Document:

Exhibit
10.2

Option No.:     

U-STORE-IT TRUST 

2004 EQUITY INCENTIVE PLAN

NONQUALIFIED SHARE OPTION AGREEMENT

U-Store-It
Trust, a Maryland real estate investment trust (the “Company”), grants an
option to purchase common shares of beneficial interest, $.01 par value, (the “Shares”)
of the Company to the Optionee named below. The terms and conditions of the
option are set forth in this cover sheet, in the attachment, and in the Company’s
2004 Equity Incentive Plan (the “Plan”).

Grant
Date:

Name of Optionee:

Number of Shares Covered by Option:

Option Price per Share:

Vesting Start Date:

By signing this cover sheet, you agree to
all of the terms and conditions described in the attached Agreement and in the
Plan, a copy of which is also attached. You acknowledge that you have carefully
reviewed the Plan, and agree that the Plan will control in the event any
provision of this Agreement should appear to be inconsistent.

	
  Optionee:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Attachment

This
is not a share certificate or a negotiable instrument.

 

U-STORE-IT
TRUST 

2004 EQUITY INCENTIVE PLAN

NONQUALIFIED SHARE OPTION AGREEMENT

	
  Nonqualified 

  Share Option

  	
   

  	
  This option is not intended to be an incentive stock
  option under Section 422 of the Internal Revenue Code and will be
  interpreted accordingly.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  This option is only exercisable before it expires
  and then only with respect to the vested portion of the option. Subject to
  the preceding sentence, you may exercise this option, in whole or in part, to
  purchase a whole number of vested Shares not less than 100 Shares, unless the
  number of Shares purchased is the total number available for purchase under
  the option, by following the procedures set forth in the Plan and below in
  this Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right to purchase Shares under this option
  vests as to one-third (1/3) of the total number of Shares covered by this
  option, as shown on the cover sheet, on each of the first three anniversaries
  of the Vesting Start Date (each an “Anniversary Date”), provided you then
  continue in Service. The resulting aggregate number of vested Shares will be
  rounded to the nearest whole number, and you cannot vest in more than the
  number of Shares covered by this option.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other than pursuant to the terms of any Employment
  Agreement between you and the Company, no additional Shares will vest after
  your Service has terminated for any reason.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  Your option will expire in any event at the close of
  business at Company headquarters on the day before the 10th anniversary of
  the Grant Date, as shown on the cover sheet. Your option will expire earlier
  if your Service terminates, as described below.

  
	
   

  	
   

  	
   

  
	
  Regular 

  Termination

  	
   

  	
  If your Service terminates for any reason, other than
  death, Disability, Cause or a voluntary resignation (and if you have an
  Employment Agreement with the Company, your voluntary resignation is without
  Good Reason as defined in your Employment Agreement), then your option
  expires at the close of business at Company headquarters on the 90th day
  after your termination date.

  

 

 2
 

 

	
  Termination 

  for Cause or 

  Voluntary 

  Resignation

  	
   

  	
  If your Service is terminated for Cause or you
  voluntarily resign (and if you have an Employment Agreement with the Company,
  your voluntary resignation is without Good Reason as defined in your
  Employment Agreement), then you immediately forfeit all rights to your option
  and the option immediately expires.

  
	
   

  	
   

  	
   

  
	
  Death

  	
   

  	
  If your Service terminates because of your death,
  then your option shall become fully vested and will expire at the close of
  business at Company headquarters on the date twelve (12) months after
  the date of death. During that twelve month period, your estate or heirs may
  exercise your option.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In addition, if you die during the 90-day period
  described in connection with a regular termination (i.e., a termination of
  your Service not on account of your death, Disability or Cause), and a vested
  portion of your option has not yet been exercised, then your option will
  instead expire on the date twelve (12) months after your termination
  date. In such a case, during the period following your death up to the date
  twelve (12) months after your termination date, your estate or heirs may
  exercise the vested portion of your option.

  
	
   

  	
   

  	
   

  
	
  Disability

  	
   

  	
  If your Service terminates because of your
  Disability, then your option shall become fully vested and will expire at the
  close of business at Company headquarters on the date twelve (12) months
  after your termination date.

