Exhibit 10.33

 

Addendum Nr. 3 to the Joint Venture Agreement of 8 October 1999

 

Between:

 

1. Shurgard Storage Centers Inc., having its registered office at Valley Street
1155, Suite 400 – 98109-4426, Seattle - USA, a Washington Corporation,

 

represented for the purpose of this Addendum by Mr. Charles Barbo,

 

hereinafter referred to as “Shurgard”;

 

2. SSC Benelux Inc., having its registered office at Valley Street 1155, Suite
400 – 98109-4426, Seattle - USA, a Washington Corporation,

 

represented for the purpose of this Addendum by Harrell Beck,

 

hereinafter referred to as “SSC Benelux Inc.”;

 

3. Shurope Storage S.A., having its registered office at Quai du Commerce, 48 –
1000 Brussels – Belgium,

 

registered with the Register of Legal Entities of Brussels under the number
592.760,

 

represented for the purpose of this Addendum by Harrell Beck and Charles Barbo,

 

hereinafter referred to as “Shurope”;

 

4. Recom & Co S.N.C., having its registered office at Quai du Commerce, 48 -
1000 Brussels - Belgium,

 

registered with the Register of Legal Entities of Brussels under the number
611.914,

 

represented for the purpose of this Addendum by Mr. David Grant,

 

hereinafter referred to as “Recom & Co”;

 

5. E-Parco S.A.R.L., having its registered office at 174, stede bugwy L-1940
Luxembourg,

 

registered with the Register of Legal Entities of Luxembourg under the number
68048,

 

represented for the purpose of this Addendum by [·],

 

hereinafter referred to as “E-Parco”;

 

6. European Self Storage S.A., having its registered office at Quai du Commerce,
48 – 1000 Brussels - Belgium,

 

registered with the Register of Legal Entities of Brussels under the number
511.581,

 

represented for the purpose of this Addendum by Mr. Patrick Metdepenninghen,

 

hereinafter referred to as “ESS”;

 

7. Restructuring Competence S.A., having its registered office at Quai du
Commerce, 48 – 1000 Brussels - Belgium,

 

registered with the Register of Legal Entities of Brussels under the number
580.021,

 

represented for the purpose of this Addendum by Mr. Patrick Metdepenninghen,

 

hereinafter referred to as “Recom”;

--------------------------------------------------------------------------------

8. Grana International S.A., having its registered office at Quai du Commerce,
48 – 1000 Brussels - Belgium,

 

registered with the Register of Legal Entities of Brussels under the number
496.476,

 

represented for the purpose of this Addendum by Mr Patrick Metdepenninghen,

 

hereinafter referred to as “Grana”;

 

9. Fremont SE (G.P.) Ventures, L.L.C., a Delaware limited liability company,
having its principal office at 199 Fremont Street, Suite 2500, San Francisco, CA
94105, U.S.A.,

 

represented for the purpose of this Addendum by Frederick P. Zarrilli,

 

hereinafter referred to as “Fremont GP”;

 

10. Fremont SE (L.P.) Ventures, L.L.C., a Delaware limited liability company,
having its principal office at 199 Fremont Street, Suite 2500, San Francisco, CA
94105, U.S.A.,

 

represented for the purpose of this Addendum by Claude J. Zinngrabe,

 

hereinafter referred to as “Fremont LLP”;

 

11. Fremont SE (G.P.) Ventures, L.L.C., a Delaware limited liability company,
having its principal office at 199 Fremont Street, Suite 2500, San Francisco, CA
94105, U.S.A.,

 

represented for the purpose of this Addendum by Matthew J. Reidy,

 

hereinafter referred to as “Fremont SE GP”;

 

12. Fremont SE (L.P.) II Ventures, L.L.C., a Delaware limited liability company,
having its principal office at 199 Fremont Street, Suite 2500, San Francisco, CA
94105, U.S.A.,

