Document:

Exhibit

Exhibit 10.13

SECOND INCREASE AGREEMENT AND AMENDMENT
This Second Increase Agreement and Amendment (this “Agreement”), dated as of February 8, 2017 (the “Increase Effective Date”), is by and among NSA OP, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), certain Subsidiaries of the Borrower party to the Credit Agreement referred to below, NATIONAL STORAGE AFFILIATES TRUST, a Maryland real estate investment trust (the “Parent Guarantor” and, together with those certain Subsidiaries, collectively, the “Guarantors”), the lender parties hereto providing a new commitment or new loan pursuant to the terms hereof (each, an “Increase Lender” and collectively the “Increase Lenders”) and KeyBank National Association, as Administrative Agent (the “Administrative Agent”) for the Lenders (as hereinafter defined) and in its capacity as Swingline Lender and as issuer of Letters of Credit. All capitalized terms used herein without definitions shall have the meanings given to such terms in the Credit Agreement (as hereinafter defined). 
WHEREAS, the Amended and Restated Credit Agreement, dated as of May 6, 2016 (as amended, modified, supplemented or restated and in effect from time to time, the “Credit Agreement”), is by and among, among others, the Borrower, the Guarantors, the Administrative Agent and the financial institutions which are or become a party thereto as lenders (each a “Lender” and, collectively, the “Lenders”);
WHEREAS, Section 2.16 of the Credit Agreement provides that the Borrower may request, upon notice to the Administrative Agent and satisfaction of the conditions set forth in Section 2.16(b) (the “Increase Conditions”), that the Revolving Commitments and/or term loans made under the Credit Agreement be increased by an aggregate amount of up to $325,000,000;
WHEREAS, immediately prior to the effectiveness of this Agreement, the aggregate outstanding principal amount of (i) the Revolving Commitments is $400,000,000, (ii) the Tranche A Loans is $225,000,000 and (iii) the Tranche B Loans is $100,000,000, and there is $275,000,000 remaining to be exercised under the accordion provided under Section 2.16 of the Credit Agreement;
WHEREAS, the Borrower has requested that the Tranche A Loans made under the Credit Agreement be increased by an aggregate amount equal to $10,000,000 (the “Tranche A Increase”), so that after giving effect to the Tranche A Increase, the aggregate outstanding principal amount of the Tranche A Loans will equal $235,000,000 (the Lenders providing such Tranche A Increase, the “Tranche A Increase Lenders”);
WHEREAS, the Borrower has requested that the Tranche B Loans made under the Credit Agreement be increased by an aggregate amount equal to $55,000,000 (the “Tranche B Increase”), so that after giving effect to the Tranche B Increase, the aggregate outstanding principal amount of the Tranche B Loans will equal $155,000,000 (the Lenders providing such Tranche B Increase, the “Tranche B Increase Lenders”);
WHEREAS, the Borrower has requested that certain of the Increase Lenders provide a new tranche of term loans maturing February 8, 2024 in an aggregate principal amount equal to $105,000,000 (such new term loan tranche, the “Tranche C Loan” and the Lenders providing such Tranche C Loans, the “Tranche C Lenders”);

WHEREAS, after giving effect to the Tranche A Increase, the Tranche B Increase and the making of the Tranche C Loan (collectively referred to sometimes hereinafter as the “Increase”), there will be $105,000,000 remaining to be exercised under the accordion provided under Section 2.16 of the Credit Agreement;
WHEREAS, BMO Harris Bank N.A. shall be named a Co-Lead Arranger under the Credit Agreement with respect to the Tranche C Loan; 
WHEREAS, certain of the existing Lenders intend to assign a portion of their respective Revolving Commitments concurrently with the effectiveness of this Agreement (the “Revolver Assignments”);
WHEREAS, one or more of the Increase Lenders shall be a new lender party to the Credit Agreement (each such new lender, an “Augmenting Lender”);
WHEREAS, the Borrower has also requested, in connection with the increase in the Loans, that the number of permitted Interest Periods also be increased from seven to eight;
WHEREAS, Schedule 1.1 to the Credit Agreement (Lender Commitments) will be updated to reflect Lender Commitments after giving effect to the Tranche A Increase, the Tranche B Increase, the making of the Tranche C Loans and the Revolver Assignments, to be attached hereto as Annex 2; 
WHEREAS, the parties hereto desire to make certain other conforming amendments to the Credit Agreement to reflect the addition of the Tranche C Loans thereunder, as reflected herein; and 
WHEREAS, the Administrative Agent is willing to give effect to the Tranche A Increase, the Tranche B Increase, the making of the Tranche C Loans and the Revolver Assignments provided that the parties hereto enter into this Agreement;
NOW THEREFORE, the parties hereto hereby agree as follows:
1.Tranche A Increase, Tranche B Increase and Tranche C Loans; Assignments of Revolver Commitments.
(a)    Tranche A Increase. Pursuant to (and notwithstanding any of the provisions of) Section 2.16 of the Credit Agreement, each Tranche A Increase Lender hereby severally and not jointly agrees to increase its Term Loan Tranche A Commitment by the amount set forth next to such Tranche A Increase Lender’s name on Annex 1 attached hereto (in each case, such Lender’s “Tranche A Increase Amount”).  The aggregate Tranche A Increase, as set forth in such Annex 1, is equal to $10,000,000.   In connection therewith, subject to the terms of the Credit Agreement, each Tranche A Increase Lender severally and not jointly agrees to fund, and make a single loan in immediately available funds to the Borrower on the Increase Effective Date, in an aggregate principal amount equal to its Tranche A Increase Amount.  After giving effect to the Tranche A Increase, each Tranche A Lender (including each Tranche A Increase Lender) shall have the Term Loan Tranche 

2

A Commitment (it being acknowledged that each Term Loan Tranche A Commitment terminated (or will terminate) upon the funding of the applicable Tranche A Loan) and Commitment Percentage with respect to the Tranche A Facility set forth on the new Schedule 1.1 attached as Annex 2 hereto. 
(b)    Tranche B Increase. Pursuant to (and notwithstanding any of the provisions of) Section 2.16 of the Credit Agreement, each Tranche B Increase Lender hereby severally and not jointly agrees to increase its Term Loan Tranche B Commitment by the amount set forth next to such Tranche B Increase Lender’s name on Annex 1 attached hereto (in each case, such Lender’s “Tranche B Increase Amount”).  The aggregate Tranche B Increase, as set forth in such Annex 1, is equal to $55,000,000.   In connection therewith, subject to the terms of the Credit Agreement, each Tranche B Increase Lender severally and not jointly agrees to fund, and make a single loan in immediately available funds to the Borrower on the Increase Effective Date, in an aggregate principal amount equal to its Tranche B Increase Amount.  After giving effect to the Tranche B Increase, each Tranche B Lender (including each Tranche B Increase Lender) shall have the Term Loan Tranche B Commitment (it being acknowledged that each Term Loan Tranche B Commitment terminated (or will terminate) upon the funding of the applicable Tranche B Loan) and Commitment Percentage with respect to the Tranche B Facility set forth on the new Schedule 1.1 attached as Annex 2 hereto. 
(c)    Tranche C Term Loan.   Pursuant to Section 2.16 of the Credit Agreement, each Tranche C Lender hereby severally and not jointly agrees to provide a Term Loan Tranche C Commitment in the amount set forth next to such Tranche C Lender’s name on Annex 1 attached hereto (in each case, such Lender’s “Tranche C Loan Amount”).  The aggregate Tranche C Loan, as set forth in such Annex 1, is equal to $105,000,000.   In connection therewith, subject to the terms of the Credit Agreement, each Tranche C Lender severally and not jointly agrees to fund, and make a single loan in immediately available funds to the Borrower on the Increase Effective Date, in an aggregate principal amount equal to its Tranche C Loan Amount.  After giving effect to the making of the Tranche C Loans, each Tranche C Lender shall have the Term Loan Tranche C Commitment (it being acknowledged that each Term Loan Tranche C Commitment will terminate upon the funding of the applicable Tranche C Loan) and Commitment Percentage with respect to the Tranche C Facility set forth on the new Schedule 1.1 attached as Annex 2 hereto.  Subject to Section 2.8(c) of the Credit Agreement, each payment or prepayment of principal of Tranche C Term Loans by the Borrower shall be made for the account of the Tranche C Lenders pro rata in accordance with the respective unpaid principal amounts of the Tranche C Term Loans held by them.  In addition, each payment of interest on Tranche C Term Loans by the Borrower shall be made for the account of the Tranche C Lenders pro rata in accordance with the amounts of interest on the Tranche C Term Loans then due and payable to the Tranche C Lenders.
(d)    Assignments of Revolving Commitments.   Pursuant to Section 13.5 of the Credit Agreement, KeyBank National Association and PNC Bank, National Association (collectively, the “Assigning Lenders”) are assigning a portion of their respective Revolving Commitments on the date hereof to certain other Lenders (the “Assignees”), as more fully set forth in the Assignment and Acceptance Agreement entered into by the Assigning Lenders and the Assignees on the date hereof and as reflected on the new Schedule 1.1 attached as Annex 2 hereto.
2.    Amendments to Credit Agreement.

