Document:

EX-10.5

Exhibit 10.5

Option No.:         

U-STORE-IT TRUST

2004 EQUITY INCENTIVE PLAN

NONQUALIFIED SHARE OPTION AGREEMENT

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

Grant Date: July 10, 2006

Name of Optionee: Stephen R. Nichols

Optionee’s Social Security Number:      -     -     

Number of Shares Covered by Option: 75,000

Option Price per Share: $18.70

Vesting Start Date: July 10, 2006

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

	 	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	Optionee:

	 	Stephen R. Nichols
	 	 
	
 
	 	 
	 	

	 
	 	 	 	 
	 

	 	 Name: Stephen R. Nichols
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	Company:

	 	Dean Jernigan
	 	 
	
 
	 	 
	 	

	 
	 	 	 	 
	 

	 	Name: Dean Jernigan
	 	 
	 
	 	 	 	 
	 

	 	Title: President and Chief Executive Officer
	 	 

Attachment

This is not a share certificate or a negotiable instrument.

1

U-STORE-IT TRUST

2004 EQUITY INCENTIVE PLAN

NONQUALIFIED SHARE OPTION AGREEMENT

Nonqualified

Share Option

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

Vesting

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

Your right to purchase Shares under this option vests as to one-fifth (1/5) of the
total number of Shares covered by this option, as shown on the cover sheet, on
each of the first five anniversaries of the Vesting Start Date (each an
“Anniversary Date”), provided you then continue in Service. The resulting
aggregate number of vested Shares will be rounded to the nearest whole number, and
you cannot vest in more than the number of Shares covered by this option.

The resulting aggregate number of vested Shares will be rounded to the nearest
whole number, and you cannot vest in more than the number of Shares covered by
this option.

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

Term

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

Regular

Termination

If your Service terminates for any reason, other than death, Disability, Cause or
a voluntary resignation without Good Reason, then your option expires at the close
of business at Company headquarters on the 90th day after your termination date.

 

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2

Termination for

Cause or Resignation

without Good Reason

If your Service is terminated for Cause or you voluntarily resign without Good
Reason, then you immediately forfeit all rights to your option and the option
immediately expires.

Death

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

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

Disability

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

Leaves of

Absence

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

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

 

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3

Notice of Exercise

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

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

Form of

Payment

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

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

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

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

Withholding

Taxes

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

 

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4

Transfer of

Option

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

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

Retention

Rights

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

Shareholder

Rights

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

Adjustments

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

Applicable Law

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

 

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5

The Plan

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

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

Data Privacy

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

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

Consent to

Electronic

Delivery

The Company may choose to deliver certain statutory materials relating to the Plan
in electronic form. By accepting this option grant you agree that the Company may
deliver the Plan prospectus and the Company’s annual report to you in an
electronic format. If at any time you would prefer to receive paper copies of
these documents, as you are entitled to, the Company would be pleased to provide
copies. Please contact Tedd Towsley at 440-260-2224 to request paper copies of
these documents.

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

 

6

6EX-10.01

Exhibit 10.01

July 12, 2006

Robert Swan

Dear Bob,

The Compensation Committee of the Board of Directors of eBay Inc. has authorized eBay Inc.
(“eBay”) to provide you additional relocation assistance to supplement the relocation package
provided to you in your offer letter dated February 10, 2006 and is meant to facilitate your
relocation from Plano, Texas to the San Francisco Bay Area in light of the condition of the Plano,
Texas residential real estate market.

Consistent with the foregoing, eBay agrees to pay you the difference, if any, between
$3,000,000 and the sales price of your Plano, Texas home, up to a maximum amount of $700,000, and
assist you with certain other relocation-related costs and expenses associated with the sale of
your Plano home (the “Payment Amount”). In addition, eBay agrees to provide you a tax
reimbursement for income attributed to you arising from your receipt of any Payment Amount.

In the event that either you voluntarily terminate your employment with eBay or eBay
terminates you for Cause on or prior to July 7, 2010, you agree to repay to eBay a prorated
portion of the Payment Amount, with such repayment obligation decreasing by 1/48th of the total
amount for each full month of employment elapsed between July 7, 2006 and any such event.

For purposes of this agreement, “Cause” shall mean (i) indictment or conviction of any felony
or any crime involving dishonesty or moral turpitude; (ii) participation in any fraud against
eBay; (iii) gross misconduct; (iv) conduct which in the good faith and reasonable, factual
determination of the Board of Directors of eBay Inc. demonstrates unfitness to serve; or (v)
willful and material breach of your duties to eBay.

Sincerely,

/s/ Michael R. Jacobson

Michael R. Jacobson

Secretary

AGREED AND ACCEPTED:

/s/ Robert Swan

Robert Swan

July 12, 2006

Date

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