Document:

Exhibit 10.2

 

GUARANTOR ACKNOWLEDGEMENT

 

THIS GUARANTOR
ACKNOWLEDGEMENT dated as of April 3, 2008 (this “Acknowledgment”)
executed by each of the undersigned (the “Guarantors”) in favor of Wachovia
Bank, National Association, as Agent (the “Agent”) and each “Lender” a party to
the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, U-Store-It, L.P. (the “Borrower”), the
Lenders, the Agent and certain other parties have entered into that certain
Credit Agreement dated as of September 14, 2007 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”);

 

WHEREAS, each of the Guarantors is a party to that
certain Guaranty dated as of September 14, 2007 (as amended,
restated, supplemented or otherwise modified from time to time, the “Guaranty”)
pursuant to which they guarantied, among other things, the Borrower’s
obligations under the Credit Agreement on the terms and conditions contained in
the Guaranty;

 

WHEREAS, the Borrower, the Agent and the Lenders are
to enter into a First Amendment to Credit Agreement dated as of the date hereof
(the “Amendment”), to amend the terms of the Credit Agreement on the terms and
conditions contained therein;

 

WHEREAS, one of the
Amendments to the Credit Agreement affected an increase of the aggregate Term
Commitments under the Credit Agreement from $50,000,000 to $57,419,301.46 (the “Increase”);
and

 

WHEREAS, it is a condition precedent to the
effectiveness of the Amendment that the Guarantors execute and deliver this
Acknowledgment.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties hereto agree as follows:

 

Section 1. 
Reaffirmation.  Each
Guarantor hereby reaffirms its continuing obligations to the Agent and the
Lenders under the Guaranty and agrees that the transactions contemplated by the
Amendment (including, without limitation, the Increase) shall not in any way
affect the validity and enforceability of the Guaranty, or reduce, impair or
discharge the obligations of such Guarantor thereunder.

 

Section 2. 
Governing Law.  THIS
REAFFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

 

Section 3. 
Counterparts.  This
Reaffirmation may be executed in any number of counterparts, each of which
shall be deemed to be an original and shall be binding upon all parties, their
successors and assigns.

 

[Signatures on Next Page]

 

 

IN WITNESS WHEREOF, each Guarantor has duly executed
and delivered this Guarantor Acknowledgement as of the date and year first
written above.

 

	
   

  	
  THE GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  U-STORE-IT TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher P.
  Marr

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U-STORE-IT MINI
  WAREHOUSE CO.

  YSI MANAGEMENT LLC

  YSI RT LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher P.
  Marr

  
	
   

  	
   

  	
  Title:

  	
  Vice President
  and TreasurerExhibit 10.3

 

AMENDED AND
RESTATED TERM NOTE

 

	
  $27,419,301.46

  	
   

  	
  April 3,
  2008

  

 

FOR VALUE RECEIVED, the
undersigned, U-STORE-IT, L.P., a limited partnership formed under the laws of
the State of Delaware
(the “Borrower”), hereby promises to pay to the order of WACHOVIA BANK,
NATIONAL ASSOCIATION (the “Lender”), in care of Wachovia Bank, National Association, as Agent
(the “Agent”) at Wachovia
Bank, National Association, One Wachovia Center, 301 South College
Street, Charlotte, North Carolina 28288, or at such other address as may be
specified in writing by the Agent to the Borrower, the principal sum of TWENTY-SEVEN
MILLION, FOUR HUNDRED NINETEEN THOUSAND, THREE HUNDRED ONE AND 46/100 DOLLARS ($27,419,301.46) (or such lesser amount
as shall equal the unpaid principal amount of the Term Loan made by the Lender
to the Borrower under the Credit Agreement (as herein defined)), on the dates
and in the principal amounts provided in the Credit Agreement, and to pay
interest on the unpaid principal amount owing hereunder, at the rates and on
the dates provided in the Credit Agreement.

 

The date, amount of the
Term Loan made by the Lender to the Borrower, and each payment made on account
of the principal thereof, shall be recorded by the Lender on its books and,
prior to any transfer of this Note, endorsed by the Lender on the schedule
attached hereto or any continuation thereof, provided that the failure of the
Lender to make any such recordation or endorsement shall not affect the
obligations of the Borrower to make a payment when due of any amount owing
under the Credit Agreement or hereunder in respect of the Term Loan made by the
Lender.