  
	
   

  	
   

  	
   

  
	
  Leaves of 

  Absence

  	
   

  	
  For purposes of this option, your Service does not
  terminate when you go on a bona fide employee leave of absence that was
  approved by the Company in writing, if the terms of the leave provide for
  continued Service crediting, or when continued Service crediting is required
  by applicable law. However, your Service will be treated as terminating
  90 days after you went on employee leave, unless your right to return to
  active work is guaranteed by law or by a contract. Your Service terminates in
  any event when the approved leave ends unless you immediately return to
  active employee work.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company determines, in its sole discretion,
  which leaves count for this purpose, and when your Service terminates for all
  purposes under the Plan.

  

 

 3
 

 

	
  Notice of 

  Exercise

  	
   

  	
  When you wish to exercise this option, you must
  notify the Company by filing the proper “Notice of Exercise” form at the
  address given on the form. Your notice must specify how many Shares you wish
  to purchase (in a parcel of at least 100 Shares generally). Your notice must
  also specify how your Shares should be registered (in your name only or in
  your and your spouse’s names as joint tenants with right of survivorship).
  The notice will be effective when it is received by the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If someone else wants to exercise this option after
  your death, that person must prove to the Company’s satisfaction that he or
  she is entitled to do so.

  
	
   

  	
   

  	
   

  
	
  Form of 

  Payment

  	
   

  	
  When you submit your notice of exercise, you must
  include payment of the option price for the Shares you are purchasing.
  Payment may be made in one (or a combination) of the following forms:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·       Cash, your personal check, a cashier’s
  check, a money order or another cash equivalent acceptable to the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·       Shares which have already been owned by
  you for more than six months and which are surrendered to the Company. The
  value of the Shares, determined as of the effective date of the option
  exercise, will be applied to the option price.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·       By delivery (on a form prescribed by
  the Company) of an irrevocable direction to a licensed securities broker
  acceptable to the Company to sell Shares and to deliver all or part of the
  sale proceeds to the Company in payment of the aggregate option price and any
  withholding taxes (if approved in advance by the Compensation Committee of
  the Board if you are either an executive officer or a director of the
  Company).

  
	
   

  	
   

  	
   

  
	
  Withholding 

  Taxes

  	
   

  	
  You will not be allowed to exercise this option
  unless you make acceptable arrangements to pay any withholding or other taxes
  that may be due as a result of the option exercise or sale of Shares acquired
  under this option. In the event that the Company determines that any federal,
  state, local or foreign tax or withholding payment is required relating to
  the exercise or sale of Shares arising from this grant, the Company shall
  have the right to require such payments from you, or withhold such amounts
  from other payments due to you from the Company or any Affiliate.

  

 

 4
 

 

	
  Transfer of 

  Option

  	
   

  	
  During your lifetime, only you (or, in the event of
  your legal incapacity or incompetency, your guardian or legal representative)
  may exercise the option. You cannot transfer or assign this option. For
  instance, you may not sell this option or use it as security for a loan. If
  you attempt to do any of these things, this option will immediately become
  invalid. You may, however, dispose of this option in your will or it may be
  transferred upon your death by the laws of descent and distribution.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Regardless of any marital property settlement
  agreement, the Company is not obligated to honor a notice of exercise from
  your spouse, nor is the Company obligated to recognize your spouse’s interest
  in your option in any other way.

  
	
   

  	
   

  	
   

  
	
  Retention 

  Rights

  	
   

  	
  Neither your option nor this Agreement gives you the
  right to be retained by the Company (or any parent, Subsidiaries or
  Affiliates) in any capacity. The Company (and any parent, Subsidiaries or Affiliates)
  reserves the right to terminate your Service at any time and for any reason.

  
	
   

  	
   

  	
   

  
	
  Shareholder 

  Rights

  	
   

  	
  You, or your estate or heirs, have no rights as a
  shareholder of the Company until a certificate for your option’s Shares has
  been issued (or an appropriate book entry has been made). No adjustments are
  made for dividends or other rights if the applicable record date occurs
  before your share certificate is issued (or an appropriate book entry has
  been made), except as described in the Plan.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a split, a dividend or a similar
  change in the Shares, the number of Shares covered by this option and the
  option price per Share shall be adjusted (and rounded down to the nearest
  whole number) if required pursuant to the Plan. Your option shall be subject
  to the terms of the agreement of merger, liquidation or reorganization in the
  event the Company is subject to such corporate activity.

  
	
   

  	
   

  	
   

  
	
  Applicable Law

  	
   

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of Maryland, other than any conflicts or choice
  of law rule or principle that might otherwise refer construction or
  interpretation of this Agreement to the substantive law of another
  jurisdiction.

