Document:

Exhibit 4.4

 

NOTICE OF GRANT OF RESTRICTED
SHARES AWARD

 

MRV COMMUNICATIONS, INC.

2007 OMNIBUS INCENTIVE PLAN

 

FOR GOOD AND VALUABLE CONSIDERATION, MRV Communications, Inc. (the
“Company”) hereby grants, pursuant to
the provisions of the Company’s 2007 Omnibus Incentive Plan (the “Plan”), to the Participant designated in this Notice of
Grant of Restricted Shares Award (the “Notice”) a
grant of the number of shares of the common stock of the Company set forth in
the Notice (the “Shares”), subject to certain restrictions
as outlined below in this Notice and the additional provisions set forth in the
attached Terms and Conditions of Restricted Shares Award (collectively, the “Agreement”).  Also
enclosed is a copy of the information statement describing important provisions
of the Plan.  Section references
herein refer to the attached Terms and Conditions of Restricted Shares Award.

 

	
  Participant:

  	
   

  	
   

  

 

	
  Date of Grant:

  	
   

  	
   

  	
  Type of Award: Restricted Shares

  

 

Total
Number of  Shares Granted:

 

Vesting
Schedule:    All Shares vest on first anniversary of the date of
grant.

 

Vesting is accelerated in full upon a Change in
Control under Section 2(c).

 

Vesting After Termination of Service: Termination of Service as a director for any reason:
Any non-vested portion of the Shares expires immediately;

 

Termination of Service due to death or Disability: Vested
portion of the Shares is exercisable by the Participant (or, in the event of
the Participant’s death, the Participant’s Beneficiary) for one (1) year
after the Participant’s Termination;

 

Termination of Service for any reason other than
death or Disability: Vested portion of the Shares is exercisable for a
period of thirty (30) days following the Participant’s Termination.

 

By signing below, the Participant agrees that this Restricted
Shares Award is granted under and governed by the terms and
conditions of the Company’s 2007 Omnibus Incentive Plan and the attached Terms
and Conditions.

 

	
  Participant

  	
   

  	
  MRV Communications, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
					

 

1

 

TERMS
AND CONDITIONS OF RESTRICTED SHARES AWARD

 

I.                                         AGREEMENT

 

1.                                       Grant of Shares.  The Shares granted to the Participant and
described in the Notice are subject to the terms and conditions of the Plan,
which is incorporated by reference in its entirety into this Agreement.

 

The Board of Directors of the Company has authorized and approved the
Plan, which has been approved by the Company’s stockholders.  The Committee has approved an award to the
Participant (the “Award”) of a
number of Shares, conditioned upon the Participant’s acceptance of the
provisions set forth in this Agreement within 30 days after this Agreement are
presented to the Participant for review. 
For purposes of this Agreement, any reference to the Company shall
include a reference to any Subsidiary.

 

The Company intends that this Award not be considered to provide for
the deferral of compensation under Section 409A of the Code and that this
Agreement shall be so administered and construed.  Further, the Company may modify the Plan and
this Award to the extent necessary to fulfill this intent.

 

2.                                       Acceleration of
Vesting on Change in Control.  This Award shall become immediately and fully
vested on the date of the Change in Control, if it has not previously
terminated under the terms of this Agreement.

 

3.                                       Restrictions.

 

(a)                                  The Shares or
rights granted hereunder may not be sold, pledged or otherwise transferred,
except as provided in the Notice in the event of the Participant’s death or to
an inter vivos trust with respect to which
the Participant is treated as the owner under Sections 671 through 677 of
the Code, except to the extent that Section 16 of the Exchange Act limits
a Participant’s right to make such transfers, until the Shares become vested in
accordance with the Notice.  The period
of time between the date hereof and the date the Shares become vested is
referred to herein as the “Restriction Period.”

 

(b)                                 Upon the
Participant’s termination of service in accordance with the Notice, the balance
of the Shares subject to the provisions of this Agreement which have not vested
at the time of the Participant’s termination of service shall be forfeited, and
ownership transferred back to the Company

 

4.                                       Legend.  All certificates representing the Shares
shall have endorsed thereon the following legend:

 

“The shares represented by
this certificate are subject to an agreement between the Company and the
registered holder, a copy of which is on file at the principal office of the
Company.”

 

5.                                       Escrow.  The certificate or certificates evidencing
the Shares shall be delivered to and deposited with the Secretary of the
Company as escrow agent in this transaction. The Shares may also be held in a
restricted book entry account in the name of the Participant.  Such certificates or such book entry shares
are to be held by the Secretary until termination of the Restriction Period,
when they shall be released by the Secretary to the Participant.

 

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6.                                       Shareholder
Rights.  During the Restriction Period,
the Participant shall have all the rights of a shareholder with respect to the
Shares except for the right to transfer the Shares, as set forth in Section 3
and except as set forth in Section 7. 
Accordingly, the Participant shall have the right to vote the Shares and
to receive any cash dividends paid to or made with respect to the Shares.

 

7.                                       Changes in
Stock.  In the event that as a result
of (a) any stock dividend, stock split or other change in the Stock, or (b) any
merger or sale of all or substantially all of the assets of other acquisition
of the Company, and by virtue of any such change the Participant shall in his
or her capacity as owner of unvested Shares which have been awarded to him or
her (the “Prior Shares”) be entitled to new or
additional or different shares or securities, such new or additional or
different shares or securities shall thereupon be considered to be unvested
Shares and shall be subject to all of the conditions and restrictions which
were applicable to the Prior Shares pursuant to this Agreement.

 

8.                                       Taxes.  The Participant shall be liable for any and
all taxes, including withholding taxes, arising out of this grant or the
vesting of Shares hereunder. The Participant may elect to satisfy such withholding
tax obligation by having the Company retain Shares having a fair market value
equal to the Company’s minimum withholding obligation.

