Document:

exv10w21

 

Exhibit 10.21

GUARANTY

     THIS GUARANTY (with all of its modifications, supplements, restatements, extensions, and
renewals in effect from time to time, this “Guaranty”) dated as of September 13, 2007
(“Effective Date”) is made by GENERAL FINANCE CORPORATION, a Delaware corporation
(“GFN”), GFN U.S. AUSTRALASIA HOLDINGS, INC., a Delaware corporation (“GFN US”),
GFN AUSTRALASIA HOLDINGS PTY LTD, an Australian corporation (“GFN Holdings”), and such
other entities which from time to time become parties hereto (individually a “Guarantor”
and collectively, “Guarantors”), in favor of BISON CAPITAL AUSTRALIA, L.P., a Delaware
limited partnership (“Bison”).

RECITALS

     GFN AUSTRALASIA FINANCE PTY LTD, an Australian corporation (the “Company”), GFN, GFN
Holdings, GFN US and Bison intend to enter into a Securities Purchase Agreement dated as of even
date herewith (with all of its modifications, supplements, restatements, extensions, and renewals
in effect from time to time, the “Purchase Agreement”). The Purchase Agreement, among
other things, sets forth the terms and conditions for the purchase by Bison of the Note (as defined
in the Purchase Agreement) and the Bison Warrant (as defined in the Purchase Agreement).
Execution, delivery and performance of this Guaranty is one of the conditions to Bison’s obligation
to consummate the transactions contemplated under the Purchase Agreement.

AGREEMENT

     Accordingly, to induce Bison to enter into the Purchase Agreement and to consummate the
transactions contemplated thereby, and for other valuable consideration, receipt of which is
acknowledged, Guarantors covenant and agree as follows:

     1. All capitalized terms used in this Guaranty without separate definition shall have the
meanings given to them in the Purchase Agreement.

     2. Guarantors jointly and severally, unconditionally and absolutely guarantee to Bison, and to
Bison’s successors and assigns, payment when due, whether by stated maturity, demand, acceleration
or otherwise, of all existing and future indebtedness to Bison of the Company or any successor in
interest, including, without limitation, any debtor-in-possession or trustee in bankruptcy which
succeeds to the interest of this party or person (jointly and severally, “Obligor”),
however this indebtedness has been or may be incurred or evidenced, whether absolute or contingent,
direct or indirect, voluntary or involuntary, liquidated or unliquidated, joint or several, and
whether or not known to any Guarantor at the time of this Guaranty or at the time any future
indebtedness is incurred (the “Indebtedness”). The Indebtedness guaranteed includes,
without limitation: (a) any and all direct indebtedness of Obligor to Bison, whether arising under
the Purchase Agreement or otherwise, including indebtedness evidenced by the Note and any and all
other promissory notes; (b) any and all obligations or liabilities of Obligor to Bison arising
under any guaranty where Obligor has guaranteed the payment of indebtedness owing to Bison from a
third party; (c) any and all obligations or liabilities of Obligor to Bison

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arising out of any other agreement by Obligor including, without limitation, any agreement to
indemnify Bison for environmental liability or to clean up hazardous waste; (d) any and all
indebtedness, obligations or liabilities for which Obligor would otherwise be liable to Bison were
it not for the invalidity, irregularity or unenforceability of them by reason of any bankruptcy,
insolvency or other law or order of any kind, or for any other reason, including, without
limitation, liability for interest and attorneys’ fees on, or in connection with, any part of the
Indebtedness from and after the filing by or against Obligor of a bankruptcy petition whether an
involuntary or voluntary bankruptcy case, including, without limitation, all reasonable attorneys’
fees and costs incurred in connection with motions for relief from stay, cash collateral motions,
nondischargeability motions, preference liability motions, fraudulent conveyance liability motions,
fraudulent transfer liability motions and all other motions brought by Obligor, any Guarantor,
Bison or third parties in any way relating to Bison’s rights with respect to any Obligor, any
Guarantor, or any third party and/or affecting any collateral securing any obligation owed to Bison
by Obligor, any Guarantor, or any third party, probate proceedings, on appeal or otherwise; (e) any
and all amendments, modifications, renewals and/or extensions of any of the above, including,
without limitation, amendments, modifications, renewals and/or extensions which are evidenced by
new or additional instruments, documents or agreements; and (f) all costs of collecting
Indebtedness, including, without limitation, reasonable attorneys’ fees and costs. This Guaranty
is a guaranty of prompt and punctual payment and performance and is not merely a guaranty of
collection.

     3. Guarantors waive notice of acceptance of this Guaranty and presentment, demand, protest,
notice of protest, dishonor, notice of dishonor, notice of default, notice of intent to accelerate
or demand payment of any Indebtedness, and diligence in collecting any Indebtedness, and agree that
Bison may modify the terms of any Indebtedness, compromise, extend, increase, accelerate, renew or
forbear to enforce payment on any or all Indebtedness, or permit Obligor to incur additional
Indebtedness, all without notice to any Guarantor and without affecting in any manner the
unconditional obligation of any Guarantor under this Guaranty. Guarantors further waive any and
all other notices to which any Guarantor might otherwise be entitled. Guarantors acknowledge and
agree that the liabilities created by this Guaranty are direct and are not conditioned upon pursuit
by Bison of any remedy Bison may have against Obligor or any other person or any security. No
invalidity, irregularity or unenforceability of any part or all of the Indebtedness or any
documents evidencing the same, by reason of any bankruptcy, insolvency or other law or order of any
kind or for any other reason, and no defense or setoff available at any time to Obligor, shall
impair, affect or be a defense or setoff to the obligations of any Guarantor under this Guaranty.

     4. Guarantors deliver this Guaranty based solely on their independent investigation of the
financial condition of Obligor and no Guarantor is relying on any information furnished by Bison.
Guarantors assume full responsibility for obtaining any further information concerning Obligor’s
financial condition, the status of the Indebtedness or any other matter which Guarantor may deem
necessary or appropriate from time to time. Guarantors waive any duty on the part of Bison, and
agree that no Guarantor is relying upon nor expecting Bison to disclose to any Guarantor any fact
now or later known by Bison, whether relating to the operations or condition of Obligor, the
existence, liabilities or financial condition of any co-guarantor of the Indebtedness, the
occurrence of any default with respect to the Indebtedness, or otherwise,

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notwithstanding any effect these facts may have upon any Guarantor’s risk under this Guaranty
or any Guarantor’s rights against Obligor. Guarantors knowingly accept the full range of risk
encompassed in this Guaranty, which risk includes without limit the possibility that Obligor may
incur Indebtedness to Bison after the financial condition of Obligor, or its ability to pay its
debts as they mature, has deteriorated.

     5. Guarantors represent and warrant that: (a) Bison has made no representation to Guarantors
as to the creditworthiness of Obligor; and (b) Guarantors have established adequate means of
obtaining from Obligor on a continuing basis financial and other information pertaining to
Obligor’s financial condition. Guarantors agree to keep adequately informed of any facts, events
or circumstances which might in any way affect the risks of Guarantors under this Guaranty.

     6. Each Guarantor grants to Bison (but not any assignee of Bison other than an Affiliate of
Bison) a security interest in, and the right of setoff as to, any and all property of such
Guarantor now or later in the possession of Bison or assignee that is an Affiliate of Bison). Each
Guarantor subordinates any claim of any nature that such Guarantor now or later has against Obligor
to and in favor of all Indebtedness and agrees not to accept payment or satisfaction of any claim
that such Guarantor now or later may have against Obligor without the prior written consent of
Bison. Should any payment, distribution, security, or proceeds be received by any Guarantor upon
or with respect to any claim that such Guarantor now or may later have against Obligor, such
Guarantor shall immediately deliver the same to Bison in the form received (except for endorsement
or assignment by such Guarantor where required by Bison) for application on the Indebtedness,
whether matured or unmatured, and until delivered the same shall be held in trust by such Guarantor
as the property of Bison. For the avoidance of doubt, Guarantors shall not be required to deliver
to Bison any payment, distribution, security or proceeds received by Guarantors in respect of any
claim that Guarantors may have against Obligor to the extent receipt (and payment) of the same is
expressly permitted under the Purchase Agreement or the Related Agreements. Each Guarantor further
assigns to Bison as collateral for the obligations of Guarantors under this Guaranty all claims of
any nature that such Guarantor now or later has against Obligor (other than any claim under a deed
of trust or mortgage covering real property) with full right on the part of Bison, in its own name
or in the name of such Guarantor, to collect and enforce these claims, until the Indebtedness is
irrevocably paid in full.

     7. Guarantors agree that no security now or later held by Bison for the payment of any
Indebtedness, whether from Obligor, any guarantor, or otherwise, and whether in the nature of a
security interest, pledge, lien, assignment, setoff, suretyship, guaranty, indemnity, insurance or
otherwise, shall affect in any manner the unconditional obligation of Guarantors under this
Guaranty, and Bison, in its sole discretion, without notice to any Guarantor, may release,
exchange, enforce and otherwise deal with any security without affecting in any manner the
unconditional obligation of Guarantors under this Guaranty. Guarantors acknowledge and agree that
Bison has no obligation to acquire or perfect any lien on or security interest in any asset(s),
whether realty or personalty, to secure payment of the Indebtedness, and Guarantors are not relying
upon any asset(s) in which Bison has or may have a lien or security interest for payment of the
Indebtedness.

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     8. Guarantors acknowledge that the effectiveness of this Guaranty is not conditioned on all or
any part of the Indebtedness being guaranteed by anyone else.

     9. Until the Indebtedness is irrevocably paid in full, Guarantors waive any and all rights to
be subrogated to the position of Bison or to have the benefit of any lien, security interest or
other guaranty now or later held by Bison for the Indebtedness or to enforce any remedy which Bison
now or later has against Obligor or any other person. Until the Indebtedness is irrevocably paid
in full, Guarantors shall have no right of reimbursement, indemnity, contribution or other right of
recourse to or with respect to Obligor, each other Guarantor or any other person. Guarantors agree
to indemnify and hold harmless Bison from and against any and all claims, actions, damages, costs
and expenses, including, without limitation, reasonable attorneys’ fees, incurred by Bison in
connection with any Guarantor’s exercise of any right of subrogation, contribution, indemnification
or recourse with respect to this Guaranty. Bison has no duty to enforce or protect any rights
which any Guarantor may have against Obligor or any other person and each Guarantor assumes full
responsibility for enforcing and protecting these rights.