3

As of the Increase Effective Date, the Credit Agreement is amended as set forth below:
 
(a)    The definition of “Applicable Margin” set forth in Section 1.1 of the Credit Agreement is amended by deleting the Table contained in clause (a) thereof in its entirety and inserting in place thereof the following new Table (solely to add the pricing for the Tranche C Loans to the Table):
	
										
	Level
	Total Leverage Ratio
	Applicable Margin for Revolving Loans that are LIBOR Loans
	Applicable Margin for Revolving Loans that are Base Rate Loans
	Applicable Margin for Tranche A Term Loans that are LIBOR Loans
	Applicable Margin for Tranche A Term Loans that are Base Rate Loans
	Applicable Margin for Tranche B Term Loans that are LIBOR Loans
	Applicable Margin for Tranche B Term Loans that are Base Rate Loans
	Applicable Margin for Tranche C Term Loans that are LIBOR Loans
	Applicable Margin for Tranche C Term Loans that are Base Rate Loans

	1
	Less than  or equal to 45%
	1.40%
	0.40%
	1.35%
	0.35%
	1.60%
	0.60%
	1.70%
	0.70%

	2
	Greater than 45% and less or equal to 50%
	1.55%
	0.55%
	1.50%
	0.50%
	1.75%
	0.75%
	1.90%
	0.90%

	3
	Greater than 50% and less than or equal to 55%
	1.75%
	0.75%
	1.70%
	0.70%
	1.95%
	0.95%
	2.05%
	1.05%

	4
	Greater than 55%
	1.95%
	0.95%
	1.90%
	0.90%
	2.15%
	1.15%
	2.25%
	1.25%

(b)    The definition of “Applicable Margin” set forth in Section 1.1 of the Credit Agreement is further amended by deleting the Table contained in clause (b) thereof in its entirety and inserting in place thereof the following new Table (solely to add the pricing for the Tranche C Loans to the Table):
	
										
	Level
	Borrower’s Credit Rating (S&P/Moody’s or Equivalent)
	Applicable Margin for Revolving Loans that are LIBOR Loans
	Applicable Margin for Revolving Loans that are Base Rate Loans
	Applicable Margin for Tranche A Term Loans that are LIBOR Loans
	Applicable Margin for Tranche A Term Loans that are Base Rate Loans
	Applicable Margin for Tranche B Term Loans that are LIBOR Loans
	Applicable Margin for Tranche B Term Loans that are Base Rate Loans
	Applicable Margin for Tranche C Term Loans that are LIBOR Loans
	Applicable Margin for Tranche C Term Loans that are Base Rate Loans

	1
	At Least A- or A3
	0.85%
	0.00%
	0.95%
	0.00%
	1.35%
	0.35%
	1.50%
	0.50%

	2
	BBB+ or Baa1
	0.90%
	0.00%
	1.00%
	0.00%
	1.40%
	0.40%
	1.55%
	0.55%

	3
	BBB or Baa2
	1.00%
	0.00%
	1.15%
	0.15%
	1.50%
	0.50%
	1.65%
	0.65%

	4
	BBB- or Baa3
	1.20%
	0.20%
	1.40%
	0.40%
	1.75%
	0.75%
	1.90%
	0.90%

	5
	Below BBB- and Baa3
	1.55%
	0.55%
	1.80%
	0.80%
	2.30%
	1.30%
	2.45%
	1.45%

(c)    Section 1.1 is hereby amended by amending and restating each of the following definitions to read in their entirety as follows:
“Class” when used with respect to a Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular class of Loans or Commitments (i.e., a Revolving Loan, Tranche A Loan, Tranche B Loan or Tranche C Loan).

4

“Commitment Percentage” means, (a) in respect of the Revolving Credit Facility, with respect to any Revolving Lender at any time, its Revolving Commitment Percentage at such time, (b) in respect of the Tranche A Facility, with respect to any Tranche A Lender at any time, the percentage of the Tranche A Facility represented by (i) on or prior to the Effective Date, such Tranche A Lender’s Tranche A Commitment at such time and (ii) thereafter, the principal amount of such Tranche A Lender’s Tranche A Loans at such time, (c) in respect of the Tranche B Facility, with respect to any Tranche B Lender at any time, the percentage of the Tranche B Facility represented by (i) on or prior to the Effective Date, such Tranche B Lender’s Tranche B Commitment at such time and (ii) thereafter, the principal amount of such Tranche B Lender’s Tranche B Loans at such time and (d) in respect of the Tranche C Facility, with respect to any Tranche C Lender at any time, the percentage of the Tranche C Facility represented by (i) on or prior to the Second Increase and Amendment Effective Date, such Tranche C Lender’s Tranche C Commitment at such time and (ii) thereafter, the principal amount of such Tranche C Lender’s Tranche C Loans at such time.  The Commitment Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on Schedule 1.1, as such Schedule 1.1 may be updated by the Administrative Agent from time to time.
“Facility” means the Revolving Credit Facility, the Tranche A Facility, the Tranche B Facility or the Tranche C Facility, as the context may require, and “Facilities” means all such Facilities together.
“Increasing Lender” has the meaning given that term in Section 2.16(a) and includes any Lender providing any term loan pursuant to the Second Increase Agreement and Amendment.
“Incremental Term Loan” has the meaning given that term in Section 2.16(a) and includes the Tranche A Increase, the Tranche B Increase and the Tranche C Loans.
“Incremental Term Loan Amendment” has the meaning given that term in Section 2.16(e) and includes the First Increase Agreement and the Second Increase Agreement and Amendment.
“Maturity Date” means, (i) with respect to the Revolving Credit Facility (including Swingline Loans), the Revolver Maturity Date, (ii) with respect to the Tranche A Facility, the Tranche A Maturity Date, (iii) with respect to the Tranche B Facility, the Tranche B Maturity Date, and (iv) with respect to the Tranche C Facility, the Tranche C Maturity Date; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.
“Term Loan” or “Term Loans” means any Tranche A Loan, Tranche B Loan or Tranche C Loan made pursuant to Section 2.2, or all of such Loans (or of any such Tranche) collectively, as the context may require. 
“Term Loan Commitment” means, (a) as to each Term Loan Lender as of the Second Increase and Amendment Effective Date, its Tranche A Commitment, Tranche B Commitment and/or Tranche C Commitment, as the context may require, as set forth on 

5

Schedule 1.1, as the same may be amended from time to time, or (b) a Term Loan Lender’s obligation to make a Term Loan after the Second Increase and Amendment Effective Date as set forth in any agreement executed by an existing Term Loan Lender or a Person who becomes a Term Loan Lender in accordance with Section 2.16.
“Term Loan Facility” means the Tranche A Facility, the Tranche B Facility and the Tranche C Facility.
“Titled Agents” means, (a) each of KeyBanc Capital Markets Inc., PNC Capital Markets LLC, and, solely with respect to the Tranche C Loan, BMO Harris Bank N.A., in their capacity as Co-Lead Arrangers; (b) each of KeyBanc Capital Markets Inc. and PNC Capital Markets LLC, in their capacity as Co-Bookrunners, and (c) PNC Bank, National Bank, in its capacity as Syndication Agent.
“Tranche” means the Tranche A Facility, the Tranche B Facility and/or the Tranche C Facility, as the context may require.
“Tranche A Loan” or “Tranche A Term Loan” means an advance made by any Tranche A Lender under the Tranche A Facility.
“Tranche B Loan” or “Tranche B Term Loan” means an advance made by any Tranche B Lender under the Tranche B Facility.
(d)    Section 1.1 is hereby further amended by inserting therein each of the following new definitions in the appropriate alphabetical order:
“First Increase Agreement” means that certain Increase Agreement dated as of December 1, 2016 among the Borrower, the Guarantors, the Lenders party thereto and the Administrative Agent.
 “Second Increase Agreement and Amendment” means that certain Second Increase Agreement and Amendment dated as of the Second Increase and Amendment Effective Date among the Borrower, the Guarantors, the Lenders party thereto and the Administrative Agent.
“Second Increase and Amendment Effective Date” means February 8, 2017.
“Total Tranche C Commitment” means as of the Second Increase and Amendment Effective Date, the sum of the Tranche C Commitments of the Tranche C Lenders. As of the Second Increase and Amendment Effective Date, the Total Tranche C Commitment is $105,000,000.  Upon the funding of the Tranche C Loans in an amount equal to the Total Tranche C Commitment on the Second Increase and Amendment Effective Date, the Tranche C Commitments will be deemed to be zero and will terminate.
“Tranche A Increase” shall have the meaning set forth therefor in the Second Increase Agreement and Amendment. 

