Document:

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                                                                 Exhibit 10.10.3

                               AMENDMENT NUMBER 3

                                McGRATH RENTCORP

                          EMPLOYEE STOCK OWNERSHIP PLAN

         Pursuant to and in accordance with the provisions of Section 19 of the
McGrath RentCorp Employee Stock Ownership Plan (the "Plan"), the Board of
Directors of McGrath RentCorp (the "Company") does hereby amend said Plan as
follows:

Subsection 1(b): This Subsection is amended by adding the following new
paragraph to the end of this Subsection:

                           "Effective for all Plan Years beginning after
         December 31, 2001, this Plan reflects certain provisions of the
         Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"),
         intended as good faith compliance with the requirements of EGTRRA. Such
         EGTRRA provisions, if applicable, shall be construed in accordance with
         EGTRRA and the guidance issued thereunder, and shall supercede those
         specific provisions of the Plan to the extent those provisions are
         inconsistent with the EGTRRA provisions."

Section 2:       The definition of "COVERED COMPENSATION" is amended by adding
the following to the end of this definition:

                 "However, the Covered Compensation of each Participant taken
                 into account in determining allocations for any Plan Year
                 beginning after December 31, 2001, shall not exceed $200,000,
                 as adjusted for cost-of-living increases in accordance with
                 Section 401(a)(17)(B) of the Code. Covered Compensation means
                 compensation during the Plan Year or such other consecutive
                 12-month period over which compensation is otherwise determined
                 under the Plan (the determination period). The cost-of-living
                 adjustment in effect for a calendar year applies to annual
                 compensation for the determination period that begins with or
                 within such calendar year."

Section 2:       The definitions of "ELIGIBLE RETIREMENT PLAN" and "ELIGIBLE
ROLLOVER DISTRIBUTION" are amended to read as follows:

         "ELIGIBLE RETIREMENT PLAN

                 "An individual retirement account described in Section 408(a)
                 of the Code, an individual retirement annuity described in
                 Section 408(b) of the Code, an annuity plan described in
                 Section 403(a) of the Code, or a qualified trust described in
                 Section 401(a) of the Code, that accepts the Distributee's
                 Eligible Rollover Distribution. However, in the case of an
                 Eligible Rollover Distribution to the surviving spouse, an
                 Eligible Retirement Plan is an individual retirement account or
                 individual retirement annuity.

                 "For purposes of distributions made after December 31, 2001,
                 the definition of Eligible Retirement Plan shall also mean an
                 annuity contract described in Section 403(b) of the Code and an
                 eligible plan under Section 457(b) of the Code which is
                 maintained by a state, political subdivision of a state, or any
                 agency or instrumentality of a state or political subdivision
                 of a state and which agrees to separately account for amounts
                 transferred into such plan from this Plan. The definition of
                 Eligible Retirement Plan shall also apply in the case of a
                 distribution to a surviving spouse, or to a spouse or former
                 spouse who is the Alternate Payee under a qualified Domestic
                 Relation Order, as defined in Section 414(p) of the Code."

         "ELIGIBLE ROLLOVER DISTRIBUTION

                 "Any distribution of all or any portion of the balance to the
                 credit of the Distributee, except that an Eligible Rollover
                 Distribution does not include: any hardship distribution,
                 including but not limited to a hardship distribution, described
                 in Section 401(k)(2)(B)(i)(IV), any distribution that is one of
                 a series of substantially equal periodic payments (not less
                 frequently than annually) made for the life (or life
                 expectancy) of the Distributee or the joint lives (or joint
                 life expectancies) of the Distributee and the Distributee's
                 designated Beneficiary, or for a specified period of ten (10)
                 years or more; any distribution to the extent such distribution
                 is required under Section 401(a)(9) of the Code; and the
                 portion of any distribution that is not includable in gross
                 income (determined without regard to the exclusion for net
                 unrealized appreciation with respect to Employer Securities).

                 "Notwithstanding the foregoing, effective for all distributions
                 made after December 31, 2001, for purposes of Section 14(h) of
                 the Plan, a portion of a distribution shall not fail to be an
                 Eligible Rollover Distribution merely because the portion
                 consists of after-tax employee contributions which are not
                 includable in gross income. However, such portion may be
                 transferred only to an individual retirement account or annuity
                 described in Section 408(a) or (b) of the Code, or to a
                 qualified defined contribution plan described in Section 401(a)
                 or 403(a) of the Code that agrees to separately account for
                 amounts so transferred, including separately accounting for the
                 portion

<PAGE>

                  of such distribution which is includable in gross income and
                  the portion of such distribution which is not so includable."

Section 4:        This Section is amended by adding the following two provisions
                  to the end of this Section:

                  "Omission of Eligible Employee.

                           "If, in any Plan Year, any Employee who should be
         included as a Participant in the Plan is erroneously omitted, and
         discovery of such omission is not made until after a Contribution by
         the Employer for the Plan Year has been made, the Employer shall make a
         subsequent Contribution with respect to the omitted Employee in the
         amount which the Company would have contributed if he or she had not
         been omitted. Such Contribution shall be made regardless of whether or
         not it is deductible in whole or in part in any taxable year under the
         applicable provisions of the Code.