 

This Note is one of the
Notes referred to in the Credit Agreement dated as of September 14, 2007
(as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among the Borrower, the financial institutions
party thereto and their assignees under Section 11.5. thereof (the “Lenders”), the Agent, and the other parties
thereto.  Capitalized terms used herein,
and not otherwise defined herein, have their respective meanings given them in
the Credit Agreement.

 

The Credit Agreement
provides for the acceleration of the maturity of this Note upon the occurrence
of certain events and for prepayments of Loans upon the terms and conditions
specified therein.

 

Except as permitted by Section 11.5. of the Credit Agreement, this
Note may not be assigned by the Lender to any other Person.

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH
CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH
STATE.

 

The Borrower hereby
waives presentment for payment, demand, notice of demand, notice of non-payment,
protest, notice of protest and all other similar notices.

 

 

Time is of the essence
for this Note.

 

This
Note is given in partial replacement of a Term Note dated September 14,
2007, previously delivered to the Lender under the Credit Agreement.  THIS NOTE IS NOT INTENDED TO BE, AND SHALL
NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN
CONNECTION WITH SUCH OTHER TERM NOTE.

 

IN WITNESS WHEREOF, the undersigned
has executed and delivered this Amended and Restated Term Note under seal as of
the date first written above.

 

	
   

  	
  U-STORE-IT, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  U-Store-It
  Trust, its sole general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher P.
  Marr

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial
  OfficerExhibit 10.2.1

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

                This First Amendment to the
Employment Agreement is made and entered into as of the 4th day of
January, 2008 by and between Emergency Medical Services Corporation (the “Company”), and Don S. Harvey (the “Executive”).  For purposes of this Amendment, the Company
shall also include Emergency Medical Services, L.P.

 

RECITALS

 

A.            The Company and the
Executive previously entered into that certain agreement made as of February 10,
2005 (the “Employment Agreement”).

 

B.            The Company and the
Executive desire to amend certain provisions of the Employment Agreement on the
terms described herein.

 

                NOW,
THEREFORE, in consideration of the above premises and the
following mutual covenants and conditions, the parties agree as follows:

 

                1.             Article 2 of the
Employment Agreement is amended to read as follows:

 

                                Unless earlier
terminated pursuant to Article 6 hereof, the Executive’s employment
hereunder shall continue in effect until February 15, 2010, at which time
the Executive’s employment with the Company shall terminate.  Upon a termination of the Executive’s
employment pursuant to this Article 2, the Company shall have no further
payment obligations to the Executive hereunder for severance or otherwise
(except for accrued Base Salary and accrued paid time off through the date of
the Executive’s termination).

 

                2.             Article 3 of the
Employment Agreement is amended to add the following at the end thereof:

 

                                Effective January 7,
2008, the Executive resigns as President and Chief Operating Officer of the
Company and from all other positions he holds as an officer and/or director of
the Company and any of its subsidiaries and affiliates.  Effective January 7, 2008, the Executive
shall be employed as the Company’s Chief of Special Projects (“CSP”), shall report to the Company’s
Chairman and Chief Executive Officer (the “CEO”), and
shall serve in such capacity, performing those duties assigned by the CEO that
are consistent with the position of CSP.

 

                3.             Article 4(a) of
the Agreement is amended to add the following at the end thereof:

 

                                Effective January 7,
2008, the Executive’s Base Salary for his services shall be at the annualized
rate of $512,000 and shall continue at such annualized rate through the end of
the term of his employment.

 

 

                4.             Article 4(b) of
the Employment Agreement is deleted in its entirety and the Executive shall no
longer be eligible to participate in a short-term incentive plan; provided
however, that this Amendment shall not affect payment, if any, to Executive
under the Company’s 2007 incentive plan .

