Document:

EXHIBIT
10.6

DEAN
JERNIGAN

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as
of April 20, 2007 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”), pursuant to which the
Executive was employed by the Company as President and Chief Executive Officer;
and

WHEREAS,
the Company and the Executive desire to enter into this Agreement which
supersedes and replaces in its entirety the Original Employment Agreement; and

WHEREAS,
the Company desires to employ the Executive to devote full time to the business
of the Company as the President and Chief Executive Officer of the
Company; 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 employs the Executive, and the Executive hereby accepts such
employment for an initial term commencing as of the date hereof and ending on April
24, 2011 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”). The Term shall
be subject to automatic one-year renewals unless either party hereto notifies
the other, in accordance with Section 7.4, of non-renewal at least
ninety (90) days prior to the end of any such 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 President and 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

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proper documentation establishing the amount, date and
business purpose of the expenses.

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 eligible for disability benefits under the Company’s
long-term disability plans and arrangements (or, if none apply, would have been
so eligible under the most recent plan or arrangement), 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; provided, that, the Company will have no right to terminate the
Executive’s employment if, in the opinion of a qualified physician reasonably
acceptable to the Company, it is reasonably certain that the Executive will be
able to resume the Executive’s duties on a regular full-time basis within
90 days of the date the Executive receives notice of such termination.

Upon
death or other termination of employment by virtue of disability (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 the product of
(x) the Executive’s target annual bonus for the fiscal year of the
Executive’s death or disability 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; (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 7.13). For purposes of
this Section 4, the “Effective Date of the Termination”
shall mean the date of death or the date on which a notice of termination by
virtue of disability is given or any later date (within thirty (30) days
after the giving of such notice) set forth in such notice of termination.

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
disability.

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;

(d) any material
violation by the Executive of the covenants contained in Section 6 or that certain Non-Competition Agreement
dated as of April 24, 2006 between the Executive and the Company (the “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;

(b) a 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 change in control
(for purposes of this Section, “Change in Control” shall mean:

(i) the dissolution
or liquidation of the Company,

(ii) the merger,
consolidation, or reorganization of the Company with one or more other entities
in which the Company is not the surviving entity or immediately following which
the persons or entities who were beneficial owners (as determined pursuant to
Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of voting securities of the Company immediately prior thereto cease
to

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beneficially own more
than 50% of the voting securities of the surviving entity immediately
thereafter,

(iii) a sale of all
or substantially all of the assets of the Company to another person or entity
other than an affiliate of the Company,

(iv) any transaction
(including without limitation a merger or reorganization in which the Company
is the surviving entity) that results in any person or entity or “group”
(within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act) (other than persons who are shareholders or affiliates
immediately prior to the transaction) owning thirty percent (30%) or more of
the combined voting power of all classes of shares of the Company, or

(v) individuals who,
as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a trustee subsequent to the date hereof
whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the trustees then comprising the
Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for
trustee, without written objection to such nomination) shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the
election or removal of trustees or other actual or threatened solicitation of
proxies or contests by or on behalf of a person other than the Board;

(e) 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

(f) the Company’s
material and willful breach of this Agreement.

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

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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 7.13).
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 7.13). 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 Effect of
Non-Renewal. In the event the Company elects not to renew this Agreement as
contemplated in Section 1 above, the Executive shall receive a cash
payment equal to one (1) times the sum of: (i) the Executive’s Annual
Salary in effect on the day of expiration of the Term and (ii) the average
of the sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive as provided for in Section 3.2, or, in the event the
Executive has received only one Annual Bonus and one Long-Term Bonus pursuant
to Section 3.2 at the time of such termination, an amount equal to the
sum of such Annual Bonus and Long-Term Bonus, or, in the event the Executive
has not received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2
at the time of such termination, an amount equal to the sum of the Annual Bonus
and Long-Term Bonus the Executive would have received under Section 3.2
if the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).

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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; (ii) the Executive shall receive a cash payment equal to the
Severance Payment payable no later than 30 days after 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
7.13).

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 sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive pursuant to Section 3.2, or, in the event the Executive
has received only one Annual Bonus and one Long-Term Bonus pursuant to Section
3.2 at the time of such termination, an amount equal to the sum of such
Annual Bonus and Long-Term Bonus, or, in the event the Executive has not
received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2 at
the time of such termination, an amount equal to the sum of the Annual Bonus and
Long-Term Bonus the Executive would have received under Section 3.2 if
the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).  For purposes of this Section 5.6,
the “Effective Date of the

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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, 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.