 

9.                                       Defined Terms.  Capitalized terms used but not defined in
this Agreement shall have the meanings set forth in the Plan.

 

10.                                 Participant
Representations.  The
Participant hereby represents to the Company that the Participant has read and
fully understands the provisions of this Agreement and the Plan and the
Participant’s decision to participate in the Plan is completely voluntary.  Further, the Participant acknowledges that
the Participant is relying solely on his or her own advisors with respect to
the tax consequences of this Award.

 

11.                                 Miscellaneous.

 

(a)                                  Notices.  All notices, requests, deliveries, payments,
demands and other communications which are required or permitted to be given
under this Agreement shall be in writing and shall be either delivered
personally or sent by registered or certified mail, or by private courier,
return receipt requested, postage prepaid to the parties at their respective
addresses set forth herein, or to such other address as either shall have
specified by notice in writing to the other. 
Notice shall be deemed duly given hereunder when delivered or mailed as
provided herein.

 

(b)                                 Waiver.  The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a waiver
of any other or subsequent breach.

 

(c)                                  Entire
Agreement.  This
Agreement and the Plan constitute the entire agreement between the parties with
respect to the subject matter hereof.

 

(d)                                 Binding Effect;
Successors.  This
Agreement shall inure to the benefit of and be binding upon the parties hereto
and to the extent not prohibited herein, their respective heirs, successors,
assigns and representatives.  Nothing in
this Agreement, express or implied, is intended to confer on any person other
than the parties hereto and as 

 

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provided above, their
respective heirs, successors, assigns and representatives any rights, remedies,
obligations or liabilities.

 

(e)                                  Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.

 

(f)                                    Headings.  The headings contained herein are for the
sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this
Agreement.

 

(g)                                 Conflicts;
Amendment.  The
provisions of the Plan are incorporated in this Agreement in their
entirety.  In the event of any conflict
between the provisions of this Agreement and the Plan, the provisions of the
Plan shall control.  This Agreement may
be amended at any time by written agreement of the parties hereto.

 

(h)                                 No Right to Continued
Service.  Nothing in this Agreement
shall confer upon the Participant any right to continue in the service of the
Company or affect the right of the Company to terminate the Participant’s
service at any time.

 

(i)                                     Further
Assurances.  The Participant
agrees, upon demand of the Company or the Committee, to do all acts and
execute, deliver and perform all additional documents, instruments and
agreements which may be reasonably required by the Company or the Committee, as
the case may be, to implement the provisions and purposes of this Agreement and
the Plan.

 

4Exhibit 10.1

 

DEAN JERNIGAN

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as
of June 29, 2010 by and between U-STORE-IT TRUST, a Maryland real estate
investment trust (the “Company”), and Dean Jernigan (the “Executive”).

 

WHEREAS,
the Company and the Executive entered into an Employment Agreement, dated
April 24, 2006 (the “Original Employment Agreement”), which was
superseded and replaced in its entirety by the Amended and Restated Employment
Agreement dated as of April 20, 2007 (the “First Restated Employment
Agreement”);

 

WHEREAS,
the Company and the Executive entered into an Employment Agreement, dated as of
December 23, 2008 (the “Second Restated Employment Agreement”), which
superseded and replaced in its entirety the First Restated Employment
Agreement;

 

WHEREAS,
the Company desires to employ the Executive to devote full time to the business
of the Company as the Chief Executive Officer of the Company on the terms and
subject to the conditions hereinafter stated; and

 

WHEREAS,
the Executive desires to be employed by the Company on the terms and subject to
the conditions hereinafter stated.

 

Accordingly,
the parties hereto agree as follows:

 

1.                                       Term.  The Company hereby continues the employment
of the Executive, and the Executive hereby accepts such continuation of
employment, for a term ending on December 31, 2013 unless sooner
terminated in accordance with the provisions of Section 4 or Section 5
(the period during which the Executive is employed hereunder being hereinafter
referred to as the “Term”). 
Notwithstanding the employment of the Executive by the Company, the
Company shall be entitled to pay the Executive from the payroll of any
subsidiary of the Company.

 

2.                                       Duties.  The Executive, in his capacity as Chief
Executive Officer, shall faithfully perform for the Company the duties of said
office and shall perform such other duties of an executive, managerial or
administrative nature as shall be specified and designated from time to time by
the Board of Trustees of the Company (the “Board”) (including the
performance of services for, and serving on the Board of Directors or a
comparable governing body of, any subsidiary or affiliate of the Company
without any additional compensation). 
The Executive shall devote substantially all of the Executive’s business
time and effort to the performance of the Executive’s duties hereunder,
provided that in no event shall this sentence prohibit the Executive from
performing personal and charitable activities and any other activities approved
by the Board, so long as such activities do not materially and adversely
interfere with the Executive’s duties for the Company.  The Board may delegate its authority to take
any action under this Agreement to the Compensation Committee of the Board (the
“Compensation Committee”).

 

 

3.                                       Compensation.

 

3.1                                 Salary.  The Company shall pay the Executive during
the Term a base salary at the rate of $610,000 per annum (the “Annual Salary”),
in accordance with the customary payroll practices of the Company applicable to
senior executives generally.  The Annual
Salary may be increased annually by an amount as may be approved by the Board
or the Compensation Committee, and, upon such increase, the increased amount
shall thereafter be deemed to be the Annual Salary for purposes of this
Agreement.

