Document:

EX-10.1

 

Exhibit 10.1

CHRISTOPHER P. MARR

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of June 5, 2006 by and between
U-STORE-IT TRUST, a Maryland real estate investment trust (the “Company”), and Christopher P. Marr
(the “Executive”).

     WHEREAS, the Company has determined that it is in the best interests of the Company and its
shareholders to enter into an employment agreement with the Executive and the Executive is willing
to serve as an employee of the Company, subject to the terms and conditions of this Agreement.
Accordingly, the parties hereto agree as follows:

     1. Term. The Company hereby employs the Executive, and the Executive hereby accepts
such employment for an initial term commencing as of the date hereof and ending on June 5, 2009,
unless sooner terminated in accordance with the provisions of Section 4 or Section 5 (the period
during which the Executive is employed hereunder being hereinafter referred to as the “Term”). The
Term shall be subject to automatic one-year renewals unless either party hereto notifies the other,
in accordance with Section 7.4, of non-renewal at least ninety (90) days prior to the end of any
such Term. Notwithstanding the employment of the Executive by the Company, the Company shall be
entitled to pay the Executive from the payroll of any subsidiary of the Company.

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

     3. Compensation.

          3.1 Salary. The Company shall pay the Executive during the Term a base salary at the
rate of $375,000 per annum (the “Annual Salary”), in accordance with the customary payroll
practices of the Company applicable to senior executives generally. The Annual Salary may be
increased annually by an amount as may be approved by the Board or the Compensation Committee, and,
upon such increase, the increased amount shall thereafter be deemed to be the Annual Salary for
purposes of this Agreement.

          3.2 Bonus. The Executive will be eligible to participate in the Company’s annual
bonus plan (the “Bonus Plan”), the terms of which will be established by the Compensation
Committee; provided however, that the Executive’s annual bonus for 2006 shall be $300,000, if the

 

 

Executive is employed by the Company on December 31, 2006. The Executive may be awarded such
restricted shares, share options and other equity-based awards under the Company’s equity
compensation plan (“Equity Awards”) as the Compensation Committee determines to be appropriate.

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

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

          3.5 Automobile. During the Term, the Company will provide the Executive an allowance
of $6,000 per year for the use of an automobile (including the payment of vehicle insurance). At
the option of the Company, in lieu of providing such allowance, the Company will provide the
Executive with an automobile of suitable standard to the Executive’s position.

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

     4. Termination upon Disability. If the Executive becomes eligible for disability
benefits under the Company’s long-term disability plans and arrangements (or, if none apply, would
have been so eligible under the most recent plan or arrangement), the Company shall have the right,
to the extent permitted by law, to terminate the employment of the Executive upon notice in writing
to the Executive and such termination in and of itself shall not be, nor shall it be deemed to be,
a breach of this Agreement; provided, that, the Company will have no right to terminate the
Executive’s employment if, in the opinion of a qualified physician reasonably acceptable to the
Company, it is reasonably certain that the Executive will be able to resume the Executive’s duties
on a regular full-time basis within 90 days of the date the Executive receives notice of such
termination. Upon termination of employment by virtue of disability (i) the Executive shall have
no right to receive any compensation or benefit hereunder on and after the Effective Date of the
Termination other than Annual Salary earned and accrued under this Agreement prior to the Effective
Date of the Termination, any bonus for the prior year not yet paid, and other benefits, including
payment for accrued but unused vacation, earned and accrued under this Agreement prior to the
Effective Date of the Termination (and reimbursement under this Agreement for expenses incurred but
not paid prior to the Effective Date of the Termination) and an amount equal to the product of (x)
the Executive’s target annual bonus for the fiscal year of the Executive’s death or disability and
(y) a fraction, the numerator of which is the number of days in the current fiscal year through the
Effective Date of the Termination, and the denominator of which is 365; (ii) all Equity Awards held
by the Executive

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shall become fully vested and exercisable; and (iii) this Agreement shall otherwise terminate
upon the Effective Date of the Termination and there shall be no further rights with respect to the
Executive hereunder (except as provided in Section 7.13). For purposes of this Section 4, the
“Effective Date of the Termination” shall mean the date on which a notice of termination by virtue
of disability is given or any later date (within thirty (30) days after the giving of such notice)
set forth in such notice of termination.

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

     5. Other Terminations of Employment.

          5.1 Termination for Cause; Termination of Employment by the Executive Without Good
Reason.

               (a) For purposes of this Agreement, “Cause” shall mean:

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

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

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

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

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

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

               (b) For purposes of this Agreement, “Good Reason” shall mean the death of the Executive or,
unless otherwise consented to by the Executive:

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                    (i) the material reduction of the Executive’s authority, duties and
responsibilities, or the assignment to the Executive of duties materially and
adversely inconsistent with the Executive’s position or positions with the Company
and its subsidiaries;

                    (ii) a reduction in Annual Salary of the Executive;