6

“Tranche B Increase” shall have the meaning set forth therefor in the Second Increase Agreement and Amendment. 
“Tranche C Commitment” means as to each Tranche C Lender, its obligation to make Tranche C Loans to Borrower on the Second Increase and Amendment Effective Date pursuant to Section 2.2(bb) in an original principal amount not to exceed the applicable amount set forth opposite such Tranche C Lender’s name on Schedule 1.1.  Upon the funding of the Tranche C Loans in an amount equal to the Total Tranche C Commitment on the Second Increase and Amendment Effective Date, the Tranche C Commitments will be deemed to be zero and will terminate.
“Tranche C Facility” means at any time, (a) on or prior to the Second Increase and Amendment Effective Date, the aggregate amount of the Tranche C Commitments at such time and (b) thereafter, the aggregate principal amount of the Tranche C Loans of all Tranche C Lenders outstanding at such time.  
“Tranche C Lender” means (a) at any time on or prior to the Second Increase and Amendment Effective Date, any Term Loan Lender that has a Tranche C Commitment at such time and (b) at any time after the Second Increase and Amendment Effective Date, any Term Loan Lender that holds Tranche C Loans at such time.
“Tranche C Loan” or “Tranche C Term Loan” means an advance made by any Tranche C Lender under the Tranche C Facility.
“Tranche C Loan Prepayment Premium” means with respect to any principal amount of the Tranche C Loan being prepaid in whole or in part pursuant to Section 2.8(a), whether before or after an Event of Default or acceleration, including acceleration due to any event described in Section 11.1(f) or 11.1(g), during any of the periods set forth below an amount equal to the percentage set forth opposite such period of the aggregate principal amount of such Tranche C Loan being prepaid at such time:
	
		
	Period
	Percentage

	From the Second Increase and Amendment Effective Date through and including the first anniversary of the Second Increase and Amendment Effective Date
	2.00%

	After the first anniversary of the Second Increase and Amendment Effective Date through and including the second anniversary of the Second Increase and Amendment Effective Date
	1.00%

	Thereafter
	0.00%

“Tranche C Maturity Date” means February 8, 2024, or such earlier date on which the Tranche C Loans shall become due and payable pursuant to the terms hereof. 

7

“Tranche C Notes” means collectively, the promissory notes made by Borrower in favor of the Tranche C Lenders in an aggregate principal amount equal to the Total Tranche C Commitment, substantially in the form of Exhibit H-2, as the same may be amended, replaced, substituted and/or restated from time to time.
(e)    Section 2.2 of the Credit Agreement is hereby amended by inserting, immediately following clause (b) contained therein, the following new clause (bb):  
“(bb)    The Tranche C Borrowing.  Subject to the terms and conditions set forth herein, each Tranche C Lender severally and not jointly agrees to make a single loan to the Borrower on the Second Increase and Amendment Effective Date in an amount not to exceed such Tranche C Lender’s Commitment Percentage of the Tranche C Facility.  The Tranche C Borrowing shall consist of Tranche C Loans made simultaneously by the Tranche C Lenders in accordance with their respective Commitment Percentage of the Tranche C Facility.  Amounts borrowed under this Section 2.1(bb) and repaid or prepaid may not be reborrowed.”
(f)    Section 2.2 of the Credit Agreement is hereby further amended by amending and restating clause (d) contained therein to read in its entirety as follows:
(d)    Disbursement of Term Loan Proceeds.  No later than 12:00 p.m. on the Effective Date or the Second Increase and Amendment Effective Date, as applicable, each Lender will make available for the account of its applicable Lending Office to the Administrative Agent at the Principal Office, in immediately available funds, the proceeds of the Tranche A Loan and Tranche B Loan to be made by such Lender.  Subject to satisfaction of the applicable conditions set forth in Article VI for such borrowing, the Administrative Agent will make the proceeds of such borrowing available to the Borrower no later than 2:00 p.m. on the Effective Date.  No later than 12:00 p.m. (or such later time as is agreed by the Administrative Agent) on the Second Increase and Amendment Effective Date, each Tranche C Lender will make available for the account of its applicable Lending Office to the Administrative Agent at the Principal Office, in immediately available funds, the proceeds of the Tranche C Loan to be made by such Lender.  Subject to satisfaction of the applicable conditions set forth in the Second Increase Agreement and Amendment for such borrowing, the Administrative Agent will make the proceeds of such borrowing available to the Borrower no later than 5:00 p.m. on the Second Increase and Amendment Effective Date.
(g)    Section 2.6 of the Credit Agreement is hereby amended by deleting the reference therein to “seven” and replacing it with the following: “eight”.
(h)    Section 2.7 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

8

2.7  Repayment of Loans.
The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, (i) the Revolving Loans on the Revolver Maturity Date, (ii) the Tranche A Loans on the Tranche A Maturity Date, (iii) the Tranche B Loans on the Tranche B Maturity Date and (iv) the Tranche C Loans on the Tranche C Maturity Date.
(i)    The first sentence of clause (a) contained in Section 2.8 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(a)    Optional.  Subject to Section 4.4, the Borrower may prepay any Loan at any time without premium or penalty; provided, that any prepayment in whole or in part of the Tranche C Loan shall be made by the payment of the principal amount to be prepaid, accrued interest thereon to the date fixed for prepayment, plus the Tranche C Loan Prepayment Premium, if applicable.
(j)    The last sentence of Section 2.11(b) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
For the avoidance of doubt, the Tranche A Loans shall be evidenced by the Tranche A Notes, the Tranche B Loans shall be evidenced by the Tranche B Notes and the Tranche C Loans shall be evidenced by the Tranche C Notes.
(k)    Clause (d) contained in Section 2.16 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(d)  Terms.  The Incremental Term Loans (i) shall rank pari passu in right of payment with the Revolving Loans and the initial Term Loans and any other Incremental Term Loan, (ii) shall not mature earlier than the latest maturity date of any then outstanding Term Loan (but may have amortization prior to such date) and (iii) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans and the initial Term Loans and any prior Incremental Term Loan; provided, that (x) the terms and conditions applicable to any Incremental Term Loan maturing after the latest maturing Term Loan then outstanding may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the maturity date of such latest maturing Term Loan and (y) the Incremental Term Loans may be priced differently than the Revolving Loans and the initial Term Loans and any other Incremental Term Loan.
(l)    Exhibit H-2 (Form of Tranche A/Tranche B Term Note) to the Credit Agreement is hereby deleted in its entirety and replaced in its entirety with Exhibit H-2 (Form of Tranche A/Tranche B/Tranche C Term Note) attached hereto as Annex 3. The reference to such Exhibit H-2 in the Table of Contents of the Credit Agreement shall be updated accordingly.  
(m)    On and after the Second Increase and Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring 

9

to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by the Second Increase Agreement and Amendment.
3.    Increasing/Augmenting Lender Agreements.  Each Increase Lender that is an existing Lender immediately prior to the effectiveness of this Agreement will enter into an Increasing Lender Agreement in substantially the form attached to the Credit Agreement as Exhibit J in connection with the Increase (each an “Increasing Lender Agreement”); and each Increase Lender that is an Augmenting Lender will enter into an Augmenting Lender Agreement in substantially the form attached to the Credit Agreement as Exhibit K (each an “Áugmenting Lender Agreement”). 
4.    Amendment of Schedule 1.1.   Schedule 1.1 to the Credit Agreement is hereby deleted and replaced with Schedule 1.1 attached hereto as Annex 2.
5.    Affirmation and Acknowledgment. Subject to the terms of the Loan Documents, the Borrower hereby ratifies and confirms all of its Obligations to the Lenders, including, without limitation, the Loans, the Notes and the other Loan Documents, and the Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders all Obligations under (and as defined in) the Credit Agreement, both before and after giving effect to this Agreement. The Guarantors hereby consent to the transactions contemplated by this Agreement and acknowledge and agree that the guaranties made by them contained in each Guaranty are, and shall remain, in full force and effect after giving effect to this Agreement. The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
6.     Representations and Warranties.  The Borrower and each of the Guarantors hereby jointly and severally represent and warrant to the Lenders as follows:
(a)The execution, delivery and performance of this Agreement by the Borrower and each Guarantor (i) are within the authority of such Loan Party, (ii) have been duly authorized by all necessary proceedings on the part of such Loan Party and any general partner thereof, (iii) do not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Loan Party is subject or any judgment, order, writ, injunction, license or permit applicable to such Loan Party, (iv) do not conflict with any provision of the organizational documents of such Loan Party or any general partner or manager thereof, and (v) do not contravene any provisions of, or constitute a Default or Event of Default under the Credit Agreement or a failure to comply with any term, condition or provision of, any other agreement, instrument, judgment, order, decree, permit, license or undertaking binding upon or applicable to such Loan Party or any of such Loan Party’s properties or in the creation of any mortgage, pledge, security interest, lien, encumbrance or charge upon any of the properties or assets of such Loan Party.
(b)    This Agreement (including the Increase) and the Credit Agreement and other Loan Documents constitute legal, valid and binding obligations of each Loan Party, enforceable in accordance with their respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable 

10

remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.
(c)    Other than approvals or consents which have been obtained (written copies of which have been furnished to the Administrative Agent), the execution, delivery and performance by the Borrower and Guarantors of this Agreement (including the Increase), and the transactions contemplated hereby, do not require any approval or consent of, or filing with, any third party or any governmental agency or authority.
(d)    The representations and warranties made or deemed made by each Loan Party in the Loan Documents to which it is a party shall be true and correct in all material respects (or in all respects to the extent that such representations and warranties are already subject to concepts of materiality) on and as of the Increase Effective Date with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date).  For purposes of this clause (d), the representations and warranties contained in Section 7.11 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Article IX of the Credit Agreement. 
(e)    Both immediately before and immediately after giving effect to this Agreement (including the Increase) and the transactions contemplated hereby, no Default or Event of Default under (and as defined in) the Credit Agreement has occurred and is continuing.
7.    Conditions Precedent.   This Agreement shall be deemed to be effective as of the Increase Effective Date, subject to the execution and delivery of the following documents, each in form and substance satisfactory to the Administrative Agent and satisfaction of the additional conditions set forth below:
(a)    this Agreement executed and delivered by the Borrower, each Guarantor, the Administrative Agent, and the Increase Lenders; 
(b)    (i) an amended and restated Note substantially in the form of Exhibit H-2 to the Credit Agreement issued in favor of each Tranche A Increase Lender and Tranche B Increase Lender reflecting the aggregate principal amount of such lender’s Tranche A Loan and/or Tranche B Loan after giving effect to the Tranche A Increase and the Tranche B Increase, respectively, and (ii) a Note substantially in the form of Exhibit H-2 to the Credit Agreement issued in favor of each Tranche C Lender reflecting the aggregate principal amount of such lender’s Tranche C Loan (collectively, the “New Notes”); 
(c)    a certificate dated as of the date hereof signed by a duly authorized officer of the Borrower and each Guarantor (i) certifying and attaching the resolutions adopted by the Borrower and each Guarantor’s board of directors or trustees (or other appropriate governing body or Persons) authorizing the transactions described herein and evidencing the due authorization, execution and delivery of this Agreement, the New Notes and each of the other Loan Documents to which such Loan Party is a party executed in connection with the Increase, (ii) certifying that the organizational documents of the Borrower and each Guarantor have not been amended, modified or rescinded 

