Document:

Exhibit
10.1

EMPLOYEE STOCK OPTION AGREEMENT

Parties:                                                                                                         Micro
Component Technology, Inc. (the “Company”)

Roger E. Gower (“Optionee”)

Date:                                                                    March
20, 2007 (“Date of Grant”)

In
consideration of the mutual terms and conditions contained herein, the parties
hereby agree as follows:

1.                                      Grant
of Option.  The Company
irrevocably grants to Optionee, as a matter of separate agreement and not in
lieu of salary or any other compensation for services, the right and option
(the “Option”) to purchase all or any part of the aggregate of 1,000,000 shares
of the Company’s common stock, at a price of $0.26 per share, the closing sale
price on the Date of Grant.  The Option
is a nonqualified stock option for tax purposes.

2.                                      Option
Period.  The Option shall
continue for a period of ten years from the Date of Grant and, unless sooner
terminated as provided herein, shall expire at the end of said period.

3.                                      Option
Exercise.  The Option may not be
exercised until March 20, 2008, when it shall become exercisable in full.  To the extent exercisable, the Option may be
exercised in whole or in part.  Prior to
March 20, 2008, the Option shall become immediately exercisable in full in the
event the Company is acquired by merger, purchase of all or substantially all
of the Company’s assets, or purchase of a majority of the outstanding stock by
a single party or a group acting in concert.

4.                                      Death
of Optionee.  Upon the death of
Optionee, the Option may be exercised to the extent Optionee was entitled to do
so at the time of his death by his executor or administrator or other person
entitled by law to Optionee’s rights under the Option, at any time within six
months subsequent to the date of death.

5.                                      Termination
of Employment.  Optionee may,
within 90 days of termination of employment, exercise any unexercised portion
of the Option to the extent he was entitled to do so at the time of such
termination, unless termination is due to death or termination by the Company
for conduct which is contrary to the best interests of the Company.  The Option shall automatically expire 90 days
after such termination to the extent not exercised.  If Optionee’s employment is terminated by the
Company for conduct which is contrary to the best interests of the Company, as
determined by the Company in its sole discretion, the unexercised portion of
the Option shall automatically expire at that time.

6.                                      Rights
of Optionee.  Optionee shall not
have the rights of a stockholder with respect to the shares of the stock
subject to this Option until issuance of shares to him pursuant to exercise of
the Option.  Nothing in this Agreement
shall be construed to confer on Optionee the right to continued employment with
the Company or any of its subsidiaries, or to interfere with the rights of the
employer in any way.

7.                                      Restriction
on Option Stock.  Optionee hereby
warrants and represents that, prior to registration by the Company under
federal and state securities laws of its sale of the underlying shares, any
exercise of this Option in whole or in part shall be for the purpose of
investment only and not for resale or public distribution.  Each certificate issued pursuant to the
Option shall be endorsed as follows:

The shares evidenced by
this certificate have not been registered under the Securities Act of 1933 or
applicable state securities laws and may not be sold, transferred, pledged,
hypothecated or otherwise disposed of except pursuant to (1) registration in
compliance with said Act and such state laws, or (2) an opinion of counsel for
the Company to the effect that such registration is not required.

The
Company shall use commercially reasonable efforts to register issuance of the
shares underlying the Option with the Securities and Exchange Commission on or
before March 20, 2008.

8.                                      Non-Transferability
of Option.  The Option shall not
be transferable by Optionee other than by will or by the laws of descent and
distribution, and then only subject to the provisions of paragraph 4
above.  During Optionee’s lifetime, the
Option shall be exercisable only by him.

9.                                      Manner
of Exercise.  Exercise of the
Option, or any part thereof, shall be made by written notice given by Optionee
to the Company specifying the number of shares to be purchased, accompanied by
payment of the purchase price in cash, certified or cashier’s check, or in the
form of common stock of the Company of equal value.

The
Company in its sole discretion may also permit the “cashless exercise” of the
Option.  In the event of a cashless
exercise, the Optionee shall surrender the Option to the Company, and the Company
shall issue to Optionee the number of shares determined as follows:

X      =                          Y (A-B) /A where:

X      =                          the number of shares to be
issued to the Optionee.

Y       =                          the number of shares with
respect to which the Option is being exercised.

A       =                        the closing sale price of the
common stock on the date of exercise, or in the absence thereof, the fair
market value on the date of exercise.

B       =                          the Option exercise price.

10.                               Changes
in Present Stock.  In the event
of a recapitalization, merger, consolidation, reorganization, stock dividend,
stock split or other change in capitalization affecting the Company’s present
capital stock, appropriate adjustment shall be made by the Company in the
number and kind of shares included in the Option, and the exercise price of the
Option.

11.                               Withholding
of Taxes.  The Company shall make
such provisions and take such steps as it may deem necessary or appropriate for
the withholding of any taxes that the Company is required by any law or
regulation to withhold in connection with exercise of the Option including, but
not limited to, withholding a portion of the shares issuable pursuant to
exercise of the Option, or requiring the Optionee to pay to the Company, in
cash, an amount sufficient to cover the Company’s withholding obligations.

12.                               Governing
Law.  This Agreement shall be
interpreted in accordance with Minnesota law.

13.                               Contingency.  The grant of this Option is contingent on the
Company’s completion of the pending refinancing agreement with Laurus Master
Fund, Ltd. on or before April 13, 2007.

	
  

  	
   

  	
  MICRO COMPONENT TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ BachThuy T. Vo

  
	
   

  	
   

  	
   

  	
  Its: 

  	
  CFO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Roger E. Gower

  
	
   

  	
   

  	
  Roger E. GowerEXHIBIT 4.11

MANAGEMENT
STOCKHOLDERS AGREEMENT

OF

NEFF CORP

This Management Stockholders Agreement (“Agreement”)
is entered into as of June 3, 2005, by and among Neff Corp., a Delaware
corporation (the “Company”),
Iron Merger Partnership, a Delaware limited partnership (“Iron”) and
each of the individual purchasers who become parties hereto from time to time
in accordance with the terms hereof (each individually, a “Management
Stockholder,” and collectively, the “Management Stockholders”).  These parties are sometimes referred to
herein individually by name or as a “Party”
and collectively as the “Parties.”

RECITALS:

WHEREAS, each of the Management Stockholders is an
employee, executive officer, consultant or director of the Company or one or
more subsidiaries of the Company;

WHEREAS, the Company has issued (or may hereafter
issue) to each Management Stockholder shares of the Company’s common stock, par
value $0.01 per share (“Common Stock”), as a result of the exercise by
such Management Stockholder of vested options to purchase Common Stock (“Vested Options”), which options
were issued (or may hereafter be issued) to such Management Stockholder
pursuant to the 2005 Stock Option Plan of Neff Corp. (the “Stock Option Plan”)
or any other employee benefit, stock purchase or compensation plan adopted by
the board of directors of the Company (the “Board”) prior to, on or after the date hereof;

WHEREAS, the Company, Iron and the Management
Stockholders desire to enter into this Agreement to provide for certain matters
with respect to the ownership and transfer by the Management Stockholders of
all shares of Common Stock now held by or hereafter issued to or acquired by
the Management Stockholders whether as a result of the exercise of Vested
Options or otherwise (collectively, the “Restricted Shares”); and

WHEREAS, capitalized terms used herein without
definition elsewhere in this Agreement are defined in Section 11.

AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing and
the mutual agreements set forth herein, and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the
Parties hereto, intending to be legally bound, hereby agree as follows:

Section
1.           Sales to
Third Parties.

(a)           Each
Management Stockholder hereby agrees that he or she shall not sell, assign,
transfer, convey, pledge or otherwise dispose of (collectively, “Transfer”)
any Restricted Shares without the prior written consent of the Company, which
consent shall have been authorized by a majority of the members of the Board
and which consent may be (i) withheld in 

the sole discretion of the Board, or (ii) given subject to reasonable
terms and conditions determined by the Board in its sole discretion.  Each Management Stockholder further agrees
that in connection with any Transfer consented to by the Company, the
Management Stockholder shall, if requested by the Company, deliver to the
Company an opinion of counsel in form and substance reasonably satisfactory to
the Company and counsel for the Company, to the effect that the Transfer is not
in violation of this Agreement, the Securities Act of 1933, as amended (the “Securities
Act”), or the securities laws of any state.  Any purported Transfer in violation of the
provisions of this Section 1 shall be null and void and shall have no force or
effect.

(b)           (i)            If a Management Stockholder (the “Offering
Stockholder”) shall have received a bona  fide offer or offers
from a third party or parties to purchase any Restricted Shares, and the
Transfer shall have been approved pursuant to Section 1(a), prior to selling
any Restricted Shares to the third party or parties, the Offering Stockholder
shall deliver to the Company and Iron a letter (the “Offer Notice”)
signed by the Offering Stockholder setting forth: (A) the name of the third
party or parties; (B) the prospective purchase price per share of the
Restricted Shares; (C) all material terms and conditions contained in the offer
of the third party or parties; and (D) the Offering Stockholder’s offer
(irrevocable by its terms for 60 days following the later of (x) the date of
the receipt of such offer or (y) the six month anniversary of the date such
Restricted Shares were first purchased by the Management Stockholder (such
60-day period, the “Offer Period”)) to sell to the Company and Iron all
(but not less than all) of the Restricted Shares covered by the offer of the
third party or parties, for a purchase price per share and on other terms and
conditions not less favorable to the Company and Iron than those contained in
the offer of the third party or parties (an “Offer”).

(ii)           Upon
receipt of such Offer Notice, the Company shall have an option to purchase any
or all of the Restricted Shares described in the Offer Notice at the purchase
price and upon the terms and conditions specified in the Offer.  If the Company desires to exercise the option
set forth in the preceding sentence, it shall deliver a notice (an “Election
Notice”) to the Offering Stockholder and Iron at any time during the first
45 days of the Offer Period (such 45-day period, the “Election Period”),
which Election Notice shall specify the number of Restricted Shares subject to
the Offer to be acquired.  In the event
that the Company delivers an Election Notice for less than all of the
Restricted Shares subject to the Offer, such Election Notice shall not be
effective unless and until Iron delivers an Election Notice to purchase the
remaining Restricted Shares subject to the Offer pursuant to Section 1(b)(iii)
below.

(iii)          In
the event the Company does not deliver an Election Notice before the end of the
Election Period or any Election Notice so delivered does not relate to the
purchase of all the Restricted Shares described in the Offer Notice, then Iron
(or, in its discretion, any other Principal Stockholder(s) designated by Iron)
shall have the option to purchase no less than all of the remaining Restricted
Shares subject to the Offer at the purchase price and upon the terms and
conditions specified in the Offer by delivering an Election Notice to the Offering
Stockholder and the Company within 15 days after the first to occur of (A) the
expiration of the Election Period or (B) receipt of an Election Notice from the
Company which relates to less than all of the Restricted Shares described in
the Offer Notice.  In the event Election
Notices are delivered by both the Company and Iron (or any other applicable
Principal Stockholder), and, as a result of miscalculation or similar error,
the aggregate number of Restricted Shares described in such Election Notices
exceeds the aggregate number of Restricted Shares specified in the Offer,

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the number of Restricted Shares to be purchased by Iron (or any other
applicable Principal Stockholder) shall be reduced accordingly.

(iv)          If
either the Company or Iron (or any other applicable Principal Stockholder)
delivers an Election Notice, then it shall be obligated to purchase, and the
Offering Stockholder shall be obligated to sell, the Restricted Shares
described in such Election Notice at the purchase price per share and on other
terms and conditions indicated in the Offer, except that the closing of such
purchase and sale shall occur on a closing date selected by the Company or Iron
(or any other applicable Principal Stockholder), as applicable; provided,
however, that, (A) in the case of a sale to the Company, such closing date
shall be not less than 45 days nor more than 90 days following the date of the
Offer Notice and (B) in the case of a sale to Iron (or any other applicable
Principal Stockholder), such closing date shall be not less than 60 days nor
more than 90 days following the date of the Offer Notice.  Unless otherwise mutually agreed, the closing
shall be consummated at the principal offices of the Company.

(v)           If
neither the Company nor Iron (or any other applicable Principal Stockholder)
delivers an Election Notice to the Offering Stockholder within the time periods
described in Section 1(b)(ii) and 1(b)(iii), as applicable, or the Election
Notices delivered in the aggregate relate to less than all of the Restricted
Shares subject to the Offer, then the Offering Stockholder may, during the
period beginning on the 61st day following the receipt of the Offer Notice
by the Company and Iron and ending on the 90th day following the receipt of the Offer Notice
by the Company and Iron, sell to the third party or parties all (but not less
than all) of the Restricted Shares covered by the Offer, for the purchase price
and on the other terms and conditions contained in the Offer.

(c)           Notwithstanding
the foregoing but subject to Section 1(d) below, nothing in this Section 1
shall prevent the Transfer of any Restricted Shares by any Management
Stockholder to (i) the Company or any Principal Stockholder; or (ii) (A) any
member of a Management Stockholder’s immediate family (the “Permitted Family
Members”), (B) trusts for the benefit of Permitted Family Members, and (C)
upon a Management Stockholder’s death, the Management Stockholder’s executors,
administrators, testamentary trustees, legatees and beneficiaries; provided
that, in the case of subclause (A) and (B), the Management Stockholder retains
the sole and exclusive right to vote or dispose of any Restricted Shares
transferred to the Permitted Family Member (each such person and entity
described in clause (ii) a “Permitted Transferee” and collectively, the “Permitted
Transferees”).

