THIS AGREEMENT (the "Agreement") is made and entered into as of the

22nd day of September, 1999, by and between MOBILE MINI, INC., a Delaware

corporation (the "Company"), and LAWRENCE TRACHTENBERG (the "Executive").



         WHEREAS, the Company desires to employ the Executive to serve in the

capacities of Executive Vice President and Chief Financial Officer of the

Company upon the terms and conditions specified in this Agreement and the

Executive desires to serve in the employ of the Company upon such terms and

conditions; and



         WHEREAS, the Company and the Executive desire to set forth in a written

agreement the terms and conditions of Executive's employment with the Company.



         NOW, THEREFORE, in consideration of the premises and of the mutual

covenants herein contained, it is agreed as follows:



         1.       Employment. The Company hereby agrees to employ the Executive

and the Executive hereby agrees to remain in the employ of the Company upon the

terms and conditions herein set forth.



         2.       Term. Employment shall be for a term commencing on the date

hereof and, subject to termination under Section 8, expiring three (3) years

from the date hereof. Notwithstanding the previous sentence, this Agreement and

the employment of the Executive shall be automatically extended for successive

one-year periods upon the terms and conditions set forth herein, commencing on

the first anniversary of the date of this Agreement, and on each anniversary

date thereafter, unless either party of this Agreement gives the other party

written notice (in accordance with Section 17) of such party's intention to

terminate this Agreement and the employment of the Executive within the 60 day

period prior to the first anniversary of the date of this Agreement or prior to

each succeeding anniversary date thereafter, as applicable. For purposes of this

Agreement, any reference to the "term" of this Agreement shall include the

original term and any extension thereof.



         3.       Duties of the Executive, Service as Director.



                  (a)      The Executive shall serve as Executive Vice President

and Chief Financial Officer of the Company. The Executive shall devote

substantially all of his normal working time to the business and affairs of the

Company and shall perform all duties commensurate with such position(s),

including without limitation the duties described on Exhibit A attached hereto,

and such other related duties and responsibilities consistent with the

Executive's position as may from time to time be reasonably requested by the

Board of Directors of the Company (the "Board").



                  (b)      During the term of this Agreement, the Board shall

(i) nominate the Executive to serve as a member of the Board, (ii) recommend to

the Company's stockholders that they vote for the Executive standing for

election as a member of the Board, and (iii) solicit proxies from the Company's

stockholders that provide for the election of the Executive.







         4.       Compensation.



                  (a)      During the term of this Agreement, the Company shall

pay to the Executive a base salary of $175,000 per annum, which base salary

shall be reviewed annually by the Board and may be increased or decreased from

time to time by the Board in its sole discretion, and shall be payable at the

times and in the manner consistent with the Company's general policies regarding

compensation of executive employees; provided, that no decrease in base salary

shall exceed the greater of (i) an aggregate amount equal to fifteen percent

(15%) of the Executive's then-current base salary, and (ii) the average

percentage amount by which the base salaries of the Key Executives (hereinafter

defined) are then being reduced. As used herein, the "Key Executives" are two

officers of the Company then serving as the Company's Chairman of the Board,

President and Executive Vice President, excluding the Executive (or, if one

other officer and the Executive serve, among them, in all such positions, then

the term means such other officer). The Board may from time to time authorize

such additional compensation to the Executive, in cash or in property, as the

Board may determine in its sole discretion to be appropriate.



                  (b)      The Executive shall be eligible to participate in any

incentive bonus plan implemented by Company during the term of this Agreement.



                  (c)      The Executive shall receive paid time off per year in

accordance with normal Company policy. In the event of termination of

Executive's employment for any reason, any accumulated but unused vacation days

and sick days shall be forfeited.



                  (d)      Notwithstanding anything to the contrary in any stock

option agreement or other agreement between the Company and the Executive (i)

the Executive shall have the right during the 90-day period following the date

of termination of his employment pursuant to this Agreement for any reason

(other than termination for Cause) to exercise any options to purchase shares of

the Company's capital stock theretofore granted to the Executive ("Options"), to

the extent that such options were exercisable on the date of such termination,

and (ii) all Options shall immediately vest and become exercisable upon a Change

of Control (as hereinafter defined).



                  (e)      The Company shall pay the costs, dues and fees

related to the Executive's membership or other participation in the

organization(s) and activities generally described on Exhibit B hereto and such

other costs, dues and fees as the Board may from time to time approve.



         5.       Executive Benefits. In addition to the compensation described

in Section 4, during the term of this Agreement the Company shall make available

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