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

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

(A) the dissolution or liquidation of the Company, (B) the merger,
consolidation, or reorganization of the Company with one or more
other entities in which the Company is not the surviving entity or
immediately following which the persons or entities who were
beneficial owners (as determined pursuant to Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of
voting securities of the Company immediately prior thereto cease to
beneficially own more than 50% of the voting securities of the
surviving entity immediately thereafter, (C) a sale of all or
substantially all of the assets of the Company to another person or
entity other than an affiliate of the Company, (D) any transaction
(including without limitation a merger or reorganization in which the
Company is the surviving entity) that results in any person or entity
or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (other than persons who are shareholders or affiliates
immediately prior to the transaction) owning thirty percent (30%) or
more of the combined voting power of all classes of shares of the
Company, or (E) individuals who, as of the date hereof, constitute
the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any
individual becoming a trustee subsequent to the date hereof whose
election, or nomination for election by the Company’s shareholders,
was approved by a vote of at least a majority of the trustees then
comprising the Incumbent Board (either by a specific vote or by
approval of the proxy statement of the Company in which such person
is named as a nominee for trustee, without written objection to such
nomination) shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the
election or removal of trustees or other actual or threatened
solicitation of proxies or contests by or on behalf of a person other
than the Board;

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                    (v) a requirement by the Company that the Executive’s work location be moved
more than fifty (50) miles from the Company’s principal place of business in
Cleveland, Ohio unless the relocation results in the work location being closer to
Executive’s residence; or

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

Notwithstanding the foregoing, if there exists (without regard to this sentence) an event or
condition that constitutes Good Reason under clause (i), (ii), (v) or (vi) above, the Company shall
have 30 days from the date on which the Executive gives the written notice thereof to cure such
event or condition and, if the Company does so, such event or condition shall not constitute Good
Reason hereunder. Further, an event or condition shall cease to constitute Good Reason one (1)
year after the event or condition first occurs.

               (c) The Company may terminate the Executive’s employment hereunder for Cause and such
termination in and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement. If the Company terminates the Executive for Cause, (i) the Executive shall have no
right to receive any compensation or benefit hereunder on and after the Effective Date of the
Termination other than Annual Salary and other benefits, including payment for accrued but unused
vacation (but excluding any bonuses except as provided in the Bonus Plan) earned and accrued under
this Agreement prior to the Effective Date of the Termination (and reimbursement under this
Agreement for expenses incurred but not paid prior to the Effective Date of the Termination); and
(ii) this Agreement shall otherwise terminate upon the Effective Date of the Termination and the
Executive shall have no further rights hereunder (except as provided in Section 7.13). For
purposes of this Section 5.1(c), the “Effective Date of the Termination” shall mean the date on
which a notice of termination is given or any later date (within thirty (30) days after the giving
of such notice) set forth in such notice of termination.

               (d) The Executive may terminate his employment without Good Reason. If the Executive
terminates the Executive’s employment with the Company without Good Reason: (i) the Executive shall
have no right to receive any compensation or benefit hereunder on and after the Effective Date of
the Termination other than Annual Salary and other benefits, including payment for accrued but
unused vacation (but excluding any bonuses except as provided in the Bonus Plan) earned and accrued
under this Agreement prior to the Effective Date of the Termination (and reimbursement under this
Agreement for expenses incurred but not paid prior to the Effective Date of the Termination); and
(ii) this Agreement shall otherwise terminate upon the Effective Date of the Termination and the
Executive shall have no further rights hereunder (except as provided in Section 7.13). For
purposes of this Section 5.1(d), the “Effective Date of the Termination” shall mean the date on
which a notice of termination is given or any later date (within thirty (30) days after the giving
of such notice) set forth in such notice of termination.

               (e) In the event the Company elects not to renew this Agreement as contemplated in Section 1
above, the Executive shall receive a cash payment equal to one (1) times the sum of: (i) the
Executive’s Annual Salary in effect on the day of expiration of the Term and (ii) the average bonus
actually paid to the Executive with respect to the prior two (2) calendar years, payable no later
than 30 days after the day of expiration of the Term.

