Document:

Exhibit 10.41

 

AMENDMENT TO THE

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDMENT
(the “Amendment”) is made, effective as of December       ,
2008 (the “Effective Date”), between U-STORE-IT TRUST, a Maryland real
estate investment trust (the “Company”), and STEVEN R. NICHOLS (the “Executive”).

 

WHEREAS, the
Company and the Executive are parties to an amended and restated employment agreement
dated as of April 20, 2007 (the “Agreement”); and

 

WHEREAS, the Company
and the Executive desire to amend the Agreement to ensure compliance with or
exemption from provisions of the Section 409A of the Internal Revenue Code of
1986, as amended, and its implementing regulations and guidance; and

 

WHEREAS, capitalized terms used herein but not otherwise
defined herein shall have the meanings given to them in the Agreement.

 

NOW THEREFORE,
in consideration of these premises, and intending to be legally bound, the
parties agrees as follows:

 

1.             Section 7.17
of the Agreement is hereby amended and restated in its entirety to read as
follows:

 

“Section
409A.

 

(a)           Notwithstanding anything in the
Agreement to the contrary or otherwise, except to the extent any expense,
reimbursement or in-kind benefit provided pursuant to the Agreement does not
constitute a “deferral of compensation” within the meaning of Section 409A of
the Internal Revenue Code of 1986, and its implementing regulations and
guidance (“Section 409A”), (i) the amount of expenses eligible for
reimbursement or in-kind benefits provided to the Executive during any calendar
year will not affect the amount of expenses eligible for reimbursement or
in-kind benefits provided to the Executive in any other calendar year, (ii) the
reimbursements for expenses for which the Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the
calendar year in which the applicable expense is incurred and (iii) the right
to payment or reimbursement or in-kind benefits hereunder may not be liquidated
or exchanged for any other benefit.”

 

(b)           For purposes of the application of
Treas. Reg. § 1.409A-1(b)(4)(or any successor provision), each payment in a
series of payments to the Executive will be deemed a separate payment.

 

(c)           Notwithstanding any other provision of the
Agreement to the contrary, any payment or benefit provided to the Executive
upon or following her termination of employment that represents a “deferral of
compensation” within the meaning of Section 409A shall only be paid or provided
to the Executive upon

 

 

her “separation from
service” within the meaning of Treas. Reg. § 1.409A-1(h) (or any successor
regulation).

 

(d)           In the event the payment of any amounts payable
pursuant to Section 5 of this Agreement within six months of the date of the
Executive’s termination of employment would cause the Executive to incur any
additional tax under Section 409A, then payment of such amounts shall be
delayed until the date that is six months following the Executive’s termination
date (the “Earliest Payment Date”).  If this provision becomes
applicable, it is anticipated that payments that would have been made prior to
the Earliest Payment Date in the absence of this provision would be paid as a
lump sum on the Earliest Payment Date and the remaining severance benefits or other
payments would be paid according to the schedule otherwise applicable to the
payments.

 

IN WITNESS
WHEREOF, the parties hereto have executed and delivered this Amendment on the       
day of December, 2008.

 

 

	
   

  	
  U-STORE IT TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean Jernigan

  
	
   

  	
   

  	
  Name:  Dean
  Jernigan

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Stephen R. Nichols

  
	
   

  	
  STEVEN R. NICHOLS

  

 

2Exhibit 10.42

 

KATHLEEN A. WEIGAND

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”)
is dated as of December 18, 2008 by and between U-STORE-IT TRUST, a Maryland
real estate investment trust (the “Company”), and Kathleen A. Weigand
(the “Executive”).