(d)           In
addition to the restrictions set forth elsewhere in this Agreement, any
Transfer of Restricted Shares by a Management Stockholder to a transferee shall
be permitted only if the transferee shall agree in writing to be bound by the
terms and conditions of this Agreement pursuant to an instrument of assumption
reasonably satisfactory in form and substance to the Board.  Upon the execution of the instrument of
assumption by such transferee, such transferee shall be deemed to be a
Management Stockholder for all purposes of this Agreement except that, (A) in
the case of a Transfer to a Permitted Transferee, all provisions that relate to
termination of employment of a Management Stockholder and the effects thereof
shall continue to apply to such Management Stockholder transferor and not to
such Permitted Transferee and (B) in the case of a Transfer to a Person other
than a Permitted Transferee made 

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in compliance with this Agreement, Sections 2 and 3 of this Agreement
shall cease to apply following such Transfer.

Section
2.           Company’s
Rights to Repurchase Shares.

(a)           (i)            Except as otherwise set forth in
Section 2(a)(ii), with respect to all Restricted Shares held by any Management
Stockholder and his or her Permitted Transferees, during the period beginning
on the date of the Management Stockholder’s Termination of Employment (as
defined below) and ending on the nine month anniversary of the later of (A) the
date of such Termination of Employment; or (B) the date of the exercise of any
Vested Options held by the Management Stockholder as of the date of such
Termination of Employment, the Company shall have the option to repurchase
Restricted Shares held by the Management Stockholder or his or her Permitted
Transferees (“Call Right”);
provided, however, that, notwithstanding the foregoing, in no event shall the
Company purchase any Restricted Shares pursuant to the Call Right prior to the
day immediately following the six month anniversary of the date the Management
Stockholder first purchased such Restricted Shares (whether pursuant to the
exercise of Vested Options or otherwise). 
The Call Right may be exercised more than once, but must be exercised
with respect to all (but not less than all) of the Restricted Shares
outstanding on the date of any Call Notice (as defined below).  Except as otherwise set forth in Section
2(a)(ii), the repurchase price payable by the Company upon exercise of the Call
Right (“Call Repurchase Price”) shall be the Fair Market Value (as
defined below) of the Restricted Shares subject to the Call Right on the date
of the Call Notice; provided, however, that, notwithstanding the foregoing, in
the event of the Management Stockholder’s Termination of Employment for Cause,
the Call Repurchase Price shall be the lesser of (A) Fair Market Value of the
Restricted Shares subject to the Call Right on the date of the Call Notice or
(B) the Effective Date Price.  The Call
Right shall be exercised by written notice (“Call Notice”) to the Management Stockholder given in
accordance with Section 10(f) of this Agreement on or prior to the last date on
which the Call Right may be exercised by the Company.

(ii)           Notwithstanding Section 2(a)(i), in
the event of the Management Stockholder’s Termination of Employment on or prior
to the eighth anniversary of the date hereof for any reason other than by the
Company without Cause, by the Company for Cause, or due to death or Disability,
the Company shall be required to exercise its Call Right with respect to all
Restricted Shares then held by the Management Stockholder or his or her
Permitted Transferees.  Subject to
Section 2(c), the Company’s purchase of Restricted Shares pursuant to this
Section 2(a)(ii) shall occur on such date as is set forth in the Call Notice,
which date shall be as soon as reasonably practicable following the date of the
Management Stockholder’s Termination of Employment; provided, however, that,
notwithstanding the foregoing, in no event shall the Company purchase any
Restricted Shares pursuant to the Call Right prior to the day immediately
following the six month anniversary of the date the Management Stockholder
first purchased such Restricted Shares (whether pursuant to the exercise of
Vested Options or otherwise).  Except as
may otherwise be specifically provided in any Employment Agreement or other
written agreement entered into between the Company and any Management
Stockholder, the Call Repurchase Price with respect to Restricted Shares
purchased by the Company pursuant to this Section 2(a)(ii) shall be equal to
the lesser of (A) the Fair Market Value of the Restricted Shares subject to the
Call Right on the date of the Call Notice or (B) the Effective Date Price.

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(b)           In addition, the Company shall have a
Call Right effective immediately prior to any Change in Control to occur
following the date hereof; provided, however, that the Call Repurchase Price in
such event shall be no less than the per share consideration for the Common
Stock paid in connection with such Change in Control.

(c)           Subject to Section 5 below, the
repurchase of Restricted Shares pursuant to the exercise of a Call Right shall
take place on a date specified by the Company, but in no event following the
later of (i) the 60th day following the date of the Call Notice or
(ii) the 10th day following the receipt by the Company of
all necessary governmental approvals.  On
such date, the Management Stockholder and his or her Permitted Transferees
shall transfer the Restricted Shares subject to the Call Notice to the Company,
free and clear of all liens and encumbrances, by delivering to the Company the
certificates representing the Restricted Shares to be purchased, duly endorsed
for transfer to the Company or accompanied by a stock power duly executed in
blank, and the Company shall pay to the Management Stockholder the Call
Repurchase Price.  The Management
Stockholder shall use all commercially reasonable efforts to assist the Company
in order to expedite all proceedings described in this Section 2.

Section 3.            Management
Stockholders’ Rights to Sell Shares.

(a)           With respect to all Restricted Shares
held by any Management Stockholder and his or her Permitted Transferees, during
the period beginning on the date of the Management Stockholder’s Termination of
Employment by the Company without Cause or due to death or Disability and
ending on the nine month anniversary of the later of (i) the date of such
Termination of Employment; or (ii) the date of the exercise of any Vested
Options held by any Management Stockholder as of the date of such Termination
of Employment, the Management Stockholder (or his representative or estate, if
applicable) shall have the right to require the Company to repurchase, in a
single transaction, no less than all of the Restricted Shares held by the
Management Stockholder and his or her Permitted Transferees (“Put Right”); provided, however,
that, notwithstanding the foregoing, in no event shall the Company purchase any
Restricted Shares pursuant to the Put Right prior to the day immediately following
the six month anniversary of the date the Management Stockholder first
purchased such Restricted Shares (whether pursuant to the exercise of Vested
Options or otherwise).  The repurchase
price payable by the Company upon exercise of the Put Right (“Put Repurchase
Price”) shall be the Fair Market Value of the Restricted Shares subject to
the Put Right on the date of the Put Notice. 
The Put Right shall be exercised by written notice (“Put Notice”) to the Company given
in accordance with Section 10(f) of this Agreement on or prior to the last date
on which the Put Right may be exercised by the Management Stockholder.

