Document:

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EXHIBIT 4.5

AMENDMENT NO. 3

TO

SHAREHOLDER RIGHTS AGREEMENT

            THIS AMENDMENT NO. 3 TO SHAREHOLDER RIGHTS AGREEMENT (this "Amendment No. 3") is entered into as of August 31, 2006 between Sovran Self Storage, Inc., a Maryland corporation (the "Company"), and American Stock Transfer and Trust Company, a New York corporation (the "Rights Agent").

            WHEREAS, the Company and the Rights Agent previously entered into the Shareholder Rights Agreement, dated as of November 27, 1996 (the "Rights Agreement");

            WHEREAS, the Company and the Rights Agent previously entered into Amendment No. 1 to the Rights Agreement, dated as of July 3, 2002 and Amendment No. 2 to the Rights Agreement, dated as of April 28, 2006 (the Rights Agreement, as amended by each such amendment, the "Amended Rights Agreement");  

            WHEREAS, in accordance with Section 27 of the Amended Rights Agreement, the Company and the Rights Agent desire to further amend the Amended Rights Agreement on the terms and conditions hereinafter set forth; and

            WHEREAS, for purposes of this Amendment No. 3, initially capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Amended Rights Agreement, as amended by this Amendment No. 3.

            NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

            1.  Certain Definitions.  Section 1(a) of the Amended Rights Agreement is amended by deleting the text and replacing it in its entirety with the following: 

	 	
(a)  "Acquiring Person" shall mean any Person (as hereinafter defined) who or which, together with all Affiliates (as such term is hereinafter defined) and Associates (as such term is hereinafter defined) of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of 10% or more of the shares of Common Stock of the Company then outstanding, but shall not include (i) the Company, (ii) any Subsidiary (as such term is hereinafter defined) of the Company, (iii) any employee benefit plan or compensation arrangement of the Company or any Subsidiary of the Company or (iv) any Person holding shares of Common Stock of the Company organized, appointed or established by the Company or any Subsidiary of the Company for or pursuant to the terms of any such employee benefit plan or compensation arrangement (the Persons described in clauses (i) through (iv) above are referred to herein as "Exempt Persons"); 

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provided, however, that the term "Acquiring Person" shall not include any of the Investors (as hereinafter defined) or any Affiliate or Associate of such Investor (a) as a result of their Beneficial Ownership of any securities to be acquired pursuant to or contemplated by the Purchase Agreement or the Articles Supplementary or the Warrants referred to in the Purchase Agreement (including by way of adjustment, exercise, conversion or other acquisition in a manner contemplated in such Purchase Agreement, such Articles Supplementary or such Warrant), or (b) as a result of an Investor (or its Affiliate or Associate) being the Beneficial Owner of not more than 12% of the shares of Common Stock of the Company then outstanding (determined in accordance with the Amended Rights Agreement), provided that such Beneficial Ownership is not with a purpose or effect of changing or influencing control of the Company, or in connection with or as a participant in any transaction having that purpose or effect which, as a result thereof would require a filing of a Schedule 13D under the Exchange Act or the Rules; provided, further, that the term "Acquiring Person" shall not include FMR Corp. or any Affiliate or Associate of FMR Corp. (together with its Affiliates and Associates, "FMR") or Cohen & Steers Capital Management, Inc. or any Affiliate or Associate of Cohen & Steers Capital Management, Inc. (together with its Affiliates and Associates, "C&S"), but only so long as (x) each of FMR and C&S is the Beneficial Owner of less than 15% of the shares of Common Stock then outstanding, and (y) each of FMR and C&S reports, or is permitted to report, such Beneficial Ownership on Schedule 13G under the Exchange Act (or any comparable or successor report) (and each of FMR and C&S certifies in each such Schedule 13G that such Beneficial Ownership is not with a purpose or effect of changing or influencing control of the Company, nor in connection with or as a participant in any transaction having such purpose or effect) or on Schedule 13D under the Exchange Act (or any comparable or successor report), which Schedule 13D does not state any present intention to (or reserve the right to) hold such shares of Common Stock with the purpose or effect of changing or influencing the control of the Company, nor in connection with or as a participant in any transaction having such purpose or effect.

