock, all of which are designated Series A Preferred and 1,726 of which are issued and outstanding. The Common Stock and the
Series A Preferred shall have the rights, preferences, privileges and restrictions set forth in the Certificate of Incorporation (the “Certificate”), a true and complete copy of which is attached as Exhibit A hereto. The
Shares represent approximately 14.95951868% of the outstanding stock of the Company (determined as of the Closing), with preferred stock included in the calculation on an “as-converted” basis. 
 (a) The outstanding shares have been duly authorized and validly issued in compliance with applicable laws, and are fully paid and nonassessable.

 (b) The Company has reserved: 
 (i) 1,726 shares of Common Stock for issuance upon conversion of the Series A Preferred; and; 
 (ii) 1,700 shares of Common Stock
authorized for issuance to employees, consultants and directors pursuant to its 2007 Equity Incentive Plan (the “Stock Plan”), under which no options to purchase shares or stock grants are issued or outstanding under the Stock Plan
as of the date of this Agreement. 
 (c) The outstanding shares of Common Stock and Preferred Stock are owned by the shareholders and in the
numbers specified in Exhibit B, attached hereto. 
 (d) Except for the conversion privileges of the Series A Preferred and
options that may be issued under the Company’s Stock Plan, there are no options, warrants or other rights to purchase any of the Company’s authorized and unissued capital stock. 
 3.3 No Liens. The Shares that are being purchased by DBJ hereunder, when issued, sold and delivered in accordance with the terms of this Agreement
for the consideration expressed herein, shall be free and clear of any liens or encumbrances. 
  

 - 4 - 

 3.4 Financial Statements. The Company has delivered to the DBJ its audited balance sheet and
statement of operations for the period ended December 31, 2005 and its unaudited balance sheet and statement of operations for the period ended December 31, 2006 (the “Financial Statements”). The Financial Statements are
correct in all material respects and present fairly the financial condition and operating results of the Company as of the date(s) and during the period(s) indicated therein. The audited Financial Statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the period indicated, except as disclosed therein. The unaudited Financial Statements do not contain additional financial statements and
footnotes required under GAAP, and are subject to normal year-end adjustments. 
 3.5 Changes. To Seller’s knowledge, since
the date of most recent financial statements there has not been: 
 (a) any change in the assets, liabilities, financial condition or
operating results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business, that has had a Material Adverse Effect; 
 (b) any damage, destruction or loss, whether or not covered by insurance, that has had a Material Adverse Effect; 
 3.6 Registration and Voting Rights. Except as set forth in the Rights Agreement (as hereinafter defined), the Company is presently not
under any obligation and has not granted any rights to register under the Securities Act of 1933, as amended, or any successor law, and the rules and regulations of the United Stated Securities and Exchange Commission thereunder (the
“Securities Act”) and the Securities Exchange Act of 1934, as amended, and the rules and regulations of the United States Securities and Exchange Commission thereunder (the “Exchange Act”) any of its presently
outstanding securities or any of its securities that may hereafter be issued. To the Company’s knowledge, except as contemplated in the Voting Agreement (as hereinafter defined), no stockholder of the Company has entered into any agreements
with respect to the voting of capital shares of the Company. 
 3.7 Disclosure. The Company has filed all registration statements,
proxy statements and other reports required to be filed by it under the Securities Act and the Exchange Act, and all amendments thereto, including the Company’s Registration Statement on Form S-1 which was filed with the United States
Securities and Exchange Commission on February 7, 2007 (collectively, the “Commission Documents”); and the Seller has furnished the Purchaser correct and complete copies of all Commission Documents, each as filed with the
United States Securities and Exchange Commission, from and after February 7, 2007. To the Seller’s knowledge, the Commission Documents do not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained herein or therein not misleading in light of the circumstances under which they were made and are in compliance in all material respects with the requirements of their respective report form. The Seller does not
represent or warrant that the Company will achieve any financial projections provided to the DBJ and represents only that such 

  

 - 5 - 

 
projections were prepared in good faith. The Seller hereby represents and agrees to take all actions as may be necessary to comply with United States
securities laws applicable to the sale and to enable DBJ to obtain the ownership of the Shares. 
 3.8 Brokers or Finders. The Seller
has not engaged any brokers, finders or agents in connection with its sale of the Shares. 
 SECTION 4 
 Representations and Warranties by DBJ. 
 DBJ hereby represents and warrants to the Seller as follows: 
 4.1 No Registration. DBJ understands that the Shares
have not been registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and
the accuracy of such DBJ’s representations as expressed herein or otherwise made pursuant hereto. 
 4.2 Investment
Intent. DBJ is acquiring the Shares for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof in violation of the Securities Act, and DBJ has no
present intention of selling, granting any participation in, or otherwise distributing the same. DBJ further represents that it does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant
participation to such person or entity or to any third person or entity with respect to any of the Shares. 
 4.3 Investment
Experience. DBJ is an institutional investor with substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company. 
 4.4 Access to Data. DBJ has had an opportunity to ask questions of, and receive answers from, the officers of the Company concerning this
Agreements, the Commission Documents, the exhibits and schedules attached to this Agreement and the transactions contemplated by this Agreement, as well as the Company’s business, management and financial affairs, which questions were answered
to its satisfaction. DBJ acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and
it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 
 4.5 Residency. DBJ is a partnership formed under the laws of Japan, with its principal place of business in Japan. 
  

 - 6 - 

 4.6 Shares not Publicly Tradable. DBJ acknowledges that the Shares have not been
Registered under the Securities Act and must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. 
 4.7 Brokers or Finders. DBJ has not engaged any brokers, finders or agents in connection with its purchase of the Shares. 
 4.8 Legends. DBJ understands and agrees that the certificates evidencing the Shares to be delivered at the Closing shall bear the following
legend (in addition to any legend required by the Rights Agreement or under applicable state securities laws): 
 “THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR
APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 4.9 Compliance with Law. (a) DBJ hereby represents that DBJ is satisfied as to the full observance of the laws of Japan in connection with
the purchase of the Shares, including (i) the legal requirements within Japan for the purchase of Shares, (ii) any Japanese foreign exchange restrictions applicable to such purchase, and (iii) any governmental or other consents that
may need to be obtained under the laws of Japan. DBJ’s subscription and payment for, and such DBJ’s continued ownership of, the Shares will not violate any applicable securities or other laws of Japan. 
 (b) DBJ hereby agrees to take all actions as may be necessary to comply with United States securities laws applicable to the purchase and ownership
of the Shares. 
 SECTION 5 
 Conditions to DBJ’s Obligations to Close. 
 DBJ’s obligation to purchase the Shares is subject to the fulfillment
on or before the Closing of each of the following conditions, unless waived by DBJ: 
 5.1 Representations and Warranties. The
representations and warranties made by the Seller in Section 3 shall be true and correct in all material respects as of the date of such Closing. 
  

 - 7 - 

 5.2 Covenants. All covenants, agreements and conditions contained in this Agreement to be
performed by the Seller on or prior to the Closing shall have been performed or complied with in all material respects. 
 5.3
Registration Rights Agreement. The Company, the Seller and DBJ shall have executed and delivered the Amended and Restated Registration Rights Agreement in the form of Exhibit C (the “Rights Agreement”).

 5.4 Voting Agreement. The Company, the Seller and DBJ shall have executed and delivered the Voting Agreement in the form of
Exhibit D (the “Voting Agreement”). 
 5.5 Secretary’s Closing Certificate. The Company shall have
delivered to a certificate of the Company executed by the Company’s Secretary, in substantially the form attached hereto as Exhibit E, attaching and certifying to the truth and correctness of (1) the Certificate, (2) the
Bylaws and (3) the board and stockholder resolutions adopted in connection with the transactions contemplated by this Agreement. 
 SECTION 6 
 Conditions to Seller’s Obligation to Close. 
 Seller’s obligation to sell the Shares is subject to the fulfillment on or before the Closing of the following conditions, unless waived by the
Seller: 
 6.1 Representations and Warranties. The representations and warranties made by DBJ in such Closing in Section 4
shall be true and correct in all material respects when made and shall be true and correct in all material respects as of the date of such Closing. 
 6.2 Compliance with Securities Laws. The Seller shall be satisfied that the offer and sale of the Shares shall be qualified or exempt from registration or qualification under all applicable federal and state securities laws.

