Document:

Exhibit 10.2

 

CAPITAL CALL AGREEMENT

 

This CAPITAL CALL
AGREEMENT (this “Agreement”) is dated as of May [7], 2012 and is entered into by ESSEX RENTAL CORP.,
a Delaware corporation (“Essex”), CC ACQUISITION HOLDING CORP., a Delaware corporation (“Holdings”),
COAST CRANE COMPANY, a Delaware corporation (the “US Borrower”),
COAST CRANE LTD., a British Columbia corporation (the “Canadian Borrower”; and together with the US Borrower,
collectively the “Borrowers”), and general
electric capital corporation, in its capacity as administrative agent (“Agent”) for its own benefit
and the benefit of Lenders from time to time party to the Credit Agreement referred to below (collectively “Lenders”).
Except as otherwise defined herein, all capitalized terms used herein without definition shall have the meanings ascribed to such
terms in the Credit Agreement referred to below.

 

RECITALS:

 

WHEREAS, the Borrowers,
Holdings, Agent and certain financial institutions, each as a Lender, have entered into that certain Amended and Restated Credit
Agreement dated as of November 14, 2011 (as the same has been and may be amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), pursuant to which Lenders agreed to make loans to and incur letter
of credit obligations on behalf of the Borrowers;

 

WHEREAS, the Borrowers,
the other Credit Parties signatory thereto, Agent and Lenders have entered into that certain Amendment No. 1 and Waiver to Amended
and Restated Credit Agreement, dated as of the date hereof (the “First Amendment”), pursuant to which Agent
and Lenders agreed to, among other things, waive certain specified Events of Default and amend certain terms of the Credit Agreement;

 

WHEREAS, as of the
date hereof, (i) Essex owns a majority of the issued and outstanding capital stock of Holdings and (ii) Holdings owns 100% of the
issued and outstanding capital stock of the US Borrower;

 

WHEREAS, Essex and
the Credit Parties will obtain benefits from Agent’s and Lenders’ execution and delivery of the First Amendment; and

 

WHEREAS, in order to
induce Agent and Lenders to enter into the First Amendment, Essex, Holdings, and the Borrowers desire to execute and deliver this
Agreement.

 

NOW, THEREFORE, in
consideration of the premises and agreements, provisions and covenants contained herein, and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that:

 

1.                 
Capital Contribution. Essex hereby absolutely, irrevocably and unconditionally agrees to make, or cause to be made,
an equity investment in cash in the common stock of Holdings (the “Essex Capital Contribution”) in the event
that Consolidated EBITDA of Holdings for the Fiscal Year ending December 31, 2012 is below $6,000,000, in an amount equal to the
sum of $6,000,000 less the amount of Consolidated EBITDA of Holdings for such Fiscal Year. The Essex Capital Contribution
under this Section 1 shall be made no later than the earlier of (i) fifteen (15) days after delivery of the audited annual
financial statements of Holdings for such Fiscal Year to Agent pursuant to Section 4.1(b) of the Credit Agreement or (ii)
ninety (90) days after the last day of such Fiscal Year. Holdings hereby absolutely, irrevocably and unconditionally agrees to
make, or cause to be made, an equity investment in cash in the common stock of the US Borrower immediately upon receipt of any
Essex Capital Contribution, in an amount equal to Essex Capital Contribution (the “Holdings Capital Contribution”,
and together with the Essex Capital Contribution, the “Capital Contribution”).

  

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Except as expressly provided
in the last paragraph of Section 6.1 of the Credit Agreement, under no circumstances shall the making of any Capital Contribution
or the application of the proceeds of any Capital Contribution be deemed to cure of any Default or Event of Default or to be a
modification or waiver of any term, covenant, condition or provision of any Loan Document and no calculation or increase in Consolidated
EBITDA referred to above in this Section 1 shall change the  calculation of Consolidated
EBITDA for any purposes of the Credit Agreement, including without limitation Section 6.1 thereof or for calculating basket levels,
pricing and any other items governed by reference to Consolidated EBITDA.

 

Notwithstanding anything
to the contrary in this Section 1, in no event shall (x) the aggregate amount of the Essex Capital Contributions required
to be made by Essex after the date hereof under this Section 1 exceed $2,500,000.

 

2.                 
Representations and Warranties. Essex hereby represents and warrants to Agent, for the ratable benefit of Agent and
Lenders, that as of the date hereof:

 

(a)               
Organization; Power; Qualification. Essex is duly formed, validly existing and in good
standing under the laws of the jurisdiction of its formation, and has full power, authority and legal right to own its property
and assets and to transact the business in which it is engaged.