(b)           Subject to Section 5 below, the
repurchase of Restricted Shares pursuant to the exercise of a Put Right shall
take place on a date specified by the Company, but in no event following the
later of the 60th day following the date of the Put Notice or
the 10th day following the receipt by the Company of
all necessary governmental approvals.  On
such date, the Management Stockholder and his or her Permitted Transferees
shall transfer the Restricted Shares subject to the Put Notice to the Company,
free and clear of all liens and encumbrances, by delivering to the Company the
certificates representing the Restricted Shares to be purchased, duly endorsed
for transfer to the Company or accompanied by a stock power duly executed in
blank, and the Company shall pay to the Management Stockholder the Put
Repurchase Price.

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The Management Stockholder shall use all commercially reasonable
efforts to assist the Company in order to expedite all proceedings described in
this Section 3.

Section
4.           Involuntary
Transfers.

(a)           In
the case of any transfer of title or beneficial ownership of Restricted Shares
upon default, foreclosure, forfeit, divorce, court order or otherwise, other
than by a voluntary decision on the part of a Management Stockholder (each, an “Involuntary
Transfer”), the Management Stockholder shall promptly (but in no event
later than two days after the Involuntary Transfer) furnish written notice (the
“Involuntary Transfer Notice”) to the Company indicating that the
Involuntary Transfer has occurred, specifying the name of the person to whom
the shares were transferred (the “Involuntary Transferee”), giving a
detailed description of the circumstances giving rise to, and stating the legal
basis for, the Involuntary Transfer.

(b)           Upon
the receipt of the Involuntary Transfer Notice, and for 60 days thereafter, the
Company shall have the right to repurchase, and the Involuntary Transferee
shall have the obligation to sell, all (but not less than all) of the
Restricted Shares acquired by the Involuntary Transferee for a repurchase price
equal to the Fair Market Value of such shares of Common Stock as of the date of
the Involuntary Transfer (the “Involuntary Transfer Repurchase Price”
and such right, the “Involuntary Transfer Repurchase Right”).  The Involuntary Transfer Repurchase Right
shall be exercised by written notice (the “Involuntary Transfer Repurchase
Notice”) to the Involuntary Transferee given in accordance with Section
10(f) of this Agreement on or prior to the last date on which the Involuntary
Transfer Repurchase Right may be exercised by the Company.

(c)           Subject
to Section 5 below, the repurchase of Restricted Shares pursuant to the exercise
of the Involuntary Transfer Repurchase Right shall take place on a date
specified by the Company, but in no event following the later of the 60th day following the date of the date of the
Involuntary Transfer Repurchase Notice or the 10th day following the receipt by the Company of
all necessary governmental approvals.  On
such date, the Involuntary Transferee shall transfer the Restricted Shares
subject to the Involuntary Transfer Repurchase Notice to the Company, free and
clear of all liens and encumbrances, by delivering to the Company the
certificates representing the Restricted Shares to be purchased, duly endorsed
for transfer to the Company or accompanied by a stock power duly executed in
blank, and the Company shall pay to the Involuntary Transferee the Involuntary
Transfer Repurchase Price.  The
Involuntary Transferee shall use all commercially reasonable efforts to assist
the Company in order to expedite all proceedings described in this Section 4.  If the Involuntary Transferee does transfer
the Restricted Shares to the Company as required, the Company will cancel such
Restricted Shares and deposit the funds in a non-interest bearing account and
make payment upon delivery.

Section
5.           Repurchase
Disability.

(a)           Notwithstanding
anything to the contrary herein:

(i)            Except
as otherwise provided by Section 5(c), the Company shall not be permitted to
purchase any Restricted Shares held by any Management Stockholder or

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Involuntary Transferee upon exercise of the Call Right, the Put Right
or the Involuntary Transfer Repurchase Right if the Board determines that:

(ii)           The
purchase of Restricted Shares would render the Company or its subsidiaries
unable to meet their obligations in the ordinary course of business taking into
account any pending or proposed transactions, capital expenditures or other
budgeted cash outlays by the Company, including, without limitation, any
proposed acquisition of any other entity by the Company or any of its
subsidiaries;

(iii)          The
Company is prohibited from purchasing the Restricted Shares by applicable law
restricting the purchase by a corporation of its own shares; or

(iv)          The
purchase of Restricted Shares would constitute a breach of, default, or event
of default under, or is otherwise prohibited by, the terms of any loan agreement
or other agreement or instrument to which the Company or any of its
subsidiaries is a party (the “Financing Documents”) or the Company is
not able to obtain the requisite consent of any of its senior lenders to the
purchase of the Restricted Shares.

The events described in (i) through (iii) above each
constitute a “Repurchase Disability.”

(b)           Except as otherwise provided by Section
5(c), in the event of a Repurchase Disability, the Company shall notify in
writing the Management Stockholder or Involuntary Transferee who exercised the
Put Right or with respect to whom the Call Right or the Involuntary Transfer
Repurchase Right has been exercised (a “Disability Notice”).  The Disability Notice shall specify the
nature of the Repurchase Disability.  The
Company shall thereafter repurchase the Restricted Shares described in the Call
Notice or Involuntary Transfer Repurchase Notice as soon as reasonably
practicable after all Repurchase Disabilities cease to exist (or the Company
may elect, but shall have no obligation, to cause its nominee to repurchase the
Restricted Shares while any Repurchase Disabilities continue to exist).  In the event the Company suspends its
obligations to repurchase the Restricted Shares pursuant to a Repurchase
Disability, (i) the Company shall provide written notice to each applicable
Management Stockholder or Involuntary Transferee as soon as practicable after
all Repurchase Disabilities cease to exist (the “Reinstatement Notice”); (ii) the Fair Market Value of the
Restricted Shares subject to the Call Notice, the Put Notice or Involuntary
Transfer Repurchase Notice shall be determined as of the date the Reinstatement
Notice is delivered to the Management Stockholder or Involuntary Transferee,
which Fair Market Value shall be used to determine the Repurchase Price or
Involuntary Transfer Repurchase Price in the manner described above; and (iii)
the repurchase shall occur on a date specified by the Company within 10 days
following the determination of the Fair Market Value of the Restricted Shares
to be repurchased as provided in clause (ii) above.

(c)           Notwithstanding
Section 5(a) and Section 5(c), in the event of a Repurchase Disability, then,
the Company shall be required to purchase the Restricted Shares subject to the
Call Right, Put Right or Involuntary Transfer Repurchase Right, as applicable,
through the issuance of  a promissory
note (in lieu of cash consideration) to such Management Stockholder in the
amount of the Call Repurchase Price, Put Repurchase Price or Involuntary Transfer
Purchase Price, as applicable; provided, however, that the terms of such
promissory 

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note shall be acceptable to the Company’s senior lenders and shall not
result in a breach or violation of any of the Financing Documents; and
provided, further, that in the event of a Repurchase Disability in connection
with the Management Stockholder’s exercise of a Put Right, the Management
Stockholder may elect to rescind his or her exercise of the Put Right.  The promissory note shall (i) bear simple
interest at the prime rate as published in the Wall Street Journal on the date such payment is due and
owing from such date to the date such payment is made and (ii) have such other
reasonable terms and conditions as may be determined by the Company.  All payments of interest accrued under the
promissory note shall be paid only at the date of payment by the Company of the
principal amount of such promissory note.