 6.3 Rights Agreement. The Company, the Seller and DBJ shall have executed and delivered the Rights Agreement. 
 6.4 Voting Agreement. The Company, the Seller and DBJ shall have executed and delivered the Voting Agreement. 
 6.5 Proceedings and Documents. All corporate and other proceedings required to carry out the transactions contemplated by this Agreement, and
all instruments and other documents relating to such transactions, shall be reasonably satisfactory in form and substance to the Seller, and the Seller shall have been furnished with such instruments and documents as the Seller shall have reasonably
requested. 
  

 - 8 - 

 SECTION 7 
 Miscellaneous. 
 7.1 Amendment. Except as expressly provided herein, neither this
Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Seller and DBJ. 
 7.2 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand or by messenger addressed: 
  

			
	 (a)    if to DBJ, to:
	  	
		
	 DBJ Value Up Fund
 1-9-1, Otemachi, Chiyoda-ku, Tokyo
 100-0004 JAPAN
 Attention: Kazuhiro Takahashi
 Director General of Planning Department of Investment Banking
 Fax No.: +81-3-3270-3365
	  	
		
	 (b)    if to Seller, to:
	  	
		
	 Mr. Hiromitsu Ogawa
 c/o CAI International, Inc.
 One Embarcadero Center, Suite 2101
 San Francisco, CA 94111
 Fax No.:
(415) 788-3430
	  	
		
	 (c)    if to the Company, to:
	  	
		
	 Mr. Masaaki Nishibori
 c/o CAI International, Inc.
 One Embarcadero Center, Suite 2100
 San Francisco, CA 94111
 Fax No.:
(415) 788-3430
	  	
		
	 With a copy to:
	  	
		
	 Perkins Coie LLP
 101 Jefferson Drive
 Menlo Park
 California, 94125
 Attention: Edward Wes
 Fax No.: (650) 838-4350
	  	

  

 - 9 - 

 7.3 Governing Law. This Agreement shall be governed in all respects by the internal laws of
the State of New York, without regard to principles of conflicts of law. 
 7.4 Expenses. Except as set forth in
Section 1.1 with respect to wire transaction fees, the Seller and DBJ shall each pay their own expenses in connection with the transactions contemplated by this Agreement. The Seller will be paid his expenses from the Company. 
 7.5 Survival. The representations, warranties, covenants and agreements made in this Agreement shall survive any investigation made by
any party hereto and the closing of the transactions contemplated hereby for one year from the date of the Closing. 
 7.6 Successors and
Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 
 7.7 Entire Agreement. This Agreement, including the exhibits attached hereto, constitute the full and entire understanding and agreement
among the parties with regard to the subjects hereof and thereof. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically
set forth herein or therein. 
 7.8 Severability. If any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 7.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 
 7.10 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar
electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties
hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
  

 - 10 - 

 7.11 Jurisdiction; Venue. With respect to any disputes arising out of or related to this
Agreement, the parties consent to the exclusive jurisdiction of, and venue in, the state courts in New York City in the State of New York (or in the event of exclusive federal jurisdiction, the courts of the Southern District of New York).

 7.12 Further Assurances. Each party hereto agrees to execute and deliver, all such other and additional instruments and
documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement. 
 (The remainder of this page
is left intentionally blank.) 
  

 - 11 - 

 IN WITNESS WHEREOF, this Agreement is executed as of the date first written above. 
  

			
	“SELLER”
		
		 	 /s/ Hiromitsu Ogawa

		 	(Signature of Hiromitsu Ogawa)

  

			
	“DBJ”
	
	 DBJ VALUE UP FUND
 a Japanese
partnership

		
	By:	 	 /s/ Masaski Kumagne

	Name:	 	Masaski Kumagne
	Title:	 	President
	
	“COMPANY”
	
	 CAI INTERNATIONAL, INC.
 a Delaware
corporation

		
	By:	 	 /s/ Masaaki Nishibori

	Name:	 	Masaaki Nishibori
	Title:	 	Chief Executive Officer

 (Signature Page to Stock Purchase Agreement) 

 SCHEDULE OF EXHIBITS 
  

	A	Certificate of Incorporation 

	B	Holders of the Company’s Common and Preferred Stock 

	C	Registration Rights Agreement 

	D	Voting Agreement 

	E	Secretary’s Closing Certificate 

 EXHIBIT A 
 CERTIFICATE OF INCORPORATION 
 OF 
 CAI INTERNATIONAL, INC. 
 ARTICLE I 
 NAME 
 The name of the corporation
(which is hereinafter referred to as the “Corporation”) is: 
 CAI International, Inc. 
 ARTICLE II 
 REGISTERED OFFICE

 The registered office of the Corporation in the State of Delaware shall be in the City of Wilmington, County of New Castle, and the
name and address of the Registered Agent in charge thereof shall be Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. 
 ARTICLE III 
 PURPOSE 
 The purpose of the Corporation shall be to engage in any lawful act or activity for which corporations may be organized and incorporated under the
General Corporation Law of the State of Delaware (the “DGCL”). 
 ARTICLE IV 
 STOCK 
 Section 1.
Authorization. The Corporation shall be authorized to issue 202,652 shares of capital stock, of which 200,000 shares shall be shares of Common Stock, par value $0.0001 per share (“Common Stock”), and 2,652 shares shall be shares of
Series A Preferred Stock, par value $0.0001 per share (“Preferred Stock”). 
 Section 2. Rights and Restrictions. The
rights, preferences, privileges and restrictions granted to or imposed upon the Common Stock and the Preferred Stock are as follows: 
 1. Dividends and
Distributions. 
 (a) Common Stock. At any time when any accrued dividends on the Preferred Stock remain unpaid or any shares of
Preferred Stock to be redeemed pursuant to Section 3(b) are not fully redeemed on or after the date specified in Section 3(b) (whether or not such redemption is restricted by Section 3(e)), no distribution (as defined below) shall be
made on or with respect to Common Stock without the written consent of all holders of Preferred Stock. 
  

 As used in this Section 1(a), “distribution” means the transfer of cash, obligations of the Corporation or
property without consideration or at less than fair market value (but in such event only to the extent of the shortfall), whether by way of dividend or otherwise (except a dividend in shares of Common Stock of the Corporation), or the purchase or
redemption of shares of the Corporation for cash, obligations of the Corporation or property. 
 (b) Preferred Stock. Dividends on the
Preferred Stock shall accrue from day to day, whether or not declared and whether or not funds are legally available therefor, at the rate of ten and one half percent (10 1/2%) per share per year, and no more, based on the purchase price of the
Preferred Stock of Four Hundred Ninety-Six Dollars and Eleven Cents ($496.11) per share (the “Original Issue Price”). The dividends accrued from June 1 of each calendar year (and for the first calendar year after issuance, the
dividends accrued commencing on the original issue date of the Preferred Stock) through May 31 of the immediately following calendar year shall be payable on such May 31 of such immediately following calendar year out of funds legally
available therefor, at the election of the Board of Directors, in cash. 
 (c) Cumulation. Any dividend on the Preferred Stock not
paid on a dividend payment date specified in Section 1(b) shall cumulate, whether or not declared and whether or not funds were legally available therefor. 
 2. Preference on Liquidation. 
 (a) Liquidation Amount. In the event of any liquidation, dissolution or winding up of
the Corporation, the holders of shares of Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, before any payment shall be made in respect of Common Stock,
the Original Issue Price for each share of Preferred Stock then held by them, plus all accrued and unpaid dividends thereon to the date fixed for distribution. After setting apart or paying in full the preferential amounts due the holders of record
of the issued and outstanding Preferred Stock, the Corporation’s remaining assets available for distribution, if any, shall be distributed exclusively to the holders of record of the issued and outstanding Common Stock. 
 If upon the event of any such liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary (except for a “Liquidity
Event”), the assets of the Corporation available for distribution to its shareholders shall be insufficient to pay the holders of the Preferred Stock the full amounts to which they respectively shall be entitled pursuant to this
Section 3(a), the holders of the Preferred Stock shall share ratably in any distribution of assets according to the respective amounts which would be payable in respect of the shares then held by them upon such distribution if all amounts on or
with respect to such shares of Preferred Stock were paid in full. 
 (b) Merger or Sale of Assets. The merger or consolidation of the
Corporation into or with another corporation, or the sale of all or substantially all of the assets of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation as those terms are used in this Section 2
unless such merger, consolidation or sale is a “Liquidity Event” as defined in Section 5(a) of this Article IV. 
  