	 	 
	 	
Notwithstanding the foregoing, no Person shall become an "Acquiring Person" as the result of an acquisition by the Company of Common Stock of the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% or more (or in the case of either FMR or C&S, 15% or more, or in the case of any Investor, more than 12%) of the shares of Common Stock of the Company then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 10% or more (or in the case of either FMR or C&S, 15% or more, or in the case of any Investor, more than 12%) of the shares of Common Stock of the Company then outstanding by reason of share purchases by the Company 

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and shall, after such share purchases by the Company, become the Beneficial  Owner of any additional shares (other than pursuant to a stock split, stock dividend or similar transaction) of Common Stock of the Company and immediately thereafter be the Beneficial Owner of 10% or more (or in the case of either FMR or C&S, 15% or more, or in the case of any Investor, more than 

12%) of the shares of Common Stock of the Company then outstanding, then such Person shall be deemed to be an "Acquiring Person."

	 	 
	 	
In addition, notwithstanding the foregoing, a Person shall not be an "Acquiring Person" if the Board of Directors of the Company determines that a Person who would otherwise be an "Acquiring Person," as defined pursuant to the foregoing provisions of this Section 1(a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of shares of Common Stock of the Company so that such Person would no longer be an "Acquiring Person," as defined pursuant to the foregoing provisions of this Section 1(a).

	 	 

            2.  Benefits.  Nothing in the Amended Rights Agreement, as amended by this Amendment No. 3, shall be construed to give any Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock) any legal or equitable right, remedy or claim under the Amended Rights Agreement, as amended by this Amendment No. 3; but the Amended Rights Agreement, as amended by this Amendment No. 3, shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of Common Stock).

            3.  Severability.  If any term, provision, covenant or restriction of this Amendment No. 3 is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the  remainder of the terms, provisions, covenants and restrictions of this Amendment No. 3 shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

            4.  Descriptive Headings.  Descriptive headings of the several Sections of this Amendment No. 3 are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.  

            5.  Governing Law.  This Amendment No. 3 shall be deemed to be a contract made under the laws of the State of Maryland and for all purposes shall be governed by and construed in accordance with the laws of such state.

            6.  Counterparts.  This Amendment No. 3 may be executed in any number of counterparts.  It shall not be necessary that the signature of or on behalf of each party appears on each counterpart, but it shall be sufficient that the signature of or on behalf of each party appears on one or more of the counterparts.  All counterparts shall collectively constitute a single a single agreement.   

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            7.  Effect of Amendment.  Except as expressly modified by this Amendment No. 3, the Amended Rights Agreement shall remain in full force and effect.

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly executed and attested, as of the day and year first above written.  

	
Attest:

By:  /S/ DAVID L. ROGERS

        David L. Rogers

        Chief Financial Officer

	
SOVRAN SELF STORAGE, INC.

By:  /S/ ROBERT J. ATTEA

        Robert J. Attea

        Chairman and Chief Executive Officer

	 	 
	
Attest:

By:  /S/ EDWARD SCHMITT

        Edward Schmitt

        Administrative Vice President
	
AMERICAN STOCK TRANSFER AND

    TRUST COMPANY, as Rights Agent

By:  /S/ HERBERT J. LEMMER

        Herbert J. Lemmer

        Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOVRAN SELF STORAGE, INC.

OFFICER'S CERTIFICATE

            The undersigned, pursuant to Section 27 of the Shareholder Rights Agreement, dated as of November 27, 1996, by and between Sovran Self Storage, Inc. and American Stock Transfer and Trust Company, as Rights Agent (the "Rights Agreement"), as amended by Amendment No. 1 thereto, dated July 3, 2002 and Amendment No. 2 thereto, dated April 28, 2006 (the Rights Agreement, as amended by each such amendment, the "Amended Rights Agreement"), hereby certifies that Amendment No. 3 to the Amended Rights Agreement is in compliance with the terms of Section 27 of the Amended Rights Agreement.

            IN WITNESS WHEREOF, I have executed this Certificate as of August 31, 2006.