     10. Notwithstanding any provision of the preceding paragraph or anything else in this Guaranty
to the contrary, if any Guarantor is or becomes an “insider” or “affiliate” (as
defined in Section 101 of the Federal Bankruptcy Code, as it may be amended) with respect to
Obligor, then that undersigned irrevocably and absolutely waives any and all rights of subrogation,
contribution, indemnification, recourse, reimbursement and any similar rights against Obligor (or
any other guarantor) with respect to this Guaranty, whether such rights arise under an express or
implied contract or by operation of law unless and until the Indebtedness is irrevocably paid in
full. It is the intention of the parties that such Guarantor shall not be (or be deemed to be) a
“creditor” (as defined in Section 101 of the Federal Bankruptcy Code, as it may be amended)
of Obligor (or any other guarantor) by reason of the existence of this Guaranty in the event that
Obligor becomes a debtor in any proceeding under the Federal Bankruptcy Code. This waiver is given
to induce Bison to enter into certain written contracts with Obligor included in the Indebtedness.
Guarantors warrant and agree that none of Bison’s rights, remedies or interests shall be directly
or indirectly impaired because of any Guarantor’s status as an “insider” or
“affiliate” of Obligor, and each Guarantor shall take any action, and shall execute any
document, which Bison may request in order to effectuate this warranty to Bison.

     11. If any Indebtedness is guaranteed by two or more Guarantors, the obligation of each
Guarantor shall be several and also joint, each with all and also each with any one or more of the
others, and may be enforced at the option of Bison against each severally, any two or more jointly,
or some severally and some jointly. Bison, in its sole discretion, may release any one or more of
Guarantors for any consideration which it deems adequate, and may fail or elect not to prove a
claim against the estate of any bankrupt, insolvent, incompetent or deceased Guarantor; and after
that, without notice to any other Guarantor, Bison may extend or renew any or all Indebtedness and
may permit Obligor to incur additional Indebtedness, without affecting in any manner the
unconditional obligation of the remaining Guarantors. This action by Bison shall not, however, be
deemed to affect any right to contribution which may exist among the Guarantors.

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     12. In the event that, notwithstanding the waivers given herein, any Guarantor may lawfully
terminate its obligation under this Guaranty as to future Indebtedness (except as provided below),
such Guarantor may do so by (and only by) delivering written notice of termination to an officer of
Bison and receiving from an officer of Bison written acknowledgement of delivery; provided, the
termination shall not be effective until the opening of business on the fifth (5th) day following
written acknowledgement of delivery. Any such termination shall not affect in any way the
unconditional obligations of any other Guarantor, whether or not the termination is known to such
remaining persons. Likewise, any such termination shall not affect in any way the unconditional
obligations of the terminating Guarantor as to any Indebtedness existing at the effective date of
termination or any Indebtedness created after that pursuant to any commitment or agreement of Bison
or any Obligor loan with Bison existing at the effective date of termination (whether advances or
readvances by Bison are optional or obligatory), or any modifications, extensions or renewals of
any of this Indebtedness, whether in whole or in part, and as to all of this Indebtedness and
modifications, extensions or renewals of it, this Guaranty shall continue effective until the same
shall have been fully paid. Bison has no duty to give notice of termination by any Guarantor to
any remaining Guarantor. Guarantors shall indemnify Bison against all claims, damages, costs and
expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Bison in
connection with any suit, claim or action against Bison arising out of any modification or
termination of any Obligor loan or any refusal by Bison to extend additional credit in connection
with the termination of this Guaranty.

     13. Notwithstanding any prior revocation, termination, surrender or discharge of this Guaranty
(or of any lien, pledge or security interest securing this Guaranty) in whole or in part, the
effectiveness of this Guaranty, and of all liens, pledges and security interests securing this
Guaranty, shall automatically continue or be reinstated, as the case may be, in the event that (a)
any payment received or credit given by Bison in respect of the Indebtedness is returned, disgorged
or rescinded as a preference, impermissible setoff, fraudulent conveyance, diversion of trust
funds, or otherwise under any applicable state or federal law, including, without limitation, laws
pertaining to bankruptcy or insolvency, in which case this Guaranty, and all liens, pledges and
security interests securing this Guaranty, shall be enforceable against Guarantors as if the
returned, disgorged or rescinded payment or credit had not been received or given by Bison, and
whether or not Bison relied upon this payment or credit or changed its position as a consequence of
it; or (b) any liability is imposed, or sought to be imposed, against Bison relating to the
environmental condition of, or the presence of hazardous or toxic substances on, in or about, any
property given as collateral to Bison by Obligor, whether this condition is known or unknown, now
exists or subsequently arises (excluding only conditions which arise after any acquisition by Bison
of any such property, by foreclosure, in lieu of foreclosure or otherwise, to the extent due to the
wrongful act or omission of Bison), in which case this Guaranty, and all liens, pledges and
security interests securing this Guaranty, shall be enforceable against Guarantors to the extent of
all liability, costs and expenses (including, without limitation, reasonable attorneys’ fees and
costs) incurred by Bison as the direct or indirect result of any environmental condition or
hazardous or toxic substances. In the event of continuation or reinstatement of this Guaranty and
the liens, pledges and security interests securing it, Guarantors agree upon demand by Bison to
execute and deliver to Bison those documents which Bison reasonably determines are appropriate to
further evidence (in the public records or otherwise) this continuation or

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reinstatement, although the failure of Guarantors to do so shall not affect in any way the
reinstatement or continuation. If any Guarantor does not execute and deliver to Bison upon demand
such documents, Bison and each Bison officer is irrevocably appointed (which appointment is coupled
with an interest) the true and lawful attorney-in-fact of such Guarantor (with full power of
substitution) to execute and deliver such documents in the name and on behalf of such Guarantor.
For purposes of this Guaranty, “environmental condition” includes, without limitation,
conditions existing with respect to the surface or ground water, drinking water supply, land
surface or subsurface and the air; and “hazardous or toxic substances” shall include any
and all substances now or subsequently determined by any federal, state or local authority to be
hazardous or toxic, or otherwise regulated by any of these authorities.

     14. Guarantors waive any right to require Bison to: (a) proceed against any person, including,
without limitation, Obligor; (b) proceed against or exhaust any security held from Obligor or any
other person; (c) pursue any other remedy in Bison’s power; or (d) make any presentments or demands
for performance, or give any notices of nonperformance, protests, notices of protest, or notices of
dishonor in connection with any obligations or evidences of Indebtedness held by Bison as security,
in connection with any other obligations or evidences of indebtedness which constitute in whole or
in part Indebtedness, or in connection with the creation of new or additional Indebtedness.

     15. Guarantors authorize Bison, either before or after termination of this Guaranty as
contemplated by Section 12, without notice to or demand on any Guarantor and without
affecting any Guarantor’s liability under this Guaranty, from time to time to: (a) apply any
security and direct the order or manner of sale of it, including, without limitation, a nonjudicial
sale permitted by or, if applicable, pursuant to the terms of the controlling security agreement,
mortgage or deed of trust, as Bison in its discretion may determine; (b) release or substitute any
one or more of the endorsers or any other guarantors of the Indebtedness; and (c) apply payments
received by Bison from Obligor to any indebtedness of Obligor to Bison, in such order as Bison
shall determine in its sole discretion, whether or not this indebtedness is covered by this
Guaranty, and Guarantors waive any provision of law regarding application of payments which
specifies otherwise. Bison may without notice assign this Guaranty in whole or in part. Upon
Bison’s request, each Guarantor agrees to provide to Bison copies of each Guarantor’s financial
statements as and when Obligor is required to provide copies of its financial statements under the
terms of the Purchase Agreement.

     16. Guarantors waive any defense based upon or arising by reason of: (a) any disability or
other defense of Obligor or any other person; (b) the cessation or limitation from any cause
whatsoever, other than final and irrevocable payment in full of the Indebtedness; (c) any lack of
authority of any officer, director, partner, agent or any other person acting or purporting to act
on behalf of Obligor which is a corporation, partnership or other type of entity, or any defect in
the formation of Obligor; (d) the application by Obligor of the proceeds of any Indebtedness for
purposes other than the purposes represented by Obligor to Bison or intended or understood by Bison
or any Guarantor; (e) any act or omission by Bison which directly or indirectly results in or aids
the discharge of Obligor or any Indebtedness by operation of law or otherwise; or (f) any
modification of the Indebtedness, in any form whatsoever including, without limitation, any
modification made after effective termination, and including, without

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limitation, the renewal, extension, acceleration or other change in time for payment of any
Indebtedness, or other change in the terms of the Indebtedness, including, without limitation,
increase or decrease of the interest rate.

     17. Guarantors waive any and all rights and provisions of California Code of Civil Procedure
sections 580a, 580b, 580d and 726, including, but not limited to any provision thereof that: (i)
may limit the time period for Bison to commence a lawsuit against Obligor or Guarantors to collect
any Indebtedness owing by Obligor or Guarantors to Bison; (ii) may entitle Obligor or Guarantors to
a judicial or nonjudicial determination of any deficiency owed by such Obligor or Guarantors to
Bison, or to otherwise limit Bison’s right to collect a deficiency based on the fair market value
of such real property security; (iii) may limit Bison’s right to collect a deficiency judgment
after a sale of any real property securing the Indebtedness; (iv) may require Bison to take only
one action to collect the Indebtedness or that may otherwise limit the remedies available to Bison
to collect the Indebtedness. This waiver means, among other things: (i) Bison may collect from
the Guarantors without first foreclosing on any real or personal property collateral pledged by the
Obligor; and (ii) if Bison forecloses on any real property collateral pledged by the Obligor: (A)
the amount of the Indebtedness may be reduced only by the price for which that collateral is sold
at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Bison
may collect from the Guarantors even if Bison, by foreclosing on the real property collateral, has
destroyed any right the Guarantors may have to collect from the Obligor. This is an unconditional
and irrevocable waiver of any rights and defenses the Guarantor may have because any of the
Indebteness is secured by real property. These rights and defenses include, but are not limited
to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of
Civil Procedure.