 3. Redemption. 
 (a) Redemption at the Option of the Corporation. The Corporation, at its sole option and discretion, shall be entitled to redeem Preferred Stock from any holder of record of issued and outstanding Preferred
Stock (“Preferred Stockholder”) at any time following the first to occur of (i) the date any Preferred Stockholder ceases to be an employee of the Corporation for any reason; and (ii) May 15, 2008 (“Final Redemption
Date”). The redemption price (the “Preferred Stock Redemption Price”) shall be as follows: 
 (1) in the event a Preferred
Stockholder is terminated at any time for cause, the Original Issue Price plus accrued and unpaid cumulative dividends; and 
 (2) on the
occurrence of the Final Redemption Date, or in the event a Preferred Stockholder ceases to be employed by the Corporation (unless following termination for cause) or due to the death, disability or termination without “cause” of the
Preferred Stockholder, the greater of (y) the redemption price which would be payable under subsection (1) above; or (z) an amount equal to the book value as of the most recent quarter end of the Common Stock into which the Preferred
Stock would have been convertible if a Liquidity Event (as defined in Section 5(a)) had then occurred. 
 The term “cause”
shall mean: (i) a failure by the Preferred Stockholder to substantially perform his duties as an officer of the Corporation, other than a failure resulting from the Preferred Stockholder’s complete or partial incapacity due to physical or
mental illness or impairment (a “Disability”); (ii) an act by the Preferred Stockholder of dishonesty, fraud, misrepresentation, or other act(s) of moral turpitude, that would prevent the effective performance of his duties;
(iii) an act by the Preferred Stockholder which constitutes gross misconduct and which is injurious to the Corporation; (iv) a breach by the Preferred Stockholder of a material provision of the Nonstatutory Stock Option dated May 15,
1998 issued to said Preferred Stockholder by the Corporation, which breach is not cured within thirty (30) days after notice from the Corporation; or (v) the Preferred Stockholder’s involvement in material and willful violation of a
federal or state law or regulation applicable to the business of the Corporation. 
 (b) Partial Sale Redemption Right. In the event
that Mr. Hiromitsu Ogawa sells all or part of his Common Stock in one or a series of related transactions (a “Partial Sale”), (i) each Preferred Stockholder will be entitled , at his option, to cause the Corporation to redeem his
Preferred Stock; and (ii) the Corporation, at its option, may redeem said Preferred Stockholder’s Preferred Stock. To exercise the Preferred Stockholder’s redemption option, Preferred Stockholder must provide the Corporation with
written notice within fifteen (15) days after said Partial Sale. To exercise the Corporation’s redemption option, the Corporation shall provide the Preferred Stockholder with written notice within fifteen (15) days after said Partial
Sale in the manner set forth in Section 3(d) of this Article IV. The redemption price of the Preferred Stock under this Section 3(b) shall be determined by the Chairman, and shall be based on the fair market value of the Common Stock sold
by Mr. Ogawa at the Partial Sale. 
 (c) Look-Back. In the event that (i) a holder of Preferred Stock ceases to be an
employee of the Corporation as a result of death, disability or termination without cause (the 
  

 “Termination”); (ii) the Corporation redeems said holder’s Preferred Stock pursuant to this Article
IV, Section 3; and (iii) within the next twelve (12) months following the Termination a Liquidity Event shall occur, then such holder of Preferred Stock, or his or her heirs or estate, shall receive, and the Corporation shall pay, the
excess, if any, of (y) the value of the Common Stock that the holder of Preferred Stock would have been entitled to receive as of the date of the Liquidity Event had the Termination not occurred; over (z) the value received by such holder
for the redeemed Preferred Stock. 
 (d) Notice of Redemption. Notice of any redemption pursuant to Section 3(a) or 3(b) of this
Article IV shall be given by certified or registered mail, postage prepaid, to the holders of record of the Preferred Stock to be redeemed at least 15 but not more than 30 days prior to the proposed date for redemption, such notice to be addressed
to each such Preferred Stockholder at the address of such holder given to the Corporation for the purposes of notice, or if no such address appears or is given, the place where the principal office of the Corporation is located. Such notice shall
state the date fixed for redemption, the number of shares to be redeemed and the redemption price per share and shall call upon such holder to surrender to the Corporation on said date at the place designated in the notice such holder’s
certificate or certificates representing the shares to be redeemed. On or after the dated fixed for redemption and stated in such notice, each holder of shares of Preferred Stock notified of the redemption shall surrender the certificate(s)
evidencing such shares to the Corporation at the place designated in such notice and shall thereupon be entitled to receive payment of the redemption price. If less than all the shares represented by any such surrendered certificate(s) are redeemed,
a new certificate shall be issued representing the unredeemed shares. If such notice of redemption shall have been duly given, and if on the date fixed for redemption funds necessary for the redemption shall be available therefor, then, as to any
certificates evidencing and Preferred Stock so called for redemption and not surrendered, all rights of the holders of such shares so called for redemption and not surrendered shall cease with respect to such shares, except only the right of the
holders to receive the redemption prices without interest upon surrender of their certificates. 
 (e) Restrictions on Redemption. No
Preferred Stock shall be redeemed pursuant to this Section 3 or otherwise at any time (i) when such redemption is prohibited by the DGCL, or (ii) that the terms of any contract or agreement of the Corporation relating to indebtedness
for borrowed money or the issuance of debt securities (whether entered into before, simultaneously with or after the issuance of Preferred Stock) specifically prohibit such redemption or provide that such redemption would constitute a breach thereof
or a default thereunder. 
 (f) Redeemed Preferred Stock. Upon any redemption of Preferred Stock hereunder, the Corporation shall
retire all shares of Preferred Stock so redeemed. 
 4. Voting. 
 The holders of the Preferred Stock shall not be entitled to vote for matters submitted to a vote of stockholders except to the extent required by the DGCL. However, the Corporation must obtain the prior written
consent of a majority of the holders of Preferred Stock prior to approving any of the following actions: (a) a change in the rights or privileges of the Preferred Stock; and (b) the authorization by the Corporation of any class of stock
ranking senior to or equal with the Preferred Stock as to dividends, redemptions or liquidation preference. The 
  

 holders of Common Stock shall have the exclusive right to vote for the election of directors and for all other purposes.
Each share of Common Stock shall have one vote on each matter properly submitted to the stockholders of the Corporation for their vote, and the holders of the Common Stock shall vote together as a single class. 
 5. Conversion Rights. 
 (a) Conversion of Preferred
Stock. The entirety of the issued and outstanding Preferred Stock will be converted into an equal number of shares of the Corporation’s Common Stock (the “Conversion Ratio”) immediately prior to the occurrence of (1) an
underwritten initial public offering of the Corporation’s Common Stock; or (2) a sale of the Common Stock or assets of the Corporation (whether by merger, consolidation, recapitalization, reorganization, sale of securities, sale of assets
or otherwise) in one transaction or a series of related transactions to a person or persons other than Mr. Hiromitsu Ogawa or any of his affiliates, pursuant to which such acquiring person or persons (together with their affiliates) acquires
(i) securities representing a majority of the voting power of all securities of the Corporation then outstanding (assuming the conversion, exchange or exercise of all securities other than Preferred Stock at such time convertible, exchangeable
or exercisable for or into voting securities), or (ii) all or substantially all of the Corporation’s assets on a consolidated basis (a “Liquidity Event”). 
 (b) Procedure for Conversion. Any exercise of the conversion right specified in Section 5(a) shall be made by written notice of a Liquidity
Event given by the Corporation to the holder of the Preferred Stock being converted. The holder of Preferred Stock shall, upon receipt of said notice, forward the certificates representing the shares of Preferred Stock being converted duly endorsed
in blank or accompanied by forms appropriate for transfer. Upon conversion, no fractional shares shall be issued and in lieu therefor the Corporation shall pay in cash the fair market value of such fraction as determined by the Board of Directors.
Such conversion shall be deemed (without any other action on the part of the holder(s), the Corporation or any other party being necessary therefor) to have been made immediately prior to the close of business on the date of the Liquidity Event
(such time being herein called the “Conversion Date”), and the record holders of Preferred Stock immediately prior to the Conversion Date (or, if so specified in the notice of conversion, the other person specified therein to be the holder
of the Common Stock issuable on such conversion) shall thereupon be treated for all purposes as the record holder or holders of the shares of Common Stock issuable upon such conversion. The Corporation shall, as soon as practicable following any
such conversion, issue and deliver at such office to such converting holder or to its nominee or nominees a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion. 
 (c) Adjustment of Conversion Ratio. In the event of any stock split or reverse stock split affecting the outstanding Common Stock, or in the event
of a dividend on or distribution in respect of, the outstanding Common Stock payable in shares of Common Stock, the Conversion Ratio shall, automatically upon the effectiveness thereof, be adjusted proportionately. 
 (d) Notice of Record Date. If, at any time when the Preferred Stock is convertible under this Section 5, a Liquidity Event shall occur, or
there is any voluntary or involuntary dissolution, liquidation or winding up of the Corporation, the Corporation shall mail to each 
  