                  "Inclusion of Ineligible Employee.

                           "If, in any Plan Year, any Employee who should not
         have been included as a Participant in the Plan is erroneously
         included, and discovery of such incorrect inclusion is not made until
         after a Contribution by the Company for the year has been made, the
         Company shall not be entitled to recover the Contribution made with
         respect to the ineligible Employee regardless of whether a deduction is
         allowable with respect to such Contribution. In such event, the amount
         contributed with respect to the ineligible Employee shall constitute a
         Forfeiture for the Plan Year in which the discovery is made."

Subsection 11(b)(1):       This Subsection is amended by adding the following
paragraph to the end of this Subsection:

                  "Notwithstanding the foregoing, for Limitation Years beginning
         after December 31, 2001, except to the extent permitted under Section
         414(v) of the Code, if applicable, the Annual Addition that may be
         contributed or allocated to a Participant's Account under the Plan for
         any Limitation Year shall not exceed the lesser of:

                  "(i)     $40,000, as adjusted for increases in the
                           cost-of-living under Section 415(d) of the Code, or

                  "(ii)    100 percent of the Participant's compensation, within
                           the meaning of Section 415(c)(3)of the Code, for the
                           Limitation Year.

                  "The compensation limit referred to in (ii) shall not apply to
                  any Contribution for medical benefits after separation from
                  service (within the meaning of Section 401(h) or Section
                  419(A)(f)(2) of the Code) which is otherwise treated as an
                  Annual Addition."

Subsection 14(e): This Subsection is amended by adding the following new
sentence to follow after the first sentence of this Subsection:

         "For all distributions made after December 31, 2001, with respect to
         all Participants, the value of a Participant's nonforfeitable account
         balance shall be determined without regard to that portion of the Plan
         Benefit, if any, attributable to any rollover contributions (and
         earnings allocable thereto) within the meaning of Sections 402(c),
         403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code."

Subsection 14(f): This Subsection is deleted in its entirety and replaced with
the following:

                  "(f)     Required Commencement of Benefit Distribution.

                           "(1)    Distribution of a Participant's Plan Benefit
         shall commence not later than sixty (60) days after the Anniversary
         Date coinciding with or next following the latest of (1) the
         Participant's Retirement, (2) the tenth (10th) anniversary of the date
         the Participant became a Participant, or (3) the Participant's
         separation from service.

                                   "If the amount of a Participant's Plan
         Benefit cannot be determined (by the Committee) by the date on which
         a distribution is to commence, or the Participant cannot be located,
         distribution of the Participant's Plan Benefit shall commence within
         sixty (60) days after the date on which the Participant's Plan Benefit
         can be determined or after the date on which the Committee locates the
         Participant.

                           "(2)    The distribution of the Plan Benefit of any
         Participant who attains age seventy and one-half (70 1/2) in a calendar
         year must commence not later than April 1 of the next calendar year
         (even if the Participant has not terminated). Effective for all Plan
         Years beginning on or after January 1, 1998, except in the case of a
         five percent (5%) owner (as defined in Section 416(i)(1)(B)(i) of the
         Code), distributions shall commence in accordance with Subsection
         14(f)(2) unless the Participant elects otherwise. In the event a
         Participant elects not to receive the distributions, or in the

<PAGE>

         case of a Participant (other than a five percent (5%) owner) who has
         begun receiving distributions in accordance with this Subsection who
         elects to cease receiving such distributions, the distributions shall
         commence (or recommence) no later than April 1 of the calendar year
         following the calendar year in which the Participant separates from
         service with the Employer. All distributions made under this Subsection
         14(f)(2) shall be determined and made in accordance with the Proposed
         Regulations under Section 401(a)(9), including the minimum distribution
         incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed
         Regulations.

                           "Notwithstanding the foregoing, effective for
         purposes of determining required minimum distributions for calendar
         years beginning with the 2003 calendar year, all distributions made
         under this Subsection 14(f) shall be determined and made in accordance
         with the final and temporary regulations under 401(a)(9), pursuant to
         Rev. Proc. 2002-29."

Section 14:       This Section is amended by adding the following new Subsection
(k) to this Section:

         "(k)     Automatic Rollovers.

                  "Any distribution in excess of $1,000 may be made by
         transferring the amount to be distributed to an individual retirement
         plan designated by the Plan Committee, unless the Participant or
         Beneficiary entitled to receive the distribution elects (1) to receive
         the distribution directly, or (2) to have the distribution paid
         directly to another Eligible Retirement Plan as described in Section 10
         of the Plan. The requirement of this paragraph shall not be effective
         until the effective date of regulations issued by the Department of
         Labor with respect to the requirements of the Plan Committee's
         selection of individual retirement plans."

Section 21:       This Section is replaced in its entirety with the following:

         "Section 21.  TOP-HEAVY RULES.