 

represented for the purpose of this Addendum by Claude J. Zinngrabe,

 

hereinafter referred to as “Fremont SE LP”;

 

13. Fremont Investors, Inc., a Nevada corporation, having its principal office
at 199 Fremont Street, Suite 2500, San Francisco, CA 94105, U.S.A.,

 

represented for the purpose of this Addendum by Claude J. Zinngrabe,

 

hereinafter referred to as “FII”;

 

And :

 

14. Shurgard Self Storage SCA (formerly SSC Benelux & Co S.C.A.), having its
registered office at Quai du Commerce/Handelskaai 48, 1000 Brussels,

 

registered with the Register of Legal Entities of Brussels under the number
587.679.

 

represented for the purpose of this Addendum by SSC Benelux Inc. and European
Self Storage SA,

 

hereinafter referred to as the “Company”.

 

Whereas:

 

(A) The Parties entered into that certain Joint Venture Agreement with respect
to the Company dated 8 October 1999, as amended on 31 July 2000 and 24 April
2003 (the “Agreement”).

--------------------------------------------------------------------------------

(B) In a securities purchase agreement dated 11 June 2003, as amended, (the
“REIB Securities Purchase Agreement”), SSC Benelux Inc. has purchased the entire
equity participations of REIB Europe Operator Limited (“Deutsche Bank GP”) and
REIB International Holdings Limited (“Deutsche Bank LLP”) in the Company,
comprising the 7 General Partner Interests owned by Deutsche Bank GP and the
52,615 Profit Certificates and the 5,225 New Profit Certificates owned by
Deutsche Bank LLP.

 

(C) In a securities purchase agreement dated 11 June 2003, as amended, (the “AIG
Securities Purchase Agreement”), SSC Benelux Inc. has purchased the entire
equity participations of AIG Self Storage GP, LLC (“AIG GP”), AIG Self Storage
LP, LLC (“AIG LLP”) and AIRE Investments Sàrl (“AIRE”) in the Company,
comprising the 4 General Partner Interests owned by AIG GP, the 21,922 Profit
Certificates and the 2,177 New Profit Certificates owned by AIG LLP and the
7,308 Profit Certificates and the 726 New Profit Certificates owned by AIRE.

 

(D) As a consequence of these purchases, the Parties wish to amend certain
Articles of the Agreement in accordance with the Letter Agreement dated 3 July
2003.

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

1 Definitions

 

Unless otherwise defined herein, any word in this Addendum starting with a
capital letter is a defined term and should have the same meaning as in the
Agreement.

 

2 Article 1.1 of the Agreement

 

2.1 The definition of “CLCC” under Article 1.1 of the Agreement is replaced by
the following definition:

 

“CLCC” shall mean the Belgian Co-ordinated Laws on Commercial Companies, as
replaced by the Belgian Code of Companies.”

 

2.2 The following definition of “Fremont Investors” is added to Article 1.1 of
the Agreement:

 

“Fremont Investors” shall mean Fremont GP, Fremont SE GP, Fremont LLP and
Fremont SE LP together;”.

 

2.3 The definition of “General Partner Investors” under Article 1.1. of the
Agreement is replaced by the following definition:

 

“General Partner Investors” shall mean Fremont GP, Fremont SE GP and SSC Benelux
Inc. together; provided, however, that SSC Benelux Inc. shall be deemed to be a
General Partner Investor solely with respect to the General Partner Interests
that it purchased from CSFB GP, Deutsche Bank GP and AIG GP; and provided,
further, that SSC Benelux Inc. shall not be deemed to be a General Partner
Investor for purposes of Article 8.3 (or any provision thereof) of the
Agreement”.