	 	
SOVRAN SELF STORAGE, INC.

By:  /S/ KENNETH F. MYSZKA

        Kenneth F. Myszka

        President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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                            FIRST AMENDMENT AGREEMENT

     FIRST AMENDMENT AGREEMENT (this "Amendment"), dated as of August 28, 2006
(the "Amendment"), to the Five-Year Senior Revolving Credit Agreement, dated as
of March 21, 2006 (as amended, supplemented or otherwise modified from time to
time, the "Credit Agreement"), by and among AEROFLEX INCORPORATED, a Delaware
corporation ("Aeroflex"), AEROFLEX TEST SOLUTIONS LIMITED, a U.K. private
limited company ("Solutions", and together with Aeroflex, the "Borrowers", and
each individually, a "Borrower"), the several banks and other financial
institutions or entities from time to time parties thereto (the "Lenders"), and
JPMORGAN CHASE BANK, N.A. as Administrative Agent (in such capacity the
"Administrative Agent").

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, the Borrowers, the Lenders and the Administrative Agent are
parties to the Credit Agreement;

     WHEREAS, the Borrowers has requested an amendment to the Credit Agreement;
and

     WHEREAS, the Lenders are willing to agree to such amendments, subject to
the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the Borrowers, the Lenders and the Administrative Agent hereby
agree as follows:

     1. Defined terms. Unless otherwise defined herein, all capitalized terms
        -------------
used herein shall have the meanings given to them in the Credit Agreement.

     2. Amendment to Section 7.6. Section 7.6 of the Credit Agreement is hereby
        ------------------------
amended by (i) deleting the word "and" immediately following Section 7.6(b),
(ii) deleting the period immediately following clause 7.6(c) and inserting in
lieu thereof a semicolon and the word "and" and (iii) inserting the following
new Section 7.6(d) immediately following Section 7.6(c) thereto:

     "(d) Aeroflex may make additional Restricted Payments in the form of
repurchases of up to 3,000,000 shares of its Capital Stock pursuant to the
repurchase plan approved by Aeroflex's board of directors and announced on May
23, 2005 so long as, at the time of any such Restricted Payment and immediately
after giving effect thereto, no Default shall have occurred and be continuing
and the aggregate amount of such Restricted Payments does not exceed
$30,000,000."

     3. Conditions of Amendment.
        -----------------------

     The effectiveness of this Amendment (the "First Amendment Effective Date")
shall be subject to the satisfaction of each of the following terms and
conditions and shall not be effective unless and until each of the following
terms and conditions shall have been satisfied to the satisfaction of the
Administrative Agent and each of the Lenders:

     (a) Receipt by the Administrative Agent of this Amendment duly executed by
each party hereto.

     (b) The Borrowers shall pay all accrued and unpaid fees, costs and expenses
in connection with the Amendment and the transactions contemplated thereby to
the extent then due and payable, together with the reasonable out of pocket
legal fees of counsel to, and expenses of, the

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Administrative Agent, including any out of pocket legal fees and expenses of
foreign counsel to the Administrative Agent.

     4. Representations and Warranties.
        ------------------------------

     (a) Each of the Borrowers confirms and restates on and as of the First
Amendment Effective Date, before and after giving effect to the effectiveness of
this Amendment, the accuracy of the representations and warranties contained in
each Loan Document.

     (b) The making and performance of this Amendment and the performance of the
Credit Agreement are within the power and authority of each Borrower and have
been duly authorized by all necessary corporate action. The making and
performance of this Amendment does not and under present law will not require
any consent or approval of any of the Borrowers' shareholders or any other
person (other than consents and approvals heretofore obtained and in full force
and effect), do not and under present law will not violate any law, rule,
regulation order, writ, judgment, injunction, decree, determination or award, do
not violate any provision of any Borrower's charter or by-laws, do not and will
not result in any breach of any material agreement, lease or instrument to which
any Borrower is a party, by which any Borrower is bound or to which any of a
Borrower's assets is or may be subject, and do not and will not give rise to any
Lien upon any Borrower's assets except in favor of the Administrative Agent (for
the ratable benefit of the Lenders). No authorizations, approvals or consents
of, and no filings or registrations with, any governmental or regulatory
authority or agency (other than authorizations, approvals, consents, filings and
registrations heretofore obtained and in full force and effect) are necessary
for the execution, delivery or performance by any Borrower of this Amendment or
for the validity or enforceability of this Amendment.