                  "(a)     Purpose and Effect

                           "The purpose of this Section 21 is to comply with the
                  requirements of Section 416 of the Code. The provisions of
                  this Section 21 are effective for each Plan Year beginning on
                  or after the Effective Date in which the Plan is a `Top-Heavy
                  Plan' within the meaning of Section 416(g) of the Code.

                  "(b)     Top-Heavy Plan

                           "In general, the Plan will be a Top-Heavy Plan for
                  any Plan Year if, as of the `Determination Date' (that is, the
                  last day of the preceding Plan Year), the sum of the amounts
                  in paragraphs (i), (ii) and (iii) below for Key Employees
                  exceeds sixty percent of the sum of such amounts for all
                  Employees who are covered by this Plan or by a defined
                  contribution plan or defined benefit plan that is aggregated
                  with this Plan in accordance with Section 21(d):

                           "(i)     The aggregate Account balances of
                                    Participants under this Plan.

                           "(ii)    The aggregate Account balances of
                                    Participants under any other defined
                                    contribution plan included under Section
                                    21(d).

                           "(iii)   The present value of the cumulative accrued
                                    benefits of Participants calculated under
                                    any defined benefit plan included in Section
                                    21(d).

                           "In making the foregoing determination: (i) a
                  Participant's Account balances or cumulative accrued benefits
                  shall be increased by the aggregate distributions, if any,
                  made with respect to the Participant during the 5-year period
                  (or, for Plan Years commencing after 2001, the 1-year period,
                  except with respect to in-service distributions, for which the
                  5-year period shall continue to apply) ending on the
                  Determination Date, including distributions under a terminated
                  plan that, if it had not been terminated, would have been
                  required to be included in the aggregation group, (ii) the
                  Account balances or cumulative accrued benefits of a
                  Participant who was previously a Key Employee, but who is no
                  longer a Key Employee, shall be disregarded, (iii) the Account
                  balances or cumulative accrued benefits of a Beneficiary of a
                  Participant shall be considered Accounts or accrued benefits
                  of the Participant, (iv) the Account balances or cumulative
                  accrued benefits of a Participant who has not performed
                  services for an Employer or an Affiliated Company at any time
                  during the 5-year period (or, for Plan Years commencing after
                  2001, the 1-year period) ending on the Determination Date
                  shall be disregarded and (v) any rollover contribution (or
                  similar transfer) from a plan maintained by a corporation
                  other than an Employer

<PAGE>

                  under this Plan initiated by a Participant shall not be taken
                  into account as part of the Participant's aggregate Account
                  balances under this Plan.

                  "(c)     Key Employee

                           "In general, a `Key Employee' is an Employee (or a
                  former or deceased Employee) who, at any time during the Plan
                  Year (or, for Plan Years commencing before 2002, for any of
                  the 4 preceding Plan Years), is or was:

                           "(i)     for Plan Years commencing before 2002, an
                                    officer of an Employer having annual
                                    compensation greater than fifty percent of
                                    the amount in effect under Code Section
                                    415(b)(1)(A) for any such Plan Year; for
                                    Plan Years commencing after 2001, an officer
                                    of the Employer having annual compensation
                                    greater than $130,000, as adjusted from time
                                    to time by the Internal Revenue Service;
                                    provided that, for purposes of this
                                    paragraph, no more than fifty Employees of
                                    the Employer (or, if lesser, the greater of
                                    three Employees or ten percent of the
                                    Employees) shall be treated as officers;

                           "(ii)    for Plan Years commencing before 2002, one
                                    of the ten Employees who have annual
                                    compensation from an Employer of more than
                                    the limitation in effect under Code Section
                                    415(c)(1)(A) (the defined contribution
                                    maximum) for that year and owning or
                                    considered as owning, within the meaning of
                                    Section 318 of the Code, the largest
                                    interests in the Employer; provided that if
                                    two Employees have the same interest in the
                                    Employer, the Employee having greater annual
                                    compensation from the Employer shall be
                                    treated as having a larger interest;

                           "(iii)   a five percent or greater owner of an
                                    Employer; or

                           "(iv)    a one percent or greater owner of an
                                    Employer having annual compensation from the
                                    Employer of more than $150,000 (as adjusted
                                    by the Internal Revenue Service).

                           "For purposes of this Section 21, the term
                  'compensation' means compensation as defined by Code Section
                  414(q)(7).

                  "(d)     Aggregated Plans

                           "Each other defined contribution plan and defined
                  benefit plan maintained by an Employer that covers a Key
                  Employee as a Participant or that is maintained by an Employer
                  in order for a plan covering a Key Employee to satisfy Section
                  401(a)(4) or 410 of the Code shall be aggregated with this
                  Plan in determining whether this Plan is top-heavy. In
                  addition, any other defined contribution or defined benefit
                  plan of an Employer may be included if all such plans that are
                  included, when aggregated, will not discriminate in favor of
                  officers, shareholders or Highly Compensated Employees and
                  will satisfy all of the applicable requirements of Sections
                  401(a)(4) and 410 of the Code.