     Each Guarantor understands that, absent this waiver, Bison’s election of remedies, including but
not limited to its decision to proceed to nonjudicial foreclosure on any real property securing the
Indebtedness, could preclude Bison from obtaining a deficiency judgment against Obligor and such
Guarantor pursuant to California Code of Civil Procedure sections 580a, 580b, 580d or 726 and could
also destroy any subrogation rights which such Guarantor has against Obligor. Each Guarantor
further understands that, absent this waiver, California law, including, without limitation,
California Code of Civil Procedure sections 580a, 580b, 580d or 726, could afford Guarantors one or
more affirmative defenses to any action maintained by Bison against Guarantors on this Guaranty.

     18. Guarantors waive all rights and defenses arising out of an election of remedies by Bison
even though that election of remedies, such as a nonjudicial foreclosure with respect to security
for a guaranteed obligation, has destroyed the undersigned’s rights of subrogation and
reimbursement against Obligor by the operation of Section 580d of the Code of Civil Procedure or
otherwise.

     19. WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS
GUARANTY, EACH GUARANTOR HEREBY WAIVES, TO THE MAXIMUM EXTENT SUCH WAIVER IS PERMITTED BY LAW, ANY
AND ALL BENEFITS, DEFENSES TO PAYMENT OR PERFORMANCE, OR ANY RIGHT TO PARTIAL OR COMPLETE
EXONERATION ARISING DIRECTLY OR INDIRECTLY
UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL CODE SECTIONS 2787 TO 2855 INCLUSIVE, AND ALL
SUCCESSOR SECTIONS.

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     20. Guarantors acknowledge and agree that this is a knowing and informed waiver of Guarantors’
rights as discussed above and that Bison is relying on this waiver in extending credit to Obligor.

     21. Subject to the limitations and requirements set forth in the Purchase Agreement,
Guarantors acknowledge that Bison has the right to sell, assign, transfer, negotiate, or grant
participations in all or any part of the Indebtedness and any related obligations, including,
without limitation, this Guaranty. In connection with that right, Bison may disclose any documents
and information which Bison now or later acquires relating to any Guarantor and this Guaranty,
whether furnished by Obligor, any Guarantor or otherwise. Guarantors further agree that Bison may
disclose these documents and information to Obligor. Guarantors agree that Bison may provide
information relating to this Guaranty or to such Guarantors to Bison’s parent, affiliates,
subsidiaries and service providers. All disclosures permitted under this Section shall be made
subject to arrangements or agreements to hold such documents and information in confidence except
for any disclosure required by law or regulation.

     22. The total obligation under this Guaranty shall be unlimited, and this obligation shall
include any and all costs and expenses of any kind, including, without limitation, reasonable
attorneys’ fees and costs, incurred by Bison at any time(s) for any reason in enforcing any of the
duties and obligations of any Guarantor under this Guaranty or otherwise incurred by Bison in any
way connected with this Guaranty, the Indebtedness or any other guaranty of the Indebtedness
(including, without limitation, reasonable attorneys’ fees and other expenses incurred in any suit
involving the conduct of Bison, Obligor or any Guarantor). All of these costs and expenses shall be
payable immediately by Guarantors when incurred by Bison, without demand, and until paid shall bear
interest at the highest per annum rate applicable to any of the Indebtedness, but not in excess of
the maximum rate permitted by law. Any reference in this Guaranty to attorneys’ fees shall be
deemed a reference to fees, charges, costs and expenses of both in-house and outside counsel and
paralegals, whether or not a suit or action is instituted, and to court costs if a suit or action
is instituted, and whether attorneys’ fees or court costs are incurred at the trial court level, on
appeal, in a bankruptcy, administrative or probate proceeding or otherwise. Any reference (a) to
this Guaranty being secured by certain collateral shall not be deemed to limit the total obligation
of any Guarantor under this Guaranty or (b) to this Guaranty being limited in any respect shall not
be deemed to limit the total obligation of any Guarantor under any prior or subsequent guaranty
given by any Guarantor to Bison.

     23. Guarantors unconditionally and irrevocably waive each and every defense and setoff of any
nature which, under principles of guaranty or otherwise, would operate to impair or diminish in any
way the obligation of any Guarantor under this Guaranty, and acknowledge that each such waiver is
by this reference incorporated into each security agreement, collateral assignment, pledge and/or
other document from any Guarantor now or later securing this Guaranty and/or the Indebtedness, and
acknowledge that as of the date of this Guaranty no such defense or setoff exists. Guarantors
acknowledge that the effectiveness of this Guaranty is subject to no conditions of any kind.

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     24. This Guaranty shall remain effective with respect to successive transactions which shall
either continue the Indebtedness, increase or decrease it, or from time to time create new
Indebtedness after all or any prior Indebtedness has been satisfied, until this Guaranty is
terminated in the manner and to the extent provided above.

     25. Guarantors warrant and agree that each of the waivers set forth above are made with each
Guarantor’s full knowledge of their significance and consequences, and that under the
circumstances, the waivers are reasonable and not contrary to public policy or law. If any of
these waivers are determined to be contrary to any applicable law or public policy by a court of
competent jurisdiction by final and nonappealable judgment, these waivers shall be effective only
to the extent permitted by law.

     26. This Guaranty, together with the Purchase Agreement and the other Related Agreements,
contain the entire agreement of the parties with respect to the subject matter hereof, and
supersede all prior agreements, representation and warranties, written or oral, with respect
thereto.

     27. No waiver, consent, modification or change of the terms of this Guaranty shall bind any
Guarantor or Bison unless in writing and signed by the waiving party or an authorized officer of
the waiving party, and then this waiver, consent, modification or change shall be effective only in
the specific instance and for the specific purpose given. This Guaranty shall inure to the benefit
of Bison and its successors and assigns. This Guaranty shall be binding on each Guarantor and such
Guarantor’s successors and assigns including, without limitation, any debtor in possession or
trustee in bankruptcy for any Guarantor. Guarantors have knowingly and voluntarily entered into
this Guaranty in good faith for the purpose of inducing Bison to extend credit or make other
financial accommodations to Obligor, and Guarantors acknowledge that the terms of this Guaranty are
reasonable. If any provision of this Guaranty is unenforceable in whole or in part for any reason,
the remaining provisions shall continue to be effective.

     28. This Guaranty may be executed in two or more counterparts and by facsimile, each of which
shall be deemed an original, but all of which together shall constitute one instrument.

     29. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN THAT STATE (WITHOUT REGARD TO THE CHOICE OF LAW OR CONFLICTS OF LAW PROVISIONS
THEREOF).

     30. Jurisdiction, Etc.

          (a) Each of the parties hereby consents and agrees that all actions, suits or other
proceedings arising under or in connection with this Guaranty shall be tried and litigated in state
or federal courts located in Los Angeles, California, which courts shall have exclusive
jurisdiction to hear and determine any and all claims, controversies and disputes arising out of or
related to this Guaranty. Notwithstanding the foregoing, nothing contained in this Section shall
preclude Bison from bringing any action, suit or other proceeding in the courts of any other
location to enforce its rights hereunder.

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          (b) Each of the parties hereby (i) irrevocably submits to the jurisdiction of any such court
and consents in advance to such jurisdiction in any action, suit or other proceeding commenced in
any such court, (ii) waives any right it may have to assert the doctrine of forum non conveniens or
any objection that such person may have based upon lack of personal jurisdiction or improper venue,
and (iii) consents to the granting of such legal or equitable relief as is deemed appropriate by
such court. Each of the parties hereby waives personal service of the summons, complaint or other
process issued in any such action, suit or other proceeding and agrees that service of such
summons, complaint and other process may be made by registered or certified mail addressed to such
party at the address set forth in the Purchase Agreement and that service so made shall be deemed
completed upon the earlier of such person’s actual receipt thereof or five (5) days after deposit
in the United States mail, proper postage prepaid.

          (c) To the extent permitted under the applicable laws of any such jurisdiction, the Guarantors
hereby waive, in respect of any such action, suit or other proceeding, the jurisdiction of any
other court or courts that now or hereafter, by reason of such person’s present or future domicile,
or otherwise, may be available to it.

[Signature Page Follows]

-10-

 

     IN WITNESS WHEREOF, each Guarantor has executed and delivered this Guaranty as of the day and
year first written above.

	 	 	 	 	 
	 	General Finance Corporation, 

a Delaware corporation

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	John O. Johnson, Chief Operating Officer 	 
	 	 	 	 
	 
	 	GFN U.S. Australasia Holdings, Inc.,

a Delaware corporation

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	John O. Johnson, Chief Operating Officer 	 
	 	 	 	 
	 
	 	GFN Australasia Holdings Pty Ltd,

an Australian corporation

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	John O. Johnson, Director 	 
	 	 	 	 
	 
	 	By:  	/s/ Robert Barnes
 	 
	 	 	Robert Barnes, Director 	 
	 	 	 	 
	 

Signature Page
to Guarantyexv10w22

 

Exhibit 10.22

Execution Version

General Finance Corporation

GFN U.S. Australasia Holdings, Inc.

and

Bison Capital Australia, L.P.