 holder of Preferred Stock at least 10 days prior to the effective date of the transaction, a notice specifying
(i) the date on which any such transaction is expected to become effective, and (ii) the time, if any, that is to be fixed, as to when holders of record of Common Stock or Preferred Stock (or other securities) shall be entitled to exchange
their shares of Common Stock or Preferred Stock (or other securities or other property deliverable upon the consummation of such transaction). 
 (e) Reservation of Stock Issuable Upon Conversion. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the
Preferred Stock, such number of its shares of authorized but unissued Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Preferred Stock; and if at any time the number of authorized but
unissued shares of Common Stock shall not be sufficient to effect the conversion of all outstanding shares of Preferred Stock, the Corporation will take such corporate action as may be necessary to increase its authorized but unissued shares of
Common Stock to such number of shares as shall be sufficient for such purpose. 
 ARTICLE V 
 BOARD OF DIRECTORS 
 Section 1.
Number of Directors. Except as otherwise provided by the resolution or resolutions adopted by the Board of Directors designating the rights, powers and preferences of any series of Preferred Stock, the number of directors of the Corporation
shall be fixed, and may be increased or decreased from time to time, exclusively by resolution of the Board of Directors. 
 Section 2. Classes. The directors, other than those who may be elected by the holders of any outstanding series of Preferred Stock as set forth in this Certificate of Incorporation, shall be divided into three classes, as nearly
equal in number as possible and designated Class I, Class II and Class III. Class I shall be initially elected for a term expiring at the annual meeting of stockholders to be held in 2008, Class II shall be initially elected for a term expiring at
the annual meeting of stockholders to be held in 2009, and Class III shall be initially elected for a term expiring at the annual meeting of stockholders to be held in 2010. Members of each class shall hold office until their successors are elected
and qualified. At each succeeding annual meeting of the stockholders of the Corporation, the successors of the class of directors whose term expires at that meeting shall be elected for a term expiring at the annual meeting of stockholders held in
the third year following the year of their election. In case of any increase or decrease, from time to time, in the number of directors, other than those who may be elected by the holders of any series of Preferred Stock as set forth in this
Certificate of Incorporation, the number of directors in each class shall be apportioned as nearly equal as possible. 
 Section 3.
Written Ballot. Unless and except to the extent that the Bylaws of the Corporation shall so require, the election of directors of the Corporation need not be by written ballot. 
 Section 4. Removal. Except as otherwise provided by the resolution or resolutions adopted by the Board of Directors designating the rights,
powers and preferences of any series of Preferred Stock, any director or the entire Board of Directors may be removed from office only for cause by the holders of a majority of the voting power of the outstanding shares of the Corporation entitled
to vote at an election of directors. 
  

 Section 5. Vacancies. Except as otherwise provided by the resolution or resolutions adopted
by the Board of Directors designating the rights, powers and preferences of any series of Preferred Stock or unless the Board of Directors determines by resolution that any vacancy or newly created directorship shall be filled by the stockholders,
newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause shall be
filled solely by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the Board of Directors, or by the sole remaining director. Any director so chosen shall hold office until such
director’s successor shall be elected and qualified and until the next election of the class for which such director shall have been chosen. No decrease in the number of directors shall shorten the term of any incumbent director. 
 ARTICLE VI 
 AMENDING THE BYLAWS

 In furtherance and not in limitation of the powers conferred by law, the Board
of Directors is expressly authorized and empowered to adopt, amend and repeal the Bylaws of the Corporation at any regular or special meeting of the Board of Directors or by written consent, subject to the power of the stockholders of the
Corporation to adopt, amend or repeal any Bylaws. The foregoing notwithstanding, the stockholders of the Corporation shall have no power to adopt, amend or repeal any Bylaws unless such adoption, amendment or repeal is approved by the affirmative
vote of the holders of not less than sixty-six and two-thirds percent (662/3%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of
directors, considered for purposes of this Article VI as a single class. 
 ARTICLE VII 
 AMENDING THE CERTIFICATE OF INCORPORATION 
 Subject to the provisions of Article X hereof, the Corporation reserves the right at any time from time to time to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, and any other provisions
authorized by the laws of the State of Delaware at the time in force may be added or inserted, in the manner now or hereafter prescribed by law. All rights, preferences and privileges of whatsoever nature conferred upon stockholders, directors or
any other persons whomsoever by and pursuant to this Certificate of Incorporation in its present form or as hereafter amended are granted subject to the right reserved in this Article. 
 ARTICLE VIII 
 DIRECTOR LIABILITY; INDEMNIFICATION AND INSURANCE

 Section 1. Elimination of Certain Liability of Directors. The personal liability of the directors of the Corporation shall
be eliminated to the fullest extent permitted by law. No 
  

 amendment, modification or repeal of this Article, adoption of any provision in this Certificate of Incorporation, or
change in the law or interpretation of the law shall adversely affect any right or protection of a director or officer of the Corporation under this Article VIII with respect to any act or omission that occurred prior to the time of such amendment,
modification, repeal, adoption or change. 
 Section 2. Indemnification and Insurance. To the fullest extent permitted by
applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which the DGCL permits the Corporation to provide
indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the
DGCL. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense,
liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL. Any amendment, repeal or modification of the foregoing provisions of this Section shall not
adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director, officer
or other agent occurring prior to, such amendment, repeal or modification. 
 ARTICLE IX 
 STOCKHOLDER MEETINGS 
 Section 1. Written Action. Any action required or permitted to be taken by stockholders may be effected at a duly called annual or special meeting of stockholders or by a written consent or consents by stockholders in lieu of
such a meeting. 
 Section 2. Special Meetings. Except as otherwise required by law or provided by the resolution or resolutions
adopted by the Board of Directors designating the rights, powers and preferences of any series of Preferred Stock, special meetings of stockholders of the Corporation may be called only by (a) the Board of Directors pursuant to a resolution
approved by a majority of the entire Board of Directors or (b) the Chairman of the Board of Directors, and any power of stockholders to call a special meeting is specifically denied. 
 Section 3. Advance Notice. Advance notice of stockholder nominations for the election of directors and of business to be brought by
stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws. 
 ARTICLE X

 SUPERMAJORITY AMENDMENT 
 Notwithstanding any other provisions of this Certificate of Incorporation or the Bylaws (and notwithstanding that a lesser percentage may be specified by law), the provisions of Article 
  

 V, Article VI, Article VIII, Article IX and this Article X hereof
may not be altered, amended or repealed unless such alteration, amendment or repeal is approved by the affirmative vote of the holders of not less than sixty-six and two-thirds percent (662/3%) of the voting
power of all of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, considered for purposes of this Article X as a single class. 
 * * * * 
 The undersigned hereby further declares and certifies under penalty of
perjury that the facts set forth in the foregoing certificate are true and correct to the knowledge of the undersigned, and that this certificate is the act and deed of the undersigned. 
 Executed on this 30th day of January, 2007. 
  