                  "(e)     Minimum Vesting

                           "For any Plan Year in which the Plan is a Top-Heavy
                  Plan, the vested percentage of a Participant's Accounts shall
                  not be less than the percentage determined under the following
                  table:

<TABLE>
<CAPTION>
                                                                       Vested
                  Years of Service                                   Percentage
                  ----------------                                   ----------
                  <S>                                                <C>
                  Less than 2                                             0
                            2                                            20
                            3                                            40
                            4                                            60
                            5                                            80
                    6 or more                                           100
</TABLE>

                           "If the foregoing provisions of this Section 21(e)
                  become effective, and the Plan subsequently ceases to be a
                  Top-Heavy Plan, the Participant's vested Accounts shall not be
                  reduced, and each Participant who has then completed three or
                  more Years of Service may elect to continue to have the vested
                  percentage of such Participant's Accounts determined under the
                  provisions of this Section.

<PAGE>

                  "(f)     Minimum Employer Contribution

                           "Subject to the following provisions of this Section
                  and Section 21(g), for any Plan Year in which the Plan is a
                  Top-Heavy Plan, the Employer Contribution credited to each
                  Participant who is not a Key Employee shall not be less than 3
                  percent of such Participant's compensation from the Employers
                  for that year. In no event, however, shall the total Employer
                  Contribution credited in any year to a Participant who is not
                  a Key Employee (expressed as a percentage of such
                  Participant's compensation from the Employers) be required to
                  exceed the maximum total Employer Contribution credited in
                  that year to a Key Employee (expressed as a percentage of such
                  Key Employee's compensation from the Employers). Contributions
                  made by an Employer under the Plan pursuant to Participants'
                  income deferral authorizations shall not be deemed Employer
                  Contributions for purposes of this Section. For Plan Years
                  commencing after 2001, employer matching contributions (as
                  defined in Code Section 401(m)(4)(A)) shall be taken into
                  account for purposes of this paragraph. The amount of minimum
                  Employer Contribution otherwise required to be allocated to
                  any Participant for any Plan Year under this Section shall be
                  reduced by the amount of Employer Contributions allocated to
                  such Participant for a Plan Year ending with or within that
                  Plan Year under any other tax-qualified defined contribution
                  plan maintained by an Employer.

                  "(g)     Coordination of Benefits

                           "For any Plan Year in which the Plan is top-heavy, in
                  the case of a Participant who is a non-Key Employee and who is
                  a Participant in a top-heavy tax-qualified defined benefit
                  plan that is maintained by an Employer and that is subject to
                  Section 416 of the Code, Section 21(f) shall not apply, and
                  the minimum benefit to be provided to each such Participant in
                  accordance with this Section 21 and Section 416(c) of the Code
                  shall be the minimum annual retirement benefit to which such
                  Participant is entitled under such defined benefit plan in
                  accordance with such Section 416(c), reduced by the amount of
                  annual retirement benefit purchasable with such Participant's
                  Accounts (or portions thereof) attributable to Employer
                  Contributions under this Plan and any other tax-qualified
                  defined contribution plan maintained by an Employer."

         Except as otherwise indicated, this Amendment to said Plan shall be
effective as of January 1, 2002.

                                                 McGRATH RENTCORP

Date:  November 22, 2002                         By /s/ DENNIS C. KAKURES
                                                    ---------------------
                                                    Dennis C. Kakures, President

(SEAL)<PAGE>

                                                                   Exhibit 10.11

                                McGRATH RENTCORP

                    EMPLOYEE STOCK OWNERSHIP TRUST AGREEMENT

<PAGE>

                                McGRATH RENTCORP

                    EMPLOYEE STOCK OWNERSHIP TRUST AGREEMENT

                                    CONTENTS

<TABLE>
<CAPTION>
  Paragraph                                                                         Page
  ---------                                                                         ----
  <S>                                                                               <C>
      A.     The Trust Assets ...................................................     2

      B.     Investment .........................................................     2

      C.     Trustee's Powers ...................................................     3

      D.     Voting Company Stock ...............................................     3

      E.     Nominees ...........................................................     3

      F.     Records ............................................................     4

      G.     Reports ............................................................     4

      H.     Distributions ......................................................     4

      I.     Signatures .........................................................     4

      J.     Expenses ...........................................................     5

      K.     Liability of Trustee ...............................................     5

      L.     Amendment and Termination ..........................................     5

      M.     Irrevocability .....................................................     5

      N.     Resignation or Removal of Trustee ..................................     6

      O.     Definition .........................................................     6

      P.     Miscellaneous ......................................................     6

      Q.     Acceptance .........................................................     6
</TABLE>

<PAGE>

                                McGRATH RENTCORP

                    EMPLOYEE STOCK OWNERSHIP TRUST AGREEMENT

       THIS AGREEMENT, between McGrath Rentcorp, hereinafter referred to as
"Company," and Bank of California, N.A., hereinafter referred to as "Trustee,"
originally effective as of January 1, 1985, and amended and herein restated to
be effective as of January 1, 1989 (except that provisions which are required to
be effective before this date in accordance with the Tax Reform Act of 1986 are
hereby generally applicable to the Plan Years beginning after 1988, unless an
earlier or later effective date is required pursuant to a statute or Treasury
Regulation or as stated in the Plan document),

