Document:

Exhibit
10.37

TIMOTHY
M. MARTIN

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is dated as of
December 11, 2006, by and between U-STORE-IT TRUST, a Maryland real estate
investment trust (the “Company”),
and Timothy M. Martin (the “Executive”).

WHEREAS, the Company has determined that it is in the
best interests of the Company and its shareholders to enter into an employment
agreement with the Executive and the Executive is willing to serve as an
employee of the Company, subject to the terms and conditions of this Agreement.

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 his capacity as Senior Vice President and Chief
Accounting Officer, 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 $225,000 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.

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3.2           Bonus.  The Executive will be eligible to participate
in the Company’s annual bonus plan (the “Bonus
Plan”), the terms of which will be established by the Compensation
Committee; provided however, that the Executive’s annual bonus for 2006 shall
be not less than $100,000 if the Executive is employed by the Company on
December 31, 2006.  The Executive may be
awarded such restricted shares, share options and other equity-based awards
under the Company’s equity compensation plan (“Equity Awards”) as the Compensation Committee determines to be
appropriate.

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 of $6,000 per year for the use of an automobile
(including the payment of vehicle insurance). 
At the option of the Executive, 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 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 

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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 (“Accrued
Obligations”); (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 his employment during the Term upon death or by virtue of
disability.

5.             Other Terminations of Employment.

5.1           Termination for Cause; Termination
of Employment by the Executive Without Good Reason.

(a)           For purposes of this Agreement, “Cause” shall mean:

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

(ii)           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;

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

(iv)          any material violation by the
Executive of the covenants contained in Section 6 or that certain
Non-Competition Agreement dated as of the date hereof between the Executive and
the Company (the “Non-Competition Agreement”);
or

(v)           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 

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there exists (without
regard to this sentence) an event or condition that constitutes Cause under
clause (iii), (iv) or (v) 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.

(b)           For purposes of this Agreement, “Good Reason” shall mean, unless otherwise
consented to by the Executive:

(i)            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;

(ii)           a reduction in Annual Salary of the
Executive;

(iii)          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;

(iv)          a change in control (for purposes of
this Section, “Change in Control”
shall mean:

(A) the dissolution or liquidation of the Company, (B) 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 50% of the voting securities of the surviving entity
immediately thereafter, (C) 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,
(D) 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 (E) 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 

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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;

(v)           a requirement by the Company that the
Executive’s work location be moved more than fifty (50) miles from the Company’s
place of business in Philadelphia, PA unless the relocation results in the work
location being closer to Executive’s residence; or

(vi)          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 (i), (ii), (v) or (vi)
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.

(c)           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 accrued but unused
vacation (but excluding any bonuses except as provided in the Bonus Plan)
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) (“Accrued Obligations”);
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
5.1(c), 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.

(d)           The Executive may terminate his
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 accrued but unused
vacation (but excluding any bonuses except as provided in the Bonus Plan)
earned and accrued under this Agreement prior to the Effective Date of the
Termination (and reimbursement under this Agreement for expenses incurred but
not 

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paid prior to the
Effective Date of the Termination) (“Accrued Obligations”); 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 5.1(d), 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.

(e)           In the event the Company elects not
to renew this Agreement as contemplated in Section 1 above, 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 bonus actually paid to the Executive with respect to the prior two (2)
calendar years, payable no later than 30 days after the day of expiration of
the Term.

5.2           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, (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
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 (“Accrued
Obligations”); (ii) the Executive shall receive a cash payment equal to the
Severance Payment payable no later than 30 days after the Effective Date of the
Termination; (iii) for eighteen (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 Section 14 of the Company’s 2004 Equity
Incentive Plan or any other provision thereof); 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 in effect on the day of termination and (ii) the
Executive’s Average Annual Bonus.  The
Executive’s “Average Annual Bonus”
means the average bonus actually paid to the Executive with respect to the
prior two (2) calendar years.  For
purposes of this Section 5.2, 

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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.

5.3           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 his personal benefit or the benefit
of others or directly or indirectly disclose, except as may be required or
appropriate in connection with his carrying out his 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 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).

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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; 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.

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

(i)            If to the Company, to:

U-Store-It Trust

6745 Engle Road

Suite 300

Middleburg Heights, OH
44130

Attention:  Dean Jernigan

Facsimile: 
(440) 234-8776

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with
a copy to:

U-Store-It Trust

6745 Engle Road

Suite 300

Middleburg Heights,
OH  44130

Attention:  Kathleen A. Weigand

Facsimile: 
(440) 260-2397

(ii)                                  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 Noncompetition 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.

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 

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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 Sections 6 and 7 (to the extent
necessary to effectuate the survival of Sections 6 and 7) shall survive
termination of this Agreement and any termination of the Executive’s employment
hereunder.

7.14         Release.  Notwithstanding any provision of this
Agreement to the contrary, the Company shall not be obligated to make any
payments or provide any benefits described in Sections 4, 5.1, and 5.2, as
applicable, other than applicable Accrued Obligations, unless and until such
time as the Executive (or the Executive’s estate or legal representative, if
applicable) has executed a customary waiver and release of claims in a form
reasonably acceptable to the Company (provided that in no event shall such
waiver and release require the Executive to waive or release any rights with
respect to Accrued Obligations or any of the Executive’s other entitlements
under this Agreement) and such release has become effective and irrevocable in
accordance with its terms.

7.15         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.

7.16         Headings.  The headings in this Agreement are for
reference only and shall not affect the interpretation of this Agreement.

7.17         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 

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on such Parachute
Payments and on any payments under this Section 7.17) as if no excise taxes had
been imposed with respect to Parachute Payments.  The amount of any payment under this Section
7.17 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. 
“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.

7.18         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 “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.

*          *          *

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IN WITNESS WHEREOF, the
parties hereto have signed their names 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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Timothy M. Martin

  
	
   

  	
   

  	
  Timothy M. Martin

  
					

 

 12Exhibit
10.47

INDEMNIFICATION AGREEMENT

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into
as of December 11, 2006, 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 Timothy M. Martin (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 

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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.

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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.)

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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:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Timothy M. Martin

  	
   

  
	
   

  	
  Timothy M. Martin

  	
   

  
					

 

 14

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