Section
6.           Bring-Along
Rights.

(a)           If
a Principal Stockholder at any time, or from time to time, in one transaction
or a series of related transactions, proposes to Transfer shares of Common
Stock (or rights to acquire Common Stock) to one or more Persons (a “Third Party Purchaser”), then
such Principal Stockholder shall have the right (a “Bring-Along Right”), but not the obligation, to require
each Management Stockholder to tender for purchase to the Third Party
Purchaser, on the same terms and conditions as apply to the Principal
Stockholder, a number of Restricted Shares and Vested Options (including any options
that vest as a result of the consummation of the Transfer to the Third Party
Purchaser) that, in the aggregate, equal the lesser of (A) the number derived
by multiplying (1) the total number of Restricted Shares owned by the
Management Stockholder (including Restricted Shares issuable in respect of all
Vested Options held by the Management Stockholder whether or not exercised and
including any options that vest as a result of the consummation of the Transfer
to the Third Party Purchaser); by (2) a fraction, the numerator of which is the
total number of shares of Common Stock to be sold by the Principal Stockholder
in connection with the transaction or series of related transactions and the
denominator of which is the total number of the then outstanding shares of
Common Stock (including shares issuable upon the exercise of rights to acquire
Common Stock) held by the Principal Stockholder; or (B) the number of shares as
the Principal Stockholder shall designate in the Bring-Along Notice (as defined
below).

(b)           If
a Principal Stockholder elects to exercise their Bring-Along Right under this
Section 6 with respect to the Restricted Shares held by the Management
Stockholders, such Principal Stockholder shall notify each Management
Stockholder in writing (collectively, the “Bring-Along Notices”).  Each Bring-Along Notice shall set forth: (i)
the proposed amount and form of consideration and terms and conditions of
payment offered by the Third Party Purchaser(s) and a summary of any other
material terms pertaining to the Transfer (“Third Party Terms”); and (ii) the number of Restricted
Shares and Vested Options that the Principal Stockholder elects each Management
Stockholder to sell in the Transfer.  The
Bring-Along Notices shall be given at least five days before the closing of the
proposed Transfer.

(c)           Upon
the giving of a Bring-Along Notice, each Management Stockholder shall be
obligated to sell the number of Restricted Shares and Vested Options set forth
in each Management Stockholder’s Bring-Along Notice on the Third Party Terms;
provided, that, if the exercise price of such Vested Option is less than the
value of the per share consideration offered by the Third Party Purchaser(s),
the Principal Stockholder may require a Management 

 8
 

Stockholder to exercise such Vested Options, in whole or in part, prior
to or simultaneously with the closing of the transaction or transactions
described in Section 6(a).

(d)           At
the closing of the Transfer to any Third Party Purchaser(s) pursuant to this
Section 6, the Third Party Purchaser(s) shall remit to the Management
Stockholder the consideration for the total sales price of the Common Stock and
unexercised Vested Options held by the Management Stockholder sold pursuant
hereto minus any consideration to be escrowed or otherwise held back in
accordance with the Third Party Terms, and minus the aggregate exercise
price of any unexercised Vested Options being Transferred by the Management
Stockholder to the Third Party Purchaser(s), against delivery by the Management
Stockholder of certificates for Common Stock, duly endorsed for Transfer or
with duly executed stock powers and, as applicable, an instrument evidencing
the transfer or the cancellation of the unexercised Vested Options subject to
the Bring-Along Right reasonably acceptable to the Company, and the compliance
by the Management Stockholder with any other conditions to closing generally
applicable to the Principal Stockholder and all other holders of Common Stock
selling shares in the transaction.

Section
7.           Tag-Along
Rights.

(a)           If
a Principal Stockholder at any time propose to Transfer shares of Common Stock
(or rights to acquire Common Stock) to a Third Party Purchaser (other than a
Principal Stockholder), in a single Transfer or a series of related
Transfers constituting a Change in Control, then each Management Stockholder
shall have the right (the “Tag-Along Right”) to require that the
proposed Third Party Purchaser
purchase from such Management Stockholder, on the same terms and conditions as
apply to the Principal Stockholder, up to the number of Restricted Shares
(including any Restricted Shares issuable upon the exercise of Vested Options
(including options that vest as a result of the consummation of the Transfer to
the Third Party Purchaser)) equal to the number derived by multiplying (x) the
total number of shares of Common Stock that the proposed Third Party Purchaser
has agreed or committed to purchase, by (y) a fraction, the numerator of which
is the total number of Restricted Shares (including any Restricted Shares
issuable upon the exercise of Vested Options (including options that vest as a
result of the consummation of the Transfer to the Third Party Purchaser)) owned
by the Management Stockholder, and the denominator of which is the aggregate
number of shares of Common Stock owned by the Principal Stockholder
(including shares issuable upon the exercise of rights to acquire Common Stock), the Management Stockholder and all other
holders of Common Stock who have exercised a Tag-Along Right similar to the
rights granted to the Management Stockholder in this Section 7 (including any
Restricted Shares issuable upon the exercise of all Vested Options (including
options that vest as a result of the consummation of the Transfer to the Third
Party Purchaser)).  The intent of this
computation is to accord to the Management Stockholder the right to sell the
same percentage of his or her direct and indirect holdings of Common Stock as
the Principal Stockholder is entitled to sell in such transaction.

(b)           A Principal Stockholder shall notify each Management Stockholder in
writing in the event such Principal Stockholder proposes to make a Transfer or series of Transfers giving rise to a
Tag-Along Right at least seven (7) business days prior to the date on which the
Principal Stockholder expects
to consummate such Transfer (the “Sale Notice”) which notice shall
specify the number of shares of Common Stock which the Third Party Purchaser 

 9
 

intends to purchase in such Transfer.  The Tag-Along Right may be exercised by any Management
Stockholder by delivery of a written notice to the Principal Stockholder
proposing to sell Restricted Shares (the “Tag-Along Notice”) within five
business days following receipt of the Sale Notice from the Principal
Stockholder.  The Tag-Along Notice shall
state the number of Restricted Shares (including any Restricted Shares issuable
upon the exercise of Vested Options (including options that vest as a result of
the consummation of the Transfer to the Third Party Purchaser)) that the
Management Stockholder proposes to include in such Transfer to the proposed
Third Party Purchaser (not to exceed the number as determined above); provided
that, in the case of any Restricted Shares issuable upon the exercise of Vested
Options, the Principal Stockholder may require a Management
Stockholder to exercise such Vested Options, in whole or in part, prior to or
simultaneously with the closing of the Transfer(s) described in Section 7(a).  In
the event that the proposed Third Party Purchaser does not purchase the
specified number of Restricted Shares (including any Restricted Shares issuable
upon the exercise of Vested Options (including options that vest as a result of
the consummation of the Transfer to the Third Party Purchaser)) from the
Management Stockholder on the same terms and conditions as specified in the
Sale Notice, then the Principal Stockholder shall not be permitted to sell any shares of Common Stock to the
proposed Third Party Purchaser unless the Principal Stockholder purchases from the Management Stockholder
such specified number of Restricted Shares (including any Restricted Shares
issuable upon the exercise of Vested Options (including options that vest as a
result of the consummation of the Transfer to the Third Party Purchaser)) on
the same terms and conditions as specified in such Sale Notice.