  

 

 5
 

 

	
  The Plan

  	
   

  	
  The text of the Plan is incorporated in this
  Agreement by reference. Certain capitalized terms used in this Agreement are
  defined in the Plan, and have the meaning set forth in the Plan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  This Agreement and the Plan constitute the entire
  understanding between you and the Company regarding this option. Any prior
  agreements, commitments or negotiations concerning this option are
  superseded.

  
	
   

  	
   

  	
   

  
	
  Data Privacy

  	
   

  	
  In order to administer the Plan, the Company may
  process personal data about you. Such data includes but is not limited to the
  information provided in this Agreement and any changes thereto, other
  appropriate personal and financial data about you such as home address and
  business addresses and other contact information, payroll information and any
  other information that might be deemed appropriate by the Company to
  facilitate the administration of the Plan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By accepting this option, you give explicit consent
  to the Company to process any such personal data. You also give explicit
  consent to the Company to transfer any such personal data outside the country
  in which you work or are employed, including, with respect to non-U.S.
  resident Optionees, to the United States, to transferees who shall include
  the Company and other persons who are designated by the Company to administer
  the Plan.

  
	
   

  	
   

  	
   

  
	
  Consent to 

  Electronic 

  Delivery

  	
   

  	
  The Company may choose to deliver certain statutory
  materials relating to the Plan in electronic form. By accepting this option
  grant you agree that the Company may deliver the Plan prospectus and the
  Company’s annual report to you in an electronic format. If at any time you
  would prefer to receive paper copies of these documents, as you are entitled
  to, the Company would be pleased to provide copies. Please contact the
  Secretary of the Company to request paper copies of these documents.

  

 

By signing the cover sheet of this Agreement, you agree to all of the
terms and conditions described above and in the Plan.

 6Exhibit
10.3

Grant
No.:      

U-STORE-IT
TRUST

2004 EQUITY INCENTIVE PLAN

PERFORMANCE-VESTED RESTRICTED SHARE AGREEMENT

U-Store-It Trust, a Maryland real estate investment
trust (the “Company”), grants common shares of beneficial interest, $.01 par
value (the “Shares”), of the Company to the Grantee named below, subject to the
vesting conditions set forth in the attachment. Additional terms and conditions
of the grant are set forth in this cover sheet, in the attachment, and in the
Company’s 2004 Equity Incentive Plan (the “Plan”). 

Grant Date:  

Name of Grantee:  

Number of Shares Covered by Grant:

Performance Period:  

By signing this
cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which will be provided on request.
You acknowledge that you have carefully reviewed the Plan and agree that the
Plan will control in the event any provision of this Agreement should appear to
be inconsistent with the terms of the Plan.  

	
  Grantee:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:    

  

 

This is not a share
certificate or a negotiable instrument. 

 

U-STORE-IT
TRUST

2004 EQUITY INCENTIVE PLAN

PERFORMANCE-VESTED RESTRICTED SHARE AGREEMENT

	
  Shares/ 

  Nontransferability

  	
   

  	
  This grant is a Performance Award for the number of
  Shares set forth on the cover sheet subject to the vesting conditions
  described below . To the extent not yet vested, your Shares are restricted
  and may not be transferred, assigned, pledged or hypothecated, whether by
  operation of law or otherwise, nor may the Shares be made subject to
  execution, attachment or similar process.

  
	
   

  	
   

  	
   

  
	
  Issuance and 

  Vesting

  	
   

  	
  The Company will, in its sole discretion, either (i)
  issue your Shares in your name as of the Grant Date, or (ii) maintain a
  record of this grant and issue any Shares that vest pursuant to the terms of
  this Performance-Vested Restricted Share Agreement at the expiration of the
  Performance Period. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right to the Shares under this Performance-Vested
  Restricted Share Agreement vests as to the total number of Shares covered by
  this grant, as shown on the cover sheet, on the last day of the Performance
  Period pursuant to the following conditions: (1) you then continue in Service
  and (2) the extent to which the Company’s three-year annualized average
  total shareholder return (appreciation in share price and dividends) (“TSR”),
  as measured by the average closing stock price over the thirty (30) trading
  days prior to the start and end of the three-year Performance Period, exceeds
  the performance levels for relative and absolute TSR standards as set forth
  below, with one half of the Shares vesting based on the absolute TSR and one
  half vesting based on the relative TSR: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)   Absolute TSR:      % (threshold),     %
  (target), and     % (maximum); and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)   Relative TSR:  Annualized TSR performance against NAREIT
  Equity Index of      bps (threshold),     
  bps (target),      bps (maximum). 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The number of shares that vest for results between
  threshold, target and maximum will be interpolated. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right to the Shares under this
  Performance-Vested Restricted Share Agreement will become fully vested as to
  the number of Shares on the cover sheet on your termination of Service due to
  death or disability, if such event occurs prior to the third anniversary of
  the grant date.  No additional Shares
  will vest after your Service has terminated for any reason, other than
  pursuant to the terms of any Employment Agreement between you and the
  Company.