Shareholders Agreement

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TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page no.	 
	1	 	Definitions and interpretation	 	 	1	 
	 
	 	1.1	 	Definitions	 	 	1	 
	 
	 	1.2	 	Interpretation	 	 	4	 
	 
	 	1.3	 	Business Day	 	 	5	 
	 
	 	1.4	 	Inconsistency with Certificate	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	2	 	No Other Shareholder Agreements	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	3	 	Capital Stock	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	4	 	Acknowledgements by Shareholders	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	5	 	Shareholder Funding of the Company	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	6	 	Transfers of Securities	 	 	6	 
	 
	 	6.1	 	Restrictions on Transfer	 	 	6	 
	 
	 	6.2	 	Permitted Transfers	 	 	6	 
	 
	 	6.3	 	Compliance with Securities Laws	 	 	6	 
	 
	 	6.4	 	Registration of Transfers	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	7	 	Put and Call Options	 	 	7	 
	 
	 	7.1	 	Put Option	 	 	7	 
	 
	 	7.2	 	Call Options	 	 	7	 
	 
	 	7.3	 	Purchase Price	 	 	8	 
	 
	 	7.4	 	Closing	 	 	9	 
	 
	 	7.5	 	Liquidity Default	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	8	 	Transactions Requiring Approval of Bison-GE	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	9	 	Board Observation Rights	 	 	12	 
	 
	 	9.1	 	Observer Rights	 	 	12	 
	 
	 	9.2	 	Travel Expenses	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	10	 	Reports to Shareholders	 	 	13	 
	 
	 	10.1	 	Reports	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	11	 	Management of the Company	 	 	13	 
	 
	 	11.1	 	The Board	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	12	 	Representations and Warranties	 	 	13	 
	 
	 	12.1	 	Representations and Warranties	 	 	13	 
	 
	 	12.2	 	Application of Representations and Warranties	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	13	 	Indemnification and Release by GFC	 	 	14	 
	 
	 	13.1	 	Indemnification	 	 	14	 
	 
	 	13.2	 	Enforceability	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	14	 	Termination	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	15	 	General	 	 	15	 
	 
	 	15.1	 	Notices	 	 	15	 
	 
	 	15.2	 	Governing law and jurisdiction	 	 	16	 
	 
	 	15.3	 	Prohibition and enforceability	 	 	16	 
	 
	 	15.4	 	Waivers	 	 	16	 
	 
	 	15.5	 	Variation	 	 	16	 
	 
	 	15.6	 	Amendment	 	 	16	 
	 
	 	15.7	 	Cumulative rights	 	 	16	 
	 
	 	15.8	 	Assignment	 	 	16	 
	 
	 	15.9	 	Further assurances	 	 	17	 
	 
	 	15.10	 	Entire agreement	 	 	17	 
	 
	 	15.11	 	Counterparts	 	 	17	 
	 
	 	15.12	 	Relationship of parties	 	 	17	 
	 
	 	15.13	 	Investments in Competitive Businesses	 	 	17	 
	 
	 	 	 	 	 	 	 	 
	 	 	SCHEDULE 1 – CAPITAL STOCK	 	 	20	 

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THIS SHAREHOLDERS AGREEMENT is made on September 13, 2007

PARTIES

General Finance Corporation

of

260 South Los Robles, Suite 217

Pasadena, California 91101

(“GFC”)

and

Bison Capital Australia, L.P.

of

10877 Wilshire Boulevard, Suite 1520

Los Angeles, CA 90024

(“Bison-GE”)

(each a “Shareholder” and collectively the “Shareholders”)

and

GFN U.S. AUSTRALASIA HOLDINGS, INC.

of

260 South Los Robles, Suite 217

Pasadena, California 91101

(the “Company”)

BACKGROUND

The Shareholders wish to regulate the operation of the Company on the terms set out in this
Agreement.

AGREED TERMS

	1	 	Definitions and interpretation
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement, unless the context requires otherwise:
	 
	 	 	“Affiliate” means in relation to a party, any person directly
or indirectly controlling, controlled by or under common
control with that party. For the purposes of this definition,
“control” of a party means the power, either directly or
indirectly, either

	 	(a)	 	to vote 50% or more of the securities having voting power for the election of
directors of such party;
	 
	 	(b)	 	to direct or cause the direction of the management and policies, or investment
decisions (by contract or otherwise) of such party; or
	 
	 	(c)	 	in the case of the Company, the officers and directors of the Company;

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	 	 	“Bison-GE Percentage” means, as of any date of determination, the ratio, expressed as a
percentage, of the Bison-GE Sale Shares to the total outstanding Shares of the Company.
	 
	 	 	“Bison-GE Sale Shares” shall mean, at any date, all of the Securities of the Company held by
Bison-GE at such date.
	 
	 	 	“Bison-GE Sale Shares Price” means that portion of the Bison-GE Completion Payment (as
defined in the Share Sale Deed) that is not paid in cash or by the Interim Note. If in the
context used, Bison-GE is selling less than all of the Shares received as part of the
Bison-GE Completion Payment, the Bison-GE Sale Shares Price shall be proportionately
reduced.
	 
	 	 	“Board” means the Board of Directors of the Company.
	 
	 	 	“Business Day” means a day on which banks are open for domestic business in Los Angeles
excluding Saturdays, Sundays and public holidays.
	 
	 	 	“Commencement Date” means the date of this Agreement.
	 
	 	 	“Company EBITDA” means, in respect of the applicable period, the sum of: (i) earnings before
interest, tax, depreciation and amortization, of the Company and its consolidated
Subsidiaries, calculated in accordance with GAAP; plus (ii) any expenses that would be
classified on the consolidated income statement of the Company as “extraordinary items”
under GAAP.
	 
	 	 	“Company Group” means the Company and its Subsidiaries.
	 
	 	 	“Certificate of Incorporation” means the certificate of incorporation of the Company, as
amended or restated from time to time.
	 
	 	 	“Common Stock” means the common stock, par value $.0001 per share, of the Company.
	 
	 	 	“DCGL” means the Delaware General Corporation Law.
	 
	 	 	“Covered Business” means the sale and lease of portable storage containers, portable
container buildings and freight containers, as such Covered Business may from time to time
change with the agreement of the Company and the Shareholders.
	 
	 	 	“Covered Territory” means that part of the world south of Guam, west of Hawaii and east of
Viet Nam.
	 
	 	 	“Determination Period” means with respect to determination of the Put Purchase Price, the
First Call Option Purchase Price or the Second Call Option Purchase Price, the 12-month
period ending on the last day of the calendar month preceding the calendar month in which
the Put Option Exercise Notice, the First Option Call Exercise Notice or the Second Call
Option Exercise Notice was delivered.
	 
	 	 	“Director” means a director of the Company.
	 
	 	 	“GFC Related Party” means an Affiliate of GFC other than a member of the Company Group.
	 
	 	 	“GFC Trading Multiple” means, as of any date of determination, the quotient of (a (i) the
product of (x) the average closing sale price of the common stock of GFC on the principal
securities exchange on which the common stock is traded on each business day during

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	 	 	the 20-day trading period ending one trading day prior to such date of determination,
multiplied by (y) the number of fully diluted common shares of GFC outstanding
during the fiscal quarter most recently ended (for purposes of this subclause (y), the
number of fully diluted common shares of GFC shall be calculated on the same basis as GFC
calculates, and calculated using the same information regarding common shares and common
share equivalents and derivatives as GFC uses to calculate, fully diluted shares for
purposes of reporting fully diluted earnings per share in GFC’s then most recent quarterly
or annual periodic filing with the US Securities and Exchange Commission (provided, that if
the number of fully diluted common shares of GFC has increased or decreased by more than 1%
of the number of fully diluted shares outstanding since the date of the most recent periodic
filing, the number of fully diluted shares for purposes of this subclause (y) shall
correspondingly be increased or decreased)), plus (iii) the Net Debt of GFC,
divided by (ii) the EBITDA of GFC (determined on consolidated basis) for the
12-month period ending on the last day of the month immediately preceding the date of
determination.
	 
	 	 	“Governmental Agency” means any government or any governmental, semi-governmental,
administrative, fiscal or judicial body, department, commission, authority, tribunal, agency
or entity.
	 
	 	 	“Interim Note” means the note given by GFC to Bison-GE to pay a portion of the purchase
price for the capital stock of RWA pursuant to the Share Sale Deed.
	 
	 	 	“Net Debt” of any entity means, as of any date of determination, short-term and long-term
third party indebtedness (inclusive of any debt due to any Shareholder or Affiliate of any
Shareholder) of such entity minus any cash or cash equivalents of such entity,
calculated in accordance with GAAP.
	 
	 	 	“Permitted Expenses” means payments of up to $1,000,000 in any 12-month period made by the
Company Group to GFC and/or a GFC Related Party for administrative, expenses, overhead
charges, support charges and similar expenses; provided, that if at any time GFC or a GFC
Related Party acquires or establishes another business or company, Permitted Expenses in any
12-month period shall be multiplied by the Reduction Percentage on a prospective basis.
For purposes of the foregoing, the “Reduction Percentage” shall be that percentage obtained
by dividing the revenues of the Covered Business by the total revenues of GFC (determined on
a consolidated basis in accordance with GAAP); provided that Permitted Expenses shall never
be less than US $500,000. Payments on debt owed to GFC and/or the GFC Related Parties, and
dividends and distributions to Shareholders with respect to their Shares, are not expenses
included in Permitted Expenses so long as (x) such debt or Shares are, in each case, issued
with the approval of Bison-GE (to the extent such approval is required hereunder), and (y)
such debt or Shares were not issued in consideration of the forgiveness, payment or deferral
of administrative expense payments, reimbursements or distributions made by any member of
the Company Group to GFC or any GFC Related Party.
	 
	 	 	“RWA” means RWA Holdings Pty, Limited.
	 
	 	 	“Securities” means shares of the Common Stock and other securities that are convertible into
or exercisable for shares of the Common Stock.
	 
	 	 	“Securities Act” means the Securities Act of 1933, as amended.
	 
	 	 	“Shares” mean the outstanding shares of the Common Stock.

-3-

 

	 	 	“Share Sale Deed” means the Share Sale Deed dated September 12, 2006
relating to shares in RWA, as from time to time amended, including the
Deeds of Variation dated January 19, 2007, March 9, 2007 and March 30,
2007.
	 
	 	 	“Shareholder” means each person or entity that executes this Agreement
as a Shareholder under this Agreement, for so long as that person or
entity owns Shares. The initial Shareholders are Bison-GE and GFC.
	 
	 	 	“Subsidiaries” of any entity means any corporate, partnership, limited
liability or similar entities that are directly or indirectly majority
owned by such entity.
	 
	 	 	“Transfer” means sell, transfer, assign, gift, create a security
interest or other encumbrance in, or otherwise dispose of, with or
without consideration.
	 