 

(b)              
Authorization. Essex has the power and authority to enter into this Agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby, and has, by proper limited liability company action duly authorized the
execution, delivery and performance of this Agreement.

 

(c)               
Enforceable Obligations. This Agreement has been duly executed and delivered by Essex and constitutes the legal,
valid and binding obligation of Essex enforceable against Essex in accordance with its terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditor’s
rights generally and by equitable principles relating to enforceability.

 

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(d)              
No Conflicts. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated
herein, nor performance of and compliance with the terms and provisions hereof will (i) violate or conflict with any provision
of Essex’s organizational documents, (ii) violate any Requirement of Law in any material respect, or any order, writ,
judgment, injunction, decree or permit applicable to Essex, (iii) violate in any material respect or materially conflict with
any or cause an event of default under, any contractual obligation to which Essex is a party or by which Essex may be bound or
(iv) result in or require the creation of any Lien, security interest or other charge or encumbrance (other than those contemplated
in or in connection with this Agreement) upon or with respect to any of the assets of Essex.

 

(e)               
Consents. No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or Governmental Authority or other Person is required in connection with the execution, delivery
or performance of this Agreement by Essex.

 

3.                 
Essex Covenants. Essex hereby covenants and agrees with Agent, for the ratable benefit of Agent and Lenders, that
so long as this Agreement is in effect, Essex will not dissolve, liquidate, or wind up its affairs, or enter into any transaction
of merger or consolidation unless in connection with such merger or consolidation the financial condition of the surviving entity
is satisfactory to Agent in the exercise of its reasonable discretion and such surviving entity agrees to be bound by the terms
of this Agreement on the same terms and conditions as Essex.

 

4.                 
Non-Compliance. Essex, Holdings and the Borrowers acknowledge and agree that the failure by Essex, Holdings or any
Borrower to comply with the terms of this Agreement shall constitute an immediate Event of Default that is not subject to any cure
or grace period.

 

5.                 
Beneficiary. Each of Essex, Holdings and the Borrowers hereby acknowledges and agrees that Agent and Lenders have
expressly relied on the effectiveness of this Agreement (and in particular, Essex’s and Holdings’ respective commitments
to make the Capital Contribution under any and all circumstances in accordance with the terms hereof) in entering into the First
Amendment. Each of Essex, Holdings and the Borrowers hereby acknowledges and agrees for the benefit of Agent and Lenders that (a)
Essex’s and Holdings’ respective obligations to make the Capital Contribution hereunder and all or any portion of the
Capital Contribution made hereunder constitute payment intangibles (within the meaning of the Uniform Commercial Code) owing to
Holdings or the US Borrower, as applicable, and (b) this Agreement constitutes a notification authenticated by Holdings, the US
Borrower and Agent, for the benefit of Agent and Lenders, that any and all of Holdings’ and the US Borrower’s rights
to all or any portion of any Capital Contribution required to be made by Essex or Holdings have been collaterally assigned to Agent
for the benefit of Agent and Lenders as security for the Obligations. In the event that Essex or Holdings is precluded under applicable
law or otherwise from making all or any portion of the Capital Contribution in accordance with the terms hereof, Essex or Holdings,
as the case may be, shall be obligated to pay an amount equal to such Capital Contribution or portion thereof in cash directly
to Agent, immediately upon demand by Agent, for application to the Obligations in the manner set forth in the Credit Agreement,
and Essex or Holdings, as the case may be, shall be relieved from any obligation to make such Capital Contribution or portion thereof.
Issuance by Holdings or US Borrower, as applicable, of equity interests in exchange for such payments shall not be a condition
to the making of such payments (notwithstanding any right of Essex or Holdings, as applicable, to receive equity interests in exchange
therefor, which rights shall not be deemed waived by this Section).

 

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6.                 
Costs and Expenses. Essex agrees to pay, or cause the Borrowers to pay, on demand all reasonable costs and expenses
of every kind incurred by Agent in enforcing this Agreement against any party. “Costs and expenses” as used
in the preceding sentence shall include, without limitation, reasonable attorneys’ fees incurred by Agent in retaining counsel
in connection with any claim, suit, appeal, any insolvency or other proceedings under the Bankruptcy Code or otherwise. In addition,
the Borrowers and Holdings hereby jointly and severally agree to pay all reasonable out-of-pocket costs and expenses of Agent in
connection with any amendment, waiver or consent relating hereto (including, without limitation, in each case, the reasonable fees
and disbursements of counsel employed by Agent).

