Document:

Form of Split-Dollar and Deferred Compensation Replacement Benefit Agreement

 Exhibit 10.1 
  
 FORM OF SPLIT-DOLLAR AND
DEFERRED COMPENSATION REPLACEMENT BENEFIT AGREEMENT 
 ELECTION FORM AND AGREEMENT AMENDMENT 
  
 TO: Coca-Cola Bottling Co. Consolidated 
  
 FROM: 
  
 Name: 
 Address: 
  
 Social Security No.:  
  
 I acknowledge that, in accordance with the provisions of my Split-Dollar and Deferred Compensation Replacement Benefit Agreement entered into as of December 5, 2003 with
Coca-Cola Bottling Co. Consolidated (the “Agreement”), I have previously elected to receive my benefit under the Agreement in [a single lump sum/5 annual payments/10 annual payments]. 
  
 I further acknowledge that as a result of a prospective change to the Agreement, I am being
given a one-time opportunity to elect to receive a lump sum distribution of the Replacement Benefit under the Agreement in the amount of $[            ] cash. I acknowledge
that the amount of this distribution has been determined by the Company in the manner described in the cover memo to me dated
 May 20, 2005. 
  
 Please select only one of the following: 
  

	    	I wish to receive the entire Replacement Benefit under my Agreement in one lump sum payment in 2005. I understand that by making this election my Agreement will terminate, the
payment will be included as taxable income in 2005 and the Company will withhold taxes from the payment as required by law. I further understand that this payment will be made to me in full satisfaction of all benefits to which I am entitled under
my Agreement. 

  

	    	I decline to receive the entire Replacement Benefit under my Agreement in one lump sum payment in 2005. I understand that by making this election my Agreement will be amended to
comply with the American Jobs Creation Act. As a result, my ability to change this election in the future will be restricted and the first payment of my Replacement Benefit may not be payable until six months following my termination of employment.

  
 I acknowledge that I received the Memo describing the
one-time opportunity to receive a lump sum distribution in 2005 of the entire Replacement Benefit under my Split-Dollar and Deferred Compensation Replacement Benefit Agreement and had the opportunity to seek the advice of my tax and/or financial
advisor before completing this Election Form. 
  

									
	 Signature:

	  	 	  	Date:	 	  

				
	Accepted by Coca-Cola Bottling Co. Consolidated:	  	 	  	 	 	 
					
	Authorized Signature:	 	  

	  	 	  	Date:	 	  

 Schedule to Form of Split-Dollar and Deferred Compensation Replacement Benefit Election 

Form and Agreement Amendment 
  
 Elections by Certain Executive Officers to Receive Lump-Sum Payment 
  
 Effective June 20, 2005 
  

											
	 Name

	  	 Position

	  	Payment Election
Before Election

	  	 Current
 Replacement
Benefit

	  	Lump-Sum
Payment
Amount*

	William B. Elmore	  	President and Chief Operating Officer	  	10 Annual
Payments	  	$	270,775.63	  	$	332,491.31
	C. Ray Mayhall	  	Senior Vice President, Sales	  	10 Annual
Payments	  	$	168,573.14	  	$	174,853.54
	Norman C. George	  	 Senior Vice President, Chief Marketing
     and Customer Officer
	  	10 Annual
Payments	  	$	121,855.50	  	$	183,018.88

	*	Such amount is equal to the sum of the current replacement benefit plus the present value of the expected increases in the benefit to age 60 using an 8% discount rate.Purchase Agreement

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 EXTRA SPACE STORAGE INC. 
  
 INVESTMENT PROCEDURES 
  
 The prospective investor (the “Investor”) understands that the offer and sale of the common stock, par value $0.01 per share (the
“Common Stock”), of Extra Space Storage Inc., a Maryland corporation (the “Company”), to the Investor is not being registered under the Securities Act of 1933, as amended (the “Securities
Act”), but rather is being made privately by the Company (the “Offering”). 
  
 The Investor should complete the following steps prior to the intended date of purchase for the Common Stock: 
  
 1. Complete and execute the attached purchase agreement (the
“Purchase Agreement”) and registration rights agreement (the “Registration Rights Agreement” and, together with the Purchase Agreement, the “Agreements”), send the completed
Agreements (including executed signature pages) to UBS Securities LLC, as placement agent (the “Placement Agent”), at the address below so that the Company may determine whether you are eligible to subscribe for and purchase
shares of the Common Stock. 
  
