Document:

Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT ("Agreement") is entered into by and between WillScot Corporation, a Delaware corporation (the "Employer"),
and Chris Miner, an individual (the "Executive").

 

WHEREAS, the Executive is currently employed by and
serves as Senior Vice President and General Counsel of Mobile Mini Inc. (the "Target");

 

WHEREAS,
the Employer has entered into an Agreement and Plan of Merger with the Target, dated as of March 1, 2020 pursuant to which Target
will merge with and into the Employer (the "Merger Agreement"), and effective as of and contingent upon the consummation
of the transactions contemplated in the Merger Agreement (the "Merger"), the Employer will be the surviving company
and the Executive hereby agrees to become Senior Vice President ("SVP"), General Counsel and Secretary of the
Employer on the terms and conditions set forth herein; and

 

WHEREAS,
the parties desire to enter into this Agreement to encourage the Executive to remain employed following the Merger and to set out
the terms and conditions for the employment relationship of the Executive with the Employer.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

 

1.                 
Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to continue
to employ the Executive and the Executive agrees to continue to be employed by the Employer for the Employment Period set forth
in Section 2 and in the positions and with the duties set forth in Section 3. Terms used herein with initial capitalization
not otherwise defined are defined in Section 26. For the avoidance of doubt, this Agreement is contingent upon and shall
be effective as of the Merger.

 

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

 

     

     

    

 

3.                 
Position and Duties. During the Employment Period, the Executive shall serve as the SVP, General Counsel and
Secretary. In such capacities, the Executive shall report exclusively to the Chief Executive Officer and shall have the duties,
responsibilities and authorities customarily associated with such position(s) in a company the size and nature of the Employer.
The Executive shall devote the Executive's reasonable best efforts and full business time to the performance of the Executive's
duties hereunder and the advancement of the business and affairs of the Employer; provided that, the Executive may serve
on civic, charitable, educational, religious, public interest or public service boards, and manage the Executive's personal and
family investments, in each case, to the extent such activities do not materially interfere with the performance of the Executive's
duties and responsibilities hereunder. In addition, subject to obtaining the prior express consent or approval of the Chief Executive
Officer, the Executive may serve as a member of the board of directors of other entities (other than the board of directors of
a business that is competitive with the business of the Employer), provided that such service shall not interfere with the Executive's
performance of his duties hereunder. The Employer hereby consents to Executive continuing to serve on the board of directors of
Desert Financial Credit Union.

 

4.                 
Place of Performance. During the Employment Period, except for reasonable travel on the Employer's business
consistent with the Executive's position, the Executive shall be based primarily at the Employer's executive headquarters, in Phoenix,
Arizona.

 

5.                 
Compensation and Benefits.

 

(a)              
Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the "Base
Salary") at the rate of no less than $450,000 per calendar year, less applicable deductions, and prorated for any partial
year. Beginning with the first quarter following the Merger, the Base Salary shall be reviewed for increase by the Employer no
less frequently than annually, and shall be increased in the discretion of the Employer and any such adjusted Base Salary shall
constitute the "Base Salary" for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments
in accordance with the Employer's regular payroll procedures. The Executive's Base Salary may not be decreased during the Employment
Period.

 

(b)               Annual
Bonus. For each fiscal year of the Employer ending during the Employment Period, the Executive shall be eligible to earn
an annual cash performance bonus (an "Annual Bonus") based on performance against performance criteria
determined by the Compensation Committee of the Board (the "Committee"). The Executive's annual target bonus
opportunity for a fiscal year shall equal 75% of the Executive's Base Salary at the beginning of such year (the
 "Target Bonus"). The Executive's Annual Bonus for a fiscal year shall be determined by the Committee after
the end of the applicable bonus period and shall be paid to the Executive when annual bonuses for that year are paid to other
senior executives of the Employer generally, but in no event later than March 15 of the year following the year to which such
Annual Bonus relates.

 

     

     

    

 

 (c)               Long Term Incentive Equity.

 

(i)                
Annual Award. With respect to each fiscal year of the Employer ending during the Employment Period, the Executive
shall be eligible to receive annual equity awards under the WillScot 2017 Incentive Award Plan or other long-term equity incentive
plan of the Employer then in effect (the "Plan"), 60% of which shall be made in the form of performance-based
restricted stock units ("PSUs") vesting over three years and 40% in the form of restricted stock units ("RSUs")
vesting ratably over four years. The level of the Executive's participation in the Plan, if any, shall be determined in the discretion
of the Committee from time to time. The target grant value of this annual award shall equal 120% of the Executive's Base Salary
at the beginning of the applicable year, but the actual value of any grant may be higher or lower based on Committee discretion.
Terms and conditions of such awards shall be governed by the terms and conditions of the Plan and the applicable award agreements.

 

(ii)              
Retention Award. In connection with the Merger, the Executive shall be entitled to receive a one-time equity
award with a grant value of $212,500, 60% of which shall be in the form of PSUs vesting over three years and 40% in the form of
RSUs vesting on an annual basis ratably over four years, in each case, consistent with the terms and conditions of the Plan and
any applicable award agreements (the "Retention Grant").

 

(d)              
Vacation. During the Employment Period, the Executive shall be entitled to four (4) weeks' vacation annually,
or such greater amount if provided by Employer policy, to be used in accordance with the Employer's applicable vacation policy.

 

(e)              
Automobile Allowance. During the Employment Period, the Executive shall be entitled to an automobile allowance
of $15,000 annually to be used in accordance with the Employer's applicable automobile allowance policy.

 

(f)               
Benefits. During the period commencing on the Merger though January 1, 2021, the Employer shall provide the
Executive with employee benefits and perquisites consistent with the terms of the Merger Agreement, after which, and otherwise
during the Employment Period, the Employer shall provide to the Executive employee benefits and perquisites on a basis that is
comparable in all material respects to that provided to other similarly situated executives of the Employer. The Employer shall
have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit plans and arrangements at
any time and without the consent of the Executive.

 

6.                 
Expenses. The Executive is expected and is authorized to incur reasonable expenses in the performance of his
duties hereunder. The Employer shall reimburse the Executive for all such expenses reasonably and actually incurred in accordance
with policies which may be adopted from time to time by the Employer promptly upon periodic presentation by the Executive of an
itemized account, including reasonable substantiation, of such expenses.

 

Such expenses shall include
bar dues, continuing legal education expenses and related and appropriate legal profession membership fees for jurisdictions in
which Executive is licensed to practice law (currently New York and Arizona).

 

     

     

    

 

7.                 
Confidentiality, Non-Disclosure and Non-Competition Agreement. The Employer and the Executive acknowledge
and agree that during the Executive's employment with the Employer, the Executive will have access to and may assist in developing
Employer Confidential Information and will occupy a position of trust and confidence with respect to the Employer's affairs and
business and the affairs and business of the Employer Affiliates. The Executive agrees that the following obligations are necessary
to preserve the confidential and proprietary nature of Employer Confidential Information and to protect the Employer and the Employer
Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by the Executive that
would result in serious adverse consequences for the Employer and the Employer Affiliates:

 

(a)              
Non-Disclosure. During and after the Executive's employment with the Employer, the Executive will not knowingly
use, disclose or transfer any Employer Confidential Information other than as authorized in writing by the Employer or within the
scope of the Executive's duties with the Employer as determined reasonably and in good faith by the Executive. Anything herein
to the contrary notwithstanding, the provisions of this Section 7(a) shall not apply when disclosure is required by law
or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent
jurisdiction to order the Executive to disclose or make accessible any information or as to information that becomes generally
known to the public or within the relevant trade or industry other than due to the Executive's violation of this Section 7(a).

 

(b)              
Materials. The Executive will not remove any Employer Confidential Information or any other property of the
Employer or any Employer Affiliate from the Employer's premises or make copies of such materials except for normal and customary
use in the Employer's business as determined reasonably and in good faith by the Executive. The Executive will return to the Employer
all Employer Confidential Information and copies thereof and all other property of the Employer or any Employer Affiliate at any
time upon the request of the Employer and in any event promptly after termination of Executive's employment. The Executive agrees
to attempt in good faith to identify and return to the Employer any copies of any Employer Confidential Information after the Executive
ceases to be employed by the Employer. Anything to the contrary notwithstanding, nothing in this Section 7 shall prevent
the Executive from retaining a home computer, papers and other materials of a personal nature that do not contain Employer Confidential
Information.

 

(c)               No
Solicitation or Hiring of Employees. During the Non-Compete Period, the Executive shall not solicit, entice, persuade or
induce any individual who is employed by the Employer or any Employer Affiliate (or who was so employed within 180 days prior
to the Executive's action) to terminate or refrain from continuing such employment or to become employed by or enter into
contractual relations with any other individual or entity, and the Executive shall not hire, directly or indirectly, as
an employee, consultant or otherwise, any such person.

 

     

     

    

 

		(d)	Non-Competition.

 

(i)                
During the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit or encourage any client
or customer of the Employer or any direct or indirect subsidiary of the Employer, or any person
or entity who was such a client or customer within 180 days prior to Executive's action to terminate, reduce or alter in a manner
adverse to the Employer or any direct or indirect subsidiary of the Employer, any existing
business arrangements with the Employer or any direct or indirect subsidiary of the Employer
or to transfer existing business from the Employer or any direct or indirect subsidiary of the
Employer to any other person or entity, (B) provide services in any capacity to any entity in any geographic area in which the
Employer or any direct or indirect subsidiary of the Employer conducts that business, or is
actively planning to conduct that business, as of the date of such termination (the "Non- Competition Area") if
(i) the entity competes with the Employer or any direct or indirect subsidiary of the Employer by engaging in any business engaged
in by the Employer or any direct or indirect subsidiary of the Employer, or (ii) the services to be provided by the Executive are
competitive with the Employer or any direct or indirect subsidiary of the Employer and substantially similar to those previously
provided by the Executive to the Employer, or (C) own an interest in any entity, including those described in Section 7(d)(B)(i)
immediately above, provided, however, that notwithstanding the foregoing, the Executive may make passive investments in up to four
percent (4%) of the outstanding publicly traded common stock of an entity which competes with the Employer or any direct or indirect
subsidiary of the Employer. The Executive agrees that, before providing services, whether as an employee or consultant, to any
entity during the Non-Compete Period, the Executive will provide a copy of Section 7 of this Agreement to such entity. The
Executive acknowledges that this covenant has a unique, very substantial and immeasurable value to the Employer, that the Executive
has sufficient assets and skills to provide a livelihood for the Executive while such covenant remains in force and that, as a
result of the foregoing, in the event that the Executive breaches such covenant, monetary damages would be an insufficient remedy
for the Employer and equitable enforcement of the covenant would be proper.

 

(ii)              
If the restrictions contained in Section 7(d) shall be determined by any court of competent jurisdiction to
be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason
of their being too extensive in any other respect, Section 7(d) shall be modified to be effective for the maximum period
of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum
extent in all other respects as to which it may be enforceable.