 

7.                 
Subrogation. Neither Holdings nor Essex shall have a right of subrogation to any Obligations by virtue of the making
any Capital Contribution hereunder.

 

8.                 
Obligations Independent. The obligations of Essex hereunder are independent of the obligations of the Borrowers,
Holdings, and any other Credit Party or any other party, and a separate action or actions may be brought and prosecuted against
Essex whether or not an action is brought against any Borrower, Holdings, any other Credit Party or any other party and whether
or not any Credit Party or any other party shall be joined in any such action or actions.

 

9.                 
Actions Relating to Obligations Under Credit Agreement. Essex agrees that its obligations under this Agreement are
independent of the Credit Agreement and that such obligations shall be unaffected by any action or omission of Agent or any Lender.
Without limiting the generality of the foregoing, Agent and Lenders may, at any time and from time to time, without the consent
of, or notice to, Essex, without incurring responsibility to Essex, without impairing or releasing the obligations of Essex hereunder,
upon or without any terms or conditions and in whole or in part:

 

(a)   
change the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, alter or increase
any of the Obligations, any security therefor, or any liability incurred directly or indirectly in respect thereof;

 

(b)  
take and hold security for the payment of the Obligations and sell, exchange, release, impair, surrender, realize upon or
otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever
securing, the Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof
or hereof, and/or any offset there against;

 

(c)   
exercise or refrain from exercising any rights against any Credit Party or others or otherwise act or refrain from acting
under or in connection with the Loan Documents; 

 

(d)  
settle or compromise any of the Obligations, any security therefor or any liability (including any liability of any party
hereto arising hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all
or any part thereof to the payment of any liability (whether due or not) of any Credit Party, to creditors of such Credit Party
other than Lenders;

 

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(e)   
except as otherwise expressly provided herein, apply any sums by whomever paid or however realized to any liability or liabilities
of any Credit Party to Agent or Lenders regardless of what liability or liabilities of Essex or any Credit Party remain unpaid;

 

(f)   
release or substitute any one or more Credit Parties, endorsers or guarantors; and/or

 

(g)  
consent to or waive any breach of, or any act, omission or default under, any of the Loan Documents or any of the instruments
or agreements referred to therein, or otherwise amend, modify or supplement any of the Loan Documents or any of such other instruments
or agreements.

 

10.             
Waivers. The obligations of each of Essex, Holdings and the Borrowers under and pursuant to the terms of this Agreement
shall be absolute and unconditional and shall be performed regardless of (a) whether Agent or any Lender shall have exercised any
of its rights or remedies under any Loan Document, (b) the validity, legality or enforceability of any Loan Document or of any
of the Loans or other Obligations or of any security therefor, (c) the occurrence of any Default or Event of Default, (d) any law,
regulation or decree now or hereafter in effect which might in any manner affect any of the terms or provisions of any Loan Document
or any of the rights of Agent and/or any Lender as against any Credit Party, (e) the merger or consolidation of any Credit Party
into or with any other Person or any sale or transfer by any Credit Party of all or any part of its property, (e) the commencement
or pendency of any voluntary or involuntary bankruptcy case, other insolvency proceeding or other liquidation proceeding, dissolution
or winding-up of any Credit Party (each, a “Proceeding”), or (f) any other circumstance whatsoever (with or
without notice to or knowledge of Essex or any Credit Party), including, without limitation, any circumstance which may or might
in any manner or to any extent vary the risk of Essex or any Credit Party, or might otherwise constitute a legal or equitable discharge
of, or defense available to, a surety or guarantor (other than payment in full in cash of the Obligations), it being the parties’
purpose and intent that the respective obligations of each of Essex, Holdings and the Borrowers under this Agreement shall be absolute
and unconditional under any and all circumstances, and shall not thereafter be discharged except by payment and performance as
provided in this Agreement. Each of Essex, Holdings and the Borrowers agrees not to deduct from or set-off against any amounts
that may be owing by any of them hereunder, any claims that it may now or hereafter have against any Credit Party, Agent, any Lender
or any other Person. Each of Essex, Holdings and the Borrowers acknowledges
and agrees that upon any breach by any of Essex, Holdings and the Borrowers of
any of their obligations under this Agreement, none of the non-breaching parties hereto will have any adequate remedy at law, and
accordingly each such non-breaching party shall be entitled to specific performance and other appropriate injunctive and equitable
relief against the breaching party, and accordingly, each of Essex, Holdings and the Borrowers hereby irrevocably waives
any defense based on the adequacy of a remedy at law which may be asserted as a bar to the remedy of specific performance in any
action brought against any breaching party for specific performance of this Agreement by Agent or any non-breaching party. Further,
each of Essex, Holdings and the Borrowers hereby irrevocably agrees that notwithstanding anything to the contrary in the Bankruptcy
Code, this Agreement shall be fully enforceable in any Proceeding and that this Agreement (regardless of whether this Agreement
is deemed to be an executory contract within the meaning of the Bankruptcy Code) may be assumed by Holdings or the Borrowers, without
the consent of Essex or any other Credit Party. Without limiting the generality of the foregoing, each of Essex, Holdings and each
Borrower waives any rights, defenses or benefits it may possess under Sections 365(c)(2) and 365(e)(2) or any other provision of
the Bankruptcy Code that would, directly or indirectly, prevent or restrict Holdings or the Borrowers (or any trustee of Holdings
or any Borrower’s estate) from assuming this Agreement (regardless of whether this Agreement is deemed to be an executory
contract within the meaning of the Bankruptcy Code) without the consent of Essex or any other Credit Party or from otherwise enforcing
the terms of this Agreement. Essex acknowledges the substantial direct and indirect benefits from the financing arrangements contemplated
by the Credit Agreement and the First Amendment and the waivers set forth herein are knowingly made in contemplation of such benefits.