			
	By:	 	 /s/ Ranvir S. Sandhu

		 	Ranvir S. Sandhu, Sole Incorporator

 EXHIBIT B 
 HOLDERS OF THE COMPANY’S COMMON AND PREFERRED STOCK 
  

			
	 Stockholder
	  	 Number of Shares

	 Hiromitsu Ogawa (including the Ogawa Family
 Trust and Ogawa Family Limited Partnership)
	  	 25,200 shares of Common Stock
 (prior to giving effect to the sale to DBJ)

	Masaaki Nishibori	  	1,326 Shares of Series A Preferred Stock
	Fred Bauthier	  	400 Shares of Series A Preferred Stock

 EXHIBIT C 
 REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT D 
 VOTING AGREEMENT 

 EXHIBIT E 
 CAI INTERNATIONAL, INC. 
 CORPORATE SECRETARY’S CLOSING CERTIFICATE 
 Reference is made to that certain Stock Purchase Agreement (the “Agreement”) dated as of February 16, 2007 by and among CAI
International, Inc, a corporation organized under the laws of the State of Delaware (the “Company”), Hiromitsu Ogawa and DBJ Value Up Fund. All capitalized terms used but not defined herein shall have the meanings ascribed to them
in the Agreement. This Certificate is being delivered pursuant to Section 5.5 of the Agreement. 
 I, Victor Garcia, do hereby certify
that I am the Secretary of the Company, and that, as such, I am authorized to execute this certificate on behalf of the Company, and do hereby further certify that: 
  

	 	1.	Attached hereto as Exhibit A is a true and complete copy of the resolutions duly adopted by the directors and sole stockholder of the Company on February 16, 2007
authorizing the transactions contemplated by the Agreement. 

  

	 	2.	Attached hereto as Exhibit B is a true and complete copy of the Certificate of Incorporation of the Company, (the “Certificate”), as amended to date.

  

	 	3.	Attached hereto as Exhibit C is a true and complete copy of the Bylaws of the Company, as amended to date. 

  

	 	4.	The resolutions referred to in paragraph 1 above were adopted in compliance with the Company’s Certificate of Incorporation and Bylaws and are in full force and effect as of
the date hereof and have not been amended, modified or rescinded. 

 (The remainder of this page is left intentionally
blank.) 

 IN WITNESS WHEREOF, the undersigned has executed this certificate as of February 16, 2007.

  

	
	 /s/ Victor Garcia

	Secretary

 (Secretary’s Certificate Signature Page) 

 EXHIBIT A 
 ACTION BY UNANIMOUS WRITTEN CONSENT 
 OF THE BOARD OF DIRECTORS 
 AND SOLE VOTING STOCKHOLDER OF 
 CAI
INTERNATIONAL, INC. 
 February 16, 2007 
 In accordance with Sections 141(f) and 228(a) of the Delaware General Corporation Law, the undersigned members of the Board of Directors (the “Board”) of CAI International, Inc., a
Delaware corporation (the “Company”), and the holder of all outstanding voting securities of the Company (the “Stockholder”), hereby take the following action and adopt the following resolutions,
effective for all purposes as of the date set forth above: 
  

	1.	Approval of Stock Purchase Agreement 

 WHEREAS, the Board and the sole Stockholder have determined that the terms and conditions of the proposed Stock Purchase Agreement (the “Purchase Agreement”) for the sale of 4,028 shares of the Company’s
Common Stock (the “Shares”), representing 14.9595% of the outstanding stock of the Company by Hiromitsu Ogawa (the “Seller”) to DBJ Value Up Fund (the “Purchaser”) is fair and
reasonable to the Company and that it is in the best interests of the Company and its sole Stockholder to accept the terms proposed for the sale. 
 NOW, THEREFORE, BE IT RESOLVED, that the sale of the Shares on the terms and conditions as set forth in the Purchase Agreement, the Amended and Restated Registration Rights Agreement and Voting Agreement, all in the forms attached
hereto as Exhibit A, Exhibit B and Exhibit C, respectively, are hereby approved, adopted, ratified and confirmed, with such changes as may be approved by the officers of the Company, their signature on such
documents to constitute conclusive evidence of such approval. 
 RESOLVED FURTHER, that the officers of the Company are hereby
authorized, directed and empowered to execute, deliver and perform, the Purchase Agreement, the Amended and Restated Registration Rights Agreement, Voting Agreement and all documents to be executed and delivered in connection therewith, such
documents to be in substantially the form presented to the Board and sole Stockholder with such changes that any such officer shall approve their signature thereof shall be deemed evidence of such approval. 

	2.	Omnibus Resolutions 

 RESOLVED, that
the officers of the Company are hereby authorized and directed to execute all documents and take whatever action is deemed necessary or advisable to carry out and perform the obligations of the Company as set forth in these resolutions, and all
prior actions taken by the officers in connection herewith are hereby confirmed, ratified and approved. 

 This Action by Unanimous Written Consent of the Board and Stockholder shall be filed with the minutes of
the proceedings of the Company and shall be effective as of the date first written above. 
  

	
	Directors:
	
	 /s/ Hiromitsu Ogawa

	Hiromitsu Ogawa
	
	 /s/ Masaaki Nishibori

	Masaaki Nishibori
	
	Stockholder:
	
	 /s/ Hiromitsu Ogawa

	Hiromitsu Ogawa,
	individually and on behalf of the Ogawa Family Trust, dated 7/06/98 and the Ogawa Family Limited Partnership

 EXHIBIT A 
 STOCK PURCHASE AGREEMENT 

 EXHIBIT B 
 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT C 
 VOTING AGREEMENT 

 EXHIBIT B 
 CERTIFICATE OF INCORPORATION 

 EXHIBIT C 
 BYLAWS 
 OF 
 CAI INTERNATIONAL, INC. 
 Incorporated under the Laws of the State of Delaware 
 As of February 2, 2007 

 ARTICLE I 
 OFFICES 
 SECTION 1.1 Principal Delaware Office. The registered office of the Corporation in the State of
Delaware shall be in the City of Wilmington, County of New Castle. 
 SECTION 1.2 Other Offices. The Corporation may also have offices in such other
places, either within or without the State of Delaware, as the Board of Directors from time to time may designate or the business of the Corporation may from time to time require. 
 ARTICLE II 
 STOCKHOLDERS 
 SECTION 2.1 Meetings of Stockholders. 
 (a) Annual
Meetings. The annual meeting of the stockholders of the Corporation shall be held on such date and at such time as may be fixed by resolution of the Board of Directors. At the annual meeting stockholders shall elect directors and transact such
other business as properly may be brought before the meeting. 
 (b) Special Meetings. Special meetings of the stockholders may be
called only by the Chairman of the Board or the Board of Directors pursuant to a resolution approved by a majority of the total number of directors which the Corporation would have if there were no vacancies (the “Whole Board”).

 (c) Place of Meetings. Meetings of the stockholders shall be held at such place, either within or without the State of Delaware, as
the Board of Directors shall determine. The Board of Directors may, at its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as provided under the Delaware
General Corporation Law (the “DGCL”). 
 (d) Notice of Meeting. Written notice, stating the place, day and hour of the
meeting shall be delivered by the Corporation not less than ten (10) days nor more than sixty (60) days before the date of the meeting to each stockholder of record entitled to vote at such meeting. Notice of a special meeting shall also
state the purpose or purposes for which the meeting has been called. Without limiting the manner by which notice may otherwise be given, notice may be given by a form of electronic transmission that satisfies the requirements of the DGCL and has
been consented to by the stockholder to whom notice is given. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his or her address as it
appears in the Corporation’s records. Meetings may be held without notice if all stockholders entitled to vote are present, or if notice is waived by those not present in accordance with Article VIII of these Bylaws. Any previously scheduled
meeting of the stockholders may be postponed, and any special meeting of the stockholders may be cancelled, by resolution of the Board of Directors upon public notice given 

 prior to the date previously scheduled for such meeting of stockholders. Only such business shall be conducted at a
special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting (or any supplement thereto). 
 (e) Chairman of Stockholder’s Meeting. The Chairman of the Board, or in the Chairman’s absence, a Vice Chairman, or in the absence of any Vice Chairman, the Chief Executive Officer, or in the absence
of the Chief Executive Officer, the Executive Vice President, or in the absence of the Executive Vice President, a chairman chosen by a majority of the directors present, shall act as chairman of the meetings of the stockholders. 
 SECTION 2.2 Quorum of Stockholders; Adjournment; Required Vote. 
 (a) Quorum of Stockholders; Adjournment. Except as otherwise provided by law, by the Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) or by these Bylaws, the
holders of a majority of the voting power of the outstanding shares of the Corporation entitled to vote generally in the election of directors (the “Voting Stock”), present in person or represented by proxy, shall constitute a quorum at a
meeting of the stockholders, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the shares of such class or series shall constitute a quorum of such class or series for
the transaction of such business. The chairman of the meeting or a majority of the shares so represented may adjourn the meeting from time to time, whether or not there is such a quorum. No notice of the time and place of adjourned meetings need be
given, except that notice of the adjourned meeting shall be required if the adjournment is for more than thirty (30) days or if after the adjournment a new record date is fixed for the adjourned meeting. The stockholders present at a duly
called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. 
 (b) Required Vote. The affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting
and entitled to vote on the matter shall be the act of the stockholders, except as otherwise provided by express provision of law, the Certificate of Incorporation or these Bylaws requiring a larger or different vote, in which case such express
provision shall govern and control the decision of such matter. 
 SECTION 2.3 Voting by Stockholders; Procedures for Election of Directors.

