Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
  

 
  

ASSET PURCHASE AGREEMENT 

Among 
 NEW ACTON MOBILE
INDUSTRIES LLC 
 and 

MOBILE MINI, INC. 

Dated as of April 16, 2015 
  

 
  

 EXHIBITS 
  

			
	Exhibit A		Form of Bill of Sale and Assignment/Assumption Agreement
	Exhibit B		Form of FIRPTA Affidavit
	Exhibit C		Form of Escrow Agreement
	Exhibit D		Form of Transition Services Agreement
	Exhibit E		Terms of R&W Insurance Policy

  
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 ASSET PURCHASE AGREEMENT 

THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is dated as of April 16, 2015, between Mobile Mini, Inc., a corporation
organized under the Laws of Delaware (the “Seller”), and New Acton Mobile Industries LLC, a limited liability company organized under the Laws of Delaware (the “Purchaser”). The Seller and the Purchaser are
hereinafter referred to individually as a “Party” and collectively as the “Parties”. 
 WHEREAS, the
Seller is engaged in, among other things, the Business (as hereinafter defined); and 
 WHEREAS, the Seller wishes to sell to the Purchaser,
and the Purchaser wishes to purchase from the Seller, the Purchased Assets (as hereinafter defined), and in connection therewith the Purchaser is willing to assume from the Seller all of the Assumed Liabilities (as hereinafter defined), upon the
terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, and covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the Parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Certain Defined Terms. For purposes of this Agreement: 

“Action” means any suit, claim, action, litigation, arbitration, proceeding (including any civil, criminal, administrative,
investigative or appellate proceeding), hearing, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Authority. 

“Affiliate” means, with respect to any specified Person, any other Person that directly or indirectly through one or more
intermediaries, Controls, is controlled by, or is under common control with, such specified Person. For purposes of this Agreement, neither the Agent nor any Lender will be considered an Affiliate of the Seller or any of its respective Affiliates.

 “Agent” means Deutsche Bank AG New York Branch, as agent under the Credit Agreement. 

“Ancillary Agreements” means the Bill of Sale, the FIRPTA Affidavit, the Escrow Agreement and the Transition Services
Agreement. 
 “Assigned Contracts” means, other than the Excluded Contracts, any Contracts, including the Leases and Other
Contracts, to which the Seller is a party and that are listed on Section 3.07 of the Disclosure Schedule. 
 “Bill of
Sale” means the Bill of Sale and Assignment/Assumption Agreement to be executed by the Seller and the Purchaser at the Closing, substantially in the form attached hereto as Exhibit A. 

 “Business” means the business, as conducted by the Seller and its Subsidiaries,
of providing modular offices to customers in the U.S., including the Mobile Offices. For the avoidance of doubt, the “Business” shall not include any asset, lease or claim relating to the Seller’s portable storage steel containers or
steel ground-mounted “security offices”. 
 “Business Day” means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by applicable Law to be closed in New York, New York. 
 “Closing Date
Payment” means an amount equal to the sum of (i) the Purchase Price, minus (ii) the Escrow Amount, minus (iii) the Transaction Expenses of the Seller as directed by the Seller, minus (iv) an amount equal to the customer
deposits and pre-paid items described in Section 2.01(a)(viii) as of the Closing Date, and minus (v) $211,706.45, representing a fifty-percent (50%) portion of the premium and related costs for the R&W Insurance Policy paid by the
Purchaser pursuant to Section 7.04. 
 “Code” means the United States Internal Revenue Code of 1986, as
amended. 
 “Contract” means any contract, license, sublicense, mortgage, purchase order, indenture, loan agreement, lease,
sublease, agreement or instrument or any binding commitment to enter into any of the foregoing. 
 “Control” (including the
terms “controlled by” and “under common control with”) means, with respect to the relationship between or among two or more Persons, the possession, directly or indirectly, of the power to direct or cause the direction of the
affairs or management of a Person, whether through the ownership of voting securities, by Contract, credit arrangement or otherwise. 

“Conveyance Taxes” means all sales, use, transfer, stamp, stock transfer, recording, registration, documentary, filing, real
property transfer and similar taxes, fees or charges (together with any interest, penalties or additions in respect thereof) imposed by any Governmental Authority in respect of the Purchased Assets that become payable in connection with the
transactions contemplated by this Agreement. 
 “Credit Agreement” means the ABL Credit Agreement, dated as of
February 22, 2012, by and among the Seller, the Agent and the Lenders party thereto, as amended by the Incremental Commitment Agreement, dated as of December 10, 2014. 

“Denied Loss” means Losses (or any portion thereof) if coverage for such Losses (or any portion thereof) has been denied
under the R&W Insurance Policy and subsequently remains unpaid following one year of diligent and good faith pursuit by the Purchaser to obtain coverage under the R&W Insurance Policy. “Denied Loss” shall not mean any portion of
such denial that is (a) based on clause (i) or (iii) of Exclusion 4(a); (b) with regard to Exclusion 4(c) that is based on any conduct of a Purchaser Indemnified Party or one of its Affiliates; (c) based on exhaustion of
limits or failure to satisfy a retention; or (d) based on a failure of the Purchaser or its Affiliates to satisfy any condition or Policy term, including without limitation cooperation and notice. 

“Disclosure Schedule” means the Disclosure Schedule, dated as of the date of this Agreement, delivered by the Seller to the
Purchaser in connection with this Agreement. 

  
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 “Encumbrance” means any security interest, pledge, hypothecation, mortgage,
lien, or encumbrance. 
 “Environmental” means any soil, surface waters (including navigable waters, ocean waters, streams,
ponds, drainage basins and wetlands), groundwaters, drinking water supplies, land, sediments, surface or subsurface strata, flora, fauna, ambient air (including indoor air), and any other environmental medium or natural resource. 

“Environmental Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental
Authority: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or
subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or
remediation of any Hazardous Materials. 
 “Excluded Contracts” means each Contract of the Seller set forth on
Section 1.01(a) of the Disclosure Schedule. 
 “Excluded Taxes” means (i) all Taxes of the Seller, or for which
the Seller is liable, for any Taxable Period, (ii) all Taxes related to the Excluded Assets or Excluded Liabilities for any Taxable Period, and (iii) all Taxes relating to the Business, the Purchased Assets or the Assumed Liabilities for
any Taxable Period that ends on or before the Closing Date and, with respect to any Taxable Period beginning before and ending after the Closing Date, for the portion of such Taxable Period ending on the Closing Date, subject to Section 7.03.

 “Financial Statements” means the unaudited internally prepared balance sheet and income statement of the Business as of
December 31, 2014, and such additional monthly and/or quarterly balance sheet(s) and income statement(s) prepared by the Company prior to the Closing Date. 

“FIRPTA Affidavit” means an affidavit from the Seller, substantially in the form attached hereto as Exhibit B,
certifying that the Seller is not a “foreign person” within the meaning of Section 1445 of the Code. 

“GAAP” means the United States generally accepted accounting principles in effect from time to time applied consistently
throughout the periods involved. 
 “Governmental Authority” means any federal, national, foreign, supranational, state,
provincial, local or other government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or
with any Governmental Authority. 

  
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 “Hazardous Materials” means: (a) any material, substance, chemical, waste,
product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect; and (b) any petroleum or
petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“Indebtedness” means, without duplication, (i) any indebtedness for borrowed money (including the issuance of any debt
security) to any Person, (ii) any obligations evidenced by notes, bonds, debentures or similar Contracts to any Person, (iii) any capital lease obligations properly categorized as such under GAAP to any Person, (iv) any obligations in
respect of letters of credit and bankers’ acceptances, but only to the extent currently drawn upon, or (v) any guaranty of any such obligations described in clauses (i) through (iv) of any Person, and, in each case, together with
all interest, fees and penalties relating to any of the foregoing. For the avoidance of doubt, the term “Indebtedness” shall not include accounts payable to trade creditors, including checks in transit, that arose in the ordinary course of
business. 
 “Indemnified Party” means a Purchaser Indemnified Party or a Seller Indemnified Party, as the case may be.

 “Indemnifying Party” means the Seller pursuant to Section 10.02 or the Purchaser pursuant to Section 10.03, as
the case may be. 
 “IRS” means the Internal Revenue Service of the United States. 

“Law” means any federal, national, foreign, supranational, state, provincial or local statute, law, ordinance, regulation,
rule, code, order, requirement, rule of law (including common law), consent decree or judgment, in each case of any Governmental Authority, including all Environmental Laws. 

“Lenders” means the banks and other lending institutions that are from time to time party to the Credit Agreement as lenders.

 “Liabilities” means any and all debts, liabilities and obligations, whether accrued or fixed, absolute or contingent,
matured or unmatured or determined or determinable, including those arising under any applicable Law, Action or Governmental Order and those arising under any Contract. 

“Material Adverse Effect” means any event, circumstance, change in or effect (each, an “Effect”) on the
Seller and/or its Subsidiaries that is, or is reasonably expected to be, materially adverse to the results of operations or the financial condition of the Business, taken as a whole; provided, however, that none of the following, either alone
or in combination, shall be taken into account in determining whether there has been a “Material Adverse Effect”, (i) any failure by the Seller or any of its Subsidiaries to meet any internal or published projections, forecasts, or
revenue or earnings predictions for any period (provided that this exception shall not prevent or 

  
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otherwise effect any determination that any Effect underlying such failure has resulted in, or contributed to, a Material Adverse Effect), (ii) any adverse Effect directly related to the
announcement or pendency of the transactions contemplated by this Agreement or any of the Ancillary Agreements (including any cancellations of or delays in customer orders, any reduction in sales, any disruption in supplier, distributor, partner or
similar relationships or any loss of employees), (iii) adverse Effects that generally affect the industries or segments thereof in which the Seller and/or its Subsidiaries operate (including legal and regulatory changes), (iv) general
business, economic or political conditions (or changes therein), (v) adverse Effects affecting the financial, credit or securities markets in the United States or in any other country or region in the world, including changes in interest rates
or foreign exchange rates, (vi) changes or modifications in accounting requirements or principles or applicable Law or the interpretation or enforcement thereof, (vii) any adverse Effect resulting from the taking of any action specifically
required by this Agreement, or (viii) any adverse Effect resulting from any Excluded Asset or Excluded Liability; provided that, in the case of clauses (iii), (iv), (v), and (vi), such Effects shall be considered in determining whether
there has been a “Material Adverse Effect” only if such Effects, individually or in the aggregate, have an adverse impact on the Business, taken as a whole, that is disproportionate to the adverse impact on the Business relative to other
Persons operating in the same or substantially similar industry or segments in which the Business operates. References in this Agreement to dollar amount thresholds shall not be deemed to be evidence of a Material Adverse Effect or materiality. 

“Permit” means all material licenses, permits, agreements and authorizations required by any Governmental Authority to
lawfully operate the Business as currently conducted (including any pending applications for such licenses, permits, agreements and authorizations), including any Permits required by any Environmental Law. 

“Permitted Encumbrances” means (i) statutory liens for current Taxes not yet due or delinquent (or which may be paid
without interest or penalties) or the validity or amount of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, (ii) mechanics’, carriers’,
workers’, repairers’ and other similar liens, in each case, arising or incurred in the ordinary course of business and for which adequate reserves have been established in accordance with GAAP, (iii) any zoning, entitlement and other
land use and Environmental regulations by Governmental Authorities, in each case, which individually or in the aggregate do not materially impair or interfere with the present use of the Purchased Assets and which do not render title to any of the
Purchased Assets unmarketable, and (iv) items disclosed in Section 1.01(b) of the Disclosure Schedule. 

“Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated
organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 

“Regulations” means the regulations (including temporary regulations) promulgated by the United States Department of Treasury
with respect to the Code or other federal tax statutes. 

  
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 “Representatives” means, with respect to any Person, such Person’s
directors, officers, employees, agents, advisors or other representatives. 
 “Seller’s Knowledge”,
“Knowledge” or similar terms used in this Agreement mean the actual knowledge after reasonable inquiry of the Persons identified on Section 1.01(c) of the Disclosure Schedule. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the present fair salable value
of the property and assets of such Person exceeds the Liabilities of such Person, (b) the present fair salable value of the property and assets of the such Person is greater than the amount that will be required to pay the probable Liability of
such Person on its Liabilities, as such Liabilities become absolute and matured, (c) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, Liabilities beyond its ability to pay such Liabilities
as they become absolute and matured, and (d) such Person does not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted. 

“Subsidiary” means, with respect to any Person, any corporation, entity or other organization of which (i) such first
Person directly or indirectly owns or Controls at least a majority of the securities or other interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar governing functions, or
(ii) such first Person is a general partner, manager or managing member. 
 “Tax” or “Taxes” means,
other than any Conveyance Tax, any and all federal, state, local, or non-U.S. income, gross receipts, license, capital, capital gains, franchise, value added, windfall profits, sales, use, ad valorem, goods and services, transfer, stamp,
registration, property, excise, net worth, Environmental, social security, payroll, employment, unemployment, disability, estimated, alternative or add-on minimum or other taxes of any kind whatsoever (together with any and all interest, penalties,
additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, whether disputed or not. 

“Taxable Period” means a taxable year or any other period of time which forms the basis on which any periodic Liability for
Tax is determined under any applicable Law or Regulation. 
 “Tax Returns” means any and all returns, reports and forms
(including elections, declarations, amendments, schedules, information returns or attachments thereto) with respect to Taxes. 

“Transition Services Agreement” means the Transition Services Agreement to be executed by the Seller and the Purchaser at the
Closing, substantially in the form attached hereto as Exhibit D, regarding the provision by the Seller to the Purchaser of certain shared services currently provided by the Seller to the Business. 

“U.S. Bank” means U.S. Bank National Association, a national banking association organized and existing under the laws of the
United States of America 
 “WARN Act” shall mean the United States Worker Adjustment and Retraining Notification Act of
1988. 

  
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 Section 1.02 Definitions. The following terms have the meanings set forth in the
Sections set forth below: 
  

			
	 Definition
	  	 Location

	“Agreement”	  	Preamble
	“Ancillary Rental Items”	  	2.01(a)(i)
	“Apportioned Obligations”	  	7.03(c)
	“Assumed Liabilities”	  	2.02(a)
	“Bankruptcy and Equity Exception”	  	3.01
	“Cap”	  	10.04(b)
	“Closing”	  	2.04
	“Closing Date”	  	2.04
	“Deductible Amount”	  	10.04(b)
	“Defense Assumption Notice”	  	10.05(b)
	“Effective Time”	  	2.04
	“Escrow Account”	  	2.03(b)
	“Escrow Agent”	  	2.03(b)
	“Escrow Agreement”	  	2.03(b)
	“Escrow Amount”	  	2.03(b)
	“Excluded Assets”	  	2.01(b)
	“Excluded Liabilities”	  	2.02(b)
	“Insurance Policies”	  	3.13
	“Leases”	  	2.01(a)(iii)
	“Losses”	  	10.02
	“Mobile Offices”	  	2.01(a)(i)
	“Other Contracts”	  	2.01(a)(iii)
	“Over Cap”	  	10.04(b)
	“Party” or “Parties”	  	Preamble
	“Post-Closing Apportioned Period”	  	7.03(c)
	“Pre-Closing Apportioned Period”	  	7.03(c)
	“Purchase Price”	  	2.03(a)
	“Purchased Assets”	  	2.01(a)
	“Purchaser”	  	Preamble
	“Purchaser Cure Period”	  	9.01(c)
	“Purchaser Fundamental Representations”	  	10.04(c)
	“Purchaser Indemnified Party”	  	10.02
	“Responsible Party”	  	10.05(b)
	“R&W Insurance Policy”	  	7.04
	“Restricted Period”	  	5.05(a)
	“Seller”	  	Preamble
	“Seller Cure Period”	  	9.01(b)
	“Seller Fundamental Representations”	  	10.04(b)
	“Seller Indemnified Party”	  	10.03
	“Surviving Provisions”	  	9.02
	“Termination Date”	  	9.01(b)
	“Terminating Seller Breach”	  	9.01(b)

  
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	 Definition
	  	 Location

	“Terminating Purchaser Breach”	  	9.01(c)
	“Third-Party Claim”	  	10.05(b)
	“Transaction Expenses”	  	11.01

 Section 1.03 Interpretation and Rules of Construction. 

