EX-10.7



 



Exhibit 10.7



U-STORE-IT TRUST




EXECUTIVE DEFERRED COMPENSATION PLAN




 









 





TABLE OF CONTENTS




	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE 1 PURPOSE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 DEFINITIONS
	 	 	1	 
	2.1 Account
	 	 	1	 
	2.2 Base Salary
	 	 	1	 
	2.3 Board
	 	 	1	 
	2.4 Bonus
	 	 	1	 
	2.5 Code
	 	 	1	 
	2.6 Company
	 	 	1	 
	2.7 Compensation Committee
	 	 	2	 
	2.8 Deferred Compensation
	 	 	2	 
	2.9 Deemed Investment Options
	 	 	2	 
	2.10 Distribution Account
	 	 	2	 
	2.11 Distribution Option
	 	 	2	 
	2.12 Election Agreement
	 	 	2	 
	2.13 Employee
	 	 	2	 
	2.14 Employer
	 	 	2	 
	2.15 In-Service Distribution Account
	 	 	2	 
	2.16 In-Service Distribution Option
	 	 	2	 
	2.17 Matching Deferred Compensation
	 	 	2	 
	2.18 Nonelective Deferred Compensation
	 	 	2	 
	2.19 Participant
	 	 	2	 
	2.20 Plan
	 	 	3	 
	2.21 Plan Administrator
	 	 	3	 
	2.22 Plan Year
	 	 	3	 
	2.23 Retirement
	 	 	3	 
	2.24 Retirement Distribution Account
	 	 	3	 
	2.25 Retirement Distribution Option
	 	 	3	 
	2.26 Trust
	 	 	3	 
	2.27 Valuation Date
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 3 PARTICIPATION
	 	 	3	 
	3.1 Eligibility
	 	 	3	 
	3.2 Participation
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 4 BENEFITS
	 	 	3	 
	4.1 Deferred Compensation
	 	 	3	 
	4.2 Matching Deferred Compensation
	 	 	4	 
	4.3 Nonelective Deferred Compensation
	 	 	4	 
	4.4 Election Procedures
	 	 	4	 
	4.5 Limited Redeferral
	 	 	5	 






(i)









 






	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE 5 ACCOUNTS
	 	 	6	 
	5.1 Participant Accounts
	 	 	6	 
	5.2 Returns on Distribution Accounts
	 	 	6	 
	5.3 Deemed Investment Options
	 	 	6	 
	5.4 Changes in Deemed Investment Options
	 	 	6	 
	5.5 Valuation of Accounts
	 	 	7	 
	5.6 Statement of Accounts
	 	 	7	 
	5.7 Distributions from Accounts
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 6 DISTRIBUTIONS
	 	 	7	 
	6.1 Retirement Distribution Option
	 	 	7	 
	6.2 In-Service Distribution Option
	 	 	7	 
	6.3 Distribution Limitations
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 7 BENEFITS TO PARTICIPANTS
	 	 	8	 
	7.1 Benefits Under the Retirement Distribution Option
	 	 	8	 
	7.2 Benefits Under the In-Service Distribution Option
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 8 SURVIVOR BENEFITS
	 	 	9	 
	8.1 Death of Participant Prior to the Commencement of Benefits
	 	 	9	 
	8.2 Survivor Benefits Under the Retirement Distribution Option
	 	 	9	 
	8.3 Survivor Benefits Under the In-Service Distribution Option
	 	 	10	 
	8.4 Death of Participant After Benefits Have Commenced
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 9 EMERGENCY BENEFIT
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 10 ADMINISTRATION
	 	 	11	 
	10.1 Plan Administrator
	 	 	11	 
	10.2 Appointment of Administrative Committee
	 	 	11	 
	10.3 Powers of Plan Administrator
	 	 	11	 
	10.4 Limitation of Liability
	 	 	12	 
	10.5 Claims Procedures
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 11 MISCELLANEOUS
	 	 	13	 
	11.1
Unfunded Plan
	 	 	13	 
	11.2 Spendthrift Provision
	 	 	13	 
	11.3 Employment Rights
	 	 	14	 
	11.4 Designation of Beneficiary
	 	 	14	 
	11.5 Withholding of Taxes
	 	 	14	 
	11.6 Amendment or Termination
	 	 	14	 
	11.7 No Fiduciary Relationship Created
	 	 	14	 
	11.8 Release
	 	 	14	 
	11.9 No Warranty or Representation
	 	 	14	 
	11.10 Construction
	 	 	14	 
	11.11 Governing Law
	 	 	15	 
	11.12 Counterparts
	 	 	15	 
	11.13 American Jobs Creation Act of 2004
	 	 	15	 






(ii)









 





U-STORE-IT TRUST EXECUTIVE DEFERRED COMPENSATION PLAN




ARTICLE 1

PURPOSE




     The U-Store-It Trust Executive Deferred Compensation Plan (the “Plan”) is hereby established
in accordance with the following terms and conditions for the purpose of providing deferred
compensation to eligible employees, which plan is intended to be a non-qualified deferred
compensation arrangement for a select group of management and highly compensated employees. The
Plan is adopted by the Board on November 3, 2006.