 

3.2                                 Bonus.  During the Term, in addition to the Annual
Salary, the Executive will be eligible to participate in (a) any formal
annual bonus plan established by the Compensation Committee for all executive
officers in its sole and absolute discretion (the “Annual Bonus Plan,”
and amounts paid thereunder are referred to as an “Annual Bonus”) and
(b) any formal long-term bonus or incentive plans established by the
Compensation Committee for all executive officers in its sole and absolute
discretion (the “Long-Term Bonus Plans,” and amounts paid thereunder are
referred to as “Long-Term Bonus”). 
The Annual Bonus Plans and the Long-Term Bonus Plans are referred to as
the “Bonus Plans.”  The Executive
may be awarded such restricted shares, share options and other equity-based
awards under the Company’s equity compensation plans (“Equity Awards”)
as the Compensation Committee determines to be appropriate in its sole
discretion.

 

3.3                                 Benefits —
In General.  The
Executive shall be permitted during the Term to participate in any group life,
hospitalization or disability insurance plans, health programs, pension and
profit sharing plans and similar benefits that may be available to similarly
situated senior executives of the Company generally, on the same terms as may
be applicable to such other executives, in each case to the extent that the
Executive is eligible under the terms of such plans or programs.  During the Term, the Company shall maintain
customary liability insurance for trustees and officers and list the Executive
as a covered officer.

 

3.4                                 Vacation.  During the Term, the Executive shall be
entitled to vacation of four (4) weeks per year.

 

3.5                                 Automobile.  During the Term, the Company will provide the
Executive an allowance for the use of an automobile (including the payment of
vehicle insurance) in accordance with the Company’s policy in effect from time
to time.  At the option of the Company,
in lieu of providing such allowance, the Company will provide the Executive
with an automobile of suitable standard to the Executive’s position.

 

3.6                                 Expenses.  The Company shall pay or reimburse the
Executive for all ordinary and reasonable out-of-pocket business expenses
actually incurred (and, in the case of reimbursement, paid) by the Executive
during the Term in the performance of the Executive’s services under this
Agreement, pursuant to the Company’s standard expense reimbursement policy as
in effect from time to time, so long as the Executive provides proper
documentation establishing the amount, date and business purpose of the
expenses.

 

3.7                                 Special Payment.  Within thirty (30) days after the date of
this Agreement, the Company shall pay to the Executive $500,000.

 

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4.                                       Termination
upon Death or Disability.  If
the Executive dies during the Term, the obligations of the Company to or with
respect to the Executive shall terminate in their entirety except as otherwise
provided under this Section 4. 
If the Executive becomes Disabled (as defined below), the Company shall
have the right, to the extent permitted by law, to terminate the employment of
the Executive upon notice in writing to the Executive and such termination in
and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement.  “Disabled” means that the
Executive, because of sickness or injury, is not able to perform his material
duties under this Agreement for a period of one hundred twenty (120) consecutive
days or for a cumulative period of one hundred eighty (180) days in any
twelve-month period.

 

Upon
death of the Executive or the Company’s determination to terminate the
employment of the Executive because the Executive has become Disabled, then
(i) the Executive (or the Executive’s estate or beneficiaries in the case
of the death of the Executive) shall have no right to receive any compensation
or benefit hereunder on and after the Effective Date of the Termination other
than Annual Salary earned and accrued under this Agreement prior to the
Effective Date of the Termination, any bonus for the prior year not yet paid,
and other benefits, including payment for accrued but unused vacation, earned
and accrued under this Agreement prior to the Effective Date of the Termination
(and reimbursement under this Agreement for expenses incurred but not paid
prior to the Effective Date of the Termination) and an amount equal to (1) in
the case of death, the product of (x) the Executive’s target annual bonus for
the fiscal year of the Executive’s death and (y) a fraction, the numerator
of which is the number of days in the current fiscal year through the Effective
Date of the Termination, and the denominator of which is 365, such amount to be
paid to the Executive’s estate or beneficiaries within 30 days of the Effective
Date of Termination and (2) in the case of termination due to the
Executive becoming Disabled, two (2) times the sum of (a) the
Executive’s Annual Salary (as in effect on the effective date of such
termination) and (b) the average of the two previous Annual Bonuses
received by the Executive pursuant to Section 3.2; (ii) all Equity
Awards held by the Executive shall become fully vested and exercisable; and
(iii) this Agreement shall otherwise terminate upon the Effective Date of
the Termination and there shall be no further rights with respect to the
Executive hereunder (except as provided in Section 7.14).  For purposes of this Section 4,
the “Effective Date of the Termination” shall mean the date of death or
the date of the Executive’s termination of employment on account of his
becoming Disabled.

 

For
the avoidance of doubt, the Executive acknowledges and agrees that the payments
set forth in this Section 4 constitute liquidated damages for termination
of his employment during the Term upon death or by virtue of his becoming
Disabled.

 

5.                                       Other
Terminations of Employment.

 

5.1                                 Termination for
Cause.   For purposes of this
Agreement, “Cause” shall mean:

 

(a)                                  the Executive’s
conviction for (or pleading nolo contendere
to) any felony or a misdemeanor involving moral turpitude;

 

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(b)                                 the Executive’s
commission of an act of fraud, theft or dishonesty related to the business of
the Company or its affiliates or the performance of the Executive’s duties
hereunder;

 

(c)                                  the willful and
continuing failure or habitual neglect by the Executive to perform the
Executive’s duties hereunder other than in the event that the Executive has
become Disabled;

 

(d)                                 any material
violation by the Executive of the covenants contained in Section 6
or in the Amended and Restated Non-Competition Agreement dated as of the date
hereof between the Executive and the Company (the “Restated Non-Competition
Agreement”); or

 

(e)                                  the Executive’s
willful and continuing material breach of this Agreement.