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.

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

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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. 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 Ohio. 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; 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.

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:

	
  If to the Company, to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg Heights, OH 44130

  
	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
  Facsimile: (440) 234-8776

  

 

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  with a copy to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg Heights, OH 44130

  
	
   

  	
  Attn: Secretary

  
	
   

  	
  Facsimile: (440) 260-2397

  

 

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 Entire
Agreement. This Agreement, together with the exhibits hereto and the
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).

7.6 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.

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

7.8 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 Change in Control,
the Company may assign this Agreement and its rights hereunder.

7.9 Withholding.
The Company shall be entitled to withhold from any payments or deemed payments
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.

7.10
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.

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7.11
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.

7.12
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.

7.13
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.

7.14
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.

7.15
Headings. The headings in this Agreement are for reference only and
shall not affect the interpretation of this Agreement.

7.16
Parachute Provisions. If any amount payable to or other benefit
receivable by the Executive pursuant to this Agreement is deemed to constitute
a Parachute Payment (as defined below), alone or when added to any other amount
payable or paid to or other benefit receivable or received by the Executive
which is deemed to constitute a Parachute Payment (whether or not under an
existing plan, arrangement or other agreement), and would result in the
imposition on the Executive of an excise tax under Section 4999 of the
Internal Revenue Code of 1986, as amended, then, in addition to any other
benefits to which the Executive is entitled under this Agreement, the Executive
shall be paid by the Company an amount in cash equal to the sum of the excise
taxes payable by the Executive by reason of receiving Parachute Payments plus
the amount necessary to put the Executive in the same after-tax position
(taking into account any and all applicable federal, state and local excise,
income or other taxes at the highest applicable rates on such Parachute
Payments and on any payments under this Section 7.16) as if no excise
taxes had been imposed with respect to Parachute Payments. The amount of any
payment under this Section 7.16 shall be computed by a certified public
accounting firm mutually and reasonably acceptable to the Executive and the
Company, the computation expenses of which shall be paid by the Company. “Parachute
Payment” shall mean any payment deemed to constitute a “parachute
payment” as defined in Section 280G of the Internal Revenue Code of
1986, as amended.

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 termination of
employment would cause the Executive to incur any additional tax under Section
409A

 11
 

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 termination date
(the “Earliest Payment Date”).  If
this provision becomes applicable, it is anticipated that payments that would
have been made prior to the Earliest Payment Date in the absence of this
provision would be paid as a lump sum on the Earliest Payment Date and the
remaining severance benefits or other payments would be paid according to the
schedule otherwise applicable to the payments.

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 “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 Original Employment Agreement.  The Company and the Executive acknowledge and
agree that the Original 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 Original Employment
Agreement.  The mutual agreements and
covenants contained in this Agreement shall replace and supersede in their
entirety the provisions of the Original Employment Agreement.

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

 

 

	
  

  	
  U-STORE IT TRUST

  
	
   

  	
   

  
	
   

  	
  Thomas A. Commes

  	
   

  
	
   

  	
  Name:

  	
  Thomas A. Commes

  
	
   

  	
  Title:

  	
  Chairman, Compensation Committee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
				

 

 12

EXHBIT
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 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

 1
 

knowledge of any such
practices, the Executive represents and warrants that the Executive already has
notified the Company in writing of such alleged practices.

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

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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
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.

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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.

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 Ohio.

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]

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  Date

  	
  Executive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U-Store-It Trust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Date

  	
  Title:

  	
   

  	
   

  
							

 

 5EXHIBIT
10.7

CHRISTOPHER P. MARR

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as
of April 20, 2007 by and between U-STORE-IT TRUST, a Maryland real estate
investment trust (the “Company”), and Christopher P. Marr (the “Executive”).

WHEREAS,
the Company and the Executive entered into an Employment Agreement, dated June
5, 2006 (the “Original Employment Agreement”), pursuant to which the
Executive was employed by the Company as Chief Financial Officer; and

WHEREAS,
the Company and the Executive desire to enter into this Agreement which
supersedes and replaces in its entirety the Original Employment Agreement; and

WHEREAS,
the Company desires to employ the Executive to devote full time to the business
of the Company as the Chief Financial Officer of the Company; 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 employs the Executive, and the Executive hereby accepts such
employment for an initial term commencing as of the date hereof and ending on June
5, 2009, 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”). The Term shall
be subject to automatic one-year renewals unless either party hereto notifies
the other, in accordance with Section 7.4, of non-renewal at least
ninety (90) days prior to the end of any such 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 Financial 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 $410,000 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

 2
 

proper documentation establishing the amount, date and
business purpose of the expenses.