     5. Miscellaneous.
        -------------

     (a) The amendments set forth in this Amendment are limited precisely as
written and shall not be deemed to (i) be a consent to or a waiver of any other
term or condition of the Credit Agreement or any other Loan Document or (ii)
prejudice any right or rights which any Lender may now have or may have in the
future under or in connection with the Credit Agreement or any other Loan
Document.

     (b) THIS AMENDMENT AND ALL OTHER AGREEMENTS, DOCUMENTS AND INSTRUMENTS
EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED IN AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK
BY RESIDENTS OF SUCH STATE.

     (c) The provisions of this Amendment are severable, and if any clause or
provision shall be held invalid or unenforceable in whole or in part in any
jurisdiction, then such invalidity or unenforceability shall affect only such
clause, provision or part in such jurisdiction and shall not in any manner
affect such clause, provision or part in any other jurisdiction or any other
clause or provision in this Amendment in any jurisdiction.

     (d) This Amendment shall be binding upon and inure to the benefit of the
each Borrower and their respective successors and to the benefit of, the
Administrative Agent and the Lenders and their respective successors and
assigns. The rights and obligations of each Borrower under this Amendment shall
not be assigned or delegated without the prior written consent of the the
Administrative Agent and the Lenders, and any purported assignment or delegation
without such consent shall be void. This

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Amendment may be signed in any number of counterparts with the same effect as if
all parties to this Amendment signed the same counterpart.

     (e) The Borrowers agree to pay the Administrative Agent upon demand all
reasonable expenses, including reasonable out of pocket fees of attorneys and
paralegals to the Administrative Agent, incurred by the Administrative Agent in
connection with the preparation, negotiation and execution of this Amendment and
any agreements, instruments and documents executed or furnished in connection
with this Amendment.

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                  IN WITNESS WHEREOF, the parties hereto have caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                 AEROFLEX INCORPORATED, as a Borrower

                                 By: /s/ Charles Badlato
                                     -------------------------------------
                                     Name:  Charles Badlato
                                     Title: Vice President- Treasurer

                                 AEROFLEX TEST SOLUTIONS LIMITED, as a
                                 Borrower

                                 By: /s/ Robert Peavey
                                     -------------------------------------
                                     Name:  Robert Peavey
                                     Title: Director

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                                 JPMORGAN CHASE BANK, N.A., as a Lender and as
                                 the Administrative Agent

                                 By: /s/ Tara Lynne Moore
                                    ----------------------------------------
                                    Name:  Tara Lynne Moore
                                    Title: Vice President

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                                           Signature page to the First Amendment
                                              dated as of August 28, 2006 to the
                                             AEROFLEX INCORPORATED AND AEROFLEX
                                         TEST SOLUTIONS LIMITED Credit Agreement

                                 Bank of America, N.A.

                                 By: /s/ William Blackford
                                    -----------------------------------------
                                    Name:  William Blackford
                                    Title: SVP/Senior Credit Products Officer

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                                           Signature page to the First Amendment
                                              dated as of August 28, 2006 to the
                                              AEROFLEX INCORPORATED AND AEROFLEX
                                         TEST SOLUTIONS LIMITED Credit Agreement

                                 NORTH FORK BANK

                                 By: /s/ Philip Davi
                                    ------------------------------------------
                                    Name:  Philip Davi
                                    Title: Senior Vice President

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                                           Signature page to the First Amendment
                                              dated as of August 28, 2006 to the
                                              AEROFLEX INCORPORATED AND AEROFLEX
                                         TEST SOLUTIONS LIMITED Credit Agreement

                                 HSBC Bank USA, N.A.

                                 By: /s/ Philip M. Panarelli
                                    ------------------------------------------
                                    Name:  Philip M. Panarelli
                                    Title: Senior Vice President

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