(a) In this Agreement, except to the extent otherwise provided or that the context otherwise requires: 

(i) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an
Article or Section of, or an Exhibit or Schedule to, this Agreement; 
 (ii) the table of contents and headings for
this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 

(iii) whenever the words “include,” “includes” or “including” are used in this Agreement, they
are deemed to be followed by the words “without limitation”; 
 (iv) the words “hereof,”
“herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(v) all terms defined in this Agreement have the defined meanings when used in any certificate or other document delivered or
made available pursuant hereto, unless otherwise defined therein; 
 (vi) the definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms; 
 (vii) references to a Person are also to its
successors and permitted assigns; 
 (viii) the use of “or” is not intended to be exclusive unless expressly
indicated otherwise; and 
 (ix) references to sums of money are expressed in lawful currency of the United States of
America, and “$” refers to U.S. dollars. 
 (b) Notwithstanding anything to the contrary contained in the Disclosure Schedule, in
this Agreement or in the Ancillary Agreements, the information and disclosures contained in any Section of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Section of such Disclosure
Schedule as though fully set forth in such other Section to the extent the relevance of such information to such other Section is reasonably apparent on the face of such information or disclosure. No reference to or

  
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disclosure of any item or other matter in any Section of this Agreement, including any Section of the Disclosure Schedule, shall be construed as an admission or indication that such
item or other matter is material, has a Material Adverse Effect or creates a measure for, or further defines the meaning of materiality or Material Adverse Effect and their correlative terms for the purposes of this Agreement or that such item or
other matter is required to be referred to or disclosed in this Agreement. Without limiting the foregoing, no such reference to or disclosure of a possible breach or violation of any Contract, Law or Governmental Order shall be construed as an
admission or indication that a breach or violation exists or has actually occurred. 
 ARTICLE II 

PURCHASE AND SALE 

Section 2.01 Purchase and Sale of the Assets. 

(a) Upon the terms and subject to the conditions of this Agreement, at the Closing, the Seller shall sell, assign, transfer, convey, and
deliver to the Purchaser free and clear of all Encumbrances (other than Permitted Encumbrances), and the Purchaser shall purchase from the Seller, all of the Seller’s right, title and interest in and to the rights, properties and assets, either
tangible or intangible, existing as of the Effective Time, owned, used or held for use by the Seller in connection with the Business (the “Purchased Assets”), including: 

(i) the mobile offices identified by type, size and manufacturer’s serial or other identifying number on
Section 2.01(a)(i) of the Disclosure Schedule (the “Mobile Offices”), owned by the Seller and used in the Business, and the steps owned by the Seller and used in the Business (the “Ancillary Rental Items”),
whether held as inventory or leased to a third party; 
 (ii) the machinery, vehicles, and other equipment, which are
identified on Section 2.01(a)(ii) of the Disclosure Schedule, owned by the Seller and used in the Business; 
 (iii) all
of the Seller’s right, title and interest in, to and under (A) each of the customer leases, whether written or oral, relating to any Mobile Office or any Ancillary Rental Items (the “Leases”); and (B) each other
Contract or other arrangement, written or oral, pursuant to which any third party uses or has possession of any Mobile Office or any of the Ancillary Rental Items (the “Other Contracts”), in each case which is identified and/or
described on Section 2.01(a)(iii) of the Disclosure Schedule; 
 (iv) all insurance benefits, including rights and
proceeds, arising from or related to the Purchased Assets, the Business, or the Assumed Liabilities, and all claims of the Seller against third parties relating to the Purchased Assets, the Business, or the Assumed Liabilities, whether choate or
inchoate, known or unknown, contingent or noncontingent, and whether arising by way of counterclaim or otherwise; 
 (v) all
Permits, franchises or consents issued by, and all registrations and filings with, any Governmental Authority in connection with the Business, to the extent that the same (A) does not also cover any other distinct business currently conducted
by the Seller and (B) is lawfully transferable to the Purchaser. Set forth on 

  
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Section 2.01(a)(v) of the Disclosure Schedule is a list of all of the Seller’s Permits, franchises, consents, registrations and filings included in the Purchased Assets and a list of
all of the Seller’s Permits, franchises, consents, registrations and filings that are used in connection with the Business but not included in the Purchased Assets pursuant to Section 2.01(v)(A) or (B); 

(vi) all books, records, files and marketing or promotional materials, and copies thereof, relating to the Business or the
Purchased Assets; 
 (vii) all of Seller’s rights under warranties, indemnities and all similar rights against third
parties to the extent related to any Purchased Assets; 
 (viii) all customer or other deposits, pre-paid expenses, including
pre-paid customer delivery and pick-up fees, and other pre-paid items relating to any of the Purchased Assets or the Business, in each case with respect to any period prior to the Closing Date if the Seller has not performed the actions necessary to
ensure that the Purchaser will have no obligations in respect of such deposits, pre-paid expenses or other pre-paid items, and Seller shall provide a schedule of all such deposits and pre-paid expenses to Buyer not later than two (2) days prior
to the Closing Date, and which pre-paid items will be handled pursuant to this Agreement by deducting such sum from the Closing Date Payment; and 

(ix) the Business as a going concern and all of the goodwill primarily associated with the Business. 

(b) Notwithstanding anything in Section 2.01(a) to the contrary, the Purchased Assets do not and shall not include any assets of the
Seller that (i) are bank accounts of the Seller or the Seller’s cash on hand at the time of the Closing, (ii) relate to the Business but are identified on Section 2.01(b) of the Disclosure Schedule (if any), (iii) are
customer or other deposits, pre-paid expenses, including pre-paid customer delivery and pick-up fees, and other pre-paid items relating to any of the Purchased Assets or the Business, in each case with respect to any period prior to the Closing Date
if the Seller has performed the actions necessary to ensure that the Purchaser has no obligations in respect of such deposits, pre-paid expenses or other pre-paid items, (iv) are accounts receivable of the Business existing as of the Closing,
and (v) include rights to the Seller’s name (collectively, the “Excluded Assets”). Any other assets of the Seller that are not listed above as Purchased Asset shall remain the property of the Seller after the Closing. 

Section 2.02 Assumption and Exclusion of Liabilities. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, the Purchaser shall, by executing and delivering, at the Closing,
the Bill of Sale, assume, and agree to pay, perform and discharge when due, the following Liabilities of the Seller (the “Assumed Liabilities”): 

(i) all Liabilities of the Seller arising under the Assigned Contracts, but only to the extent that such Liabilities thereunder
are required to be performed after the Closing Date, were incurred in the ordinary course of business, and do not relate to 

  
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any failure to perform, improper performance, warranty, or other breach, default, or violation by the Seller on or prior to the Closing Date; and 

(ii) the Liabilities related to the Business set forth on Section 2.02(a)(ii) of the Disclosure Schedule. 

(b) The Seller shall retain, and shall be responsible for paying, performing and discharging when due, and the Purchaser shall not assume or
have any responsibility for any Liabilities of the Seller other than the Assumed Liabilities (collectively, the “Excluded Liabilities”), including the following: 

(i) all Excluded Taxes; 

(ii) all Liabilities arising from or relating primarily to the Excluded Assets; 

(iii) the Seller’s obligations under this Agreement and the Seller’s obligations under any Ancillary Agreement; 

(iv) any Liability of the Seller for costs or expenses incurred in connection with this Agreement or the transactions
contemplated hereby; and 
 (v) any Indebtedness of the Seller or its Subsidiaries. 

Section 2.03 Purchase Price; Escrow Account; Allocation of Purchase Price; Payment of Proceeds. 

(a) The purchase price for the Purchased Assets shall equal $92,000,000 (the “Purchase Price”). 

(b) At the Closing, Purchaser shall deliver to U.S. Bank, as escrow agent (the “Escrow Agent”), under the escrow agreement,
dated as of the Closing Date, by and among the Purchaser, the Seller, the Agent and the Escrow Agent, substantially in the form attached hereto as Exhibit C hereto (the “Escrow Agreement”), an amount equal to $500,000
(the “Escrow Amount”). The Escrow Amount shall be held in an escrow account (the “Escrow Account”) in accordance with the terms of this Agreement and the Escrow Agreement and released and paid on the eighteen
(18) month anniversary of Closing in accordance with the terms of this Agreement and the Escrow Agreement. The Escrow Agreement shall provide that the Escrow Amount shall be used to satisfy claims for Losses made by the Purchaser pursuant and
subject to Article X hereof until the Escrow Amount is exhausted. All Parties hereto agree for all Tax purposes that (i) the right of the Seller to the Escrow Amount shall be treated as deferred contingent purchase price eligible for
installment treatment under Section 453 of the Code and any corresponding provision of foreign, state or local Law, as appropriate, (ii) the Purchaser shall be treated as the owner of the Escrow Account, and all interest and earnings
earned from the investment and reinvestment of the Escrow Amount, if any, or any portion thereof, shall be allocable to the Purchaser pursuant to Section 468B(g) of the Code and Proposed Treasury Regulation Section 1.468B-8, (iii) if
and to the extent any amount of the Escrow Amount is actually distributed to the Seller, interest may be imputed on such amount payable to the Seller, 

  
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as required by Section 483 or 1274 of the Code, and (iv) to the extent that any interest or earnings on the Escrow Amount exceed imputed interest under Sections 483 or 1274 of the Code,
such earnings shall be treated as additional interest for federal income tax purposes. Clause (iv) of the preceding sentence is intended to ensure that the right of the Seller to the Escrow Amount and any interest and earnings earned thereon is
not treated as a contingent payment without a stated maximum selling price under Section 453 of the Code and the Treasury Regulations promulgated thereunder. No Party shall take any action or filing position inconsistent with the foregoing.

 (c) The Purchaser shall prepare, in good faith, a draft IRS Form 8594 allocating the Purchase Price, the Assumed Liabilities and any
other relevant items or adjustments, as determined for federal income tax purposes in accordance with Section 1060 of the Code and the Regulation promulgated thereunder, within forty-five (45) days of the Closing Date and provide such
draft IRS Form 8594 to the Seller for its review and comment. If the Seller objects to the Purchaser’s preparation of the IRS Form 8594, the Seller shall deliver to the Purchaser a written notice describing such objections within thirty
(30) days, and the Seller and the Purchaser shall use commercially reasonable efforts to resolve such objection within twenty (20) days thereafter; provided, however, that if Seller and Purchaser are unable to resolve any such
dispute within such twenty (20) day period, such dispute shall be resolved by Deloitte LLP. The fees and expenses of such accounting firm shall be borne equally by the Seller and Purchaser. In the event that the Purchase Price (or any other
relevant item) is subsequently adjusted, Purchaser shall prepare a revised draft IRS Form 8594 in accordance with the previously stated methodology and provide such draft IRS Form 8594 to Seller for its review and comment. The Seller and the
Purchaser shall, for all Tax purposes, treat the purchase and sale of the Purchased Assets and the Assumed Liabilities in a manner that is consistent with the IRS Form 8594 agreed to by the Parties, and neither of them (nor any of their
respective Affiliates) shall take any position inconsistent therewith on any Tax Return or otherwise. 
 (d) For the avoidance of doubt,
except for amounts disbursed to the Purchaser pursuant to the terms of this Agreement and amounts payable by the Purchaser directly to third parties under the terms of this Agreement, all cash or other monetary consideration payable at or at any
time after the Closing to, or for the account of, the Seller, under this Agreement or any Ancillary Agreement (including, without limitation, all amounts payable to, or for the account of, the Seller pursuant to the Escrow Agreement) will be
remitted directly to the Agent (pursuant to wire transfer or other payment instructions to be provided by the Agent) for application to the Obligations under, and as defined in, the Credit Agreement in accordance with the provisions thereof. 

Section 2.04 Closing. Subject to the terms and conditions of this Agreement, the sale and purchase of the Purchased Assets and the
assumption of the Assumed Liabilities contemplated by this Agreement shall take place at a closing (the “Closing”) to be held at the offices of DLA Piper LLP (US), 2525 East Camelback Road, Suite 1000, Phoenix, Arizona at
10:00 a.m., Arizona time, on the date hereof or at such other place or at such other time or on such other date as the Seller and the Purchaser may mutually agree upon in writing (the day on which the Closing takes place being the
“Closing Date”). Notwithstanding anything to the contrary herein, the Closing will be deemed to have taken place at 11:59 p.m., Arizona time, on the day immediately prior to the Closing Date (the “Effective
Time”). 

  
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 Section 2.05 Closing Deliveries by the Seller. At the Closing, the Seller shall
deliver, or cause to be delivered, to the Purchaser: 
 (a) executed counterparts of each Ancillary Agreement to which the Seller is a
party; and 
 (b) a true and complete copy of the resolutions duly and validly adopted by the board of directors of the Seller evidencing
its authorization of the execution and delivery of this Agreement and the Ancillary Agreements to which the Seller is a party and the consummation of the transactions contemplated hereby and thereby. 

Section 2.06 Closing Deliveries by the Purchaser. At the Closing, the Purchaser shall deliver, or cause to be delivered: 

(a) to an account or accounts designated by the Agent, for the account of the Seller, prior to Closing, the Closing Date Payment by wire
transfer in immediately available funds; 
 (b) to accounts and Persons designated by the Seller prior to Closing, the Transaction Expenses
owed by the Seller to such Persons; 
 (c) to the Seller: 

(i) executed counterparts of each Ancillary Agreement to which the Purchaser is a party; and 

(ii) a true and complete copy of the resolutions duly and validly adopted by the board of directors of the Purchaser evidencing
its authorization of the execution and delivery of this Agreement and the Ancillary Agreements to which the Purchaser is a party and the consummation of the transactions contemplated hereby and thereby; 

(d) to the Agent, a counterpart of the Escrow Agreement signed by the Purchaser, the Seller and the Escrow Agent; and 

(e) to the Escrow Agent, the Escrow Amount. 

Section 2.07 Allocation of Purchase Price. The Parties agree that the Purchase Price shall be allocated among the Purchased Assets
as set forth on Section 2.07 of the Disclosure Schedule, as may be amended pursuant to this Agreement, and that such allocation shall be used by the Parties in reporting the transactions contemplated by this Agreement for Tax purposes. A
preliminary version of Section 2.07 of the Disclosure Schedule upon information available at the time this Agreement was executed is attached to this Agreement. In accordance with Section 2.03(c) hereof, the Purchaser shall prepare and
deliver to the Seller, not later than forty-five (45) days after the Closing Date, a final copy of such Schedule, which the Parties shall attach to this Agreement and which, if timely delivered (subject
to the dispute resolution provisions of Section 2.03(c)), shall replace the preliminary version. 

  
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 Section 2.08 Transition Assistance. The Seller shall provide transition assistance as
shall be agreed to by the Parties pursuant to the terms of the Transition Services Agreement, which agreement shall set forth the scope and cost of such services. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

The Seller hereby represents and warrants to the Purchaser, except as otherwise disclosed in the Disclosure Schedule, as of the date hereof
(unless specifically made as of another date, in which case as of such other date), as follows: 
 Section 3.01 Organization,
Authority and Qualification of the Seller. The Seller is a corporation duly organized, validly existing and in good standing under the Laws of Delaware and has all necessary corporate power and authority to own, lease and operate its properties
and to carry on the Business as presently conducted, to enter into this Agreement and the Ancillary Agreements to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and
thereby. The Seller is duly licensed or qualified to do business and is in good standing (to the extent such concepts are recognized under applicable Law) in each jurisdiction in which the properties owned or leased by it or the operation of the
Business makes such licensing or qualification necessary, except to the extent that the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect. The execution and delivery by the Seller of this Agreement and
the Ancillary Agreements to which the Seller is a party, the performance by the Seller of its obligations hereunder and under the Ancillary Agreements, and the consummation by the Seller of the transactions contemplated hereby and the transactions
contemplated by the Seller under the Ancillary Agreements have been duly authorized by all requisite action on the part of the Seller. This Agreement has been, and upon their execution the Ancillary Agreements to which the Seller is a party shall
be, duly executed and delivered by the Seller and (assuming due authorization, execution and delivery by the Purchaser if Purchaser is a party to any such Ancillary Agreement) this Agreement constitutes, and upon their execution the Ancillary
Agreements to which the Seller is a party shall constitute, legal, valid and binding obligations of the Seller, enforceable against the Seller in accordance with their respective terms, subject to the effect of any applicable bankruptcy, insolvency
(including applicable Laws relating to fraudulent transfers), reorganization, moratorium or similar applicable Laws affecting creditors’ rights generally and the effect or availability of rules of Law governing specific performance, injunctive
relief or other equitable remedies (regardless of whether considered in a proceeding at Law or in equity) (the “Bankruptcy and Equity Exception”). 