 

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11.             
Miscellaneous.

 

(a)                           
Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with
or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement
(including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof and any determinations
with respect to post-judgment interest).

 

(b)                          
Submission to Jurisdiction. Any legal action or proceeding with respect to this Agreement shall be brought exclusively
in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States
of America for the Southern District of New York and, by execution and delivery of this Agreement, Essex, Holdings and the
Borrowers hereby accepts for itself and in respect of its Property, generally and unconditionally, the jurisdiction of the aforesaid
courts; provided that nothing in this Agreement shall limit the right of Agent to commence any proceeding in the federal or state
courts of any other jurisdiction to the extent Agent determines that such action is necessary or appropriate to exercise its rights
or remedies under this Agreement. The parties hereto hereby irrevocably waive any objection, including any objection to the laying
of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such
action or proceeding in such jurisdictions.

 

(c)                           
Service of Process. Each of Essex, Holdings and the Borrowers hereby irrevocably waives personal service of any and
all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in
any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection
with this Agreement by any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or
certified United States mail or Canada Post, postage prepaid) to its address specified herein (and shall be effective when such
mailing shall be effective, as provided therein). Each of Essex, Holdings and the Borrowers agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.

 

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(d)                          
Non-Exclusive Jurisdiction. Nothing contained in this Section 11 shall affect the right of Agent or any Lender
to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed
against Essex, Holdings or any Borrower in any other jurisdiction.

 

(e)                           
Waiver of Jury Trial. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT AND ANY TRANSACTION
CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

 

(f)                           
Benefit of Agreement. This Agreement shall be binding upon Essex, the Borrowers, Holdings and their respective successors
and assigns (including, without limitation, any of those entities as debtors-in-possession, or any trustee or any other representative
of any of their bankruptcy estates) and shall inure to the benefit of Holdings, the Borrowers, Agent (on behalf of itself and Lenders)
and their respective successors and assigns. None of Essex, Holdings or the Borrowers may assign any of their respective rights
or obligations hereunder without the prior written consent of Agent. This Agreement is not being made for the benefit of any persons
other than those identified above, and no person other than those identified above shall have any rights hereunder.

 

(g)                          
Amendments; Waivers. Neither this Agreement nor any provision hereof may be changed, modified, amended or waived
except with the written consent of all of the parties hereto (including Agent).

 

(h)                          
Waivers of Failures; Delays; Etc. No failure or delay on the part of Agent, Holdings or the Borrowers in exercising
any right, power or privilege hereunder and no course of dealing between Agent, Essex, Holdings or the Borrowers shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. The rights, powers and remedies herein expressly
provided are cumulative and not exclusive of any rights, powers or remedies which Holdings, the Borrowers, Agent or any Lender
would otherwise have. No notice to or demand on Essex in any case shall entitle Essex to any other further notice or demand in
similar or other circumstances or constitute a waiver of the rights of Holdings, the Borrowers, Agent or any Lender to any other
or further action in any circumstances without notice or demand.