 

2.4 The definition of “Limited Liability Partner Investors” under Article 1.1 of
the Agreement is replaced by the following definition:

 

“Limited Liability Partner Investors” shall mean Fremont LLP, Fremont SE LP, and
SSC Benelux Inc., together; provided, however, that SSC Benelux Inc. shall be
deemed to be a Limited Liability Partner Investor solely with respect to the
Limited Liability Partner

--------------------------------------------------------------------------------

Interests, Profit Certificates and/or New Profit Certificates that it purchased
from CSFB LLP, Deutsche Bank LLP, AIG LLP and AIRE; and provided, further, that
SSC Benelux Inc. shall not be deemed to be a Limited Liability Partner Investor
for purposes of Article 8.3 (or any provision thereof) of the Agreement”.

 

2.5 The definition of “Parties” under Article 1.1 of the Agreement is replaced
by the following definition:

 

“Parties” shall mean the parties to this Addendum, as well as any other person
who will in the future become a party to the Agreement, provided that CSFB GP,
CSFB LLP, Deutsche Bank GP, Deutsche Bank LLP, AIG GP, AIG LLP and AIRE shall
remain bound by any obligations under the Agreement surviving the sale of their
interest, including but not limited to Article 7.3 of the Agreement.

 

3 Article 4.2 of the Agreement

 

The following text shall be added at the end of Article 4.2 of the Agreement and
shall replace the text added to Article 4.2 pursuant to Addendum Nr. 2 to the
Agreement:

 

“As a result of the sale by Deutsche Bank GP to SSC Benelux Inc. of its 7
General Partner Interests in the Company and the sale by AIG GP to SSC Benelux
Inc. of its 4 General Partner Interests in the Company, the General Partner
Interests owned by the Parties as of the closing of such sale are as follows:

 

     Number of General
Partner Interests

--------------------------------------------------------------------------------

SSC Benelux Inc

   45   

ESS

     4   

Fremont GP

     5   

Fremont SE GP

  

2”

 

4 Article 4.4.4. of the Agreement

 

4.1 Subclauses (i) and (ii) of Article 4.4.4(v) of the Agreement are replaced by
the following text:

 

“any vote of the Board of Managers requiring 50 votes (as set forth in Article
5.1.4 as amended pursuant to this Addendum Nr. 3) (i) shall continue to require
at least 50 votes so long as Fremont GP, Fremont SE GP or any of their
Affiliates own 7 General Partner Interests, (ii) must include at least 51% of
the General Partner Interests held by Investors, and (iii) no single “GP Control
Group” (defined as a General Partner, other than Fremont GP and/or Fremont SE
GP, together with its Affiliates), by virtue of its voting interests, shall be
able to veto in the Board of Managers a decision otherwise approved by all of
the other Managers, unless such GP Control Group owns at least 12 General
Partner Interests, without prejudice to Article 5.1.4(c) as amended pursuant to
this Addendum Nr. 3;”

 

4.2 The following Article 4.4.4.(viii) is added to Article 4.4.4 of the
Agreement:

 

“(viii) Notwithstanding anything to the contrary in the Agreement, SSC Benelux
Inc. may transfer or sell, prior to an Exit Event, any of the Partner Interests
which it acquired from CSFB GP, Deutsche Bank GP or AIG GP in accordance with
the provisions of Article 4.4.2, provided, however, that no more than 6 General
Partner Interests shall be owned or controlled by any transferee (including,
without limitation, any third party transferee and/or its Affiliates), other
than Fremont GP and Fremont SE GP together with their Affiliates;”

--------------------------------------------------------------------------------

4.3 The following Article 4.4.4.(ix) is added to Article 4.4.4 of the Agreement:

 

“Notwithstanding Article 4.4.3.1, any Existing Partner may sell its currently
held Partner Interests prior to an Exit Event, provided that SSC Benelux Inc. or
Shurgard only are the acquirors. Such a sale shall not give rise to any rights
of Fremont Investors to approve or participate in such purchase or sale;
provided, however, that any such Partner Interests shall continue to be, and
shall in all instances be deemed to be, Partner Interests of Existing Partners
for all purposes under the Joint Venture Agreement; and provided, further, that
the Fremont Investors shall receive prior notice of any such sale and a copy of
all documentation evidencing such sale.”