 

For
purposes of this Section 5.1, no act, or failure to act, by
Executive shall be considered “willful” unless committed in bad faith
and without a reasonable belief that the act or omission was in the best
interests of the Company or its subsidiaries. 
Notwithstanding the foregoing, if there exists (without regard to this
sentence) an event or condition that constitutes Cause under clause (c), (d) or
(e) above, the Executive shall have 30 days from the date written notice
is given by the Company of such event or condition to cure such event or
condition and, if the Executive does so, such event or condition shall not
constitute Cause hereunder.

 

5.2                                 Termination for
Good Reason.  For purposes
of this Agreement, “Good Reason” shall mean, unless otherwise consented
to by the Executive:

 

(a)                                  the material
reduction of the Executive’s authority, duties and responsibilities, or the
assignment to the Executive of duties materially and adversely inconsistent
with the Executive’s position or positions with the Company and its
subsidiaries, other than in the event that the Executive has become Disabled;

 

(b)                                 a material
reduction in Annual Salary of the Executive;

 

(c)                                  the failure by
the Company to obtain an agreement from any successor to the business of the
Company to assume and agree to perform this Agreement;

 

(d)                                 a requirement
by the Company that the Executive’s work location be moved more than fifty (50)
miles from the Company’s office where the Executive works effective as of the
date of this Agreement, unless the relocation results in the work location
being closer to Executive’s residence; or

 

(e)                                  the Company’s
material and willful breach of this Agreement (provided that a re-assignment of
the Executive’s role and responsibilities if he becomes Disabled shall not, in
and if itself, constitute a breach).

 

Notwithstanding
the foregoing, if there exists (without regard to this sentence) an event or
condition that constitutes Good Reason under clause (a), (b), (d) or (e) above,
the Company 

 

4

 

shall
have 30 days from the date on which the Executive gives the written notice
thereof to cure such event or condition and, if the Company does so, such event
or condition shall not constitute Good Reason hereunder.  Further, an event or condition shall cease to
constitute Good Reason one (1) year after the event or condition first
occurs.

 

5.3                                 Effect of
Termination for Cause.  The
Company may terminate the Executive’s employment hereunder for Cause and such
termination in and of itself shall not be, nor shall it be deemed to be, a
breach of this Agreement.  If the Company
terminates the Executive for Cause, (i) the Executive shall have no right
to receive any compensation or benefit hereunder on and after the Effective
Date of the Termination other than Annual Salary and other benefits, including
payment for unused vacation earned and accrued under this Agreement prior to
the Effective Date of the Termination and reimbursement under this Agreement
for expenses incurred but not paid prior to the Effective Date of the
Termination, but excluding any bonuses the Executive would have been entitled
to under the Bonus Plans; and (ii) this Agreement shall otherwise terminate
upon the Effective Date of the Termination and the Executive shall have no
further rights hereunder (except as provided in Section 7.14).  For purposes of this Section 5.3,
the “Effective Date of the Termination” shall mean the date on which a
notice of termination is given or any later date (within thirty (30) days after
the giving of such notice) set forth in such notice of termination.

 

5.4                                 Effect of
Termination Without Good Reason.  The Executive may terminate his employment
without Good Reason.  If the Executive
terminates the Executive’s employment with the Company without Good Reason:
(i) the Executive shall have no right to receive any compensation or
benefit hereunder on and after the Effective Date of the Termination other than
Annual Salary and other benefits, including payment for unused vacation earned
and accrued under this Agreement prior to the Effective Date of the Termination
and reimbursement under this Agreement for expenses incurred but not paid prior
to the Effective Date of the Termination, but excluding any bonuses the
Executive would have been entitled to under the Bonus Plans; and (ii) this
Agreement shall otherwise terminate upon the Effective Date of the Termination
and the Executive shall have no further rights hereunder (except as provided in
Section 7.14).  For purposes
of this Section 5.4, the “Effective Date of the Termination”
shall mean the date on which a notice of termination is given or any later date
(within thirty (30) days after the giving of such notice) set forth in such
notice of termination.

 

5.5                                 Expiration of
Term.  Upon expiration of the Term
pursuant to Section 1: (i) the Executive shall have no right to
receive any compensation or benefit hereunder on and after the expiration date
other than Annual Salary earned and accrued under this Agreement prior to the
expiration date and any Annual Bonus for fiscal year 2013 earned and not yet
paid, and other benefits, including payment for accrued but unused vacation,
earned and accrued under this Agreement prior to the expiration date (and
reimbursement under this Agreement for expenses incurred but not paid prior to
the expiration date), such amount to be paid to the Executive within 30 days of
the expiration date (or, in the case of the Annual Bonus for fiscal year 2013, by
no later than March 15, 2014); and (ii) this Agreement shall
otherwise terminate upon the expiration date and the Executive shall have no
further rights hereunder (except as provided in Section 7.14).

 

5

 

5.6                                 Termination
Without Cause; Termination for Good Reason.  The Company may terminate the Executive’s
employment at any time without Cause, for any reason or no reason and the
Executive may terminate the Executive’s employment with the Company for Good Reason.  If the Company or the Executive terminates
the Executive’s employment and such termination is not described in Section 4
or Section 5.1 through Section 5.5, (i) the
Executive shall receive the Executive’s Annual Salary earned and accrued under
this Agreement prior to the Effective Date of the Termination, any bonus for
the prior year which has been awarded but not yet paid, and other benefits,
including payment for accrued but unused vacation, earned and accrued under
this Agreement prior to the Effective Date of the Termination (and
reimbursement under this Agreement for expenses incurred but not paid prior to
the Effective Date of the Termination) and an amount equal to the product of
(x) the Executive’s target annual bonus for the fiscal year of the
Executive’s termination of employment and (y) a fraction, the numerator of
which is the number of days in the current fiscal year through the Effective
Date of the Termination, and the denominator of which is 365, such amount to be
paid to the Executive within 30 days of the Effective Date of Termination;
(ii) the Executive shall receive a cash payment equal to the Severance
Payment payable within 30 days of the Effective Date of the Termination;
(iii) for 18 months after the Effective Date of the Termination, the
Company shall continue medical, prescription and dental benefits to the
Executive and/or the Executive’s family at least equal to those which would
have been provided to them in accordance with the welfare benefit plans,
practices, policies and programs provided by the Company to the extent
applicable generally to other peer employees of the Company and its affiliated
companies, as if the Executive’s employment had not been terminated; provided,
however, that if the Executive becomes reemployed with another employer
and is eligible to receive medical, prescription and dental benefits under
another employer provided plan, the medical, prescription and dental benefits
described herein shall be secondary to those provided under such other plan
during such applicable period of eligibility; (iv) all Equity Awards held
by the Executive shall become fully vested and exercisable (notwithstanding
anything to the contrary contained in any plan); and (v) this Agreement
shall otherwise terminate upon the Effective Date of the Termination and the
Executive shall have no further rights hereunder (except as provided in Section 7.14).

