Document:

Exhibit 10.4

 

AMENDED AND RESTATED
NONCOMPETITION AGREEMENT

 

THIS AMENDED AND RESTATED
NONCOMPETITION AGREEMENT (this “Agreement”) is
entered into as of June 29, 2010, by and between U-STORE-IT TRUST, a
Maryland real estate investment trust (the “Company”),
and Timothy M. Martin (the “Executive”).

 

WHEREAS, the Company and the
Executive entered into a Noncompetition Agreement dated December 11, 2006
(the “Prior Noncompetition Agreement”) which
is superseded by this Agreement; and

 

WHEREAS, concurrently with
the execution and delivery of this Agreement, the Company and the Executive are
entering into an Amended and Restated Executive Employment Agreement dated as
of the date hereof, pursuant to which, among other things, the Company has
agreed to employ the Executive, and the Executive has agreed to be employed by
the Company, in accordance with the terms thereof (the “Employment
Agreement”); and

 

WHEREAS, the Company and the
Executive agree that the Executive will not engage in competition with the
Company and will refrain from taking certain other actions pursuant to the
terms and conditions hereof in an effort to protect the Company’s legitimate
business interests and goodwill and for other business purposes.

 

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

 

 

1.                                       Noncompetition.  The Executive agrees with the Company that
for the longer of (i) the three-year period beginning on the date of this
Agreement or (ii) the period during which the Executive is employed by, or serving as an
officer or trustee or director of, the Company, U-Store-It, L.P., a Delaware limited
partnership, of which the Company is the general partner or any of their direct
or indirect subsidiaries (collectively, the “REIT”), and for one
year thereafter (the “Restricted Period”), the Executive will not,
(a) directly or indirectly, engage in any business involving self-storage
facility development, construction, acquisition or operation, whether such
business is conducted by the Executive individually or as a principal, partner,
member, stockholder, director, trustee, officer, employee or independent
contractor of any Person (as defined below) or (b) own any interests in
any self-storage facilities, in each case in the United States of America; provided, however, that this Section 1 shall not be deemed
to prohibit the direct or indirect ownership by the Executive of up to five
percent of the outstanding equity interests of any public company.  For purposes of this
Agreement, “Person” means any individual,
firm, corporation, partnership, company, limited liability company, trust,
joint venture, association or other entity.

 

2.                                       Nonsolicitation. The Executive
agrees with the Company that for the longer of (i) the three-year period
beginning on the date of this Agreement or (ii) the period during which the
Executive is employed by, or serving as an officer or trustee or director of,
the REIT, and for two
years thereafter, such Executive will not (a) directly or indirectly
solicit, induce or encourage any employee or independent contractor to
terminate their employment with the REIT or to cease rendering services to the
REIT, and the Executive shall not initiate discussions with any such Person for
any such purpose or authorize or knowingly cooperate with the taking of any
such actions by any other Person, or (b) hire (on behalf of the Executive
or any other person or entity) any employee or independent contractor who has
left the employment or other service of the REIT (or any predecessor thereof)
within one year of the termination of such employee’s or independent contractor’s
employment or other service with the REIT.

 

3.                                       Reasonable and
Necessary Restrictions.  The
Executive acknowledges that the restrictions, prohibitions and other provisions
hereof, including, without limitation, the Restricted Period set forth in Section 1
and the restrictions set forth in Section 2, are reasonable, fair and
equitable in terms of duration, scope and geographic area, are necessary to
protect the legitimate business interests of the REIT, and are a material
inducement to the Company to enter into this Agreement and the Employment
Agreement.

 

4.                                       Specific
Performance.  The Executive
acknowledges that the obligations undertaken by such Executive pursuant to this
Agreement are unique and that the Company likely will have no adequate remedy
at law if the Executive shall fail to perform any of such Executive’s
obligations hereunder, and the Executive therefore confirms that the Company’s
right to specific performance of 

 