                              W I T N E S S E T H:

       WHEREAS, it is the policy of the Company to so finance and conduct its
operations as to enable its employees and the employees of any participating
affiliates to acquire through an Employee Stock Ownership Plan equity ownership
in the Company; and

       WHEREAS, the Company has restated the "McGrath Rentcorp Employee Stock
Ownership Plan," hereinafter referred to as the "Plan," effective as of January
1, 1989; as an amendment and restatement of the Company's prior Employee Stock
Ownership Plan; (except that provisions which are required to be effective
before this date in accordance with the Tax Reform Act of 1986 are hereby
generally applicable to the Plan Years beginning after 1988, unless an earlier
or later effective date is required pursuant to a statute or Treasury Regulation
or as stated in the Plan document); and

       WHEREAS, the Company has designated the Plan and this Trust as
constituting part of a plan intended to qualify under Section 401(a) of the
Internal Revenue Code (hereinafter referred to as the "Code");

       NOW THEREFORE, the parties hereto do hereby restate the McGrath Rentcorp
Employee Stock Ownership Trust and agree the following shall constitute the
Trust Agreement:

       A.    The Trust Assets.

             (1) Employer Contributions shall be paid to the Trustee, from time
to time, in accordance with the Plan. All Employer Contributions hereafter made
and all investments thereof together with all accumulations, accruals, earnings
and income with respect thereto shall be held by the Trustee in trust hereunder
as the Trust Assets. The Trust Assets shall be received by the Trustee and
invested pursuant to written instructions to the Trustee from the Committee. The
Trustee shall not be responsible for the administration of the Plan, maintaining
any records of Participants' Accounts under the Plan, or the computation of or
collection of Employer Contributions, but shall hold, invest, reinvest, manage,
administer and distribute the Trust Assets as provided herein for the exclusive
benefit of Participants, retired Participants and their Beneficiaries.

             (2) Unless otherwise directed by the Company or the Committee
provided for in the Plan (hereinafter referred to as the "Committee"), the
Trustee shall hold, invest and administer the Trust Assets as a single fund
without identification of any part of the Trust Assets with or allocation of any
part of the Trust Assets to the Company or to any affiliate of the Company
designated by it as a participating Employer under the Plan or to any
Participant or group of Participants of the Company or of any such affiliate or
their Beneficiaries.

       B.    Investment.

             (1) As directed by the Committee, the Trustee may invest and
reinvest the Trust Assets without distinction between principal and income in
Company Stock in accordance with the terms of the Plan and this Agreement. The
Trustee may also, as directed by the Committee, invest funds in savings
accounts, certificates of deposit, securities, or other equity stocks or bonds
or in any other kind of real or personal property, including interests in oil or
other depletable natural resources, options, puts, calls, futures contracts and
commodities; or such funds may be held in non-interest-bearing bank accounts, as
necessary on a temporary basis.

             (2) The Plan assets shall be invested and controlled by the
Committee; provided, however, that the actual management of Trust investments,
other than Company Stock, may be delegated to the Trustee or may be delegated to
one or more investment managers appointed by the Committee. Investments directed
by the Committee shall not be in conflict with the "Prohibited Transactions"
provisions of the Code as currently defined and as hereafter amended. The
Trustee shall purchase or sell such shares of Company Stock, including shares of
stock of any classification issued by any subsidiary or affiliate of the
Company, pursuant to direction from the Committee. The Trustee shall have no
obligation whatsoever to seek or request any such direction from the Committee,
nor shall the Trustee have any power or authority to dispose of any such Company
Stock acquired pursuant to such direction unless directed by the Committee. The
Trustee shall, subject to the limitations hereinafter set forth, be under a duty
to

<PAGE>

comply with any such direction when given, but shall have no responsibility
whatsoever in connection with any such purchase, retention or sale, other than
compliance with such direction.

             (3) In the event the Trustee invests any part of the Trust Assets,
pursuant to the directions of the Committee, in any securities issued or
guaranteed by the Company or any subsidiary or affiliate of the Company, and the
Committee thereafter directs the Trustee to dispose of such investment, or any
part thereof, under circumstances which, in the opinion of counsel for the
Company require registration of the securities under the Securities Act of 1933
and/or qualification of the securities under the Blue Sky laws of any state or
states, then the Company, at its own expense, will take or cause to be taken any
and all such action as may be necessary or appropriate to effect such
registration and/or qualification.