 

The
“Severance Payment” means three (3) times the sum of:  (i) the Executive’s Annual Salary (as in
effect on the effective date of such termination) and (ii) the average of
the two previous Annual Bonuses received by the Executive pursuant to Section 3.2.  For purposes of this Section 5.6,
the “Effective Date of the Termination” shall mean the date on which a
notice of termination is given or any later date (within thirty (30) days after
the giving of such notice) set forth in such notice of termination, or in the
case of termination of employment by the Executive for Good Reason, the date of
termination specified in such Executive’s notice of termination.

 

5.7                                 Severance and
Release.  In the event that Executive’s
employment is terminated and Executive receives a Severance Payment or other
post-termination benefits (including in the case of expiration of the Term, the
Annual Bonus for fiscal year 2013 provided for in Section 5.5), the
payment of such benefits is expressly conditioned upon and shall not be made,
provided or otherwise available unless and until, Executive has executed and
delivered to the Company a Severance and General Release Agreement in
substantially the form attached hereto as Exhibit A. The Company shall
have no post-termination obligations under this Agreement if the executed
release is not received by the Company within 60 days after the Effective Date
of Termination.

 

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5.8                                 Nature of
Payments.  For the
avoidance of doubt, the Executive acknowledges and agrees that the payments set
forth in this Section 5 constitute liquidated damages for
termination of his employment during the Term.

 

5.9                                 Reference in
Section 5.6 to Annual Bonuses (and the singular thereof) mean any such
bonuses received under this Agreement or the Second Restated Employment
Agreement.

 

6.                                       Confidential
and Proprietary Information.

 

6.1                                 Confidential
Information.  The
Executive shall keep secret and retain in strictest confidence, and shall not
use for his personal benefit or the benefit of others or directly or indirectly
disclose, except as may be required or appropriate in connection with his
carrying out his duties under this Agreement, all confidential information,
knowledge or data relating to the Company or any of its affiliates, or to the
Company’s or any such affiliate’s respective businesses and investments
(including confidential information of others that has come into the possession
of the Company or any such affiliate), learned by the Executive heretofore or
hereafter directly or indirectly from the Company or any of its affiliates and
which is not generally available lawfully and without breach of confidential or
other fiduciary obligation to the general public without restriction (the “Confidential
Company Information”), except with the Company’s express written consent or
as may otherwise be required by law or any legal process.

 

6.2                                 Return of
Documents; Rights to Products.  All memoranda, notes, lists, records,
property and any other tangible product and documents (and all copies thereof)
made, produced or compiled by the Executive or made available to the Executive
concerning the businesses and investments of the Company and its affiliates shall
be the Company’s property and shall be delivered to the Company at any time on
request.  The Executive shall assign to
the Company all rights to trade secrets and other products relating to the
Company’s business developed by him alone or in conjunction with others at any
time while employed by the Company.

 

6.3                                 Rights and
Remedies upon Breach.  The
Executive acknowledges and agrees that any breach by him of any of the
provisions of this Section 6 (the “Restrictive Covenants”)
would result in irreparable injury and damage for which money damages would not
provide an adequate remedy.  Therefore,
if the Executive breaches any of the Restrictive Covenants, the Company and its
affiliates shall have the right and remedy to have the Restrictive Covenants
specifically enforced (without posting bond and without the need to prove
damages) by any court having equity jurisdiction, including, without
limitation, the right to an entry against the Executive of restraining orders
and injunctions (preliminary, mandatory, temporary and permanent) against
violations, threatened or actual, and whether or not then continuing, of such
covenants.  This right and remedy shall
be in addition to, and not in lieu of, any other rights and remedies available
to the Company and its affiliates under law or in equity (including, without
limitation, the recovery of damages).

 

7

 

7.                                       Other
Provisions.

 

7.1                                 Severability.  The Executive acknowledges and agrees that
the Executive has had an opportunity to seek advice of counsel in connection
with this Agreement.  If it is determined
that any of the provisions of this Agreement, or any part thereof, is invalid
or unenforceable, the remainder of the provisions of this Agreement shall not
thereby be affected and shall be given full affect, without regard to the
invalid portions.

 

7.2                                 Enforceability;
Jurisdictions.  The Company
and the Executive intend to and hereby confer jurisdiction to enforce the
Restrictive Covenants upon the courts of the State of Maryland and the
Commonwealth of Pennsylvania.  If any
court holds the Restrictive Covenants wholly unenforceable by reason of breadth
of scope or otherwise it is the intention of the Company and the Executive that
such determination not bar or in any way affect the Company’s right, or the
right of any of its affiliates, to the relief provided above in the courts of
any other jurisdiction within the geographical scope of such Restrictive
Covenants, as to breaches of such Restrictive Covenants in such other
respective jurisdictions, such Restrictive Covenants as they relate to each
jurisdiction’s being, for this purpose, severable, diverse and independent
covenants, subject, where appropriate, to the doctrine of res judicata.