11

since they were last furnished in writing to the Administrative Agent, and remain in full force and effect as of the date hereof, (iii) certifying that the Borrower and each Guarantor is duly formed, validly existing and in good standing under the laws of such entity’s organization, and that there is no pending or to such officer’s knowledge, threatened proceeding for dissolution, liquidation or other similar matter with respect to the Borrower or any Guarantor, (iv) certifying that, immediately before and immediately after giving effect to the Increase, this Agreement, Increasing Lender Agreements and the Augmenting Lender Agreements, (A) the representations and warranties contained in Section 7 of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (or in all respects to the extent that such representations and warranties are already subject to concepts of materiality) on and as of the Increase Effective Date with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in such respects on and as of such earlier date) and except that for purposes hereof, the representations and warranties contained in Section 7.11 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Article IX of the Credit Agreement, (B) that there has been no material adverse change in the business, assets, operations, condition (financial or otherwise) or properties of any of the Loan Parties since the date of the financial statements most recently delivered to the Administrative Agent pursuant to the Credit Agreement, and (C) no Default or Event of Default exists; 
(d)    to the extent requested by the Administrative Agent, the Borrower provided information with respect to any outstanding Disqualified Stock;
(e)    an Increasing Lender Agreement executed and delivered by each Increase Lender that is not an Augmenting Lender and the other parties thereto; 
(f)    an Augmenting Lender Agreement executed and delivered by each Augmenting Lender and the other parties thereto;
(g)    favorable opinions of counsel to the Borrower and Guarantors acceptable to the Administrative Agent with respect to this Agreement and the Increase reflected herein and the New Notes; 
(h)    payment by the Borrower in immediately available funds of the fees payable to the Increase Lenders set forth in the fee letter delivered in connection with this Agreement and as otherwise provided by the Credit Agreement; and
(i)    the Assignment and Acceptance Agreement executed and delivered by each of the Assigning Lenders and its respective Assignee.
8.    Miscellaneous Provisions.
(a)    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

12

(b)    This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts taken together shall be deemed to constitute one and the same instrument.  The existence of this Agreement may be established by the introduction into evidence of counterparts that are separately signed, provided they are otherwise identical in all material respects.

[Remainder of Page Intentionally Blank]

13

IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first above written.

BORROWER:

NSA OP, LP

		
	By:
	NATIONAL STORAGE AFFILIATES TRUST, its general partner

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    
 

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

GUARANTORS:

NATIONAL STORAGE AFFILIATES TRUST

By:     /s/ TAMARA D. FISCHER
Name:  Tamara Fischer

SUBSIDIARY GUARANTORS

All Stor Indian Trail, LLC, 
American Mini Storage-San Antonio, LLC, 
Eagle Bow Wakefield, LLC, 
Great American Storage Partners, LLC, 
NSA BV DR, LLC, 
NSA-C Holdings, LLC, 
NSA-G Holdings, LLC, 
NSA Northwest Holdings II, LLC, 
NSA – Optivest Acquisition Holdings, LLC, 
NSA Property Holdings, LLC, 
NSA Storage Solutions, LLC, 
NSA Universal DR, LLC, 
SAP-II YSI #1, LLC, 
SecurCare American Portfolio, LLC, 
SecurCare American Properties II, LLC, 
SecurCare Colorado III, LLC, 
SecurCare Moveit McAllen, LLC, 
SecurCare of Colorado Springs #602 GP, LLC, SecurCare Moreno Valley, LLC, 
SecurCare Oklahoma I, LLC, 
SecurCare Oklahoma II, LLC, 
SecurCare Properties I, LLC, 
SecurCare Properties II, LLC, 
SecurCare Portfolio Holdings, LLC, 
StoreMore Self Storage – Pecos Road, LLC, 
each, a Delaware limited liability company

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    
    

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

ABC RV and Mini Storage, L.L.C., 
Banks Storage, LLC, 
Bauer NW Storage LLC, 
Canyon Road Storage, LLC, 
Damascus Mini Storage LLC, 
East Bank Storage, L.L.C., 
Gresham Mini & RV Storage, LLC, 
Hood River Mini Storage LLC, 
HPRH Storage, LLC, 
ICDC II, LLC, 
Portland Mini Storage LLC, 
Sherwood Storage, LLC, 
Tualatin Storage, LLC, 
Wilsonville Just Store It, LLC, 
each, an Oregon limited liability company

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    
     
Aberdeen Mini Storage, L.L.C., 
Freeway Self Storage, L.L.C, 
S and S Storage, LLC, 
Salem Self Stor, LLC, 
Vancouver Mini Storage, LLC, 
each, a Washington limited liability company
 
By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    
    
Bullhead Freedom Storage, L.L.C, 
an Arizona limited liability company 

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    

SecurCare of Colorado Springs 602, Ltd., 
a Colorado limited partnership

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

GAK, LLC, 
Washington Murrieta II, LLC, 
Washington Murrieta IV, LLC, 
Universal Self Storage Hesperia LLC, 
Universal Self Storage San Bernardino LLC, 
each a California limited liability company

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    

Universal Self Storage Highland, 
a California Limited Partnership, 
Corona Universal Self Storage, 
a California Limited Partnership, 
Fontana Universal Self Storage, 
a California Limited Partnership, 
Hesperia Universal Self Storage, 
a California Limited Partnership, 
Loma Linda Universal Self Storage, 
a California Limited Partnership, 
Upland Universal Self Storage, 
a California Limited Partnership, 
Colton Encinitas, L.P., 
Colton Campus PT., L.P., and
GSC Irvine / Main LP, 
each, a California limited partnership

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    

WCAL, LLC, 
a Texas limited liability company    

By: /s/ TAMARA D. FISCHER
Name:     Tamara D. Fischer
Title:     Authorized Signatory    

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

 
INCREASE LENDERS:

KEYBANK NATIONAL ASSOCIATION

By: /s/ MICHAEL P. SZUBA
Name:  Michael P. Szuba
Title:       Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

PNC BANK, NATIONAL ASSOCIATION, 
as a Lender

By: /s/ JAMES A. HARMANN
Name: James A. Harmann
Title:    Senior Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

BMO Harris Bank N.A.

    
By: /s/ MICHAEL KAUFFMAN
Name: Michaela Kauffman
Title: Managing Director

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

U.S. BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ TODD SCHRADER
Name: Todd Schrader
Title: Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

MORGAN STANLEY SENIOR 
FUNDING, INC., as a Lender

By: /s/ MICHAEL KING
Name: Michael King
Title: Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

CAPITAL ONE NATIONAL 
ASSOCIATION, as a Lender

By: /s/ FREDERICK H. DENECKE
Name: Frederick H. Denecke
Title: Senior Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

SUNTRUST BANK, as a Lender

By: /s/ FRANCINE GLANDT
Name: Francine Glandt
Title: Senior Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

Associated Bank, National Association, as a Lender

By: /s/ GREGORY A. CONNER
Name: Gregory A. Conner
Title: Senior Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

ADMINISTRATIVE AGENT:

KEYBANK NATIONAL ASSOCIATION, as Administrative Agent

By: /s/ MICHAEL P. SZUBA
Name: Michael P. Szuba
Title: Vice President

KEYBANK NATIONAL ASSOCIATION,
as issuer of Letters of Credit

By: /s/ MICHAEL P. SZUBA
Name: Michael P. Szuba
Title: Vice President

KEYBANK NATIONAL ASSOCIATION,
as Swingline Lender
    
By: /s/ MICHAEL P. SZUBA
Name: Michael P. Szuba
Title: Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ KEVIN A. STACKER
Name: Kevin A. Stacker
Title: Senior Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

REGIONS BANK, as a Lender

By: /s/ PAUL E. BURGAN
Name: Paul E. Burgan
Title: Vice President

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

ROYAL BANK OF CANADA, as a Lender

By: /s/ JOSHUA FREEDMAN
Name: Joshua Freedman
Title: Authorized Signatory

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

MORGAN STANLEY BANK, N.A., as a Lender

By: /s/ MICHAEL KING
Name: Michael King
Title: Authorized Signatory

[SIGNATURE PAGE TO SECOND INCREASE AGREEMENT AND AMENDMENT (KEYBANK/NSA)]

Annex 1
Increase Lenders
	
		
	Tranche A Increase Lender
	Tranche A Commitment 
(Portion of Increase)

	U.S. Bank National Association
	$5,000,000

	Morgan Stanley Senior Funding, Inc.
	$5,000,000

	Total
	$10,000,000

	
		