Section 3.02 No Conflict. Assuming that all consents, approvals, authorizations, waivers and other actions described in
Section 3.03 of the Disclosure Schedule have been obtained, and that all filings and notifications listed in Section 3.03 of the Disclosure Schedule have been made, the execution, delivery and performance by the Seller of this Agreement
and the Ancillary Agreements to which the Seller is a party does not and will not (i) violate, conflict with or result in the breach of any provision of the certificate of incorporation or bylaws of the Seller, each as amended and restated
and/or amended as of the date of this Agreement, (ii) conflict with or violate any applicable Law or Governmental Order applicable to the Seller, the Business, or the Purchased Assets, (iii) conflict in any material respect with, result in
any material breach of, 

  
 14 

 
constitute a material default (or an event which, with the giving of notice or lapse of time, or both, would become a material default) under, require any consent under, or give to others any
rights of termination, acceleration or cancellation of, any Assigned Contract related to the Mobile Offices included in the Purchased Assets, or of any other Assigned Contract with monthly payments of $2,500 or greater, (iv) result in the
creation or imposition of any Encumbrance, other than Permitted Encumbrances, on the Purchased Assets. 
 Section 3.03 Consents and
Approvals. The execution, delivery and performance by the Seller of this Agreement and each Ancillary Agreement to which the Seller is a party does not and will not require any consent, approval, authorization, waiver or other order or
declaration of, action by, filing with or notification to, any Governmental Authority or any other Person, except as set forth in Section 3.03 of the Disclosure Schedule. 

Section 3.04 Financial Statements. The Financial Statements attached to Section 3.04 of the Disclosure Schedule (i) were
derived from the books and records of the Seller and (ii) present fairly, in all material respects, the financial position of the Business set forth in such Financial Statements. The Financial Statements have been prepared in accordance with
GAAP applied on a consistent basis throughout the period involved, except as set forth in Section 3.04 of the Disclosure Schedule and as otherwise may be indicated in the notes thereto and subject, in the case of any interim Financial
Statements delivered to Purchaser after the date hereof, to normal and recurring year-end adjustments (the effect of which would not be materially adverse) and the lack of footnote disclosure. Seller has no material Liabilities with respect to the
Business except for those Liabilities adequately reflected or reserved against in the Financial Statements and current Liabilities incurred in the ordinary course of business consistent with past practice since the date of the Financial Statements.

 Section 3.05 Certain Events. Except as set forth in Section 3.05 of the Disclosure Schedule, since December 31,
2014 the Seller has not: 
 (a) except in the ordinary course of business consistent with past practice, sold, transferred, leased,
licensed, assigned or otherwise disposed of, any material property or assets that would otherwise have been a Purchased Asset; 
 (b)
suffered any damage, destruction or other casualty or condemnation loss (whether or not covered by insurance) in excess of $25,000 individually or $100,000 in the aggregate or waived any rights of material value with respect to the Business or the
Purchased Assets; 
 (c) changed its fiscal year, revalued any of its material assets included in the Purchased Assets or made any material
change to its accounting methods, principles or practices, except as may be required by GAAP or applicable Law; 
 (d) accelerated,
terminated, materially modified, or cancelled any Assigned Contracts; 
 (e) incurred or suffered any event, occurrence, or development that
has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; or 

  
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 (f) agreed, whether in writing or otherwise, to do or commit to do or effect any of the
foregoing, or taken any action or omitted to take any action that would result in any of the foregoing. 
 Section 3.06 Title to and
Condition of the Purchased Assets. 
 (a) The Mobile Offices included in the Purchased Assets constitute all of the Mobile Offices
currently used in the Business. 
 (b) The Seller owns and has good and valid title to, and rightful possession of, all of the Purchased
Assets, provided that, with respect to the Mobile Offices set forth on Section 3.06(b) of the Disclosure Schedule, Seller does not have in its possession physical title or a manufacturers statement or certificate of origin, as applicable, and
such failure to hold physical title shall not in and of itself constitute a breach of this Section 3.06(b). All of the Purchased Assets are, or as of the time of the Closing shall be, free and clear of Encumbrances, except for
(i) statutory Encumbrances for current Taxes not yet due and payable and (ii) the interests of the lessees or the purchasers under the Assigned Contracts, and the Seller is selling the Purchased Assets to the Purchaser hereunder free and
clear of any Encumbrances of any nature, except as set forth above. 
 (c) The condition codes in the Seller’s mobile office database
entitled “Project Mars_Fleet Detail_20150130” as of January 30, 2015 accurately reflect the present condition of the Mobile Offices, and such Mobile Offices are in the same general condition as reported in the Company’s
“fleet snapshot” as of the date such condition codes were entered into the fleet detail database. 
 Section 3.07 Assigned
Contracts. Section 3.07 of the Disclosure Schedule sets forth a true, complete and correct list or description of all of the Assigned Contracts, both written and oral, to which the Seller is a party on the date hereof; and true, complete
and correct copies of such Assigned Contracts have been, or prior to the Closing Date shall have been, delivered to the Purchaser by the Seller. Except for the Assigned Contracts, there are no written or oral Contracts related to any Mobile Office.
The Seller has performed all material obligations required to be performed by it under the Assigned Contracts to the date hereof. Each Assigned Contract is valid and binding on Seller in accordance with its terms and is in full force and effect and
arises from rentals or sales actually performed by the Seller in the ordinary course of business. Except in respect of late payment of amounts under the Leases as of the date hereof, of which the Seller has advised the Purchaser in a separate
writing or schedule, the Seller has not received a notice of any default and has no Knowledge of any default by any customer under any Assigned Contract with monthly payments over $1,000, and no event or circumstance has occurred that would
constitute an event of default under any Assigned Contract or result in the termination thereof or would cause or permit the acceleration or other changes of any rights or obligation or the loss of any benefit thereunder. 

Section 3.08 Litigation. Except as set forth in Section 3.08 of the Disclosure Schedule, there is no, and during the last
year there has not been any, Action by or against the Seller, or, to the Seller’s Knowledge, threatened in writing, that would have an impact on the Purchased Assets, the Business or the Assumed Liabilities. There is no Governmental Order to
which the 

  
 16 

 
Seller is subject that would have an impact on the Purchased Assets, the Business or the Assumed Liabilities. 

Section 3.09 Compliance with Laws. The Seller is conducting, and during the last two (2) years has conducted, the Business in
compliance with all Laws and Governmental Orders applicable to the Business in all material respects. Except as set forth in Section 3.09 of the Disclosure Schedule, the Seller possesses all material Permits required for the operation of the
Business, and is in compliance in all material respects with the terms and conditions of all such Permits. All such Permits are in full force and effect. No event has occurred or circumstances exist that may constitute or result in (with or without
notice or lapse of time), or would reasonably be expected to result in, the revocation, suspension, lapse, or limitation of any Permit. 

Section 3.10 Taxes. Except as provided in Section 3.10 of the Disclosure Schedule: 

(a) There are no Encumbrances for unpaid Taxes on any of the Purchased Assets (other than Permitted Encumbrances). 

(b) The Seller and its Subsidiaries have withheld and paid to the applicable Governmental Authority all Taxes required to have been withheld
and paid in connection with amounts paid or owing to any third party with respect to the Business or the Purchased Assets, including relevant employees, independent contractors, creditors or other third parties. 

(c) No deficiency for Taxes has been asserted or assessed by a Governmental Authority against the Seller or its Subsidiaries with respect to
any of the Purchased Assets. 
 (d) There is no Action or any notice of inquiry of any of the foregoing pending against or with respect to
the Seller or its Subsidiaries which would give rise to Taxes being owed by the Seller or its Subsidiaries with respect to any of the Purchased Assets and, to the Seller’s Knowledge, no Action has been threatened against and made in writing by
any Governmental Authority with respect to the Seller or its Subsidiaries which would give rise to Taxes being owed by the Seller or its Subsidiaries with respect to the Purchased Assets. 

(e) All material Tax Returns required to be filed by the Seller for any periods through the Closing Date and relating to the Business or the
Purchased Assets have been, or will be, timely filed and are, or will be, true, complete and correct in all material respects. Seller is not delinquent in the payment of any Taxes attributable to any periods through the Closing Date relating to or
in connection with the Business or the Purchased Assets, including all excise, property, sales and transfer Taxes. 
 (f) There are no
agreements or waivers currently in effect that provide for an extension of time for the assessment or collection of any Tax related to the Business or the Purchased Assets. 

(g) There is no tax sharing agreement, tax allocation agreement, tax indemnity obligation or similar agreement that the Purchaser is assuming
in connection with this Agreement. 

  
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 (h) The representations and warranties contained in this Section 3.10 shall be the exclusive
representations and warranties with respect to Taxes and, notwithstanding any other provision in this Agreement to the contrary, no other representation or warranty is made in this Agreement with respect to Taxes. 

Section 3.11 Affiliate Transactions. Neither the Seller nor any Affiliate of the Seller has any claim against any Purchased Asset
that will continue after the Closing, other than any claims or rights arising under this Agreement, any of the Ancillary Agreements or in connection with the transactions contemplated hereby or thereby. 

Section 3.12 Solvency. Seller is not entering into the transactions contemplated hereby with the intent to hinder, delay, or
defraud either present or future creditors of Seller or any of its Affiliates. Immediately after giving effect to the transactions contemplated hereby, Seller and each Subsidiary of Seller shall be Solvent. 

Section 3.13 Insurance. Section 3.13 of the Disclosure Schedule sets forth (a) a true and complete list of all current
policies or binders of fire, liability, product liability, umbrella liability, real and personal property, workers’ compensation, vehicular, fiduciary liability and other casualty and property insurance maintained by the Seller or its
Affiliates and relating to the Business, the Purchased Assets or the Assumed Liabilities (collectively, the “Insurance Policies”); and (b) with respect to the Business, the Purchased Assets or the Assumed Liabilities, a list of
all pending claims and the claims history for Seller since January 1, 2012. There are no claims related to the Business, the Purchased Assets or the Assumed Liabilities pending under any such Insurance Policies as to which coverage has been
questioned, denied or disputed or in respect of which there is an outstanding reservation of rights. Neither Seller nor any of its Affiliates has received any written notice of cancellation of, premium increase with respect to, or alteration of
coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have either been paid or, if not yet due, accrued. All such Insurance Policies are in full force and effect and enforceable in accordance with their terms
and have not been subject to any lapse in coverage. None of Seller or any of its Affiliates is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance Policy. 

Section 3.14 Brokers. Except as set forth on Section 3.14 of the Disclosure Schedule, no broker, finder or investment banker
is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or the Ancillary Agreements based upon arrangements made by or on behalf of the Seller. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Seller, as of the date hereof (unless made specifically as of another date, in which case
as of such other date), as follows: 
 Section 4.01 Organization, Authority and Qualification of the Purchaser. The Purchaser is
a limited liability company duly organized, validly existing and in good standing under the Laws of Delaware and has all necessary power and authority to enter into this Agreement and the Ancillary Agreements to which it is a party, to carry out its
obligations 

  
 18 

 
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The Purchaser is duly licensed or qualified to do business and is in good standing (to the extent such
concepts are recognized under Law) in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that the failure to be so licensed,
qualified or in good standing would not materially adversely affect the ability of the Purchaser to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement and the Ancillary Agreements to which it is a
party. The execution and delivery by the Purchaser of this Agreement and each of the Ancillary Agreements to which it is a party, the performance by the Purchaser of its obligations hereunder and thereunder and the consummation by the Purchaser of
the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of the Purchaser. This Agreement has been and, upon their execution, each of the Ancillary Agreements to which the Purchaser is a party
shall have been, duly executed and delivered by the Purchaser, and (assuming due authorization, execution and delivery by the Seller) this Agreement constitutes and, upon their execution, as applicable, each of the Ancillary Agreements to which the
Purchaser is a party shall constitute, a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with their respective terms subject to the Bankruptcy and Equity Exception. 

Section 4.02 No Conflict. The execution, delivery and performance by the Purchaser of this Agreement and the Ancillary Agreements
to which the Purchaser is a party do not and will not (i) violate, conflict with or result in the breach of any provision of the certificate of incorporation or bylaws (or similar organizational documents) of the Purchaser, (ii) conflict
with or violate any Law or Governmental Order applicable to the Purchaser, or (iii) conflict with, result in any material breach of, constitute a material default (or an event which, with the giving of notice or lapse of time, or both, would
become a default) under, require any consent under, or give to others any rights of termination, acceleration or cancellation of, any Contract or other arrangement to which the Purchaser is a party. 

Section 4.03 Governmental Consents and Approvals. The execution, delivery and performance by the Purchaser of this Agreement and
each Ancillary Agreement to which the Purchaser is a party do not and will not require any consent, approval, authorization or other order or declaration of, action by, filing with, or notification to, any Governmental Authority. 

Section 4.04 Litigation. As of the date of this Agreement, there is no Action by or against the Purchaser or any of its Affiliates
pending or, to the knowledge of the Purchaser, threatened by or before any Governmental Authority, which could materially and adversely affect the legality, validity or enforceability of this Agreement, any Ancillary Agreement or the consummation of
the transactions contemplated hereby or thereby. The Purchaser is not subject to any Governmental Order which could materially and adversely affect the legality, validity or enforceability of this Agreement, any Ancillary Agreement or the
consummation of the transactions contemplated hereby or thereby. 
 Section 4.05 Brokers. No broker, finder or investment banker
is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser. 

  
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 Section 4.06 No Reliance. The Purchaser acknowledges and agrees that the Seller makes
no representations or warranties except for those representations and warranties set forth herein. Without limiting the generality of the foregoing, the Purchaser further acknowledges and agrees that the Seller makes no representations or warranties
regarding the future performance of the Business or the Purchased Assets or the Assumed Liabilities, or any estimates, projections, plans or budgets or similar information furnished to the Purchaser by or on behalf of the Seller with respect to the
Business or the Purchased Assets or the Assumed Liabilities, including the information made available to the Purchaser and its Representatives in “data rooms” (virtual or physical) with respect to the Business that relates to any such
matter or information set forth in that certain Confidential Information Memorandum for the Mobile Mini North American Modular Fleet Division, dated as of November 2014, prepared by Oppenheimer. 

Section 4.07 Financial Ability. The Purchaser has sufficient cash, available lines of credit or other sources of immediately
available funds to enable it to make payment of the Purchase Price and any other amounts to be paid by it hereunder. 
 ARTICLE V 

COVENANTS OF THE SELLER 

Section 5.01 Conduct of Business. From the date of this Agreement through the Closing, the Seller shall and shall cause its
Subsidiaries to, except as contemplated by this Agreement or as consented to by the Purchaser in writing (which consent shall not be unreasonably conditioned, withheld, delayed or denied), operate the Business in the ordinary course consistent with
past practice and use its commercially reasonable efforts to (i) preserve intact such Business, including performing all obligations under the Assigned Contracts, preserving all Permits, complying in all material respects with all Laws
applicable to the conduct of the Business, and maintaining all properties and assets included in the Purchased Assets in the same condition as they were on the date of this Agreement, subject to reasonable wear and tear, and (ii) maintain
satisfactory relationships with those customers having material business relationships with the Business. Without limiting the generality of the foregoing, except as set forth on Schedule 5.01 or as consented to by the Purchaser in writing (which
consent shall not be unreasonably conditioned, withheld, delayed or denied), the Seller shall not and the Seller shall cause its Subsidiaries not to, except as otherwise expressly contemplated by this Agreement: 

(a) modify or terminate (excluding any expiration in accordance with its terms) any Contract of a type required to be listed on Schedule 3.07
or otherwise waive, release or assign any material rights of the Seller or any of its Subsidiaries, in each case, except for immaterial modifications to such Contracts in the ordinary course of business or the termination of contracts by the Seller
where the other party thereto is in material breach of such agreement and the Seller has the contractual right of termination as a result of such breach; 

(b) subject the Purchased Assets to any Encumbrance, except for Permitted Encumbrances; or 

(c) enter into any agreement, whether in writing or otherwise, to do or commit to do or effect any action prohibited under this
Section 5.01, or take any action or omit to take any action that would result in any of the foregoing. 