(c)           At the closing of the Transfer to any Third
Party Purchaser pursuant to this Section 7, the Third Party Purchaser shall
remit to each Management Stockholder who exercised his or her Tag-Along Right the
consideration for the total sales price of the Common Stock and unexercised
Vested Options held by the Management Stockholder sold pursuant hereto minus any such consideration to be escrowed or otherwise held back in
accordance with the Third Party Terms, and minus the aggregate
exercise price of any unexercised Vested Options being Transferred by the
Management Stockholder to the Third Party Purchaser, against delivery by the
Management Stockholder of certificates for Common Stock, duly endorsed for Transfer
or with duly executed stock powers and an instrument evidencing the transfer or
the cancellation of the Vested Options subject to the Tag-Along Right
reasonably acceptable to the Company, and the compliance by the Management
Stockholder with any other conditions to closing generally applicable to the
Principal Stockholder and all other holders of Common Stock selling shares in
the transaction.

Section
8.           Cooperation.

(a)           In
the event of (i) the exercise of a Bring-Along Right pursuant to Section 6 or
(ii) a Change in Control triggering a Tag-Along Right pursuant to Section 7,
each Management Stockholder shall consent to and raise no objections against
the transaction, and if the transaction is structured as a sale of stock, each
Management Stockholder shall take all actions that the Board reasonably deems
necessary or desirable in connection with the consummation of the
transaction.  Without limiting the
generality of the foregoing, each Management Stockholder agrees to
(A) consent to and raise no objections against the transaction;
(B) execute any Common Stock purchase agreement, merger agreement or other
agreement entered into with the Third Party Purchaser with respect to the
transaction setting

 10

 

forth the
Third Party Terms and any ancillary agreement with respect thereto; (C) vote
the Common Stock held by the Management Stockholder in favor of the
transaction; and (D) refrain from the exercise of dissenters’ appraisal rights
with respect to the transaction.

(b)           If the Company or the holders of the
Company’s securities enter into any negotiation or transaction for which Rule
506 (or any similar rule then in effect) promulgated under the Securities Act,
may be available with respect to the negotiation or transaction (including a
merger, consolidation, or other reorganization), each Management Stockholder
shall, if requested by the Company, appoint a purchaser representative (as
defined in Rule 501 of the Securities Act) reasonably acceptable to the
Company.  If the purchaser representative
is designated by the Company, the Company shall pay the fees of the purchaser
representative, but if any Management Stockholder appoints another purchaser
representative, the Management Stockholder shall be responsible for the fees of
the purchaser representative so appointed.

(c)           Each Management Stockholder shall bear
its pro-rata share of the costs of any transaction in which it sells Restricted
Shares and/or Vested Options (based upon the net proceeds received by such
Management Stockholder in such transaction) to the extent such costs are
incurred for the benefit of all holders of Common Stock and Vested Options and
are not otherwise paid by the Company or the acquiring party.

Section 9.               Termination.  This Agreement shall terminate on the first
to occur of:

(a)           The date the Company consummates an
underwritten public offering of Common Stock by the Company pursuant to an
effective registration statement filed by the Company with the United States
Securities and Exchange Commission (other than on Forms S-4 or S-8 or
successors to such forms) under the Securities Act;

(b)           The complete liquidation of the Company
or an agreement for the sale, lease or other disposition by the Company of all
or substantially all of the Company’s assets; or

(c)           The
execution of a resolution of the Board terminating this Agreement.

Section 10.             Miscellaneous.

(a)           Legends.  Each certificate representing the Restricted
Shares shall bear the following legends:

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT AND SAID LAWS OR AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS THEREOF.”

“THE SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND
CERTAIN OTHER AGREEMENTS SET FORTH IN A STOCKHOLDERS 

 11
 

AGREEMENT BETWEEN
THE ISSUER AND THE INITIAL HOLDER HEREOF INITIALLY DATED AS OF NOVEMBER 20,
2003.  A COPY OF SUCH AGREEMENT SHALL BE
FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.”

(b)           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the Parties hereto and their respective legal
representatives, heirs, legatees, successors and assigns and shall also apply
to any Restricted Shares acquired by any Management Stockholder after the date
hereof.

(c)           Specific Performance.  Each Party, in addition to being entitled to
exercise all rights provided herein or granted by law, including recovery of
damages, shall be entitled to specific performance of the Party’s rights under
this Agreement.  Each Party agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by the Party of the provisions of this Agreement and each
Party hereby agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate.

(d)           Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the state of Delaware.

(e)           Interpretation.  The headings of the Sections contained in
this Agreement are solely for the purpose of reference, are not part of the
agreement of the Parties and shall not affect the meaning or interpretation of
this Agreement.

(f)            Notices.  All notices and other communications provided
for or permitted hereunder shall be in writing and shall be deemed to have been
duly given and received when delivered by overnight courier or hand delivery,
when sent by telecopy, or five days after mailing if sent by registered or
certified mail (return receipt requested) postage prepaid, to the Parties at
the following addresses (or at such other address for any Party as shall be
specified by like notices, provided that notices of a change of address shall
be effective only upon receipt thereof).

(i)            If to the Company at:

Neff Corp.

c/o Odyssey Investment Partners, LLC

24550 Oxnard Street, Suite 570

Woodland Hills, CA  91367

Fax: (818) 737-1101            

Attention:
William F. Hopkins

with copies to
Iron at the address set forth below and:

Latham &
Watkins LLP

885 Third Avenue

New York, New York

Fax:  (212) 751-4864

Attention:
Bradd L. Williamson

 

 12
 

 

(ii)           If to Iron at:

Iron Merger Partnership

c/o Odyssey Investment Partners, LLC

21550 Oxnard Street, Suite 570

Woodland Hills, CA  91367

Fax: (818) 737-1101

Attention:
William F. Hopkins

with a copy to Latham & Watkins LLP, at the
address set forth above.