 2. Upon your delivery of the
completed Agreements, you will be deemed to have irrevocably subscribed for the number of shares of Common Stock indicated in the Purchase Agreement, which subscription includes an irrevocable commitment to pay the full amount of the purchase price
for the Common Stock (the “Subscription Amount”) for which you subscribed. If the subscription is not accepted for any reason, the Subscription Amount will be returned to you. 
  
 3. In connection with the closing of the Offering, you must pay the Subscription Amount in cash in accordance with prior
delivery instructions received from the Placement Agent. 
  
 4.
Please send the Agreements, including executed signature pages, and direct all questions to: 
  
 UBS Securities LLC 
 299 Park Avenue 
 New York, New York 10171 
 Attention: Leonard Brooks 
 Phone: 212 821-3065 
  
 5. After the Placement Agent receives a copy of the Agreements, including executed signature pages, the Placement Agent will notify you whether you are
eligible to subscribe for and purchase shares of the Common Stock and your subscription has been accepted, and will notify you of the subscription date. 
  
 6. Upon acceptance of the subscription, a counterpart copy of the executed Purchase Agreement will be signed as accepted on behalf of the Company and be
returned to you. 
  
 The Agreements, as well as payment in immediately available
funds of the Subscription Amount, must be received no later than the closing of the Offering, subject to the discretion of the Company to waive such “prior receipt” requirement. 
  
 THE ENCLOSED DOCUMENTS ARE CONFIDENTIAL AND MAY NOT BE REPRODUCED,
DUPLICATED OR DELIVERED BY YOU TO ANY OTHER PERSON FOR ANY REASON. 

 If requested by or on behalf of the Company, each Investor which is an entity must provide evidence satisfactory to the
Company that the organizational documents of the Investor permit it to make investments in securities such as the Common Stock, that all appropriate action has been taken by the Investor to authorize the investment and that the person or persons
executing the Agreements have the authority to do so. 
  
  

 ii 

 EXECUTION COPY 
  
 PURCHASE AGREEMENT 
  
 This PURCHASE AGREEMENT (this “Agreement”), dated as of June 20, 2005, is by and among Extra Space Storage Inc., a Maryland
corporation (the “Company”) and the investors named on the signature pages hereto (each, a “Subscriber” and collectively, the “Subscribers”). 
  
 WHEREAS, the Company and each Subscriber is executing and delivering
this Agreement in reliance upon the exemption from securities registration afforded by Section 4(2) of the Securities Act of 1933, as amended (the Securities Act”), and Regulation D as promulgated thereunder; 
  
 WHEREAS, each Subscriber wishes to purchase, and the Company wishes to
sell, upon the terms and conditions set forth in this Agreement, that aggregate number of shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”), set forth on Subscriber’s signature page
hereto (which aggregate amount for all Subscribers together shall be 6,200,000 shares of Common Stock) for the aggregate purchase price set forth on Subscriber’s signature page hereto (which aggregate amount for all Subscribers together shall
be $83,514,000); and 
  
 WHEREAS, contemporaneously with
the execution and delivery of this Agreement, the parties hereto are executing and delivering a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which the Company has agreed to provide certain
registration rights with respect to the Common Stock sold hereby under the Securities Act and the rules and regulations promulgated thereunder. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Upon the terms and subject to the conditions set forth in this letter, each Subscriber hereby irrevocably subscribes for and agrees to purchase from the Company such number of shares of Common Stock as is set forth
on the signature page of this letter at a price equal to $13.47 per share (the “Purchase Price”). The Subscribers agree to deliver to the Company on the closing date (the “Closing Date”) designated by
the Company (as set forth in Paragraph 6 hereof), upon receipt of the stock certificates representing the Common Stock, the Purchase Price by wire transfer of United States dollars in immediately available funds to an account specified by the
Company in writing. 
  