 

     

     

    

 

(e)               Enforcement.
The Executive acknowledges that in the event of any breach of this Section 7, the business interests of the Employer
and the Employer Affiliates may be irreparably injured, the full extent of the damages to the Employer and the Employer
Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Employer and the Employer
Affiliates, and the Employer will be entitled to seek enforcement of this Section 7 by a temporary, preliminary and/or
permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Executive
expressly waives. The Executive understands that the Employer may waive some of the requirements expressed in this Section
7, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the
Employer's right to enforce any other requirements or provisions of this Section 7. The Executive agrees that each of
the Executive's obligations specified in this Section 7 is a separate and independent covenant and that the
unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. In signing this
Agreement, the Executive gives the Employer assurance that the Executive has carefully read and considered all of the terms
and conditions of this Agreement. The Executive agrees that these restraints are necessary for the reasonable and proper
protection of the Employer and the Employer Affiliates and their Confidential Information and that each and every one of the
restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints,
individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period
in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an
employee or consultant, to any entity that competes with the Company during the period of time that the Executive is subject
to the constraints in this Agreement, the Executive will provide a copy of this Section 7 of this Agreement to such
entity. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the
Employer and its Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such
covenants remain in force. It is also agreed that each of the Employer Affiliates will have the right to enforce all of the
Executive's obligations to that affiliate under this Section 7.

 

8.                 
Termination of Employment.

 

(a)               Permitted
Terminations. The Executive's employment hereunder may be terminated during the Employment Period under the following
circumstances:

 

(i)                 Death.
The Executive's employment hereunder shall terminate automatically upon the Executive's death; employment:

 

(ii)
               By the Employer. The Employer
may terminate the Executive's

 

(A)            
Disability. If the Executive shall have been substantially unable to perform the Executive's material duties
hereunder by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for 180
consecutive days or 270 days in any 24-month period (a "Disability") (provided, that until such termination, the
Executive shall continue to receive the Executive's compensation and benefits hereunder, reduced by any benefits payable to the
Executive under any applicable disability insurance policy or plan); or

 

 (B)              Cause. For Cause or without Cause;

 

(iii)
              By the Executive. The Executive
may terminate the Executive's employment for any reason (including Good Reason) or for no reason.

 

     

     

    

 

(b)              
Termination. Any termination of the Executive's employment by the Employer or the Executive (other than because
of the Executive's death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section
11 hereof. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon, if any, and set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive's employment under the provision so indicated. Termination of the Executive's
employment shall take effect on the Date of Termination. The Executive agrees, in the event of any dispute under Section 8(a)(ii)
as to whether a Disability exists, and if requested by the Employer, to submit to a physical examination by a licensed physician
selected by mutual consent of the Employer and the Executive, the cost of such examination to be paid by the Employer. The written
medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability exists
and the date when such Disability arose. This Section shall be interpreted and applied so as to comply with the provisions of the
Americans with Disabilities Act and any applicable state or local laws.

 

9.                 
Compensation Upon Termination.

 

(a)               Disability.
If the Employer terminates the Executive's employment during the Employment Period because of the Executive's Disability
pursuant to Section 8(a)(ii), the Employer shall pay to the Executive (i) the Accrued Benefits; (ii) a pro rata
portion (based on the number of days during the applicable fiscal period prior to the Date of Termination) of the Annual
Bonus the Executive would have earned absent such termination, with such payment to be made based on actual performance and
at the time bonus payments are made to executives of the Employer generally; (iii) any outstanding equity awards granted
pursuant to Sections 5(c)(i)-(ii) that are subject solely to time-based vesting conditions shall immediately vest in
full and any outstanding equity awards that are subject to performance-based vesting conditions shall vest based on target
performance for the applicable performance period; and (iv) the Executive shall be entitled to additional payments, payable
in equal installments in accordance with the Employer's normal payroll practices, equal to the total costs that would be
incurred by the Executive to obtain and pay for continued coverage under the Employer's health insurance plans pursuant to
COBRA for 12 months following the Date of Termination (the "Continued Coverage Payment"). Except as set
forth herein, the Employer shall have no further obligation to the Executive under this Agreement.

 

(b)              
Death. If the Executive's employment is terminated during the Employment Period as a result of the Executive's
death, the Employer shall pay to the Executive's legal representative or estate, and the Executive's legal representative or estate
shall be entitled to, as applicable, (i) the amounts and acceleration of outstanding equity awards set forth in Sections 9(a)(i)-(iii) (excluding, for the avoidance of doubt, the Continued Coverage Payment under clause (iv)); and (ii) one times the Executive's
Base Salary at the time of termination, payable in a lump sum. Except as set forth herein, the Employer shall have no further
obligation to the Executive under this Agreement.

 

     

     

    

 

(c)              
Termination by the Employer for Cause or by the Executive without Good Reason. If, during the Employment Period,
the Employer terminates the Executive's employment for Cause pursuant to Section 8(a)(ii)(A) or the Executive terminates
his employment without Good Reason, the Employer shall pay to the Executive the Accrued Benefits. Except as set forth herein, the
Employer shall have no further obligations to the Executive under this Agreement.

 

(d)               Termination
by the Employer without Cause or by the Executive with Good Reason. Subject to Section 9(e), if the Employer
terminates the Executive's employment during the Employment Period for a reason other than for Cause or due to the
Executive's Disability pursuant to Section 8(a)(ii),the Executive terminates his employment hereunder with Good
Reason, or if the Employee's employment by Employer is terminated by Employer following the Merger but prior to a Change in
Control (which, for purposes of this Section 9(d), a Change in Control shall not include consummation of the Merger)
other than for Cause, death or Disability, the Employer shall pay the Executive (A) the Accrued Benefits, (B) a pro rata
portion (based on the number of days during the applicable fiscal period prior to the Date of Termination) of the Annual
Bonus the Executive would have earned absent such termination, with such payment to be made based on actual performance and
at the time bonus payments are made to executives of the Employer generally but no later than March 15 of the year following
the year to which the bonus relates, (C) a lump sum equal to the Executive's Target Annual Bonus for the year of termination
(two times such Target Annual Bonus if such termination occurs within one year of the consummation of the Merger) to be paid
upon effectiveness of the Release (as defined below), (D) continued Base Salary for 12 months following the Date of
Termination or 24 months if such termination occurs within one year following the consummation of the Merger (the
 "Severance Period") payable in equal installments in accordance with the Employer's normal payroll practices
(the "Cash Severance Payment"), (E) any outstanding equity awards granted pursuant to Section 5(c)(i)
during the 24 month period following the Merger or Section 5(c)(ii) shall immediately vest in full on the Date of
Termination (without regard to any time-based or performance-based vesting conditions), and (F) the Continued Coverage
Payment. For the purposes of this Agreement, a voluntary termination by the Executive upon the expiration of the Employment
Period due to delivery of a non-renewal notice by the Employer pursuant to Section 2 shall be treated as a termination
by the Employer without Cause.

 

 (e)               Change in Control.

 

(i)                
Section 9(e)(ii) shall apply if there is (A) a termination of the Executive's employment by the Employer
for a reason other than for Cause or due to the Executive's Disability or by the Executive for Good Reason, in either case, during
the 12-month period after a Change in Control; or (B) a termination of the Executive's employment by the Employer for a reason
other than for Cause or due to the Executive's Disability prior to a Change in Control, if the termination was at the request
of a third party or otherwise arose in anticipation of a Change in Control (a termination described in either clause (A) or clause
(B), a "CIC Termination" which for purposes of this Section shall not include the Merger).

 

     

     

    

 

(ii)               If
any such termination occurs, the Executive shall receive the benefits set forth in Section 9(d), including for the
avoidance of doubt, the accelerated vesting of his outstanding equity awards, including those granted pursuant to Section
5(c)(ii), except that (A) the Cash
Severance Payment shall be equal to 1.5x the sum of the Executive's Base Salary at the rate in effect at the time of
termination  and the Executive Target Bonus for the year of termination and, if such Change in Control is a "change
in control event" under Section 409A of the Code (a "Qualifying CIC"), shall be paid in a lump sum; (B)
the Continued Coverage Payment shall be equal to the total costs that would be incurred by the Executive to obtain and pay
for continued coverage under the Employer's health insurance plans for 18 months following the CIC Termination and shall be
paid in a lump sum; and (C) any outstanding equity awards granted pursuant to Section 5(c)(i) shall immediately vest
in full upon a CIC Termination (without regard to any time-based or performance-based vesting conditions). In addition, any
outstanding equity awards shall immediately vest upon a CIC Termination. To the extent the Executive's CIC Termination is
described in Section 9(e)(i)(B) and the Change in Control is a Qualifying CIC, the incremental Cash Severance Payment
and any unpaid Cash Severance Payment shall be paid in a lump sum.

 

(f)               
Liquidated Damages. The parties acknowledge and agree that damages which will result to the Executive for
termination by the Employer of the Executive's employment without Cause or by the Executive for Good Reason shall be extremely
difficult or impossible to establish or prove, and agree that the amounts, excluding the Accrued Benefits, payable to the Executive
under Section 9(d) or Section 9(e) (the "Severance Benefits") shall constitute liquidated damages
for any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be
entitled as expressly provided by the terms of this Agreement or any other applicable benefit plan, such liquidated damages shall
be in lieu of all other claims that the Executive may make by reason of any such termination of his employment and that, as a condition
to receiving the Severance Benefits, the Executive must execute a release of claims substantially in the form attached hereto as
Exhibit A (the "Release"). To be eligible for Severance Benefits, the Executive must execute and deliver the Release,
and such Release must become irrevocable, within 60 days of the Date of Termination. The Cash Severance Payment shall be made,
and the continuing health insurance coverage shall commence or, if payments are paid in a lump sum, paid promptly after the Release
becomes irrevocable or at the time otherwise specified in this Agreement (with the first payment to include any payments that would
have been paid if the Release was effective on the Date of Termination); provided that to the extent the 60-day period spans
two calendar years and to the extent required to comply with Code Section 409A, such payments shall be made or commence, as applicable,
on the 60th day following the Date of Termination.

 

(g)               No
Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek other
employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any
subsequent employment he may obtain. The Employer's obligation to make any payment pursuant to, and otherwise to
perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the
Employer or any Employer Affiliate may have against him for any reason.

 

     

     

    

 

10.
               Section 280G.

 

(a)              
Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary,
if any of the payments or benefits provided or to be provided by the Employer or its affiliates to the Executive or for the Executive's
benefit pursuant to the terms of this Agreement or otherwise ("Covered Payments") constitute "parachute payments"
within the meaning of Section 280G of the Code and would, but for this Section 10 be subject to the excise tax imposed under
Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest
or penalties with respect to such taxes (collectively, the "Excise Tax"), then prior to making the Covered Payments,
a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments after payment
of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary to avoid
being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the
Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the
Excise Tax. "Net Benefit" shall mean the present value of the Covered Payments net of all federal, state, local,
foreign income, employment and excise taxes.

