Document:

EX-10.3

 EXHIBIT 10.3 
 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 
 The Employment Agreement, by and between Electro
Rent Corporation, a California corporation, (the “Company”) and Craig R. Jones (the “Executive”), dated October 31, 2005 (the “Agreement”), is hereby clarified and supplemented as set forth below by this first
amendment to the Agreement (the “Amendment”). This Amendment is effective as of August , 2012 (the “Effective Date”). Capitalized terms not otherwise defined in this Amendment are given the meanings ascribed to such terms in the
Agreement. 
 RECITALS 
 WHEREAS, the Agreement provides for accelerated vesting of equity compensation awards under its Section 5.2.1 and the parties wish to clarify that all such unvested equity compensation awards
are covered by this provision; 
 WHEREAS, the Agreement provided for alternative timing with respect to post-employment
payments under its Sections 5.2.1 and 5.2.2 and the parties wish to clarify the timing of any such payments and the predicate conditions to any such post-employment payments; 
 WHEREAS, the Agreement provides that the Executive may resign for Good Reason and the parties wish to clarify the process through which such resignation can occur; 

WHEREAS, the Agreement provides that none of the terms or provisions of the Agreement shall be modified, waived, amended or
terminated, except by a written instrument signed by the parties; and 
 WHEREAS, the parties agree that this Amendment
is not a material amendment or material modification to the Agreement but rather is just a clarification of certain provisions of the Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Executive, intending to be legally bound, hereby agree as follows: 

1. Accelerated Vesting of Equity Compensation Awards. In order to clarify that all equity compensation awards are eligible for
accelerated vesting under Section 5.2.1, the following clause in Section 5.2.1 of the Agreement, 
 (2) the vesting
of all of Executive’s options granted by the Company shall be immediately accelerated., 

  
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 shall be entirely restated to read as follows: 

(2) the vesting of all of Executive’s then-outstanding unvested equity compensation awards granted by the Company (including
without limitation any stock options or restricted stock units) shall be immediately accelerated. 
 2. Timing of
Payments and Conditions to Payments. In order to clarify the timing of certain payments and benefits under Sections 5.2.1 and 5.2.2 and the conditions affecting such payments and benefits, the following revisions are applicable to Sections
5.2.1, 5.2.2 and 5.4 of the Agreement. 
 (i) The following clause in Section 5.2.1 of the Agreement, 

Executive shall be entitled to receive as a severance payment two times Executive’s Base Salary in effect at that time, payable,
at the Company’s option, either (i) in monthly installments over two years or (ii) as one accelerated lump sum as soon as practically possible, with an appropriate discount to reflect such acceleration, 

shall be entirely restated to read as follows: 
 Executive shall be entitled to receive as a severance payment two times Executive’s Base Salary in effect at that time, payable as one lump sum on the 60th day after Executive’s termination of employment 
 (ii) The following clause in Section 5.2.2 of the Agreement, 

Executive shall be entitled to receive as a severance payment an amount equal to one year of Base Salary in effect at that time,
payable, at the Company’s option, either (i) in monthly installments over one year or (ii) as one accelerated lump sum as soon as practically possible, with an appropriate discount to reflect such acceleration. 

shall be entirely restated to read as follows: 
 Executive shall be entitled to receive as a severance payment one times Executive’s Base Salary in effect at that time, payable as one lump sum on the 60th day after Executive’s termination of employment.

 (iii) The following clause in Section 5.4 of the Agreement, 

and the Company may require that Executive will sign a reasonable release to that effect as a condition to any severance payments.,

 shall be entirely restated to read as follows: 
 and the Company shall require as a condition of payment that (a) the Executive deliver to the Company (on or within 45 days after his termination

  
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of employment) a signed and dated reasonable release of all claims against the Company and its affiliates, in a form prescribed by the Company (“Release”) and (b) Executive not
revoke such Release and (c) Executive remain in full compliance with the terms of the Release. 
 3. Good Reason
Process. In order to clarify the process for effecting a Good Reason resignation, the following clause in the definition of Good Reason in the Agreement, 
 and in each case such matter continues for more than ten (10) days after written notice from Executive (except in the case of a willful breach, which shall require no warning)., 

shall be entirely restated to read as follows: 
 and in each case Executive must provide the Company with written notice within ninety (90) days of the initial existence of the purported Good Reason event and such notice must describe in detail
the basis and underlying facts supporting Executive’s belief that a Good Reason event has occurred (the “Good Reason Notice”). After its receipt of the Good Reason Notice, the Company shall then have thirty (30) days to cure or
remedy the alleged Good Reason event. Executive’s resignation for Good Reason can only be effective if the Company has not cured or remedied the Good Reason event within thirty (30) days after the Company’s receipt of the Good Reason
Notice and if Executive actually resigns his employment for Good Reason within sixty (60) days after the expiration of the foregoing thirty (30) day cure/remedy period. 

