Document:

Exhibit
10.4

Grant
No.:      

U-STORE-IT
TRUST

2004 EQUITY INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

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

Grant Date:   

Name of Grantee:  

Number of Shares Covered by Grant:

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 will be provided on request.
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 with the terms of the Plan.  

	
  Grantee:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:   

  

 

This is not a share certificate
or a negotiable instrument.

 

U-STORE-IT
TRUST

2004 EQUITY INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

	
  Restricted Shares/ 

  Nontransferability

  	
   

  	
  This grant is an award of Shares in the number of
  Shares set forth on the cover sheet subject to the vesting conditions
  described below (“Restricted Shares”). To the extent not yet vested, your
  Restricted Shares may not be transferred, assigned, pledged or hypothecated,
  whether by operation of law or otherwise, nor may the Restricted Shares be
  made subject to execution, attachment or similar process.

  
	
   

  	
   

  	
   

  
	
  Issuance and 

  Vesting

  	
   

  	
  The Company will, in its sole discretion, either (i)
  issue your Restricted Shares in your name as of the Grant Date, or (ii)
  maintain a record of this grant and issue any Shares as and when such Shares
  vest.  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right to the Shares under this Restricted Share
  Agreement vests as to one-third (1/3) of the total number of Shares covered
  by this grant, as shown on the cover sheet, on each of the first three
  anniversaries of the Vesting Start Date (each an “Anniversary Date”) provided
  you then continue in Service.  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right to the Shares under this Restricted Share
  Agreement will become fully vested on your termination of Service due to
  death or disability. No additional Shares will vest after your Service has
  terminated for any reason, other than pursuant to the terms of any Employment
  Agreement between you and the Company.

  
	
   

  	
   

  	
   

  
	
  Forfeiture of 

  Unvested Shares

  	
   

  	
  Except as provided pursuant to the terms of any
  Employment Agreement between you and the Company, in the event that your
  Service terminates for any reason other than death or disability, you will
  forfeit to the Company all of the Shares subject to this grant that have not
  yet vested.

  
	
   

  	
   

  	
   

  
	
  Withholding 

  Taxes

  	
   

  	
  You agree, as a condition of this grant, that you
  will make acceptable arrangements to pay any withholding or other taxes that
  may be due as a result of the vesting of Shares acquired under this grant. In
  the event that the Company determines that any federal, state, local or
  foreign tax or withholding payment is required relating to the vesting of
  Shares arising from this grant, the Company shall have the right to: (i)
  require such payments from you, (ii) withhold such amounts from other
  payments due to you from the Company or any Affiliate, or (iii) cause an
  immediate forfeiture of Shares subject to the vesting pursuant to this
  Agreement in an amount equal to the withholding or other taxes due.

  

 

 2
 

 

	
  Retention Rights

  	
   

  	
  This Agreement does not give you the right to be
  retained by the Company (or any parent, Subsidiaries or Affiliates) in any
  capacity.

  
	
   

  	
   

  	
   

  
	
  Shareholder Rights

  	
   

  	
  You have the right to vote the Restricted Shares and
  to receive any dividends declared or paid on such Shares. Any distributions
  you receive as a result of any split, stock dividend, combination of Shares
  or other similar transaction shall be deemed to be a part of the Restricted
  Shares and subject to the same conditions and restrictions applicable
  thereto. Except as described in the Plan, no adjustments are made for
  dividends or other rights if the applicable record date occurs before your
  share certificate is issued.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a split, a dividend or a similar
  change in the Shares, the number of Shares covered by this grant may be
  adjusted (and rounded down to the nearest whole number) pursuant to the Plan.
  Your Restricted Shares 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.

  
	
   

  	
   

  	
   

  
	
  Legends

  	
   

  	
  Any certificates representing the Shares issued in
  connection with this grant shall, where applicable, have endorsed thereon the
  following legends:  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
  SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN
  THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST.
  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY
  AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY
  THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

  
	
   

  	
   

  	
   

  
	
  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.

  
	
   

  	
   

  	
   

  
	
  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.  

  

 

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  By accepting this grant, 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 Grantees, 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 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 the Secretary of
  the Company 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.