 

(b)              
The Covered Payments shall be reduced in a manner that maximizes the Executive's economic position. In applying this
principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two
economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro
rata basis but not below zero.

 

(c)              
Any determination required under this Section 10 shall be made in writing in good faith by an independent
accounting firm selected by the Employer that is reasonably acceptable to the Executive (the "Accountants"). In
connection with such determination, the Employer shall obtain a valuation of the Executive's noncompete obligations by a firm knowledgeable
in such matters. The Employer and the Executive shall provide the Accountants with such information and documents as the Accountants
may reasonably request in order to make a determination under this Section 10. For purposes of making the calculations and
determinations required by this Section 10, the Accountants may rely on reasonable, good faith assumptions and approximations
concerning the application of Section 280G and Section 4999 of the Code. The Accountants' determinations shall be final and binding
on the Employer and the Executive.

 

     

     

    

 

11.              Notices.
All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any
other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or
certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by
facsimile transmission addressed as follows:

 

 

(i)          
If to the Employer:

 

WillScot Corporation

4646 E Van Buren St #400

Phoenix, AZ 85008

Attn: Chief Executive Officer

 

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

 

Each
party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be
so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above
shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt,
the delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive
evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

12.             
Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not
affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

 

13.             
Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy,
agreement, award or other arrangement of the Employer (whether entered into before or after the date hereof) to the extent application
of the terms of this Agreement is more favorable to the Executive.

 

14.             
Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections
7, 8(b), 10, 11, 15, 16, 17, 18, 19, 20, 21, 22, 23,
and 24 hereof and this Section 14 shall survive the termination of employment of the Executive. In addition, all
obligations of the Employer to make payments hereunder shall survive any termination of this Agreement on the terms and conditions
set forth herein.

 

15.              Assignment.
The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except that (i) in the
event of the Executive's death, the personal representative or legatees or distributees of the Executive's estate, as the
case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and
obligations of the Employer hereunder shall be assignable and delegable in connection with any subsequent merger,
consolidation, sale of all or substantially all of the assets or equity interests of the Employer or similar transaction
involving the Employer or a successor corporation. The Employer shall require any successor to the Employer to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to
perform it if no such succession had taken place.

 

     

     

    

 

16.             
Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon
the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators,
legal representatives, successors and assigns.

 

17.             
Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing
duly executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of
or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions,
to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed
as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges
hereunder.

 

18.             
Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference
only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction or scope of any of the provisions hereof.

 

19.             
Governing Law; Venue; Disputes. This Agreement, the rights and obligations of the parties hereto, and any
claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Delaware (but
not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply). In the event of a dispute
concerning or arising out of this Agreement, the prevailing party (meaning the party who received substantially all of the relief
sought) in such action will be reimbursed by the other party for all costs (including, without limitation, reasonable attorneys'
fees) incurred in connection with any such action.

 

20.             
Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment
of the Executive, there being no representations, warranties or commitments except as set forth herein; provided, however, that
if the transactions contemplated in the Merger Agreement are not consummated (i.e., the Merger does not occur), this Agreement
shall not become effective and shall be void ab initio.

 

21.             
Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all
of which shall be deemed to constitute one and the same instrument.

 

22.              Withholding.
The Employer may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be
required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in
connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through
withholding an appropriate number of shares of stock or appropriate amount of such other property.

 

     

     

    

 

23.             
Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with or
be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively "Code Section
409A") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted consistent with such intent.
If the Executive notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision
of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur
any additional tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer (without any
obligation whatsoever to do so) independently makes such determination, the Employer shall, after consulting with the Executive,
reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably
appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code
Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the
original intent and economic benefit to the Executive and the Employer of the applicable provision without violating the provisions
of Code Section 409A. In no event whatsoever shall the Employer be liable for any additional tax, interest or penalty that may
be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. With respect to any
payment or benefit considered to be nonqualified deferred compensation under Code Section 409A, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits
upon or following a termination of employment unless such termination is also a "separation from service" within the
meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination,"
 "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to
the contrary in this Agreement, if the Executive is deemed on the date of termination to be a "specified employee" within
the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that
is considered nonqualified deferred compensation under Code Section 409A payable on account of a "separation from service,"
such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-
month period measured from the date of such "separation from service" of the Executive, and (B) 
the date of the Executive's death, to the extent required under Code Section 409A. Upon the expiration of the foregoing
delay period, all payments and benefits delayed pursuant to this Section 23 (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and
any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein. To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified
deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made
on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive,
(B) any right to reimbursement or in- kind benefits shall not be subject to liquidation or exchange for another benefit, and (C)
no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any
way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. For purposes
of Code Section 409A, the Executive's right to receive any installment payments pursuant to this Agreement shall be treated as
a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period
with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion
of the Employer. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this
Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset
by any other amount unless otherwise permitted by Code Section 409A.

 

     

     

    

 

24.             
Indemnification. Employer hereby agrees to indemnify the Executive and provide Directors & Officers Liability
Insurance ("D&O Insurance") coverage to the Executive, in each case, on terms and conditions no less favorable than
those provided to members of the Board.

 

25.             
Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any benefit, bonus, incentive or other plan or program provided by the Employer or any of its subsidiaries
and for which the Executive may qualify, nor shall anything herein limit or reduce such rights as the Executive may have under
any other agreements with the Employer or any of its subsidiaries. Amounts which are vested benefits or which the Executive is
otherwise entitled to receive under any plan or program of the Employer or any of its subsidiaries shall be payable in accordance
with such plan or program, except as explicitly modified by this Agreement.

 

26.             
Fees and Expenses. Employer or the Target shall pay all reasonable legal fees and related expenses incurred
by the Employee as they become due as a result of the Employer and Executive entering into this Agreement.

 

27.             
Definitions.

 

"Accrued
Benefits" means (i) Base Salary through the Date of Termination; (ii) accrued and unused vacation pay; (iii) any earned
but unpaid Annual Bonus; (iv) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive
prior to the Date of Termination and which are reimbursable in accordance with Section 6; and (v) any other benefits or
amounts due and owing to the Executive under the terms of any plan, program or arrangement of the Employer. Amounts payable pursuant
to the clauses (i) - (iii) shall be paid promptly after the Date of Termination and all other amounts will be paid in accordance
with the terms of the applicable plan, program or arrangement (as modified by this Agreement).

 

"Board" means the Board of Directors
of the Employer.

 

     

     

    

 

"Cause"
shall be limited to the following events (i) the Executive's conviction of, or plea of nolo contendere to, a felony (other
than in connection with a traffic violation) under any state or federal law; (ii) the Executive's failure to substantially
perform his essential job functions hereunder after receipt of written notice from the Employer requesting such
performance (but which does not include the Executive's failure to perform his essential job functions due to his
Disability); (iii) a material act of fraud or material misconduct with respect, in each case, to the Employer, by the
Executive; (iv) any material misconduct by the Executive that could be reasonably expected to damage the reputation or
business of the Employer or any Employer Affiliate; or (v) the Executive's material violation of a material policy of the
Employer. Any determination of whether Cause exists shall be made by the Committee in its reasonable discretion. Anything
herein to the contrary notwithstanding, the Executive shall not be terminated for Cause hereunder unless (A) written notice
stating the basis for the termination is provided to the Executive, (B) as to clauses (ii), (iii), (iv) or (v) of this
paragraph, the Executive is given 15 days to cure the neglect or conduct that is the basis of such claim (it being understood
that any errors in expense reimbursement may be cured by repayment), and (C) if the Executive fails to cure such neglect or
conduct, there is a vote of a majority of the members of the Board to terminate the Executive for Cause.

 

"Change in Control" For purposes
of this Agreement, "Change in Control" means the occurrence of any one of the following events:

 

(i)   During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the "Incumbent
Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director
subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least a majority
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Employer in
which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Employer as a result of an actual or
threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

 

(ii)  Any "person" (as such term is defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act")
and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Employer representing 35% or more of the combined
voting power of the Employer's then outstanding securities eligible to vote for the election of the Board (the "Employer
Voting Securities"); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change
in Control by virtue of any of the following acquisitions: (A) by the Employer or any Subsidiary; (B) by any employee benefit plan
(or related trust) sponsored or maintained by the Employer or any subsidiary; (C) by any underwriter temporarily holding securities
pursuant to an offering of such securities; (D) pursuant to a Non- Qualifying Transaction, as defined in paragraph (iii), or (E)
by any person of Employer Voting Securities from the Employer, if a majority of the Incumbent Board approves in advance the acquisition
of beneficial ownership of 35% or more of Employer Voting Securities by such person;

 

     

     

    

 

(iii)   The
consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the
Employer or any of its subsidiaries that requires the approval of the Employer's stockholders, whether for such transaction
or the issuance of securities in the transaction (a "Business Combination"), unless immediately following
such Business Combination: (A) more than 50% of the total voting power of (1) the corporation resulting from such Business
Combination (the "Surviving Corporation"), or (2) if applicable, the ultimate parent corporation that
directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving
Corporation (the "Parent Corporation"), is represented by Employer Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Employer Voting
Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Employer Voting Securities among the holders thereof
immediately prior to the Business Combination; (B) no person (other than any employee benefit plan (or related trust)
sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly
or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of
the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the
members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board's
approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which
satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a "Non-Qualifying
Transaction"); or

 

(iv)   The consummation of a sale of all or substantially all of the Employer's assets or the stockholders of the Employer approve
a plan of complete liquidation or dissolution of the Employer.

 

Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more
than 35% of the Employer Voting Securities as a result of the acquisition of Employer Voting Securities by the Employer which reduces
the number of Employer Voting Securities outstanding; provided, that if after such acquisition by the Employer such person becomes
the beneficial owner of additional Employer Voting Securities that increases the percentage of outstanding Employer Voting Securities
beneficially owned by such person, a Change in Control of the Employer shall then occur.

 

Solely
with respect to any award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable
on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change
in Control), a Change in Control shall occur only if such event also constitutes a "change in the ownership", "change
in effective control", and/or a "change in the ownership of a substantial portion of assets" of the Employer as
those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time
or form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for purposes
of determining whether  rights to such award become vested or otherwise unconditional upon the Change in Control.

 

     

     

    

 

"Code" means the Internal Revenue
Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

 

"Date
of Termination" means (i) if the Executive's employment is terminated by the Executive's death, the date of the Executive's
death; (ii) if the Executive's employment is terminated because of the Executive's Disability, 30 days after Notice of Termination,
provided that the Executive shall not have returned to the performance of the Executive's duties on a full- time basis during such
30-day period; or (iii) if the Executive's employment is terminated by the Employer pursuant to Section 8(a)(ii)(A) or by
the Executive pursuant to Section 8(a)(ii)(B), the date specified in the Notice of Termination, which may not be less than
60 days after the Notice of Termination in the event the Employer is terminating the Executive without Cause or the Executive is
terminating employment without Good Reason.