 

WHEREAS, the Company and the Executive entered into an Employment
Agreement, dated February 24, 2006 as amended, dated April 20, 2007 (the “Original
Employment Agreement”), pursuant to which the Executive was employed by the
Company as Executive Vice President, General Counsel and Secretary; and

 

WHEREAS, the Company and the Executive desire to enter into this
Agreement which supersedes and replaces in its entirety the Original Employment
Agreement; and

 

WHEREAS, the Company desires to employ the Executive to devote full
time to the business of the Company as the Executive Vice President,
General Counsel and Secretary of the Company; and

 

WHEREAS, the Executive desires to be employed by the Company on the
terms and subject to the conditions hereinafter stated.

 

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 December 31, 2007 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 her capacity as Executive Vice
President, General Counsel and Secretary, 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 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 $330,000 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. During the Term, in
addition to the Annual Salary, the Executive will be eligible to participate in
(a) any formal annual bonus plan established by the Compensation Committee for
all executive officers in its sole and absolute discretion (the “Annual
Bonus Plan,” and amounts paid thereunder are referred to as an “Annual
Bonus”) and (b) any formal long-term bonus or incentive plans established
by the Compensation Committee for all executive officers in its sole and
absolute discretion (the “Long-Term Bonus Plans,” and amounts paid
thereunder are referred to as “Long-Term Bonus”). The Annual Bonus Plans
and the Long-Term Bonus Plans are referred to as the “Bonus Plans.” The
Executive may be awarded such restricted shares, share options and other
equity-based awards under the Company’s equity compensation plans (“Equity
Awards”) as the Compensation Committee determines to be appropriate in its
sole discretion.

 

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 (4) weeks per year.

 

3.5 Automobile. During the Term, the
Company will provide the Executive an allowance for the use of an automobile
(including the payment of vehicle insurance) in accordance with the Company’s
policy in effect from time to time. 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

 

2

 

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 Death or Disability. 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 4. 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 death or other termination of employment by virtue of disability
(i) the Executive (or the Executive’s estate or beneficiaries in the case
of the death of 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, such amount to be
paid to the Executive (or the Executive’s estate or beneficiaries in the case
of the death of the Executive) within 30 days of the Effective Date of
Termination; (ii) all Equity Awards held by the Executive 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 of death or 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 her employment during the Term upon death or by
virtue of disability.

 

5. Other Terminations of Employment.

 

5.1 Termination for Cause. For purposes of this Agreement, “Cause”
shall mean:

 

3

 

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

 

 (b)
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;

 

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

 

 (d)
any material violation by the Executive of the covenants contained in Section 6;
or

 

 (e)
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 (c), (d) or
(e) 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.

 

5.2 Termination for Good Reason. For
purposes of this Agreement, “Good Reason” shall mean, unless otherwise
consented to by the Executive:

 

 (a)
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;

 

 (b) a
material reduction in Annual Salary of the Executive;

 

 (c)
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;

 

 (d) a
change in control (for purposes of this Section, “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

 

4

 

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,

 

(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 Section 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 (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;

 

(e) a requirement by the Company that the
Executive’s work location be moved more than fifty (50) miles from the
Company’s office where the Executive works effective as of the date of this
Agreement, unless the relocation results in the work location being closer to
Executive’s residence; or

 

(f) 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 (a), (b), (e) or (f) 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.

 

5

 

5.3 Effect of Termination for Cause.
 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 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, but excluding any bonuses the
Executive would have been entitled to under the Bonus Plans; 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 5.3, 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.

 

5.4 Effect of Termination Without Good
Reason.  The Executive may terminate her 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
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, but
excluding any bonuses the Executive would have been entitled to under the Bonus
Plans; 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 5.4, 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.