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          5.2 Termination Without Cause; Termination for Good Reason; Termination upon Death.
The Company may terminate the Executive’s employment at any time without Cause, for any reason or
no reason and the Executive may terminate the Executive’s employment with the Company for Good
Reason. If the Executive dies during the Term, the obligations of the Company to or with respect
to the Executive shall terminate in their entirety except as otherwise provided under this Section
5.2. If the Company or the Executive terminates the Executive’s employment and such termination is
not described in Section 4 or Section 5.1 or if the Executive dies during the Term of this
Agreement, (i) the Executive, or his estate in the event of his death, shall have no right to
receive any compensation or benefit hereunder on and after the Effective Date of the Termination
other than Annual Salary earned and accrued under this Agreement prior to the Effective Date of the
Termination, any bonus for the prior year which has been awarded but not yet paid, and other
benefits, including payment for accrued but unused vacation, earned and accrued under this
Agreement prior to the Effective Date of the Termination (and reimbursement under this Agreement
for expenses incurred but not paid prior to the Effective Date of the Termination) and an amount
equal to the product of (x) the Executive’s target annual bonus for the fiscal year of the
Executive’s termination of employment and (y) a fraction, the numerator of which is the number of
days in the current fiscal year through the Effective Date of the Termination, and the denominator
of which is 365; (ii) the Executive, or his estate in the event of his death, shall receive a cash
payment equal to the Severance Payment payable no later than 30 days after the Effective Date of
the Termination; (iii) for eighteen (18) months after the Effective Date of the Termination, the
Company shall continue medical, prescription and dental benefits to the Executive and/or the
Executive’s family at least equal to those which would have been provided to them in accordance
with the welfare benefit plans, practices, policies and programs provided by the Company to the
extent applicable generally to other peer employees of the Company and its affiliated companies, as
if the Executive’s employment had not been terminated; provided, however, that if
the Executive becomes reemployed with another employer and is eligible to receive medical,
prescription and dental benefits under another employer provided plan, the medical, prescription
and dental benefits described herein shall be secondary to those provided under such other plan
during such applicable period of eligibility; (iv) all Equity Awards held by the Executive shall
become fully vested and exercisable (notwithstanding anything to the contrary contained in Section
14 of the Company’s 2004 Equity Incentive Plan, any equity award grant agreements, or other
provisions thereof); and (v) this Agreement shall otherwise terminate upon the Effective Date of
the Termination and the Executive shall have no further rights hereunder (except as provided in
Section 7.13). The “Severance Payment” means two and one half (2-1/2) times the sum of: (i) the
Executive’s Annual Salary in effect on the day of termination; (ii) the Executive’s annual Average
Bonus; and (iii) the Executive’s long-term Average Bonus. The Executive’s “Average Bonus” means
the average of each of the annual and long-term bonuses actually paid to the Executive with respect
to the prior two (2) calendar years. For purposes of this Section 5.2, the “Effective Date of the
Termination” shall mean the date on which a notice of termination is given or any later date
(within thirty (30) days after the giving of such notice) set forth in such notice of termination,
or in the case of termination of employment by the Executive for Good Reason, the date of
termination specified in such Executive’s notice of termination.

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

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     6. Confidential and Proprietary Information.

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

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

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

     7. Other Provisions.

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

          7.2 Enforceability; Jurisdictions. The Company and the Executive intend to and hereby
confer jurisdiction to enforce the Restrictive Covenants upon the courts of the State of Ohio. If
any court holds the Restrictive Covenants wholly unenforceable by reason of breadth of scope or
otherwise it is the intention of the Company and the Executive that such determination not bar or
in

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any way affect the Company’s right, or the right of any of its affiliates, to the relief
provided above in the courts of any other jurisdiction within the geographical scope of such
Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective
jurisdictions, such Restrictive Covenants as they relate to each jurisdiction’s being, for this
purpose, severable, diverse and independent covenants, subject, where appropriate, to the doctrine
of res judicata.

          7.3 Attorneys’ Fees. In the event of any legal proceeding relating to this Agreement
or any term or provision thereof, the losing party shall be responsible to pay or reimburse the
prevailing party for all reasonable attorneys’ fees incurred by the prevailing party in connection
with such proceeding; provided, however, the Executive shall not be required to pay or reimburse
the Company unless the claim or defense asserted by the Executive was unreasonable.

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

	 	(i)	 	If to the Company, to:
	 
	 	 	 	U-Store-It Trust

6745 Engle Road

Suite 300

Middleburg Heights, OH 44130

Attention: Dean Jernigan

Facsimile: (440) 234-8776
	 
	 	 	 	with a copy to:
	 
	 	 	 	U-Store-It Trust

6745 Engle Road

Suite 300

Middleburg Heights, OH 44130

Attention: Kathleen A. Weigand

Facsimile: (440) 260-2397
	 
	 	(ii)	 	If to the Executive, to the address set forth in the
records of the company.

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

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

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

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

          7.8 Assignment. This Agreement, and the Executive’s rights and obligations hereunder,
may not be assigned by the Executive; any purported assignment by the Executive in violation hereof
shall be null and void. In the event of any Change in Control, the Company may assign this
Agreement and its rights hereunder.

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

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

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

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

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

          7.14 Existing Agreements. Executive represents to the Company that the Executive is
not subject or a party to any employment or consulting agreement, non-competition

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covenant or other agreement, covenant or understanding which might prohibit the Executive from
executing this Agreement or limit the Executive’s ability to fulfill the Executive’s
responsibilities hereunder.

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

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

          7.17 Certain Definitions. For purposes of this Agreement:

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

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

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

* * *

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

	 	 	 	 	 
	 	U-STORE-IT TRUST

 
	 	By:  	/s/ Dean Jernigan	 
	 	 	Name:  	Dean Jernigan	 
	 	 	Title:  	President and Chief Executive Officer 	 

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	 	EXECUTIVE

 	 
	 	/s/ Christopher P. Marr 
	 	Christopher P. Marr 	 
	 

11EX-10.2

 

Exhibit 10.2

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of June 5, 2006, by and
among U-Store-It Trust, a Maryland real estate investment trust (the “Company”), U-Store-It, L.P.,
a Delaware limited partnership (the “Operating Partnership” and together with the Company, the
“Indemnitors”), and Christopher P. Marr (the “Indemnitee”).