 

"Employer Affiliate" means any entity
controlled by, in control of, or under common control with, the Employer.

 

"Employer
Confidential Information" means information known to the Executive to constitute trade secrets or proprietary information
belonging to the Employer or other confidential financial information, operating budgets, strategic plans, research methods, personnel
data, projects or plans, or non-public information regarding the terms of any existing or pending lending transaction between Employer
and an existing or pending client or customer (as the phrase "client or customer" is defined in Section 7(d) hereof),
in each case, received by the Executive in the course of his employment by the Employer or in connection with his duties with the
Employer. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained during
the Executive's employment with the Employer, information publicly available or generally known within the industry or trade in
which the Employer competes and information or knowledge possessed by the Executive prior to his employment by the Employer, shall
not be considered Employer Confidential Information.

 

"Good
Reason" means, unless otherwise agreed to in writing by the Executive, (i) any material diminution or adverse change
in the Executive's titles; (ii) reduction in the Executive's Base Salary or Target Bonus; (iii) a failure to grant the Executive,
in any consecutive 12 month period, long term incentive equity awards having a grant date fair value (as determined by the Committee
in good faith) of at least $450,000; (iv) a requirement that the Executive report to someone other than the Employer's Chief Executive
Officer; (v) a material diminution in the Executive's authority, responsibilities or duties or material interference with the
Executive's carrying out his duties; (vi) the assignment of duties inconsistent with the Executive's position or status with the
Employer as of the date hereof; (vii) a relocation of the Executive's primary place of employment to a location more than 50 miles
from the Employer's executive headquarters in Phoenix, AZ; (viii) any material breach by the Employer of any provision of
this Agreement; or (ix) the failure of the Employer to obtain an agreement, satisfactory to the Executive, from any successor
or assign of the Employer to assume and agree to perform this Agreement, as contemplated by Section 15 hereof. In order to invoke
a termination for Good Reason, (A) the Executive must give written notice of the occurrence of an event of Good Reason within
60 days of its occurrence, (B) the Employer must fail to cure such event within 30 days of such notice, and (C) the Executive
must terminate employment within 10 days of the expiration of such cure period.

 

"Non-Compete
Period" means the period commencing on the date hereof and ending twelve months after the earlier of the expiration of
the Employment Period or the Executive's Date of Termination.

 

IN WITNESS WHEREOF, the undersigned
have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered on their behalf.

 

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

 

     

     

    

 

[FORM OF RELEASE]

 

CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT

 

This
Confidential Separation and Release Agreement ("Agreement") is between Chris Miner ("Employee")
and WillScot Corporation (the "Company") (hereinafter the "parties"), and is entered
into as of                   .
This Agreement will not become effective until the expiration of seven (7) days from Employee's execution of this Agreement (the
 "Effective Date").

 

WHEREAS,
Employee has been employed by Company and is a party to that certain Employment Agreement dated                 , 20__ Date (the “Employment
Agreement”).

 

WHEREAS,
the Employee's employment with Company was terminated effective as of              ,
20        (the "Termination Date");

 

WHEREAS,
Company and Employee desire to avoid disputes and/or litigation regarding Employee's termination from employment or any events
or circumstances preceding or coincident with the termination from employment; and

 

WHEREAS,
Company and Employee have agreed upon the terms on which Employee is willing, for sufficient and lawful consideration, to compromise
any claims known and unknown which Employee may have against Company.

 

WHEREAS,
the parties desire to settle fully and finally, in the manner set forth herein, all differences between them which have arisen,
or which may arise, prior to, or at the time of, the execution of this Agreement, including, but in no way limited to, any and
all claims and controversies arising out of the employment relationship between Employee and Company, and the termination thereof;

 

NOW,
THEREFORE, in consideration of these recitals and the promises and agreements set forth in this Agreement, Employee's employment
with Company will terminate upon the following terms:

 

1.                  General
Release: Employee for himself or herself and on behalf of Employee's attorneys, heirs, assigns, successors, executors,
and administrators IRREVOCABLY AND UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES Company and any current or former
stockholders, directors, parent, subsidiary, affiliated, and related corporations, firms, associations, partnerships, and
entities, and their successors and assigns, from any and all claims and causes of action whatsoever, whether known or unknown
or whether connected with Employee's employment by Company or not, which may have arisen, or which may arise, prior to, or at
the time of, the execution of this Agreement, including, but not limited to, any claim or cause of action arising out of any
contract, express or implied, any covenant of good faith and fair dealing, express or implied, any tort (whether intentional
or released in this agreement), or under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act,
the Americans with Disabilities Act, the Worker Adjustment and Retraining Notification (WARN) Act, the Older Workers
Benefit Protection Act, or any other municipal, local, state, or federal law, common or statutory, but excluding any claims
with respect to the Company's obligations under the Employment Agreement, any claims relating to vested benefits under any
Company employee benefit plan (including without limitation any such plan subject to the Employee Retirement Income Security
Act of 1974, as amended) and any claims which Employee cannot release as a matter of applicable law. Furthermore, neither
this Agreement nor the Employment Agreement shall apply to, modify or in any way supersede obligations arising from any of
(i) the terms of directors and officers insurance or (ii) any indemnification agreement for the benefit of the Employee as a
result of the Employee's position as a director or officer of the Company or one of its affiliates.

 

     

     

    

 

2.                 
Covenant Not to Sue: Employee also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ANY ACTION OR CLASS ACTION against
Company or any of the released parties based upon any of the claims released in this Agreement.

 

3.                 
Severance Terms: Upon the expiration of seven (7) days from Employee's execution of this Agreement and provided that
this Agreement has become effective in accordance with its terms, in consideration for the promises, covenants, agreements, and
releases set forth herein and in the Employment Agreement, Company agrees to pay Employee the Severance Benefits as defined in
and pursuant to the Employment Agreement (the "Severance Benefits").

 

4.                 
Right to Revoke: Employee may revoke this Agreement by notice to Company, in writing, received within seven (7) days
of the date of its execution by Employee (the "Revocation Period"). Employee agrees that Employee
will not receive the benefits provided by this Agreement if Employee revokes this Agreement. Employee also acknowledges and agrees
that if Company has not received from Employee notice of Employee's revocation of this Agreement prior to the expiration of the
Revocation Period, Employee will have forever waived Employee's right to revoke this Agreement, and this Agreement shall thereafter
be enforceable and have full force and effect.

 

5.                  Acknowledgement:
Employee acknowledges and agrees that: (A) except as to any Severance Benefits which remain unpaid as of the date of this
Agreement, no additional consideration, including salary, wages, bonuses or Equity Awards as described in the Employment
Agreement, is to be paid to him by Company in connection with this Agreement; (B) except as provided by this Agreement,
Employee has no contractual right or claim to the Severance Benefits; and, (C) payments pursuant to this Agreement shall
terminate immediately if Employee breaches any of the provisions of this Agreement.

 

6.                 
Non-Admissions: Employee acknowledges that by entering into this Agreement, Company does not admit, and does specifically
deny, any violation of any local, state, or federal law.

 

7.                  Confidentiality:
Employee agrees that Employee shall not directly or indirectly disclose the terms, amount or fact of this Agreement to
anyone other than Employee's immediate family or counsel, bankers or financial advisors, except as such disclosure may be
required for accounting or tax reporting purposes or as otherwise may be required by law.

 

     

     

    

 

8.                 
Nondisparagement: Each party agrees that it will not make any statements, written or verbal, or cause or encourage
others to make any statements, written or verbal, that defame, disparage or in any way criticize the personal or business reputation,
practices or conduct of the other including, in the case of Company, its employees, directors and stockholders.

 

9.                 
Acknowledgement of Restrictions; Confidential Information: Employee acknowledges and agrees that Employee has continuing
non-competition, non-solicitation and non-disclosure obligations under the Employment Agreement . Employee acknowledges
and reaffirms Employee's obligation to continue abide fully and completely with all post- employment provisions of the Employment
Agreement and agrees that nothing in this Agreement shall operate to excuse or otherwise relieve Employee of such obligations.

 

10.               
Severability: If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision
shall be fully severable and/or construed in remaining part to the full extent allowed by law, with the remaining provisions of
this Agreement continuing in full force and effect.

 

11.                
Entire Agreement: This Agreement, along with the Employment Agreement , constitute the entire agreement between the
Employee and Company, and supersede all prior and contemporaneous negotiations and agreements, oral or written. This Agreement
cannot be changed or terminated except pursuant to a written agreement executed by the parties.

 

12.                
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
except where preempted by federal law.

 

13.                
Statement of Understanding: By executing this Agreement, Employee acknowledges that (a) Employee has had at least
twenty-one (21) or forty-five (45) days, as applicable in accordance with the Age Discrimination in Employment Act, as amended,
(the "ADEA") to consider the terms of this Agreement (and any attachment necessary or desirable in accordance
with the ADEA) and has considered its terms for such a period of time or has knowingly and voluntarily waived Employee's right
to do so by executing this Agreement and returning it to Company; (b) Employee has been advised by Company to consult with an attorney
regarding the terms of this Agreement; (c) Employee has consulted with, or has had sufficient opportunity to consult with, an attorney
of Employee's own choosing regarding the terms of this Agreement; (d) any and all questions regarding the terms of this Agreement
have been asked and answered to Employee's complete satisfaction; (e) Employee has read this Agreement and fully understands its
terms and their import; (f) except as provided by this Agreement, Employee has no contractual right or claim to the benefits and
payments described herein; (g) the consideration provided for herein is good and valuable; and (h) Employee is entering into this
Agreement voluntarily, of Employee's own free will, and without any coercion, undue influence, threat, or intimidation of any kind
or type whatsoever.

 

     

     

    

 

HAVING READ AND UNDERSTOOD
THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER
TO ENTER INTO THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW.

 

	EMPLOYEE	WILLSCOT CORPORATION
	 	 

 

	 		 	By:	 
	 	Chris Miner	 	Name:	 
	 	Date:	 		Title:	 
	 	 	 	Date:Exhibit 10.5

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”) is entered into by and between WillScot Corporation, a Delaware corporation (the “Employer”),
and Hezron Timothy Lopez, an individual (the “Executive”).

 

WHEREAS, the Executive
previously entered into that certain Employment Agreement with Williams Scotsman, Inc., a Maryland corporation and wholly owned
subsidiary of the Employer, dated as of June 17, 2019 (the “Employment Agreement”), and the Executive is currently
employed as Vice President, General Counsel & Corporate Secretary;

 

WHEREAS, the Employer
has entered into an Agreement and Plan of Merger with Mobile Mini Inc. (the “Target”), dated as of March 1,
2020, pursuant to which Target will merge with and into the Employer (the “Merger Agreement”), and effective
as of and contingent upon the consummation of the transactions contemplated in the Merger Agreement (the “Merger”),
the Employer will be the surviving company, and the Executive has agreed to serve as Chief Human Resources Officer following the
Merger, on the terms and conditions set forth herein; and

 

WHEREAS, the parties
desire to enter into this Agreement to encourage the Executive to remain employed, including following the Merger, and to set out
the terms and conditions for the continued employment relationship of the Executive with the Employer.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

 

1.            
Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to continue
to employ the Executive and the Executive agrees to continue to be employed by the Employer for the Employment Period set forth
in Section 2 and in the positions and with the duties set forth in Section 3. Terms used herein with initial
capitalization not otherwise defined are defined in Section 25. This Agreement shall become effective March 1, 2020
(the “Effective Date”), provided, however, that Section 5(c)(ii) shall only become effective upon the
Merger date.