 4Exhibit 10.5

INDEMNIFICATION
AGREEMENT

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is entered into as of March 22, 2007, by and among
U-Store-It Trust, a Maryland real estate investment trust (the “Company”),
U-Store-It, L.P., a Delaware limited partnership (the “Operating Partnership”
and together with the Company, the “Indemnitors”), and Marianne M. Keler (the “Indemnitee”).

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

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

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

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

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

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

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

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

1.             DEFINITIONS.

For purposes of this
Agreement:

(A)          “Change
in Control” shall mean

i.              the
dissolution or liquidation of the Company;

ii.             the merger, consolidation, or reorganization of
the Company with one or more other entities in which the Company is not the
surviving entity or immediately following which the persons or entities who
were beneficial owners (as determined pursuant to Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of voting
securities of the Company immediately prior thereto cease to beneficially own
more than fifty percent (50%) of the voting securities of the surviving entity
immediately thereafter;

iii.            a
sale of all or substantially all of the assets of the Company to another person
or entity other than an affiliate of the Company;

iv.            any transaction (including without limitation a
merger or reorganization in which the Company is the surviving entity) that
results in any person or entity or “group” (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (other than persons who are
shareholders or affiliates immediately prior to the transaction) owning thirty
percent (30%) or more of the combined voting power of all classes of shares of
the Company; or

v.             individuals
who, as of the date hereof, constitute the Board of Trustees (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board of Trustees; provided, however,
that any individual becoming a trustee subsequent to the date hereof whose
election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the trustees then comprising the
Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for
trustee, without written objection to such nomination) shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the
election or removal of trustees or other actual or threatened solicitation of
proxies or contests by or on behalf of a person other than the Board of
Trustees.

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

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

(C)           “Expenses”
shall include all attorneys’ and paralegals’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, or being or preparing to be a witness in a Proceeding.

(D)          “Proceeding”
includes any action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing, or any other proceeding, including
appeals therefrom, whether civil, criminal, administrative, or investigative,
except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement
to enforce such Indemnitee’s rights under this Agreement.

(E)           “Special
Legal Counsel” means a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither presently is, or in the past two
years has been, retained to represent (i) the Indemnitors or the Indemnitee in
any matter material to either such party, or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder.

2.             INDEMNIFICATION

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

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

3.             EXPENSES OF A SUCCESSFUL PARTY

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

4.             ADVANCEMENT
OF EXPENSES

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

5.             WITNESS EXPENSES

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

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6.             DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION

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

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

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

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

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

 6
 

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

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

7.             PRESUMPTIONS

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

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

8.             REMEDIES

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

 7
 

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

(B)           In
the event that a determination shall have been made pursuant to paragraph 6 of
this Agreement that the Indemnitee is not entitled to indemnification, any
judicial proceeding commenced pursuant to this paragraph 8 shall be conducted
in all respects as a de novo trial on the merits.  The fact that a determination had been made
earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not
entitled to indemnification shall not be taken into account in any judicial
proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not
be prejudiced in any way by reason of that adverse determination.  In any judicial proceeding commenced pursuant
to this paragraph 8, the Indemnitors shall have the burden of proving that the
Indemnitee is not entitled to indemnification or advancement of Expenses, as
the case may be.

(C)           If
a determination shall have been made or deemed to have been made pursuant to
this Agreement that the Indemnitee is entitled to indemnification, the
Indemnitors shall be bound by such determination in any judicial proceeding
commenced pursuant to this paragraph 8, absent: 
(i) a misstatement by the Indemnitee of a material fact, or an omission
of a material fact necessary to make the Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

(D)          The
Indemnitors shall be precluded from asserting in any judicial proceeding
commenced pursuant to this paragraph 8 that the procedures and presumptions of
this Agreement are not valid, binding and enforceable and shall stipulate in
any such court that the Indemnitors are bound by all the provisions of this
Agreement.

(E)           In
the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial
adjudication of such Indemnitee’s rights under, or to recover damages for
breach of, this Agreement, if successful on the merits or otherwise as to all
or less than all claims, issues or matters in such judicial adjudication, the
Indemnitee shall be entitled to recover from the Indemnitors, and shall be
indemnified by the Indemnitors against, any and all reasonable Expenses
actually incurred by such Indemnitee in connection with each successfully
resolved claim, issue or matter.