 2. Each Subscriber understands and agrees
that the Common Stock is being offered in a transaction not involving any public offering within the United States within the meaning of the Securities Act, and that the Common Stock has not been registered under the Securities Act and, unless so
registered, may not be resold except as permitted in the following sentence. Each Subscriber agrees, on its own behalf and on behalf of each account for which it acquires any Common Stock, that, if in the future it decides to offer, resell, pledge
or otherwise transfer such Common Stock, such Common Stock may be offered, resold, pledged or otherwise transferred only (a) to the Company or a subsidiary thereof, (b) pursuant to a registration statement that has been declared and is effective
under the Securities Act or (c) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of Subscriber’s property
or the property of such investor account or accounts be at all times within Subscriber’s or their control and subject to compliance 

 
with any applicable state securities laws. Each Subscriber understands that the registrar and transfer agent for the Common Stock will not be required to
accept for registration of transfer any Common Stock, except upon presentation of evidence satisfactory to the Company and the transfer agent that, unless such Common Stock is already registered under the Securities Act, an exemption to the
registration requirement under the Securities Act and the rules and regulations thereunder have been complied with. Each Subscriber further understands that any certificates representing Common Stock acquired by it will bear a legend reflecting the
substance of this paragraph. Each Subscriber acknowledges, on its own behalf and on behalf of any investor account for which it is purchasing the Common Stock, that the Company reserves the right to restrict any offer, sale or other transfer of the
Common Stock pursuant to clause (c) above and to require the completion, execution and delivery of (i) a letter from the transferee substantially in the form of the Transferee’s Letter attached hereto as Appendix A and (ii) an opinion of
counsel satisfactory to the Company that the proposed transfer does not require registration under the Securities Act. 
  
 3. Each Subscriber hereby represents and agrees as follows: 
  
 3.1 Such Subscriber acknowledges that such Subscriber must qualify under the standards described below, in order to qualify for the
purchase of Common Stock. 
  
 3.2 Such Subscriber
is an “accredited investor,” as such term is defined in Regulation D under the Securities Act (an “Accredited Investor”) or a “qualified institutional buyer” as such term is defined in Rule 144A under the
Securities Act (a “QIB”). 
  
 3.3 Such Subscriber acknowledges that it is able to bear the economic risk of an investment in the Common Stock. 
  
 3.4 Such Subscriber acknowledges that such Subscriber is a sophisticated investor with such knowledge and experience in financial and
business matters, including investment in non-listed and non-registered securities, as to be capable of evaluating the merits and risks of the investment in the Common Stock. 
  
 3.5 Such Subscriber has received such information as such Subscriber deems necessary in order to make an
investment decision with respect to the Common Stock. Such Subscriber acknowledges that such Subscriber and such Subscriber’s advisor(s), if any, have had the right to ask questions of and receive answers from the Company and its officers and
directors, and to obtain such information concerning the terms and conditions of this offering of the Common Stock, as such Subscriber and such Subscriber’s advisor(s), if any, deem necessary to verify the accuracy of any information that such
Subscriber deems relevant to making an investment in the Common Stock. Such Subscriber represents and agrees that prior to such Subscriber’s agreement to purchase Common Stock, such Subscriber and such Subscriber’s advisor(s), if any, will
have asked such questions, received such answers and obtained such information as such Subscriber deems necessary to verify the accuracy of any information that such Subscriber deems relevant to making an investment in the Common Stock. Such
Subscriber became aware of this offering of the Common Stock and the Common Stock was offered to such Subscriber solely by means of direct contact between such Subscriber, on the one hand, and the Company or UBS Securities LLC, as placement agent,
on the other hand. Such Subscriber did not become aware of, nor were the shares of 

 
Common Stock offered to such Subscriber by any other means, including, in each case, by any form of general solicitation or general advertising. In making
the decision to purchase the Common Stock, such Subscriber relied solely on the information obtained by such Subscriber directly from the Company as a result of any inquiries by such Subscriber or such Subscriber’s advisor(s). 
  
 3.6 Such Subscriber hereby acknowledges that the offering of
Common Stock has not been reviewed by, and the fairness of such Common Stock has not been determined by, the U.S. Securities and Exchange Commission (the “Commission”) or any state regulatory authority, because the Offering
is intended to be a private placement pursuant to Section 4(2) of the Securities Act and Regulation D promulgated thereunder. 
  
 3.7 Such Subscriber understands that the Common Stock has not been registered under the Securities Act or any state securities or
“blue sky” laws and is being sold in reliance on exemptions from the registration requirements of the Securities Act and such laws. Such Subscriber agrees on such Subscriber’s own behalf and on behalf of any investor account for which
such Subscriber is purchasing Common Stock to offer, sell or otherwise transfer any such Common Stock only in accordance with the terms hereof. 
  
 3.8 Such Subscriber is acquiring the Common Stock for investment purposes and not with a view to, or for offer or sale in connection with,
any distribution in violation of the Securities Act. Such Subscriber was not formed for the specific purpose of acquiring the Common Stock. 
  