 

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

 

    

     

    

 

3.           
Position and Duties. During the Employment Period, prior to the Merger, the Executive shall continue to serve
as Vice President, General Counsel & Corporate Secretary and, following the Merger, the Executive shall serve as the Chief
Human Resources Officer. In such capacities, the Executive shall report exclusively and directly to the Chief Executive Officer
and shall have the duties, responsibilities and authorities customarily associated with such position(s) in a company the size
and nature of the Employer. The Executive shall devote the Executive’s reasonable best efforts and full business time to
the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Employer; provided that,
the Executive may serve on civic, charitable, educational, religious, public interest or public service boards, and manage the
Executive’s personal and family investments, in each case, to the extent such activities do not materially interfere with
the performance of the Executive’s duties and responsibilities hereunder.

 

4.             Place of Performance. Prior to the Merger date, the Executive shall be based primarily in Baltimore, Maryland.
If the Merger is not consummated, the Executive shall continue to be based primarily in Baltimore, Maryland. Within six  months
of the Merger date, the Executive shall relocate to Phoenix, Arizona, and thereafter, the Executive shall be based primarily at
the Employer’s executive headquarters, in Phoenix, Arizona. The Employer shall provide the Executive, or reimburse the Executive
in accordance with Section 5(d) for reasonable and customary costs incurred by the Executive in obtaining, the benefits
listed in the relocation package in Exhibit A during the relocation period.

 

5.            
Compensation and Benefits.

 

(a)           
Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the “Base
Salary”) at the rate of no less than $425,000 per calendar year, less applicable deductions, and prorated for any partial
year. Beginning with the first quarter following the Merger, the Base Salary shall be reviewed for increase by the Employer no
less frequently than annually, and shall be increased in the discretion of the Employer and any such adjusted Base Salary shall
constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments
in accordance with the Employer’s regular payroll procedures. The Executive’s Base Salary may not be decreased during
the Employment Period.

 

(b)          
Annual Bonus. For each fiscal year of the Employer ending during the Employment Period, the Executive shall
be eligible to earn an annual cash performance bonus (an “Annual Bonus”) based on performance against performance
criteria determined by the Compensation Committee of the Board (the “Committee”). The Executive’s annual
target bonus opportunity for each fiscal year prior to the Merger shall equal 60% of the Executive’s Base Salary and following
the Merger it shall equal 75% of the Executive’s Base Salary at the beginning of such year, provided, however, that for 2020,
Executive’s annual target bonus shall be based on the initial Base Salary hereunder of $425,000 (the “Target Bonus”).
The Executive’s Annual Bonus for a fiscal year shall be determined by the Committee after the end of the applicable bonus
period and shall be paid to the Executive when annual bonuses for that year are paid to other senior executives of the Employer
generally, but in no event later than March 15 of the year following the year to which such Annual Bonus relates.

 

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(c)           
Long Term Incentive Equity.

 

(i)                
Annual Award. With respect to each fiscal year of the Employer ending during the Employment Period, the Executive
shall be eligible to receive annual equity awards under the WillScot 2017 Incentive Award Plan or other long-term equity incentive
plan of the Employer then in effect (the “Plan”), 60% of which shall be in the form of performance-based restricted
stock units (“PSUs”) vesting over three years and 40% in the form of restricted stock units (“RSUs”)
vesting ratably over four years. The level of the Executive’s participation in the Plan, if any, shall be determined in the
discretion of the Committee from time to time. The target grant value of this annual award prior to the Merger shall equal 80%
of the Executive’s Base Salary at the beginning of the applicable year and following the Merger it shall be 100% of the Executive’s
Base Salary at the beginning of the applicable year, but the actual value of any grant may be higher or lower based on Committee
discretion. Terms and conditions of such awards shall be governed by the terms and conditions of the Plan and the applicable award
agreements.

 

(ii)               
Retention Award. In connection with the Merger, the Executive shall be eligible to receive a one-time equity
award with a target grant value of $212,500, the actual value of which may be higher or lower based on Committee discretion, 60%
of which shall be in the form of PSUs vesting over three years and 40% in the form of RSUs vesting ratably over four years, consistent
with the terms and conditions of the Plan and any applicable award agreements.

 

(d)           Vacation. During the Employment Period, the Executive shall be entitled to four (4) weeks’ vacation
annually to be used in accordance with the Employer’s applicable vacation policy.

 

(e)           Automobile Allowance. During the Employment Period, the Executive shall be entitled to an automobile allowance
of $15,000 annually to be used in accordance with the Employer’s applicable automobile allowance policy.

 

(f)           
Benefits. During the Employment Period, the Employer shall provide to the Executive employee benefits and
perquisites on a basis that is comparable in all material respects to that provided to other similarly situated executives of the
Employer. The Employer shall have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit
plans and arrangements at any time and without the consent of the Executive.

 

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6.            
Expenses. The Executive is expected and is authorized to incur reasonable expenses in the performance of his
duties hereunder. The Employer shall reimburse the Executive for all such expenses reasonably and actually incurred in accordance
with policies which may be adopted from time to time by the Employer promptly upon periodic presentation by the Executive of an
itemized account, including reasonable substantiation, of such expenses.

 

7.           
Confidentiality, Non-Disclosure and Non-Competition Agreement. The Employer and the Executive acknowledge
and agree that during the Executive’s employment with the Employer, the Executive will have access to and may assist in developing
Employer Confidential Information and will occupy a position of trust and confidence with respect to the Employer’s affairs
and business and the affairs and business of the Employer Affiliates. The Executive agrees that the following obligations are necessary
to preserve the confidential and proprietary nature of Employer Confidential Information and to protect the Employer and the Employer
Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by the Executive that
may result in serious adverse consequences for the Employer and the Employer Affiliates:

 

(a)          
Non-Disclosure. During and after the Executive’s employment with the Employer, the Executive will not
knowingly use, disclose or transfer any Employer Confidential Information other than as authorized in writing by the Employer
or within the scope of the Executive’s duties with the Employer as determined reasonably and in good faith by the Executive.
Anything herein to the contrary notwithstanding, the provisions of this Section 7(a) shall not apply when disclosure
is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof)
with actual or apparent jurisdiction to order the Executive to disclose or make accessible any information or as to information
that becomes generally known to the public or within the relevant trade or industry other than due to the Executive’s violation
of this Section 7(a).

 

(b)          
Materials. The Executive will not remove any Employer Confidential Information or any other property of the
Employer or any Employer Affiliate from the Employer’s premises or make copies of such materials except for normal and customary
use in the Employer’s business as determined reasonably and in good faith by the Executive. The Executive will return to
the Employer all Employer Confidential Information and copies thereof and all other property of the Employer or any Employer Affiliate
at any time upon the request of the Employer and in any event promptly after termination of Executive’s employment. The Executive
agrees to attempt in good faith to identify and return to the Employer any copies of any Employer Confidential Information after
the Executive ceases to be employed by the Employer. Anything to the contrary notwithstanding, nothing in this Section 7
shall prevent the Executive from retaining a home computer, papers and other materials of a personal nature that do not contain
Employer Confidential Information.

 

(c)          
No Solicitation or Hiring of Employees. During the Non-Compete Period, the Executive shall not solicit, entice,
persuade or induce any individual who is employed by the Employer or any Employer Affiliate (or who was so employed within 180 days
prior to the Executive’s action) to terminate or refrain from continuing such employment or to become employed by or enter
into contractual relations with any other individual or entity, and the Executive shall not hire, directly or indirectly, as an
employee, consultant or otherwise, any such person.

 

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(d)           Non-Competition.

 

(i)                
During the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit or encourage any
client or customer of the Employer or any direct or indirect subsidiary of the Employer, or
any person or entity who was such a client or customer within 180 days prior to Executive’s action to terminate, reduce
or alter in a manner adverse to the Employer or any direct or indirect subsidiary of the Employer,
any existing business arrangements with the Employer or any direct or indirect subsidiary of the
Employer or to transfer existing business from the Employer or any direct or indirect subsidiary
of the Employer to any other person or entity, (B) provide services in any capacity to any entity in any geographic
area in which the Employer or any direct or indirect subsidiary of the Employer conducts that
business, or is actively planning to conduct that business, as of the date of such termination (the “Non-Competition Area”)
if (i) the entity competes with the Employer or any direct or indirect subsidiary of the Employer by engaging in the Business,
or (ii) the services to be provided by the Executive are competitive with the Business and substantially similar to those previously
provided by the Executive to the Employer, or (C) own an interest in any entity, including those described in Section 7(d)(i)(B)(i)
immediately above. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during
the Non-Compete Period, the Executive will provide a copy of this Section 7 of this Agreement to such entity, and such entity
shall acknowledge to the Employer in writing that it has read this Agreement. The Executive acknowledges that this covenant has
a unique, very substantial and immeasurable value to the Employer, that the Executive has sufficient assets and skills to provide
a livelihood for the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that the
Executive breaches such covenant, monetary damages would be an insufficient remedy for the Employer and equitable enforcement of
the covenant would be proper.

 

(ii)              
If the restrictions contained in Section 7(d)(i) shall be determined by any court of competent jurisdiction
to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason
of their being too extensive in any other respect, Section 7(d)(i) shall be modified to be effective for the maximum
period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to
the maximum extent in all other respects as to which it may be enforceable.

 

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(e)          
Enforcement. The Executive acknowledges that in the event of any breach of this Section 7, the
business interests of the Employer and the Employer Affiliates will be irreparably injured, the full extent of the damages to the
Employer and the Employer Affiliates may be impossible to ascertain, monetary damages may not be an adequate remedy for the Employer
and the Employer Affiliates, and the Employer will be entitled to seek to enforce this Agreement by a temporary, preliminary and/or
permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Executive expressly
waives. The Executive understands that the Employer may waive some of the requirements expressed in this Agreement, but that such
a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the Employer’s right to
enforce any other requirements or provisions of this Agreement. The Executive agrees that each of the Executive’s obligations
specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude
the enforcement of any other covenants in this Agreement. In signing this Agreement, the Executive gives the Employer assurance
that the Executive has carefully read and considered all of the terms and conditions of this Agreement. The Executive agrees that
these restraints are necessary for the reasonable and proper protection of the Employer and the Employer Affiliates and their Confidential
Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic
area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable
employment during the period in which the Executive is bound by the restraints. The Executive agrees that, before providing services,
whether as an employee or consultant, to any entity during the period of time that the Executive is subject to the constraints
in this Agreement, the Executive will provide a copy of this Section 7 of this Agreement to such entity, and such entity
shall acknowledge to the Employer in writing that it has read this Agreement. The Executive acknowledges that each of these covenants
has a unique, very substantial and immeasurable value to the Employer and its Affiliates and that the Executive has sufficient
assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that he will not
challenge the reasonableness or enforceability of any of the covenants set forth in this Agreement, and that the Executive will
reimburse the Employer and the Employer Affiliates for all costs (including, without limitation, reasonable attorneys’ fees)
incurred in connection with any action to enforce any of the provisions of this Agreement if the Executive challenges the reasonableness
or enforceability of any of the provisions of this Agreement. It is also agreed that each of the Employer Affiliates will have
the right to enforce all of the Executive’s obligations to that affiliate under this Agreement.