 

5.5 Effect of Non-Renewal. In the
event the Company elects not to renew this Agreement as contemplated in Section 1
above and as a result the Executive has a Separation from Service, 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 of the sum of the two previous Annual Bonuses
and Long-Term Bonuses received by the Executive as provided for in Section
3.2, or, in the event the Executive has received only one Annual Bonus and
one Long-Term Bonus pursuant to Section 3.2 at the time of such
Separation from Service, an amount equal to the sum of such Annual Bonus and
Long-Term Bonus, or, in the event the Executive has not received any Annual
Bonus or Long-Term Bonus pursuant to Section 3.2 at the time of such
Separation of Service, an amount equal to the sum of the Annual Bonus and
Long-Term Bonus the Executive would have received under Section 3.2 if
the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
Separation from Service (or, if later, as soon as

 

6

 

practicable, but in no event after the earlier of (x) 30 days after the
amount is reasonably capable of being known and (y) the date that is 2 1/2
months after the end of the calendar year in which the Separation from Service
occurs).

 

5.6 Termination Without Cause; Termination
for Good Reason. 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
Company or the Executive terminates the Executive’s employment and such
termination is not described in Section 4 or Section 5.1
through Section 5.5, (i) the Executive shall receive the
Executive’s 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, such amount to be paid to the Executive within 30 days of the
Effective Date of Termination; (ii) the Executive shall receive a cash
payment equal to the Severance Payment payable within 30 days of the
Effective Date of the Termination; (iii) for 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 any plan); 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 (2)
times the sum of: (i) the Executive’s Annual Salary (as in effect on the
effective date of such termination) and (ii) the average of the sum of the
two previous Annual Bonuses and Long-Term Bonuses received by the Executive pursuant
to Section 3.2, or, in the event the Executive has received only one
Annual Bonus and one Long-Term Bonus pursuant to Section 3.2 at the time
of such termination, an amount equal to the sum of such Annual Bonus and
Long-Term Bonus, or, in the event the Executive has not received any Annual
Bonus or Long-Term Bonus pursuant to Section 3.2 at the time of such
termination, an amount equal to the sum of the Annual Bonus and Long-Term Bonus
the Executive would have received under Section 3.2

 

7

 

if the Executive would have remained employed through the period
required to be entitled to receive the Annual Bonus and Long-Term Bonus and
satisfied all target performance objectives. For purposes of this Section 5.6,
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.

 

5.7 Severance and Release. In the event that Executive’s
employment is terminated and Executive receives a Severance Payment or other
post-termination benefits, the payment of such benefits is expressly
conditioned upon and shall not be made, provided or otherwise available unless
and until, Executive has executed and delivered to the Company a Severance and
General Release Agreement in substantially the form attached hereto as Exhibit
A. The Company shall have no post-termination obligations under this Agreement
if the executed release is not received by the Company within 60 days after the
Effective Date of Termination.

 

5.8 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.

 

6. Confidential and Proprietary Information.

 

6.1 Confidential Information. The Executive shall keep secret
and retain in strictest confidence, and shall not use for her personal benefit
or the benefit of others or directly or indirectly disclose, except as may be
required or appropriate in connection with her carrying out her 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

 

8

 

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 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 within the 10 year period commencing on the applicable
Effective Date of Termination; 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. The amount of reimbursement available to the
Executive under this Section 7.3 during a taxable year will not affect
the expenses eligible for reimbursement in any other taxable year.
Reimbursements under this Section 7.3 shall be paid to the Executive on
or before the last day of the Executive’s taxable year following the
Executive’s taxable year in which the expense is incurred.

 

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

 

9

 

(iv) when received if it is delivered by hand, in each case to the
intended recipient as set forth below:

 

	
  If to the Company, to:

  	
   

  	
  U-Store-It Trust

  
	
   

  	
   

  	
  460 E. Swedesford Road, Suite 3000

  
	
   

  	
   

  	
  Wayne, PA 19087

  
	
   

  	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
   

  	
  Facsimile: (440) 234-8776

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Bass, Berry & Sims PLC

  
	
   

  	
   

  	
  100 Peabody Place, Suite 900

  
	
   

  	
   

  	
  Memphis, TN 38103

  
	
   

  	
   

  	
  Attn: John A. Good

  
	
   

  	
   

  	
  Facsimile: (901) 543-5999

  

 

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.