	Tranche B Increase Lender
	Tranche B Commitment 
(Portion of Increase)

	KeyBank National Association
	$3,750,000

	PNC Bank, National Association
	$3,750,000

	U.S. Bank National Association
	$2,500,000

	BMO Harris Bank N.A.
	$7,500,000

	Capital One, National Association
	$12,500,000

	SunTrust Bank
	$25,000,000

	Total
	$55,000,000

	
		
	Tranche C Lender
	Tranche C Commitment

	KeyBank National Association
	$25,000,000

	PNC Bank, National Association
	$25,000,000

	BMO Harris Bank N.A.
	$25,000,000

	Associated Bank, National Association
	$30,000,000

	Total
	$105,000,000

Annex 1 - 1

Annex 2
SCHEDULE 1.1
Lender Commitments
Revolving Commitments
	
			
	Lender
	Revolving Commitment Amount
	Revolving Percentage

	KeyBank National Association
	$37,500,000.00
	9.375000000%

	PNC Bank, National Association
	$37,500,000.00
	9.375000000%

	U.S. Bank National Association
	$45,000,000.00
	11.250000000%

	Wells Fargo Bank, National Association
	$35,000,000.00
	8.750000000%

	BMO Harris Bank N.A.
	$37,500,000.00
	9.375000000%

	Capital One, National Association
	$37,500,000.00
	9.375000000%

	Regions Bank
	$30,000,000.00
	7.500000000%

	The Huntington National Bank
	$25,000,000.00
	6.250000000%

	Morgan Stanley Bank, N.A.
	$25,000,000.00
	6.250000000%

	Morgan Stanley Senior Funding, Inc.
	$30,000,000.00
	7.500000000%

	Royal Bank of Canada
	$30,000,000.00
	7.500000000%

	SunTrust Bank
	$30,000,000.00
	7.500000000%

	Associated Bank, National Association
	--
	--

	TOTAL
	$400,000,000.00
	100.000000000%

Annex 2 - 1

Term Loan Commitments/Term Loans
	
							
	Lender
	Tranche A Commitment Amount/Tranche A Term Loan
	Tranche A Commitment Percentage
	Tranche B Commitment Amount/Tranche B Term Loan
	Tranche B Commitment Percentage
	Tranche C Commitment Amount/Tranche C Term Loan
	Tranche C Commitment Percentage

	KeyBank National Association
	$27,500,000.00
	11.702127660%
	$23,750,000.00
	15.322580645%
	$25,000,000
	23.809523810%

	PNC Bank, National Association
	$27,500,000.00
	11.702127660%
	$23,750,000.00
	15.322580645%
	$25,000,000
	23.809523810%

	U.S. Bank National Association
	$32,500,000.00
	13.829787234%
	$12,500,000.00
	8.064516129%
	--
	--

	Wells Fargo Bank, National Association
	$25,000,000.00
	10.638297872%
	$12,500,000.00
	8.064516129%
	--
	--

	BMO Harris Bank N.A.
	$20,000,000.00
	8.510638298%
	$17,500,000.00
	11.290322581%
	$25,000,000
	23.809523810%

	The Huntington National Bank
	$17,500,000.00
	7.446808511%
	$7,500,000.00
	4.838709677%
	--
	--

	Regions Bank
	$20,000,000.00
	8.510638298%
	$10,000,000.00
	6.451612903%
	--
	--

	Morgan Stanley Senior Funding, Inc.
	$15,000,000.00
	6.382978723%
	--
	--
	--
	--

	Capital One, National Association
	$20,000,000.00
	8.510638298%
	$22,500,000.00
	14.516129032%
	--
	--

	SunTrust Bank
	$30,000,000.00
	12.765957447%
	$25,000,000
	16.129032258%
	--
	--

	Royal Bank of Canada
	--
	--
	--
	--
	--
	--

	Associated Bank, National Association
	--
	--
	--
	--
	$30,000,000
	28.571428570%

Annex 2 - 2

	
							
	Lender
	Tranche A Commitment Amount/Tranche A Term Loan
	Tranche A Commitment Percentage
	Tranche B Commitment Amount/Tranche B Term Loan
	Tranche B Commitment Percentage
	Tranche C Commitment Amount/Tranche C Term Loan
	Tranche C Commitment Percentage

	Morgan Stanley Bank, N.A.
	--
	--
	--
	--
	--
	--

	TOTAL
	$235,000,000.00
	100.000000000%
	$155,000,000.00
	100.000000000%
	$105,000,000.00
	100.000000000%

Annex 2 - 3

Annex 3
EXHIBIT H-2
FORM OF [TRANCHE A/TRANCHE B/TRANCHE C] LOAN PROMISSORY NOTE

$__________    __________ ___, 20__
 
FOR VALUE RECEIVED, the undersigned hereby promises to pay to _______________ (the “Lender”) or its registered assigns, in care of KeyBank National Association, as Administrative Agent (the “Administrative Agent”) at KeyBank National Association, 127 Public Square, Cleveland, Ohio 44114, or at such other address as may be specified in writing by the Administrative Agent to the Borrower, the principal sum of _____________AND __/100 DOLLARS ($___________), on the date and in the principal amount provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.
 
The date, amount of the [Tranche A/Tranche B/Tranche C] Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this [Tranche A/Tranche B/Tranche C] Loan Promissory Note (the “Note”), endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the [Tranche A/Tranche B/Tranche C] Loan made by the Lender.
 
This Note is one of the Notes referred to in the Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of May 6, 2016, by and among by and among NSA OP, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), the Lenders from time to time party thereto, and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, and joined in for certain purposes by certain Subsidiaries of the Borrower and NATIONAL STORAGE AFFILIATES TRUST, a Maryland real estate investment trust (“NSA REIT” or the “Parent Guarantor”).  Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.
 
The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein.

This Note is guaranteed by the Guarantors as provided in the Guaranty.  Reference is hereby made to the Guaranty for a description of the nature and extent of such guaranty, the terms and conditions upon which such guaranty was granted and the rights of the holder of this Note in respect thereof.  This Note is secured as provided in the Pledge and Security Agreement.  Reference is hereby made to the Pledge and Security Agreement for a description of the nature and extent of 

Annex 3 - 1

such collateral security, the terms and conditions upon which such collateral security was granted and the rights of the holder of this Note in respect thereof.  
 
Except as permitted by Section 13.5 of the Credit Agreement, this Note may not be assigned by the Lender to any other Person.
 
[This Note is given in replacement of the Term Note dated _______ __, 20__ in the original principal amount of $_________ previously delivered to the Lender under the Credit Agreement.  THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]
 
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.
 
The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices.
 
Time is of the essence for this Note.
 
[Signature Page Follows]

1 Bracketed language to be used in replacement notes only.

Annex 3 - 2

IN WITNESS WHEREOF, the undersigned has executed and delivered this Note as of the date first written above.

NSA OP, LP, as Borrower

		
	By:
	NATIONAL STORAGE AFFILIATES TRUST, its general partner

By:     ______________________________
Name:     
Title:     

 

Annex 3 - 3Exhibit

Exhibit 10.20

Execution Version
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT (this "Agreement") is dated as of January 1, 2017 (the "Commencement Date"), by and between National Storage Affiliates Trust, a Maryland real estate investment trust (the "Company"), and Brandon Togashi, residing at the address set forth in the Company’s records (the "Executive").   
WHEREAS, the Company wishes to offer a promotion in employment to vice president, controller, and chief accounting officer of the Company, and the Executive wishes to accept such offer on the terms set forth below, to be effective as of the Commencement Date.
NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, 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 Commencement Date of this Agreement and continuing for a three-year period (the "Initial Term"), unless sooner terminated in accordance with the provisions of Section 4 or Section 5; with such employment to automatically continue following the Initial Term for additional successive one-year periods (each, a "Subsequent Term") in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party in writing of its intention not to continue such employment at least 90 days prior to the expiration of the Initial Term or any Subsequent Term, as applicable (the Initial Term, together with all Subsequent Terms hereunder, shall hereinafter be referred to as the "Term").   
2.    Duties.  During the Term, the Executive shall be employed by the Company as vice president, controller, and chief accounting officer, and, as such, the Executive shall have such responsibilities and authority as are customary for a vice president, controller, and chief accounting officer of a company of 

- 1 -

similar size and nature as the Company and shall faithfully perform for the Company the duties of each such office and shall report directly to the chief financial officer of the Company.  The Executive shall devote substantially all of his business time and effort to the performance of his duties hereunder; provided, however, that the Executive may serve on the boards of directors or trustees of any business corporations or charitable organizations and such service shall not be a violation of this Agreement, provided that such other activities do not materially interfere with the performance of the Executive's duties hereunder. 
3.    Compensation.
3.1    Salary.  The Company shall pay the Executive during the Term a salary at the minimum rate of $210,000 per annum, in accordance with the customary payroll practices of the Company applicable to senior executives from time to time.  The Compensation, Nominating and Corporate Governance Committee of the Board (the "Compensation Committee") shall review the Executive's Annual Salary in good faith on an annual basis and may provide for increases therein as it may in its sole discretion deem appropriate (such annual salary, as increased, the "Annual Salary").  Once increased, the Annual Salary shall not thereafter be decreased.  
3.2    Bonus.  During the Term, Executive shall be eligible to participate in any annual incentive or bonus plan or plans maintained by the Company for senior management executives of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be adopted, changed, amended, or terminated, from time to time in the discretion of the Board. Executive shall be eligible to earn a target bonus (the "Annual Bonus") pursuant to a program as established by Board and subject to the achievement of performance goals determined by the Board.  
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, equity incentive plans, long-term incentive programs, 401(k) and other retirement plans, fringe benefit programs and similar benefits that may be available (currently or in the future) to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs.  