ARTICLE 2

DEFINITIONS




     The following terms shall have the following meanings described in this Article unless the
context clearly indicates another meaning. All references in the Plan to specific Articles or
Sections shall refer to Articles or Sections of the Plan unless otherwise stated.



     2.1 Account means the record or records established for each Participant in
accordance with Section 5.1.



     2.2 Base Salary means for a Plan Year the annual cash compensation relating to
services performed during such Plan Year, whether or not paid in such Plan Year or included on the
Federal Income Tax Form W-2 for such year, excluding bonuses, commissions, overtime, special
awards, tax planning stipends, fringe benefits, stock options, relocation expenses, incentive
payments, non-monetary awards, fees, automobile and other allowances paid to a Participant for
employment services rendered (whether or not such allowances are included in the Employee’s gross
income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or
contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and
shall be calculated to include amounts not otherwise included in the Participant’s gross income
under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any
Employer; provided, however, that all such amounts will be included in compensation only to the
extent that, had there been no such plan, the amount would have been payable in cash to the
Employee.



     2.3 Board means the Board of Trustees of the Company.



     2.4 Bonus means for a Plan Year any compensation payable to a Participant in the Plan
Year pursuant to a regular U-Store-It Trust bonus program, whether or not paid in a calendar year
or included on the Federal Income Tax Form W-2 for a calendar year.



     2.5 Code means the Internal Revenue Code of 1986, as amended.



     2.6 Company means U-Store-It Trust, a Maryland real estate investment trust.



 









 





     2.7 Compensation Committee means the Compensation Committee of the Board of Trustees
or, at any time that no such committee exists, the Board.



     2.8 Deferred Compensation means the portion of a Participant’s Base Salary or Bonus
allocated to the Participant’s Retirement Distribution Account or an In-Service Distribution
Account in accordance with Section 4.1 of the Plan.



     2.9 Deemed Investment Options means the deemed investment options selected by the
Participant from time to time pursuant to which deemed earnings are credited to the Participant’s
Distribution Accounts.



     2.10 Distribution Account means, with respect to a Participant, the Retirement
Distribution Account and/or the In-Service Distribution Account established on the books of account
of the Company, pursuant to Section 5.1, for each Plan Year.



     2.11 Distribution Option means the two distribution options which are available under
the Plan, consisting of the Retirement Distribution Option and the In-Service Distribution Option.



     2.12 Election Agreement means the written agreement entered into by an Employee,
which shall be irrevocable, pursuant to which the Employee becomes a Participant in the Plan and
makes an election relating to Deferred Compensation and the period over which Deferred
Compensation, Matching Deferred Compensation, and Nonelective Deferred Compensation and investment
return thereon will be paid.



     2.13 Employee means, with respect to each Employer, management and highly compensated
employees.



     2.14 Employer means the Company and any other corporation in a controlled group of
corporations (under Code Section 414(b)) of which the Company is a member which, with the
authorization of the Board, adopts the Plan for the benefit of its employees pursuant to resolution
of its board of directors.



     2.15 In-Service Distribution Account means the Account maintained for a Participant
for each Plan Year to which Deferred Compensation is credited pursuant to the In-Service
Distribution Option.



     2.16 In-Service Distribution Option means the Distribution Option pursuant to which
benefits are payable in accordance with Section 7.2.



     2.17 Matching Deferred Compensation means a Participant’s matching deferred
compensation allocated to the Participant’s Account as further described in Section 4.2.



     2.18 Nonelective Deferred Compensation means a Participant’s nonelective deferred
compensation allocated to the Participant’s Account as further described in Section 4.3.



     2.19 Participant means an Employee or former Employee of an Employer who has met the
requirements for participation under Section 3.1 and who is or may become eligible to



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receive a
benefit from the Plan or whose beneficiary may be eligible to receive a benefit from the Plan.




     2.20 Plan means the plan, the terms and provisions of which are herein set forth, and
as it may be amended or restated from time to time, designated as the “U-Store-It Trust Executive
Deferred Compensation Plan.”



     2.21 Plan Administrator means the Company.



     2.22 Plan Year means the period beginning on November 6, 2006, and ending on December
31, 2006, and thereafter beginning on January 1 and ending on December 31 of each year.



     2.23 Retirement means a Participant’s separation from service with the Company (for
reasons other than death) at or after age 55.



     2.24 Retirement Distribution Account means the Account maintained for a Participant
to which Deferred Compensation, Matching Deferred Compensation, and Nonelective Deferred
Compensation are credited pursuant to the Retirement Distribution Option.



     2.25 Retirement Distribution Option means the Distribution Option pursuant to which
benefits are payable in accordance with Section 7.1.