 

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(i)                            
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

 

(j)                            
Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent,
approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or
whenever any of the parties desires to give or serve upon any other party a communication with respect to this Agreement, each
such notice, demand, request, consent, approval, declaration or other communication shall be delivered in person or sent by registered
or certified mail, return receipt requested, with proper postage prepaid, or by facsimile transmission and confirmed by delivery
of a copy by personal delivery or United States Mail as otherwise provided herein:

 

If to Essex:

 

Essex Rental Corp.

1110 Lake Cook Road

Buffalo Grove, IL 60089

Attn: Martin A. Kroll

Facsimile: (847) 215-6535

If to Holdings or any Borrower:

 

c/o Essex Rental Corp.

1110 Lake Cook Road

Buffalo Grove, IL 60089

Attn: Martin A. Kroll

Facsimile: (847) 215-6535

 

with a copy to:

 

Katten Muchin Rosenman LLP

525 West Monroe Street

Chicago, Illinois 60661

Attn: Jeffrey L. Elegant, Esq.

Facsimile: (312) 902-1061

 

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If to Agent:

 

 

General Electric Capital Corporation

401 Merritt 7

Norwalk, CT 06851

Attn: Account Manager/Coast Crane

Facsimile: (513) 770-5460

 

 

with a copy to:

 

General Electric Capital Corporation

10 Riverview Drive

Danbury, CT 06810

Attn: Jill Zellmer

Facsimile: (203) 749-4562

And

 

General Electric Capital Corporation

201 Merritt 7

Norwalk, CT 06851

Attn: Theodore Francis

Facsimile: (513) 770-5460

 

with a copy (which shall not constitute notice
to Agent) to:

 

Paul Hastings LLP

75 East 55th Street

New York, New York 10022

Attention: Mario J. Ippolito

Facsimile: (212) 230-7848

 

or at such other address
as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication
hereunder shall be deemed to have been duly served, given or delivered (a) if delivered in person, when delivered; (b) if delivered
by fax, on the date of transmission if transmitted on a Business Day before 4:00 p.m. (New York time); (c) if delivered by overnight
courier, one (1) Business Day after delivery to the courier properly addressed; or (d) if delivered by U.S. mail, four (4) Business
Days after deposit with postage prepaid and properly addressed.

 

(k)                          
Section Titles. The Section titles contained in this Agreement are and shall be without substantive meaning or content
of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

(l)                            
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall
be deemed an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear
on any one counterpart. Any party hereto may execute and deliver a counterpart of this Agreement by delivering by facsimile or
other electronic transmission a signature page of this Agreement signed by such party, and any such facsimile or other electronic
signature shall be treated in all respects as having the same effect as an original signature. Any party delivering by facsimile
or other electronic transmission a counterpart executed by it shall promptly thereafter also deliver a manually signed counterpart
of this Agreement.

 

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(m)                        
Further Assurance. Each of Essex, Holdings and the Borrowers hereby agrees from time to time, as and when requested
by Agent, to execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take
or cause to be taken such further or other action as Agent may reasonably deem necessary or desirable in order to carry out the
intent and purposes of this Agreement.

 

(n)                          
Reinstatement. To the fullest extent permitted by law, this Agreement shall continue to be effective or shall be
reinstated, as the case may be, if at any time any payment (or part thereof) made or caused to be made by Essex or Holdings pursuant
to this Agreement is rescinded or must otherwise be restored or returned by any beneficiary of this Agreement upon the insolvency,
bankruptcy or reorganization of any Person or otherwise, all as though such payment had not been made.

 

12.             
 Conditions to Effectiveness. This Agreement shall become effective upon execution and delivery of a counterpart
of this Agreement by each of Essex, Holdings, the Borrowers and Agent.

 

[remainder of page intentionally
left blank]

 

 

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IN WITNESS WHEREOF, this Agreement has been
executed as of the date set forth above.

 

ESSEX RENTAL CORP.

 

 

 

By:  /s/ Martin A. Kroll 

Name: Martin A. Kroll

Title:SVP & Chief Financial Officer

 

 

CC ACQUISITION HOLDING CORP.