 

7.5 Entire Agreement. This Agreement, together with the exhibits
hereto and the Non-Competition Agreement, 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.

 

10

 

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 Section  6 and Section
7 (to the extent necessary to effectuate the survival of Section 6
and  Section 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 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. Any payment required to be made to the Executive pursuant to this Section
7.16 shall be paid to the Executive by the end of the Executive’s taxable
year following the

 

11

 

Executive’s taxable year in which the excise tax is remitted to the
taxing authority. “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 Six Month Delay of Certain Payments. In the event the
payment of any amounts payable pursuant to Section 5 of this Agreement
within six months of the date of the Executive’s Separation from Service would
cause the Executive to incur any additional tax under Section 409A of the
Internal Revenue Code of 1986, as amended, then payment of such amounts shall
be delayed until the date that is six months following the Executive’s
Separation from Service (the “Earliest Payment Date”). If this provision
becomes applicable, payments that would have been made prior to the Earliest
Payment Date in the absence of this provision will be paid as a lump sum on the
Earliest Payment Date and the remaining severance benefits or other payments
will be paid according to the schedule otherwise applicable to the payments.

 

7.18 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 “Separation from Service” means
a “separation from service” as defined in Section 1.409A-1(h) of the Treasury
Regulations; provided that in applying Section 1.409A-1(h)(1)(ii) of the
Treasury Regulations, a Separation from Service shall be deemed to occur if the
Company and the Executive reasonably anticipate that the level of bona fide services
the Executive will perform for the Company (whether as an employee or as an
independent contractor) will permanently decrease to less than 50% of the
average level of bona fide services performed by the Executive for the Company
(whether as an employee or as a independent contractor) over the immediately
preceding 36-month period (or the full period of services performed for the
Company if the Executive has been providing services to the Company for less
than 36 months). In the event of a disposition of assets by the Company to an
unrelated person, the Company reserves the discretion to specify (in accordance
with Section 1.409A-1(h)(4) of the Treasury Regulations) whether the Executive
who would otherwise experience a Separation from Service with the Company as
part of the disposition of assets will be considered to experience a Separation
from Service for purposes of Section 1.409A-1(h) of the Treasury Regulations.

 

 (d) 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.

 

7.19 Replacement of Original Employment Agreement. The Company
and the Executive acknowledge and agree that the Original Employment Agreement
is hereby terminated by mutual consent and neither the Company nor the
Executive shall have any continuing obligation to the

 

12

 

other pursuant to the terms of the Original Employment Agreement. The
mutual agreements and covenants contained in this Agreement shall replace and
supersede in their entirety the provisions of the Original Employment
Agreement.

 

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

 

	
   

  	
  U-STORE IT TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Dean Jernigan

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Kathleen A. Weigand

  
	
   

  	
  Name:

  	
  Kathleen A. Weigand

  

 

13

 

EXHBIT A

 

SEVERANCE AND GENERAL RELEASE AGREEMENT

 

This agreement made and entered into between
U-Store-It Trust (the “Company”) and
                        
(the “Executive”);

 

WHEREAS, the Executive has been employed by the
Company (or its predecessor) since
                        
pursuant to that Amended and Restated Executive Employment Agreement dated
                    
(the “Employment Agreement”);

 

WHEREAS, the Executive’s employment with the
Company has been terminated under the Employment Agreement, effective
                          ;

 

WHEREAS, pursuant to the Employment Agreement,
the Company has expressed its willingness to provide a Severance Payment and
other post-termination benefits (as specifically set forth in the Employment
Agreement, the “Termination Benefits”), in connection with such
termination, upon the terms set forth herein;

 

WHEREAS, pursuant to the Employment Agreement,
the Executive has agreed to accept those benefits upon the terms set forth
herein;

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                       The recitals set
forth above are true and accurate.