     2.26 Trust means any domestic trust that may be maintained in the United States
pursuant to Section 11.1.



     2.27 Valuation Date means the last business day of each calendar month.



ARTICLE 3

PARTICIPATION




     3.1 Eligibility. An Employee shall be eligible to participate in the Plan if he or she
is an Employee designated as eligible by the Compensation Committee. Individuals not specifically
designated by the Compensation Committee are not eligible to participate in the Plan.



     3.2 Participation. An Employee shall become a Participant as of the date he or she
satisfies the eligibility requirements of Section 3.1 and completes all administrative forms
required by the Plan Administrator. A Participant’s participation in the Plan shall terminate upon
termination of employment with the Company and all direct and indirect subsidiaries of Company or
upon such other events as determined by the Compensation Committee.



ARTICLE 4

BENEFITS




     4.1 Deferred Compensation. Subject to any limitations established by the Compensation
Committee or the Plan Administrator and in accordance with the procedures



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described in Section 4.4,
a Participant may elect for a Plan Year to have his or her Base Salary and/or Bonus deferred in any
amount, expressed as a percentage, less applicable tax withholding, and to have that amount
credited to his or her Retirement Distribution Account or In-Service Distribution Account as
Deferred Compensation. Deferred Compensation shall be credited to a Participant’s Accounts monthly.




     4.2 Matching Deferred Compensation. There shall be credited to each Participant’s
Account for each Plan Year a Matching Deferred Compensation amount equal to the total matching
contribution such Participant would have received under the Company’s qualified defined
contribution plan for the Plan Year without regard to the limitations imposed thereon under
Sections 402(g), 415 and 417 of the Code less the actual matching contribution such Participant
received under the Company’s qualified defined contribution plan for the Plan Year, or such other
amount as may be established from time to time by action of the Board, provided such Participant
has made the maximum elective deferrals to the Company’s qualified defined contribution plan as
permitted under the terms of such plan. Matching Deferred Compensation shall be credited to a
Participant’s Retirement Distribution Account monthly.



     4.3 Nonelective Deferred Compensation. The Compensation Committee may in its
discretion determine for any Plan Year to make an additional credit to a Participant’s Retirement
Distribution Account as Nonelective Deferred Compensation, which amount may be a different amount
or percentage (including no amount) for each Participant, as the Compensation Committee shall in
its sole and absolute discretion determine. Nonelective Deferred Compensation shall be credited to
a Participant’s Retirement Distribution Account monthly or on such other schedule as the
Compensation Committee shall determine.



     4.4 Election Procedures.




     (a) Except as provided in paragraphs (b) and (c) below, compensation for services
performed during a taxable year may be deferred at the Participant’s election only if the
election to defer such compensation is made not later than the close of the preceding
taxable year.




     (b) In the case of the first year in which a Participant becomes eligible to
participate in the Plan, the Participant’s election with respect to amounts deferred
pursuant to Sections 4.1 and 4.2 may be made with respect to services to be performed
subsequent to the election within 30 days after the date the Participant becomes eligible to
participate in the Plan.




     (c) In the case of any performance-based compensation based on services performed over
a period of at least 12 months as determined by the Plan Administrator in accordance with
regulatory guidance under Code Section 409A, an election may be made no later than six
months before the end of the period.




     (d) Each Participant shall on his or her Election Agreement with respect to each Plan
Year (i) specify the percentage of Base Salary and/or the percentage of Bonus the
Participant elects to defer for such Plan Year; (ii) allocate his or her deferrals between
the In-Service Distribution Option and the Retirement Distribution Option in increments



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of
ten percent, provided, however, that 100 percent of such deferrals may be allocated to one
or the other of the Distribution Options; (iii) with respect to amounts allocated to the
Retirement Distribution Option for such Plan Year plus investment return credited to such
amounts, elect whether such amounts will be paid in a single lump sum or in annual
installments payable over five, ten, or fifteen years upon the Participant’s termination of
employment with the Company; and (iv) with respect to amounts allocated to the In-Service
Distribution Option for the Plan Year, elect the time and manner of distribution from among
the options described in Section 7.2. Moreover, a Participant may specify in his or her
Election Agreement that distribution of his or her Accounts are to be made upon the
occurrence of a change in control event within the meaning of Code Section 409A and the
regulations thereunder, notwithstanding any other election made hereunder.




     (e) A Participant can change his or her Election Agreement and an eligible Employee who
is not a Participant may become a Participant, as of any January 1 by completing, signing
and filing an Election Agreement with the Plan Administrator not later than the preceding
December 31 (subject, however, to the provisions of paragraph (b) above in the case of a
Participant who becomes newly eligible during the Plan Year). A Participant who does not
complete a new Election Agreement for a Plan Year will be deemed to have elected not to have
any Deferred Compensation for the Plan Year and will be deemed to have elected a single lump
sum method of payment for any Nonelective Deferral Compensation for such Plan Year. In the
event any amount is credited to the Account of Participant with respect to which no timely
election concerning method of payment has been made, such amount shall be payable in the
single lump sum method of payment.