       C.    Trustee's Powers.

             As directed by the Committee, the Trustee shall have the authority
and power to:

             (1)  Sell, transfer, mortgage, pledge, lease or otherwise dispose
of, or grant options with respect to any securities or other property in the
Trust at public or private sale;

             (2)  Subject to the restrictions set forth in Section 6 of the
Plan, borrow from any lender to acquire Company Stock or any other property
authorized by this Agreement, giving its note as Trustee with such interest and
security for the loan as may be appropriate and necessary;

             (3)  Vote upon any stock, including Company Stock as prescribed in
Paragraph D of this Agreement, bonds or other securities held in the Trust, or
otherwise consent to or request any action on the part of the issuer in person
or by proxy;

             (4)  Give general or specific proxies or powers of attorney with or
without powers of substitution;

             (5)  Participate in reorganizations, recapitalizations,
consolidations, mergers and similar transactions with respect to Company Stock
or any other securities;

             (6)  Deposit such Company Stock or other securities in any voting
trust, or with any protective or like committee, or with a trustee or with
depositories designated thereby;

             (7)  Exercise any options, subscription rights and conversion
privileges;

             (8)  Sue, defend, compromise, arbitrate or settle any suit or legal
proceeding or any claim due it or on which it is liable;

             (9)  Contract or otherwise enter into transactions between itself
as Trustee and the Company, its subsidiaries and shareholders of any of them;

             (10) Perform all acts which the Trustee shall deem necessary and
appropriate and exercise any and all powers and authority of the Trustee under
this Agreement;

             (11) Exercise any of the powers of an owner, with respect to such
Company Stock and other securities or other property comprising the Trust
Assets. Either the Company or the Committee may authorize the Trustee to act on
any matter or class of matters with respect to which direction or instruction to
the Trustee by the Committee is called for hereunder without specific direction
or other instruction from the Committee.

       D.    Voting Company Stock.

             If the shares of Company Stock are publicly traded, each
Participant shall be entitled to vote any voting shares of Company Stock
allocated to the Participant's Company Stock Account as of the record date. The
Trustee shall notify or shall cause Employer to notify each Participant of each
occasion for the exercise of voting rights not less than thirty (30) days before
such rights are to be exercised. The notification shall include all information
that the Employer distributes to shareholders regarding the exercise of such
rights. Participants shall be allowed to vote fractional shares. Any shareholder
rights other than voting rights (such as conversion rights) shall be subject to
Participant control and direction under the same terms and conditions as set
forth above. Any unallocated shares held by the Trust shall be voted by the
Trustee in accordance with instructions from the Committee.

       E.    Nominees.

             The Trustee may register any securities or other property held by
it hereunder in its own name or in the name of its nominees with or without the
addition of words indicating that such securities are held in a fiduciary
capacity, and may hold any securities in bearer form, but the books and records
of the Trustee shall at all times show that all such investments are part of the
Trust.

<PAGE>

       F.    Records.

             The Trustee shall keep accurate and detailed accounts of all
investments, receipts and disbursements and other transactions hereunder, and
all accounts, books and records relating thereto shall be open to inspection by
any person designated by the Committee or the Company at all reasonable times.
The Trustee shall maintain such records, make such computations (except as
concerns Employer and Employee Contributions), and perform such ministerial acts
as the Committee may, from time to time, request.

       G.    Reports.

             (1) Within sixty (60) days after the end of each taxable year of
the Company, or the removal or resignation of the Trustee, and as of any other
date specified by the Committee, the Trustee shall file a report with the
Committee. This report shall show for each participating Employer all purchases,
sales, receipts, disbursements, and other transactions effected by the Trustee
during the year or period for which the report is filed, and shall contain an
exact description, the cost as shown on the Trustee's books, and the market
value as of the end of such period of every item held in the Trust and the
amount and nature of every obligation owed by the Trust.

             (2) The Trustee may rely without liability upon the valuation of
Company Stock as determined by the Committee. The value placed upon such
property by the Committee shall be conclusive and binding upon all parties with
an interest herein.

       H.    Distributions.

             (1) The Trustee shall make distributions from the Trust at such
times and in such number of shares of Company Stock and amounts of cash to or
for the benefit of the persons entitled thereto under the Plan as the Committee
directs in writing. Any undistributed part of a Participant's Plan Benefit shall
be retained in the Trust until the Committee directs its distribution. Any
portion of a Participant's Plan Benefit to be distributed in cash shall be paid
by the Trustee, mailing its check to the person entitled to receive the
distribution at that person's address of record. If a dispute arises as to who
is entitled to or should receive any benefit or payment, the Trustee may
withhold or cause to be withheld such payment until the dispute has been
resolved.

             (2) As directed by the Committee, the Trustee shall make payments
out of the Trust Assets. Such directions or instructions need not specify the
purpose of the payments so directed, and the Trustee shall not be responsible in
any way respecting the purpose or propriety of such payments.

             (3) No distribution or payment under this Agreement to any
Participant or the Participant's Beneficiary under the Plan shall be subject in
any manner to anticipation, sale, transfer, assignment or encumbrance, whether
voluntary or involuntary, and no attempt so to anticipate, sell, transfer,
assign or encumber the same shall be valid or recognized by the Trustee, nor
shall any such distribution payment be in any way liable for, or subject to, the
debts, contracts, liabilities or torts of any person entitled to such
distribution or payment, except to such an extent as may be ordered under a
Qualified Domestic Relations Order, as provided for in the Plan. If the Trustee
is notified by the Committee that any such Participant or Beneficiary has been
adjudicated bankrupt or has purported to anticipate, sell, transfer, assign or
encumber any such distribution or payment, voluntarily or involuntarily, the
Trustee shall if so directed by the Committee, hold or apply such distribution
payment or any part thereof to or for the benefit of such Participant or
Beneficiary in such manner as the Committee shall direct.