 

5 Article 4.6.1 of the Agreement

 

The following text shall be added at the end of Article 4.6.1 of the Agreement
and shall replace the text added to Article 4.6.1 pursuant to Addendum Nr. 2 to
the Agreement:

 

“As a result of (i) the sale by Deutsche Bank LLP to SSC Benelux Inc. of its
52,165 Profit Certificates and 5,225 New Profit Certificates, (ii) the sale by
AIG LLP to SSC Benelux Inc. of its 21,922 Profit Certificates and 2,177 New
Profit Certificates, and (iii) the sale by AIRE to SSC Benelux Inc. of its 7,308
Profit Certificates and 726 New Profit Certificates, the Profit Certificates and
New Profit Certificates owned by the Parties as of the closing of such sale will
be as follows:

 

Investor

--------------------------------------------------------------------------------

  

Number of Profit

Certificates

--------------------------------------------------------------------------------

Fremont SE LP

     12,494

Fremont LLP

     40,121

SSC Benelux Inc.

   125,691

TOTAL

   178,306

 

The New Profit Certificates owned by the Parties as of the closing of such sale
will be as follows:

 

Subscriber

--------------------------------------------------------------------------------

  

Number of New Profit

Certificates

--------------------------------------------------------------------------------

Shurope

     1,087

Recom & Co

   22,033

Grana

        101

Fremont LLP

     3,985

Fremont SE LP

     1,240

SSC Benelux Inc

   12,482

TOTAL

     40,928”

 

6 Article 4.6.10 of the Agreement

 

In the first and second paragraphs of Article 4.6.10 of the Agreement “50%” is
replaced by “29%”.

--------------------------------------------------------------------------------

7 Article 4.8.1 of the Agreement

 

7.1 Article 4.8.1(1) of the Agreement is replaced by the following text:

 

“first, 100% to the Investor Holders, prorata based on the total Partner
Interests held by all Investor Holders, to the extent such Partner Interests are
paid-up, until the Investor Holders shall have received aggregate distributions
that, when taken together with all previous distributions made under clause (1),
equal Euro 122,000,000; provided, however, that for the purposes of this clause
(1), the Partner Interests held by SSC Benelux Inc. shall be deemed to be solely
the Partner Interests that it purchased from CSFB LLP, CSFB GP, Deutsche Bank
GP, Deutsche Bank LLP, AIG GP, AIG LLP and AIRE;”

 

7.2 Article 4.8.1(3) of the Agreement is replaced by the following text:

 

“third, 100% to the Existing Partners, prorata based on the total Partner
Interests held by all Existing Partners, until the Existing Partners shall have
received aggregate distributions that, when taken together with all previous
distributions made under this clause (3), equal the amount by which the Earned
Capital exceeds the aggregate amounts paid on the Loan under clause (2) above;
provided, however, that for the purposes of this clause (3), the Partner
Interests held by Existing Partners shall be deemed to exclude the Partner
Interests purchased by SSC Benelux Inc. from CSFB LLP, CSFB GP, Deutsche Bank
GP, Deutsche Bank LLP, AIG GP, AIG LLP and AIRE.”

 

8 Article 5.1.1 of the Agreement

 

The fifth paragraph of Article 5.1.1 of the Agreement is replaced by the
following text:

 

“The physical persons representing the General Partner Investors at the Board of
Managers of the Company shall be:

 

  - Patrick Metdepenninghen, as permanent representative of European Self
Storage SA, as from 20 December 2002;

 

  - Dave Grant, as permanent representative of SSC Benelux Inc., as from 28
March 2003;

 

  - Frederick P. Zarrilli, as permanent representative of Fremont SE (G.P.)
Ventures L.L.C., as from 4 February 2003; and

 

  - Matthew J. Reidy, as permanent representative of Fremont SE (G.P.) Ventures
II L.L.C., as from 4 February 2003.”