     (f) An election of Deferred Compensation shall be irrevocable on the first day of the
Plan Year (or other period) to which it relates, except that in the case of a hardship
distribution within the meaning of Treas. Reg. §1.401(k)-1(d)(3), the election may be
cancelled for the remainder of the Plan Year.




     (g) All Election Agreements shall be in a form acceptable to the Plan Administrator and
shall be completed, signed, and filed with the Plan Administrator as provided herein.



     4.5 Limited Redeferral. A Participant who has made an effective election under
Section 4.4 with respect to a Retirement Distribution Account for payment in a lump sum may make a
subsequent election to delay payment or commencement of payment of such amount for a period of five
(5) years from the date such payment would otherwise have been made, including a change in the form
of a payment in accordance with the following provisions, subject to such administrative rules and
procedures as may be established by the Compensation Committee:




     (a) the subsequent election shall not take effect until 12 months after the date on
which it is made; and



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     (b) payment in the form of installments over a period of five years may be elected.



ARTICLE 5

ACCOUNTS




     5.1 Participant Accounts. The Plan Administrator shall establish separate Distribution
Accounts with respect to a Participant for each Distribution Option. A Participant’s Distribution
Accounts shall consist of the Retirement Distribution Account and one or more In-Service
Distribution Accounts. A Participant’s Distribution Accounts shall be maintained by the Plan
Administrator in accordance with the terms of this Plan until all of the Deferred Compensation,
Matching Deferred Compensation, and Nonelective Deferred Compensation, and investment return to
which a Participant is entitled has been distributed to a Participant or his or her beneficiary in
accordance with the terms of the Plan. A Participant shall be fully vested in his or her
Distribution Accounts at all times.



     5.2 Returns on Distribution Accounts. A Participant’s Distribution Accounts shall be
credited with returns in accordance with the Deemed Investment Options elected by the Participant
from time to time. Participants may allocate their Retirement Distribution Account and/or each of
their In-Service Distribution Accounts among the Deemed Investment Options available under the Plan
only in whole percentages of not less than five percent. The rate of return, positive or negative,
credited under each Deemed Investment Option is based upon the actual investment performance of the
corresponding investment portfolios of the Company’s qualified defined contribution plan, or such
other investment fund(s) as the Compensation Committee may designate from time to time, and shall
equal the total return of such investment fund net of asset based charges, including, without
limitation, money management fees, fund expenses and mortality and expense risk insurance contract
charges. The Compensation Committee reserves the right, on a prospective basis, to add or delete
Deemed Investment Options.



     5.3 Deemed Investment Options. Except as otherwise provided pursuant to Section 5.2,
the Deemed Investment Options available under the Plan shall consist of options which correspond to
certain investment portfolios of the Company’s qualified defined contribution plan, or such other
investment fund(s) as the Compensation Committee may designate from time to time.



     Notwithstanding that the rates of return credited to Participants’ Distribution Accounts under
the Deemed Investment Options are based upon the actual performance of the corresponding portfolios
of the Company’s qualified defined contribution plan, or such other investment fund(s) as the
Compensation Committee may designate, the Company shall not be obligated to invest any Deferred
Compensation by Participants under this Plan, or any other amounts, in such portfolios or in any
other investment funds.



     5.4 Changes in Deemed Investment Options. A Participant may change the Deemed
Investment Options to which the Participant’s Distribution Accounts are deemed to be allocated with
whatever frequency is determined by the Plan Administrator, which shall not be less than



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four times
per Plan Year. Each such change may include (a) reallocation of the Participant’s existing
Accounts in whole percentages of not less than five percent, and/or (b) change in investment
allocation of amounts to be credited to the Participant’s Accounts in the future, as the
Participant may elect.




     5.5 Valuation of Accounts. The value of a Participant’s Distribution Accounts as of
any date shall equal the amounts theretofore credited to such Accounts, including any earnings
(positive or negative) deemed to be earned on such Accounts in accordance with Section 5.2 through
the day preceding such date, less the amounts theretofore deducted from such Accounts.



     5.6 Statement of Accounts. The Plan Administrator shall provide to each Participant,
not less frequently than quarterly, a statement in such form as the Plan Administrator deems
desirable setting forth the balance standing to the credit of each Participant in each of his
Distribution Accounts.



     5.7 Distributions from Accounts. Any distribution made to or on behalf of a
Participant from one or more of his Distribution Accounts in an amount which is less than the
entire balance of any such Account shall be made pro rata from each of the Deemed Investment
Options to which such Account is then allocated.