     WHEREAS, the Indemnitee is an officer or a member of the Board of Trustees of the Company and
in such capacity is performing a valuable service for the Company and the Operating Partnership;

     WHEREAS, Maryland law permits the Company to enter into contracts with its officers or members
of its Board of Trustees with respect to indemnification of, and advancement of expenses to, such
persons;

     WHEREAS, the Declaration of Trust of the Company (the “Declaration of Trust”) authorizes the
Company to indemnify and advance expenses to its officers and trustees to the maximum extent
permitted by Maryland law in effect from time to time;

     WHEREAS, the Bylaws of the Company (the “Bylaws”) provide that each officer and trustee of the
Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in
effect from time to time and shall be entitled to advancement of expenses consistent with Maryland
law;

     WHEREAS, the Company is the general partner of, and conducts substantially all of its business
through, the Operating Partnership;

     WHEREAS, the Second Amended and Restated Partnership Agreement of the Operating Partnership
(the “Partnership Agreement”) provides for indemnification and advancement of expenses to the
Company and its officers and trustees consistent with the applicable provisions of Maryland law,
subject to the same limitations on indemnity and advancement of expenses that apply under Maryland
law to indemnity and advancement of expenses by the Company of its officers and trustees; and

     WHEREAS, to induce the Indemnitee to provide services to the Company as an officer or a member
of the Board of Trustees, and to provide the Indemnitee with specific contractual assurance that
indemnification will be available to the Indemnitee regardless of, among other things, any
amendment to or revocation of the Declaration of Trust, the Bylaws or the Partnership Agreement, or
any acquisition transaction relating to the Company, the Indemnitors desire to provide the
Indemnitee with protection against personal liability as set forth herein;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Indemnitors and the Indemnitee hereby agree as follows:

 

 

	1.	 	DEFINITIONS.
	 
	 	 	For purposes of this Agreement:

	 	(A)	 	“Change in Control” shall mean

	 	i.	 	the dissolution or liquidation of the Company;
	 
	 	ii.	 	the merger, consolidation, or reorganization of the Company
with one or more other entities in which the Company is not the surviving
entity or immediately following which the persons or entities who were
beneficial owners (as determined pursuant to Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of voting securities of
the Company immediately prior thereto cease to beneficially own more than fifty
percent (50%) of the voting securities of the surviving entity immediately
thereafter;
	 
	 	iii.	 	a sale of all or substantially all of the assets of the Company
to another person or entity other than an affiliate of the Company;
	 
	 	iv.	 	any transaction (including without limitation a merger or
reorganization in which the Company is the surviving entity) that results in
any person or entity or “group” (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act) (other than persons who are shareholders or
affiliates immediately prior to the transaction) owning thirty percent (30%) or
more of the combined voting power of all classes of shares of the Company; or
	 
	 	v.	 	individuals who, as of the date hereof, constitute the Board of
Trustees (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board of Trustees; provided, however, that any individual
becoming a trustee subsequent to the date hereof whose election, or nomination
for election by the Company’s shareholders, was approved by a vote of at least
a majority of the trustees then comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for trustee, without written objection to
such nomination) shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of trustees or other
actual or threatened solicitation of proxies or contests by or on behalf of a
person other than the Board of Trustees.

	 	(B)	 	“Corporate Status” describes the status of a person who is or was a trustee or
officer of the Company (or of any domestic or foreign predecessor entity of the Company
in a merger, consolidation or other transaction in which the

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	 	 	 	predecessor’s interest ceased upon consummation of the transaction) or is or was
serving at the request of the Company (or any such predecessor entity) as a
director, officer, partner (limited or general), member, trustee, employee or agent
of any other foreign or domestic corporation, partnership, joint venture, limited
liability company, trust, other enterprise (whether conducted for profit or not for
profit) or employee benefit plan. The Company (and any domestic or foreign
predecessor entity of the Company in a merger, consolidation or other transaction in
which the predecessor’s existence ceased upon consummation of the transaction) shall
be deemed to have requested the Indemnitee to serve an employee benefit plan where
the performance of the Indemnitee’s duties to the Company (or any such predecessor
entity) also imposes or imposed duties on, or otherwise involves or involved
services by, the Indemnitee to the plan or participants or beneficiaries of the
plan.

	 	(C)	 	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, or being
or preparing to be a witness in a Proceeding.
	 
	 	(D)	 	“Proceeding” includes any action, suit, arbitration, alternate dispute
resolution mechanism, investigation, administrative hearing, or any other proceeding,
including appeals therefrom, whether civil, criminal, administrative, or investigative,
except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to
enforce such Indemnitee’s rights under this Agreement.
	 
	 	(E)	 	“Special Legal Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, or in the past two
years has been, retained to represent (i) the Indemnitors or the Indemnitee in any
matter material to either such party, or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder.