 (a) Voting by Stockholders. Each stockholder of record entitled to vote at any meeting may do so in person or by proxy appointed by
instrument in writing or in such other manner prescribed by the DGCL, subscribed by such stockholder or his or her duly authorized attorney in fact. 
 (b) Procedure for Election of Directors. Election of directors at all meetings of the stockholders at which directors are to be elected shall be by ballot, and, subject to the rights of the holders of any
series of Preferred Stock to elect directors under specified circumstances, a plurality of the votes cast shall elect directors. 

 SECTION 2.4 Notice of Stockholder Business and Nominations. 
 (a) Annual Meetings of Stockholders. (1) Nominations of persons for election to the Board of Directors of the Corporation and the proposal of
business to be considered by the stockholders may be made at an annual meeting of stockholders (A) pursuant to the Corporation’s notice of meeting, (B) by or at the direction of the Board of Directors, or (C) by any stockholder
of the Corporation who was a stockholder of record at the time of giving of notice provided for in this Bylaw, who is entitled to vote at the meeting and who complies with the notice procedures set forth in this Bylaw. 
 (2) For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (C) of paragraph (a)(1) of
this Bylaw, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and such other business must otherwise be a proper matter for stockholder action. To be timely, a stockholder’s notice shall be
delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the first anniversary of the preceding
year’s annual meeting; provided , however , that in the event that the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder
to be timely must be so delivered not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the
day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment of an annual meeting commence a new time period for the giving of a stockholder’s notice
as described above. Such stockholder’s notice shall set forth (A) as to each person whom the stockholder proposes to nominate for election or reelection as a director all information relating to such person that is required to be disclosed
in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-11
thereunder (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (B) as to any other business that the stockholder proposes to bring before the meeting, a
brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the
proposal is made; and (C) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the Corporation’s
books, and of such beneficial owner and (ii) the class and number of shares of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owner. 
 (3) Notwithstanding anything in the second sentence of paragraph (a)(2) of this Bylaw to the contrary, in the event that the number of directors to be
elected to the Board of Directors of the Corporation is increased and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the increased Board of Directors at least one hundred
(100) days prior to the first anniversary of the preceding year’s annual meeting, a stockholder’s notice required by this Bylaw shall also be considered timely, 

 but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the
Secretary at the principal executive offices of the Corporation not later than the close of business on the 10th day following the day on which such public announcement is first made by the Corporation. 
 (b) Special Meetings of Stockholders. The business to be transacted at any special meeting shall be limited to the purposes stated in the notice
of such meetings. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (1) by or at the
direction of the Board of Directors or (2) provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice
provided for in this Bylaw, who shall be entitled to vote at the meeting and who complies with the notice procedures set forth in this Bylaw. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or
more directors to the Board of Directors, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation’s notice of meeting, if the stockholder’s notice
required by paragraph (a)(2) of this Bylaw shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120th day prior to such special meeting and not later than the close
of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be
elected at such meeting. In no event shall the public announcement of an adjournment of a special meeting commence a new time period for the giving of a stockholder’s notice as described above. 
 (c) General. (1) Only such persons who are nominated in accordance with the procedures set forth in this Bylaw shall be eligible to serve as
directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Bylaw. Except as otherwise provided by law, the Certificate of
Incorporation or these Bylaws, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the
procedures set forth in this Bylaw and, if any proposed nomination or business is not in compliance with this Bylaw, to declare that such defective proposal or nomination shall be disregarded. 
 (2) For purposes of this Bylaw, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service,
Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act. 
 (3) Notwithstanding the foregoing provisions of this Bylaw, a stockholder shall also comply with all applicable requirements of the Exchange Act and the
rules and regulations thereunder with respect to the matters set forth in this Bylaw. Nothing in this Bylaw shall be deemed to affect any rights (A) of stockholders to request inclusion of proposals in the Corporation’s proxy statement
pursuant to Rule 14a-8 under the Exchange Act or (B) of the holders of any series of Preferred Stock to elect directors under specified circumstances. 

 SECTION 2.5 Inspectors of Elections; Opening and Closing the Polls. The Board of Directors by resolution shall
appoint one or more inspectors, which inspector or inspectors may include individuals who serve the Corporation in other capacities, including, without limitation, as officers, employees, agents or representatives, to act at the meetings of
stockholders and make a written report thereof. One or more persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate has been appointed to act or is able to act at a meeting of
stockholders, the chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before discharging his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict
impartiality and according to the best of his or her ability. The inspectors shall have the duties prescribed by law. 
 The chairman of the meeting shall
fix and announce at the meeting the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at the meeting. 
 SECTION 2.6 Stockholder Action by Written Consent. Any action required or permitted to be taken by stockholders may be effected at a duly called annual or special meeting of stockholders or by a written consent or consents by
stockholders in lieu of such a meeting of stockholders. 
 ARTICLE III 
 BOARD OF DIRECTORS 
 SECTION 3.1 General Powers. The business and affairs of the
Corporation shall be managed under the direction of the Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of the Corporation and do all
such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws required to be exercised or done by the stockholders. 
 SECTION 3.2 Number, Tenure and Qualifications. Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, the number of directors of the Corporation shall be fixed, and may
be increased or decreased from time to time, exclusively by resolution approved by the affirmative vote of a majority of the Whole Board. The directors, other than those who may be elected by the holders of any outstanding series of Preferred Stock
as set forth in the Certificate of Incorporation, shall be divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III. Class I shall be initially elected for a term expiring at the annual meeting
of stockholders to be held in 2008, Class II shall be initially elected for a term expiring at the annual meeting of stockholders to be held in 2009, and Class III shall be initially elected for a term expiring at the annual meeting of stockholders
to be held in 2010. Members of each class shall hold office until their successors are elected and qualified. At each succeeding annual meeting of the stockholders of the Corporation, the successors of the class of directors whose term expires at
that meeting shall be elected for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. In case of any increase or decrease, from time to time, in the number of directors, other than those
who may be elected by the holders of any outstanding series of Preferred Stock as set forth in the Certificate of Incorporation, the number of directors in each class shall be apportioned as nearly equal as possible. 

 SECTION 3.3 Regular Meetings. A regular meeting of the Board of Directors may be held without other notice than
this Bylaw immediately after, and at the same place as, the Annual Meeting of Stockholders. The Board of Directors may, by resolution, provide the time and place for the holding of additional regular meetings without other notice than such
resolution. 
 SECTION 3.4 Special Meetings. Special meetings of the Board of Directors may be called at the request of the Chairman of the Board, the
Chief Executive Officer or a majority of the Board of Directors then in office. The person or persons authorized to call special meetings of the Board of Directors may fix the place and time of the meetings. Notice of any special meeting shall be
given to each director and shall state the time and place for the special meeting. 
 SECTION 3.5 Notice. If notice of a Board of Directors’
meeting is required to be given, notice of shall be given to each director at his or her business or residence in writing by hand delivery, first-class or overnight mail or courier service, electronic transmission (including, without limitation, via
facsimile transmission or electronic mail), or orally by telephone. If mailed by first-class mail, such notice shall be deemed adequately delivered when deposited in the United States mails so addressed, with postage thereon prepaid, no later than
the third business day preceding the date of such meeting. If by overnight mail or courier service, such notice shall be deemed adequately delivered when the notice is delivered to the overnight mail or courier service company at least twenty-four
(24) hours before such meeting. If by electronic transmission, such notice shall be deemed adequately delivered when the notice is transmitted at least twelve (12) hours before such meeting. If by telephone or by hand delivery, the notice
shall be given at least twelve (12) hours prior to the time set for the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice of such
meeting, except for amendments to these Bylaws, as provided under Article IX of these Bylaws. A meeting may be held at any time without notice if all the directors are present or if those not present waive notice of the meeting in accordance with
Article VIII of these Bylaws. 
 SECTION 3.6 Quorum. Subject to Section 3.10 of these Bylaws, a number of directors equal to at least a majority
of the Whole Board shall constitute a quorum for the transaction of business, but if at any meeting of the Board of Directors there shall be less than a quorum present, a majority of the directors present may adjourn the meeting from time to time
without further notice. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. The directors present at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum. 
 SECTION 3.7 Use of Communications Equipment. Directors
may participate in a meeting of the Board of Directors or any committee thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation
in a meeting shall constitute presence in person at the meeting. 
 SECTION 3.8 Action by Consent of Board of Directors. Any action required or
permitted to be 

 taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members
of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee.