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the terms of this Agreement is essential to protect the rights and
interests of the Company.  Accordingly,
in addition to any other remedies that the Company may have at law or in
equity, the Company shall have the right to have all obligations, covenants,
agreements and other provisions of this Agreement specifically performed by the
Executive, and the Company shall have the right to obtain preliminary and
permanent injunctive relief to secure specific performance and to prevent a
breach or contemplated breach of this Agreement by the Executive.  Further, the Executive agrees to indemnify
and hold harmless the Company from and against any reasonable costs and
expenses incurred by the Company as a result of any breach of this Agreement by
such Executive, and in enforcing and preserving the Company’s rights under this
Agreement, including, without limitation, the Company’s reasonable attorneys’
fees.  The Executive hereby acknowledges
and agrees that the Company shall not be required to post bond as a condition
to obtaining or exercising such remedies, and the Executive hereby waives any
such requirement or condition.  If the
Executive is the prevailing party in any action in which the Company seeks to
enforce its rights under this Agreement, the Company agrees to indemnify and
hold harmless the Executive from and against any reasonable costs and expenses
incurred by the Executive as a result of such action, including, without
limitation, the Executive’s reasonable attorneys’ fees.

 

5.                                       Miscellaneous
Provisions.

 

5.1                                 Assignment;
Binding Effect.  This
Agreement may not be assigned by the Executive, but may be assigned by the
Company to any successor to its business and will inure to the benefit of and
be binding upon any such successor. 
Subject to the foregoing provisions restricting assignment, all
covenants and agreements in this Agreement by or on behalf of any of the parties
hereto shall bind and inure to the benefit of the respective successors,
assigns, heirs, and personal representatives.

 

5.2                                 Entire
Agreement.  This
Agreement, together with the Employment Agreement, constitutes the entire
agreement between the parties hereto with respect to the matters set forth
herein and supersedes and renders of no force and effect all prior oral or
written agreements, commitments and understandings among the parties with
respect to the matters set forth herein. 
This Section 5.2 shall not be used to limit or restrict the rights
or remedies, whether express or implied, of any noncompetition or
nonsolicitation policies of the REIT applicable to the Executive.

 

5.3                                 Amendment.  Except as otherwise expressly provided in
this Agreement, no amendment, modification or discharge of this Agreement shall
be valid or binding unless set forth in writing and duly executed by each of
the parties hereto.

 

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5.4                                 Waivers.  No waiver by a party hereto shall be
effective unless made in a written instrument duly executed by the party
against whom such waiver is sought to be enforced, and only to the extent set
forth in such instrument.  Neither the
waiver by either of the parties hereto of a breach or a default under any of
the provisions of this Agreement, nor the failure of either of the parties, on
one or more occasions, to enforce any of the provisions of this Agreement or to
exercise any right or privilege hereunder shall thereafter be construed as a waiver
of any subsequent breach or default of a similar nature, or as a waiver of any
such provisions, rights or privileges hereunder.

 

5.5                                 Severability.  If fulfillment of any provision of this
Agreement, at the time such fulfillment shall be due, shall transcend the limit
of validity prescribed by law, then the obligation to be fulfilled shall be
reduced to the limit of such validity; and if any clause or provision contained
in this Agreement operates or would operate to invalidate this Agreement, in whole
or in part, then such clause or provision only shall be held ineffective, as
though not herein contained, and the remainder of this Agreement shall remain
operative and in full force and effect. Notwithstanding the foregoing, in the
event that the restrictions against engaging in competitive activity contained
in this Agreement shall be determined by any court of competent jurisdiction to
be unenforceable by reason of their extending for too great a period of time or
over too great a geographical area or by reason of their being too extensive or
unreasonable in any other respect, the Agreement  shall be interpreted to extend only over the maximum period
of time for which it may be enforceable and over the maximum geographical area
as to which it may be enforceable and to the maximum extent in all other
respects as to which it may be enforceable, all as determined by such court in
such action and the court may limit the application of any other provision or
covenant, or modify any such term, provision or covenant and proceed to enforce
this Agreement as so limited or modified. 
To the extent necessary, the parties shall revise the Agreement and
enter into an appropriate amendment to the extent necessary to implement any of
the foregoing.

 

5.6                                 Governing Law;
Jurisdiction.  This
Agreement, the rights and obligations of the parties hereto, and any claims or
disputes relating thereto, shall be governed by and construed in accordance
with the laws of the State of Maryland, but not including the choice-of-law rules thereof.

 

5.7                                 Headings.  Section and subsection headings
contained in this Agreement are inserted for convenience of reference only,
shall not be deemed to be a part of this Agreement for any purpose, and shall
not in any way define or affect the meaning, construction or scope of any of
the provisions hereof.