	1.2	 	Interpretation
	 
	 	 	In this Agreement, headings and boldings are for convenience only and do not affect the
interpretation of this Agreement and, unless the context otherwise requires:

	 	(a)	 	words importing the singular include the plural and vice versa;
	 
	 	(b)	 	words importing a gender include any gender;
	 
	 	(c)	 	where a word or phrase is defined in this Agreement, other parts of speech and
grammatical forms of that word or phrase have a corresponding meaning;
	 
	 	(d)	 	an expression importing a natural person includes any company, partnership,
joint venture, association, corporation or other body corporate and any Governmental
Agency;
	 
	 	(e)	 	a reference to any thing (including, but not limited to, any right) includes a
part of that thing but nothing in this clause 1.2(e) implies that performance of part
of an obligation constitutes performance of the obligation;
	 
	 	(f)	 	a reference to a clause, party, annexure, exhibit or schedule is a reference to
a clause of, and a party, annexure, exhibit and schedule to, this Agreement and a
reference to this Agreement includes any annexure, exhibit and schedule;
	 
	 	(g)	 	a reference to a statute, regulation, proclamation, ordinance or by-law
includes all statutes, regulations, proclamations, ordinances or by-laws amending,
consolidating or replacing it, whether passed by the same or another Governmental
Agency with legal power to do so, and a reference to a statute includes all
regulations, proclamations, ordinances and by-laws issued under that statute;
	 
	 	(h)	 	a reference to a document includes an amendment or supplement to, or
replacement or novation of, that document;
	 
	 	(i)	 	a reference to a party to a document includes that party’s successors and
permitted assigns;
	 
	 	(j)	 	a covenant or agreement on the part of 2 or more persons binds them jointly and
severally;
	 
	 	(k)	 	a reference to an agreement includes an undertaking, deed, agreement or legally
enforceable arrangement or understanding whether or not in writing;

-4-

 

	 	(l)	 	a reference to an asset includes all property of any nature, including, but not
limited to, a business, and all rights, revenues and benefits;
	 
	 	(m)	 	a reference to a document includes any agreement in writing, or any
certificate, notice, instrument or other document of any kind;
	 
	 	(n)	 	a reference to a month is a reference to a calendar month;
	 
	 	(o)	 	a reference to a dollar amount shall, unless specified to the contrary, be in
US dollars (US$);
	 
	 	(p)	 	all references to any accounting principle, financial statement calculation or
similar reference shall be determined in accordance with United States generally
accepted accounting principles, consistently applied (“GAAP”);
	 
	 	(q)	 	a reference to a body, other than a party to this Agreement (including, without
limitation, an institution, association or authority), whether statutory or not:

	 	(i)	 	which ceases to exist, or
	 
	 	(ii)	 	whose powers or functions are transferred to another body,

	 	 	 	is a reference to the body which replaces it or which substantially succeeds to its
powers or functions;
	 
	 	(r)	 	words and phrases defined in the Share Sale Deed shall (unless defined herein
or the context otherwise requires) have the same meaning where used herein.

	1.3	 	Business Day
	 
	 	 	Where the day on or by which any thing is to be done is not a Business Day, that thing must
be done on or by the following Business Day.
	 
	1.4	 	Inconsistency with Certificate
	 
	 	 	If there is any inconsistency between this Agreement and the Certificate, this Agreement
prevails. At the request of any party, the other parties must cause the Certificate to be
amended to overcome any such inconsistency.
	 
	2	 	No Other Shareholder Agreements
	 
	 	 	Each of the parties, other than Bison-GE, confirms that all previous shareholders
agreements in relation to the Company have been terminated and that as of the date hereof
this Agreement is the only shareholders agreement that governs the relationship between the
Shareholders.
	 
	3	 	Capital Stock

	 	(a)	 	The parties acknowledge that as at the Commencement Date: (i) the authorized
capital stock of the Company consists of 10,000 shares of Common Stock and 1,000 shares
of preferred stock, (ii) there are 10,000 shares of Common Stock outstanding, of which
1,380 shares of Common Stock are owned of record by Bison-GE and 8,620 shares of Common
Stock are owned of record by GFC; and (iii) no shares of preferred stock are
outstanding.
	 
	 	(b)	 	Each Shareholder represents and warrants to the Company with respect to the
Shares owned by such Shareholder that:

-5-

 

	 	(i)	 	Such Shareholder acquired such Shares for its own account, for
investment purposes only and not with a view to distribution in violation of
the Securities Act;
	 
	 	(ii)	 	Such Shareholder is an “accredited investor” within the meaning
of Regulation D under the Securities Act.
	 
	 	(iii)	 	Such Shareholder understands that the issuance of such Shares
to such Shareholder was not registered under the Securities Act or under any
state securities laws, and that the provisions of the Securities Act and Rule
144 thereunder may result in such Shareholder being required to hold the Shares
for an indefinite period of time unless the Transfer of such Shares is
registered under the Securities Act, and that the Company is not obligated to
register any such Transfer.

	4	 	Acknowledgements by Shareholders
	 
	 	 	The Shareholders unconditionally and irrevocably acknowledge and agree that:

	 	(a)	 	the Board will be responsible for the management of the Company in its absolute
discretion, including all decisions regarding capital, customers, revenues, purchases,
sales, staffing and expenditures; and
	 
	 	(b)	 	no representations have been made to the Shareholders as to the future
performance, conduct, continuation or profitability of the Company or the current or
future value at any time of the Securities.

	5	 	Shareholder Funding of the Company
	 
	 	 	No Shareholder will be required to contribute additional share capital, extend
credit, provide any security or any guarantee or otherwise make any financial accommodation
available in relation to the Company.
	 
	6	 	Transfers of Securities
	 
	6.1	 	Restrictions on Transfer
	 
	 	 	Each Shareholder agrees not to Transfer any Securities or interest therein except as
permitted by this Agreement.
	 
	6.2	 	Permitted Transfers
	 
	 	 	A Shareholder may Transfer any of its Securities if the proposed Transfer: (a) is of
the entire legal and beneficial interest in those Securities; (b) and the proposed
transferee is first approved in writing by the other Shareholders; and (c) the Transfer is
in compliance applicable securities laws.
	 
	6.3	 	Compliance with Securities Laws
	 
	 	 	Each Shareholder agrees not to Transfer any of such Shareholder’s Shares except pursuant to
an effective registration statement under the Securities Act or an exemption from
registration. As a further condition to any such Transfer, except in the event that such
Transfer is made pursuant to an effective registration statement under the Securities Act,
if in the reasonable opinion of counsel to the Company any Transfer of such Shares by the
contemplated transferee thereof would not be exempt from the registration and prospectus
delivery requirements of the Securities Act, the Company may require the contemplated
transferee to furnish it with an investment letter setting
forth such information and agreements as may be reasonably requested by the Company to
ensure compliance by such transferee with the Securities Act.

-6-

 

	6.4	 	Registration of Transfers

	 	(a)	 	The Company must refuse to register the Transfer of any Security unless (i) if
the transferee is not a Shareholder under this Agreement unless the transferee has
entered into an agreement in form and substance satisfactory to the Company agreeing to
be bound by the obligations of a Shareholder under this Agreement, and (ii) the
Transfer is permitted by this Agreement.
	 
	 	(b)	 	Subject to clause 6.4(c), the Company must not decline to register the Transfer
of any Security which otherwise qualifies under clause 6.4(a).
	 
	 	(c)	 	The Company may require the transferor or the person named as transferee in any
transfer lodged for registration to provide the Company with such information and
evidence as the Company considers necessary or relevant to determine whether a
particular Transfer of Securities is permitted under this Agreement. If that
information or evidence is not provided to the satisfaction of the Company within 20
Business Days after that request, the Company may refuse to register the Transfer in
question.

	7	 	Put and Call Options
	 
	7.1	 	Put Option

	 	(a)	 	Bison-GE Put Option. In accordance with the terms and conditions set
forth herein, at any time following the second anniversary of the Second Completion
Date (as defined in the Share Sale Deed), Bison-GE shall have the right and option (the
“Put Option”) to elect to cause the Company and GFC (the obligations of which shall be
joint and several hereunder) to purchase from Bison-GE (and from any permitted
transferee thereof), and upon such election Bison-GE (and any such permitted
transferee) shall sell and transfer to GFC and the Company, all and not less than all
the Bison-GE Sale Shares.
	 
	 	(b)	 	Manner of Exercise. Subject to the terms and conditions of this
Section 7, the Put Option may be exercised by the delivery by Bison-GE of a written
notice (the “Put Option Exercise Notice”) to the Company and GFC stating that Bison-GE
is exercising the Put Option and containing instructions for the payment of the Put
Purchase Price (as defined below). The Put Purchase Price shall be paid in full in
accordance with the provisions of this Section 7. The Put Option Exercise Notice shall
be irrevocable.

	7.2	 	Call Options.

	 	(a)	 	First Call Option.

	 	(i)	 	At any time prior to the third anniversary of the Second
Completion Date and provided that Bison-GE shall not have previously exercised
the Put Option, in accordance with the terms and conditions set forth in this
Section 7, the Company and/or GFC shall have the right and option to elect (the
“First Call Option”) to cause Bison-GE (and any of its permitted transferees)
to sell and transfer to the Company or GFC (as the case may be) the Bison-GE
Sale Shares.
	 
	 	(ii)	 	Manner of Exercise. Subject to the terms and
conditions of this Section 7, the First Call Option may be exercised by the
delivery by the Company or GFC of a written notice (the “First Call Option
Exercise Notice”) to Bison-GE stating that the Company or GFC is exercising the
First Call

-7-

 

	 	 	 	Option. The First Call Option Purchase Price (as defined below) shall be
paid in full in accordance with the provisions of this Section 7. The First
Call Option Exercise Notice shall be irrevocable.

	 	(b)	 	Second Call Option.

	 	(iii)	 	At any time following the third anniversary of the Second
Completion Date, in accordance with the terms and conditions set forth in this
Section 7, the Company and/or GFC shall have the right and option to elect (the
“Second Call Option”) to cause Bison-GE (and any of its permitted transferees)
to sell and transfer to the Company or GFC (as the case may be) the Bison-GE
Sale Shares.
	 
	 	(iv)	 	Manner of Exercise. Subject to the terms and
conditions of this Section 7, the Second Call Option may be exercised by the
delivery by the Company and/or GFC of a written notice (the “Second Call Option
Exercise Notice”) to Bison-GE stating that the Company and/or GFC is exercising
the Second Call Option. The Second Call Purchase Price (as defined below)
shall be paid in full in accordance with the provisions of this Section 7. The
Second Call Option Exercise Notice shall be irrevocable.

	 	(c)	 	Exercise of Put Option after Call Option. If within 15 days after
delivery of the First Call Option Exercise Notice or the Second Call Option Exercise
Notice Bison-GE delivers a Put Option Exercise Notice, the Bison-GE Sale Shares shall
be sold pursuant to the Put Option, and not the First or Second Call Option, provided
that the Closing shall occur no later than 30 Business Days delivery of the First Call
Option Exercise Notice or Second Call Option Exercise Notice, as the case may be.