ARTICLE 6

DISTRIBUTIONS




     6.1 Retirement Distribution Option. Subject to Section 7.1, distribution of the
Participant’s Retirement Distribution Account shall commence no later than the later of (a) the
60th day after the Participant’s Retirement or (b) the year following the Participant’s attainment
of age 65 or other elected age less than age 65, as elected by the Participant in the Election
Agreement pursuant to which such Retirement Distribution Account was established.



     6.2 In-Service Distribution Option. Subject to Section 7.2, the Participant’s
In-Service Distribution Account for any Plan Year shall be distributed commencing no later than
February 28 of the Plan Year elected by the Participant in the Election Agreement pursuant to which
such In-Service Distribution Account was established. Notwithstanding the foregoing, a Participant
shall not be entitled to allocate any deferrals to an In-Service Distribution Account for the two
Plan Years preceding the Plan Year which includes the date on which such Account is to be
distributed and such additional deferrals shall instead be allocated to the Retirement Distribution
Account.



     6.3 Distribution Limitations. Notwithstanding any provision of the Plan to the
contrary, compensation deferred under the Plan shall not be distributed earlier than




     (a) separation from service as determined by the Secretary of the Treasury;




     (b) the date the Participant becomes disabled (within the meaning of Section
409A(a)(2)(C) of the Code);




     (c) death of the Participant;



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     (d) a specified time (or pursuant to a fixed schedule) specified under the Plan at the
date of the deferral of such compensation;




     (e) to the extent provided by the Secretary of the Treasury, a change in the ownership
or effective control of the Company, or in the ownership of a substantial portion of the
assets of the Company; or




     (f) the occurrence of an unforeseeable emergency as defined in Section
409A(a)(2)(B)(ii) of the Code.


In the case of any key employee (as defined in Section 416(i) of the Code without regard to
paragraph (5) thereof) of an Employer, distributions may not be made before the date which is six
months after the date of separation from service (or, if earlier, the date of death of the
Participant), provided that any payments to which such key employee would otherwise have been
entitled during the first six months following the date of separation shall be accumulated and paid
on the first day of the seventh month following the date of separation from service.




ARTICLE 7

BENEFITS TO PARTICIPANTS




     7.1 Benefits Under the Retirement Distribution Option. Benefits under the Retirement
Distribution Option shall be paid to a Participant as follows:




     (a) Benefits Upon Retirement. In the case of a Participant whose service with
the Company terminates on account of Retirement and whose Retirement Distribution Account
balance exceeds $10,000, the Participant’s Retirement Distribution Account shall be
distributed in one of the following methods, as elected by the Participant in writing with
respect to the Plan Year in the Election Agreement: (i) in a lump sum; (ii) in annual
installments over five years; (iii) in annual installments over ten years; or (iv) in annual
installments over 15 years. An initial annual installment payment shall be equal to (i) the
value of such Retirement Distribution Account to be so distributed as of the last business
day of the Plan Year preceding the date of payment, divided by (ii) the number of annual
installment payments elected by the Participant. The remaining annual installments shall be
paid not later than February 28 of each succeeding Plan Year in an amount equal to (i) the
value of such Retirement Distribution Account as of the last business day of the immediately
preceding Plan Year divided by (ii) the number of installments remaining. A Participant may
change the election regarding the manner of payment as described in Section 4.5 as permitted
by Section 409A of the Code.




     (b) Benefits Upon Termination of Employment. In the case of a Participant
whose service with the Company terminates prior to the earliest date on which the
Participant is eligible for Retirement, other than on account of death, or whose Retirement
Account balance does not exceed $10,000, the Participant’s Retirement Distribution Account
shall be distributed in a lump sum 60 days following the date of separation from service or
as soon thereafter as practicable, subject to the requirements of Section 6.3.



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     7.2 Benefits Under the In-Service Distribution Option. Benefits under the In-Service
Distribution Option shall be paid to a Participant as follows:




     (a) In-Service Distributions. In the case of a Participant who continues in
Service with the Company, the Participant’s In-Service Distribution Account for any Plan
Year shall be paid as irrevocably elected by the Participant in the Election Agreement
pursuant to which such In-Service Distribution Account was established in one lump sum or in
annual installments payable over 2, 3, 4, or 5 years. Any lump-sum benefit payable in
accordance with this paragraph shall be in an amount equal to the value of such In-Service
Distribution Account as of the last business day of the Plan Year preceding the date of
payment. The initial annual installment payment shall be equal to (i) the value of such
In-Service Distribution Account as of the last business day of the Plan Year preceding the
date of payment, divided by (ii) the number of annual installment payments elected by the
Participant in the Election Agreement pursuant to which such In-Service Distribution Account
was established. The remaining annual installments shall be paid not later than February 28
of each succeeding year in an amount equal to (i) the value of such In-Service Distribution
Account as of the last business day of the immediately preceding Plan Year divided by (ii)
the number of installments remaining.