 

8.            
Termination of Employment.

 

(a)          
Permitted Terminations. The Executive’s employment hereunder may be terminated during the Employment
Period under the following circumstances:

 

(i)                    
Death. The Executive’s employment hereunder shall terminate automatically upon the Executive’s
death;

 

(ii)                   
By the Employer. The Employer may terminate the Executive’s employment:

 

(A)            
Disability. If the Executive shall have been substantially unable to perform the Executive’s material
duties hereunder by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue
for 180 consecutive days or 270 days in any 24-month period (a “Disability”) (provided, that until
such termination, the Executive shall continue to receive the Executive’s compensation and benefits hereunder, reduced by
any benefits payable to the Executive under any applicable disability insurance policy or plan); or

 

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(B)             
Cause. For Cause or without Cause;

 

(iii)                 
By the Executive. The Executive may terminate the Executive’s employment for any reason (including Good
Reason) or for no reason.

 

(b)           Termination. Any termination of the Executive’s employment by the Employer or the Executive (other than
because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance
with Section 10 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
which shall indicate the specific termination provision in this Agreement relied upon, if any, and set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision
so indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. The Executive agrees,
in the event of any dispute under Section 8(a)(ii)(A) as to whether a Disability exists, and if requested by the Employer,
to submit to a physical examination by a licensed physician selected by mutual consent of the Employer and the Executive, the cost
of such examination to be paid by the Employer. The written medical opinion of such physician shall be conclusive and binding upon
each of the parties hereto as to whether a Disability exists and the date when such Disability arose. This Section shall be interpreted
and applied so as to comply with the provisions of the Americans with Disabilities Act and any applicable state or local laws.

 

9.             Compensation Upon Termination.

 

(a)         
Disability. If the Employer terminates the Executive’s employment during the Employment Period because
of the Executive’s Disability pursuant to Section 8(a)(ii)(A), the Employer shall pay to the Executive (i) the
Accrued Benefits; (ii) a pro rata portion (based on the number of days during the applicable fiscal period prior to the Date of
Termination) of the Annual Bonus the Executive would have earned absent such termination, with such payment to be made based on
actual performance and at the time bonus payments are made to executives of the Employer generally ; (iii) any outstanding equity
awards granted pursuant to Sections 5(c)(i)-(ii) that are subject solely to time-based vesting conditions shall immediately
vest in full and any outstanding equity awards that are subject to performance-based vesting conditions shall vest based on target
performance for the applicable performance period in which termination occurs; and (iv) the Executive shall be entitled to additional
payments payable in equal installments in accordance with the Employer’s normal payroll practices, equal to the total costs
that would be incurred by the Executive to obtain and pay for continued coverage under the Employer’s health insurance plans
pursuant to COBRA for 12 months following the Date of Termination (the “Continued Coverage Payment”). Except
as set forth herein, the Employer shall have no further obligation to the Executive under this Agreement.

 

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(b)           Death. If the Executive’s employment is terminated during the Employment Period as a result of the Executive’s
death, the Employer shall pay to the Executive’s legal representative or estate, and the Executive’s legal representative
or estate shall be entitled to, as applicable, (i) the amounts and acceleration of outstanding equity awards set forth in Section
9(a)(i)-(iii) (excluding, for the avoidance of doubt, the Continued Coverage Payment under clause (iv)); and (ii) one times
the Executive’s Base Salary at the time of termination, payable in a lump sum. Except as set forth herein, the Employer shall
have no further obligation to the Executive under this Agreement.

 

(c)           Termination
by the Employer for Cause or by the Executive without Good Reason. If, during the Employment Period, the Employer terminates
the Executive’s employment for Cause pursuant to Section 8(a)(ii)(B) or the Executive terminates his employment
without Good Reason, the Employer shall pay to the Executive the Accrued Benefits. Except as set forth herein, the Employer shall
have no further obligations to the Executive under this Agreement.

 

(d)           Termination by the Employer without Cause or by the Executive with Good Reason. Subject to Section 9(e),
if the Employer terminates the Executive’s employment during the Employment Period for a reason other than for Cause or if
the Executive terminates his employment hereunder with Good Reason, (i) the Employer shall pay the Executive (A) the
Accrued Benefits, (B) a pro rata portion (based on the number of days during the applicable fiscal period prior to the Date of
Termination) of the Annual Bonus the Executive would have earned absent such termination, with such payment to be made based on
actual performance and at the time bonus payments are made to executives of the Employer generally, (C) a lump sum equal to the
Executive’s Target Annual Bonus for the year of termination, (D) continued Base Salary for 12 months following the Date
of Termination (the “Severance Period”) payable in equal installments in accordance with the Employer’s
normal payroll practices (the “Cash Severance Payment”), (E) (1) any outstanding equity awards granted pursuant
to Section 5(c)(i) shall continue to vest during the Severance Period and (2) any outstanding equity awards granted pursuant
to Section 5(c)(i) during the 24-month period following the Merger or pursuant to Section 5(c)(ii) shall immediately
vest in full on the Date of Termination (without regard to any time-based or performance-based vesting conditions); (ii) the Continued
Coverage Payment; and (iii) the Executive shall be provided with executive outplacement with a provider of Executive’s choice,
up to a maximum of $25,000. For the purposes of this Agreement, a voluntary termination by the Executive upon the expiration of
the Employment Period due to delivery of a non-renewal notice by the Employer pursuant to Section 2 shall be treated as
a termination by the Employer without Cause. If a termination under this Section occurs within three years following the Executive’s
relocation to Phoenix, Arizona pursuant to Section 4, the Employer shall provide Executive with a relocation package substantially
similar to the estimated costs in Exhibit A.

 

(e)            Change in Control.

 

(i)                   
Section 9(e)(ii) shall apply if there is (A) a termination of the Executive’s employment by
the Employer for a reason other than for Cause or due to the Executive’s Disability or by the Executive for Good Reason,
in either case, during the 30-month period following the Merger or 12-month period after any subsequent Change in Control; or (B) a
termination of the Executive’s employment by the Employer for a reason other than for Cause or due to the Executive’s
Disability prior to a Change in Control, if the termination was at the request of a third party or otherwise arose in anticipation
of a Change in Control (a termination described in either clause (A) or clause (B), a “CIC Termination”).

 

    7

     

    

 

(ii)                   If
any such CIC Termination occurs, the Executive shall receive the benefits set forth in Section 9(d), including for the
avoidance of doubt, the accelerated vesting of his outstanding equity awards, except that (A) the Cash Severance Payment
shall be equal to 1.5x the sum of the Executive’s Base Salary at the rate in effect at the time of termination and
the Executive’s Target Bonus for the year of termination and, if such Change in Control is a “change in control
event” under Section 409A of the Code (a “Qualifying CIC”), shall be paid in a lump sum; (B) the
Continued Coverage Payment shall be equal to the total costs that would be incurred by the Executive to obtain and pay for
continued coverage under the Employer’s health insurance plans for 18 months following the CIC Termination and shall be
paid in a lump sum; and (C) any outstanding equity awards granted pursuant to Section 5(c)(i) shall immediately vest
in full upon a CIC Termination (without regard to any time-based or performance-based vesting conditions). To the extent the
Executive’s CIC Termination is described in Section 9(e)(i)(B) and the Change in Control is a Qualifying CIC,
the incremental Cash Severance Payment and any unpaid Cash Severance Payment shall be paid in a lump sum.

 

(f)            Liquidated Damages. The parties acknowledge and agree that damages which will result to the Executive for
termination by the Employer of the Executive’s employment without Cause or by the Executive for Good Reason shall be extremely
difficult or impossible to establish or prove, and agree that the amounts, excluding the Accrued Benefits, payable to the Executive
under Section 9(d) or Section 9(e) (the “Severance Benefits”) shall constitute liquidated damages
for any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be
entitled as expressly provided by the terms of this Agreement or any other applicable benefit plan, such liquidated damages shall
be in lieu of all other claims that the Executive may make by reason of any such termination of his employment and that, as a condition
to receiving the Severance Benefits, the Executive must execute a release of claims substantially in the form attached hereto as
Exhibit B (the “Release”). To be eligible for Severance Benefits, the Executive must execute and deliver
the Release, and such Release must become irrevocable, within 60 days of the Date of Termination. The Cash Severance Payment shall
be made, and the continuing health insurance coverage shall commence, promptly after the Release becomes irrevocable; provided
that to the extent the 60-day period spans two calendar years and to the extent required to comply with Code Section 409A,
such payments shall be made or commence, as applicable, on the 60th day following the Date of Termination.

 

(g)           
No Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek
other employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by
any subsequent employment he may obtain. The Employer’s obligation to make any payment pursuant to, and otherwise to perform
its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Employer or any
Employer Affiliate may have against him for any reason.

 

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10.            Notices. All notices, demands, requests, or other communications which may be or are required to be given
or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class
registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by
facsimile transmission addressed as follows:

 

	(i)	If to the Employer:	 
	 	 	 
	 	Prior to the Merger:	 
	 	 	 
	 	WillScot Corporation	 
	 	901 S. Bond Street #600	 
	 	Baltimore, MD 21231	 
	 	Attn: Chief Executive Officer	 
	 	 	 
	 	Following the Merger:	 
	 	 	 
	 	WillScot Corporation	 
	 	4646 E Van Buren St #400	 
	 	Phoenix, AZ 85008	 
	 	Attn: General Counsel & Secretary	 
	 	 	 
	(ii)	If to the Executive:	 
	 	 	 
	 	Hezron Timothy Lopez	 
	 	To the address on file for Hezron Timothy Lopez with the Employer	 
	 	 	 
	 	With a copy (which shall not constitute notice) to:	 
	 	 	 
	 	Wayne Outten	 
	 	Outten & Golden LLP	 
	 	685 Third Avenue, 25th Floor	 
	 	New York, NY 10017	 
	 	wno@outtengolden.com	 

 

Each party may designate
by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed
sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery
receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence
of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

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11.             
Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not
affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

 

12.             
Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy,
agreement, award or other arrangement of the Employer (whether entered into before or after the date hereof) to the extent application
of the terms of this Agreement is more favorable to the Executive.