  
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 Section 5.02 Inspection. Subject to confidentiality obligations and similar
restrictions that may be applicable to information furnished to the Seller or any of its Subsidiaries by third parties that may be in the Seller’s or any of its Subsidiaries’ possession from time to time, and except for any information
that is subject to attorney-client privilege or other privilege from disclosure, the Seller shall, and shall cause its Subsidiaries to, afford to the Purchaser and its accountants, counsel and other representatives reasonable access prior to the
Closing Date, during normal business hours, in such manner as to not interfere with the normal operation of the Seller and its Subsidiaries, to all of their respective properties, books, Contracts, records and officers and employees of the Company
and its Subsidiaries, and shall furnish such representatives with all financial and operating data and other information concerning the Business as such representatives may reasonably request; provided, however, that all requests by the
Purchaser for access pursuant to this Section 5.02 shall be submitted or directed exclusively to a duly authorized representative of the Seller designated by the Seller in writing to the Purchaser. All information obtained by the Purchase and
its respective representatives under this Agreement shall be subject to the that certain confidentiality agreement executed by the parties and dated as of November 11, 2014. 

Section 5.03 HSR Act and Regulatory Approvals. In connection with the transactions contemplated by this Agreement, the Seller
shall (and, to the extent required, shall cause its Affiliates to) comply promptly but in no event later than ten (10) Business Days after the date hereof with the notification and reporting requirements of the HSR Act. The Seller shall
(i) use commercially reasonable efforts to comply with any Information or Document Requests; (ii) request early termination of any waiting period under the HSR Act and (iii) use its commercially reasonable efforts to take all other
actions necessary to cause the expiration or termination of the applicable waiting periods under the HSR Act as soon as practicable. 

Section 5.04 Notices of Certain Events. From and after the date hereof until the Closing, the Seller shall after becoming aware of
any of the following promptly notify the Purchaser of: 
 (a) any notice or other communication from any Person alleging that the consent of
such Person is or may be required in connection with the transactions contemplated by this Agreement; 
 (b) any notice or other
communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; 
 (c) any Actions
commenced or, to its Knowledge, threatened against the Seller or any of its Subsidiaries that relate to or involve or otherwise affect the Business, Purchased Assets, Assumed Liabilities, or that, if pending on the date of this Agreement, would have
required to be disclosed pursuant to Section 3.08 or that relate to the consummation of the transactions contemplated by this Agreement; and 

(d) any inaccuracy of any representation or warranty, or any failure of the Seller to comply with or satisfy any covenant, condition or
agreement to be complied with or satisfied by it, contained in this Agreement at any time during the term hereof, in each case, that would reasonably be expected to cause the conditions set forth in Section 8.02(a) or Section

  
 21 

 
8.02(b) not to be satisfied; provided, however, that the delivery of any notice pursuant to this Section 5.04 shall not operate as a waiver or otherwise affect any representation,
warranty, or agreement given or made by the Seller in this Agreement, shall not be deemed to amend or supplement the Disclosure Schedule, and shall not limit or otherwise affect the remedies available hereunder to the party receiving that notice.

 Section 5.05 Non-Competition; Non-Solicitation. 

(a) The Seller shall not, and shall not permit any of its Affiliates to, for a period of five (5) years after the Closing Date (the
“Restricted Period”), engage, directly or indirectly (whether as owner, operator, manager, consultant or otherwise), in the United States in the sale or rental of modular offices; provided, however, that Seller may
(x) continue to sell and lease its other portable storage solutions (including its portable steel containers and portable steel ground mount “security offices”) which are not modular offices; (y) cross-hire modular offices from
the Buyer for rental to customers of the Seller who require modular offices and containers together; and (z) own up to 500 modular office units acquired in any acquisition by the Seller following the Closing, provided that the Seller uses
commercially reasonable efforts to dispose of such units in an orderly fashion following any such acquisition and, in connection with the disposal of such units, grants the Purchaser a right of first refusal regarding the purchase of the same. 

(b) The Seller agrees that the scope of the restrictive provisions set forth in this Section 5.05 are reasonable with respect to subject
matter, time and scope and that the provisions contained in this Section 5.05 are a material inducement to the Parties entering into this Agreement and but for the provisions contained in this Section 5.05 the Parties would not have
entered into this Agreement. In the event that any court determines that the subject matter, duration or geographic scope of the restrictive provisions contained in this Section 5.05, or all of the foregoing, is unreasonable and that such
provision is to that extent unenforceable, each of the Purchaser and the Seller agrees that the provision shall remain in full force and effect for the greatest time period and for the broadest subject matter and in the greatest area, as the case
may be, that would not render it unenforceable. It is specifically understood and agreed that any breach of the provisions of this Section 5.05 by the Seller will result in irreparable injury to the Purchaser, that the remedy at Law alone will
be an inadequate remedy for such breach and that, in addition to any other remedy it may have, the Purchaser shall be entitled to enforce the specific performance of this Section 5.05 by the Seller through both temporary and permanent
injunctive relief without the necessity of proving actual damages, but without limitation of their right to damages and any and all other remedies available to them, it being understood that injunctive relief is in addition to, and not in lieu of,
such other remedies. 
 Section 5.06 Financial Statements. From and after the date hereof until the Closing, the Seller shall
continue to prepare financial statements of the Business in the same manner as the Financial Statements and consistent with past practice, and Seller shall promptly provide copies of such financial statements to Purchaser. 

Section 5.07 Transfer of Titles. From and after the Closing, with respect to the transfer of Purchased Assets that have a
certificate of title or a certificate or statement of origin, and where Seller is not able to provide such certificate of title or certificate or statement of origin to 

  
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Purchaser at the Closing, Seller shall use commercially reasonable efforts to assist Purchaser with obtaining a replacement certificate of title or certificate or statement of origin to such
Purchased Assets, and Seller shall bear the reasonable costs associated with obtaining such certificate of title or certificate or statement of origin. 

ARTICLE VI 
 COVENANTS OF
THE PURCHASER 
 Section 6.01 HSR Act and Regulatory Approvals. 

(a) In connection with the transactions contemplated by this Agreement, the Purchaser shall (and, to the extent required, shall cause its
Affiliates to) comply promptly but in no event later than ten (10) Business Days after the date hereof with the notification and reporting requirements of the HSR Act. The Purchaser shall use commercially reasonable efforts to comply with any
Information or Document Requests. 
 (b) The Purchaser shall request early termination of any waiting period under the HSR Act and use
commercially reasonable efforts to (i) obtain termination or expiration of the waiting period under the HSR Act, (ii) prevent the entry in any Action brought by a Regulatory Consent Authority or any other Person of any Governmental Order
which would prohibit, make unlawful or delay the consummation of the transactions contemplated by this Agreement and (iii) if any such Governmental Order is issued in any such Action, cause such Governmental Order to be lifted through
litigation or other appropriate means, provided that Purchaser shall not be required to divest or otherwise dispose of any of its assets or business or alter, change, or otherwise restrict its existing operations or business in any material respect.

 (c) The Purchaser shall promptly furnish to the Seller copies of any notices or written communications received by the Purchaser or any
of its Affiliates from any third party or any Governmental Authority with respect to the transactions contemplated by this Agreement, and the Purchaser shall permit counsel to the Seller an opportunity to review in advance, and the Purchaser shall
consider in good faith the views of such counsel in connection with, any proposed written communications by the Purchaser and/or its Affiliates to any Governmental Authority concerning the transactions contemplated by this Agreement; provided, that
the Purchaser shall not extend any waiting period or comparable period under the HSR Act or enter into any agreement with any Governmental Authority without the written consent of the Seller, which consent shall not be unreasonably withheld,
conditioned, or delayed . The Purchaser agrees to provide the Seller and its counsel the opportunity, on reasonable advance notice, to participate in any substantive meetings or discussions, either in person or by telephone, between the Purchaser
and/or any of its Affiliates, agents or advisors, on the one hand, and any Governmental Authority, on the other hand, concerning or in connection with the transactions contemplated hereby. For the avoidance of doubt, the Purchaser shall, on behalf
of the parties, control and lead all joint filings, communications, defense, litigation, negotiations and strategy relating to the HSR Act or any similar Law relating to the transactions contemplated hereby. 

(d) The Purchaser shall be responsible for and pay the filing fees payable to the Regulatory Consent Authorities in connection with the
transactions contemplated by this Agreement. 

  
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 Section 6.02 No Solicitation. The Purchaser acknowledges that no employees of the
Seller or any Subsidiary of the Seller will be hired by the Purchaser in connection with the transactions contemplated by this Agreement. Further, beginning on the Closing Date and ending on the second anniversary thereof, the Purchaser agrees that
it shall not, and shall cause its Affiliates not to, directly or indirectly (including through its representatives) without the prior consent of Seller, solicit for employment or hire any employee of the Seller or any of its Subsidiaries; provided
that such restriction on solicitation shall not apply to any general solicitations for employment, such as any newspaper or Internet help wanted advertisement, or any search firm engagement, in each case which is not directed at or focused on any
personnel employed by the Seller or any of its Subsidiaries, and provided further, that nothing in this Section 6.02 shall prevent Purchaser or any of its Affiliates from hiring (i) any employee whose employment has been terminated by the
Seller or (ii) after 180 days from the date of termination of employment, any employee whose employment has been terminated by the employee. 

ARTICLE VII 
 JOINT
COVENANTS 
 Section 7.01 Support of Transaction. 

(a) Without limiting any covenant contained herein, including the obligations of the Purchaser with respect to the notifications, filings,
reaffirmations and applications described above, which obligations shall control to the extent of any conflict with the succeeding provisions of this Section 7.01, the Purchaser shall, and shall cause its Subsidiaries to, and the Seller shall:
(a) use reasonable best efforts to assemble, prepare and file any information (and, as needed, to supplement such information) as may be advisable or reasonably necessary to obtain as promptly as practicable all governmental and regulatory
consents required to be obtained in connection with the transactions contemplated hereby, (b) use reasonable best efforts to obtain all consents and approvals of third parties that any of the Purchaser, the Seller or their respective Affiliates
are required or consider it advisable to obtain in order to consummate the Closing, and (c) take such other action as may reasonably be necessary or as another party may reasonably request to satisfy the conditions of Article VIII or otherwise
to comply with this Agreement and to consummate the transaction contemplated hereby as soon as practicable. Notwithstanding the foregoing, in no event shall the Seller or any of its Subsidiaries be obligated to bear any material expense or pay any
material fee or grant any material concession in connection with obtaining any consents, authorizations or approvals pursuant to the terms of any Contract to which the Seller or any of its Subsidiaries is a party in connection with the consummation
of the transactions contemplated hereby. 
 (b) To the extent permitted by Law, each of the Purchaser and the Seller shall, promptly furnish
to the other copies of any notices or written communications received by it or any of its Affiliates from any third party or any Governmental Authority with respect to the transactions contemplated by this Agreement, and to the extent permitted by
Law, shall permit the other party’s counsel an opportunity to review in advance any proposed written communications to any Governmental Authority concerning the transactions contemplated by this Agreement and/or to consult in advance of any
meeting or conference with any Governmental Authority, including in connection with any proceeding by a private party, and 

  
 24 

 
each of Acquiror and the Company shall consider in good faith the views of the other party’s counsel in connection with such written communication, meeting or conference. 

Section 7.02 Escrow Agreement. The Purchase and the Seller shall execute and deliver to one another the Escrow Agreement at the
Closing. 
 Section 7.03 Tax Matters. 

(a) The Seller and the Purchaser shall provide each other with such cooperation and information as either of them reasonably may request of the
other in filing any Tax Return, amended Tax Return or claim for refund, determining a Liability for Taxes or a right to a refund of Taxes or participating in or conducting any audit or other proceeding in respect of Taxes. Such cooperation and
information shall include providing copies of relevant Tax Returns or portions thereof, together with related work papers and documents relating to rulings or other determinations by taxing authorities. 

(b) The Purchaser shall be liable for and shall hold Seller and its Affiliates harmless against, and agrees to pay, any and all Conveyance
Taxes; provided, however, that Purchaser shall, at the Closing, provide Seller with duly executed resale certificates for each state where the Mobile Offices included in the Purchased Assets are physically located as of the Closing, and
Seller shall accept such certificates and not charge Purchaser sales tax on the sale. Purchaser shall continue to hold the Mobile Offices included in the Purchased Assets in inventory for lease in due course. 

(c) Subject to Section 7.03(b), all personal property Taxes, and similar ad valorem obligations levied with respect to the Purchased
Assets for a Taxable Period that includes (but does not end on) the Closing Date (collectively, the “Apportioned Obligations”) shall be apportioned between the Seller and the Purchaser as of the Closing Date based on the number of
days of such Taxable Period ending on and including the Closing Date (“Pre-Closing Apportioned Period”) and the number of days of such Taxable Period beginning the day after the Closing Date through the end of such Taxable Period
(the “Post-Closing Apportioned Period”). The Seller shall be liable for the proportionate amount of Apportioned Obligations that is attributable to the Pre-Closing Apportioned Period. The Purchaser shall be liable for proportionate
amount of the Apportioned Obligations that is attributable to the Post-Closing Apportioned Period. In the case of any other Taxes with respect to a Taxable Period that includes (but does not end on) the Closing Date, the amount of such Taxes
allocated to the portion of such Taxable Period ending on the Closing Date shall be based on an interim closing of the books as of the close of business on the Closing Date. 

Section 7.04 R&W Insurance Policy. Purchaser and Seller shall cooperate and use their commercially reasonable efforts to
enable Purchaser to obtain, on or prior to the Closing Date, a buyer-side representation and warranty insurance policy from AIG Specialty Insurance Company (or an Affiliate thereof) having the terms specified on Exhibit E (the
“R&W Insurance Policy”) to insure, for the survival period under this Agreement, against up to a maximum aggregate amount of $10,000,000 in Losses incurred by any Purchaser Indemnified Party as a result of the failure of any
representation or warranty made by the Seller in Article III hereof or in any certificates to be delivered pursuant to Article II to be true and correct as of the Closing Date (or as of the date 

  
 25 

 
made, where such representation or warranty relates to an earlier date). The premiums and related costs due under the R&W Insurance Policy shall be paid by the Purchaser to the applicable
insurer at or prior to the Closing Date. 
 ARTICLE VIII 

CONDITIONS TO CLOSING 

Section 8.01 Conditions to Obligations of the Purchaser and the Seller. The obligations of the Purchaser and the Seller to
consummate, or cause to be consummated, the Closing are subject to the satisfaction of the following conditions, any one or more of which may be waived (if legally permitted) in writing by all of such parties: 

(a) All applicable waiting periods (and any extensions thereof) under the HSR Act shall have expired or been terminated. 

(b) There shall not be in force any Governmental Order or Law enjoining or prohibiting the consummation of the Closing, or causing any of the
transactions contemplated hereunder to be rescinded following completion thereof. 
 (c) Each of the Purchaser, the Seller and the Escrow
Agent shall have executed the Escrow Agreement, and such agreement shall be in full force and effect. 
 Section 8.02 Conditions to
Obligations of the Purchaser. The obligations of the Purchaser to consummate, or cause to be consummated, the Closing are subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by
the Purchaser: 
 (a) Each of the representations and warranties of the Seller contained in this Agreement (without giving effect to any
“Material Adverse Effect” or similar materiality qualification therein) shall be true and correct as of the Closing Date, as if made anew at and as of that time, except with respect to representations and warranties which speak as to an
earlier date, which representations and warranties shall be true and correct at and as of such date, except for, in each case, any inaccuracies or omissions that have not had and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect on the Business or the Purchased Assets. 
 (b) Each of the covenants of the Seller to be performed as
of or prior to the Closing shall have been performed in all material respects. 
 (c) All approvals, consents and waivers that are listed on
Section 3.03 of the Disclosure Schedule shall have been received or waived, and executed counterparts thereof shall have been delivered to Purchaser at or prior to the Closing. 

(d) From the date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred
that, individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material Adverse Effect. 

  
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 (e) Purchaser shall have received all Permits that are necessary for it to conduct the Business
as conducted by the Seller as of the Closing Date. 
 (f) All Encumbrances relating to the Purchased Assets shall have been released in
full, other than Permitted Encumbrances, and Seller shall have delivered to Purchaser written evidence, in form satisfactory to Purchaser, of the release of such Encumbrances. 