 

5.8                                 Executive’s
Acknowledgement. The Executive acknowledges (i) that he has
had the opportunity to consult with independent counsel of his own choice
concerning this Agreement, and (ii) that he has read and 

 

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understands this Agreement, is fully aware of its legal effect, and has
entered into it freely based on his own judgment.

 

5.9                                 Notices.  All notices, requests, demands, and other
communications hereunder shall be in writing and shall be deemed to have been
delivered (i) when physically received by personal delivery (which shall
include the confirmed receipt of a telecopied facsimile transmission), or
(ii) three business days after being deposited in the United States
certified or registered mail, return receipt requested, postage prepaid or
(iii) one business day after being deposited with a nationally known
commercial courier service providing next day delivery service (such as Federal
Express), to the following addresses:

 

(i)                                 if to the
Executive, to the address set forth in the records of the Company; and

 

(ii)                              if to the
Company,

 

U-Store-It Trust

460 E. Swedesford Road, Suite 3000

Wayne, PA  19087

Attn:  c/o Chair, Compensation Committee

Facsimile:  (610) 293-5720

 

with a copy to:

 

U-Store-It Trust

460 E. Swedesford Road, Suite 3000

Wayne, PA  19087

Attn:  Jeffrey Foster, Chief Legal Officer

Facsimile No.: (610)
293-5720

 

5.10                           Execution in
Counterparts.  To
facilitate execution, this Agreement may be executed in as many counterparts as
may be required.  It shall not be
necessary that the signature of or on behalf of each party appears on each
counterpart, but it shall be sufficient that the signature of or on behalf of
each party appears on one or more of the counterparts.  All counterparts shall collectively
constitute a single agreement.

 

IN WITNESS WHEREOF, each of
the undersigned has executed and delivered this Agreement, or caused this
Agreement to be duly executed on its behalf, as of the date first set forth
above.

 

	
   

  	
  THE EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
  /s/ Timothy M. Martin

  
	
   

  	
  Timothy M. Martin

  
	
   

  	
   

  
	
   

  	
  THE COMPANY:

  
	
   

  	
   

  
	
   

  	
  U-STORE-IT TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean Jernigan

  
	
   

  	
  Name: 

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

5Exhibit 10.1

 

FOURTH AMENDMENT TO PROGRAM AGREEMENT

 

This
FOURTH AMENDMENT (“Fourth Amendment”) to the September 19th, 2007, Program Agreement as
previously amended (the “Agreement”) by and between Republic Bank &
Trust Company (“Republic”), a Kentucky banking corporation, and Jackson Hewitt
Inc. (“JHI”), a Virginia corporation, is effective as of the 30th day of June, 2010.

 

RECITALS

 

WHEREAS,
Republic and JHI entered into the Agreement on September 19, 2007.

 

WHEREAS,
Republic and JHI amended the Agreement on December 2, 2008, November 23,
2009, and December 29, 2009.

 

WHEREAS,
Republic and JHI desire to Amend certain terms of the Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises, covenants and agreements
set forth below and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Republic and JHI do hereby agree
to amend the Agreement as follows:

 

AMENDMENTS

 

1.                                       Section 9.4(a) is
modified to read as follows:

 

9.4                                 Termination
by Republic.

 

(a)                                  Republic may, at its option,
terminate this Agreement early by giving written notice of termination to JHI
by September 30, 2010, which will terminate the Agreement with respect to
the 2011 and 2012 Tax Seasons, or by June 30, 2011, which will terminate
the Agreement with respect to the 2012 Tax Season.

 

2.                                       Republic and
JHI enter into this Fourth Amendment only for the purposes stated herein.  Unless otherwise amended herein, all other
terms and conditions of the Agreement remain unchanged and in full force and
effect.

 

IN
WITNESS WHEREOF, this Fourth Amendment has been executed and delivered by a
duly authorized officer of each party as of the date set forth above.

 

	
  REPUBLIC BANK & TRUST
  COMPANY

  	
   

  	
  JACKSON
  HEWITT INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:
  

  	
  /s/
  William R. Nelson

  	
   

  	
  By:
  

  	
  /s/
  Daniel P. O’Brien

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:
  

  	
  William
  R. Nelson

  	
   

  	
  Name:
  

  	
  Daniel
  P. O’Brien

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:
  

  	
  President
  – TRS

  	
   

  	
  Title:

  	
  EVP &
  CFO

  

 

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