 3.9 Such Subscriber is acquiring the Common Stock for such Subscriber’s own account or for one or more accounts (each of which is an
Accredited Investor or a QIB) as to each of which such Subscriber exercises sole investment discretion and is authorized to make the representations, and enter into the agreements, contained in this letter. 
  
 3.10 Such Subscriber consents to the placement of a legend
on the certificate evidencing the Common Stock, stating that such Common Stock has not been registered under the Securities Act or any state securities or “blue sky” laws and setting forth or referring to the restrictions on
transferability and sale thereof. Such Subscriber is aware that the Company will make a notation in its appropriate records with respect to the restrictions on the transferability of such Common Stock. 
  
 3.11 Such Subscriber, if acting in a representative or
fiduciary capacity, has full power and authority to execute and deliver this Agreement, to make the representations and warranties specified herein, and to consummate the transactions contemplated herein on behalf of the subscribing partnership,
trust, corporation or other entity for which such Subscriber is acting and such partnership, trust, corporation, or other entity has full right and power to subscribe for Common Stock and perform its obligations hereunder. This Agreement and the
Registration Rights Agreement (collectively, the “Agreements”) have been duly and validly authorized, executed and delivered by such Subscriber and constitute the legal, valid and binding obligations of such Subscriber
enforceable against such Subscriber in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, 

 
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies. Such Subscriber acknowledges and agrees that the Company has not made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 4. 
  
 3.12 The execution, delivery and performance by such
Subscriber of the Agreements and the consummation by such Subscriber of the transactions contemplated herein and therein will not conflict with or constitute a material breach of, or default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any property or assets of such Subscriber pursuant to any contract, indenture, mortgage, loan agreement, note, lease or other instrument or agreement to which such Subscriber is a party or by which it or any of them
may be bound, or to which any of the property or assets of such Subscriber is subject, nor will any such action result in any violation of the provisions of the articles of incorporation, bylaws or other organizational documents of such Subscriber
or any applicable law, administrative regulation or administrative or court decree. 
  
 3.13 Such Subscriber is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf
of an affiliate of the Company. 
  
 3.14 Such
Subscriber is not and for so long as it holds Common Stock will not be (i) an employee benefit plan (as defined in Section 3(3) of ERISA), whether or not it is subject to Title I of ERISA, including without limitation governmental and non-U.S.
plans, (ii) a plan described in Section 4975 of the Internal Revenue Code (the “Code”), (iii) an entity whose underlying assets include plan assets by reason of a plan’s investment in such entity (including but not
limited to an insurance company general account), or (iv) an entity that otherwise constitutes a “benefit plan investor” within the meaning of the DOL Regulation Section 2510.3-101 (29 C.F.R. Section 2510.3-101) (any of the foregoing, a
“Benefit Plan Investor”). 
  
 3.15 Such Subscriber acknowledges that the Common Stock may not be purchased by or otherwise acquired by any Benefit Plan Investor. 
  
 3.16 Such Subscriber (and any investor account for which such Subscriber is purchasing Common Stock pursuant hereto) agrees that the
Company may rely, and shall be protected in acting upon, any papers or other documents which may be submitted to any of them in connection with the sale and subsequent transfers of the Common Stock and which are reasonably believed by them to be
genuine and reasonably appear to have been signed or presented by the proper party or parties. 
  
 3.17 The Company is entitled to rely upon this letter and is irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  
 3.18 Such Subscriber acknowledges that it or its advisor has had the opportunity to review the Registration Rights Agreement and agrees to
the terms thereof. 

 3.19 The foregoing representations, warranties and agreements, together with all other
representations and warranties made or given by such Subscriber to the Company in any other written statement or document delivered in connection with the transactions contemplated hereby, shall be true and correct in all respects on and as of the
date of this Agreement and the Closing Date, as if made on and as of each such date, and shall survive each such date and if there should be any material change in such information prior to the Closing Date of the sale of the Common Stock, such
Subscriber shall immediately furnish in writing such revised or corrected information to the Company. Such Subscriber understands that the Company will rely upon the accuracy and truth of the foregoing representations, warranties and agreements, and
such Subscriber hereby consents to such reliance. 
  