(g) The Seller shall have delivered to the Purchaser a certificate signed by an officer of the Seller, dated the Closing Date, certifying
that, to the knowledge and belief of such officer, the conditions specified in Section 8.02(a) and Section 8.02(b) have been fulfilled. 

(h) The R&W Insurance Policy shall have been issued to the Purchaser. 

Section 8.03 Conditions to the Obligations of the Seller. The obligation of the Seller to consummate the Closing is subject to the
satisfaction of the following additional conditions, any one or more of which may be waived in writing by the Seller: 
 (a) Each of the
representations and warranties of the Purchaser contained in this Agreement (without giving effect to any materiality qualification therein) shall be true and correct in all respects as of the Closing Date, as if made anew at and as of that time,
except with respect to representations and warranties which speak as to an earlier date, which representations and warranties shall be true and correct at and as of such date, except for, in each case, any inaccuracies or omissions that have not had
and would not reasonably be expected to materially adversely affect the ability of Acquiror to consummate the transactions contemplated by this Agreement. 

(b) Each of the covenants of the Purchaser to be performed as of or prior to the Closing shall have been performed in all material respects.

 (c) The Purchaser shall have delivered to the Company a certificate signed by an officer of the Purchaser, dated the Closing Date,
certifying that, to the knowledge and belief of such officer, the conditions specified in Section 8.03(a) and Section 8.03(b) have been fulfilled. 

(d) The R&W Insurance Policy shall have been issued to Purchaser and Purchaser shall have delivered a copy thereof to Seller. 

ARTICLE IX 

TERMINATION/EFFECTIVENESS 

Section 9.01 Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned: 

(a) by written consent of the Seller and the Purchaser; 

(b) prior to the Closing, by written notice to the Seller from the Purchaser if (i) there is any breach of any representation, warranty,
covenant or agreement on the part of the Seller set forth in this Agreement, such that the conditions specified in Section 8.02(a) or Section 8.02(b) would not be satisfied at the Closing (a “Terminating Seller Breach”),
except that, if such 

  
 27 

 
Terminating Seller Breach is curable by the Seller through the exercise of its reasonable best efforts, then, for a period of up to 30 days (or any shorter period of the time that remains between
the date the Purchaser provides written notice of such violation or breach and the Termination Date) after receipt by the Seller of notice from the Purchaser of such breach, but only as long as the Seller continues to use its reasonable best efforts
to cure such Terminating Seller Breach (the “Seller Cure Period”), such termination shall not be effective until, and such termination shall become effective only if the Terminating Purchaser Breach is not cured within the Seller
Cure Period, (ii) the Closing has not occurred on or before June 14, 2015 (the “Termination Date”); provided, that if on the Termination Date, any of the conditions to the Closing set forth in Sections 8.01(a) or
(b) shall not have been fulfilled but all other conditions to the Closing either have been and remain fulfilled or are then capable of being fulfilled at the Closing, then the Termination Date may be extended by either the Purchaser or the
Seller by written notice to the other party (with such written notice being received by such party on or prior to the Termination Date) to a date not later than July 14, 2015, and such date or dates not later than July 14, 2015 shall
thereafter be deemed to be the Termination Date for purposes of this Agreement; provided, further, that the right to terminate this Agreement under this subsection (ii) shall not be available if the Purchaser’s failure to fulfill any
obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date, or (iii) the consummation of any of the transactions contemplated hereby is permanently enjoined or prohibited by
the terms of a final, non-appealable order or judgment of a court of competent jurisdiction or by Law; or 
 (c) prior to the Closing, by
written notice to the Purchaser from the Seller if (i) there is any breach of any representation, warranty, covenant or agreement on the part of Purchaser set forth in this Agreement, such that the conditions specified in Section 8.03(a)
or Section 8.03(b) would not be satisfied at the Closing (a “Terminating Purchaser Breach”), except that, if any such Terminating Purchaser Breach is curable by the Purchaser through the exercise of its reasonable best efforts,
then, for a period of up to 30 days (or any shorter period of the time that remains between the date the Purchaser provides written notice of such violation or breach and the Termination Date) after receipt by the Purchaser of notice from the Seller
of such breach, but only as long as the Purchaser continues to exercise such reasonable best efforts to cure such Terminating Purchaser Breach (the “Purchaser Cure Period”), such termination shall not be effective until, and such
termination shall become effective only if the Terminating Purchaser Breach is not cured within the Purchaser Cure Period, (ii) the Closing has not occurred on or before the Termination Date; provided, that the right to terminate this Agreement
under this subsection (ii) shall not be available if the Seller’s failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date, or (iii) the
consummation of any of the transactions contemplated hereby is permanently enjoined or prohibited by the terms of a final, non-appealable order or judgment of a court of competent jurisdiction or by Law. 

Section 9.02 Effect of Termination. Except as otherwise set forth in this Section 9.02, in the event of the termination of
this Agreement pursuant to Section 9.01, this Agreement shall forthwith become void and have no effect, without any liability on the part of any party hereto or its respective Affiliates, officers, directors, stockholders, employees or
representatives other than liability of any party hereto for any intentional and willful breach of this Agreement by such party occurring prior to such termination. The provisions of Sections 9.02, 11.01, 11.09, 11.11, and

  
 28 

 
11.12 (collectively, the “Surviving Provisions”), and any other Section or Article of this Agreement referenced in the Surviving Provisions which are required to survive in order
to give appropriate effect to the Surviving Provisions, shall in each case survive any termination of this Agreement. 
 ARTICLE X

 INDEMNIFICATION 

Section 10.01 Survival of Representations and Warranties. The representations and warranties of the Parties contained in this
Agreement shall survive the Closing for eighteen (18) months after the Closing; provided, however, that the Seller Fundamental Representations and the Purchaser Fundamental Representations shall survive indefinitely; and, provided,
further, that any claim made in compliance with Section 10.04(a) by the Party seeking to be indemnified within the time periods set forth in this Section 10.01 shall survive until such claim is finally and fully resolved. The covenants
and agreements contained in this Agreement shall survive the Closing in accordance with their respective terms, and the period during which a claim for indemnification or reimbursement may be asserted in connection therewith shall survive the
Closing until the latest expiring statute of limitations applicable to the rights of any Indemnified Party to bring any claim with respect to such matters, and a claim for indemnification based on actual fraud or willful misconduct (including any
intentional breach of this Agreement) may be made at any time. 
 Section 10.02 Indemnification by the Seller. The Purchaser,
its Affiliates, and their respective officers, directors, managers, employees and agents (each, a “Purchaser Indemnified Party”) shall from and after the Closing be indemnified and held harmless by the Seller, for and against all
losses, damages, claims, costs and expenses (including amounts paid in settlement, costs of investigation, and reasonable attorneys’ and consultants’ fees and expenses), interest, awards, fines, Taxes, judgments and penalties suffered or
incurred by them (collectively, “Losses”), arising out of or resulting from (i) the breach of any representation or warranty made by the Seller in this Agreement, the Ancillary Agreements, or in any certificate or instrument
delivered by or on behalf of Seller pursuant to this Agreement, (ii) the breach or non-fulfillment of any covenant or agreement by the Seller contained in this Agreement, the Ancillary Agreements, or in any certificate or instrument delivered
by or on behalf of Seller pursuant to this Agreement, (iii) the Excluded Assets, (iv) the Excluded Liabilities, or (v) any Third Party Claim based upon, resulting from or arising out of the business, operations, properties, assets or
obligations of Seller or any of its Affiliates (other than the Purchased Assets or Assumed Liabilities) conducted, existing or arising on or prior to the Closing Date. Notwithstanding the above, for all Losses under clause (i) of the first
sentence of this Section 10.02 other than those based upon the actual fraud or willful misconduct (including any intentional breach of this Agreement) of Seller or a breach of a Seller Fundamental Representation, Seller shall have no liability
or obligation relating to the indemnification or funding for indemnification for any breach of, or inaccuracy in, the representations and warranties set forth in Article III of this Agreement, it being acknowledged and agreed that the Escrow Amount
and the R&W Insurance Policy shall exclusively provide for the funding for all such Losses incurred by the Purchaser Indemnified Parties for any such breaches or inaccuracies. The only two exceptions to the foregoing are: (a) up to a
possible aggregate maximum of $4.6 million, a Denied Loss, in which case Seller may have liabilities to Purchaser Indemnified Parties as limited in Section 10.04(b); and (b) Losses 

  
 29 

 
other than Denied Losses, but only up to the Cap. To the extent that any matter set forth in clauses (ii) through (v) of the first sentence of Section 10.02 is also a matter that
falls within clause (i) of the first sentence of this Section 10.02, Purchaser shall bring any claim for indemnification under clause (i) of the first sentence of Section 10.02. 

Section 10.03 Indemnification by the Purchaser. The Seller, its Affiliates and their respective officers, directors, employees and
agents (each, a “Seller Indemnified Party”) shall from and after the Closing be indemnified and held harmless by the Purchaser for and against any and all Losses suffered or incurred by them, arising out of or resulting from
(i) the breach of any representation or warranty made by the Purchaser contained in this Agreement, the Ancillary Agreements, or in any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement; (ii) the
breach or non-fulfillment of any covenant or agreement by the Purchaser contained in this Agreement, the Ancillary Agreements, or in any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement; (iii) the
assertion against any Seller Indemnified Party of any Assumed Liability after the Closing, or (iv) any Losses relating to the Business or the Mobile Offices occurring after the Closing (other than those arising as result of the breach of any
representation, warranty or covenant made by the Seller in this Agreement). 
 Section 10.04 Limits on Indemnification. 

(a) No claim may be asserted nor may any Action be commenced against a Party for breach of any representation, warranty, covenant or agreement
contained herein, unless written notice of such claim or Action is received by such Party describing in reasonable detail the facts and circumstances with respect to the subject matter of such claim or Action on or prior to the date on which the
representation, warranty, covenant or agreement on which such claim or Action is based ceases to survive as set forth in Section 10.01, except as may be extended for claims that may be made under the R&W Insurance Policy, provided, however,
in no event shall the Seller be responsible for its portion of a Denied Loss under Section 10.04(b) for claims made against the R&W Insurance Policy after 18 months following the Closing, excluding a Denied Loss relating to the breach of a
Seller Fundamental Representation. 
 (b) Notwithstanding anything to the contrary contained in this Agreement, (i) the Seller shall
not be liable for any Losses pursuant to clause (i) of Section 10.02 (other than with respect to a claim for indemnification based on, arising out of, or with respect to or by reason of any inaccuracy in or breach of any representation or
warranty in Section 3.01, Section 3.06(b), Section 3.10, or Section 3.14 (collectively, the “Seller Fundamental Representations”)), unless and until the aggregate amount of indemnifiable Losses that may be or
have already been recovered from the Seller exceeds $500,000 (the “Deductible Amount”), whereupon the Purchaser Indemnified Parties shall be entitled to indemnification for only the amount of such Losses in excess of the Deductible
Amount, and (ii) except as specifically set forth herein, the maximum amount of indemnifiable Losses which may be recovered from the Seller pursuant to this Article X shall be an amount equal to the amount then remaining in the Escrow Account
(the “Cap”); provided, however, that neither the Deductible Amount nor the Cap shall apply to Losses suffered by any Purchaser Indemnified Party (x) resulting from a breach of a Seller Fundamental Representation, or
(y) in the event that the obligation to indemnify arises from claims based on actual fraud or willful misconduct (including any intentional breach of this Agreement) by the Seller. Subject to the limitations set forth in Section 10.02 and
further provisions of this Section 

  
 30 

 
10.04(b), the Purchaser acknowledges and agrees that the Purchaser Indemnified Parties’ sole recourse, except with respect to any inaccuracy in or breach of a Seller Fundamental
Representation, actual fraud, willful misconduct (including any intentional breach of this Agreement), or an enforcement action for non-monetary relief pursuant to Section 11.10 but only to the extent such matter is not a Loss under the R&W
Policy, with respect to matters for which they may be entitled to indemnification pursuant to this Article X shall be first to satisfy such Losses against all or any portion of the amount then available in the Escrow Account, and
second (with respect to Losses under clause (i) of Section 10.02 only), if all or any portion of such Losses are in excess of the amount then available in the Escrow Account, to satisfy the amount of such Losses out of the R&W
Insurance Policy. With respect to any inaccuracy or breach of a Seller Fundamental Representation, the Purchaser acknowledges and agrees that the Purchaser Indemnified Parties shall satisfy such Losses in the following order of priority:
first, against all or any portion of the amount then available in the Escrow Account, second, if all or any portion of such Losses are in excess of the amount then available in the Escrow Account, out of the R&W Insurance Policy,
and third, in the event that any such Losses are a Denied Loss or are in excess of the limits of the R&W Insurance Policy, directly against the Seller, and Seller acknowledges that neither the Deductible Amount nor the Cap shall apply to
Losses suffered by any Purchaser Indemnified Party resulting from a breach of a Seller Fundamental Representation. In the event that a claim or claims for Losses arising out of a breach of a Seller Fundamental Representation and a claim or claims
for Losses arising out of a breach of a representation or warranty of Seller other than a Seller Fundamental Representation are submitted for coverage under the R&W Insurance Policy during the general survival period for representations and
warranties under this Agreement, any proceeds received under the R&W Insurance Policy on account of such Losses shall be deemed to have been paid first in satisfaction of the Losses arising out of a breach of the representations and warranties
of Seller other than the Seller Fundamental Representation, and second in satisfaction of the Losses arising out of a breach of a Seller Fundamental Representation. With respect to Losses, other than Losses under clause (i) of
Section 10.02, if the amount then available in the Escrow Account is insufficient to satisfy all such Losses, Seller shall not have any liability of any kind or nature with respect to such Losses except in the event that the Losses are based on
actual fraud or willful misconduct (including any intentional breach of this Agreement) of Seller, in which case neither the Deductible nor the Cap shall apply to such Losses. With respect to Losses under clause (i) of Section 10.02, if
such Losses (or any portion thereof) are a Denied Loss, Purchaser and Seller shall each bear 50% of such Denied Loss, provided that Seller’s maximum aggregate liability for all Denied Loss shall not exceed $4,600,000 (the “Over
Cap”); provided, however, that, notwithstanding the foregoing, in the event that a Denied Loss arises from claims based on any inaccuracy in or breach of a Seller Fundamental Representation, or is based on Seller actual fraud, or
willful misconduct (including any intentional breach of this Agreement), Seller shall be responsible for 100% of such Denied Loss, and none of the Deductible, the Cap, or the Over Cap shall apply to such Denied Loss, and Seller shall promptly pay to
the Purchaser its applicable portion of such Denied Loss. Other than subrogation rights based on Seller fraud, the carrier of the R&W Insurance Policy shall not be deemed to be a third party beneficiary of this Agreement, including this
Section 10.04(b), and shall not have any other rights to be subrogated to the rights of Purchaser in respect of Purchaser’s indemnification rights hereunder. Notwithstanding the one (1) year time period referenced under the definition
of “Denied Loss,” Purchaser shall continue to pursue diligently and in good faith to obtain coverage under the R&W Insurance 

  
 31 

 
Policy and shall promptly pay to the Seller 50% of any proceeds received by the Purchaser under the R&W Insurance Policy for a Denied Loss. 

(c) Notwithstanding anything to the contrary contained in this Agreement, (i) the Purchaser shall not be liable for any Losses pursuant
to clause (i) of Section 10.03 (other than with respect to a claim for indemnification based on, arising out of, or with respect to or by reason of any inaccuracy in or breach of any representation or warranty in Section 4.01 or 4.05
(collectively, the “Purchaser Fundamental Representations”), unless and until the aggregate amount of indemnifiable Losses that may be or have already been recovered from the Purchaser exceeds the Deductible Amount, whereupon the
Seller Indemnified Parties shall be entitled to indemnification for only the amount of such Losses in excess of the Deductible Amount, and (ii) the maximum amount of indemnifiable Losses which may be recovered from the Purchaser pursuant to
Article X shall be an amount equal to the Cap; provided, however, that neither the Deductible Amount nor the Cap shall apply to Losses suffered by any Seller Indemnified Party (x) resulting from a breach of a Purchaser Fundamental
Representation, or (y) in the event that the obligation to indemnify arises from claims based on actual fraud or willful misconduct (including any intentional breach of this Agreement) of Purchaser. 