 

7.3                                 Attorneys’ Fees.  In the event of any legal proceeding relating
to this Agreement or any term or provision thereof, the losing party shall be
responsible to pay or reimburse the prevailing party for all reasonable
attorneys’ fees incurred by the prevailing party in connection with such
proceeding within the 10 year period commencing on the applicable Effective
Date of Termination; provided, however, the Executive shall not be required to
pay or reimburse the Company unless the claim or defense asserted by the
Executive was unreasonable.  The amount
of reimbursement available to the Executive under this Section 7.3
during a taxable year will not affect the expenses eligible for reimbursement
in any other taxable year. 
Reimbursements under this Section 7.3 shall be paid to the
Executive on or before the last day of the Executive’s taxable year following
the Executive’s taxable year in which the expense is incurred.

 

7.4                                 Notices.  All notices, requests, demands, claims, and
other communications hereunder shall be in writing.  Any notice, request, demand, claim, or other
communication hereunder shall be deemed duly delivered (i) two business
days after it is sent by registered or certified mail, return receipt
requested, postage prepaid, (ii) when received if it is sent by facsimile
communication during normal business hours on a business day or one business
day after it is sent by facsimile and received if sent other than during
business hours on a business day, (iii) one business day after it is sent
via a reputable overnight courier service, charges prepaid, or (iv) when
received if it is delivered by hand, in each case to the intended recipient as
set forth below:

 

8

 

	
  If
  to the Company, to:

  	
  U-Store-It
  Trust

  460 E. Swedesford Road, Suite 3000

  Wayne, PA 19087

  Attn: c/o Chair, Compensation Committee

  Facsimile: (610) 293-5720

  
	
   

  	
   

  
	
  with
  a copy to:

  	
  Pepper
  Hamilton, LLP

  3000 Two Logan Square

  Philadelphia, PA 19103

  Attn: Michael H. Friedman

  Facsimile: (215) 981-4750

  
	
   

  	
   

  
	
  If
  to the Executive, to the address set forth in the records of the Company.

  

 

Any
such person may by notice given in accordance with this Section to the
other parties hereto designate another address or person for receipt by such
person of notices hereunder.

 

7.5                                 Restated
Non-Competition Agreement.  The
Executive acknowledges that (i) the Executive will derive significant
benefits as a result of the Company’s execution and delivery of this Agreement
and (ii) the execution and delivery of the Restated Non-Competition
Agreement on the date hereof is a material inducement to the Company’s
execution and delivery of this Agreement and the Company would not have entered
into this Agreement without the execution and delivery by the Executive of the
Restated Non-Competition Agreement.

 

7.6                                 Entire
Agreement.  This
Agreement, together with the exhibits hereto and the Restated Non-Competition
Agreement, contains the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements, written or oral,
with the Company or its subsidiaries (or any predecessor of either).

 

7.7                                 Waivers and
Amendments.  This
Agreement may be amended, superseded, canceled, renewed or extended, and the
terms hereof may be waived, only by a written instrument signed by the parties
or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power
or privilege nor any single or partial exercise of any such right, power or
privilege, preclude any other or further exercise thereof or the exercise of
any other such right, power or privilege.

 

7.8                                 GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAW.

 

7.9                                 Assignment.  This Agreement, and the Executive’s rights
and obligations hereunder, may not be assigned by the Executive; any purported
assignment by the Executive in violation hereof shall be null and void.  In the event of any merger, consolidation or
restructuring of the Company, the Company may assign this Agreement and its
rights hereunder to any successor.

 

9

 

7.10                           Withholding.  The Company shall be entitled to withhold
from any payments or deemed payments, including the payment to be made pursuant
to Section 3.7, any amount of withholding required by law.  No other taxes, fees, impositions, duties or
other charges or offsets of any kind shall be deducted or withheld from amounts
payable hereunder, unless otherwise required by law.

 

7.11                           No Duty to
Mitigate.  The
Executive shall not be required to mitigate damages or the amount of any
payment provided for under this Agreement by seeking other employment or
otherwise, nor will any payments hereunder be subject to offset in the event
the Executive does mitigate.

 

7.12                           Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, permitted
assigns, heirs, executors and legal representatives.

 

7.13                           Counterparts.  This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original but all such counterparts together shall constitute one
and the same instrument.  Each
counterpart may consist of two copies hereof each signed by one of the parties
hereto.

 

7.14                           Survival.  Anything contained in this Agreement to the
contrary notwithstanding, the provisions of Section 6 and Section 7
(to the extent necessary to effectuate the survival of Section 6
and Section 7) shall survive termination of this Agreement and any
termination of the Executive’s employment hereunder.

 

7.15                           Existing
Agreements.  Executive
represents to the Company that the Executive is not subject or a party to any
employment or consulting agreement, non-competition covenant or other
agreement, covenant or understanding which might prohibit the Executive from
executing this Agreement or limit the Executive’s ability to fulfill the
Executive’s responsibilities hereunder.

 

7.16                           Headings.  The headings in this Agreement are for
reference only and shall not affect the interpretation of this Agreement.

 

7.17                           Six Month Delay
of Certain Payments.  In the
event the payment of any amounts payable pursuant to Section 5 of
this Agreement within six months of the date of the Executive’s Separation from
Service would cause the Executive to incur any additional tax under
Section 409A of the Internal Revenue Code of 1986, as amended, then
payment of such amounts shall be delayed until the date that is six months
following the Executive’s Separation from Service (the “Earliest Payment
Date”).  If this provision becomes
applicable, payments that would have been made prior to the Earliest Payment
Date in the absence of this provision will be paid as a lump sum on the
Earliest Payment Date and the remaining severance benefits or other payments
will be paid according to the schedule otherwise applicable to the payments.