  

 

 2
 

 

	
  Forfeiture of 

  Unvested Shares

  	
   

  	
  Except as provided pursuant to the terms of any
  Employment Agreement between you and the Company, in the event that your
  Service terminates for any reason other than death or disability, you will
  forfeit to the Company all of the Shares subject to this grant that have not
  yet vested.

  
	
   

  	
   

  	
   

  
	
  Withholding 

  Taxes

  	
   

  	
  You agree, as a condition of this grant, that you
  will make acceptable arrangements to pay any withholding or other taxes that
  may be due as a result of the vesting of Shares acquired under this grant. In
  the event that the Company determines that any federal, state, local or
  foreign tax or withholding payment is required relating to the vesting of
  Shares arising from this grant, the Company shall have the right to: (i)
  require such payments from you, (ii) withhold such amounts from other
  payments due to you from the Company or any Affiliate, or (iii) cause an
  immediate forfeiture of Shares subject to the vesting pursuant to this Agreement
  in an amount equal to the withholding or other taxes due.

  
	
   

  	
   

  	
   

  
	
  Retention Rights

  	
   

  	
  This Agreement does not give you the right to be
  retained by the Company (or any parent, Subsidiaries or Affiliates) in any
  capacity.

  
	
   

  	
   

  	
   

  
	
  Shareholder Rights

  	
   

  	
  You do not have any of the rights of a shareholder
  with respect to the Shares unless and until the Shares relating to the Shares
  vest.  You do not have the right to
  make an election pursuant to Section 83(b) of the Internal Revenue Code of
  1986, as amended, and any attempt to make such an election will result in
  forfeiture of the Shares.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a split, a dividend or a similar
  change in the Shares, the number of Shares covered by this grant may be
  adjusted (and rounded down to the nearest whole number) pursuant to the Plan.
  Your Shares shall be subject to the terms of the agreement of merger,
  liquidation or reorganization in the event the Company is subject to such
  corporate activity.

  
	
   

  	
   

  	
   

  
	
  Legends

  	
   

  	
  Any certificates representing the Shares issued in
  connection with this grant shall, where applicable, have endorsed thereon the
  following legends:  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
  SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN
  THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST.
  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY
  AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY
  THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

  

 

 3
 

 

	
  Applicable Law

  	
   

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of Maryland, other than any conflicts or choice
  of law rule or principle that might otherwise refer construction or
  interpretation of this Agreement to the substantive law of another
  jurisdiction.

  
	
   

  	
   

  	
   

  
	
  Data Privacy

  	
   

  	
  In order to administer the Plan, the Company may
  process personal data about you. Such data includes, but is not limited to,
  the information provided in this Agreement and any changes thereto, other
  appropriate personal and financial data about you such as home address and
  business addresses and other contact information, payroll information and any
  other information that might be deemed appropriate by the Company to
  facilitate the administration of the Plan. 
  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By accepting this grant, you give explicit consent
  to the Company to process any such personal data. You also give explicit
  consent to the Company to transfer any such personal data outside the country
  in which you work or are employed, including, with respect to non-U.S.
  resident Grantees, to the United States, to transferees who shall include the
  Company and other persons who are designated by the Company to administer the
  Plan.

  
	
   

  	
   

  	
   

  
	
  Consent to 

  Electronic Delivery

  	
   

  	
  The Company may choose to deliver certain statutory
  materials relating to the Plan in electronic form. By accepting this grant,
  you agree that the Company may deliver the Plan prospectus and the Company’s
  annual report to you in an electronic format. If at any time you would prefer
  to receive paper copies of these documents, as you are entitled to, the
  Company would be pleased to provide copies. Please contact the Secretary of
  the Company to request paper copies of these documents.

  

 

By signing the cover sheet of
this Agreement, you agree to all of the terms and conditions described above
and in the Plan.

 4

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