(d) Notwithstanding anything to the contrary contained in this Agreement, no Indemnifying Party shall be liable to, or otherwise responsible
to any Indemnified Party for, speculative, consequential, incidental, indirect, special, unforeseen or punitive damages or for diminution of value, loss of profit or multiples of earnings damages, that arise out of or relate to this Agreement or the
performance or breach or alleged breach thereof or any Liability retained or assumed hereunder whether or not the possibility of such damages has been disclosed to the other Party in advance or could have been reasonably foreseen by such other Party
other than such types of damages paid to a non-Affiliated third party. 
 (e) The amount of any Losses for which indemnification is provided
under Section 10.02 or Section 10.03 (as applicable), shall be net of any insurance recovery actually received by an Indemnified Party on account of any Losses subject to indemnification hereunder, with the Indemnifying Party agreeing to
reasonably and in good faith pursue available coverage as they would if such Losses were not subject to indemnification hereunder. In the event that an insurance recovery is made by such Indemnified Party with respect to any Losses for which such
party has been indemnified hereunder, then such Indemnified Party shall promptly pay to the Indemnifying Party who made any indemnification payment the amount of such recovery (net of all reasonable direct collection expenses). The Parties shall
take and shall cause their Affiliates to take all reasonable steps to mitigate any Losses upon becoming aware of any event that gives rise thereto. This Section 10.04(e) does not apply to the R&W Insurance policy. 

(f) For purposes of this Article X, any inaccuracy in or breach of any representation or warranty shall be determined without giving effect to
the term “Material Adverse Effect” or any similar materiality qualification based on materiality contained in any such representation or warranty. 

  
 32 

 Section 10.05 Notice of Loss; Third-Party Claims. 

(a) An Indemnified Party shall give the Indemnifying Party and the Agent notice of any matter which an Indemnified Party has determined gives
rise or could reasonably be expected to give rise to a right of indemnification under this Agreement, within thirty (30) days of such determination, setting forth in reasonable detail the amount of the Losses, if known, and method of
computation thereof (if known), and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or arises, provided that the failure to provide such notice within the specified time period
will not relieve the Indemnifying Party of its obligations hereunder except to the extent such failure materially prejudices such Indemnifying Party hereunder. 

(b) If an Indemnified Party shall receive notice of any Action, audit, claim, demand or assessment against it from a third party (each, a
“Third-Party Claim”), which gives rise or would reasonably be expected to give rise to a claim for Losses under this Article X, within thirty (30) days of the receipt of such notice (or within such shorter period as may be
required to permit the Indemnifying Party to respond to any such claim), the Indemnified Party shall give the Indemnifying Party notice of such Third-Party Claim together with copies of all notices and documents served on or received by the
Indemnified Party, provided, that the failure to provide such notice within the specified time period (whether with a Third-Party Claim or otherwise) will not relieve the Indemnifying Party of its obligations hereunder except to the extent such
failure materially prejudices such Indemnifying Party hereunder. The Indemnifying Party shall be entitled to assume and control the defense of such Third-Party Claim at its expense and through counsel of its choice if it gives notice of its
intention to do so to the Indemnified Party within forty-five (45) days of the receipt of such notice from the Indemnified Party (but in all cases within such time as is reasonable to permit the Indemnified Party to adequately respond to any
such claim in the event that the Indemnifying Party will not assume the defense thereof), which notice shall state that the Indemnifying Party would be liable under the provisions hereof for indemnity in the amount claimed by such third party if
such claims by such third party are valid and that such Indemnifying Party intends to defend against such Third-Party Claims in good faith, to assume and conduct the defense of such claim with counsel selected by the Indemnifying Party, at the
Indemnifying Party’s sole cost and expense (subject to the limitations set forth in this Article X) (the “Defense Assumption Notice”), provided, however, that if within a reasonable time period (not to exceed ninety
(90) days) following the delivery of the Defense Assumption Notice, the Indemnifying Party discovers or identifies new facts or circumstances which leads such Indemnifying Party to reasonably believe that such claim is not a claim that results
or would result in the incurrence by such Indemnified Party of any Losses for which such Indemnified Party would be entitled to indemnification from such Indemnifying Party pursuant to this Article X, such Indemnifying Party may promptly (but in any
event within such ninety (90) day period) notify the Indemnified Party in writing of such facts or circumstances and state that such Indemnifying Party is retracting the Defense Assumption Notice and, thereafter, the Defense Assumption Notice
shall be of no further force and effect and the Indemnifying Party shall no longer be entitled to assume the defense of such claim. If the Indemnifying Party elects to undertake any such defense against a Third-Party Claim, the Indemnified Party may
participate in (but not control) such defense at its own expense. If the parties to the action or proceeding include both the Indemnifying Party and the Indemnified Party and the Indemnified Party has been advised in writing by legal counsel that it
has available to it one or more defenses 

  
 33 

 
or counterclaims which are inconsistent with one or more defenses or counterclaims which may be alleged by the Indemnifying Party, as a result of which representation of both parties by the same
counsel would be inappropriate under applicable standards of professional conduct, the reasonable expense of separate counsel for such Indemnified Party shall be paid by the Indemnifying Party; provided, that such Indemnifying Party shall be
obligated to pay for only one counsel for the Indemnified Party in any jurisdiction. Further, if a diligent good faith defense is not being or ceases to be conducted by the Indemnifying Party, the Indemnified Party may undertake the defense of (with
counsel selected by such Indemnified Party) and shall have the right to compromise or settle such Third-Party Claim (exercising reasonable business judgment); provided, however, that if the Indemnifying Party has not consented in writing
(such consent not to be unreasonably withheld, conditioned or delayed) to any compromise or settlement of such claims, then the amount of such compromise or settlement shall not be dispositive of the amount of Losses the Indemnified Party may
recover pursuant to the indemnity provided in this Article X. Except with the prior written consent of the Indemnified Party (such consent not to be unreasonably withheld, conditioned or delayed), no Indemnifying Party, in the defense of any such
claim, will consent to the entry of any judgment or enter into any settlement that (i) includes any remedy other than a cash payment, which is fully satisfied by the Indemnifying Party or (ii) does not include as an unconditional term
thereof the giving by each claimant or plaintiff to the Indemnified Party of a release from all Liability with respect to such claim. If the Indemnifying Party has assumed the defense of a Third-Party Claim in accordance with this Article X, the
Indemnified Party shall reasonably cooperate with the Indemnifying Party in such defense and promptly make available to the Indemnifying Party, at the Indemnifying Party’s expense, all relevant witnesses, pertinent records, materials and
information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto (or in the possession or control of any of its Affiliates or its or their Representatives) as is reasonably requested by the
Indemnifying Party or its counsel. For so long as the Indemnifying Party is the party responsible for the defense of such Third-Party Claim (the “Responsible Party”), the Indemnified Party shall not pay, or permit to be paid, any
part of such Third-Party Claim unless the Indemnifying Party consents in writing to such payment or unless the Indemnifying Party withdraws from the defense of such Third-Party Claim or unless a final judgment from which no appeal may be taken by or
on behalf of the Indemnifying Party is entered against the Indemnified Party for such Third-Party Claim. For so long as the Indemnifying Party is the Responsible Party, the Indemnified Party shall not admit any Liability with respect to any
Third-Party Claim, settle or enter into any settlement agreement, compromise or discharge any Third-Party Claim without the Indemnifying Party’s prior written consent (not to be unreasonably withheld, conditioned or delayed). The Responsible
Party shall, to the extent reasonably requested by the other party, keep such other party reasonably informed as to the status of such claim. 

Section 10.06 Remedies. Each of the Parties acknowledges and agrees that following the Closing, except in connection with actual
fraud, willful misconduct (including any intentional breach of this Agreement), or an enforcement action for non-monetary relief pursuant to Section 11.10, the indemnification provisions of Article X shall be the sole and exclusive remedies of
the Parties for any breach of the representations and warranties contained in this Agreement and for any failure to perform and comply with any covenant or agreement in this Agreement. The provisions of this Section 10.06 will not prevent or
limit a cause of action (i) under Section 11.10 to obtain an injunction or injunctions to prevent breaches of this Agreement and to enforce 

  
 34 

 
specifically the terms and provisions hereof, or (ii) for actual fraud and willful misconduct (including any intentional breach of this Agreement). Except in connection with actual fraud or
willful misconduct (including any intentional breach of this Agreement), and except with respect to an enforcement action for non-monetary damages pursuant to Section 11.10, each Party hereby waives, to the fullest extent permitted under
applicable Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein it may have against the other Parties hereto and their Affiliates and each of their
respective Representatives arising under or based upon any applicable Law, except pursuant to the indemnification provisions set forth in this Article X. For the avoidance of doubt, the Indemnified Party shall not be entitled to recover damages or
otherwise retain payment, reimbursement or restitution more than once in respect of the same Losses or Liability. 
 Section 10.07
Tax Matters. For Tax purposes, the Parties agree to treat, to the extent permitted by applicable Law, all payments made under any indemnity provisions contained in this Agreement, and for any breaches of representations, warranties, covenants
or agreements, as adjustments to the Purchase Price. 
 Section 10.08 Payments. Once Losses are agreed to by the Indemnifying
Party or finally adjudicated to be payable pursuant to this Article X, the Indemnifying Party shall satisfy its obligations within five (5) Business Days of such final, non-appealable adjudication by wire transfer of immediately available
funds, provided that, in the event that Seller is the Indemnifying Party, all such obligations shall be satisfied out of the Escrow Amount until the Escrow Amount is exhausted, provided that Purchaser may have recourse against the R&W Insurance
Policy and, where applicable, the Seller. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such five (5) Business Day period, any amount payable shall accrue interest from and
including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to the one year London Interbank Offered Rate, plus 3%. Such interest
shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed. 
 ARTICLE XI 

GENERAL PROVISIONS 

Section 11.01 Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement (collectively, the “Transaction Expenses”) shall be borne by the Party incurring such
costs and expenses, whether or not the Closing shall have occurred. 
 Section 11.02 Notices. All notices, requests, claims,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) if delivered in person, when delivered, (ii) if delivered by an internationally recognized overnight courier service, on the
first Business Day thereafter, or (iii) if delivered by facsimile (with a copy simultaneously sent by overnight courier service), when confirmation thereof is received, in each case to the respective Party at the following addresses (or at such
other address for a Party as shall be specified in a notice given in accordance with this Section 11.02): 

  
 35 

	 	(a)	if to the Seller: 

 Mobile Mini, Inc. 

7420 South Kyrene Road, Suite 101 

Tempe, Arizona 85283 

Facsimile:     (480) 894-6433 

Attention:     Christopher J. Miner, Senior Vice President and 

                     General Counsel

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

DLA Piper LLP (US) 
 2525 East
Camelback Road, Suite 1000 
 Phoenix, Arizona 85016 

Facsimile:     (480) 606-5101 

Attention:     Gregory R. Hall, Esq. 
  

	 	(b)	if to the Purchaser: 

 New Acton Mobile Industries LLC 

1460 Main Street 
 Suite 200

 Southlake, Texas 76092 

Facsimile:     (817) 898-1509 

Attention:     Ross Gatlin and Brian Hegi 

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

Prophet Equity 
 1460 Main
Street 
 Suite 200 

Southlake, Texas 76092 

Facsimile:     (817) 898-1509 

Attention:     David Rex, General Counsel 

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

Jackson Walker L.L.P. 
 901
Main Street 
 Suite 6000 

Dallas, Texas 75202 
 Facsimile:
    (214) 953-5822 
 Attention:     Kevin Jones 

  
 36 

	 	(c)	If to the Agent, to: 

 U.S. Bank National Association 

Corporate Trust Services 
 101
N. 1st Avenue, Suite 1600 
 Phoenix, Arizona 85003 

Facsimile:     (602) 257-5433 

Attention:     Mary Ambriz-Reyes 

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

U.S. Bank National Association 

60 Livingston Avenue 

EP-MN-WS3T 
 St. Paul, Minnesota
55107 
 Facsimile:     (866) 691-4161 

Attention:     Maria Bui 

Section 11.03 Public Announcements. Except as required by law, none of the Parties shall make, or cause to be made, any press
release or public announcement in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate with any news media regarding this Agreement or the transactions contemplated hereby without the prior written
consent of the other Party. 
 Section 11.04 Severability. If any term or other provision of this Agreement is invalid, illegal
or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible in a mutually acceptable manner in order that the transactions
contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible. 
 Section 11.05 Entire
Agreement; Construction. This Agreement (including the Disclosure Schedule), the Ancillary Agreements and any other exhibits, schedules and certificates referred to herein or therein shall constitute the entire agreement of the Parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

 Section 11.06 Assignment. This Agreement may not be assigned by operation of Law or otherwise without the express written
consent of the Seller, the Agent and the Purchaser (which consent may be granted or withheld in the sole discretion of the Seller, the Agent or the Purchaser), as the case may be, and any attempted assignment without such consent shall be null and
void. 

  
 37 

 Section 11.07 Amendment. This Agreement may not be amended or modified except by an
instrument in writing signed by, or on behalf of, the Seller, the Agent and the Purchaser that expressly references the Section of this Agreement to be amended. 

Section 11.08 Waiver. Any Party (and in the case of the Seller, with the prior written consent of the Agent) may (i) extend
the time for the performance of any of the obligations or other acts of the other Party, (ii) waive any inaccuracies in the representations and warranties of the other Party contained herein or in any document delivered by the other Party
pursuant to this Agreement, or (iii) waive compliance with any of the agreements of the other Party or conditions to such obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing
signed by the Parties to be bound thereby. Any waiver of any term or condition of this Agreement shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition of this Agreement, or a waiver of any
other term or condition of this Agreement. The failure of any Party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 

Section 11.09 No Third-Party Beneficiaries. Except as provided in Article X and as set forth in Section 11.14, this Agreement
shall be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right,
benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement. 

Section 11.10 Specific Performance. The Parties acknowledge and agree that the Parties would be irreparably damaged if any of the
provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that any non-performance or breach of this Agreement by any Party could not be adequately compensated by monetary damages alone and
that the Parties would not have any adequate remedy at Law. Accordingly, such Party shall be entitled to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to
prevent breaches or threatened breaches of any of the provisions of this Agreement without posting any bond or other undertaking. 

Section 11.11 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of
Arizona without regard to the conflict of law principles thereof. All legal proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in any Arizona federal court sitting in the County of Maricopa of the City
of Phoenix; provided, however, that if such federal court does not have jurisdiction over such legal proceeding, such legal proceeding shall be heard and determined exclusively in any Arizona state court sitting in Maricopa County,
Arizona. Consistent with the preceding sentence, the Parties hereto hereby (i) submit to the exclusive jurisdiction of any federal or state court sitting in Maricopa County for the purpose of any legal proceeding arising out of or relating to
this Agreement brought by any party hereto, (ii) agree that service of process will be validly effected by sending notice in accordance with Section 11.02, and (iii) irrevocably waive, and agree not to assert by way of motion,
defense, or otherwise, in any such legal proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the legal proceeding is brought
in an inconvenient 

  
 38 

 
forum, that the venue of the legal proceeding is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts.

 Section 11.12 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY AND VOLUNTARILY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION OR LIABILITY DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH
OF THE PARTIES HERETO HEREBY (I) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUCH ACTION OR LIABILITY, SEEK TO ENFORCE THE FOREGOING WAIVER;
AND (II) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.12. 

Section 11.13 Counterparts. This Agreement may be executed and delivered (including by facsimile or other means of electronic
transmission, such as by electronic mail in “.pdf” form) in two or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement. 
 Section 11.14 The Agent and the Lenders. 