- 2 -

3.4    Specific Benefits.  Without limiting the generality of Section 3.3, the Executive shall be entitled to paid vacation of not less than the greater of (a) 20 business days per year or (b) the number of paid business vacation days provided to other senior executives of the Company (to be taken at reasonable times in accordance with the Company's policies).  Any accrued vacation not taken during any year may be carried forward to subsequent years; provided, that the Executive may not carry forward more than 20 business days of unused vacation in any one year.
3.5    Expenses.  The Company shall promptly pay or reimburse the Executive for all ordinary and reasonable out-of-pocket 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; provided that the Executive documents such expenses with the properly completed forms as prescribed from time to time by the Company in accordance with the Company's policies, plans and/or programs. 
4.    Termination upon Death or Disability.  If the Executive dies during the Term, the Term shall terminate as of the date of death.  If there is a good faith determination by the Board that the Executive has become physically or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative period of 180 days within any 12-month period (a "Disability"), 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.  Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: (i) all accrued but unpaid Annual Salary or Annual Bonus through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 3.5  hereof, (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein (the payments and benefits referred to in clauses (i) through (iii) above, collectively, the "Accrued Obligations"), (iv) an amount equal to the target Annual Bonus, prorated to reflect the partial year of employment, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal 

- 3 -

year following the fiscal year in which such termination occurred (subject to Section 7.15 of this Agreement), (v) for a period of 24 months after termination of employment, such continuing medical benefits for the Executive and/or the Executive's eligible family members under the Company's health plans and programs applicable to senior executives of the Company generally as the Executive would have received under this Agreement (and at such costs to the Executive) in the absence of such termination (but not taking into account any post-termination increases in Annual Salary that may otherwise have occurred without regard to such termination and that may have affected such benefits), (vi) all outstanding equity (or equity-based) incentives and awards granted upon the completion of the Company's IPO and the Formation Transactions held by the Executive shall thereupon vest and become free of restrictions and shall be exercisable in accordance with their terms and (vii) a prorated portion (based on the number of days of employment during a fiscal year until the date of the Executive's death or Disability, as applicable, over 365) of any other unvested outstanding equity (or equity-based) awards held by the Executive that would have vested in the fiscal year in which such termination occurs shall thereupon vest and become free of restrictions and any remaining portion of such awards will be forfeited.  
Following the Executive’s death or a termination of the Executive’s employment by reason of a Disability, except as set forth in this Section 4, the Executive shall have no further rights to any compensation or any other benefits under this Agreement.
5.    Certain Terminations of Employment.
5.1    Termination by the Company for Cause; Termination by the Executive without Good Reason.
(a)    For purposes of this Agreement, "Cause" shall mean, the Executive's:

(i)    conviction of, or plea of nolo contendere to, a felony or any crime involving moral turpitude or fraud (but excluding traffic violations) that is injurious to the business or reputation of the Company;

(ii)    willful failure to perform his material duties hereunder (other than any such failure resulting from Executive’s incapacity due to injury or physical or mental illness) which failure continues for a period of thirty (30) business days after written demand for corrective 

- 4 -

action is delivered by the Company specifically identifying the manner in which the Company believes the Executive has not performed his duties; 

(iii)     conduct by the Executive constituting an act of willful misconduct or gross negligence in connection with the performance of his duties that are injurious to the business, including, without limitation, embezzlement or the misappropriation of funds or property of the Company; 

(iv)    failure to adhere to the lawful directions of the chief executive officer of the Company which continues for a period of 30 business days after written demand for corrective action is delivered by the Company; or

(v)    intentional and material breach of (x) any covenant contained in Section 6 of this Agreement or any other material agreement between the Executive and the Company; or (y) the other terms and provisions of this Agreement and, in each case, failure to cure such breach within 10 days following written notice from the Company specifying such breach;

provided, that the Company shall not be permitted to terminate the Executive for Cause except on written notice given to the Executive at any time within 30 days following the occurrence of any of the events described above (or, if later, the Company's knowledge thereof).  Notwithstanding anything herein to the contrary, the Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board at a meeting of the Board called and held for such purposes (after reasonable notice to the Executive and an opportunity for him, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board after reasonable investigation that the Executive has engaged in acts or omissions constituting Cause.  Notwithstanding the foregoing, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company.  
(b)    The Company may terminate the Executive's employment hereunder for Cause on at least 10 days’ notice, and the Executive may terminate his employment on at least 30 days' written notice.  If the Company terminates the Executive for Cause, or the Executive terminates his employment and the termination by the Executive is not covered by Section 4 or 5.2, the Executive shall receive the Accrued 

- 5 -

Obligations in a lump sum payment (subject to Section 7.15 of this Agreement) within 30 days following Executive’s termination of employment, and the Executive shall have no further rights to any compensation or any other benefits under this Agreement.
5.2     Termination by the Company without Cause; Termination by the Executive for Good Reason.
(a)    For purposes of this Agreement, "Good Reason" shall mean the following, unless consented to by the Executive:
    
(i)     any material change in job title or material diminution in the Executive's roles, reporting lines and responsibilities from those set forth in this Agreement or assignment of duties inconsistent with such position;

(ii)     a material reduction in the Executive's Annual Salary or Annual Bonus potential or failure to promptly pay such amounts when due;

(iii)     if the Company relocates Executive’s office outside a 30 mile radius of Executive's primary office; 

(iv)    a material breach by the Company of this Agreement or any other material agreement between the Executive and the Company; or

(v)    the Company's notice to the Executive of non-renewal of the Initial Term or any Subsequent Term in accordance with Section 1 of this Agreement.
Good Reason shall also include on or following a "Change in Control"  (as defined in the National Storage Affiliates Trust 2015 Equity Incentive Plan), any change in job title or diminution of roles, reporting lines or responsibilities and any reduction in the Executive's Annual Salary or Annual Bonus potential. Notwithstanding the foregoing, (x) Good Reason shall not be deemed to exist unless written notice of termination on account thereof is given by the Executive no later than 60 days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises (or, if later, the Executive’s knowledge thereof); and (y) if there exists (without regard to this clause (y)) an event or condition that constitutes Good Reason (pursuant to Section 5.2(a)(i), Section 5.2(a)(ii) or Section 5.2(a)(iv)), the Company shall have 30 days from the date 

- 6 -

written notice of such a termination is given by the Executive to cure such event or condition and, if the Company does so, such event or condition shall not constitute Good Reason hereunder. 
(b)    The Company may terminate the Executive's employment without Cause at any time for any reason or no reason.  The Executive may terminate the Executive's employment with the Company at any time for any reason or no reason, and for Good Reason under this Section 5.2.  If (x) the Company terminates the Executive's employment and the termination is not covered by Section 4 or 5.1, or (y) the Executive terminates his employment for Good Reason, (i) the Executive shall be entitled to receive, in a lump sum payment (subject to Section 7.15 of this Agreement) on the 30th day following the Executive's termination of employment, (A) the Accrued Obligations, (B) the amount equal to the sum of (x) the Executive's Annual Salary and (y) the amount equal to the greater of (1) the Executive's average Annual Bonus actually received in respect of the two fiscal years (or such fewer number of fiscal years with respect to which Executive received an Annual Bonus) prior to the year of termination and (2) the Executive's target Annual Bonus for the fiscal year in which such termination of employment occurs; (ii) for a period of 24 months after termination of employment, such continuing medical benefits for the Executive and the Executive's eligible family members under the Company's health plans and programs applicable to senior executives of the Company generally as the Executive would have received under this Agreement (and at such costs to the Executive) in the absence of such termination (but not taking into account any post-termination increases in Annual Salary that may otherwise have occurred without regard to such termination and that may have affected such benefits), subject to a reduction to the extent the Executive receives comparable benefits from a subsequent employer; and (iii) all outstanding equity (or equity-based) incentives and awards held by the Executive shall thereupon vest and become free of restrictions and all stock options shall be exercisable in accordance with their terms. 
(c)    Notwithstanding clause 5.2(b)(ii), (i) nothing herein shall restrict the ability of the Company to amend or terminate the health and welfare plans and programs referred to in such clause 

- 7 -

5.2(b)(ii) from time to time in its sole discretion, provided that any such amendments or termination are made applicable generally on the same terms to all actively employed senior executives of the Company and does not result in a proportionately greater reduction in the rights of or benefits to the Executive compared with any other officers of the Company, but the Company may not reduce benefits already earned and accrued by, but not yet paid to, the Executive and (ii) the Company shall in no event be required to provide any benefits otherwise required by such clause 5.2(b)(ii) after such time as the Executive becomes entitled to receive benefits of the same type and at least as favorable to the Executive from another employer or recipient of the Executive's services (such entitlement being determined without regard to any individual waivers or other similar arrangements).
(d)    Notwithstanding any other provision of this Agreement, the Company shall not be required to make the payments and provide the benefits provided for under Section 4 (in the event of Disability) or Section 5.2(b) unless the Executive executes and delivers to the Company a waiver and release substantially in the form attached hereto as Exhibit A and such waiver and release becomes effective and irrevocable; provided that the Company shall have provided the Executive with such waiver and release within 10 business days following the Executive's termination of employment.
(e)    No Mitigation/No Offset. Except as otherwise provided herein, the Company’s obligation to pay the Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set-off, counterclaim, or recoupment of amounts owed by the Executive to the Company or its affiliates.  The Company agrees that, if the Executive's employment is terminated during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company.  
6.    Covenants of the Executive.
6.1    Covenant Against Competition; Other Covenants.  The Executive acknowledges that (i) the principal business of the Company (which expressly includes for purposes of this Section 6 (and any related enforcement provisions hereof), its successors and assigns) is to own, operate and acquire self-