9.             NOTIFICATION AND DEFENSE OF CLAIMS

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

 8
 

(A)          The Indemnitors will be
entitled to participate therein at their own expense.

(B)           Except
as otherwise provided below, the Indemnitors will be entitled to assume the
defense thereof, with counsel reasonably satisfactory to Indemnitee.  After notice from the Indemnitors to
Indemnitee of the Indemnitors’ election so to assume the defense thereof, the
Indemnitors will not be liable to Indemnitee under this Agreement for any legal
or other expenses subsequently incurred by Indemnitee in connection with the
defense thereof other than reasonable costs of investigation or as otherwise
provided below.  Indemnitee shall have
the right to employ Indemnitee’s own counsel in such Proceeding, but the fees
and disbursements of such counsel incurred after notice from the Indemnitors of
the Indemnitors’ assumption of the defense thereof shall be at the expense of
Indemnitee unless (a) the employment by counsel by Indemnitee has been
authorized by the Indemnitors, (b) the Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Indemnitors and
the Indemnitee in the conduct of the defense of such action, (c) such
Proceeding seeks penalties or other relief against the Indemnitee with respect
to which the Indemnitors could not provide monetary indemnification to the
Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitors
shall not in fact have employed counsel to assume the defense of such action,
in each of which cases the fees and disbursements of counsel shall be at the
expense of the Indemnitors.  The Indemnitors
shall not be entitled to assume the defense of any Proceeding brought by or on
behalf of the Indemnitors, or as to which Indemnitee shall have reached the
conclusion specified in clause (b) above, or which involves penalties or other
relief against Indemnitee of the type referred to in clause (c) above.

(C)           The Indemnitors shall
not be liable to indemnify Indemnitee under this Agreement for any amounts paid
in settlement of any action or claim effected without the Indemnitors’ written
consent.  The Indemnitors shall not
settle any action or claim in any manner that would impose any penalty or
limitation on Indemnitee without Indemnitee’s written consent.  Neither the Indemnitors nor Indemnitee will
unreasonably withhold or delay consent to any proposed settlement.

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

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

 9
 

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

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

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

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

11.           CONTINUATION OF INDEMNITY

(A)          All
agreements and obligations of the Indemnitors contained herein shall continue
during the period the Indemnitee is an officer or a member of the Board of
Trustees of the Company and shall continue thereafter so long as the Indemnitee
shall be subject to any threatened, pending or completed Proceeding by reason
of such Indemnitee’s Corporate Status and during the period of statute of
limitations for any act or omission occurring during the Indemnitee’s term of
Corporate Status. This Agreement shall be binding upon the Indemnitors and
their respective successors and assigns and shall inure to the benefit of the
Indemnitee and such Indemnitee’s heirs, executors and administrators.

(B)           The
Company and the Operating Partnership shall require and cause any successor
(whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of
the Company or the Operating Partnership, by written agreement in form and
substance reasonably satisfactory to the Indemnitee, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that
the Company and the Operating Partnership would be required to perform if no
such succession had taken place.

 10
 

12.           SEVERABILITY

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

13.           EXCEPTION TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

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

14.           NOTICE TO THE COMPANY SHAREHOLDERS

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

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

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

16.           HEADINGS

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

17.           MODIFICATION AND WAIVER

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

 11
 

18.           NOTICES

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

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

If to the Indemnitors,
to:

U-Store-It Trust

U-Store-It, L.P.

6745 Engle Road, Suite 300

Cleveland, OH 44130

Attention:   Dean Jernigan

Fax No.:  440/234-8776

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

U-Store-It Trust

6745 Engle Road, Suite 300

Cleveland, OH 44130

Attention:   Kathleen A. Weigand

Fax No.:  440/260-2397

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

19.           GOVERNING LAW

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

 12
 

20.           NO
ASSIGNMENTS

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

21.           NO THIRD PARTY RIGHTS

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

22.           COUNTERPARTS

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

(Remainder of page intentionally left blank.)

 13
 

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

	
  

  	
  U-STORE-IT TRUST

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  U-STORE-IT,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  U-Store-It
  Trust,

  
	
   

  	
   

  	
  by its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Marianne M. Keler

  	
   

  
	
   

  	
  Marianne M. Keler

  	
   

  
					

 

 14

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