 3.20 Such Subscriber is a resident of that jurisdiction specified below its address on the signature page hereto. 
  
 4. The Company hereby represents and warrants as follows: 
  
 4.1 Since the date as of the Company’s most recently filed publicly available information, including current, quarterly and annual
reports and information, documents and other reports with respect to the Company filed with the Commission pursuant to the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), furnished to each Subscriber or
otherwise publicly available (the “Information”), except as otherwise stated therein, (A) there has not been (A) any material adverse change, or any development involving a prospective material adverse change, in the
business, properties, management, financial condition or results of operations of the Company and its subsidiaries, (B) any transaction which is material to the Company and its subsidiaries, (C) any obligation, direct or contingent (including any
off-balance sheet obligations), incurred by the Company or any of its subsidiaries which is material to the Company, (D) any material change in the capital stock or outstanding indebtedness of the Company or its subsidiaries or (E) any dividend or
distribution of any kind declared, paid or made on the capital stock of the Company, other than regular quarterly dividends paid on the Company’s Common Stock. As of the date hereof, the Company has filed with the Commission all documents
required to be filed by it under the Exchange Act. Each such document, at the time of its filing, was in compliance with the requirements of the Exchange Act as in effect on such date, and none of such documents contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except to the extent superseded by a subsequent
filing made prior to the date hereof. 
  
 4.2 The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland, and each of is subsidiaries has been duly formed and is validly existing in its respective state of formation, in
each case with full corporate power and authority to own, lease and operate its properties and conduct its business as described in the Information; and each of the Company and its subsidiaries is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction where the respective ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would
not, individually or in the aggregate, have a material adverse effect on the business, properties, financial condition, results of operation or prospects of the Company and/or its subsidiaries taken as a whole (a “Material Adverse
Effect”). 

 4.3 As of the date hereof, the authorized capital stock of the Company consisted of
200,000,000 shares of Common Stock and 50,000,000 shares of preferred stock, par value $0.01 per share, of which 31,169,950 shares of Common Stock are issued and outstanding. The issued and outstanding shares of Common Stock of the Company have been
duly authorized and validly issued and are fully paid and non assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or
similar right; the shares of Common Stock to be offered pursuant to this Agreement have been duly authorized and when issued and delivered as contemplated hereby, will be validly issued, fully paid and non assessable, will be issued in compliance
with all federal and state securities laws and will not be issued in violation of any preemptive right, resale right, right of first refusal or similar right. No order halting or suspending trading in securities of the Company nor prohibiting the
sale of such securities has been issued to and is outstanding against the Company or its directors, officers or promoters and no investigations or proceedings for such purposes are pending or threatened. 
  
 4.4 None of the Company nor any of its subsidiaries is in
breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of, constitute a default under or give the holder of any indebtedness (or a person acting on such
holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (A) its charter or by-laws or other applicable formation or organizational documents, or (B) any indenture, mortgage,
deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which it is a party or by which it or any of its properties may be bound or affected, except, in case
of (B), as would not have a Material Adverse Effect, and the execution, delivery and performance of this Agreement and the Registration Rights Agreement, the issuance and sale of the shares of Common Stock and the consummation of the transactions
contemplated hereby and thereby will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach of or constitute a default
under) (A) the charter or by-laws of the Company or applicable formation or organizational documents of any of the Company’s subsidiaries, or (B) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any of their respective properties may be bound or affected, or any federal, state, local or
foreign law, regulation or rule or any decree, judgment or order applicable to the Company or any of its subsidiaries, except, in case of (B), as would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 4.5 The Company has been organized in conformity with the
requirements for qualification as a real estate investment trust pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and will be so qualified after given effect to the issuance and sale of the Common Stock as
herein contemplated. 

 4.6 The Company is not and, after giving effect to the offering and sale of the shares of
Common Stock as herein contemplated, will not be an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. 
  
 4.7 There are no actions, suits, claims, investigations or
proceedings pending or threatened or, to the knowledge of the Company or its subsidiaries, contemplated to which the Company, its subsidiaries or any of their respective directors or officers is a party or of which any of their respective properties
is subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, except any such action, suit, claim, investigation or proceeding which would not result in a
judgment, decree or order having, individually or in the aggregate, a Material Adverse Effect or preventing consummation of the transactions contemplated hereby. 
  
 4.8 The Company is not required to obtain any consent, authorization or order of, or make any filing with,
any court, governmental agency or any regulatory or self-regulatory agency or any other person in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement or the Registration Rights Agreement, in
each case in accordance with the terms hereof or thereof, except as otherwise provided in the Registration Rights Agreement and except for the filing of a Form D with the Commission and any state securities regulators. All consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the Closing Date, except as otherwise provided in the Registration Rights Agreement and except
for the filing of a Form D with the Commission and any state securities regulators. 
  