     (b) Benefits Upon Termination of Employment. In the case of a Participant
whose Service with the Company terminates prior to the date on which the Participant’s
In-Service Distribution Account would otherwise be distributed, other than on account of
death, such In-Service Distribution Account shall be distributed as irrevocably elected by
the Participant in the Election Agreement pursuant to which such In-Service Distribution
Account was established.



ARTICLE 8

SURVIVOR BENEFITS




     8.1 Death of Participant Prior to the Commencement of Benefits. In the event of a
Participant’s death prior to the commencement of benefits in accordance with Article 7, benefits
shall be paid to the Participant’s Beneficiary, as determined under Section 11.4, pursuant to
Section 8.2 or 8.3, whichever is applicable, in lieu of any benefits otherwise payable under the
Plan to or on behalf of such Participant.



     8.2 Survivor Benefits Under the Retirement Distribution Option. In the case of a
Participant with respect to whom the Plan Administrator has established a Retirement Distribution
Account, and who dies prior to the commencement of benefits under such Retirement Distribution
Account pursuant to Section 7.1, distribution of such Retirement Distribution Account shall be made
(a) in a lump sum as soon as practicable following the Participant’s death, or (b) in the manner
and at such time as such Retirement Distribution Account would otherwise have been distributed in
accordance with Section 7.1 had the Participant lived, as elected by the Participant in the
Election Agreement pursuant to which such Retirement Distribution Account was established or as may
have been changed by the Participant. The amount of any lump sum benefit payable in accordance
with this Section shall



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equal the value of such Retirement Distribution Account as of the last
business day of the calendar month immediately preceding the date on which such benefit is paid.
The amount of any annual installment benefit payable in accordance with this Section shall equal
(a) the value of such Retirement Distribution Account as of the last business day of the calendar
month immediately preceding the date on which such installment is paid, divided by (b) the number
of annual installments remaining to be paid pursuant to the election of the Participant in the
Election Agreement pursuant to which such Retirement Distribution Account was established or as may
have been changed by the Participant.




     8.3 Survivor Benefits Under the In-Service Distribution Option. In the case of a
Participant with respect to whom the Plan Administrator has established one or more In-Service
Distribution Accounts, and who dies prior to the date on which such In-Service Distribution
Accounts are to be paid pursuant to Section 7.2, distribution of such In-Service Distribution
Accounts shall be made (a) in a lump sum as soon as practicable following the Participant’s death,
or (b) at such time and in such form as such In-Service Distribution Accounts would otherwise have
been distributed in accordance with Section 7.2 had the Participant lived, as irrevocably elected
by the Participant in the Election Agreement pursuant to which such In-Service Distribution
Accounts were established. The amount of any lump sum benefit payable in accordance with this
Section shall equal the value of such In-Service Distribution Accounts as of the last business day
of the calendar month immediately preceding the date on which such benefit is paid.



     8.4 Death of Participant After Benefits Have Commenced. In the event a Participant
dies after annual installment benefits payable under Section 7.1 or 7.2 have commenced, but before
the entire balance of the applicable Distribution Account has been paid, any remaining installments
shall continue to be paid to the Participant’s Beneficiary, as determined under Section 11.4, at
such times and in such amounts as they would have been paid to the Participant had the Participant
survived.



ARTICLE 9

EMERGENCY BENEFIT




     In the event that the Plan Administrator, upon written request of a Participant, determines,
in its sole discretion, that the Participant has suffered an unforeseeable emergency, the Company
shall pay to the Participant from the Participant’s Distribution Account(s), as soon as practicable
following such determination, an amount not exceeding the amount reasonably necessary to meet the
emergency (which may include amounts necessary to pay any Federal, State, or local income taxes or
penalties reasonably anticipated that result from the distribution), after deduction of any and all
taxes as may be required pursuant to Section 11.5 (the “Emergency Benefit”). For purposes of this
Plan, an unforeseeable emergency is a severe financial hardship of the Participant arising from an
illness or accident of the Participant, the Participant’s spouse, or the Participant’s dependent
(as defined in Code Section 152(a)); loss of the Participant’s property due to casualty (including
the need to rebuild a home following damage to a home not otherwise covered by insurance, for
example, as a result of a natural disaster); or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant. Cash needs
arising from foreseeable events such as the education expenses for



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children shall not be considered
to be the result of an unforeseeable financial emergency. Emergency Benefits shall be paid first
from the Participant’s In-Service Distribution Accounts, if any, to the extent the balance of one
or more of such In-Service Distribution Accounts is sufficient to meet the emergency, in the order
in which such Accounts would otherwise be distributed to the Participant. If the distribution
exhausts the In-Service Distribution Accounts, the Retirement Distribution Account may be accessed.
With respect to that portion of any Distribution Account which is distributed to a Participant as
an Emergency Benefit, in accordance with this Article, no further benefit shall be payable to the
Participant under this Plan. Notwithstanding anything in this Plan to the contrary, a Participant
who receives an Emergency Benefit in any Plan Year shall not be entitled to make any further
deferrals for the remainder of such Plan Year. It is intended that the Plan Administrator’s
determination as to whether a Participant has suffered an “unforeseeable emergency” shall be made
consistent with the requirements under Section 409A of the Code.