	2.	 	INDEMNIFICATION

     The Indemnitee shall be entitled to the rights of indemnification provided in this paragraph 2
and under applicable law, the Declaration of Trust, the Bylaws, the Partnership Agreement, any
other agreement, a vote of shareholders or resolution of the Board of Trustees or otherwise if, by
reason of such Indemnitee’s Corporate Status, such Indemnitee is, or is threatened to be made, a
party to any threatened, pending, or completed Proceeding, including a Proceeding by or in the
right of the Company or the Operating Partnership. Unless prohibited by paragraph 13 hereof and
subject to the other provisions of this Agreement, the Indemnitee shall be indemnified hereunder,
to the maximum extent provided by Maryland law in effect from time to time, against judgments,
penalties, fines, and settlements and reasonable Expenses actually incurred by or on behalf of such
Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided,
however, that if such Proceeding was one by or in the right of

3

 

the Company or the Operating Partnership, indemnification may not be made in respect of such
Proceeding if the Indemnitee shall have been adjudged to be liable to the Company or the Operating
Partnership. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with
respect to an employee benefit plan pursuant to applicable law shall be deemed fines.

	3.	 	EXPENSES OF A SUCCESSFUL PARTY

     Without limiting the effect of any other provision of this Agreement and without regard to the
provisions of paragraph 6 hereof, to the extent that the Indemnitee is, by reason of such
Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding pursuant to a final non-appealable order, such Indemnitee shall be indemnified against
all reasonable Expenses actually incurred by such Indemnitee in connection therewith. If the
Indemnitee is not wholly successful in such Proceeding pursuant to a final non-appealable order but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or
matters in such Proceeding pursuant to a final non-appealable order, the Indemnitors shall
indemnify the Indemnitee against all reasonable Expenses actually incurred by such Indemnitee in
connection with each successfully resolved claim, issue or matter. For purposes of this paragraph
and without limitation, the termination of any claim, issue or matter in such Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

	4.	 	ADVANCEMENT OF EXPENSES

     The Indemnitors shall advance all reasonable Expenses incurred by the Indemnitee in connection
with any Proceeding within 20 days after the receipt by the Indemnitors of a statement from the
Indemnitee requesting such advance from time to time, whether prior to or after final disposition
of such Proceeding. Such statement shall reasonably evidence the Expenses incurred or to be
incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct
necessary for indemnification by the Indemnitors as authorized by this Agreement has been met and
(ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it
should ultimately be determined that the standard of conduct has not been met. The undertaking
required by clause (ii) of the immediately preceding sentence shall be an unlimited general
obligation of the Indemnitee but need not be secured and may be accepted without reference to
financial ability to make the repayment.

	5.	 	WITNESS EXPENSES

     Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is,
by reason of such Indemnitee’s Corporate Status, a witness for any reason in any Proceeding to
which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified
by the Indemnitors against all Expenses actually incurred by or on behalf of such Indemnitee in
connection therewith.

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	6.	 	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION

	 	(A)	 	To obtain indemnification under this Agreement, the Indemnitee shall submit to
the Indemnitors a written request, including therewith such documentation and
information reasonably necessary to determine whether and to what extent the Indemnitee
is entitled to indemnification.

	 	(B)	 	Indemnification under this Agreement may not be made unless authorized for a
specific Proceeding after a determination has been made in accordance with this Section
6(B) that indemnification of the Indemnitee is permissible in the circumstances because
the Indemnitee has met the following standard of conduct: the Indemnitors shall
indemnify the Indemnitee in accordance with the provisions of paragraph 2 hereof,
unless it is established that: (a) the act or omission of the Indemnitee was material
to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y)
was the result of active and deliberate dishonesty; (b) the Indemnitee actually
received an improper personal benefit in money, property or services; or (c) in the
case of any criminal proceeding, the Indemnitee had reasonable cause to believe that
the act or omission was unlawful. Upon receipt by the Indemnitors of the Indemnitee’s
written request for indemnification pursuant to subparagraph 6(A), a determination as
to whether the applicable standard of conduct has been met shall be made within the
period specified in paragraph 6(E): (i) if a Change in Control shall have occurred, by
Special Legal Counsel in a written opinion to the Board of Trustees, a copy of which
shall be delivered to the Indemnitee, with Special Legal Counsel selected by the
Indemnitee (unless the Indemnitee shall request that such determination be made by the
person or persons and in the manner provided in clause (ii) of this paragraph 6(B), in
which event the provisions of such clause (ii) shall apply) (If the Indemnitee selects
Special Legal Counsel to make the determination under this clause (i), the Indemnitee
shall give prompt written notice to the Indemnitors advising them of the identity of
the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have
occurred, (A) by the Board of Trustees by a majority vote of a quorum consisting of
trustees not, at the time, parties to the Proceeding, or, if such quorum cannot be
obtained, then by a majority vote of a committee of the Board of Trustees consisting
solely of two or more trustees not, at the time, parties to such Proceeding and who
were duly designated to act in the matter by a majority vote of the full Board of
Trustees in which the designated trustees who are parties may participate, (B) by
Special Legal Counsel in a written opinion to the Board of Trustees, a copy of which
shall be delivered to the Indemnitee, with Special Legal Counsel selected by the Board
of Trustees or a committee of the Board of Trustees by vote as set forth in
subparagraph (ii)(A) of this paragraph 6(B), or, if the requisite quorum of the full
Board of Trustees cannot be obtained therefor and the committee cannot be established,
by a majority of the full Board of Trustees in which trustees who are parties to the
Proceeding may participate (If the Indemnitors select Special Legal Counsel to make the
determination under this clause (ii), the Indemnitors shall give prompt

5

 

	 	 	 	written notice to the Indemnitee advising him or her of the identity of the Special
Legal Counsel so selected) or (C) by the shareholders of the Company. If it is so
determined that the Indemnitee is entitled to indemnification, payment to the
Indemnitee shall be made within 10 days after such determination. Authorization of
indemnification and determination as to reasonableness of Expenses shall be made in
the same manner as the determination that indemnification is permissible. However,
if the determination that indemnification is permissible is made by Special Legal
Counsel under clause (B) above, authorization of indemnification and determination
as to reasonableness of Expenses shall be made in the manner specified under clause
(B) above for the selection of such Special Legal Counsel.