	7.3	 	Purchase Price.

	 	(a)	 	Put Purchase Price. The purchase price (the “Put Purchase Price”) for
the Bison-GE Sale Shares in connection with the exercise of the Put Option shall be the
amount that is the greatest of the following:

	 	(i)	 	the amount equal to the Bison-GE Percentage multiplied
by the result of (x)(i) 8.25 multiplied by (ii) the sum of Company
EBITDA for the Determination Period plus all administrative expense payments or
reimbursements made by any member of the Company Group to GFC or any GFC
Related Party in respect of such period, minus (y) the Net Debt of the
Company Group;
	 
	 	(ii)	 	the amount equal to the Bison-GE Percentage multiplied
by the result of (x)(i) the GFC Trading Multiple multiplied by (ii)
the Company EBITDA for the Determination Period, minus (y) the Net Debt
of the Company Group; or
	 
	 	(iii)	 	the Bison-GE Sale Shares Price.

	 	(b)	 	First Call Option Purchase Price. The purchase price (the “First Call
Option Purchase Price”) for the Bison-GE Sale Shares in connection with the exercise of
the First Call Option shall be equal to the product of (x) 2.75 multiplied by
(y) the Bison-GE Sale Shares Price
	 
	 	(c)	 	Second Call Option Purchase Price. The purchase price (the “Second
Call Option Purchase Price”) for the Bison-GE Sale Shares in connection with the
exercise of the Second Call Option shall be equal to the greater of the following:

	 	(i)	 	the amount equal to the Bison-GE Percentage multiplied
by the result of (x)(i) 8.75 multiplied by (ii) Company EBITDA for
the Determination

-8-

 

	 	 	 	Period plus all administrative expense payments or reimbursements made by
any member of the Company Group to GFC or any GFC Related Party in respect
of such period, minus (y) the Net Debt of the Company Group; or
	 
	 	(ii)	 	the amount equal to the Bison-GE Percentage multiplied
by the result of (x)(i) the GFC Trading Multiple multiplied by (ii)
the sum of Company EBITDA for the Determination Period, minus (y) the
Net Debt of the Company Group.

	 	(d)	 	Payment of Purchase Price. The Put Purchase Price, First Call Option
Price and Second Call Option Price shall be paid in cash in immediately available US
dollar denominated funds in the United States.
	 
	 	(e)	 	Date of Determination. The date of determination of the Put Purchase
Price, First Call Option Price and Second Call Option Price shall be the date of
delivery of the Put Option Exercise Notice, the First Call Option Exercise Notice or
the Second Call Option Exercise Notice, as the case may be.

	7.4	 	Closing
	 
	 	 	The Company and GFC shall have the right to determine which of them shall purchase the
Bison-GE Sale Shares or in what amounts either shall purchase, and shall have the right to
have such Shares purchased by any other nominee (the Company, GFC and/or such other nominee,
the “Purchaser), provided that such nomination shall not relieve the Company and GFC of its
obligation to pay the purchase price in full in cash for the Bison-GE Sale Shares. The
consummation of the Put Option to the Purchaser or the First or Second Call Option by the
Purchaser pursuant to this Section 7 (the “Closing”) shall take place at the offices of
Sheppard, Mullin, Richter & Hampton, LLP at 333 South Hope Street, 48th Floor,
Los Angeles, California, 90071 (or at such other place upon which Bison-GE and GFC shall
agree), on the date (the “Closing Date”) that is no later than thirty (30) Business Days
after the date the Put Option Exercise Notice is delivered to the Company and GFC or the
First or Second Call Option Exercise Notice (as applicable) is delivered to Bison-GE, as
applicable. At the Closing, the Purchaser must deliver to Bison-GE by wire transfer of
immediately available funds the applicable Purchase Price.
	 
	7.5	 	Liquidity Default
	 
	 	 	If the Company and GFC fail to consummate a Closing in accordance with this Section 7 as a
result of liquidity issues which, after commercially reasonable efforts, the Company and GFC
are unable to resolve, then the Company and GFC shall use commercially reasonable efforts to
consummate such Closing as soon as possible thereafter but no later than three (3) months
after the failed Closing Date; provided, that the multiples set forth in Sections
7.3(a)(i)(x) and (c)(i)(x) shall be increased to 9.25 and 9.75, respectively, and the Put
Purchase Price or the First Call Option Purchase Price, as applicable, shall be recalculated
accordingly. The multiples shall continue to increase by 1.0 for each 12-month period in
which the Company and GFC fail to consummate a Closing in accordance with this Section 7.
If the new Purchase Price calculated in accordance with the foregoing sentences is higher
than the Purchase Price with respect to the failed Closing, then the Closing shall be
consummated at such higher price.
	 
	8	 	Transactions Requiring Approval of Bison-GE; Right of First Refusal
	 
	8.1	 	Transactions Requiring Prior Approval
	 
	 	 	Without the prior written consent of Bison-GE (which consent may be granted or declined in
its absolute discretion), except as provided in Section 8.2, no member of the Company Group
may:

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	 	(a)	 	(Assets) sell, transfer, assign or dispose of material assets (either tangible
or intangible) except in the ordinary course of the Covered Business or any other
business to which Bison-GE has consented in accordance with clause 8.3(g);
	 
	 	(b)	 	(Auditor) appoint or remove any auditor other than the auditors as of the
Commencement Date or Grobstein Horwath & Company LLP or WHK Greenwoods;
	 
	 	(c)	 	(Related Party Transactions) enter into, modify or amend any transaction with
GFC or any GFC Related Party other than: (i) Permitted Expenses; (ii) remuneration and
expense reimbursement paid in the ordinary course of Covered Business in the Covered
Territory; (iii) the purchase and sale of assets at market rates in the ordinary course
of Covered Business in the Covered Territory; and (iv) the issuance of 8,620 Shares to
GFC and other transactions contemplated by the Share Sale Deed, including the
assumption of the Interim Note.
	 
	 	(d)	 	(Further Issues of Capital Stock) issue, sell, pledge or grant any right to
have issued, sold, pledged or granted any capital stock or Securities of any member of
the Company Group, or redeem, buy back any capital stock or Securities of any member of
the Company Group, or, amend or modify the rights attaching to the capital stock or
Securities of any member of the Company Group (other than the rights attaching to any
such Securities held by a member of the Company Group that is wholly owned, directly or
indirectly, by the Company), which such rights may be so amended or modified), except:
(i) the pledge of such Securities to secure senior indebtedness obtained by one or more
members of the Company Group or to secure a guaranty of senior indebtedness by one or
more members of the Company Group; and (ii) issuances, sales, pledges, redemptions, or
buy backs among members of the Company Group;
	 
	 	(e)	 	(Further Issues of Subordinated Debt) issue or sell any subordinated debt other
than issuances and sales among members of the Company Group;
	 
	 	(f)	 	(Dividends) declare, set aside for payment or pay any dividend or distribution
with respect to any of the capital of the Company (for avoidance of doubt, this
covenant does not prohibit dividends or distributions with respect to the capital of
any other member of the Company Group);
	 
	 	(g)	 	(Scope of Business) change the nature or scope of the business of the Company
Group as a whole or commence any new business which is not ancillary or incidental to
the Covered Business or any other business conducted by the Company Group with the
written consent of Bison-GE except that in a connection with the acquisition of a
business or company, if such business or company derived less than 20% of its total
revenues from business other than Covered Business for the Relevant Period, the Company
Group may conduct such business for up to 12 months following the closing of the
acquisition. For this purpose, the “Relevant Period” shall mean the 12-month
period ending on the last day of the calendar quarter immediately preceding the
calendar quarter in which the member of the Company Group enters into an agreement for
such acquisition;
	 
	 	(h)	 	(Merge) merge or consolidate with any person that results in a change of
control of any member of the Company Group or otherwise effect a transaction that
results in a change in control of the Company;
	 
	 	(i)	 	(Acquisition) acquire any company or business with an Enterprise Value in
excess of $10 million if such acquisition requires the Company Group to obtain
additional debt or equity financing from any Person (other than other members of the
Company Group); for this purpose, the “Enterprise Value” of a business or
company shall mean the purchase price paid by the Company Group for the stock or assets
of such business or company plus all Indebtedness of such business or company assumed
or paid by the Company Group.

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	 	(f)	 	(Agreements) enter into any agreement to do any of the foregoing.

	8.2	 	Right of First Refusal

	 	(a)	 	Notwithstanding the restrictions under Sections 8.1(c), (d) and/or (e), any
member of the Company Group (an “Issuing Member”) may at any time and from time
to time issue and sell capital stock or subordinated debt to GFC and/or any GFC Related
Party for cash, provided that the Issuing Member complies with the requirements of this
Section 8.2. If the Issuing Member desires to issue and sell Common Stock and/or
subordinated debt (for the purposes of this Section 8.2(a), the “Offered Securities”)
to GFC and/or any GFC Related Entity, it shall give written notice thereof to Bison-GE
(for the purposes of this Section 8.2(a), the “Offer Notice”), which notice shall make
reference to this Section 8.2 and shall identify the Offered Securities, the amount of
Offered Securities, the purchase price therefor and the other material terms and
conditions of the issuance and sale of such Offered Securities. Bison-GE shall have 15
Business Days from delivery of such notice to elect by written notice (for the purposes
of this Section 8.2(a), the “Acceptance Notice”) to the Issuing Member to purchase up
to its pro rata share of the Offered Securities for cash, which Acceptance Notice shall
specify the amount of Offered Securities Bison-GE elects to purchase. Subject to the
remaining provisions of this Section 8.2(a), the Acceptance Notice shall constitute a
binding offer of Bison-GE to purchase the amount the Offered Securities Bison-GE elects
to purchase for cash on the same terms and conditions as provided in the Offer Notice
with respect to such Offered Securities. If Bison-GE does not deliver an Acceptance
Notice within such 15-Business Day period, the Issuing Member may issue and sell the
number of Offered Securities (or some portion thereof) to GFC and/or any GFC Related
Party as provided in, and on the same terms and conditions as provided in, the Offer
Notice at any time and from time to time during the 75-day period ending at the end of
such 15-day period. If Bison-GE delivers an Acceptance Notice, the Issuing Member may
only issue the Offered Securities identified in an Offer Notice to GFC and/or any GFC
Related Party if it issues to Bison-GE such portion of the number of Offered Securities
(up to Bison-GE’s pro rata share) provided in the Offer Notice as Bison-GE shall have
elected to purchase in its Acceptance Notice. The Issuing Member shall give Bison-GE
at least three Business Days notice of the proposed closing date (which shall be a
Business Day) for the purchase and sale of Offered Securities as provided in the Offer
Notice. Bison-GE shall only be obligated to purchase the number of Offered Securities
it elects to acquire pursuant to an Acceptance Notice if (i) such Offered Securities
are to be sold to Bison-GE on the same terms and conditions as the other Offered
Securities identified in the applicable Offer Notice are to be sold to GFC and /or the
applicable GFC Related Party, and (ii) such Offered Securities are to be sold to
Bison-GE pursuant to a written agreement which contains customary and reasonable
provisions, including but not limited to customary and reasonable representations and
warranties. If Bison-GE breaches its obligation to purchase Offered Securities, or
otherwise fails to purchase Offered Securities at the closing date, and such breach or
failure continues for more than one Business Day following notice of the breach from
the Issuing Member to Bison-GE, the Issuing Member shall have the right to sell such
Offered Securities to GFC and/or any GFC Related Party.
	 