 

                5.             Article 4(c) of
the Employment Agreement is amended to include a new Article 4(c)(iv) with
respect to the Harvey Options and the Executive’s co-investment
securities.  These provisions shall also serve
to amend the terms of that certain Equity Option Agreement dated February 10,
2005 executed by and between the Company and the Executive (the “Option Agreement”), as follows:

 

(iv) 
The vesting of Shares subject to the Harvey Options described in Article 4(c)(ii)(I) of
the Employment Agreement and in paragraph 4(a)(i) of the Option Agreement
(such Shares to be referred to herein as the “Time
Vesting Option Shares”) shall be accelerated such that 138,954 of
such Shares shall be fully vested and exercisable effective January 7,
2008.  The remaining 46,317 of the Time
Vesting Option Shares shall be forfeited effective January 7, 2008.  The 138,954 Time Vesting Option Shares which
remain outstanding shall otherwise continue to be exercisable in accordance with
and subject to the terms of the Option Agreement and the Company’s Equity
Option Plan (the “Plan”);
provided, however, that neither the (i) Time Vesting Option Shares, (ii) the
Shares subject to the Harvey Options as described in Article 4(c)(ii)(II) of
this Employment Agreement and in paragraph 4(a)(ii) (the “Performance Vesting Option Shares”) of the Option Agreement;
nor (iii) the co-investment securities (the “Co-Invest Shares”) acquired by the Executive (as described in
Article 4(c) of this Employment Agreement) shall be subject to the
transfer restrictions contained in the Equityholders Agreement (as such term is
defined in the Option Agreement).  The
foregoing notwithstanding, the Executive agrees that he may not sell or
transfer any of his Co-Invest and Time Vesting Option Shares prior to the
Company’s first financial earnings call (related to its 2007 results) of 2008
(the “Earnings Call”).  Following the Earnings Call, the Executive
may sell or transfer any or all of his Time Vesting Option Shares and up to
37,500 of his Co-Invest Shares at anytime, and beginning one week after the
Earnings Call, the Executive may sell or transfer up to three thousand (3,000)
additional Co-Invest Shares per week until all such Shares are sold or
transferred.  The amount of such
Co-Invest Shares available to be sold or transferred per week shall be
determined on a cumulative basis such that if the Executive does not sell or
transfer such Shares during any weekly period, the Shares not sold or
transferred may thereafter be sold or transferred in a subsequent week.  The Performance Vesting Option Shares shall
continue to vest and become exercisable in accordance with the terms of the
Option Agreement and the Employment Agreement. .

 

2

 

                6.             Article 5 of the
Employment Agreement is amended to provide that, effective January 7,
2008, the Executive shall only be entitled to the benefits described in
Articles 5(b) and 5(d) thereof and he shall no longer be entitled to
any of the other benefits described in Article 5.  The Executive expressly acknowledges and
agrees that he shall cease to accrue any additional vacation or paid time off
on and after January 7, 2008, but the vacation or paid time off accrued
prior to January 7, 2008 shall be unaffected by the Amendment.

 

                7.             Article 6(a) of
the Employment Agreement is hereby amended by deleting subparagraphs (iii) and
(iv) thereof.

 

                8.             Article 7 of the
Employment Agreement is hereby amended to delete Article 7(a) thereof.

 

                9.             Article 8(a) of
the Employment Agreement is amended to read as follows:

 

(a) 
The Executive, throughout the term of his employment, shall devote such time
and attention to the business and affairs of the Company as is necessary to
carry out his duties as CSP.  Executive
shall not, without the approval of the CEO, become an employee of any other
company or firm which is a commercial venture. It is understood and agreed that
Executive may provide outside consulting services to a third party as an
independent contractor as long as such consulting services are not inconsistent
with the Executive’s duties and obligations hereunder.

 

                Except as amended herein,
all other provisions of the Employment Agreement shall continue in effect and
shall be unaffected hereby.

 

                IN WITNESS
WHEREOF, the parties have set their signatures on the date
first written above.

 

                Emergency Medical Services
Corporation

 

	
  By:

  	
   /s/ William A. Sanger

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Its:

  	
  Chairman

  	
   

  	
   /s/ Don S. Harvey

  
	
   

  	
   

  	
   

  	
  Don
  S. Harvey

  
	
   

  	
   

  	
   

  	
   

  

 

 

3

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