	 	(C)	 	The Indemnitee shall cooperate with the person or entity making such
determination with respect to the Indemnitee’s entitlement to indemnification,
including providing upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably
available to the Indemnitee and reasonably necessary to such determination. Any
reasonable costs or expenses (including reasonable attorneys’ fees and disbursements)
incurred by the Indemnitee in so cooperating shall be borne by the Indemnitors
(irrespective of the determination as to the Indemnitee’s entitlement to
indemnification) and the Indemnitors hereby indemnify and agree to hold the
Indemnitee’s harmless therefrom.

	 	(D)	 	In the event the determination of entitlement to indemnification is to be made
by Special Legal Counsel pursuant to paragraph 6(B) hereof, the Indemnitee, or the
Indemnitors, as the case may be, may, within seven days after such written notice of
selection shall have been given, deliver to the Indemnitors or to the Indemnitee, as
the case may be, a written objection to such selection. Such objection may be asserted
only on the grounds that the Special Legal Counsel so selected does not meet the
requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement.
If such written objection is made, the Special Legal Counsel so selected may not serve
as Special Legal Counsel until a court has determined that such objection is without
merit. If, within 20 days after submission by the Indemnitee of a written request for
indemnification pursuant to paragraph 6(A) hereof, no Special Legal Counsel shall have
been selected or, if selected, shall have been objected to, either the Indemnitors or
the Indemnitee may petition a court for resolution of any objection which shall have
been made by the Indemnitors or the Indemnitee to the other’s selection of Special
Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected
by the court or by such other person as the court shall designate, and the person with
respect to whom an objection is so resolved or the person so appointed shall act as
Special Legal Counsel under paragraph 6(B) hereof. The Indemnitors shall pay all
reasonable fees and expenses of Special Legal Counsel incurred in connection with
acting pursuant to paragraph 6(B) hereof, and all reasonable fees and expenses incident
to the selection of such Special Legal Counsel pursuant to this paragraph 6(D). In the
event that a determination of entitlement to indemnification is to be made by Special
Legal Counsel and such determination

6

 

	 	 	 	shall not have been made and delivered in a written opinion within ninety (90) days
after the receipt by the Indemnitors of the Indemnitee’s request in accordance with
paragraph 6(A), upon the due commencement of any judicial proceeding in accordance
with paragraph 8(A) of this Agreement, Special Legal Counsel shall be discharged and
relieved of any further responsibility in such capacity.

	 	(E)	 	If the person or entity making the determination whether the Indemnitee is
entitled to indemnification shall not have made a determination within 60 days after
receipt by the Indemnitors of the request therefor, the requisite determination of
entitlement to indemnification shall be deemed to have been made and the Indemnitee
shall be entitled to such indemnification, absent: (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact necessary to make the
Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law.
Such 60-day period may be extended for a reasonable time, not to exceed an additional
30 days, if the person or entity making said determination in good faith requires
additional time for the obtaining or evaluating of documentation and/or information
relating thereto. The foregoing provisions of this paragraph 6(E) shall not apply:
(i) if the determination of entitlement to indemnification is to be made by the
shareholders and if within 15 days after receipt by the Indemnitors of the request for
such determination the Board of Trustees resolves to submit such determination to the
shareholders for consideration at an annual or special meeting thereof to be held
within 75 days after such receipt and such determination is made at such meeting, or
(ii) if the determination of entitlement to indemnification is to be made by Special
Legal Counsel pursuant to paragraph 6(B) of this Agreement.

	7.	 	PRESUMPTIONS

	 	(A)	 	In making a determination with respect to entitlement or authorization of
indemnification hereunder, the person or entity making such determination shall presume
that the Indemnitee is entitled to indemnification under this Agreement and the
Indemnitors shall have the burden of proof to overcome such presumption.

	 	(B)	 	The termination of any Proceeding by conviction, or upon a plea of nolo
contendere or its equivalent, or an entry of an order of probation prior to judgment,
creates a rebuttable presumption that the Indemnitee did not meet the requisite
standard of conduct described herein for indemnification.

	8.	 	REMEDIES

	 	(A)	 	In the event that: (i) a determination is made in accordance with the
provisions of paragraph 6 that the Indemnitee is not entitled to indemnification under
this Agreement, or (ii) advancement of reasonable Expenses is not timely made pursuant
to this Agreement, or (iii) payment of indemnification due the Indemnitee under this
Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an
appropriate court of competent jurisdiction of

7

 

	 	 	 	such Indemnitee’s entitlement to such indemnification or advancement of Expenses.