4. Governing Law. This Amendment shall be interpreted, construed and enforced in accordance with the laws of the State of
California. 
 5. No Other Modification. Except as provided above in this Amendment, all terms, provisions, covenants and
conditions in the Agreement shall remain in full force and effect and shall not be affected by this Amendment. 
 6.
Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument. 

IN WITNESS WHEREOF, the parties hereby execute this First Amendment to the Agreement as of the Effective Date. 

  
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	ELECTRO RENT CORPORATION	  		 	
				
	By:	  	 /s/ Daniel Greenberg
	  		 	 /s/ Craig R. Jones

	Name:	  	Daniel Greenberg	  		 	Craig R. Jones
	Title:	  	Chief Executive Officer	  		 	

  
 4EX-10.4

 EXHIBIT 10.4 
 AMENDMENT NO. 1 TO 2005 EQUITY INCENTIVE PLAN 
 Electro Rent Corporation, a California
corporation, (the “Company”) hereby clarifies and supplements the Company’s 2005 Equity Incentive Plan (the “Plan”) as set forth below by this first amendment to the Plan (the “Amendment”). This Amendment is
effective as of April , 2012 (the “Effective Date”). Capitalized terms not otherwise defined in this Amendment are given the meanings ascribed to such terms in the Plan. 

RECITALS 

WHEREAS, the Plan was adopted by the Company effective as of August 22, 2005 and was subsequently approved by Company
shareholders; 
 WHEREAS, the Plan is an omnibus equity compensation plan which provides for the grant of various
stock-based awards (including without limitation Performance Units) to selected employees, directors and consultants; 

WHEREAS, the Plan expressly provides that (i) the Committee has the authority to interpret the Plan and adopt rules for the
interpretation of the Plan and (ii) the Board has the authority to alter or amend the Plan without shareholder approval unless required by Applicable Laws; and 
 WHEREAS, this Amendment is not a material amendment or material modification to the Plan but rather is just a clarification of certain provisions of the Plan and accordingly neither Participant
consent nor shareholder approval are necessary. 
 NOW, THEREFORE, the Committee and the Board each hereby agree that the
Plan is interpreted and supplemented as follows with effectiveness as of the Plan’s original adoption: 
 1. Performance
Unit Definition. In order to clarify that the defined term “Performance Unit” also is meant to include a “Stock Unit”, Plan Section 2.25 which currently reads as, 

“Performance Unit” means an Award granted to an Employee pursuant to SECTION 8 having an initial value (other than the
Fair Market Value of a Share) that is established by the Committee at the time of grant., 
 shall be entirely restated to read as
follows: 
 “Performance Unit” or “Stock Unit” means an Award granted to an Employee
pursuant to SECTION 8 having an initial value (other than the Fair Market Value of a Share) that is established by the Committee at the time of grant. 

  
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 2. Performance Unit Terminology. In order to clarify that the term “Performance
Unit” can also be referred to as a “Stock Unit” and that such terms are interchangeable, the first sentence in Plan Section 8.1 which currently reads as, 
 Performance Units and Performance Shares may be granted to Employees, Consultants or Directors at any time and from time to time, as shall be determined by the Committee, in its sole
discretion., 
 shall be entirely restated to read as follows: 

Performance Units (which can also be referred to as Stock Units) and Performance Shares may be granted to Employees, Consultants or
Directors at any time and from time to time, as shall be determined by the Committee, in its sole discretion. 
 3.
Performance Goals Terminology. In order to clarify the meaning of the terms “initial value” and “performance goals” with respect to the award of Performance Units or Stock Units, Plan Section 8.2 which currently reads
as, 
 Value of Performance Units/Shares. Each Performance Unit shall have an initial value that is established
by the Committee at the time of grant. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Committee shall set performance goals in its discretion which, depending on the extent to
which they are met, will determine the number and/or value of Performance Units/Shares that will be paid out to the Participants. The time period during which the performance goals must be met shall be called the “Performance Period”.,

 shall be entirely restated to read as follows: 
 Value of Performance Units/Shares. Each Performance Unit (or Stock Unit) shall have an initial value that is established by the Committee at the time of grant (and such initial value
shall have a value of zero if not otherwise specified in the Award Agreement). Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Committee shall set performance goals (that may
consist purely of time-based vesting goals in the case of Performance Unit or Stock Unit Awards) in its discretion which, depending on the extent to which they are met, will determine the number and/or value of Performance Units/Stock Units/Shares
that will be paid out to the Participants. The time period during which the performance goals must be met shall be called the “Performance Period”. 
 4. Governing Law. This Amendment shall be interpreted, construed and enforced in accordance with the laws of the State of California. 

  
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 5. No Other Modification. Except as provided above in this Amendment, all terms,
provisions, covenants and conditions in the Plan shall remain in full force and effect and shall not be affected by this Amendment. 
 IN WITNESS WHEREOF, the Company’s duly authorized officer has hereby executed this First Amendment to the Plan as of the Effective Date. 

 

			
	ELECTRO RENT CORPORATION
		
	By:	 	 /s/ Daniel Greenberg

	Name:	 	Daniel Greenberg
	Title:	 	Chief Executive Officer

  
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