ARTICLE 10

ADMINISTRATION




     10.1 Plan Administrator. The Company shall have the sole responsibility for the
administration of the Plan and is designated as Plan Administrator.



     10.2 Appointment of Administrative Committee. The Company may delegate its duties as
Plan Administrator to an Administrative Committee. The members of the Administrative Committee
shall be selected by the Board.



     10.3 Powers of Plan Administrator. The Plan Administrator shall have the full and
exclusive power, discretion and authority to administer the Plan. The determinations and decisions
of the Plan Administrator are final and binding on all persons. The Plan Administrator’s powers
shall include but shall not be limited to, the power to:




     (a) Maintain records pertaining to the Plan.




     (b) Interpret the terms and provisions of the Plan, and to construe ambiguities and
correct omissions.




     (c) Establish procedures by which Participants may apply for benefits under the Plan
and appeal a denial of benefits.




     (d) Determine the rights under the Plan of any Participant applying for or receiving
benefits.




     (e) Administer the claims procedure provided in this Article.




     (f) Perform all acts necessary to meet the reporting and disclosure obligations imposed
by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).



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     (g) Delegate specific responsibilities for the operation and administration of the Plan
to such employees or agents as it deems advisable and necessary.



     In the exercise of its powers, the Plan Administrator shall be entitled to rely upon all
tables, valuations, certificates and reports furnished by any accountant or consultant and upon
opinions given by any legal counsel in each case duly selected by the Plan Administrator.



     10.4 Limitation of Liability. The Plan Administrator and the Company and all other
Employers, and their respective officers and directors (including but not limited to the members of
the Board), shall not be liable for any act or omission relating to their duties under the Plan,
unless such act or omission is attributable to their own willful misconduct or lack of good faith.



     10.5 Claims Procedures.




     (a) All claims under the Plan shall be directed to the attention of the Plan
Administrator. Any Participant or beneficiary whose application for benefits or other claim
under the Plan has been denied, in whole or in part, shall be given written notice of the
denial by the Plan Administrator within sixty (60) days after the receipt of the claim. The
notice shall explain that the Participant or beneficiary may request a review of the denial
and the procedure for requesting review. The notice shall describe any additional
information necessary to perfect the Participant’s or beneficiary’s claim and explain why
such information is necessary. If a Participant or beneficiary does not receive a written
response to a claim within sixty (60) days after receipt of the claim by the Plan
Administrator, the claim will be deemed to be denied.




     (b) A Participant or beneficiary may make a written request to the Plan Administrator
for a review of any denial of claims under this Plan. The request for review must be in
writing and must be made within sixty (60) days after the mailing date of the notice of
denial or the deemed denial. The request shall refer to the provisions of the Plan on which
it is based and shall set forth the facts relied upon as justifying a reversal or
modification of the determination being appealed.




     (c) A Participant or beneficiary who requests a review of denial of claims in
accordance with this claims procedure may examine pertinent documents and submit pertinent
issues and comments in writing. A Participant or beneficiary may have a duly authorized
representative act on his or her behalf in exercising his or her right to request a review
and any other rights granted by this claims procedure. The Plan Administrator shall provide
a review of the decision denying the claim within sixty (60) days after receiving the
written request for review. If a Participant or beneficiary does not receive a written
response to a request for a review within the foregoing time limit, such request will be
deemed to be denied. A decision by the Plan Administrator for review shall be final and
binding on all persons.



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ARTICLE 11

MISCELLANEOUS




     11.1 Unfunded Plan.




     (a) The Plan shall be an unfunded plan maintained by the Company and the other
Employers for the purpose of providing benefits for a select group of management or highly
compensated employees. Neither the Company nor any other Employer shall be required to set
aside, earmark or entrust any fund or money with which to pay their obligations under this
Plan or to invest in any particular investment vehicle and may change investments of Company
assets at any time.




     (b) The Company may establish a Trust to hold property that may be used to pay benefits
under the Plan. The Trust shall be a domestic trust maintained in the United States. The
Trust shall be intended to be a grantor trust, within the meaning of Section 671 of the
Code, of which the Company is the grantor, and the Plan is to be construed in accordance
with that intention. Notwithstanding any other provision of this Plan, the assets of the
Trust will remain the property of the Company and will be subject to the claims of creditors
in the event of bankruptcy or insolvency, as provided in the Trust Agreement. No Participant
or person claiming through a Participant will have any priority claim on the assets of the
Trust or any security interest or other right superior to the rights of a general creditor
of the Company or the other Employers as provided in the Trust Agreement.