4. Termination
upon Disability. If the Executive becomes eligible for disability benefits
under the Company’s long-term disability plans and arrangements (or, if none
apply, would have been so eligible under the most recent plan or arrangement),
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; provided, that, the Company will have no right to
terminate the Executive’s employment if, in the opinion of a qualified
physician reasonably acceptable to the Company, it is reasonably certain that
the Executive will be able to resume the Executive’s duties on a regular
full-time basis within 90 days of the date the Executive receives notice
of such termination.

Upon
termination of employment by virtue of disability (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 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 the product of (x) the Executive’s target annual
bonus for the fiscal year of the Executive’s disability 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; (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 7.13).
For purposes of this Section 4, the “Effective Date of the
Termination” shall mean the date on which a notice of termination by virtue
of disability is given or any later date (within thirty (30) days after
the giving of such notice) set forth in such notice of termination.

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 by virtue of disability.

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;

(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;

 3
 

(c) the willful and
continuing failure or habitual neglect by the Executive to perform the
Executive’s duties hereunder;

(d) any material
violation by the Executive of the covenants contained in Section 6 or that certain Non-Competition Agreement
dated as of June 5, 2006 between the Executive and the Company (the “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, the death of the Executive or, 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;

(b) a 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 change in control
(for purposes of this Section, “Change in Control” shall mean:

(i) the dissolution
or liquidation of the Company,

(ii) the merger,
consolidation, or reorganization of the Company with one or more other entities
in which the Company is not the surviving entity or immediately following which
the persons or entities who were beneficial owners (as determined pursuant to
Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of voting securities of the Company immediately prior thereto cease
to beneficially own more than 50% of the voting securities of the surviving
entity immediately thereafter,

 4
 

(iii) a sale of all
or substantially all of the assets of the Company to another person or entity
other than an affiliate of the Company,

(iv) any transaction
(including without limitation a merger or reorganization in which the Company
is the surviving entity) that results in any person or entity or “group”
(within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act) (other than persons who are shareholders or affiliates
immediately prior to the transaction) owning thirty percent (30%) or more of
the combined voting power of all classes of shares of the Company, or

(v) individuals who,
as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a trustee subsequent to the date hereof
whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the trustees then comprising the
Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for
trustee, without written objection to such nomination) shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the
election or removal of trustees or other actual or threatened solicitation of
proxies or contests by or on behalf of a person other than the Board;

(e) 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

 (f) the Company’s material and willful breach
of this Agreement.

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

 5
 

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 7.13). 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 7.13).
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 Effect of
Non-Renewal. In the event the Company elects not to renew this Agreement as
contemplated in Section 1 above, the Executive shall receive a cash
payment equal to one (1) times the sum of: (i) the Executive’s Annual
Salary in effect on the day of expiration of the Term and (ii) the average
of the sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive pursuant to Section 3.2, or, in the event the Executive
has received only one Annual Bonus and one Long-Term Bonus pursuant to Section
3.2 at the time of such termination, an amount equal to the sum of such
Annual Bonus and Long-Term Bonus, or, in the event the Executive has not
received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2 at
the time of such termination, an amount equal to the sum of the Annual Bonus and
Long-Term Bonus the Executive would have received under Section 3.2 if
the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).

5.6 Termination
Without Cause; Termination for Good Reason; Termination Upon Death. 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 Executive dies during the
Term, the obligations of the Company to or with respect to the Executive shall

 6
 

terminate in their entirety except as otherwise
provided under this Section 5.6.  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 or if the Executive dies during the Term of this
Agreement, (i) the Executive, or the Executive’s estate in the event of
the Executive’s death, 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; (ii) the
Executive, or the Executive’s estate in the event of the Executive’s death, shall
receive a cash payment equal to the Severance Payment payable no later than
30 days after 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 7.13).