	 	(B)	 	In the event that a determination shall have been made pursuant to paragraph 6
of this Agreement that the Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this paragraph 8 shall be conducted in all respects as
a de novo trial on the merits. The fact that a determination had been made earlier
pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled to
indemnification shall not be taken into account in any judicial proceeding commenced
pursuant to this paragraph 8 and the Indemnitee shall not be prejudiced in any way by
reason of that adverse determination. In any judicial proceeding commenced pursuant to
this paragraph 8, the Indemnitors shall have the burden of proving that the Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.
	 
	 	(C)	 	If a determination shall have been made or deemed to have been made pursuant to
this Agreement that the Indemnitee is entitled to indemnification, the Indemnitors
shall be bound by such determination in any judicial proceeding commenced pursuant to
this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or
an omission of a material fact necessary to make the Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.
	 
	 	(D)	 	The Indemnitors shall be precluded from asserting in any judicial proceeding
commenced pursuant to this paragraph 8 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court
that the Indemnitors are bound by all the provisions of this Agreement.
	 
	 	(E)	 	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a
judicial adjudication of such Indemnitee’s rights under, or to recover damages for
breach of, this Agreement, if successful on the merits or otherwise as to all or less
than all claims, issues or matters in such judicial adjudication, the Indemnitee shall
be entitled to recover from the Indemnitors, and shall be indemnified by the
Indemnitors against, any and all reasonable Expenses actually incurred by such
Indemnitee in connection with each successfully resolved claim, issue or matter.

	9.	 	NOTIFICATION AND DEFENSE OF CLAIMS

     The Indemnitee agrees promptly to notify the Indemnitors in writing upon being served with any
summons, citation, subpoena, complaint, indictment, information, or other document relating to any
Proceeding or matter which may be subject to indemnification or advancement of Expenses covered
hereunder, but the failure so to notify the Indemnitors will not relieve the Indemnitors from any
liability that the Indemnitors may have to Indemnitee under this Agreement unless the Indemnitors
are materially prejudiced thereby. With respect to any such Proceeding as to which Indemnitee
notifies the Indemnitors of the commencement thereof:

8

 

	 	(A)	 	The Indemnitors will be entitled to participate therein at their own expense.
	 
	 	(B)	 	Except as otherwise provided below, the Indemnitors will be entitled to assume
the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice
from the Indemnitors to Indemnitee of the Indemnitors’ election so to assume the
defense thereof, the Indemnitors will not be liable to Indemnitee under this Agreement
for any legal or other expenses subsequently incurred by Indemnitee in connection with
the defense thereof other than reasonable costs of investigation or as otherwise
provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in
such Proceeding, but the fees and disbursements of such counsel incurred after notice
from the Indemnitors of the Indemnitors’ assumption of the defense thereof shall be at
the expense of Indemnitee unless (a) the employment by counsel by Indemnitee has been
authorized by the Indemnitors, (b) the Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Indemnitors and the Indemnitee in the
conduct of the defense of such action, (c) such Proceeding seeks penalties or other
relief against the Indemnitee with respect to which the Indemnitors could not provide
monetary indemnification to the Indemnitee (such as injunctive relief or incarceration)
or (d) the Indemnitors shall not in fact have employed counsel to assume the defense of
such action, in each of which cases the fees and disbursements of counsel shall be at
the expense of the Indemnitors. The Indemnitors shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Indemnitors, or as to which
Indemnitee shall have reached the conclusion specified in clause (b) above, or which
involves penalties or other relief against Indemnitee of the type referred to in clause
(c) above.
	 
	 	(C)	 	The Indemnitors shall not be liable to indemnify Indemnitee under this
Agreement for any amounts paid in settlement of any action or claim effected without
the Indemnitors’ written consent. The Indemnitors shall not settle any action or claim
in any manner that would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent. Neither the Indemnitors nor Indemnitee will unreasonably
withhold or delay consent to any proposed settlement.

	10.	 	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION

	 	(A)	 	The rights of indemnification and to receive advancement of reasonable Expenses
as provided by this Agreement shall not be deemed exclusive of any other rights to
which the Indemnitee may at any time be entitled under applicable law, the Declaration
of Trust, the Bylaws, the Operating Partnership’s Partnership Agreement, any other
agreement, a vote of shareholders, a resolution of the Board of Trustees or otherwise,
except that any payments otherwise required to be made by the Indemnitors hereunder
shall be offset by any and all amounts received by the Indemnitee from any other
indemnitor or under one or more liability insurance policies maintained by an
indemnitor or otherwise and shall not be duplicative of any other payments received by
an Indemnitee from the Indemnitors in respect of

9

 

	 	 	 	the matter giving rise to the indemnity hereunder. No amendment, alteration or
repeal of this Agreement or any provision hereof shall be effective as to the
Indemnitee with respect to any action taken or omitted by the Indemnitee as a member
of the Board of Trustees prior to such amendment, alteration or repeal.

	 	(B)	 	To the extent that the Company maintains an insurance policy or policies
providing liability insurance for trustees and officers of the Company, the Indemnitee
shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available and upon any “Change in Control” the
Company shall use commercially reasonable efforts to obtain or arrange for continuation
and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such
time.