     (c) Subject to the following provisions of this Section 11.1(c), all benefits under
this Plan shall be paid by the Participant’s Employer(s) from its general assets and/or the
assets of the Trust, which assets shall, at all times, remain subject to the claims of
creditors as provided in the Trust Agreement. No Employer, other than the Company as
provided below, shall have any obligation to pay benefits hereunder in respect of any
Participants who are not Employees or former Employees of such Employer. The obligation of
each Employer hereunder in respect of any Participant shall be limited to the amounts
payable to such Participant from the Account established for such Participant in respect of
employment with that Employer, except that if an Employer shall fail to make or cause to be
made any benefit payment hereunder when due, the Company shall promptly make such benefit
payment from its general assets and/or the assets of the Trust.




     (d) Neither Participants, their beneficiaries nor their legal representatives shall
have any right, other than the right of an unsecured general creditor, against the Company
or any other Employer in respect of any portion of a Participant’s Account and shall have no
right, title or interest, legal or equitable, in or to any asset of the Company or any other
Employer or the Trust.



     11.2 Spendthrift Provision. The Plan shall not in any manner be liable for or subject
to the debts or liabilities of any Participant or beneficiary. No benefit or interest under the
Plan is subject to assignment, alienation, pledge or encumbrance, whether voluntary or involuntary,
and



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any purported or attempted assignment, alienation, pledge or encumbrance of benefits shall be
void and will not be recognized by the Company or any other Employer.




     11.3 Employment Rights. The existence of the Plan shall not grant a Participant any
legal or equitable right to continue as an Employee nor affect the right of the Company or any
other Employer to discharge a Participant.



     11.4 Designation of Beneficiary. Each Participant may designate a Beneficiary or
Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any
payments which may be made following the Participant’s death. Such designation may be changed or
canceled at any time without the consent of any such Beneficiary. Any such designation, change or
cancellation must be made in a form approved by the Plan Administrator and shall not be effective
until received by the Plan Administrator, or its designee. If no Beneficiary has been named, or
the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary
shall be the Participant’ s estate. If a Participant designates more than one Beneficiary, the
interests of such Beneficiaries shall be paid in equal shares, unless the Participant has
specifically designated otherwise.



     11.5 Withholding of Taxes. To the extent required by applicable law, the Company or
another Employer will withhold from a Participant’s compensation and/or Deferred Compensation and
any payment hereunder all taxes required to be withheld for federal, state or local government
purposes.



     11.6 Amendment or Termination. Subject to the provisions of Section 11.13, the Company
reserves the right to amend, modify, suspend or terminate the Plan at any time without prior notice
by action of its Board; provided, however, that no such action may deprive a Participant of his
rights to receive a benefit pursuant to the Plan with respect to compensation deferred prior to
such action. An Employer may terminate its participation in the Plan at any time by action of its
board of directors.



     11.7 No Fiduciary Relationship Created. Nothing contained in this Plan, and no action
taken pursuant to the provisions of this Plan, shall create or be deemed to create a fiduciary
relationship between the Company or any other Employer or the Plan Administrator and any
Participant, beneficiary or any other person.



     11.8 Release. Any payment to any Participant or beneficiary in accordance with the
provisions of this Plan shall, to the extent thereof, be in full satisfaction of all claims against
the Plan Administrator, the Company, the other Employers and any of their respective officers,
directors, shareholders, employees or agents.



     11.9 No Warranty or Representation. Neither the Company nor any other Employer makes
any warranty or representation regarding the effect of deferrals made or benefits paid under this
Plan for any purpose.



     11.10 Construction. Words used in the masculine shall apply to the feminine where
applicable; and wherever the context of the Plan dictates, the plural shall be read as the singular
and the singular as the plural.



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     11.11 Governing Law. To the extent that Ohio law is not preempted by ERISA, the
provisions of the Plan shall be governed by the laws of the State of Ohio.



     11.12 Counterparts. This Plan may be signed in any one or more counterparts each of
which together shall constitute one instrument.



     11.13 American Jobs Creation Act of 2004. The Plan is intended to provide for the
deferral of compensation in accordance with the provisions of Section 409A of the Code and Treasury
Regulations and published guidance issued pursuant thereto. Accordingly, the Plan shall be
construed in a manner consistent with those provisions and may at any time be amended in the manner
and to the extent determined necessary or desirable by the Company to reflect or otherwise
facilitate compliance with such provisions. Notwithstanding any provision of the Plan to the
contrary, no otherwise permissible election or distribution shall be made or given effect under the
Plan that would result in taxation of any amount under Section 409A of the Code.



     IN WITNESS WHEREOF, U-Store-It Trust, has executed this Plan this ___day of November, 2006.



	 	 	 	 	 	 	 	 	 
	 	 	U-STORE-IT TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kathleen A. Weigand	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Kathleen A. Weigand	 	 
	 

	 	 	 	Title:
	 	 
Executive
Vice President, General Counsel and Secretary
	 	 
	 

	 	 	 	 	 	 

	 	 







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