 

10

 

7.18                           Certain
Definitions.  For
purposes of this Agreement:

 

(a)                                  an “affiliate”
of any person means another person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control
with, such first person, and includes subsidiaries.

 

(b)                                 A “business
day” means the period from 9:00 am to 5:00 pm on any weekday that is not a
banking holiday in New York City, New York.

 

(c)                                  A “Separation
from Service” means a “separation from service” as defined in
Section 1.409A-1(h) of the Treasury Regulations; provided that in
applying Section 1.409A-1(h)(1)(ii) of the Treasury Regulations, a
Separation from Service shall be deemed to occur if the Company and the
Executive reasonably anticipate that the level of bona fide services the
Executive will perform for the Company (whether as an employee or as an
independent contractor) will permanently decrease to less than 50% of the
average level of bona fide services performed by the Executive for the Company
(whether as an employee or as a independent contractor) over the immediately
preceding 36-month period (or the full period of services performed for the
Company if the Executive has been providing services to the Company for less
than 36 months).  In the event of a
disposition of assets by the Company to an unrelated person, the Company
reserves the discretion to specify (in accordance with Section 1.409A-1(h)(4) of
the Treasury Regulations) whether the Executive who would otherwise experience
a Separation from Service with the Company as part of the disposition of assets
will be considered to experience a Separation from Service for purposes of
Section 1.409A-1(h) of the Treasury Regulations.

 

(d)                                 A “subsidiary”
means any corporation, partnership, joint venture or other entity in which at
least a majority interest in such entity is owned directly or indirectly by the
Company.

 

7.19                           Replacement of
Second Restated Employment Agreement.  The Company and the Executive acknowledge and
agree that the Second Restated Employment Agreement is hereby terminated by
mutual consent and neither the Company nor the Executive shall have any
continuing obligation to the other pursuant to the terms of the Second Restated
Employment

 

11

 

Agreement.  The mutual agreements and covenants contained
in this Agreement shall replace and supersede in their entirety the provisions
of the Second Restated Employment Agreement, as amended.

 

IN
WITNESS WHEREOF, the parties hereto have signed their names as of the day and
year first above written.

 

 

	
   

  	
  U-STORE
  IT TRUST

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Daniel B. Hurwitz

  
	
   

  	
  Name:

  	
  Daniel
  B. Hurwitz

  	
   

  
	
   

  	
  Title:

  	
  Chairman,
  Compensation Committee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean
  Jernigan

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

12

 

EXHIBIT A

 

SEVERANCE AND GENERAL RELEASE AGREEMENT

 

This
agreement made and entered into between U-Store-It Trust (the “Company”)
and
                      
(the “Executive”);

 

WHEREAS,
the Executive has been employed by the Company (or its predecessor) since
                              
pursuant to that Amended and Restated Executive Employment Agreement dated
                              
(the “Employment Agreement”);

 

WHEREAS,
the Executive’s employment with the Company has been terminated under the
Employment Agreement, effective
                              ;

 

WHEREAS,
pursuant to the Employment Agreement, the Company has expressed its willingness
to provide a [Severance Payment] and/or other post-termination benefits (as
specifically set forth in the Employment Agreement, the “Termination
Benefits”), in connection with such termination, upon the terms set forth
herein;

 

WHEREAS,
pursuant to the Employment Agreement, the Executive has agreed to accept those
benefits upon the terms set forth herein;

 

NOW,
THEREFORE, the parties agree as follows:

 

1.                                       The recitals
set forth above are true and accurate.

 

2.                                       As a material
inducement to Executive to enter into this Agreement, the Company will provide
the Executive with the Termination Benefits in accordance with the terms and
conditions of the Employment Agreement, to be paid in the form of regular
payroll checks and from which the Company will make all applicable
withholding.  The Executive acknowledges
that he is not entitled to receive the Termination Benefits unless he executes
and does not revoke this Severance and General Release Agreement (the “Agreement”).

 

3.                                       This Agreement
is not and shall not be construed as an admission by the Executive of any fact
or conclusion of law.  Likewise, this
Agreement is not and shall not be construed as an admission by Company of any
fact or conclusion of law.  Without
limiting the general nature of the previous sentences, this Agreement shall not
be construed as an admission that the Executive, or the Company, or any of the
Company’s officers, directors, managers, agents, or employees have violated any
law or regulation or have violated any contract, express or implied.

 

4.                                       The Executive
represents and warrants that he has no personal knowledge of any practices
engaged in by the Company that is or was a violation of any applicable state
law or regulations or of any federal law or regulations.  To the extent that the Executive has
knowledge of any such practices, the Executive represents and warrants that the
Executive already has notified the Company in writing of such alleged
practices.

 

A-1

 

5.                                       The Executive
represents and warrants that he has not filed any other complaint(s) or
charge(s) against the Company with the EEOC or the state commission
empowered to investigate claims of employment discrimination or with any other
local, state or federal agency or court, and that if any such agency or court
assumes jurisdiction of any complaint(s) or charge(s) against the
Company on behalf of the Executive, the Executive will request such agency or
court to withdraw from the matter, and the Executive will refuse any benefits
derived therefrom.  This Agreement will
not affect the Executive’s right to hereafter file a charge with or otherwise
participate in an investigation or proceeding conducted by the EEOC regarding
matters which arose after the date of this Agreement and which are not the
subject of this Agreement.