 

9 Articles 5.1.4 (c) and 5.1.4 (d) of the Agreement

 

9.1 The first sentence of Article 5.1.4 (c) of the Agreement is replaced by the
following text:

 

“Decisions relating to the following items, shall require the affirmative vote
of 50 General Partner Interests:”

 

9.2 In the last sentence of Article 5.1.4(c)(7) and the first sentence of
Article 5.1.4(d) of the Agreement, “49” is replaced by “50”.

 

10 Article 5.3 of the Agreement

 

The first sentence of the sixth paragraph of Article 5.3 of the Agreement is
replaced by the following text:

--------------------------------------------------------------------------------

“Resolutions on the following matters shall require a majority of 75% of the
votes cast attached to the Partner Interests and in addition, the affirmative
vote of the SSC Benelux Inc. or Shurgard GP Control Group and at least one
additional Partner, without prejudice to the requirements of any more severe
attendance and majority rules prescribed by the Belgian Companies Code.”

 

11 Article 5.5.2. of the Agreement

 

11.1 The last sentence of the first paragraph of Article 5.5.2 of the Agreement
is replaced by the following text:

 

“Such appointment needs the prior approval of the Board of Managers deciding by
7 General Partner Interests and of at least 1 Manager.”

 

11.2 The following text shall be added at the end of Article 5.5.2 of the
Agreement:

 

“For the purpose of this Article 5.5.2, the term “Investors” excludes SSC
Benelux Inc. and Shurgard, and any of their Affiliates or partners.”

 

12 Article 8.3.2.1 of the Agreement

 

Article 8.3.2.1 of the Agreement is replaced by the following text:

 

“A Fremont Investor wishing to obtain an Exit Event shall notify (the “Longstop
Notice”) all Partners and the Board of Managers of its intention to commence an
Exit Event and shall include with such Longstop Notice a list of three reputable
investment banks (unaffiliated with any Partner) selected by the Fremont
Investor. Upon receipt of the Longstop Notice, SSC Benelux Inc. shall, within 15
Business Days select one investment bank from such list which the Company shall
thereafter engage to value the Partner Interests (the “Value”). The selected
investment bank must present the Value and supporting analyses to the Board of
Managers and the Partners within 90 days from the date of its engagement (the
“Presentation Date”).

 

After the date that a Fremont Investor has delivered a Longstop Notice to the
Board of Managers, the other Fremont Investors can no longer trigger any other
Exit Event.”

 

13 Article 8.3.2.3 of the Agreement

 

The last word in Article 8.3.2.3 of the Agreement is replaced by the following
text:

 

“the Fremont Investor”.

 

14 Article 14.3 of the Agreement

 

The notice provision for the Investors in Article 14.3 of the Agreement is
replaced by the following text:

 

“If to the Fremont Investors:

 

If to Fremont GP and/or Fremont SE (G.P.):

 

   

To:

       Fremont SE (G.P.) Ventures, L.L.C.              Fremont SE (G.P.) II
Ventures, L.L.C.              c/o Fremont Realty Capital, L.P.

 

 

 

--------------------------------------------------------------------------------

        

375 Park Avenue, Suite 3101

        

New York, New York 10152 USA

   

Attn:

  

Frederick P. Zarrilli

   

Telefax:

  

00 1-212 771.18.99

   

cc:

  

Fremont Group, L.L.C.

        

199 Fremont Street

        

San Francisco, California 94105 USA

   

Attn:

  

General Counsel

   

Telefax:

  

00 1-415 284.89.25

    If to Fremont LP and/or Fremont SE (LP):    

To:

  

Fremont SE (L.P.) Ventures, L.L.C.

        

Fremont SE (L.P.) II Ventures, L.L.C.

        

c/o Fremont Realty Capital, L.P.

        

199 Fremont Street

        

San Francisco, California 94105 USA

   

Attn:

  

Claude J. Zinngrabe

   

Telefax:

  

00 1-415 284.81.83

   

cc:

  

Fremont Group, L.L.C.