	 	(b)	 	Notwithstanding the requirements of Section 8.1(c), (d) and/or (e), any
Subsidiary of any member of the Company Group (an “Issuing Subsidiary”) may at any time
and from time to time issue and sell subordinated debt to any person provided that the
Issuing Subsidiary complies with the requirements of this Section 8.2(b). If the
Issuing Subsidiary desires to issue and sell subordinated debt (for the purposes of
this Section 8.2(b), the “Offered Securities”) to any such person (other than GFC
and/or any GFC Related Entity, which such issuances and sales are governed by Section
8.2(a)), it shall give written notice

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	 	 	 	thereof to Bison-GE (for the purposes of this Section 8.2(b), the “Offer Notice”),
which notice shall make reference to the Section 8.2 and shall identify the Offered
Securities, the amount of Offered Securities, the purchase price therefor and the
other material terms and conditions of the issuance and sale of such Offered
Securities. Bison-GE shall have 15 Business Days from delivery of such notice to
elect by written notice (for the purposes of this Section 8.2(b), “Acceptance
Notice”) to the Issuing Subsidiary to purchase up to its pro rata share of the
Offered Securities for cash, which Acceptance Notice shall specify the amount of
Offered Securities Bison-GE elects to purchase. Subject to the remaining provisions
of this Section 8.2(b), the Acceptance Notice shall constitute a binding offer of
Bison-GE to purchase the amount of Offered Securities Bison-GE elects to purchase
for cash on the same terms and conditions as provided in the Offer Notice with
respect to such Offered Securities. If Bison-GE does not deliver an Acceptance
Notice within such 15-Business Day period, the Issuing Subsidiary may issue and sell
the number of Offered Securities (or some portion thereof) to GFC and/or any GFC
Related Party as provided in, and on the same terms and conditions as provided in,
the Offer Notice at any time and from time to time during the 75-day period ending
at the end of such 15-Business Day period. If Bison-GE delivers an Acceptance
Notice, the Issuing Subsidiary may only issue the Offered Securities identified in
an Offer Notice to GFC and/or any GFC Related Party if it issues to Bison-GE such
portion of the number of Offered Securities (up to Bison-GE’s pro rata share)
provided in the Offer Notice as Bison-GE shall have elected to purchase in its
Acceptance Notice. The Issuing Member shall give Bison-GE at least three Business
Days notice of the proposed closing date (which shall be a Business Day) for the
purchase and sale of Offered Securities as provided in the Offer Notice. Bison-GE
shall only be obligated to purchase the number of Offered Securities it elects to
acquire pursuant to an Acceptance Notice if (i) such Offered Securities are to be
sold to Bison-GE on the same terms and conditions as the other Offered Securities
identified in the applicable Offer Notice are to be sold to such other person or
persons, and (ii) such Offered Securities are to be sold to Bison-GE pursuant to a
written agreement which contains customary and reasonable provisions, including but
not limited to customary and reasonable representations and warranties. If Bison-GE
breaches its obligation to purchase Offered Securities, or otherwise fails to
purchase Offered Securities, at the closing date, and such breach or failure
continues for more than one Business Day following notice of the breach from the
Issuing Subsidiary to Bison-GE, the Issuing Subsidiary shall have the right to sell
such Offered Securities to any other Person.
	 
	 	(c)	 	For purposes of this Section 8.2, pro rata shall be based on the Bison-GE
Percentage.
	 
	 	(d)	 	Without notice to GFC (such notice being expressly waived), Bison-GE may set
off and apply to any obligations due to Bison-GE and/or its Affiliates under any other
agreement to which GFC or its Affiliates (on the one hand) and Bison-GE or its
Affiliates (on the other hand) are a party, any and all amounts due or payable from
time to time by Bison-GE to GFC under this Agreement (which amounts may include, among
other things, amounts payable by Bison-GE upon the exercise of any rights under Section
8.2 hereof).

	9	 	Board Observation Rights
	 
	9.1	 	Observer Rights
	 
	 	 	Bison-GE will have the right to send one non-voting representative on its behalf (the
“Observer”) to attend all meetings of the Board, including all committees thereof, solely in
a non-voting observer capacity. The Company will give to the Observer the same notice of
such meetings that it provides to the directors. The Company will furnish to the

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	 	 	Observer copies of all notices, minutes, consents, board package materials and other
materials (including the reports delivered pursuant to Article 10) that it makes available
to its Directors as and when such materials are provided to its Directors. The Observer may
participate in discussions of matters under consideration by the Board and any matters
brought before any committee thereof but will not be entitled to vote on any matter
presented to the Board. Bison-GE will have the right to remove and replace its Observer in
its sole discretion and to designate a substitute representative if such Observer is unable
or unwilling to attend any of the Board’s meetings, including any committees thereof.
Notwithstanding the foregoing, the Observer will not be entitled to be present at any
discussions, or receive board package or other materials that involve matters between the
Company and Bison-GE or to participate in discussions involving third party claims (or
potential third party claims) against the Company at which Company legal counsel is present
and the attendance by Observer would, in the opinion of legal counsel, cause the Company to
lose attorney-client privilege with respect to such discussions.
	 
	9.2	 	Travel Expenses
	 
	 	 	The Company must bear and pay such reasonable travel (coach airfare), accommodation and
other expenses as may be incurred by the Observer for the purpose of travelling to and
attending Board meetings.
	 
	10	 	Reports to Shareholders
	 
	10.1	 	Reports
	 
	 	 	The Company shall provide to each Shareholder, as soon as available, but in any event within
forty-five (45) days after the end of each fiscal quarter of the Company, the following
Company-prepared financial statements (which need not include footnotes): (i) a consolidated
balance sheet as of the last day of such quarter; (ii) consolidated statements of income for
such quarter and year-to date; and (iii) consolidated statements of cash flows for such
quarter and year-to-date. The Company shall also provide such other information related to
its interest as a shareholder that a Shareholder may from time to time reasonably request.
	 
	11	 	Management of the Company
	 
	11.1	 	The Board
	 
	 	 	The Board shall be responsible for the overall direction and control of the management of
the Company and the formulation of the policies to be applied in the conduct of the
business. Similarly, management of any other member of the Company Group is vested in the
board of directors of that member.
	 
	12	 	Representations and Warranties
	 
	12.1	 	Representations and Warranties
	 
	 	 	Each party represents and warrants to the other parties as at the date of this Agreement
that:

	 	(a)	 	it is duly incorporated as a corporation or organized as a partnership and the
execution, delivery and performance of this Agreement does not violate its certificate
of incorporation or partnership agreement, as applicable;
	 
	 	(b)	 	it has the power and has taken all corporate or partnership, as applicable, and
other action required, to enter into this Agreement and to authorize the execution and delivery of this Agreement and the performance of its obligations under this
Agreement;

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	 	(c)	 	this Agreement constitutes a valid and legally binding obligation of it in
accordance with its terms; and
	 
	 	(d)	 	the execution, delivery and performance of this Agreement does not violate any
existing law or any document or agreement to which it is a party or which is binding on
it or any of its assets.

	12.2	 	Application of Representations and Warranties
	 
	 	 	All representations and warranties in this Agreement:

	 	(a)	 	survive the execution and delivery of this Agreement;
	 
	 	(b)	 	remain in full force and effect for the term of this Agreement; and
	 
	 	(c)	 	are given with the intent that liability under those representations and
warranties is not to be confined to breaches discovered prior to the date of this
Agreement.

	13	 	Indemnification and Release by GFC
	 
	13.1	 	Indemnification.
	 
	 	 	GFC shall pay, indemnify, defend, and hold Bison-GE and each of its officers, directors,
partners, trustees, members, advisors (including, without limitation, attorneys, accountants
and financial advisors), employees, agents, attorneys-in-fact and controlling persons (each,
an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against
any and all claims, demands, suits, actions, investigations, proceedings, losses, damages,
including, but not limited to, punitive, exemplary, consequential or indirect damages and
liabilities of any kind, and all reasonable attorneys’ fees and disbursements and other
costs and expenses actually incurred in connection therewith, or for recovery under
directors’ and officers’ liability insurance policies maintained by GFC (as and when they
are incurred and irrespective of whether suit is brought), whether or not brought by a third
party (collectively “Claims”), at any time asserted against, imposed upon, or incurred by
any of them (i) in connection with or as a result of or related to the execution, delivery,
enforcement, performance, or administration of the Share Sale Deed or the transactions
contemplated thereby, including, without limitation, any failure to obtain consent or
approval to consummate the transactions contemplated by the Share Sale Deed or breach of any
representation, warranty, covenant or agreement made by GFC or GFN Australasia Finance Pty
Limited (but not any other party) in the Share Sale Deed, (ii) with respect to the
acquisition of Sale Shares (as such term is defined in the Share Sale Deed), (iii) with
respect to any investigation, litigation, or proceeding related to this Agreement or any
act, omission, event, or circumstance in any manner related thereto including, but not
limited to, in connection with the enforcement of the indemnification obligations set forth
herein, and (iv) in connection with any failure to obtain any consent or approval to assign
any rights under the Share Sale Deed (all the foregoing, collectively, the “Indemnified
Liabilities”). The foregoing to the contrary notwithstanding, GFC shall have no obligation
to any Indemnified Person under this Section 13.1 with respect to any Indemnified Liability:
(a) arising or resulting from Bison-GE’s breach of any its representations, warranties,
covenants and agreements under the Share Sale Deed (but not with respect to any covenant or
agreement of Bison-GE in the Share Sale Deed that is assumed by the Company as of the Second
Closing and for which Bison-GE was not in default as of the date of the assumption and not
with respect to any failure to obtain any consent or approval to assign any rights under the
Share Sale Deed), this Agreement or any other agreement; or (b) that a court of appropriate
jurisdiction in a final and non-appealable determination determines to have resulted from
the willful

-14-

 

	 	 	misconduct or fraud of such Indemnified Person (other than with respect to any failure to
obtain any consent or approval to assign any rights under the Share Sale Deed) (such
determination being hereinafter referred to as a “Final Willful Misconduct Determination”).
This Section 13.1 shall survive the termination of this Agreement.
	 