 4.9 No authorization, approval or consent of the stockholders of the Company is required or necessary in connection with the sale of the
Common Stock pursuant to the articles of incorporation, bylaws or other organizational documents of the Company or the rules and regulations of the New York Stock Exchange. 
  
 4.10 The Common Stock sold in the Offering will be issued and sold pursuant to the registration exemption
provided by Regulation D and Section 4(2) of the Securities Act as a transaction not involving a public offering and the requirements of any other applicable state securities laws and the respective rules and regulations thereunder. The issuance of
the Common Stock has been duly authorized and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, the shares of Common Stock sold in this Offering will be validly issued, fully
paid and nonassessable and will not be subject to preemptive rights, resale rights, rights of first refusal or similar rights arising under any contract or agreement to which the Company is a party. 
  
 4.11 Neither the Company, nor any of its affiliates, nor any
person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Common Stock as herein contemplated. 

 4.12 Neither the Company, nor any of its affiliates, nor an person acting on its or their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of any of the shares of Common Stock under the Securities Act or cause this
offer of the Common Stock to be integrated with prior offerings by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or
automated quotation system on which any of the securities of the Company are listed or designated. None of the Company, its affiliates or any persons acting on its or their behalf will take any action or steps referred to in the preceding sentence
that would require registration of any of the shares of Common Stock under the Securities Act or cause the offering of the shares of Common Stock to be integrated with other offerings. 
  
 4.13 Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and
approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its business,
except as would not have a Material Adverse Effect; none of the Company nor its subsidiaries is in violation of, or in default under, nor has it received notice of any proceedings relating to revocation or modification of, any such license,
authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, except where such violation, default, revocation or
modification would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 4.14 The Agreements and any and all instruments necessary or appropriate to effectuate fully the terms and conditions of the Agreements on
behalf of the Company have been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, subject to the effect
of: (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights (including, without limitation, the effect of statutory and other laws regarding fraudulent conveyances, fraudulent transfers
and preferential transfers), (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality, and (c) the unenforceability under certain circumstances
under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy. 
  
 4.15 The issuance of the Common Stock has been duly
authorized, and upon issuance and delivery of the Common Stock to each Subscriber pursuant to this Agreement in consideration of the Subscribers’ payments therefor, the Common Stock will be duly and validly issued, fully paid and nonassessable,
free and clear of all liens and encumbrances or restrictions on transfer, other than (i) restrictions on transfer set forth herein or in the Information, and (ii) any liens, charges or encumbrances created by a Subscriber. The delivery of the Common
Stock to each Subscriber at the closing of the transactions contemplated by this Agreement will transfer good and valid title to, and beneficial ownership of, the Common Stock, other than as a result of any encumbrances, liens and 

 
claims described in clauses (i) and (ii) of the preceding sentence. The issuance and sale of the Common Stock pursuant hereto will not give rise to any
preemptive rights, resale rights, rights of first refusal or similar rights that have not been complied with or waived. 
  
 4.16 The Company’s Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action
designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such
registration. To the Company’s knowledge, the Company is not in violation of the listing requirements of the New York Stock Exchange (the “NYSE”) and does not reasonably anticipate that the Common Stock will be delisted
by the NYSE in the foreseeable future. Each of the Company, its subsidiaries and their respective officers and directors are unaware of any facts or circumstances which might give rise to any of the foregoing. 
  
 4.17 The Company confirms that neither it nor any other
person acting on its behalf has provided any of the Subscribers or their respective agents or counsel with any information that constitutes or might constitute material, nonpublic information other than the existence of the transactions contemplated
hereby. The Company understands and confirms that each of the Subscribers will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Subscribers regarding the Company, its
subsidiaries, their respective businesses and the transactions contemplated hereby, furnished by or on behalf of the Company, are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or information exists with respect to the Company or its business,
properties, prospects, management, financial condition or results of operations, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.
The Company acknowledges and agrees that no Subscriber makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3. 
  
 5. As a condition to Closing, (i) each of the representations and warranties
of the parties hereto shall be true and correct in all material respects, (ii) the Subscribers shall have received an opinion from Clifford Chance US LLP, dated as of the Closing Date, substantially in the form attached hereto as Appendix B
and (iii) the Subscribers shall have received an opinion from Venable LLP, dated as of the Closing Date, substantially in the form attached as Appendix C. 
  