 

6.                                       The Executive
hereby irrevocably and unconditionally releases and forever discharges the
Company, its subsidiaries, parent companies, and related entities, and each of
the Company and its affiliates’ successors, assigns, agents, directors,
officers, employees, representatives, and attorneys, and all persons acting by,
through, under or in concert with any of them (collectively “Released
Parties”), or any of them, from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorney’s fees and costs actually incurred), of any nature
whatsoever, known or unknown (“Claims”), which the Executive now has, or
claims to have, or which the Executive at any time heretofore had, or claimed
to have, against each or any of the Released Parties.  The definition of Claims also specifically
encompasses all claims of under Title VII of the Civil Rights Act of 1964, as
amended, 42 U.S.C. § 1981(a), the Age Discrimination in Employment Act of
1967, as amended, the Employment Retirement Income Security Act, the Family and
Medical Leave Act, the Americans with Disabilities Act, the Fair Labor
Standards Act, the National Labor Relations Act, as well as all claims under
state law provided under other applicable state law or local ordinance
concerning the Executive’s employment. 
This Agreement further specifically encompasses all claims related to
compensation, benefits, incentive packages, or any other form of compensation
the Executive may or may not have received during his employment.

 

7.                                       The Executive
agrees that he forever waives and relinquishes any and all claim, right, or
interest in reinstatement or future employment that he presently has or might
in the future have with the Company and its successors and assigns.  The Executive agrees that he will not seek
employment with the Company and its successors and assigns in the future.

 

8.                                       If any
provision of this Agreement is held to be invalid or unenforceable, the
remainder of the Agreement shall nevertheless remain in full force and
effect.  If any provision is held to be
invalid or unenforceable with respect to particular circumstances, it shall
nevertheless remain in full force and effect in all other circumstances.  No waiver of any terms of conditions of this
Agreement or any part of the Agreement shall be deemed a waiver of any other
terms and conditions of this Agreement or with any later breach of this
Agreement.

 

9.                                       The Executive
agrees to indemnify and hold each and all of the Released Parties harmless from
and against any and all loss, costs, damage, or expense, including, without 

 

A-2

 

limitation, attorneys fees, incurred by the Released Parties, or any of
them, arising out of the Executive’s breach of this Agreement or the fact that
any representation made by him herein was false when made.

 

10.                                 In the event of
any breach of this Agreement or the Non-Competition Agreement or Section 6
of the Employment Agreement by the Executive, the Company shall be entitled to
immediately cease payment of the Termination Benefits in addition to any other
remedy it may have.  Both parties
understand and agree that should either of them breach any material term of
this Agreement, the non-breaching party can institute an action to enforce the
terms of this Agreement.  If legal action
is commenced to enforce any provision of this Agreement, the substantially
prevailing party in such action shall be entitled to recover its attorneys’
fees and expenses through any and all trial courts or appellate courts, in
addition to any other relief that may be granted.

 

11.                                 The Executive
represents that he has not heretofore assigned or transferred, or purported to
assign or transfer to any person or entity, any Claim or any portion thereof or
interest therein.

 

12.                                 The Executive
represents and acknowledges that in executing this Agreement he does not rely
and has not relied upon any other representation or statement made by any of
the Released Parties or by any of the Released Parties’ agents, representatives
or attorneys, except as set forth herein, with regard to the subject matter,
basis or effect of this Agreement.

 

13.                                 The Executive
further agrees that he will not disparage the Company, its business, its
employees, officers or agents, or any of the Company’s affiliates or related
entities in any manner harmful to their business or business reputation.  The Executive and the Company agree to keep
the matters contained herein confidential. 
The Executive will not discuss this agreement with any current or former
employee(s) of the Company.  This
clause shall not prevent the Executive from communicating confidentially with
his attorney(s) or immediate family members, or to the extent required by
public disclosure laws or as required by laws, regulations, or a final and
binding court order or other compulsory process.  Likewise, the Company agrees not to disparage
the Executive or otherwise make any negative statement about the Executive, in
writing, orally, or otherwise, in connection with the matters or claims
released herein and expressly including, but not limited to, matters related to
the Executive’s employment with the Company. 
This clause shall not prevent the Company from communicating
confidentially with its attorney(s), officers, or directors of the corporation,
or to the extent required by public disclosure laws or as required by laws,
regulations, or a final and binding court order or other compulsory process.

 

14.                                 This Agreement
shall be binding upon the Company, the Executive and their respective heirs,
administrators, representatives, executors, successors, and assigns, and shall
inure to the benefit of the Released Parties and each of them, and to their
heirs, administrators, representatives, executor, successors and assigns.

 

A-3

 

15.                                 All terms not
defined herein shall have the meanings set forth in the Employment Agreement.

 

16.                                 This Agreement
shall in all respects be interpreted, enforced and governed under the laws of
the State of Maryland.

 

17.                                 This Agreement
sets forth the entire agreement between the parties hereto.  Any modification, amendment or change to this
Agreement must be made in writing and signed by both parties.

 

The
Executive acknowledges that he has been advised to consult with an attorney
prior to executing this Agreement.  The
Executive acknowledges that the Executive has been given a period of twenty-one
(21) days within which to consider this Agreement.  The Executive further acknowledges that this
Agreement may be revoked by the Executive at any time during the seven (7) day
period beginning on the date that the Executive has signed this Agreement by
providing written notice of revocation to: 
[insert
name and address of Company official to whom written notice of revocation must
be delivered]. 
This Agreement shall not become effective if the Executive revokes the
Agreement during this 7-day period and will not become effective otherwise
until after expiration of the 7-day period. 
The Executive shall not be entitled to receive any Termination Benefits
under this Agreement or otherwise until the expiration of the revocation
period.

 

[Signatures on Following Page]

 

A-4

 

	
   

  	
   

  	
  U-STORE
  IT TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/

  
	
  Date

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chairman,
  Compensation Committee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/

  
	
  Date

  	
   

  	
  Name:

  	
  Dean
  Jernigan

  

 

A-5

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