 SECTION 3.9 Removal. Subject to the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock, any
director, or the entire Board of Directors, may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of Voting Stock, voting
together as a single class. 
 SECTION 3.10 Vacancies. Subject to applicable law and the rights of the holders of any series of Preferred Stock with
respect to such series of Preferred Stock, and unless the Board of Directors otherwise determines, vacancies resulting from death, resignation, retirement, disqualification, removal from office or other cause, and newly created directorships
resulting from any increase in the authorized number of directors, may be filled only by the affirmative vote of a majority of the remaining directors, though less than a quorum of the Board of Directors, or by the sole remaining director, and
directors so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of office of the class to which they have been elected expires and until such director’s successor shall have been duly elected
and qualified. No decrease in the number of authorized directors constituting the Whole Board shall shorten the term of any incumbent director. 
 SECTION
3.11 Committees. The Board of Directors may, by resolution adopted by a majority of the Whole Board, designate one or more committees, each of which shall consist of one or more directors. The Board of Directors may designate one or more
directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of any member of such committee or committees, the member or members thereof
present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. 

Any committee shall, to the extent provided in a resolution of the Board of Directors and subject to the limitations contained in the DGCL, have and may exercise all
the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation. Each committee shall keep such records and report to the Board of Directors in such manner as the Board of Directors may from time
to time determine. Except as the Board of Directors may otherwise determine, any committee may make rules for the conduct of its business. Unless otherwise provided in a resolution of the Board of Directors or in rules adopted by the committee, each
committee shall conduct its business as nearly as possible in the same manner as provided in these Bylaws for the Board of Directors. 
 The Board of
Directors shall have power at any time to fill vacancies in, to change the membership of, or to dissolve any such committee. The term of office of the members of each committee shall be as fixed from time to time by the Board of Directors;
provided, however, that any committee member who ceases to be a member of the Board of Directors shall automatically cease to be a committee member. 

 Nothing herein shall be deemed to prevent the Board of Directors from appointing one or more committees consisting in
whole or in part of persons who are not directors of the Corporation; provided, however, that no such committee shall have or may exercise any authority of the Board of Directors. 
 ARTICLE IV 
 BOOKS AND RECORDS

 The Board of Directors shall cause to be kept a record containing the minutes of the proceedings of the meetings of the Board of Directors and of the
stockholders, appropriate stock books and registers and such books of records and accounts as may be necessary for the proper conduct of the business of the Corporation. Unless otherwise required by the laws of Delaware, the books and records of the
Corporation may be kept at the principal office of the Corporation, or at any other place or places inside or outside the State of Delaware, as the Board of Directors from time to time may designate. 
 ARTICLE V 
 OFFICERS 

SECTION 5.1 Officers; Election or Appointment. The Board of Directors shall take such action as may be necessary from time to time to ensure that the
Corporation has such officers as are necessary, under Section 6.1 of these Bylaws and the DGCL as currently in effect or as the same may hereafter be amended, to enable it to sign stock certificates. In addition, the Board of Directors at any
time and from time to time may elect (a) one or more Chairmen of the Board and/or one or more Vice Chairmen of the Board from among its members, (b) one or more Chief Executive Officers, one or more Chief Financial Officers, one or more
Presidents and/or one or more Chief Operating Officers, (c) one or more Vice Presidents or Executive Vice Presidents, one or more Treasurers and/or one or more Secretaries and/or (d) one or more other officers, in each case if and to the
extent the Board of Directors deems desirable. The Board of Directors may give any officer such further designations or alternate titles as it considers desirable. In addition, the Board of Directors at any time and from time to time may authorize
the Chairman of the Board or the Chief Executive Officer of the Corporation to appoint one or more officers of the kind described in clauses (c) and (d) above. Any number of offices may be held by the same person and directors may hold any
office unless the Certificate of Incorporation or these Bylaws otherwise provide. 
 SECTION 5.2 Term of Office; Resignation; Removal; Vacancies.
Unless otherwise provided in the resolution of the Board of Directors electing or authorizing the appointment of any officer, each officer shall hold office until his or her successor is elected or appointed and qualified or until his or her earlier
resignation or removal. Any officer may resign at any time upon written notice to the Board of Directors or to such person or persons as the Board of Directors may designate. Such resignation shall take effect at the time specified therein, and
unless otherwise specified therein no acceptance of such resignation shall be necessary to make it effective. The Board of Directors may remove any officer with or without cause at any time. The Chairman of 

 the Board or the Chief Executive Officer authorized by the Board of Directors to appoint a person to hold an office of
the Corporation may also remove such person from such office with or without cause at any time, unless otherwise provided in the resolution of the Board providing such authorization. Any such removal shall be without prejudice to the contractual
rights of such officer, if any, with the Corporation, but the election or appointment of an officer shall not of itself create contractual rights. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise may
be filled by the Board of Directors at any regular or special meeting or by the Chairman of the Board or the Chief Executive Officer authorized by the Board of Directors to appoint a person to hold such office. 
 SECTION 5.3 Powers and Duties. The officers of the Corporation shall have such powers and duties in the management of the Corporation as shall be stated in these
Bylaws or in a resolution of the Board of Directors which is not inconsistent with these Bylaws and, to the extent not so stated, as generally pertain to their respective offices, subject to the control of the Board of Directors and as are necessary
to conduct customary management and operation of the Corporation. A Secretary or such other officer appointed to do so by the Board of Directors shall have the duty to record the proceedings of the meetings of the stockholders, the Board of
Directors and any committees in a book to be kept for that purpose. 
 SECTION 5.4 Authority to Sell or Otherwise Dispose of Assets. The authorized
officers of the Corporation are authorized to sell or otherwise dispose of assets or other equipment, including, but not limited to, containers, in the ordinary course of business. Nothing contained herein shall be construed to permit the officers
of the Corporation to sell all or substantially all of the Corporation’s assets without the prior approval of the Board of Directors or to take any other action that is not part of the Corporation’s ordinary course of business. 

ARTICLE VI 
 STOCK CERTIFICATES

 SECTION 6.1 Stock Certificates. The Board of Directors may authorize the issuance of stock either in certificated or in uncertificated form. If
shares are issued in uncertificated form, each stockholder shall be entitled upon written request to a stock certificate or certificates duly numbered, certifying the number and class of shares in the Corporation owned by him and otherwise as
specified in this Section 6.1. Each certificate for shares of stock shall be in such form as may be prescribed by the Board of Directors and shall be signed in the name of the Corporation by (a) the Chairman of the Board, the Chief
Executive Officer or a Vice President, and (b) by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer. Any or all of the signatures on a certificate may be a facsimile. In case any officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as
if he or she were such officer, transfer agent or registrar at the date of issue. Each certificate will include any legends required by law or deemed necessary or advisable by the Board. 
 SECTION 6.2 Lost Certificates. No certificate for shares of stock in the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed or stolen, except on 