 6. Provided that the conditions set forth in Paragraph 5 hereto have been met or waived at such time, the
transactions contemplated hereby shall be consummated upon five business days’ notice to the Subscribers but not later than June 24, 2005, or at such other time and date as the parties hereto shall agree to in writing. 
  
 7. This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to each of the other parties. 

 8. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York. The parties consent to the exclusive jurisdiction of the United States District Court for the Southern District of New York in connection with any civil action concerning any controversy, dispute or claim arising out of or relating to this
Agreement, or any other agreement contemplated by, or otherwise with respect to, this Agreement or the breach hereof, unless such court would not have subject matter jurisdiction thereof, in which event the parties consent to the jurisdiction of the
State of New York. The parties hereby waive and agree not to assert in any litigation concerning this Agreement the doctrine of forum non conveniens. 
  
 9. This Agreement, including the exhibits and other documents referred to herein (which form a part hereof), constitutes the entire agreement of the
parties with respect to the subject matter hereof, and supersedes all prior agreements and understandings between the parties, and all such prior agreements and understandings are merged herein and shall not survive the execution and delivery
hereof. 
  
 10. All notices or other communications required or
permitted to be given hereunder shall be in writing and shall be delivered by hand or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service or be telecopier and shall be deemed given when so delivered
by hand or, if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service), addressed as follows: 
  

					
	If to each Holder:	  	 To the address of such Holder
 set forth on the
signature page hereto
	  	 
			
	If to the Company:	  	 Extra Space Storage Inc.
 2795 Cottonwood Parkway,
Suite 400
 Salt Lake City, UT 84121
 Attn: Charles L. Allen,
Esq.
           Senior Legal Counsel
 Facsimile: (801) 365-4947
	  	 
			
	 	  	 with a copy to:
  
 Clifford Chance US LLP
 31 West 52nd Street
 New York, New York 10019
 Attention: Jay L. Bernstein, Esq.
 Facsimile: 212-878-8375
	  	 

  
 11. This Agreement
shall inure to the benefit of and be binding upon the Company and the Subscribers. Nothing in this Agreement is intended, or shall be construed, to give any other person or entity any right hereunder or by virtue hereof. This Agreement may not be
assigned by the Company or the Subscribers without the prior written consent of the other party hereto. 
  
 12. For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include
the other gender as the context requires, (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise 

 
stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, paragraph or other references
are to the Sections, paragraphs, or other references to this Agreement unless otherwise specified, (iii) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,”
unless the context otherwise requires or unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) provisions shall apply, when appropriate, to successive events and transactions. 
  
 This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting or causing any instruments to be drafted. 
  
 13. If any provision of this Agreement shall be or shall be held or deemed by a final order by a competent authority to be invalid, inoperative or
unenforceable, such circumstance shall not have the effect of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable, but this Agreement shall be construed as if such invalid, inoperative or unenforceable
provision had never been contained herein so as to give full force and effect to the remaining such terms and provisions. 
  
 14. The parties recognize that various other rights rendered under this Agreement are unique and, accordingly, the parties shall, in addition to such
other remedies as may be available to them at law or in equity, have the right to enforce the rights under this Agreement by actions for injunctive relief and specific performance. 
  
 15. In connection with this Agreement, as well as all transactions and covenants contemplated by this Agreement, each party
hereto agrees to execute and deliver or cause to be executed and delivered such additional documents and instruments and to perform or cause to be performed such additional acts as may be necessary or appropriate to effectuate, carry out and perform
all of the terms, provisions and conditions of this Agreement and all such transactions and covenants contemplated by this Agreement. 
  
 16. The waiver of any breach of any term or condition of this Agreement shall not operate as a waiver of any other breach of such term or condition or of
any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. 
  
 [Signature Page Follows] 
  
  

 IN WITNESS WHEREOF, the parties have caused this signature page to the Purchase Agreement to be
duly executed as of the date first written above. 
  

			
	 COMPANY:

	
	 EXTRA SPACE STORAGE INC.

		
	By:	 	 /s/ Charles L. Allen

	Name:	 	Charles L. Allen
	Title:	 	Senior Vice President

 IN WITNESS WHEREOF, the parties have caused this signature page to the Purchase Agreement to be
duly executed as of the date first written above. 
  