 

13.             
Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections 7,
9, 10, 14, 15, 17, 18, 20, 21, 23 and 24 hereof and this Section 13
shall survive the termination of employment of the Executive. In addition, all obligations of the Employer to make payments hereunder
shall survive any termination of this Agreement on the terms and conditions set forth herein.

 

14.             
Assignment. The rights and obligations of the parties to this Agreement shall not be assignable or delegable,
except that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the
Executive’s estate, as the case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder
and (ii) the rights and obligations of the Employer hereunder shall be assignable and delegable in connection with any subsequent
merger, consolidation, sale of all or substantially all of the assets or equity interests of the Employer or similar transaction
involving the Employer or a successor corporation. The Employer shall require any successor to the Employer to expressly assume
and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to perform it
if no such succession had taken place.

 

15.             
Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon
the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators,
legal representatives, successors and assigns.

 

16.             
Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing
duly executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of
or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions,
to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed
as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges
hereunder.

 

17.             
Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference
only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction or scope of any of the provisions hereof.

 

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18.             
Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes
relating thereto, shall be governed by and construed in accordance with the laws of the State of Delaware (but not including any
choice of law rule thereof that would cause the laws of another jurisdiction to apply). In the event of a dispute concerning or
arising out of this Agreement the prevailing party (meaning the party who received substantially all of the relief sought) in such
action will be reimbursed by the other party for all costs (including, without limitation, reasonable attorneys’ fees) incurred
in connection with any such action.

 

19.             
Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment
of the Executive, there being no representations, warranties or commitments except as set forth herein and supersedes the Employment
Agreement.

 

20.             
Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all
of which shall be deemed to constitute one and the same instrument. This Agreement may be executed using a secure electronic signature
program (such as Docusign), which shall be deemed to constitute original signatures.

 

21.             
Withholding. The Employer may withhold from any benefit payment under this Agreement all federal, state, city
or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation
arising in connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through
withholding an appropriate number of shares of stock or appropriate amount of such other property.

 

22.             
Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with Section
409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”)
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive
notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement
(or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional
tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer (without any obligation whatsoever
to do so) independently makes such determination, the Employer shall, after consulting with the Executive, reform such provision
to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform
with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification
shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit
to the Executive and the Employer of the applicable provision without violating the provisions of Code Section 409A. In no event
whatsoever shall the Employer be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code
Section 409A or damages for failing to comply with Code Section 409A. With respect to any payment or benefit considered to be nonqualified
deferred compensation under Code Section 409A, a termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment
unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes
of any such provision of this Agreement, references to a “termination,” “termination of employment” or
like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the
Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code
Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified deferred
compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall
not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the
date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent
required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant
to this Section 22 (whether they would have otherwise been payable in a single sum or in installments in the absence of
such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. To the extent that reimbursements
or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code
Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year
following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement,
or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits
to be provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any installment
payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever
a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within
the specified period shall be within the sole discretion of the Employer. Notwithstanding any other provision of this Agreement
to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation”
for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

 

    11

     

    

 

 

23.            Section
280G.

 

  (a)             Notwithstanding
any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits
provided or to be provided by the Employer or its affiliates to the Executive or for the Executive's benefit pursuant to the terms
of this Agreement or otherwise (“Covered Payments”) constitute “parachute payments” within the
meaning of Section 280G of the Code and would, but for this Section 23 be subject to the excise tax imposed under Section
4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties
with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation
shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments after payment of the Excise
Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary to avoid being subject
to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments
be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. “Net
Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment
and excise taxes.

 

  (b)            The
Covered Payments shall be reduced in a manner that maximizes the Executive’s economic position. In applying this principle,
the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically
equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis
but not below zero.

 

  (c)            Any
determination required under this Section 23 shall be made in writing in good faith by an independent accounting firm selected
by the Employer that is reasonably acceptable to the Executive (the “Accountants”) which shall provide detailed
supporting calculations to the Employer and the Executive as requested by the Employer or the Executive. The Employer and the
Executive shall provide the Accountants with such information and documents as the Accountants may reasonably request in order
to make a determination under this Section 23. For purposes of making the calculations and determinations required by this
Section 23, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application
of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on the Employer
and the Executive. The Employer shall be responsible for all reasonable and customary fees and expenses incurred by the Accountants
in connection with the calculations required by this Section 23.

 

24.            Indemnification.
Employer hereby agrees to indemnify the Executive and provide Directors & Officers Liability Insurance (“D&O
Insurance”) coverage to the Executive, in each case, on terms and conditions no less favorable than those provided to members
of the Board and other executive officers.

 

25.            Definitions.

 

  “Accrued Benefits”
means (i) Base Salary through the Date of Termination; (ii) accrued and unused vacation pay; (iii) any earned but unpaid Annual
Bonus; (iv) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date
of Termination and which are reimbursable in accordance with Section 6; and (v) any other benefits or amounts
due and owing to the Executive under the terms of any plan, program or arrangement of the Employer. Amounts payable pursuant to
the clauses (i) - (iii) shall be paid promptly after the Date of Termination and all other amounts will be paid in accordance with
the terms of the applicable plan, program or arrangement (as modified by this Agreement).

 

    12

     

    

 

  “Board”
means the Board of Directors of the Employer.

 

  “Business” means
the provision of (i) specialty rental services providing innovative modular space and portable storage solutions across North
America and the UK, and (ii) modular space for the construction, education, health care,
government, retail, commercial, transportation, security, retail and energy sectors. 

 

  “Cause”
shall be limited to the following events (i) the Executive’s conviction of, or plea of nolo contendere to, a felony
(other than in connection with a traffic violation) under any state or federal law; (ii) the Executive’s failure to
substantially perform his essential job functions hereunder after receipt of written notice from the Employer requesting such performance;
(iii) a material act of fraud or material misconduct with respect, in each case, to the Employer, by the Executive; (iv) any
material misconduct by the Executive that could be reasonably expected to damage the reputation or business of the Employer or
any Employer Affiliate; or (v) the Executive’s material violation of a material written policy of the Employer. Anything
herein to the contrary notwithstanding, the Executive shall not be terminated for Cause hereunder unless (A) written notice
stating the basis for the termination is provided to the Executive, (B) as to clauses (ii), (iii), (iv) or (v) of this
paragraph, the Executive is given 30 days to cure the neglect or conduct that is the basis of such claim (it being understood
that any errors in expense reimbursement may be cured by repayment), and (C) if the Executive fails to cure such neglect or
conduct, there is a vote of a majority of the members of the Board to terminate the Executive for Cause.

 

  “Change
in Control” For the purposes of this Agreement, “Change in Control” means the occurrence of any one of the
following events:

 

(i)
During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least
a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Employer in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Employer
as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened
solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

 

(ii)
Any “person” (as such term is defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Employer representing 35% or
more of the combined voting power of the Employer’s then outstanding securities eligible to vote for the election of the
Board (the “Employer Voting Securities”); provided, however, that the event described
in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by
the Employer or any Subsidiary; (B) by any employee benefit plan (or related trust) sponsored or maintained by the Employer
or any subsidiary; (C) by any underwriter temporarily holding securities pursuant to an offering of such securities; (D) pursuant
to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E) by any person of Employer Voting Securities from the
Employer, if a majority of the Incumbent Board approves in advance the acquisition of beneficial ownership of 35% or more of Employer
Voting Securities by such person;

 

    13

     

    

 

(iii)
The consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Employer
or any of its subsidiaries that requires the approval of the Employer’s stockholders, whether for such transaction or the
issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business
Combination: (A) more than 50% of the total voting power of (1) the corporation resulting from such Business Combination
(the “Surviving Corporation”), or (2) if applicable, the ultimate parent corporation that directly or indirectly
has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent
Corporation”), is represented by Employer Voting Securities that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which such Employer Voting Securities were converted pursuant to
such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting
power of such Employer Voting Securities among the holders thereof immediately prior to the Business Combination; (B) no person
(other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation),
is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation)
and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the
time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying
Transaction”); or

 

(iv)
The consummation of a sale of all or substantially all of the Employer’s assets or the stockholders of the Employer approve
a plan of complete liquidation or dissolution of the Employer.

 

  Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more
than 35% of the Employer Voting Securities as a result of the acquisition of Employer Voting Securities by the Employer which reduces
the number of Employer Voting Securities outstanding; provided, that if after such acquisition by
the Employer such person becomes the beneficial owner of additional Employer Voting Securities that increases the percentage of
outstanding Employer Voting Securities beneficially owned by such person, a Change in Control of the Employer shall then occur.

 

    14

     

    

 

  Solely
with respect to any award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable
on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change
in Control), a Change in Control shall occur only if such event also constitutes a "change in the ownership", "change
in effective control", and/or a "change in the ownership of a substantial portion of assets" of the Employer as
those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time or
form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for purposes
of determining whether rights to such award have become vested or otherwise unconditional upon the Change in Control.

 

  “Code”
means the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

 

  “Employer Affiliate”
means any entity controlled by, in control of, or under common control with, the Employer.

 

  “Employer Confidential
Information” means information known to the Executive to constitute trade secrets or proprietary information belonging
to the Employer or other confidential financial information, operating budgets, strategic plans research methods, personnel data,
projects or plans, or non-public information regarding the terms of any existing or pending lending transaction between Employer
and an existing or pending client or customer (as the phrase “client or customer” is defined in Section 7(d)(i)
hereof), in each case, received by the Executive in the course of his employment by the Employer or in connection with his duties
with the Employer. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained
during the Executive’s employment with the Employer, information publicly available or generally known within the industry
or trade in which the Employer competes and information or knowledge possessed by the Executive prior to his employment by the
Employer, shall not be considered Employer Confidential Information.

 

  “Date of Termination”
means (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s
death; (ii) if the Executive’s employment is terminated because of the Executive’s Disability, 30 days after
Notice of Termination, provided that the Executive shall not have returned to the performance of the Executive’s duties on
a full-time basis during such 30-day period; or (iii) if the Executive’s employment is terminated by the Employer pursuant
to Section 8(a)(ii)(B) or by the Executive pursuant to Section 8(a)(iii), the date specified in the Notice
of Termination, which may not be less than 60 days after the Notice of Termination in the event the Employer is terminating the
Executive without Cause or the Executive is terminating employment without Good Reason.