(a) Notwithstanding anything to the contrary herein, the Agent (for itself and the Lenders) will be deemed a third-party beneficiary hereunder
entitled to exercise and enforce any and all rights, powers, privileges and remedies of the Seller pursuant to this Agreement or any other agreement, instrument or document executed in connection herewith and, as provided in the applicable Loan
Documents (as defined in the Credit Agreement), the Agent, for the benefit of itself and the Lenders, will have a first priority lien on Seller’s respective right, title and interest in and to this Agreement and the other agreements,
instruments and documents executed in connection herewith. Without limiting the generality of the foregoing, and notwithstanding anything to the contrary in this Agreement or in any other agreement, instrument or document executed in connection
herewith, the Seller will not exercise any right to terminate, or execute and deliver or otherwise provide any waivers, consents or amendments under, this Agreement or any of the other agreements, instruments or documents executed in connection
herewith, without the prior written consent of the Agent. 
 (b) Notwithstanding anything to the contrary in this Agreement or any other
agreement, instrument or document executed in connection herewith, none of the Agent or the Lenders (i) is making any representations or warranties to any or all of the Seller, the Purchaser or any of their respective Affiliates in connection
with this Agreement or any other agreement, instrument or document executed in connection herewith, or the transactions contemplated herein or therein, (ii) will be liable to any Person for any breach by any or all of the Seller, the Purchaser
or any of their respective Affiliates or any of their respective representations, 

  
 39 

 
warranties, covenants or other agreements in connection with this Agreement or any other agreement, instrument or document executed in connection herewith or any of the transactions contemplated
herein or therein, or (iii) will have any Liabilities under or in respect of any of this Agreement or any other agreement, instrument or document executed in connection herewith or any of the transactions contemplated herein or therein. Without
limiting the generality of the foregoing, under no circumstances will any or all of the Agent and the Lenders be obligated to return or otherwise disgorge to or for the benefit of the Purchaser or any Affiliate thereof any proceeds of the Closing
Date Payment, the Purchase Price or other amounts remitted to any or all of the Agent and the Lenders. 
 [SIGNATURE PAGE IMMEDIATELY
FOLLOWS] 

  
 40 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed as of the
date first written above by its respective officer thereunto duly authorized. 
  

			
	SELLER:
	
	MOBILE MINI, INC.
		
	By:	 	 /s/ Erik Olsson

	Name:	 	Erik Olsson
	Title:	 	Chief Executive Officer
	
	PURCHASER:
	
	NEW ACTON MOBILE INDUSTRIES LLC
		
	By:	 	 /s/ Ross Gatlin

	Name:	 	Ross Gatlin
	Title:	 	Chief Executive Officer

 [Signature Page to Asset Purchase Agreement]NEITHER THIS NOTE NOR THE SECURITIES
INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

	July 1, 2014	$450,000

 

MINDPIX CORPORATION

(OTC: MPIX)

 

8% Convertible Debenture

 

Due July 1, 2015

 

FOR VALUE RECEIVED,
MINDPIX CORPORATION, a Nevada corporation (hereinafter called the “Borrower” or the “Company”),
hereby promises to pay to Sidney and Gloria Lorio (the “Holder”) without demand, the sum of FOUR HUNDRED
FIFTY THOUSAND Dollars ($450,000), with simple interest accruing at the rate described below, on July 1, 2015
(the “Maturity Date”).

 

WHEREAS, the Company and
the Holder have previously entered into a Stock Purchase Agreement dated July 1, 2014;

 

WHEREAS, the Company did
not have sufficient shares available to fulfill its obligations under the Stock Purchase Agreement; and

 

WHEREAS, the Parties have
agreed replace the Stock Purchase Agreement with this 8% Convertible Debenture.

 

NOW THEREFORE, the following
terms shall apply to this Note:

 

ARTICLE I

GENERAL PROVISIONS

 

1.1Payments.
The entire unpaid principal amount due under this Note (the “Principal”) shall be due and payable on the Maturity
Date. Interest on this Note (the “Interest”) will be payable on the Maturity Date. Interest shall be payable
in cash or, at the Holder’s option, in shares of the Company’s common stock, $.0001 par value per share (the “Common
Stock”).

 

Upon any conversion
in part by the Holder in accordance with Article II, the Holder and the Borrower shall in good faith recalculate the outstanding
principal balance. Upon any full conversion by the Holder in accordance with Article II of all of the Interest and the Principal
due hereunder, all of the Borrower’s payment obligations shall terminate. All payments in respect of the indebtedness evidenced
hereby shall be applied in the following order: to accrued Interest, Principal, and charges and expenses owing under or in connection
with this Note.

 

If any payment of interest
is paid in Common Stock, the number of shares issuable will be determined utilizing the conversion ratio as set forth in Article
II. Notwithstanding the foregoing, the Company’s right to pay , including any Interest due thereunder, in shares of Common
Stock upon the Maturity Date is subject to the condition that: (i) the Common Stock is trading on the OTC Markets (Pink Sheets),
OTC Bulletin Board, American Stock Exchange or Nasdaq; and (ii) there is an effective Registration Statement on the Maturity Date
or the shares are otherwise eligible for resale pursuant to Rule 144 and payment thereof in full will not exceed the Maximum Conversion
as defined below.

 

    	 

    	 

    

  

1.2Interest.
Interest shall accrue on the outstanding principal balance hereof at an annual rate equal to eight percent (8%) from the date Principal
was advanced in connection with this Note and shall be payable annually unless otherwise converted earlier at the election of the
Holder as further described below. Interest shall be calculated on the basis of a 360-day year and the actual number of days elapsed,
to the extent permitted by applicable law. Interest hereunder will be paid to the Holder or its assignee in whose name this Note
is registered on the records of the Borrower regarding registration and transfers of Notes (the “Note Register”).
However, should the Company fail to maintain current public information as defined in Rule 144 of the Securities Act of 1933, the
interest rate shall increase to 18% per annum for that period when the Company’s filings are not up-to-date.

 

1.3Payment Grace
Period. From and after the 10th day after an Event of Default under Section 3.1, the Interest Rate applicable to
any unpaid amounts owed hereunder shall be increased to eighteen percent (18%) per annum.

 

1.4Conversion Privileges.
The conversion privileges set forth in Article II shall remain in full force and effect immediately from the date hereof and until
the Note is paid in full regardless of the occurrence of an Event of Default. This Note shall be payable in full on the Maturity
Date, unless previously converted into Common Stock in accordance with Article II hereof; provided, that if an Event of
Default has occurred, the Holder may elect to extend the Maturity Date by the amount of days of the pendency of the Event of Default.

 

1.5Corporate Existence.
So long as remains outstanding, the Company shall not directly or indirectly consummate any merger, reorganization, restructuring,
reverse stock split, consolidation, sale of all or substantially all of the Company’s assets or any similar transaction or related
transactions (each such transaction, a “Fundamental Change”) where the Company is not the surviving entity unless,
prior to the consummation a Fundamental Change, the Company shall have given the Holder not less than fourteen (14) days prior
written notice to the Holder. In any such case, the Company grant the Holder the right to put this Note to the Company up to the
time of the effectiveness of the Fundamental Change at 125% of the then outstanding Principal plus any unpaid and accrued Interest.

  

This Note is subject to
the following additional provisions:

 

ARTICLE II

CONVERSION RIGHTS AND REDEMPTION RIGHTS

 

The Holder shall have the
right to convert the principal and accrued and unpaid interest due under this Note into Shares of the Borrower’s Common Stock as
set forth below.

 

2.1Conversion into
the Borrower’s Common Stock.

 

(a)The Holder shall have
the right from and after the date of the issuance of this Note and then at any time until this Note is fully paid, to convert any
outstanding and unpaid principal portion of this Note, and accrued Interest, at the election of the Holder (the date of giving
of such notice of conversion being a “Conversion Date”) into fully paid and non-assessable shares of Common Stock
as such stock exists on the date of issuance of this Note (such shares, the “Conversion Shares”), or any shares
of capital stock of Borrower into which such Common Stock shall hereafter be changed or reclassified (the “Other Securities”),
at the conversion price as defined in Section 2.1(b) hereof (the “Conversion Price”), determined as provided herein.
Upon delivery to the Borrower of a completed Notice of Conversion, a form of which is attached hereto as Exhibit A,
Borrower shall issue and deliver to the Holder within three (3) business days from the Conversion Date (such third day being the
“Delivery Date”) that number of Conversion Shares for the portion of the Note converted in accordance with the
foregoing. At the election of the Holder, the Borrower will deliver accrued but unpaid interest on the principal amount of the
Note being converted in the manner provided in Section 1.1 through the Conversion Date directly to the Holder on or before the
Delivery Date. The number of Conversion Shares to be issued upon each conversion of this Note shall be determined by dividing that
portion of the principal of this Note and accrued interest to be converted, by the Conversion Price.

 

    	2

    	 

    

  

(b) Subject to
adjustment as provided in Section 2.1(c) hereof, the Conversion Price per share shall be the lesser of (i) $.0002 per share
or (i) 20% of the average of the five lowest intra-day trading prices for the Company’s stock during the previous 20
trading days.

 

(c) The Conversion
Price and number and kind of shares or other securities to be issued upon conversion determined pursuant to Section 2.1(a),
shall be subject to adjustment from time to time upon the happening of the following certain events while this conversion
right remains outstanding:

 

A.Reorganization, Consolidation,
Merger, etc.; Reclassification. In case at any time or from time to time, the Company shall, subject to Section 1.5 hereof,
effect a Fundamental Change, then, in each such case, as a condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Company whereby the Holder of this Note, on the conversion hereof as provided in Article II, at
any time after the consummation of such Fundamental Change, shall receive, in lieu of the Conversion Shares (or Other Securities)
issuable on such conversion prior to such consummation or such effective date, the stock and other securities and property (including
cash) to which such Holder would have been entitled upon such consummation of a Fundamental Change if such Holder had so converted
this Note, immediately prior thereto, all subject to further adjustment thereafter as provided in Section 2.1(c)(E).

 

If the Borrower at any
time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any
class or classes that may be issued or outstanding, this Note, as to the unpaid principal portion thereof and accrued interest
thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities
as would have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification
or other change.

 

B.Dissolution. In the event
of any dissolution of the Company following the transfer of all or substantially all of its properties or assets, the Company,
prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and property (including
cash, where applicable) receivable by the Holder of this Note after the effective date of such dissolution pursuant to this Article
II to a bank or trust company (a “Trustee”) having its principal office in New York, NY, as trustee for the
Holder of the Notes.

 

C.Continuation of Terms. Upon
any Fundamental Change or transfer (and any dissolution following any transfer) referred to in this Article II, this Note shall
continue in full force and effect and the terms hereof shall be applicable to the Other Securities and property receivable on the
conversion of this Note after the consummation of such Fundamental Change or transfer or the effective date of dissolution following
any such transfer, as the case may be, and shall be binding upon the issuer of any other securities, including, in the case of
any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, whether or not such
person shall have expressly assumed the terms of this Note as provided in Section 2.1(c)(E). In the event this Note does not continue
in full force and effect after the consummation of the transaction described in this Article II, then only in such event will the
Company’s securities and property (including cash, where applicable) receivable by the Holder of this Note be delivered to the
Trustee as contemplated by Section 2.1(c)(B).

 

    	3

    	 

    

  

D.Share Issuance. If at any
time this Note is outstanding the Company shall offer, issue or agree to issue any common stock or securities convertible into
or exercisable for shares of common stock (or modify any of the foregoing which may be outstanding) to any person or entity at
a price per share or conversion or exercise price per share which shall be less than the then applicable Conversion Price in respect
of the Shares, without the consent of the Holders of this Note, except with respect to Excepted Issuances, then the Company shall
issue, for each such occasion, additional shares of Common Stock to each Holder so that the average per share purchase price of
the shares of Common Stock issued to the Holder (of only the Conversion Shares still owned by the Holder) is equal to such other
lower price per share and the Conversion Price shall automatically be reduced to such other lower price per share. For the purposes
hereof, “Excepted Issuances” means any offer, issuance or agreement to issue any common stock or securities convertible
into or exercisable for shares of common stock (or modify any of the foregoing which may be outstanding) in connection with (i)
full or partial consideration in connection with a strategic merger, consolidation or purchase of substantially all of the securities
or assets of corporation or other entity, (ii) the Company’s issuance of securities in connection with strategic license
agreements and other partnering arrangements so long as such issuances are not for the purpose of raising capital, (iii) the Company’s
issuance of Common Stock or the issuance or grants of options to purchase Common Stock pursuant to the Company’s stock option
plans and employee stock purchase plans, (iv) the conversion of any of the Notes or notes previously issued as long there is not
a subsequent change in terms, (v) the payment of any interest on the Notes, and (vi) as has been described in the Reports filed
with the Commission or delivered to the Holder prior to the issuance of this Note (collectively, the “Excepted Issuances”).
The delivery to the Holder of the additional shares of Common Stock shall be not later than the closing date of the transaction
giving rise to the requirement to issue additional shares of Common Stock. For purposes of the issuance and adjustment described
in this paragraph, the issuance of any security of the Company carrying the right to convert such security into shares of Common
Stock or of any warrant, right or option to purchase Common Stock shall result in the issuance of the additional shares of Common
Stock upon the issuance of such convertible security, warrant, right or option and again at any time upon any subsequent issuances
of shares of Common Stock upon exercise of such conversion or purchase rights if such issuance is at a price lower than the Conversion
Price in effect upon such issuance. The rights of the Holder set forth in this Section 2.1 (c)(D), are in addition to any other
rights the Holder has pursuant to this Note, any Transaction Document and any other agreement referred to or entered into in connection
herewith.

 

E.Extraordinary Events Regarding
Common Stock. In the event that the Company shall (a) issue additional shares of the Common Stock as a dividend or other distribution
on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) subject to Section 1.5 hereof, combine
its outstanding shares of the Common Stock into a smaller number of shares of the Common Stock, then, in each such event, the Conversion
Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Conversion Price by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator
of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall
thereafter be the Conversion Price then in effect. The Conversion Price, as so adjusted, shall be readjusted in the same manner
upon the happening of any successive event or events described herein in this Section 2.1(c)(E). The number of Conversion Shares
that the Holder of this Note shall thereafter, on the conversion hereof as provided in Article II, be entitled to receive shall
be adjusted to a number determined by multiplying the number of Conversion Shares that would otherwise (but for the provisions
of this Section 2.1(c)(E)) be issuable on such conversion by a fraction of which (a) the numerator is the Conversion Price that
would otherwise (but for the provisions of this Section 2.1(c)(E)) be in effect, and (b) the denominator is the Conversion Price
in effect on the date of such conversion.

 

F.Certificate as to Adjustments.
In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable on the conversion of
the Notes, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate designee to compute
such adjustment or readjustment in accordance with the terms of the Note and prepare a certificate setting forth such adjustment
or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a)
the consideration received or receivable by the Company for any additional shares of Common Stock (or Other Securities) issued
or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other Securities) outstanding or deemed
to be outstanding, and (c) the Conversion Price and the number of Conversion Shares to be received upon conversion of this Note,
in effect immediately prior to such adjustment or readjustment and as adjusted or readjusted as provided in this Note. The Company
will forthwith mail a copy of each such certificate to the Holder of the Note and any transfer agent of the Company.

 

2.2Method of Conversion.
This Note may be converted by the Holder in whole or in part as described in Section 2.1(a) hereof. Upon partial conversion of
this Note, a new Note containing the same date and provisions of this Note shall, at the request of the Holder, be issued by the
Borrower to the Holder for the principal balance of this Note and interest which shall not have been converted or paid.

 

2.3Issuance Below
Par. The Parties hereto agree that Nevada Law allows for the issuance of conversion shares under this section even if such
conversion price is less than the shares’ stated par value, and that such shares shall be issued in response to a Conversion
Request regardless of Conversion Price.

 

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2.4Intentionally Left Blank.

 

2.5Conversion of Note.

 

(a)Upon the conversion
of this Note or part thereof, the Company shall, at its own cost and expense, take all necessary action, including obtaining and
delivering, an opinion of counsel to assure that the Company’s transfer agent shall issue stock certificates in the name of Holder
(or its nominee) or such other persons as designated by Holder and in such denominations to be specified at conversion representing
the number of Conversion Shares issuable upon such conversion. The Company warrants that no instructions other than these instructions
have been or will be given to the transfer agent of the Company’s Common Stock and that, unless waived by the Holder, the Conversion
Shares will be free-trading, and freely transferable, and will not contain a legend restricting the resale or transferability of
the Conversion Shares provided the Conversion Shares are being sold pursuant to an effective registration statement covering the
Conversion Shares or are otherwise exempt from registration.