 

2.                                       As a material
inducement to Executive to enter into this Agreement, the Company will provide
the Executive with the Termination Benefits in accordance with the terms and
conditions of the Employment Agreement, to be paid in the form of regular
payroll checks and from which the Company will make all applicable withholding.
The Executive acknowledges that he is not entitled to receive the Termination
Benefits unless he executes and does not revoke this Severance and General
Release Agreement (the “Agreement”).

 

3.                                       This Agreement
is not and shall not be construed as an admission by the Executive of any fact
or conclusion of law. Likewise, this Agreement is not and shall not be
construed as an admission by Company of any fact or conclusion of law. Without
limiting the general nature of the previous sentences, this Agreement shall not
be construed as an admission that the Executive, or the Company, or any of the
Company’s officers, directors, managers, agents, or employees have violated any
law or regulation or have violated any contract, express or implied.

 

4.                                       The Executive
represents and warrants that he has no personal knowledge of any practices
engaged in by the Company that is or was a violation of any applicable state
law or regulations or of any federal law or regulations. To the extent that the
Executive has

 

1

 

knowledge of any such practices, the Executive represents and warrants
that the Executive already has notified the Company in writing of such alleged
practices.

 

5.                                       The Executive
represents and warrants that he has not filed any other complaint(s) or
charge(s) against the Company with the EEOC or the state commission empowered
to investigate claims of employment discrimination or with any other local,
state or federal agency or court, and that if any such agency or court assumes
jurisdiction of any complaint(s) or charge(s) against the Company on behalf of
the Executive, the Executive will request such agency or court to withdraw from
the matter, and the Executive will refuse any benefits derived therefrom. This
Agreement will not affect the Executive’s right to hereafter file a charge with
or otherwise participate in an investigation or proceeding conducted by the
EEOC regarding matters which arose after the date of this Agreement and which
are not the subject of this Agreement.

 

6.                                       The Executive
hereby irrevocably and unconditionally releases and forever discharges the
Company, its subsidiaries, parent companies, and related entities, and each of
the Company and its affiliates’ successors, assigns, agents, directors,
officers, employees, representatives, and attorneys, and all persons acting by,
through, under or in concert with any of them (collectively “Released
Parties”), or any of them, from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorney’s fees and costs actually incurred), of any nature
whatsoever, known or unknown (“Claims”), which the Executive now has, or
claims to have, or which the Executive at any time heretofore had, or claimed
to have, against each or any of the Released Parties. The definition of Claims
also specifically encompasses all claims of under Title VII of the Civil Rights
Act of 1964, as amended, 42 U.S.C. § 1981(a), the Age Discrimination in
Employment Act of 1967, as amended, the Employment Retirement Income Security
Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the
Fair Labor Standards Act, the National Labor Relations Act, as well as all
claims under state law provided under other applicable state law or local
ordinance concerning the Executive’s employment. This Agreement further
specifically encompasses all claims related to compensation, benefits,
incentive packages, or any other form of compensation the Executive may or
may not have received during her employment.

 

7.                                       The Executive
agrees that he forever waives and relinquishes any and all claim, right, or
interest in reinstatement or future employment that he presently has or might
in the future have with the Company and its successors and assigns. The
Executive agrees that he will not seek employment with the Company and its
successors and assigns in the future.

 

8.                                       If any provision
of this Agreement is held to be invalid or unenforceable, the remainder of the
Agreement shall nevertheless remain in full force and effect. If any provision
is held to be invalid or unenforceable with respect to particular
circumstances, it shall nevertheless remain in full force and effect in all
other circumstances. No waiver of any terms of conditions of this Agreement or
any part of the Agreement shall be deemed a

 

2

 

waiver of any other terms and conditions of this Agreement or with any
later breach of this Agreement.