- 8 -

storage properties in the top 100 metropolitan statistical areas throughout the United States (such businesses, and any and all other businesses in which, at the time of the Executive's termination, the Company is actively and regularly engaged or actively pursuing, herein being collectively referred to as the "Business"); (ii) the Company is one of the limited number of persons who have developed such a business; (iii) the Company's Business is national in scope; (iv) the Executive's work for NSA and the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6.  Accordingly, the Executive covenants and agrees that:
(a)    By and in consideration of the salary and benefits to be provided by the Company hereunder, including the severance arrangements set forth herein, and further in consideration of the Executive's exposure to the proprietary information of the Company, and without limiting or expanding the terms and conditions set forth in any other agreement between the Company and any of its subsidiaries and the Executive and his or her affiliates, the Executive covenants and agrees that, during the period commencing on the date hereof and ending six months following the date upon which the Executive shall cease to be an employee of the Company and its affiliates (the "Restricted Period"), he shall not in the Restricted Territory (as defined below), directly or indirectly, whether as an owner, partner, shareholder, principal, agent, employee, consultant or in any other relationship or capacity, (i) engage in the Business (other than for the Company or its affiliates) or otherwise compete with the Company or its affiliates in the Business or (ii) render to a person, corporation, partnership or other entity engaged in the Business the same services that the Executive renders to the Company; provided, however, that, notwithstanding the foregoing, (A) the Executive may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (x) such securities are listed on any national securities exchange, (y) the Executive is not a controlling person of, or a member of a group which controls, such entity, and (z) the Executive does not, directly or indirectly, own 5% or more of any class of securities of such entity; and (B) subject to the approval 

- 9 -

of the Board, the Executive may serve on the boards of directors or trustees of any business corporations or charitable organizations on which the Executive was serving as of the date of the Executive's termination of employment and such service shall not be a violation of this Agreement.
For purposes of this Agreement, the "Restricted Territory" shall mean any (i) state in the United States and (ii) foreign country or jurisdiction, in the case of clause (i) or (ii), in which the Company (x) is actively conducting the Business during the Term or (y) has initiated a plan adopted by the Board to conduct the Business in the two years following the Term.
(b)    During and after the Term, the Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit or the benefit of others, except in connection with the business and affairs of the Company and its affiliates, all non-public confidential matters relating to the Company's Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its affiliates (the "Confidential Company Information"), and shall not disclose such Confidential Company Information to anyone outside of the Company except in the course of his duties as vice president, controller, and chief accounting officer, or with the Board's express written consent and except for Confidential Company Information which is at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such information confidential and without breach of this Agreement or which is independently developed or obtained by the Executive without reliance upon any confidential information of the Company or use of any Company resources.  Notwithstanding anything in this agreement to the contrary, the Executive may disclose Confidential Company Information where the Executive is required to do so by law, regulation, court order, subpoena, summons or other valid legal process; provided, that the Executive first (i) promptly notifies the Company, (ii) uses commercially reasonable efforts to consult with the Company with respect to and in advance of the disclosure thereof, and (iii) reasonably cooperates with the Company to narrow the scope of the disclosure required to be made, in each case, solely at the Company’s expense.

- 10 -

(c)    During the Restricted Period, the Executive shall not, without the Company's prior written consent, directly or indirectly, (i) solicit or encourage to leave the employment or other service of the Company or any of its subsidiaries, any person or entity who is or was during the six-month period preceding the Executive’s termination of employment, an employee, agent or independent contractor of the Company or any of its subsidiaries.  During the Restricted Period, the Executive shall not, whether for his own account or for the account of any other person, firm, corporation or other business organization, solicit for a competing business or intentionally interfere with the Company's or any of its subsidiaries’ relationship with, or endeavor to entice away from the Company for a competing business, any person who is or was during the six month period preceding the Executive's termination of employment, a customer, client, agent, or independent contractor of the Company or any of its subsidiaries.  
(d)    All memoranda, notes, lists, records, property and any other tangible product and documents (and all copies thereof), whether visually perceptible, machine-readable or otherwise, made, produced or compiled by the Executive or made available to the Executive containing Confidential Company Information (i) shall at all times be the property of the Company (and, as applicable, any affiliates) and shall be delivered to the Company at any time upon its request, and (ii) upon the Executive's termination of employment, shall be promptly returned to the Company.  This section shall not apply to materials that the Executive possessed prior to his business relationship with NSA or the Company, to the Executive's personal effects and documents, and to materials prepared by the Executive for the purposes of seeking legal or other professional advice.  
(e)    Other than in connection with either party enforcing its rights under this Agreement, at no time during the Executive's employment by the Company or at any time thereafter shall the Executive, on one hand, or the Company or any of its subsidiaries, on the other hand, publish any statement or make any statement under circumstances reasonably likely to become public that is critical of the other party, or in any way otherwise be materially injurious to the Business or reputation of the other party, unless otherwise required by applicable law or regulation or by judicial order.

- 11 -

6.2    Rights and Remedies upon Breach.  
(a)    The parties hereto acknowledge and agree that any breach of any of the provisions of Section 6 or any subparts thereof (individually or collectively, the "Restrictive Covenants") may result in irreparable injury and damage for which money damages would not provide an adequate remedy.  Therefore, if the either party breaches, or threatens to commit a breach of, any of the provisions of Section 6 or any subpart thereof, the other party and its affiliates, in addition to, and not in lieu of, any other rights and remedies available to the other party and its affiliates under law or in equity (including, without limitation, the recovery of damages), shall have the right and remedy to seek to have the Restrictive Covenants or other obligations herein 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 of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants. 
(b)    The Executive agrees that the provisions of Section 6 of this Agreement and each subsection thereof are reasonably necessary for the protection of the Company’s legitimate business interests and if enforced, will not prevent the Executive from obtaining gainful employment should his employment with the Company end.  The Executive agrees that in any action seeking specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions of this Section 6 are unreasonable or otherwise unenforceable as drafted.  The existence of any claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants.
7.    Other Provisions.
7.1    Severability.  The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects as drafted.  If it is determined that any of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, 

- 12 -

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 effect, without regard to the invalid portions.
7.2    Duration and Scope of Covenants.  If any court or other decision-maker of competent jurisdiction determines that any of the Executive's covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.
7.3    Enforceability; Jurisdiction; Arbitration.  
(a)    The Company and the Executive intend to and hereby confer jurisdiction to enforce the Restrictive Covenants set forth in Section 6 upon the courts of any jurisdiction within the geographical scope of the Restrictive Covenants.  If the courts of any one or more of such jurisdictions hold 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.  The parties hereby agree to waive any right to a trial by jury for any and all disputes hereunder (whether or not relating to the Restricted Covenants).
(b)    Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies referred to in Section 6.2) that is not resolved by the Executive and the Company (or its affiliates, where applicable) shall be submitted to arbitration in Denver, Colorado in accordance with Colorado law and the employment arbitration 

- 13 -

rules and procedures of the American Arbitration Association, before an arbitrator experienced in employment disputes who is licensed to practice law in the State of Colorado.  The determination of the arbitrator shall be conclusive and binding on the Company (or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)' award in any court having jurisdiction.  The arbitration shall be held in Denver, Colorado.  
(c)    In the event of any dispute between the parties with respect to the terms of this Agreement, the prevailing party in any legal proceeding or other action to enforce the terms of this Agreement will be entitled to an award of attorneys’ fees incurred in connection with such proceeding or action.
7.4    Notices.  Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by facsimile transmission or sent by certified, registered or express mail, or overnight courier, postage prepaid.  Any such notice shall be deemed given when so delivered personally, sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows:
(i)    If to the Company or NSA, to:
National Storage Affiliates Trust
5200 DTC Parkway
Suite 200
Greenwood Village, Colorado 80111
Attention:  Arlen D. Nordhagen
with a copy to (which shall not constitute notice to the Executive):
Clifford Chance US LLP
31 West 52nd Street 
New York, New York 10019-6131
Attention:  Jay L. Bernstein

(ii)    If to the Executive, to the address in the records of the Company.

Any such person may by notice given in accordance with this Section 7.4 to the other parties hereto designate another address or person for receipt by such person of notices hereunder.

- 14 -

7.5    Entire Agreement.  This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.
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.  Except as expressly provided herein, 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 MARYLAND WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND.
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.  Except as otherwise provided by operation of law, in the event of any sale, transfer or other disposition of all or substantially all of the Company's assets or business, whether by merger, consolidation or otherwise, the Company may assign this Agreement and its rights hereunder, provided that the successor or purchaser agrees in writing, as a condition of such transaction, to assume all of the Company's obligations hereunder.
7.9    Withholding.  The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required by law.