             (4) In the event that any distribution or payment directed by the
Committee shall be mailed by the Trustee to the person specified in such
direction at the latest address of such person filed with the Committee, and
shall be returned to the Trustee because such person cannot be located at such
address, the Trustee shall promptly notify the Committee of such return. Upon
the expiration of sixty (60) days after such notification, such direction shall
become void, and unless and until a further direction by the Committee is
received by the Trustee with respect to such distribution or payment, the
Trustee shall thereafter continue to administer the Trust as if such direction
had not been made by the Committee. The Trustee shall not be obligated to search
for or ascertain the whereabouts of any such person.

             (5) The Plan Trustee shall have the primary responsibility for the
withholding of income taxes from Plan distributions, for the payment of withheld
income taxes on Plan distributions to the Internal Revenue Service and to
appropriate state agencies, and for notification to Participants of their right
to elect not to have income tax withheld from Plan distributions.

       I.    Signatures.

             All communications required hereunder from the Company or the
Committee to the Trustee shall be in writing, signed by an officer of the
Company or a person authorized by the Committee to sign on its behalf. The
Committee shall authorize one or more individuals to sign, on its behalf, all
communications required hereunder between the Committee and the Trustee. The
Company and the Committee shall at all times keep the Trustee advised of the
names and specimen signatures of all members of the Committee and the
individuals authorized to sign on behalf of the Committee.

<PAGE>

             The Trustee shall be fully protected in relying on any such
communication and shall not be required to verify the accuracy or validity
thereof unless it has reasonable grounds to doubt the authenticity of any
signature. If after request the Trustee does not receive instructions from the
Committee on any matter in which instructions are required hereunder, subject to
the provisions of Paragraph D hereof, the Trustee shall act or refrain from
acting as it may determine. All communications required hereunder from the
Trustee shall be in writing, signed by the Trustee.

       J.    Expenses.

             The Trustee and the Committee may employ suitable agents and
counsel who may be counsel for the Company. The Company shall pay all expenses
in connection with the design, establishment, or termination of the Plan. The
Trust shall pay all costs of administering the Plan, unless such expenses are
paid by the Company. However, normal brokerage charges, commissions, taxes and
other costs incident to the purchase and sale of securities which are included
in the cost of securities purchased, or charged against the proceeds in the case
of sales, shall be charged to and paid out of Trust Assets. Any expenses paid by
the Trust shall be reasonable and necessary. The Plan shall not pay, directly or
indirectly, any commissions with respect to the purchase of Employer Securities.
The Trustee shall be entitled to compensation as may be agreed upon in writing,
from time to time, between the Committee and the Trustee; provided, however,
that no person (serving as a fiduciary) who already receives full-time pay from
the Company shall receive any compensation from the Plan, except for
reimbursement of expenses properly and actually incurred.

       K.    Liability of Trustee.

             Subject to the provisions of the Employee Retirement Income
Security Act of 1974 (hereinafter referred to as ERISA), neither the Trustee nor
the Committee shall be liable for any expense or liability hereunder unless due
to or arising from fraud, dishonesty, negligence or misconduct of the Trustee or
Committee. Except as thus provided, the Trustee shall not be liable for the
making, retention or sale of any investment or reinvestment made by the Trustee
as herein provided, nor for any loss to or diminution of the Trust Assets, nor
for any action which the Trustee takes or refrains from taking which the Trustee
deems in good faith to be in the best interests of the Trust or which the
Trustee takes or refrains from taking at the direction of the Committee or
Company. Except as thus provided, the Committee shall not be liable for the
making, retention or sale of any investment or reinvestment made by the
Committee as herein provided, nor for any loss to or diminution of the Trust
Assets, nor for any action which the Committee takes or refrains from taking
which the Committee deems in good faith to be in the best interests of the Trust
or which the Committee takes or refrains from taking at the direction of the
Company. The Trustee shall not be required to pay interest on any part of the
Trust Assets which are held uninvested pursuant to the Committee's direction.

       L.    Amendment and Termination.

             (1) The Company shall have the right at any time, by an instrument
or in writing duly executed and acknowledged and delivered to the Trustee, to
modify, alter or amend this Agreement, in whole or in part, and to terminate the
Trust, in accordance with the express provisions of the Plan. The Company shall
have the right, to the extent provided by law, to amend this Agreement
retroactively to its effective date in order to satisfy initially the
requirements of Section 401(a) of the Code, and to terminate this Agreement in
the event of failure of the Internal Revenue Service, after application, to
determine that the Plan and the Trust initially satisfy the requirements of
Section 401(a) of the Code. In no event, however, shall the duties, power or
liabilities of the Trustee hereunder be changed without its prior written
consent.