        

199 Fremont Street

        

San Francisco, California 94105 USA

   

Attn:

  

General Counsel

   

Telefax:

  

00 1-415 284.89.25

    If to FII:          To:   

Fremont Investors, Inc.

        

199 Fremont Street

        

San Francisco, California 94105 USA

    Attn:   

General Counsel

    Telefax:   

00 1-415 284.89.25

    cc:   

Fremont Realty Capital, L.P.

        

375 Park Avenue, Suite 3101

        

New York, New York 10152 USA

    Attn:   

Frederick P. Zarrilli

    Telefax:   

00 1-212 771.18.99”

--------------------------------------------------------------------------------

15 Other provisions of the Agreement

 

This Addendum shall not affect any other provision of the Agreement and all
respective rights and obligations of the Parties under the Agreement remain
fully intact, valid and enforceable.

 

16 Charter of the Company

 

The Parties undertake to vote in such way as to modify the Charter of the
Company in accordance with the above modifications to the Agreement, if and to
the extent necessary.

 

17 Governing law and arbitration

 

This Addendum shall be governed by Belgian law.

 

All disputes arising out of or in connection with this Addendum shall be
resolved in accordance with the provisions of Article 14.8 of the Agreement.

 

[NEXT PAGES ARE SIGNATORY PAGES]

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Made on September      2003, in four originals. Each of Shurgard, Grana, the
Company and Fremont GP acknowledges receipt of its own original, the other
Parties expressly waive their right thereto.

 

 

--------------------------------------------------------------------------------

Shurgard Storage Centers Inc.

Represented by:

Name: Charles Barbo

Title: President & Chairman

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

SSC Benelux Inc.   SSC Benelux Inc.

Represented by:

Name: [·]

Title: [·]

 

Represented by:

Name: [·]

Title: [·]

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

Shurope Storage S.A.   Shurope Storage S.A.

Represented by:

Name: [·]

Title: [·]

 

Represented by:

Name: [·]

Title: [·]

 

 

--------------------------------------------------------------------------------

Recom & Co S.N.C.

Represented by:

Name: Dave Grant

Title: ’gérant statutaire

 

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

E-Parco S.A.R.L.

Represented by:

Name: [·] [ILLEGIBLE]

Title: [·] [ILLEGIBLE]

 

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

European Self Storage S.A.

Represented by:

Name: Patrick Metdepenninghen

Title: Director

--------------------------------------------------------------------------------

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Restructuring Competence S.A.

Represented by:

Name: Patrick Metdepenninghen

Title: Director

 

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Grana International S.A.

Represented by:

Name: Patrick Metdepenninghen

Title: Director

 

 

--------------------------------------------------------------------------------

Fremont SE (G.P.) Ventures, L.L.C.

Represented by:

Name: Frederick P. Zarrilli

Title: Authorized Representative

 

 

--------------------------------------------------------------------------------

Fremont SE (L.P.) Ventures, L.L.C.

Represented by:

Name: Claude J. Zinngrabe

Title: Authorized Representative

 

 

--------------------------------------------------------------------------------

Fremont SE (G.P.) II Ventures, L.L.C.

Represented by:

Name: Matthew J. Reidy

Title: Authorized Representative

 

 

--------------------------------------------------------------------------------

Fremont SE (L.P.) II Ventures, L.L.C.

Represented by:

Name: Claude J. Zinngrabe

Title: Authorized Representative

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

    Fremont Investors, Inc.    

Represented by:

   

Name: Claude J. Zinngrabe

   

Title: Authorized Representative

   

 

 

--------------------------------------------------------------------------------

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Shurgard Self Storage SCA   Shurgard Self Storage SCA

Represented by:

 

Represented by:

Name: SSC Benelux Inc.

 

Name: European Self Storage SA

Represented by:

 

Represented by:

Name: David Grant

 

Name: Patrick Metdepenninghen

Title: Director

 

Title: Director