 

(b)Subscriber will
give notice of its decision to exercise its right to convert this Note or part thereof by telecopying an executed and completed
Notice of Conversion (a form of which is attached as Exhibit A to the Note) to the Company via confirmed telecopier
transmission or overnight courier or otherwise pursuant to Section 4.2 of this Note. The Subscriber will not be required to surrender
this Note until this Note has been fully converted or satisfied, with each date on which a Notice of Conversion is telecopied to
the Company in accordance with the provisions hereof shall be deemed a Conversion Date (as defined above). The Company will itself
or cause the Company’s transfer agent to transmit the Company’s Common Stock certificates representing the Conversion Shares
issuable upon conversion of this Note to the Subscriber via express courier for receipt by such Subscriber on or before the Delivery
Date (as defined above). In the event the Conversion Shares are electronically transferable, then delivery of the Conversion Shares
must be made by electronic transfer provided request for such electronic transfer has been made by the Subscriber and the Subscriber
has complied with all applicable securities laws in connection with the sale of the Common Stock, including, without limitation,
the prospectus delivery requirements. A Note representing the balance of this Note not so converted will be provided by the Company
to the Subscriber if requested by Subscriber, provided the Subscriber delivers the original Note to the Company.

 

(c) The Company
understands and agrees that a delay in the delivery of the Conversion Shares in the form required pursuant to Section 2.5(a)
hereof, after the Delivery Date (as hereinafter defined) could result in economic loss to the Holder. As compensation to the
Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance
of Conversion Shares upon Conversion of the Note in the amount of $500 per business day after the Delivery Date for each
$10,000 of Note principal amount being converted of the corresponding Conversion Shares which are not timely delivered. The
Company shall pay any payments incurred under this Section in immediately available funds upon demand. Furthermore, in
addition to any other remedies which may be available to theHolder, in the event that the Company fails for any reason to
effect delivery of the Conversion Shares by the Delivery Date the Holder will be entitled to revoke all or part of the
relevant Notice of Conversion

 

(d)Nothing contained
herein or in any document referred to herein or delivered in connection herewith shall be deemed to establish or require the payment
of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest
or dividends required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess of
such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company.

 

2.6 Injunction Posting
of Bond. In the event a Holder shall elect to convert a Note or part thereof in whole or in part, the Company may not refuse
conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged in any violation
of law, or for any other reason, unless an injunction from a court, on notice, restraining and or enjoining conversion of all
or part of such Note shall have been sought and obtained by the Company and the Company has posted a surety bond for the benefit
of such Holder in the amount of 120% of the amount of the Note, which bond shall remain in effect until the completion of arbitration/litigation
of the dispute and the proceeds of which shall be payable to such Holder to the extent Holder obtains judgment. 

 

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2.7Optional Redemption.

 

(a)Provided that the
Company has a number of authorized but unissued shares of Common Stock sufficient for the issuance of all Conversion Shares underlying
the remaining principal amount of this Note, such Common Stock is listed or quoted (and is not suspended from trading) on the Principal
Market and such shares of Common Stock are approved for listing on such Principal Market upon issuance if applicable, such Common
Stock is registered for resale under the Registration Statement and the prospectus under such Registration Statement is available
for the sale of all Registrable Securities held by the Subscriber or there is an applicable exemption from registration, such issuance
would be permitted in full without violating Section 2.3 herein or the rules or regulations of any trading market on which such
Common Stock may be listed or quoted, and both immediately before and after giving effect thereto, no Event of Default under this
Note shall or would exist, the Borrower will have the option of prepaying the outstanding principal amount of this Note (“Optional
Redemption”), in whole or in part, together with interest accrued thereon, by paying to the Holder a sum of money equal
to one hundred twenty-five percent (125%) of the principal amount to be redeemed, together with accrued but unpaid interest thereon
and interest that will accrue until the actual repayment date and any and all other sums due, accrued or payable to the Holder
arising under the Note or any Transaction Document (the “Redemption Amount”) on the day written notice of redemption
(the “Notice of Redemption”) is given to the Holder. The Notice of Redemption shall specify the date for such
Optional Redemption (the “Redemption Payment Date”), which date shall be not less than five (5) business days
after the date of the Notice of Redemption (the “Redemption Period”). A Notice of Redemption shall not be effective
with respect to any portion of this Note for which the Holder has a pending election to convert, or for Conversion Notices given
by the Holder prior to the Redemption Payment Date. On the Redemption Payment Date, the Redemption Amount shall be paid in good
funds to the Holder. In the event the Borrower fails to pay the Redemption Amount on the Redemption Payment Date as set forth herein,
then (i) such Notice of Redemption will be null and void, (ii) Borrower will have no further right to deliver another Notice of
Redemption, and (iii) Borrower’s failure may be deemed by Holder to be a non-curable Event of Default.

 

2.8Mandatory Redemption at Subscriber’s
Election. In the event the Company is prohibited from issuing Conversion Shares, or fails to timely deliver Shares on a Delivery
Date, or upon the occurrence of any other Event of Default (as defined in this Note) or for any reason other than pursuant to the
limitations set forth in Section 2.3 hereof, then at the Subscriber’s election, the Company must pay to the Subscriber ten (10)
business days after request by the Subscriber, at the Subscriber’s election, a sum of money in immediately available terms equal
to the greater of (i) the product of the outstanding principal amount of the Note designated by the Subscriber multiplied by 125%,
or (ii) the product of the number of Conversion Shares otherwise deliverable upon conversion of an amount of Note principal and/or
interest designated by the Subscriber (with the date of giving of such designation being a “Deemed Conversion Date”)
at the then Conversion Price that would be in effect on the Deemed Conversion Date multiplied by the average of the closing bid
prices for the Common Stock for the five consecutive trading days preceding either: (1) the date the Company becomes obligated
to pay the Mandatory Redemption Payment, or (2) the date on which the Mandatory Redemption Payment is made in full, whichever is
greater, together with accrued but unpaid interest thereon and any liquidated damages then payable (“Mandatory Redemption
Payment”). The Mandatory Redemption Payment must be received by the Subscriber on the same date as the Company Shares
otherwise deliverable or within ten (10) business days after request, whichever is sooner (“Mandatory Redemption Payment
Date”). Upon receipt of the Mandatory Redemption Payment, the corresponding Note principal and interest will be deemed
paid and no longer outstanding. Liquidated damages calculated pursuant to Section 2.5(c) hereof, that have been paid or accrued
for the twenty (20) day period prior to the actual receipt of the Mandatory Redemption Payment by the Subscriber shall be credited
against the Mandatory Redemption Payment.

 

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2.9Buy-In. In addition to any
other rights available to the Subscriber, but without any duplicative recovery by the Subscriber, if the Company fails to deliver
to the Subscriber the Conversion Shares issuable upon conversion of this Note by the Delivery Date and if after five (5) business
days after the Delivery Date the Subscriber purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by such Subscriber of the Common Stock which the Subscriber was entitled to receive upon such conversion
(a “Buy-In”), then the Company shall pay in cash to the Subscriber (in addition to any remedies available to
or elected by the Subscriber) the amount by which (A) the Subscriber’s total purchase price (including brokerage commissions, if
any) for the shares of Common Stock so purchased exceeds (B) the aggregate principal and/or interest amount of the Note for which
such conversion was not timely honored, together with interest thereon at a rate of 15% per annum, accruing until such amount and
any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a penalty). For example,
if the Subscriber purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted conversion of $10,000 of note principal and/or interest, the Company shall be required to pay the Subscriber $1,000,
plus interest. The Subscriber shall provide the Company written notice indicating the amounts payable to the Subscriber in respect
of the Buy-In.

 

2.10Reservation.
During the period the conversion right exists, Borrower will reserve from its authorized and unissued Common Stock a number of
shares of Common Stock equal to 150% of the amount of Common Stock issuable upon the full conversion of this Note. Borrower represents
that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. Borrower agrees that its issuance
of this Note shall constitute full authority to its officers, agents, and transfer agents who are charged with the duty of executing
and issuing stock certificates to execute and issue the necessary certificates for shares of Common Stock upon the conversion of
this Note.

 

2.11Maximum Conversion

(a) Notwithstanding anything
to the contrary contained herein, if the Company is reporting issuer filing period reports with the SEC, the number of Conversion
Shares that may be acquired by the Holder upon conversion of this Note (or otherwise in respect hereof) shall be limited to the
extent necessary to ensure that, following such conversion (or other issuance), the total number of shares of Common Stock then
beneficially owned by such Holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be
aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act, does not exceed 4.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such conversion).
For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and
regulations promulgated thereunder. By written notice to the Company, a Subscriber may waive the provisions of this Section 2.3(a)
as to itself but any such waiver will not be effective until the 61st day after delivery thereof and such waiver shall
have no effect on any other Subscriber.

 

(b)Notwithstanding anything
to the contrary contained herein, the number of Conversion Shares that may be acquired by the Holder upon conversion of this Note
(or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such conversion (or other issuance),
the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other persons whose
beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act,
does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares
of Common Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined in accordance with
Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. This provision may not be waived.

 

(c)Nowithstanding sections
(a) and (b) above, if the Company is a non-reporting issuer, the number of Conversion Shares that may be acquired by the Holder
upon conversion of this Note (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following
such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its
affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes
of Section 13(d) of the 1934 Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including
for such purpose the shares of Common Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. This provision may not be
waived.

 

2.12 Short sales.
The Holder shall not sell short the common shares of the Company.

 

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ARTICLE III

EVENTS OF DEFAULT

 

An “Event of Default,”
wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of
any administrative or governmental body):

 

3.1Failure to Pay
Principal or Interest. The Borrower fails to pay any installment of Principal, Interest or other sum due under this Note when
due.

 

3.2Breach of Covenant.
The Borrower breaches any other covenant or other term or condition of this Note in any material respect and such breach, if subject
to cure, continues for a period of ten (10) business days after written notice to the Borrower from the Holder.

 

3.3Breach of Representations
and Warranties. Any representation or warranty of the Borrower made herein, or in any agreement, statement or certificate given
in writing pursuant hereto or in connection therewith shall be false or misleading in any material respect as of the date made
and the Closing Date.

 

3.4Receiver or Trustee.
The Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or
trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed.

 

3.5Judgments.
Any money judgment, writ or similar final process shall be entered or filed against Borrower or any of its property or other assets
for more than $1,000,000, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days.

 

3.6Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any
law, or the issuance of any notice in relation to such event, for the relief of debtors shall be instituted by or against the Borrower
and if instituted against Borrower are not dismissed within thirty (30) days of initiation.

 

3.7Non-Payment.
A default by the Borrower under any one or more obligations in an aggregate monetary amount in excess of $200,000 for more than
forty-five (45) days after the due date.

 

3.8Stop Trade.
An SEC or judicial stop trade order or Principal Market trading suspension that lasts for five or more consecutive trading days.

 

3.9Failure to Deliver
Common Stock or Replacement Note. Borrower’s failure to timely deliver Common Stock to the Holder pursuant to and in the time
required by this Note.

 

3.10Failure to Maintain Current
Public Information. The Company’s failure to maintain current public information as defined in Rule 144 of the Securities
Act of 1933,

 

3.11Reverse Splits.
The Borrower effectuates a reverse split of its Common Stock without the prior written consent of the Holder.

 

3.12Reservation Default.
Failure by the Borrower to have reserve for issuance upon conversion of the Note the amount of Common stock as set forth herein.

 

3.13Cross Default.
A default by the Borrower of a material term, covenant, warranty or undertaking of any other agreement to which the Borrower and
Holder are parties.

 

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3.14Change in Control.
A change in control of the Company without at least fourteen (14) days prior written notice to Holder. A change in control shall
mean that more than 30% of the shares of common stock are consolidated in one person or entity so that the person or entity (other
than any one or more of the Holders) may control the election of the board of directors or the passage of a proposal that would
normally require a shareholder vote without such shareholder vote and that such person or entity was not a holder of shares of
the Company at the date of execution hereof.

 

3.15Asset Sales. Any instance,
undertaken without written consent of the Holder, whereby the Company or any of its subsidiaries, sells, transfers, leases or otherwise
disposes (including pursuant to a merger) of substantially all of the Company’s assets, including any asset constituting
an equity interest in any other person, except sales, transfers, leases and other dispositions of inventory, used, obsolete or
surplus equipment or other property, in each case in the ordinary course of the Company’s business and consistent with past
practice.

 

3.16Delisting. Delisting of
the Common Stock from the Principal Market, including the Pink Sheets or the Over-the-Counter Bulletin Board, on which the Common
Stock is then listed or quoted for trading.

  

During the time that any
portion of this Note is outstanding, if any Event of Default has occurred, the remaining principal amount of this Note, together
with interest and other amounts owing in respect hereof, to the date of acceleration shall become, at the Holder’s election, immediately
due and payable in cash, provided however, the Holder may request (but shall have no obligation to request) payment of such amounts
in Common Stock of the Borrower. In addition to any other remedies, the Holder shall have the right (but not the obligation) to
convert this Note at any time after (x) an Event of Default or (y) the Maturity Date at the Conversion Price then in effect. The
Holder need not provide and the Borrower hereby waives any presentment, demand, protest or other notice of any kind, and the Holder
may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any time prior to payment
hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.
Upon an Event of Default, notwithstanding any other provision of this Note or any Transaction Document, the Holder shall have no
obligation to comply with or adhere to any limitations, if any, on the conversion of this Note or the sale of the Conversion Shares,
Shares or Other Securities.

 

ARTICLE IV

MISCELLANEOUS

 

4.1Failure or Indulgence
Not Waiver. No failure or delay on the part of Holder hereof in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

 

4.2Notices. All notices, demands,
requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram,
or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written
notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number
designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall
be: (i) if to the Borrower to: 940 Lincoln Rd, Suite 315, Miami Beach, FL 33139and (ii) if to the Holder, to Miccadan Marketing
Consultants LLC, 8 Chamber Lane, Columbus, NJ 08022.

 

4.3Amendment Provision.
The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or supplemented.

 

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4.4Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns.

 

4.5Cost of Collection.
If default is made in the payment of this Note, Borrower shall pay the Holder hereof reasonable costs of collection, including
reasonable attorneys’ fees.

 

4.6Governing Law.
This Note shall be governed by and construed in accordance with the laws of the State of Delaware. Any action brought by either
party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of
Florida or in the federal courts located in the state of Florida located in Palm Beach County, Florida. Both parties and the individual
signing this Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs.

 

4.7Maximum Payments.
Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of
the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder
exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the
Borrower to the Holder and thus refunded to the Borrower.

 

4.8Waiver of Jury
Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS
A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

 

4.9Redemption.
This Note may not be redeemed or paid without the consent of the Holder except as described in this Note.

 

4.10Shareholder
Status. The Holder shall not have rights as a shareholder of the Borrower with respect to unconverted portions of this Note.
However, the Holder will have all the rights of a shareholder of the Borrower with respect to the shares of Common Stock to be
received by Holder after delivery by the Holder of a Conversion Notice to the Borrower.

  

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SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, Borrower has caused this Note to be signed
in its name by an authorized officer as of the _______th day of ____________, 2015.

  

	 	MINDPIX CORPORATION
	 	 	 
	 	By:	
	 	Name: 	Victor Siegel
	 	Title: 	CEO
	 	 	 
	Acknowledged by:	 	 
	 	 	 
	Sidney Lorio	 	Gloria Lorio
	 	 	 
	By	 	By	 

 

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Exhibit A

 

NOTICE OF CONVERSION

(To be executed by the Holder in order to Convert
the Note dated July 1, 2014)

 

TO:

 

The undersigned hereby irrevocably elects to convert $_________________
of the principal amount of the above Note into Shares of Common Stock of MINDPIX CORPORATION (MPIX), according to the conditions
stated therein, as of the Conversion Date written below.

 

	Conversion Date: 	 	 
	 	 	 
	Applicable Conversion Price: 	 	 
	 	 	 
	Signature: 	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Address: 	 	 
	 	 	 
	Amount to be converted: 	$	 
	 	 	 
	Amount of Note unconverted: 	$	 
	 	 	 
	Conversion Price per share: 	$	 
	 	 	 
	Number of shares to be issued: 	 	 
	 	 	 
	Amount of Interest Converted: 	$	 
	 	 	 
	Conversion Price per share: 	$	 
	 	 	 
	Number of shares of to be issued:	 	 
	 	 	 
	Please issue the shares of to:	 	 
	 	 	 
	Broker DTC Participant Code: 	 	 
	 	 	 
	Account Number: 	 	 

 

    	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]