 

9.                                       The Executive
agrees to indemnify and hold each and all of the Released Parties harmless from
and against any and all loss, costs, damage, or expense, including, without
limitation, attorneys fees, incurred by the Released Parties, or any of them,
arising out of the Executive’s breach of this Agreement or the fact that any
representation made by him herein was false when made.

 

10.                                 In the event of any
breach of this Agreement or the Non-Competition Agreement or Section 6
of the Employment Agreement by the Executive, the Company shall be entitled to
immediately cease payment of the Termination Benefits in addition to any other
remedy it may have. Both parties understand and agree that should either of
them breach any material term of this Agreement, the non-breaching party can
institute an action to enforce the terms of this Agreement. If legal action is
commenced to enforce any provision of this Agreement, the substantially
prevailing party in such action shall be entitled to recover its attorneys’
fees and expenses through any and all trial courts or appellate courts, in
addition to any other relief that may be granted.

 

11.                                 The Executive
represents that he has not heretofore assigned or transferred, or purported to
assign or transfer to any person or entity, any Claim or any portion thereof or
interest therein.

 

12.                                 The Executive represents
and acknowledges that in executing this Agreement he does not rely and has not
relied upon any other representation or statement made by any of the Released
Parties or by any of the Released Parties’ agents, representatives or
attorneys, except as set forth herein, with regard to the subject matter, basis
or effect of this Agreement.

 

13.                                 The Executive further
agrees that he will not disparage the Company, its business, its employees,
officers or agents, or any of the Company’s affiliates or related entities in
any manner harmful to their business or business reputation. The Executive and
the Company agree to keep the matters contained herein confidential. The
Executive will not discuss this agreement with any current or former
employee(s) of the Company. This clause shall not prevent the Executive from
communicating confidentially with her attorney(s) or immediate family members,
or to the extent required by public disclosure laws or as required by laws,
regulations, or a final and binding court order or other compulsory process.
Likewise, the Company agrees not to disparage the Executive or otherwise make
any negative statement about the Executive, in writing, orally, or otherwise,
in connection with the matters or claims released herein and expressly including,
but not limited to, matters related to the Executive’s employment with the
Company. This clause shall not prevent the Company from communicating
confidentially with its attorney(s), officers, or directors of the corporation,
or to the extent required by public disclosure laws or as required by laws,
regulations, or a final and binding court order or other compulsory process.

 

3

 

14.                                 This Agreement shall
be binding upon the Company, the Executive and their respective heirs,
administrators, representatives, executors, successors, and assigns, and shall
inure to the benefit of the Released Parties and each of them, and to their
heirs, administrators, representatives, executor, successors and assigns.

 

15.                                 All terms not defined
herein shall have the meanings set forth in the Employment Agreement.

 

16.                                 This Agreement shall
in all respects be interpreted, enforced and governed under the laws of the
State of Ohio.

 

17.                                 This Agreement sets
forth the entire agreement between the parties hereto. Any modification,
amendment or change to this Agreement must be made in writing and signed by
both parties.

 

The Executive acknowledges that he has been advised to consult with an
attorney prior to executing this Agreement. The Executive acknowledges
that the Executive has been given a period of twenty-one (21) days within
which to consider this Agreement. The Executive further acknowledges that this
Agreement may be revoked by the Executive at any time during the seven (7)
day period beginning on the date that the Executive has signed this
Agreement by providing written notice of revocation to:  [insert name and address of Company official to
whom written notice of revocation must be delivered].
This Agreement shall not become effective if the Executive revokes the
Agreement during this 7-day period and will not become effective otherwise
until after expiration of the 7-day period. The Executive shall not be entitled
to receive any Termination Benefits under this Agreement or otherwise
until the expiration of the revocation period.

 

[Signatures on Following Page]

 

4

 

	
   

  	
   

  	
  U-STORE IT TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Dean Jernigan

  
	
  Date

  	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Kathleen A. Weigand

  
	
  Date

  	
   

  	
  Name:

  	
  Kathleen A. Weigand

  

 

5

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