 SUBSCRIBERS:

  

			
	 ATSF Clarion Real Estate Securities

		
	By:	 	 /s/ ATSF Clarion Real Estate Securities

	 Name:
 Title:
	 	 
	
	 ING Clarion Real Estate Income Fund

		
	By:	 	 /s/ ING Clarion Real Estate Income Fund

	 Name:
 Title:
	 	 
	
	 IDEX – Clarion Real Estate Securities Portfolio

		
	By:	 	 /s/ IDEX – Clarion Real Estate Securities Portfolio

	Name: Title:	 	 
	
	 ING Clarion Real Estate Fund

		
	By:	 	 /s/ ING Clarion Real Estate Fund

	 Name:
 Title:
	 	 
	
	 Virginia Retirement System

		
	By:	 	 /s/ Virginia Retirement System

	 Name:
 Title:
	 	 

			
	 Cohen & Steers Premium Income Realty Fund, Inc.

		
	By:	 	 /s/ Cohen & Steers Premium Income Realty Fund, Inc.

	 Name:
 Title:
	 	 
	
	 Cohen & Steers Advantage Income Realty Fund, Inc.

		
	By:	 	 /s/ Cohen & Steers Advantage Income Realty Fund, Inc.

	 Name:
 Title:
	 	 
	
	 Cohen & Steers Total Return Realty Fund, Inc.

		
	By:	 	 /s/ Cohen & Steers Total Return Realty Fund, Inc.

	 Name:
 Title:
	 	 
	
	 Cohen & Steers REIT and Preferred Income Fund, Inc.

		
	By:	 	 /s/ Cohen & Steers REIT and Preferred Income Fund, Inc.

	 Name:
 Title:
	 	 
	
	 Cohen & Steers Quality Income Realty Fund, Inc.

		
	By:	 	 /s/ Cohen & Steers Quality Income Realty Fund, Inc.

	 Name:
 Title:
	 	 
	
	 Scudder RREEF Real Estate Fund, Inc.

		
	By:	 	 /s/ Scudder RREEF Real Estate Fund, Inc.

	 Name:
 Title:
	 	 

			
	 Scudder RREEF Real Estate Fund II, Inc.

		
	By:	 	 /s/ Scudder RREEF Real Estate Fund II, Inc.

	 Name:
 Title:
	 	 
	
	 TIAA-CREF Asset Management Commingled Funds Trust I

		
	By:	 	 /s/ TIAA-CREF Asset Management Commingled Funds Trust I

	 Name:
 Title:
	 	 
	
	 TIAA-CREF Life Real Estate Securities Fund

		
	By:	 	 /s/ TIAA-CREF Life Real Estate Securities Fund

	 Name:
 Title:
	 	 
	
	 TIAA-CREF Institutional Real Estate Securities Fund

		
	By:	 	 /s/ TIAA-CREF Institutional Real Estate Securities Fund

	 Name:
 Title:
	 	 
	
	 Wells Street Partners LLC

		
	By:	 	 /s/ Wells Street Partners LLC

	 Name:
 Title:
	 	 
	
	 Wells Street Offshore, Ltd.

		
	By:	 	 /s/ Wells Street Offshore, Ltd.

	 Name:
 Title:
	 	 

			
	 Melchor Investment Company

		
	By:	 	 /s/ Melchor Investment Company

	 Name:
 Title:
	 	 
	
	 Tiff Multi-Asset Fund

		
	By:	 	 /s/ Tiff Multi-Asset Fund

	 Name:
 Title:
	 	 
	
	 UBS AG London

		
	By:	 	 /s/ UBS AG London

	 Name:
 Title:
	 	 
	
	 HCM/Z Special Opportunities LLC

		
	By:	 	 /s/ HCM/Z Special Opportunities LLC

	 Name:
 Title:
	 	 
	
	 D.B. Zwirn Special Opportunities Fund, L.P.

		
	By:	 	 /s/ D.B. Zwirn Special Opportunities Fund, L.P.

	 Name:
 Title:
	 	 
	
	 D.B. Zwirn Special Opportunities Fund (TE), L.P.

		
	By:	 	 /s/ D.B. Zwirn Special Opportunities Fund (TE), L.P.

	 Name:
 Title:
	 	 

			
	 D.B. Zwirn Special Opportunities Fund, Ltd.

		
	By:	 	 /s/ D.B. Zwirn Special Opportunities Fund, Ltd.

	 Name:
 Title:
	 	 
	
	 Amaranth Global Equities Master Fund Limited

		
	By:	 	 /s/ Amaranth Global Equities Master Fund Limited

	 Name:
 Title:
	 	 
	
	 Amaranth LLC

		
	By:	 	 /s/ Amaranth LLC

	 Name:
 Title:

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