	13.2	 	Enforceability.
	 
	 	 	THE INDEMNIFICATION PROVISIONS IN THIS SECTION 13 SHALL BE ENFORCEABLE REGARDLESS OF WHETHER
THE LIABILITY IS BASED UPON PAST, PRESENT OR FUTURE ACTS, CLAIMS OR LAWS (INCLUDING ANY
PAST, PRESENT OR FUTURE BULK SALES LAW, ENVIRONMENTAL LAW, FRAUDULENT TRANSFER ACT,
OCCUPATIONAL SAFETY AND HEALTH LAW OR PRODUCTS LIABILITY, SECURITIES OR OTHER LAW) AND
REGARDLESS OF WHETHER ANY PERSON (INCLUDING THE PERSON FROM WHOM INDEMNIFICATION IS SOUGHT)
ALLEGES OR PROVES THE SOLE, CONCURRENT, CONTRIBUTORY OR COMPARATIVE NEGLIGENCE OF THE PERSON
SEEKING INDEMNIFICATION OR THE SOLE OR CONCURRENT STRICT LIABILITY IMPOSED UPON THE PERSON
SEEKING INDEMNIFICATION.
	 
	14	 	Termination
	 
	 	 	This Agreement terminates on the earlier to occur of:

	 	(a)	 	there being only one Shareholder in the Company; or
	 
	 	(b)	 	each of the Shareholders agreeing in writing to terminate this Agreement.

	15	 	General
	 
	15.1	 	Notices

	 	(a)	 	Any notice or other communication including, but not limited to, any request,
demand, consent or approval, to or by a party to this Agreement:

	 	(i)	 	must be in legible writing and in English addressed as shown
below:

	 	(A)	 	if to the Company and/or GFC:
	 
	 	 	 	General Finance Corporation

260 South Los Robles, Suite 217

Pasadena, California 91101

Attention: Ronald F. Valenta and John O. Johnson

Facsimile: (626) 795-8090;
	 
	 	(B)	 	if to Bison-GE:

10877 Wilshire Boulevard, Suite 1520

Los Angeles, CA 90024

Attention: Douglas B. Trussler

Facsimile: (310) 260-6576;

or as specified to the sender by any party by notice;

	 	(ii)	 	where the sender is a company, must be signed by an officer;
	 
	 	(iii)	 	is regarded as being given by the sender and received by the addressee:

	 	(A)	 	when actually received by the addressee; or
	 
	 	(B)	 	if by facsimile transmission, whether or not
legibly received, when transmitted to the addressee,

-15-

 

	 	 	 	but if the delivery or receipt is on a day which is not a Business
Day or is after 4.00 pm (addressee’s time) it is regarded as
received at 9.00 am on the following Business Day; and

	 	(iv)	 	can be relied upon by the addressee and the addressee is not
liable to any other person for any consequences of that reliance if the
addressee believes it to be genuine, correct and authorised by the sender.

	 	(b)	 	A facsimile transmission is regarded as legible unless the addressee telephones
the sender within one Business Day after transmission is received or regarded as
received under clause 15.1(a)(iii) and informs the sender that it is not legible.
	 
	 	(c)	 	In this clause 15.1, a reference to an addressee includes a reference to an
addressee’s officers, agents or employees or any person reasonably believed by the
sender to be an officer, agent or employee of the addressee.

	15.2	 	Governing law and jurisdiction
	 
	 	 	This Agreement is governed by the laws of California.
	 
	15.3	 	Prohibition and enforceability

	 	(a)	 	Any provision of, or the application of any provision of, this Agreement or any
power that is prohibited in any jurisdiction is, in that jurisdiction, ineffective only
to the extent of that prohibition.
	 
	 	(b)	 	Any provision of, or the application of any provision of, this Agreement which
is void, illegal or unenforceable in any jurisdiction does not affect the validity,
legality or enforceability of that provision in any other jurisdiction or of the
remaining provisions in that or any other jurisdiction.

	15.4	 	Waivers
	 
	 	 	Waiver of any power or right under this Agreement:

	 	(a)	 	must be in writing signed by the party entitled to the benefit of that power or
right; and
	 
	 	(b)	 	is effective only to the extent set out in that written waiver.

	15.5	 	Variation
	 
	 	 	A variation of any term of this Agreement must be in writing and signed by the parties.
	 
	15.6	 	Amendment
	 
	 	 	This Agreement may only be amended by the written consent of each Shareholder who holds more
than 5% of the Company’s outstanding shares of Common Stock and who is adversely affected by
such amendment.
	 
	15.7	 	Cumulative rights
	 
	 	 	The powers are cumulative and do not exclude any other right, power, authority, discretion
or remedy of the parties.
	 
	15.8	 	Assignment
	 
	 	 	Rights arising out of or under this Agreement are not assignable by a party, except in
connection with permitted transfers of Shares under this Agreement, without the prior
written consent of every other party, which consent must not be unreasonably withheld.

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	15.9	 	Further assurances
	 
	 	 	Each party must do all things and execute all further documents necessary to give full
effect to this Agreement.
	 
	15.10	 	Entire agreement
	 
	 	 	This Agreement supersedes all previous agreements in respect of its subject matter and
embodies the entire agreement between the parties.
	 
	15.11	 	Counterparts

	 	(a)	 	This Agreement may be executed in any number of counterparts.
	 
	 	(b)	 	All counterparts, taken together, constitute one instrument.
	 
	 	(c)	 	A party may execute this Agreement by signing any counterpart.

	15.12	 	Relationship of parties
	 
	 	 	Neither party is the partner, agent, employee or representative of any other party and
neither party has the power to incur any obligations on behalf of, or pledge the credit of,
any other party
	 
	15.13	 	Investments in Competitive Businesses

	 	(a)	 	GFC agrees that without the prior written consent of Bison-GE, it will not,
either directly or through one or more GFC Related Parties, purchase equity interests
in, merge with, or purchase all or substantially all of the assets of (or otherwise
acquire the business of), any entity that during the Relevant Period, derived more than
20% of its revenues from the Covered Business in the Covered Territory (a “Covered
Acquisition”) or, if not engaging in the Covered Business in the Covered Territory
during the Relevant Period, has developed any written or other formal plans, projects
or proposals to engage in the Covered Business in the Covered Territory, and has
presented such plans, projects or proposals to its board of directors (or similar
governing body), which plans or proposals provide that such entity will likely generate
more than 20% of its revenues from the Covered Business in the Covered Territory during
the following 24 months. For this purpose, the “Relevant Period” shall mean the
12-month period ending on the last day of the calendar quarter immediately preceding
the calendar quarter in which GFC and/or a GFC Related Party enter into an agreement
for such purchase of equity interests or assets or merger.
	 
	 	(b)	 	Bison-GE acknowledges and agrees that: (i) GFC and GFC Related Parties may
purchase equity interests in, merge with, or purchase all or substantially all of the
assets of any entity that during the Relevant Period derived less than 20% of its
revenues from the Covered Business in the Covered Territory; (ii) GFC and GFC Related
Parties may engage in the Covered Business anywhere in the world, provided that if a
GFC Related Party that engages in the Covered Business was acquired by GFC in a Covered
Acquisition, such GFC Related Party must be a member of the Company Group from and
after the date of the Covered Acquisition; (iii) any action or activity by GFC or GFC
Related Parties under subparagraphs (i) or (ii) shall not be deemed a breach of this
Agreement, or the breach or violation of any fiduciary or other obligation or duty by
GFC or GFC Related Parties or any officers or directors thereof or of any member of the
Company Group to Bison-GE or any of its permitted transferees; and (iv) subject to
clause 8.3, neither GFC nor any GFC Related Party shall have any obligation or duty
whatsoever to offer the opportunity to Bison-GE or any of Bison-GE’s Affiliates to
invest in, purchase, finance or participate in any purchase of equity

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	 	 	 	interests in, merger with, or purchase of all or substantially all of the assets of,
any entity. Notwithstanding the foregoing, in no event shall the business, assets
or properties of the Company Group be used to support, nor except as permitted by
Section 8.1(c) shall any members of the Company Group enter into transactions with,
those businesses, operations and GFC Related Parties that conduct the Covered
Business but which are excluded from this Agreement as a result of this Section
15.13.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their
duly authorized representatives as of the date first written above.

	 	 	 	 	 	 	 
	 	 	GENERAL FINANCE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ John O. Johnson	 	 
	 

	 	 	 	 

John O. Johnson, Chief Operating Officer
	 	 
	 
	 	 	 	 	 	 
	 	 	BISON CAPITAL AUSTRALIA, L.P. , a Delaware limited
partnership

By: BISON CAPITAL AUSTRALIA GP, LLC, its general
partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Douglas B. Trussler	 	 
	 

	 	 	 	 

Douglas B. Trussler, Managing Member
	 	 
	 
	 	 	 	 	 	 
	 	 	GFN U.S. AUSTRALASIA HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ John O. Johnson	 	 
	 

	 	 	 	 

John O. Johnson, Chief Operating Officer
	 	 

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SCHEDULE 1 – CAPITAL STOCK

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Number of Shares of	 	 
	Shareholder	 	 	 	Common Stock	 	% of Share Capital
	Bison –GE	 	 
	 	 	1,380	 	 	 	13.8	%
	GFC	 	 
	 	 	8,620	 	 	 	86.2	%

Shareholders Agreement — Signature Page

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