- 15 -

7.10    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.
7.11    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.
7.12    Survival.  Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 4, 5, 6, and 7, shall survive any termination of the Executive's employment hereunder and continue in full force until performance of the obligations thereunder, if any, in accordance with their respective terms.
7.13    Existing Agreements.  The Executive represents to the Company that he is not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit his ability to fulfill his responsibilities hereunder. 
7.14    Headings.  The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.
7.15    Section 409A Compliance.  Any payments under this Agreement that are deemed to be deferred compensation subject to the requirements of Section 409A of the Code are intended to comply with the requirements of Section 409A and this Agreement shall be interpreted accordingly.  To this end and notwithstanding any other provision of this Agreement to the contrary, if at the time of the Executive's termination of employment with the Company, (i) the Company's securities are publicly traded on an established securities market; (ii) Executive is a "specified employee" (as defined in Section 409A); and (iii) the deferral of the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of such payments 

- 16 -

(without any reduction in amount ultimately paid or provided to the Executive).  Such deferral shall last until the date that is six months following the Executive's termination of employment with the Company (or the earliest date as is permitted under Section 409A).  Any amounts the payment of which are so deferred shall be paid in a lump sum payment on the first day of the seventh month following the end of such deferral period.  If the Executive dies during the deferral period prior to the payment of any deferred amount, then the unpaid deferred amount shall be paid to the personal representative of the Executive's estate within 60 days after the date of the Executive's death.  For purposes of Section 409A, the Executive's right to receive installment payments pursuant to this Agreement including, without limitation, any COBRA (Consolidated Omnibus Budget Reconciliation Act) continuation reimbursement shall be treated as a right to receive a series of separate and distinct payments.  The Executive will be deemed to have a date of termination for purposes of determining the timing of any payments or benefits hereunder that are classified as deferred compensation only upon a "separation from service" within the meaning of Section 409A.  Any amount that the Executive is entitled to be reimbursed under this Agreement will be reimbursed to the Executive as promptly as practical and in any event not later than the last day of the calendar quarter after the calendar quarter in which the expenses are incurred, any right to reimbursement or in kind benefits will not be subject to liquidation or exchange for another benefit, and the amount of the expenses eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement in any other taxable year.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., "payment shall be made within 30 days following the date of termination"), the actual date of payment within the specified period shall be within the reasonable discretion of the Company.  For purposes of Section 409A, any payment to be made to the Executive after receipt of an executed and irrevocable release within any specified  period, in which such period begins in one taxable year of Executive and ends in a second taxable year of Executive, will be made in the second taxable year.
The parties agree to consider any amendments or modifications to this Agreement or any other compensation arrangement between the parties, as reasonably requested by the other party, that is 

- 17 -

necessary to cause such agreement or arrangement to comply with Section 409A (or an exception thereto), provided that such proposed amendment or modification does not change the economics of the agreement or arrangement and does not provide for any additional cost to either party.  Notwithstanding the foregoing, the parties will not be obligated to make any amendment or modification and the Company makes no representation or warranty with respect to compliance with Section 409A and shall have no liability to the Executive or any other person if any provision of this Agreement or such other arrangement are determined to constitute deferred compensation subject to Section 409A that does not satisfy an exemption from, or the conditions of, such Section.
7.16    Parachute Payments.  If there is a change in ownership or control of the Company that would cause any payment or distribution by the Company or any other person or entity to the Executive or for the Executive's benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a "Payment") to be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (such excise tax, together with any interest or penalties incurred by the Executive with respect to such excise tax, the "Excise Tax"), then the Executive will receive the greatest of the following, whichever gives the Executive the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (a) the Payments or (b) one dollar less than the amount of the Payments that would subject the Executive to the Excise Tax (the "Safe Harbor Amount").  If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments constitutes non-qualified deferred compensation (within the meaning of Section 409A of the Code), then the reduction shall occur in the manner the Executive elects in writing prior to the date of payment.  If any Payment constitutes non-qualified deferred compensation or if the Executive fails to elect an order, then the Payments to be reduced will be determined in a manner which has the least economic cost to the Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to the Executive, until the reduction is achieved.  All determinations required to be made under this Section 7.16, including whether and when the Safe Harbor Amount is required 

- 18 -

and the amount of the reduction of the Payments and the assumptions to be utilized in arriving at such determination, shall be made by a certified public accounting firm designated by the Company (the "Accounting Firm").  All fees and expenses of the Accounting Firm shall be borne solely by the Company.  Any determination by the Accounting Firm shall be binding upon Company and the Executive.

- 19 -

IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.
NATIONAL STORAGE AFFILIATES TRUST
By:    /s/ Arlen. D. Nordhagen    
Name:    Arlen D. Nordhagen            
Title:    Chief Executive Officer            
Brandon Togashi
/s/ Brandon Togashi

- 20 -

EXHIBIT A

Form of Waiver and Release

This Waiver and General Release of all Claims (this "Agreement") is entered into by Brandon Togashi (the "Executive") and National Storage Affiliates Trust, a Maryland real estate investment trust (the "Company"), effective as of ____________ (the "Effective Date").
In consideration of the promises set forth in the Employment Agreement between the Executive and the Company, dated _____________ (the "Employment Agreement"), the Executive and the Company agree as follows:
1.    General Releases and Waivers of Claims.
(a)    Executive's Release of Company.  In consideration of the payments and benefits provided to the Executive under Sections 4 and/or 5.2(b) of the Employment Agreement and after consultation with counsel, the Executive (or his estate, as applicable) hereby irrevocably and unconditionally releases and forever discharges the Company and its past, present and future parent entities, subsidiaries, divisions, affiliates and related business entities, any of its or their successors and assigns, assets, employee benefit plans or funds, and any of its or their respective past, present and/or future directors, officers, fiduciaries, agents, trustees, administrators, managers, supervisors, stockholders, employees and assigns, whether acting on behalf of the Company or in their individual capacities (collectively, "Company Parties") from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, "Claims"), including, without limitation, any Claims under any federal, state, local or foreign law, that the Executive (or his estate, as applicable) may have, or in the future may possess, arising out of the Executive's employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service; provided, however, that the Executive (or his estate, as applicable) does not release, discharge or waive (A) any rights 

- 21 -

to payments and benefits provided under the Employment Agreement, (B) any right the Executive (or his estate, as applicable) may have to enforce this Agreement, the Award Agreements or the Employment Agreement or any other rights as a member, shareholder or partner of the Company or its affiliates, (C) the Executive’s rights under any indemnification agreement with the Company and rights to indemnification and advancement of expenses in accordance with the Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance policy, (D) any claims for benefits under any employee benefit or pension plan of the Company Parties subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under the Employee Retirement Income Security Act of 1974, or (E) any right or claim that the Executive (or his estate, as applicable) may have to obtain contributions as permitted by applicable law in an action in which both the Executive on the one hand or any Company Party on the other hand are held jointly liable.
(b)    Executive's Specific Release of ADEA Claims.  In further consideration of the payments and benefits provided to the Executive under Sections 4 and 5.2(b) of the Employment Agreement, the Executive hereby unconditionally release and forever discharge the Company Parties from any and all Claims that the Executive may have as of the date the Executive signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder ("ADEA").  By signing this Agreement, the Executive hereby acknowledges and confirms the following:  (i) the Executive was advised by the Company in connection with his termination to consult with an attorney of his choice prior to signing this Agreement and to have such attorney explain to the Executive the terms of this Agreement, including, without limitation, the terms relating to the Executive’s release of claims arising under ADEA, and the Executive has been given the opportunity to do so; (ii) the Executive was given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive knowingly and voluntarily accepts the terms of this Agreement.  The Executive also understands that he has seven days following the date on which he signs this Agreement within which to revoke the release contained in this 

- 22 -

paragraph, by providing the Company a written notice of his revocation of the release and waiver contained in this paragraph.
(c)    No Assignment.  The Executive (or his estate, as applicable) represents and warrants that he has not assigned any of the Claims being released under this Agreement.
2.    Waiver of Relief.  The Executive (or his estate, as applicable) acknowledges and agrees that by virtue of the foregoing, the Executive (or his estate, as applicable) has waived any relief available to him/it (including without limitation, monetary damages and equitable relief, and reinstatement) under any of the Claims waived in paragraph 2.  Therefore the Executive (or his estate, as applicable) agrees that he/it will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any government agency) with respect to any Claim or right waived in this Agreement.  Nothing in this Agreement shall be construed to prevent the Executive (or his estate, as applicable) from cooperating with or participating in an investigation conducted by, any governmental agency, to the extent required or permitted by law.
3.    Severability Clause.  In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative.
4.    Non-admission.  Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or any other Company Party or the Executive.
5.    Governing Law.  All matters affecting this Agreement, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the State of Maryland applicable to contracts executed in and to be performed in that State.
6.    Arbitration.  Any dispute or controversy arising under or in connection with this Agreement shall be resolved in accordance with Section 7.3 of the Employment Agreement.
7.    Notices.  All notices or communications hereunder shall be made in accordance with Section 7.4 of the Employment Agreement.

- 23 -

THE EXECUTIVE (OR HIS ESTATE, AS APPLICABLE) ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT AND THAT HE/IT FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE/IT HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS/ITS OWN FREE WILL.

By: ______________________

Date: _______________

NATIONAL STORAGE AFFILIATES TRUST

By:    __________________
Name:     __________________
Title:     __________________

- 24 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]