The “Severance Payment”
means two and one-half (2.5) 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 sum of the two previous Annual Bonuses and
Long-Term Bonuses received by the Executive pursuant to Section 3.2, or,
in the event the Executive has received only one Annual Bonus and one Long-Term
Bonus pursuant to Section 3.2 at the time of such termination, an amount
equal to the sum of such Annual Bonus and Long-Term Bonus, or, in the event the
Executive has not received any Annual Bonus or Long-Term Bonus pursuant to Section
3.2 at the time of such termination, an amount equal to the sum of the Annual
Bonus and Long-Term Bonus the Executive would have received under Section
3.2 if the Executive would have remained employed through the period
required to be entitled to receive the Annual Bonus and Long-Term Bonus and
satisfied all target performance objectives, payable no later than 30 days
after such termination (or, if later, as soon as practicable, but in no event
more than 30 days after the amount is reasonably capable of being known).  For purposes of this Section 5.6,
the “Effective Date of the Termination” shall mean the date on which a
notice of termination

 7
 

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, 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.

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.

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

 8
 

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. 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 Ohio. 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; 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.

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:

	
  If to the Company, to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg Heights, OH 44130

  
	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
  Facsimile: (440) 234-8776

  

 

 9
 

 

	
  with a copy to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg Heights, OH 44130

  
	
   

  	
  Attn: Secretary

  
	
   

  	
  Facsimile: (440) 260-2397

  

 

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 Entire
Agreement. This Agreement, together with the exhibits hereto and the
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).

7.6 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.

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

7.8 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 Change in Control,
the Company may assign this Agreement and its rights hereunder.

7.9 Withholding.
The Company shall be entitled to withhold from any payments or deemed payments
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.

7.10
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.

 10
 

7.11
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.

7.12
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.

7.13
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.

7.14
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.

7.15
Headings. The headings in this Agreement are for reference only and
shall not affect the interpretation of this Agreement.

7.16
Parachute Provisions. If any amount payable to or other benefit
receivable by the Executive pursuant to this Agreement is deemed to constitute
a Parachute Payment (as defined below), alone or when added to any other amount
payable or paid to or other benefit receivable or received by the Executive
which is deemed to constitute a Parachute Payment (whether or not under an
existing plan, arrangement or other agreement), and would result in the
imposition on the Executive of an excise tax under Section 4999 of the
Internal Revenue Code of 1986, as amended, then, in addition to any other
benefits to which the Executive is entitled under this Agreement, the Executive
shall be paid by the Company an amount in cash equal to the sum of the excise
taxes payable by the Executive by reason of receiving Parachute Payments plus
the amount necessary to put the Executive in the same after-tax position
(taking into account any and all applicable federal, state and local excise,
income or other taxes at the highest applicable rates on such Parachute Payments
and on any payments under this Section 7.16) as if no excise taxes had
been imposed with respect to Parachute Payments. The amount of any payment
under this Section 7.16 shall be computed by a certified public accounting
firm mutually and reasonably acceptable to the Executive and the Company, the
computation expenses of which shall be paid by the Company. “Parachute
Payment” shall mean any payment deemed to constitute a “parachute
payment” as defined in Section 280G of the Internal Revenue Code of 1986,
as amended.

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 termination of
employment 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

 11
 

delayed until the
date that is six months following the Executive’s termination date (the “Earliest
Payment Date”).  If this provision
becomes applicable, it is anticipated that payments that would have been made
prior to the Earliest Payment Date in the absence of this provision would be
paid as a lump sum on the Earliest Payment Date and the remaining severance
benefits or other payments would be paid according to the schedule otherwise
applicable to the payments.

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 “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 Original Employment Agreement.  The Company and the Executive acknowledge and
agree that the Original 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 Original Employment Agreement.  The mutual agreements and covenants contained
in this Agreement shall replace and supersede in their entirety the provisions
of the Original Employment Agreement.

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

 

 

	
  

  	
  U-STORE IT TRUST

  
	
   

  	
   

  
	
   

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  Christopher P. Marr

  	
   

  
	
   

  	
  Name:

  	
  Christopher P. Marr

  
				

 

 12

EXHBIT
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 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

 1
 

knowledge of any such
practices, the Executive represents and warrants that the Executive already has
notified the Company in writing of such alleged practices.

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

 2
 

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
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.

 3
 

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.

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 Ohio.

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]

 4
 

 

	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
  Executive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U-Store-It Trust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Date

  	
  Title:

  	
   

  	
   

  
							

 

 5

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