(iii)          If
to a Management Stockholder, to the address set forth on the Management
Stockholder’s signature page hereto.

(g)           Recapitalization, Exchange, Etc.
Affecting the Company’s Stock.  The
Company may elect to effect, and nothing in this Agreement shall prevent the
Company from effecting, any recapitalization, corporate reorganization, “corporate
inversion” involving the creation of one or more holding companies and/or
holding company subsidiaries, or similar transaction.  The provisions of this Agreement shall apply,
to the full extent set forth herein, with respect to any and all shares of
Common Stock and all of the shares of capital stock of the Company or any
successor or assign of the Company (whether by merger, consolidation, sale of
assets, business combination or otherwise) that may be issued in respect of, in
exchange for, or in substitution of such Common Stock and shall be
appropriately adjusted for any stock dividends, splits, reverse splits,
combinations, recapitalizations, and the like occurring after the date hereof.

(h)           Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same agreement.

(i)            Severability.  In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal, or unenforceable in any respect for any reason, the
validity, legality, and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be in any
way impaired thereby.

(j)            Amendment.  This Agreement may be amended by resolution
of the Board; provided that the amendment has been approved by the Principal
Stockholders; and, provided, further, that any such amendment that would
materially adversely affect the rights of any Management Stockholder shall not
to that extent be effective without the written consent of  Management Stockholders who then hold 50% or
more of the Restricted Shares (including 

 13
 

Restricted Shares issuable upon the exercise of rights to acquire
Common Stock).  At any time hereafter,
additional Management Stockholders may be made parties hereto by executing a
signature page in the form attached as Exhibit A hereto, which signature
page shall be countersigned by the Company and shall be attached to this
Agreement and become a part hereof without any further action of any other
Party hereto.

(k)           Tax Withholding.  The Company shall be entitled to require
payment in cash or deduction from other compensation payable to any Management
Stockholder of any sums required by federal, state, or local tax law to be
withheld with respect to the issuance, vesting, exercise, repurchase, or
cancellation of any Restricted Share or any option to purchase Restricted
Shares.

(l)            No Employment Rights.  Nothing contained in this Agreement (i)
obligates the Company or any Affiliate of the Company to employ any Management
Stockholder in any capacity whatsoever; or (ii) prohibits or restricts the
Company or any Affiliate of the Company from terminating the employment, if
any, of any Management Stockholder at any time or for any reason whatsoever and
each Management Stockholder hereby acknowledges and agrees that, except as may
otherwise be set forth in any written agreement between the Company and such
Management Stockholder, neither the Company nor any other person has made any
representations or promises whatsoever to such Management Stockholder
concerning his or her employment or continued employment by the Company or any
Affiliate of the Company.

(m)          Offsets.  The Company shall be permitted to offset and
reduce from any amounts payable to a Management Stockholder the amount of any
indebtedness or other obligation or payment owing to the Company by the
Management Stockholder .

(n)           Entire Agreement.  This writing constitutes the entire agreement
of the Parties with respect to the subject matter hereof.

(o)           Actions to Effectuate Agreement.  Each Management Stockholder agrees to take
all actions within his or her power (including voting Restricted Shares) to
give effect to the terms of this Agreement. 
In the event of any inconsistency between this Agreement, on the one
hand, and the Certificate of Incorporation or Bylaws of the Company, on the
other hand, the provisions of this Agreement shall control, and each Management
Stockholder shall vote his or Restricted Shares in such manner as to effectuate
any and all amendments to the Certificate of Incorporation or Bylaws of the
Company that may be necessary in order to bring the Certificate of
Incorporation and Bylaws of the Company into conformity with the provisions of
this Agreement.  The vote of any Management
Stockholder in violation of the provisions of this Agreement shall be void and
shall be ignored by the Company.  In
connection therewith, each Management Stockholder hereby grants an irrevocable
proxy of perpetual duration with full power of substitution to Odyssey for
purposes of voting all Restricted Shares subject to this Agreement at any
meeting of stockholders or in any action by written consent of stockholders in
any manner necessary to give effect to the provisions of this Agreement, but
not to amend this Agreement, it being acknowledged that such proxy is coupled
with an interest under this Agreement.

 14
 

 

(p)           Lock-up Period.  If the Company proposes to register shares of
any class of Restricted Shares under the Securities Act pursuant to a primary
Underwritten Offering, each Management Stockholder hereby agrees that, if so
requested by any representative of the underwriters (the “Managing Underwriter”),
such Management Stockholder shall not Transfer (except for Transfers pursuant
to Sections 6 and 7) any Restricted Shares of the class to be registered for
such period as shall be determined by the Managing Underwriter, which period
shall not last more than 180 days following the consummation of an Initial
Public Offering (or 90 days following the consummation of any other Underwritten
Offering that registers Restricted Shares); provided, that the Transfer
restrictions described in this Section 10(p) shall only apply to the extent
that the Principal Stockholders are subject to similar Transfer restrictions in
connection with such offering, in each case to the extent such Principal
Stockholder holds Restricted Shares to be registered as of the date of the
consummation of such offering.

Section 11.             Defined Terms.

As used in this Agreement, the following terms shall
have the meanings ascribed to them below:

(a)           “Affiliate” shall mean, with respect
to any individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint
venture, governmental authority or other entity of whatever nature (each, a “Person”),
any other Person directly or indirectly controlling, controlled by, or under
common control with, such Person where “control” shall have the meaning given
such term under Rule 405 of the Securities Act; provided, that, in no event
shall the Company, any of its subsidiaries or any Management Stockholder be
considered an “Affiliate” of the Principal Stockholders.

(b)           “Cause” shall mean the Company or
an Affiliate having “Cause” to terminate the Management Stockholder’s
employment, as defined in any employment agreement between the Management
Stockholder and the Company or an Affiliate; provided, that in the absence of
an employment agreement containing such a definition, the Company or an
Affiliate shall have “Cause” to terminate the Management Stockholder’s
employment upon: (i) a determination by the Board that the Management
Stockholder failed to substantially perform the Management Stockholder’s duties
(other than any such failure resulting from the Management Stockholder’s
Disability) which is not remedied within 30 days after receipt of written
notice from the Company specifying such failure; (ii) the Management
Stockholder’s conviction, plea of nolo
contendere, or imposition of unadjudicated probation for any felony
or crime involving moral turpitude; (iii) the Management Stockholder’s unlawful
use (including being under the influence) or possession of illegal drugs on the
Company’s premises or while performing the Management Stockholder’s duties and
responsibilities; or (iv) the Management Stockholder’s commission of an act of
fraud, embezzlement, misappropriation, willful misconduct, or breach of
fiduciary duty against the Company.