 

By: /s/ Martin A. Kroll 

Name:Martin A. Kroll

Title:Secretary & Treasurer

 

 

COAST CRANE COMPANY

By: /s/ Martin A. Kroll 

Name:Martin A. Kroll

Title: Secretary & Treasurer

 

 

COAST CRANE LTD.

By: /s/ Martin A. Kroll 

Name:Martin A. Kroll

Title:Secretary & Treasurer

 

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Acknowledged and accepted as of

the 7th day of May, 2012

 

general
electric capital corporation, as Agent

 

By: /s Joseph Tunney

Its: Duly Authorized Signatory 

 

 

 

 

    	12MANDALAY
DIGITAL GROUP, INC.

INDEMNIFICATION
AGREEMENT 

 

This
Indemnification Agreement (the "Agreement") is made as of the
date indicated below between Mandalay Digital Group, Inc., a Delaware corporation (the "Company"),
and the undersigned individual ("you"). In consideration of your
service to the Company or one of its subsidiaries, the Company hereby binds itself as follows (capitalized terms are generally
defined in Exhibit A):

 

1.          Grant
of Indemnification.

 

1.1.          Indemnification.
If you become Involved in a Claim, the Company will indemnify you, to the fullest extent permitted by law and as soon as practicable,
against any and all Losses actually and reasonably incurred by you as a result of the Claim. The parties hereto intend that, to
the extent the indemnification expressly permitted by statute is non-exclusive, this Agreement shall provide to the fullest extent
permitted by law for indemnification in excess of such indemnification , including, without limitation, any indemnification provided
by the Company’s articles of incorporation, bylaws, vote of its shareholders or disinterested directors, this Agreement or
applicable law.

 

1.2.          Advancement.
Until the Claim is resolved, the Company will advance to you any and all Expenses within thirty (30) days upon receipt by the Company
of a written undertaking by you to repay all amounts so advanced if it is ultimately determined that you were not entitled to be
indemnified for such Claim under this Agreement. Advances of Expenses shall be made without regard to your ability to repay such
amounts and without regard to you ultimate entitlement to indemnification under this Agreement or otherwise. 

 

1.3.          Enforcement.
If a written demand by you for indemnity under this Agreement is not paid in full by the Company within sixty (60) days, you may
immediately commence arbitration against the Company to recover the unpaid amount of your claim, together with interest thereon.
If you are successful in whole or in part, the Company will also pay all of your Expenses in prosecuting that arbitration.

 

1.4.          Action
by Company. Except following a Change of Control, the requirements for advancement
of Expenses will not apply to a Claim against you brought by the Company and approved by a majority of its Board of Directors.

 

2.          Change
in Control. Following a Change of Control, the Company will advance
all Expenses and indemnify you unless it receives a final court determination or a written opinion from Independent Legal Counsel
that indemnification of the Claim is not permissible. The Company agrees to pay the reasonable fees of Independent Legal Counsel
and to fully indemnify such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising
out of or relating to this Agreement or such counsel's engagement pursuant hereto.

 

    	-1-

    	 

    

 

3.          Presumptions.
In any proceeding to enforce this Agreement, the burden of proof will be on the Company to prove that you may not be indemnified
for any Claim under Delaware law. The termination of any claim, whether by judgment, order, settlement (with or without court approval)
or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that you did not meet any particular
standard of conduct or did have any particular belief or that a court determined that indemnification is not permitted by applicable
law. . If making a determination with respect to entitlement to indemnification hereunder which under this Agreement, the articles,
bylaws or applicable law requires a determination of yours good faith and/or whether you acted in a manner which you reasonably
believed to be in or not opposed to the best interests of the Company, the person, persons or persons making such determination
will presume that you have at all times acted in good faith and in a manner you reasonably believed to be in or not opposed to
the best interests of the Company. Unless prohibited by law, anyone seeking to overcome this presumption will have the burden of
proof and of persuasion .Furthermore, neither an unfavorable decision, nor the lack of any decision, by the Company's Board of
Directors, any Committee of that Board, or any counsel to the Company regarding whether you met any particular standard of conduct
or had any particular belief shall be a defense to your Claim or create a presumption that you have not met any particular standard
of conduct or did not have any particular belief.

 

4.          Nonexclusivity.
Your rights under this Agreement are in addition to any other rights you may have under the Company's Certificate of Incorporation,
Bylaws or Delaware law or otherwise. To the extent that a change in the Delaware law (whether by statute or judicial decision)
permits greater indemnification by agreement than would be afforded currently under the Company's Certificate of Incorporation
and Bylaws and this Agreement, this Agreement will be deemed to provide you with those greater benefits. To the extent the Company
maintains an insurance policy or policies providing directors' and officers' liability insurance, you will be covered by such policy
or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or
officer.