             (2) Notwithstanding any other provision of the Trust, if the
Internal Revenue Service shall fail or refuse to issue a favorable written
determination or ruling with respect to the continued qualification of the Plan
and exemption of the Trust from tax under Section 401(a) of the Code, all
Employer Contributions under Section 401(a), together with any income received
or accrued thereon less any benefits or expenses paid shall, upon the written
direction of the Company, be deemed held by the Trustee under the Employee Stock
Ownership Plan as it existed prior to the adoption of this Plan and this Plan
and the Trust shall terminate.

       M.    Irrevocability.

             Subject to the provisions of Paragraph L, this Trust is declared to
be irrevocable and at no time shall any part of the Trust Assets revert to or be
recoverable by the Company or by any participating Employer or be used for or be
diverted to purposes other than for the exclusive benefit of Participants or
retired or terminated Participants and their Beneficiaries. However, the
Committee may, by notice in writing to the Trustee, direct that all or part of
the Trust Assets be transferred to a successor Trustee or Trustees under a Trust
instrument which is for the exclusive benefit of such Participants and their
Beneficiaries and meets the requirements of Section 401(a) of the Code, and
thereupon the Trust Assets, or any part thereof, together with any outstanding
loans and accrued interest attributable thereto, shall be paid over, transferred
or assigned to said successor Trustee or Trustees free from the Trust created
hereunder; provided, however, that no part of the Trust Assets may be used to
pay insurance policy premiums or to make contributions of the Company or of any
participating Employer under any other plan maintained by the Company or any
participating Employer for the benefit of its Employees.

<PAGE>

       N.    Resignation or Removal of Trustee.

             (1) Any Trustee may resign at any time upon thirty (30) days
written notice to the Company. Any Trustee may be removed at any time by the
Company upon thirty (30) days written notice to the Trustee. Upon the receipt of
instructions or directions from the Company or the Committee with which a
Trustee is unable or unwilling to comply, that Trustee may resign upon notice,
in writing, to the Company or the Committee, given within a reasonable time,
under the circumstances then prevailing, after the receipt of such instructions
or directions, and notwithstanding any other provisions hereof; in that event,
that Trustee shall have no liability to the Company, or any person interested
herein for failure to comply with such instructions or directions. Upon
resignation or removal of any Trustee, the Company shall appoint a successor
Trustee (or Trustees). The successor Trustee shall have the same powers and
duties as are conferred upon the Trustee hereunder, and the Trustee shall
assign, transfer and pay over to such successor Trustee all the moneys,
securities and other property then constituting the Trust Assets, together with
such records or copies thereof as may be necessary to the successor Trustee.

             (2) The Trustee shall not be required to make any transfer under
this Paragraph N or the preceding Paragraph M to a successor Trustee or Trustees
unless and until it has been indemnified to its satisfaction against any
expenses and liabilities both with respect to such transfer and with respect to
any of its acts as Trustee prior to such transfer (except such expenses or
liabilities due to or arising from its fraud, dishonesty, negligence or
misconduct).

       O.    Definition.

             The definitions of certain words in the Plan shall apply to this
Agreement wherever applicable. The singular or plural number shall each be
deemed to include the other whenever the context so indicates.

       P.    Miscellaneous.

             (1) So long as this Plan is in effect, all Employers shall file
with the Internal Revenue Service and the Department of Labor, at the time and
place required, the information required under ERISA and the Code. If this Trust
and the Plan referred to herein, after initially qualifying as a tax exempt
Trust under Section 401(a) of the Code shall thereafter cease to be a qualified
Trust by reason of some act or omission on the part of the Company, the Company
agrees to indemnify Trustee and hold Trustee harmless against any liability it
may incur for Federal, Estate or other taxes as a result of payments made from
the Trust to Beneficiaries of deceased Participants after it ceases to be a
qualified trust.

             (2) In the event any provisions of this Agreement shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining provisions of this Agreement, but shall be fully severable and the
Agreement shall be construed and enforced as if the illegal or invalid provision
had never been inserted herein.

       Q.    Acceptance.

             The Trustee hereby accepts this Trust and agrees to hold the Trust
Assets existing on the date of this Agreement and all additions and accretions
thereto, subject to all the terms and conditions of this Agreement, which shall
be interpreted and construed in accordance with the Employee Retirement Income
Security Act of 1974 and any other applicable laws and to the extent not
superseded by Federal laws, in accordance with the laws of the State of
California.

       IN WITNESS WHEREOF, the Company and the Trustee have caused this
Agreement to be executed in duplicate this 27th day of June, 1994.

                                           McGRATH RENTCORP

(SEAL)                                     By  /s/ ROBERT P. MCGRATH
                                               ---------------------------------
                                               Robert P. McGrath, President

                                           By  /s/ DELIGHT SAXTON
                                               ---------------------------------
                                               Delight Saxton, Secretary

                                           TRUSTEE

                                           BANK OF CALIFORNIA

                                           By  /s/ JAMES A. COTTA
                                               ---------------------------------
                                               James A. Cotta, Vice President &
                                               Trust Officer

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