 

    15

     

    

 

  “Good Reason”
means, unless otherwise agreed to in writing by the Executive, (i) any material diminution or adverse change in the Executive’s
titles; (ii) reduction in the Executive’s Base Salary or Target Bonus; (iii) a failure to grant the Executive, in any
consecutive 12 month period, long term incentive equity awards having a grant date fair value (as determined by the Committee in
good faith) of at least $425,000; (iv) a requirement that the Executive report to someone other than the Employer’s Chief
Executive Officer; (v) a material diminution in the Executive’s authority, responsibilities or duties or material interference
with the Executive’s carrying out his duties; (vi) the assignment of duties inconsistent with the Executive’s
position or status with the Employer as of the date hereof; (vii) a relocation of the Executive’s primary place of employment
to a location more than 50 miles from the Employer’s executive headquarters; (viii) any action or inaction by the Employer
that constitutes a material breach of the terms of this Agreement; or (ix) the removal or cessation of Chris Miner as Secretary
and General Counsel of the Employer at any point during the 24 months following the Merger. In order to invoke a termination for
Good Reason, (A) the Executive must give written notice of the occurrence of an event of Good Reason within 60 days of its occurrence,
(B) the Employer must fail to cure such event within 30 days of such notice, and (C) the Executive must terminate employment within
10 days of the expiration of such cure period.

 

  “Non-Compete
Period” means the period commencing on the date hereof and ending twelve months after the earlier of the expiration
of the Employment Period or the Executive’s Date of Termination.

 

    16

     

    

 

IN WITNESS WHEREOF,
the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered
on their behalf.

 

	 	WILLSCOT CORPORATION
	 
	 	By:	/s/ Bradley Soultz
	 	 	 
	 	Date:	03/01/2020
	 
	 	Name:	Bradley Soultz
	 	Title:	Chief Executive Officer
	 
	 
	 	EXECUTIVE
	 
	 	/s/ Hezron Timothy Lopez
	 
	 	Hezron Timothy Lopez
	 

 

    		 

     

    

 

EXHIBIT A

 

RELOCATION PACKAGE

 

	Home Finding - 4 nights/ 5 days
	HF Trip - Airfare

Roundtrip airfare for employee and spouse and children
	
        HF - Hotel 

        Maximum of 4 nights 

	HF Trip - Meals

Maximum of 5 days for employee and family 
	HF Trip - Transportation

Maximum of 5 days
	Spouse Counseling
	Home Sale Assistance - BVO                                                                                                              
	Home Purchase Assistance                                                                                                     
	Household Goods Shipment 
	Storage-In-Transit                                                                                                                      
	Auto Transport     

2 cars
	Full Unpack White Glove service
	Temporary Living - Lodging

Maximum of 90 days
	Temp Living Meals
	Temp Living Return Trips 4
	
        Temporary Living - Transportation

        Maximum of 30 days

	School Assistance with an in person Destination Service Partner
	Trip for spouse and children to view schools
	Final Move Trip
	Final Move Trip - Airfare/Mileage

One-way airfare for employee and three dependents 
	Final Move Trip – Meals
	Final Move Trip - Transportation

To and from airport
	Reimbursement of reasonable and customary expenses associated with business travel between Baltimore and Phoenix and accommodations

 

    		 

     

    

 

EXHIBIT B

 

FORM OF RELEASE

 

This Confidential Separation
and Release Agreement (“Agreement”) is between Hezron Timothy Lopez (“Employee”)
and WillScot Corporation (the “Company”) (hereinafter the “parties”), and is
entered into as of ____________. This Agreement will not become effective until the expiration of seven (7) days from Employee’s
execution of this Agreement (the “Effective Date”).

 

WHEREAS, Employee has
been employed by Company and is a party to that certain Employment Agreement dated ___________, 20__ Date (the “Employment
Agreement”).

 

WHEREAS, the Employee’s
employment with Company was terminated effective as of ________, 20__ (the “Termination Date”);

 

WHEREAS, Company and
Employee desire to avoid disputes and/or litigation regarding Employee’s termination from employment or any events or circumstances
preceding or coincident with the termination from employment; and

 

WHEREAS, Company and
Employee have agreed upon the terms on which Employee is willing, for sufficient and lawful consideration, to compromise any claims
known and unknown which Employee may have against Company.

 

WHEREAS, the parties
desire to settle fully and finally, in the manner set forth herein, all differences between them which have arisen, or which may
arise, prior to, or at the time of, the execution of this Agreement, including, but in no way limited to, any and all claims and
controversies arising out of the employment relationship between Employee and Company, and the termination thereof;

 

NOW, THEREFORE, in
consideration of these recitals and the promises and agreements set forth in this Agreement, Employee’s employment with Company
will terminate upon the following terms:

 

    		 

     

    

 

1.              General Release: Employee for himself or herself and on behalf of Employee’s attorneys, heirs, assigns,
successors, executors, and administrators, each in their capacity as such, IRREVOCABLY AND UNCONDITIONALLY RELEASES, ACQUITS AND
FOREVER DISCHARGES Company and any current or former stockholders, directors, parent, subsidiary, affiliated, and related corporations,
firms, associations, partnerships, and entities, and their successors and assigns, each in their capacity as such, from any and
all claims and causes of action whatsoever, whether known or unknown or whether connected with Employee’s employment by Company
or not, which may have arisen, or which may arise, prior to, or at the time of, the execution of this Agreement, including, but
not limited to, any claim or cause of action arising out of any contract, express or implied, any covenant of good faith and fair
dealing, express or implied, any tort (whether intentional or released in this agreement), or under Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Worker Adjustment and Retraining
Notification (WARN) Act, the Older Workers Benefit Protection Act, or any other municipal, local, state, or federal law, common
or statutory, but excluding any claims with respect to the Company’s obligations under the Employment Agreement, any claims
relating to vested benefits under any Company employee benefit plan (including without limitation any such plan subject to the
Employee Retirement Income Security Act of 1974, as amended) and any claims which Employee cannot release as a matter of applicable
law. Furthermore, neither this Agreement nor the Employment Agreement shall apply to, modify or in any way supersede obligations
arising from any of (i) the terms of directors and officers insurance or (ii) any indemnification agreement for the benefit of
the Employee as a result of the Employee’s position as a director or officer of the Company or one of its affiliates. Notwithstanding
anything to the contrary in this Agreement, this Agreement does not waive any claims or rights: (a) that may arise after the date
on which you sign this Agreement, including the right to enforce this Agreement; (b) that cannot be released as a matter of law,
including your rights to COBRA, workers compensation, and unemployment insurance (the application for which shall not be contested
by the Company); and/or (c) to accrued, vested benefits under any employee benefit, stock, savings, insurance, or pension plan
of the Company.

 

1.              Covenant
Not to Sue: Employee also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ANY ACTION OR CLASS ACTION against Company or
any of the released parties based upon any of the claims released in this Agreement.

 

2.              Severance
Terms: Upon the expiration of seven (7) days from Employee’s execution of this Agreement and provided that this Agreement
has become effective in accordance with its terms, in consideration for the promises, covenants, agreements, and releases set
forth herein and in the Employment Agreement, Company agrees to pay Employee the Severance Benefits as defined in and pursuant
to the Employment Agreement (the “Severance Benefits”).

 

3.              Right
to Revoke: Employee may revoke this Agreement by notice to Company, in writing, received within seven (7) days of the date
of its execution by Employee (the “Revocation Period”). Employee agrees that Employee will not
receive the benefits provided by this Agreement if Employee revokes this Agreement. Employee also acknowledges and agrees that
if Company has not received from Employee notice of Employee’s revocation of this Agreement prior to the expiration of the
Revocation Period, Employee will have forever waived Employee’s right to revoke this Agreement, and this Agreement shall
thereafter be enforceable and have full force and effect.

 

4.              Acknowledgement: Employee acknowledges and agrees that: (A) except as to any Severance Benefits which remain
unpaid as of the date of this Agreement, no additional consideration, including salary, wages, bonuses or Equity Awards as described
in the Employment Agreement, is to be paid to him by Company in connection with this Agreement; (B) except as provided by this
Agreement, Employee has no contractual right or claim to the Severance Benefits; and, (C) payments pursuant to this Agreement shall
terminate immediately if Employee materially breaches any of the material provisions of this Agreement.

 

5.              Non-Admissions:
Employee acknowledges that by entering into this Agreement, Company does not admit, and does specifically deny, any violation
of any local, state, or federal law.

 

    		 

     

    

 

6.              Confidentiality: Employee agrees that Employee shall not directly or indirectly disclose the terms, amount
or fact of this Agreement to anyone other than Employee’s immediate family or counsel, bankers or financial advisors, except
as such disclosure may be required for accounting or tax reporting purposes or as otherwise may be required by law.

 

7.              Nondisparagement:
Each party agrees that it will not make any statements, written or verbal, or cause or encourage others to make any statements,
written or verbal, that defame, disparage or in any way criticize the personal or business reputation, practices or conduct of
the other including, in the case of Company, its employees, directors and stockholders.

 

8.              Acknowledgement
of Restrictions; Confidential Information: Employee acknowledges and agrees that Employee has continuing non-competition,
non-solicitation and non-disclosure obligations under the Employment Agreement . Employee acknowledges and reaffirms Employee’s
obligation to continue abide fully and completely with all post-employment provisions of the Employment Agreement and agrees that
nothing in this Agreement shall operate to excuse or otherwise relieve Employee of such obligations.

 

9.              Severability:
If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and/or
construed in remaining part to the full extent allowed by law, with the remaining provisions of this Agreement continuing in full
force and effect.

 

10.            Entire
Agreement: This Agreement, along with the Employment Agreement , constitute the entire agreement between the Employee and
Company, and supersede all prior and contemporaneous negotiations and agreements, oral or written. This Agreement cannot be changed
or terminated except pursuant to a written agreement executed by the parties.

 

11.            Governing
Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, except where
preempted by federal law.

 

12.            Statement
of Understanding: By executing this Agreement, Employee acknowledges that (a) Employee has had at least twenty-one (21) or
forty-five (45) days, as applicable in accordance with the Age Discrimination in Employment Act, as amended, (the “ADEA”)
to consider the terms of this Agreement (and any attachment necessary or desirable in accordance with the ADEA) and has
considered its terms for such a period of time or has knowingly and voluntarily waived Employee’s right to do so by executing
this Agreement and returning it to Company; (b) Employee has been advised by Company to consult with an attorney regarding the
terms of this Agreement; (c) Employee has consulted with, or has had sufficient opportunity to consult with, an attorney of Employee’s
own choosing regarding the terms of this Agreement; (d) any and all questions regarding the terms of this Agreement have been
asked and answered to Employee’s complete satisfaction; (e) Employee has read this Agreement and fully understands its terms
and their import; (f) except as provided by this Agreement, Employee has no contractual right or claim to the benefits and payments
described herein; (g) the consideration provided for herein is good and valuable; and (h) Employee is entering into this Agreement
voluntarily, of Employee’s own free will, and without any coercion, undue influence, threat, or intimidation of any kind
or type whatsoever.

 

    		 

     

    

 

HAVING READ AND UNDERSTOOD THIS AGREEMENT,
CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO
THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW.

 

 

	EMPLOYEE	 	WILLSCOT CORPORATION
	 	 	By:	                  
	Hezron Timothy Lopez 	 	Name:	 
	Date:	               	 	Title:	 
	 	 	Date:

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