 

5.          No
Duplication of Payments; Subrogation. The Company shall not be
liable under this Agreement to make any payment in connection with any Claim made against you to the extent you have otherwise
actually received payment (under any insurance policy, Bylaw or otherwise) of the amounts otherwise indemnifiable hereunder. The
Company shall be subrogated to all of your rights of recovery to the extent of any payment made to you. You agree to execute all
papers required and do everything that may be necessary to secure such rights, including the execution of such documents necessary
to enable the Company to effectively bring suit to enforce such rights.

 

6.          Selection
of Counsel. In the event the Company shall be obligated under Section 1 hereof
to advance any Expenses to you, the Company shall be entitled to assume the defense of such proceeding, with counsel approved by
you (which consent shall not unreasonably be withheld), upon the delivery to you of written notice of its election so to do. After
delivery of such notice, approval of such counsel by you and the retention of such counsel by the Company, the Company shall not
be liable to you under this Agreement for any fees of counsel subsequently incurred by you with respect to the same proceeding,
provided that, (i) you shall have the right to employ your counsel in any such proceeding at your expense, and (ii) the
reasonable fees and expenses of your counsel shall be at the expense of the Company if (A) the employment of your counsel
has been previously authorized in writing by the Company, or (B) you shall have reasonably concluded and notified the Company
in writing that there may be a conflict of interest between either the Company and you in the conduct of any such defense or between
you and other indemnitees of the Company being represented by counsel retained by the Company in the same proceeding. 

 

    	-2-

    	 

    

 

7.          General.

 

7.1.          Binding
Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and
be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs,
executors and personal and legal representatives. This Agreement shall continue in effect regardless of whether you continue to
serve as an officer or director of the Company or of any other enterprise at the Company's request. The Company shall require and
cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a
substantial part, of the business and/or assets of the Company, by written agreement, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had
taken place.

 

7.2.          Complete
Agreement; Modifications. This Agreement and any documents referred to herein or executed
contemporaneously herewith constitute the parties' entire agreement with respect to the subject matter hereof and supersede all
prior indemnification agreements between the Company and you, and all other written and oral agreements, representations, warranties,
statements, promises and understanding, and all contemporaneous oral agreements, representations, warranties, statements, promises
and understandings, with respect to the subject matter hereof. This Agreement may not be amended, altered or modified except by
a writing signed by both parties.

 

7.3.          Disputes.

 

7.3.1.          Governing
Law; Jurisdiction. The rights and liabilities of the parties will be governed by the
laws of Delaware, regardless of the choice of law provisions of that state or any other jurisdiction.

 

7.3.2.          Arbitration
as Exclusive Remedy. Except for actions seeking injunctive relief, which may be brought
before any court having jurisdiction, any claim arising out of or relating to this Agreement, including its validity, interpretation,
enforceability or breach, whether based on breach of covenant, breach of an implied covenant or intentional infliction of emotional
distress or other tort or contract theories, which are not settled by agreement between the parties, shall be settled by arbitration
in Los Angeles County, California before a single arbitrator in accordance with the Commercial Arbitration Rules of the American
Arbitration Association ("AAA") then in effect. The parties hereby
agree to use their best efforts to keep all matters relating to any arbitration hereunder confidential. Each party agrees that
the arbitration provisions of this Agreement are its exclusive remedy and expressly waives any right to seek redress in another
forum. Any arbitration shall be commenced within forty-five (45) days, and completed within ninety (90) days, of the appointment
of the arbitrators. The parties hereby consent to the in personam jurisdiction of the Superior Court of the State of California
for purposes of confirming any arbitration award and entering judgment thereon.

 

    	-3-

    	 

    

 

7.4.          Waivers
Strictly Construed. With regard to any power, remedy or right provided herein or otherwise
available to any party hereunder (i) no waiver or extension of time shall be effective unless expressly contained in a writing
signed by the waiving party; and (ii) no alteration, modification or impairment shall be implied by reason of any previous waiver,
extension of time, delay or omission in exercise, or by an other indulgence.

 

7.5.          Severability.
The validity, legality or enforceability of the remainder of this Agreement will not be affected even if one or more of the provisions
of this Agreement will be held to be invalid, illegal or unenforceable in any respect.