	 	(C)	 	In the event of any payment under this Agreement, the Indemnitors shall be
subrogated to the extent of such payment to all of the rights of recovery of the
Indemnitee, who shall execute all papers required and take all actions necessary to
secure such rights, including execution of such documents as are necessary to enable
the Indemnitors to bring suit to enforce such rights.

	 	(D)	 	The Indemnitors shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has
otherwise actually received such payment under any insurance policy, contract,
agreement, or otherwise.

	11.	 	CONTINUATION OF INDEMNITY

	 	(A)	 	All agreements and obligations of the Indemnitors contained herein shall
continue during the period the Indemnitee is an officer or a member of the Board of
Trustees of the Company and shall continue thereafter so long as the Indemnitee shall
be subject to any threatened, pending or completed Proceeding by reason of such
Indemnitee’s Corporate Status and during the period of statute of limitations for any
act or omission occurring during the Indemnitee’s term of Corporate Status. This
Agreement shall be binding upon the Indemnitors and their respective successors and
assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs,
executors and administrators.
	 
	 	(B)	 	The Company and the Operating Partnership shall require and cause any successor
(whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company
or the Operating Partnership, by written agreement in form and substance reasonably
satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company and the Operating
Partnership would be required to perform if no such succession had taken place.

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	12.	 	SEVERABILITY

     If any provision or provisions of this Agreement shall be held to be invalid, illegal, or
unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the
remaining provisions of this Agreement (including, without limitation, each portion of any
paragraph of this Agreement containing any such provision held to be invalid, illegal, or
unenforceable, that is not itself invalid, illegal, or unenforceable) shall not in any way be
affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any paragraph of this Agreement
containing any such provision held to be invalid, illegal, or unenforceable, that is not itself
invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent
manifested by the provisions held invalid, illegal, or unenforceable.

	13.	 	EXCEPTION TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

     Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled
to indemnification or advancement of reasonable Expenses under this Agreement with respect to any
Proceeding initiated by such Indemnitee against the Indemnitors other than a proceeding commenced
pursuant to paragraph 8.

	14.	 	NOTICE TO THE COMPANY SHAREHOLDERS

     Any indemnification of, or advancement of reasonable Expenses, to an Indemnitee in accordance
with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be
reported in writing to the shareholders of the Company with the notice of the next Company
shareholders’ meeting or prior to the meeting.

	15.	 	PAYMENT BY THE OPERATING PARTNERSHIP OF AMOUNTS REQUIRED TO BE PAID OR ADVANCED BY THE COMPANY

     The obligations of the Company and the Operating Partnership under this Agreement shall be
joint and several. The Operating Partnership shall promptly pay upon demand by the Company or the
Indemnitee all amounts the Company is required to pay or advance hereunder.

	16.	 	HEADINGS

     The headings of the paragraph of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof.

	17.	 	MODIFICATION AND WAIVER

     No supplement, modification, or amendment of this Agreement shall be binding unless executed
in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver.

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	18.	 	NOTICES

     All notices, requests, demands, and other communications hereunder shall be in writing and
shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to
whom said notice or other communication shall have been directed, or (ii) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so
mailed, if so delivered or mailed, as the case may be, to the following addresses:

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

     If to the Indemnitors, to:

                    U-Store-It Trust

                    U-Store-It, L.P.

                    6745 Engle Road, Suite 300

                    Cleveland, OH 44130

                    Attention: Dean Jernigan

                    Fax No.: 440/234-8776

                    with a copy (which shall not constitute notice) to:

                    U-Store-It Trust

                    6745 Engle Road, Suite 300

                    Cleveland, OH 44130

                    Attention: Kathleen A. Weigand

                    Fax No.: 440/260-2397

or to such other address as may have been furnished to the Indemnitee by the Indemnitors or to the
Indemnitors by the Indemnitee, as the case may be.

	19.	 	GOVERNING LAW

     The parties agree that this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Maryland, without application of the conflict of laws
principles thereof.

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	20.	 	NO ASSIGNMENTS

     The Indemnitee may not assign its rights or delegate obligations under this Agreement without
the prior written consent of the Indemnitors. Any assignment or delegation in violation of this
Section 20 shall be null and void.

	21.	 	NO THIRD PARTY RIGHTS

     Nothing expressed or referred to in this Agreement will be construed to give any person other
than the parties to this Agreement any legal or equitable right, remedy or claim under or with
respect to this Agreement or any provision of this Agreement. This Agreement and all of its
provisions are for the sole and exclusive benefit of the parties to this Agreement and their
successors and permitted assigns.

	22.	 	COUNTERPARTS

     This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together constitute an agreement binding on all of the parties hereto.

(Remainder of page intentionally left blank.)

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	U-STORE-IT TRUST

 	 
	 	By:  	/s/ Dean Jernigan 	 
	 	 	Name:  	Dean Jernigan 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 	 	 
	 	 	U-STORE-IT, L.P.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	U-Store-It Trust,

by its general partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dean Jernigan 	 
	 	 	Name:  	Dean Jernigan 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	/s/ Christopher P. Marr 	 
	 	Christopher P. Marr 	 
	 	 	 	 
	 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}]]