(c)           “Change in Control” shall mean a
change in beneficial ownership or control of the Company effected through a
transaction or series of transactions (other than an offering of Common Stock
to the general public through a registration statement filed with the
Securities and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as 

 15
 

amended (the “Exchange Act”)) (other than the Company, Odyssey,
or any of their respective Affiliates, or any employee benefit plan maintained
by the Company or any of its subsidiaries), directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act)
of securities of the Company possessing more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such
acquisition.

(d)           “Disability” shall mean “Disability”
as defined in any employment agreement between the Management Stockholder and
the Company or an Affiliate; provided, that in the absence of an employment
agreement containing such a definition, “Disability” shall mean the Management
Stockholder’s inability to perform, with or without reasonable accommodation,
the essential functions of the Management Stockholder’s position for a total of
three months during any six month period as a result of incapacity due to
mental or physical illness as determined by a physician selected by the Company
or its insurers and acceptable to the Management Stockholder or the Management
Stockholder’s legal representative, such agreement as to acceptability not to
be unreasonably withheld or delayed.

(e)           The “Effective Date Price” of
Restricted Shares shall be $8.214 per share (as shall be equitably adjusted to
reflect any change in capitalization or extraordinary corporate transaction of
the Company following the Effective Date).

(f)            The “Fair Market Value” of
Restricted Shares, as of any date of determination, shall be determined by the
Board as follows:

(i)            If
the Common Stock is listed on one or more National Securities Exchanges (within
the meaning of the Exchange Act), each share of Common Stock to be repurchased
shall be valued at the average of the closing prices of a share of Common Stock
on the principal exchange on which the shares are then trading for the period
of ten consecutive trading days ending on the most recent trading day preceding
such date of determination;

(ii)           If
the Common Stock is not traded on a National Securities Exchange but is quoted
on Nasdaq or a successor quotation system and the Common Stock is listed as a
National Market Issue under the NASD National Market System, each share of
Common Stock to be repurchased shall be valued at the average of the mean
between the closing representative bid and asked prices for a share of Common Stock
for the period of ten consecutive trading days ending on the most recent
trading day preceding such date of determination as reported by Nasdaq or such
successor quotation system; or

(iii)          If
the Common Stock is not publicly traded on a National Securities Exchange and
is not quoted on Nasdaq or a successor quotation system, the Fair Market Value
of the Common Stock to be repurchased shall be determined in good faith by the
Board in its sole discretion, with reference to the most recent valuation of the
Common Stock  requested by the Board and
performed by an independent valuation consultant or appraiser of nationally
recognized standing (which may be the Company’s independent accounting firm)
selected by the Board in consultation with the Company’s Chief Executive
Officer and with such adjustment to the appraisal by said independent valuation
consultant or appraiser to the date of the exercise of the Call Right, Put
Right or Involuntary Transfer Repurchase Right, as applicable, as the Board,
acting in good faith, in its sole discretion deems appropriate.

 16
 

 

(g)           “Initial Public Offering” shall
mean the first underwritten public offering of Common Stock pursuant to an
effective registration statement filed by the Company with the Commission
(other than on Forms S-4 or S-8 or successors to such forms) under the
Securities Act.

(h)           “Principal Stockholders” shall
mean (i) Iron, (ii) any general or limited partner or member of Iron (an “Iron
Partner”), (iii) any corporation, partnership, limited liability company or
other entity that is an Affiliate of Iron or Iron Partner (including without
limitation any applicable coinvest vehicle established following the date
hereof) (collectively, the “Iron Affiliates”), (iv) any managing
director, member, general partner, director, limited partner, officer or
employee of (A) Iron, (B) any Iron Partner or (C) any Iron Affiliate, or the
heirs, executors, administrators, testamentary trustees, legatees or
beneficiaries of any of the foregoing Persons referred to in this clause (iv)
(collectively, the “Iron Associates”), (v) any trust, the beneficiaries
of which, or corporation, limited liability company or partnership, the
stockholders, members or general or limited partners of which, include only
Iron Stockholders, Iron Partners, Odyssey Affiliates, Iron Associates, their
spouses or their lineal descendants; and (vi) a voting trustee for one or more
Iron Stockholders, Iron Affiliates, Iron Partners or Iron Associates; provided
that in no event shall the Company or any subsidiary be considered an Iron
Partner, Iron Affiliate, or Iron Associate and provided, further, that an
underwriter or other similar intermediary engaged by the Company in an offering
of the Company’s debt or equity securities or other instruments shall not be
deemed a Principal Stockholder with respect to such engagement.

(i)            “Termination of Employment” shall
mean the time when the employee-employer relationship between a Management
Stockholder and the Company or one of its subsidiaries is terminated for any
reason, with or without Cause, including, but not by way of limitation, a
termination by resignation, discharge, Disability, death or retirement, but
excluding a termination where there is a simultaneous reemployment by the
Company or one of its subsidiaries.  The committee appointed to administer the
Stock Option Plan (the “Committee”) or the Board shall determine the
effect of all matters and questions relating to Termination of Employment,
including, but not by way of limitation, all questions of whether a particular
leave of absence constitutes a Termination of Employment.

(j)            “Underwritten Offering” means a
sale of shares of Common Stock to an underwriter for reoffering to the public
pursuant to an effective registration statement filed by the Company with the
Commission (other than on Form S-4 or S-8 or successors to each form) under the
Securities Act.

[signature pages
follow]

 

 17

IN WITNESS WHEREOF, the undersigned have executed this
Agreement on the date first written above.

	
  

  	
  NEFF CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  IRON MERGER PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ODYSSEY INVESTMENT PARTNERS

  
	
   

  	
  FUND III, LP, Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ODYSSEY INVESTMENT PARTNERS, LLC,

  its manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ODYSSEY INVESTMENT PARTNERS, LLC,

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

Each Management Stockholder has agreed to be bound by
the terms of this Agreement by execution and delivery of the signature page set
forth as Exhibit A hereto.

EXHIBIT
A

SIGNATURE PAGE

TO THE

MANAGEMENT STOCKHOLDERS AGREEMENT

OF

NEFF CORP.

By execution of this
signature page,                            
hereby agrees to become a party to, be bound by the obligations of, and receive
the benefits of, that certain Management Stockholders Agreement of Neff Corp.,
dated as of June 3, 2005, by and among Neff Corp., Iron Merger Partnership and
certain other parties named therein, as amended from time to time thereafter.

	
  

  	
   

  
	
   

  	
  [Name of Management Stockholder]

  
	
   

  	
   

  
	
   

  	
  Residence Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted:

  
	
   

  
	
  NEFF CORP.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  
	
  IRON MERGER PARTNERSHIP

  
	
   

  
	
  By: ODYSSEY INVESTMENT PARTNERS FUND III, LP,
  Partner

  
	
   

  
	
  By: ODYSSEY INVESTMENT PARTNERS, LLC, its manager

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  
	
  By ODYSSEY INVESTMENT PARTNERS, LLC, Partner

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]