 

7.6.          Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
you for any reason whatsoever, the Company, in lieu of indemnifying you, shall contribute to the amount incurred by you or your
behalf, whether for Losses and/or Expenses in connection with a Claim, in such proportion as is deemed fair and reasonable in light
of all of the circumstances of such Claim in order to reflect the relative benefits received by the Company and you as a result
of the event(s) and/or transaction(s) giving rise to such Claim; and/or the relative fault of the Company (and its directors, officers,
employees and agents other than you) and you in connection with such event(s) and/or transaction(s). To the fullest extent permitted
by law, the Company will fully indemnify and hold you harmless from any claims of contribution which may be brought by other officers,
directors or employees of the Company (other than you) who may be jointly liable with you for any Loss or Expense arising from
a Claim.

 

7.7.          Specific
Performance; Remedies. Each party acknowledges and agrees that the other party would
be damaged irreparably if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise
breached. Accordingly, the parties will be entitled to an injunction or injunctions to prevent breaches of the provisions of this
Agreement and to enforce specifically this Agreement and its provisions in any action or proceeding instituted in any state or
federal court siting in Los Angeles, California having jurisdiction over the parties and the matter, in addition to any other
remedy to which they may be entitled, at law or in equity. Except as expressly provided herein, the rights, obligations and remedies
created by this Agreement are cumulative and in addition to any other rights, obligations or remedies otherwise available at law
or in equity. Except as expressly provided herein, nothing herein will be considered an election of remedies.

 

    	-4-

    	 

    

 

7.8.          Other
Agreements. This Agreement is not intended to supersede or modify any existing indemnification
or similar agreement between the parties (“Other Agreements”). In the event of any conflict between this Agreement
and any Other Agreements, you shall be entitled to, to the maximum extent permitted by law, to elect which provision to apply without
it being deemed a breach of this Agreement or such Other Agreement.

 

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    	-5-

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

 

	COMPANY:	 	INDEMNITEE ("YOU"):
	 	 	 
	Mandalay Digital Group, Inc., a Delaware corporation	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	 	 	 	 
	Its:	 	 	Print Name:	 
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	Dated:	 	 	Dated:	 
	 	 	 	 	 	 	 

    	-6-

    	 

    

 

Exhibit
A

 

Certain
Definitions

 

"Change
in Control" is an event which shall be deemed to have occurred if any one or
more of the following events occur: (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) hereafter becomes the "beneficial owner" (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing thirty-five percent or more of Voting Securities, excluding,
however, a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly
or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company
or any person meeting such standard as of the date hereof; or (ii) the individuals who on the date hereof constitute the Board
of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company's
shareholders was approved by a vote of at least two-thirds of the directors then still in office, cease for any reason to constitute
a majority of the Board of Directors; or (iii) the shareholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would result in Voting Securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities
of the surviving entity) at least eighty percent of the total voting power of the surviving entity outstanding immediately after
such merger or consolidation or (iv) the shareholders of the Company approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company (in one transaction or a series of transactions) of all or substantially all
the Company's assets.

 

"Claim"
means (i) any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
which is related to the fact that you are or were a director, officer, employee, agent, trustee or fiduciary of the Company, or
are or were serving at the request of the Company as a director, officer, employee, trustee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything done or not done by you
in any such capacity, or (ii) any inquiry or investigation, whether instituted by the Company or any other party, that you in good
faith believe might lead to the institution of any such action, suit or proceeding.

 

"Expenses"
means, without limitation, attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with (i)
investigating, defending, being a witness in or participating in (including on appeal), any Claim or (ii) preparing to defend,
be a witness in or participate in any Claim.

 

"Independent
Legal Counsel" means an attorney or firm of attorneys selected by you and approved
by the Company (which approval shall not be unreasonably withheld) who shall not have otherwise performed services within the last
three (3) years for the Company or for you (other than services as provided under Section 2 of this Agreement). If you fail to
select an Independent Legal Counsel within 30 days of request by the Company, the Company may select such counsel subject to your
reasonable approval.

 

    	-7-

    	 

    

 

"Involved"
means involuntarily (or at the request of the Company) being or becoming, or being threatened with becoming, a party or witness
or other participant.

 

"Losses"
means expenses, judgments, fines, penalties, ERISA excise taxes and any amounts paid in settlement (including all related interest).

 

"Voting
Securities" means any securities of the Company which entitle the holders thereof
to vote generally in the election of directors.

 

    	-8-

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