 production of such evidence of such loss, destruction or theft and on delivery to the Corporation of a bond of indemnity
in such amount, upon such terms and secured by such surety, as the Board of Directors or any financial officer of the Corporation may in its or his or her discretion require. 
 SECTION 6.3 Transfers of Stock. The shares of the stock of the Corporation shall be transferable on the books of the Corporation by the holder thereof in a person or by his or her attorney upon surrender for
cancellation of a certificate or certificates for at least the same number of shares, or other evidence of ownership if no certificates shall have been issued, with an assignment and power of transfer endorsed thereon or attached thereto, duly
executed, and with such proof of the validity and authenticity of the signature as the Corporation or its agents may reasonably require. 
 ARTICLE VII 
 DEPOSITARIES AND CHECKS 
 Depositaries of the funds of the Corporation shall be designated by the Board of Directors; and all checks on such funds shall be signed by such officers or other employees of the Corporation as the Board of Directors
from time to time may designate. 
 ARTICLE VIII 
 WAIVER OF NOTICE 
 Any notice of a meeting required to be given by law, by the Certificate of Incorporation, or by
these Bylaws may be waived by the person entitled thereto, either before or after the time of such meeting stated in such notice. Neither the business to be transacted at, nor the purpose of, any annual or special meeting of the stockholders or the
Board of Directors or committee thereof need be specified in any waiver of notice of such meeting. 
 ARTICLE IX 
 AMENDMENT 
 These Bylaws may be altered, amended, or repealed at any meeting of the Board of Directors or of the stockholders, provided notice of the proposed change was given in the notice of the meeting; provided,
however, that, in the case of any alteration, amendment or repeal by the Board of Directors, the affirmative vote of a majority of the Whole Board shall be required to alter, amend or repeal any provision of these Bylaws; and provided
further, that, in addition to any vote of the holders of any class or series of stock of the Corporation required by law or by the Certificate of Incorporation, in the case of any alteration, amendment or repeal by the stockholders of any of the
provisions of these Bylaws, the affirmative vote of the holders of not less than 662/3% of the voting power of all of the then-outstanding shares of Voting Stock, considered for purposes of this Article IX as a
single class, shall be required to alter, amend or repeal any such provision. 

 ARTICLE X 
 INDEMNIFICATION AND INSURANCE 
 SECTION 10.1 Right to Indemnification. Each person who was or is made a party
or is threatened to be made a party to or is involved in any action, suit, claim or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she or a person of whom
he or she is the legal representative is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the Corporation, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent
or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL as the same exists or may hereafter be amended (but, in the case
of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss
(including attorneys’ fees, judgments, fines, Employee Retirement Income Security Act of 1974 excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith and
such indemnification shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that except as provided
in Section 10.4 of this Article X, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by
the Board of Directors. 
 SECTION 10.2 Advancement of Expenses. The right to indemnification conferred in this Article X shall be a contract right
and shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition, such advances to be paid by the Corporation within twenty (20) days after receipt by the
Corporation of a written statement or statements from the claimant requesting such advance or advances; provided, however, that if the DGCL requires, the payment of such expenses incurred by a director or officer in his or her capacity
as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a
proceeding, shall be made only upon delivery to the Corporation of an undertaking by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be
indemnified under this Article X or otherwise. 
 SECTION 10.3 Obtaining Indemnification. To obtain indemnification under this Article X, a claimant
shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant is
entitled to indemnification. Upon written request by a claimant for indemnification pursuant to the first sentence of this Section 10.3, a determination, if required by applicable law, with respect to the claimant’s entitlement thereto
shall be made as follows: (1) if requested by the claimant, by Independent Counsel (as hereinafter defined), or (2) if no request is made by the claimant for a determination by Independent Counsel, (i) by the Board of Directors by a
majority vote of a quorum consisting 

 of Disinterested Directors (as hereinafter defined), or (ii) if a quorum of the Board of Directors consisting of
Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the claimant, or
(iii) if a quorum of Disinterested Directors so directs, by the stockholders of the Corporation. In the event the determination of entitlement to indemnification is to be made by Independent Counsel at the request of the claimant, the
Independent Counsel shall be selected by the Board of Directors unless there shall have occurred within two years prior to the date of the commencement of the action, suit or proceeding for which indemnification is claimed a Change in Control (as
defined below), in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the Board of Directors. If it is so determined that the claimant is entitled to indemnification,
payment to the claimant shall be made within thirty (30) days after such determination. If a claimant is successful, in whole or in part, in any suit brought against the Corporation to recover the unpaid amount of any written claim to
indemnification, the claimant shall be entitled to be paid also the expense of prosecuting such claim. 
 SECTION 10.4 Right of Claimant to Bring
Suit. If a claim under Section 10.1 of this Article X is not paid in full by the Corporation within thirty (30) days after a written claim pursuant to Section 10.3 of this Article X has been received by the Corporation, the
claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall
be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the
Corporation) that the claimant has not met the standard of conduct which makes it permissible under the DGCL for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation.
Neither the failure of the Corporation (including its Board of Directors, Independent Counsel or stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances
because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its Board of Directors, Independent Counsel or stockholders) that the claimant has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct. 
 SECTION
10.5 Corporation’s Obligation to Indemnify. If a determination shall have been made pursuant to Section 10.3 of this Article X that the claimant is entitled to indemnification, the Corporation shall be bound by such determination in
any judicial proceeding commenced pursuant to Section 10.4 of this Article X. 
 SECTION 10.6 Preclusion from Challenging Article X. The
Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to Section 10.4 of this Article X that the procedures and presumptions of this Article X are not valid, binding and enforceable and shall stipulate in
such proceeding that the Corporation is bound by all the provisions of this Article X. 

 For purposes of this Article X: 
 (a) “Change in Control” shall be deemed to occur only if a majority of the members of the Board of Directors shall not be (i) individuals elected as directors of the Corporation for whose election
proxies shall have been solicited by the Board of Directors of the Corporation or (ii) individuals elected or appointed by the Board of Directors of the Corporation to fill vacancies on the Board of Directors caused by death or resignation (but
not by removal) or to fill newly created directorships. 
 (b) “Disinterested Director” means a director of the Corporation who is
not and was not a party to the matter in respect of which indemnification is sought by the claimant. 
 (c) “Independent Counsel”
means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing, would not have a
conflict of interest in representing either the Corporation or the claimant in an action to determine the claimant’s rights under this Article X. 
 SECTION 10.7 Non-exclusivity of Rights. The right to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Article X shall not be exclusive of any other
right which any person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote of stockholders or otherwise. No repeal or modification of this Article X shall in any way diminish or
adversely affect the rights of any director, officer, employee or agent of the Corporation hereunder in respect of any occurrence or matter arising prior to any such repeal or modification. 
 SECTION 10.8 Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation
or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the
DGCL. To the extent that the Corporation maintains any policy or policies providing such insurance, each such director or officer, and each such agent or employee to which rights to indemnification have been granted as provided in Section 10.9
of this Article X, shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage thereunder for any such director, officer, employee or agent. 
 SECTION 10.9 Other Employees and Agents. The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to
indemnification, and rights to be paid by the Corporation the expenses incurred in defending any proceeding in advance of its final disposition, to any employee or agent or class of employees or agents of the Corporation (including the heirs,
executors, administrators or estate of each such person) to the fullest extent of the provisions of this Article X with respect to the indemnification and advancement of expenses of directors and officers of the Corporation. 

 SECTION 10.10 Validity of Article X. If any provision or provisions of this Article X shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Article X (including, without limitation, each portion of any paragraph of this Article X containing any such
provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this
Article X (including, without limitation, each such portion of any paragraph of this Article X containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the
provision held invalid, illegal or unenforceable. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 SECTION 11.1
Fiscal Year. The fiscal year of the Corporation shall begin on the first (1st) day of January and end on
the thirty-first (31st) day of December of each year. 
 SECTION 11.2 Dividends. The Board of Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares in the manner and
upon the terms and conditions provided by law and the Certificate of Incorporation. 
 * * * * 

 CERTIFICATE OF ADOPTION OF BYLAWS 
 OF 
 CAI INTERNATIONAL, INC. 
 The undersigned hereby certifies that the undersigned is the duly elected, qualified and acting Secretary of CAI International, Inc., a Delaware
corporation (the “Corporation”), and that the foregoing Bylaws constitute the Bylaws of the Corporation as duly adopted by Action by Written Consent of this Corporation’s Sole Common Stockholder and Directors on February
2, 2007. 
 Executed as of February 2, 2007. 
  

	
	 /s/ Masaaki Nishibori

	Masaaki Nishibori
	Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]