Document:

EX-10.2

Exhibit 10.2

FIRST AMENDMENT TO

NONCOMPETITION AGREEMENT

THIS FIRST AMENDMENT TO THE NONCOMPETITION AGREEMENT (“First Amendment”) is made as of the 23
day of August, 2006, by and between U-STORE IT TRUST, a Maryland real estate investment trust, and
STEVEN G. OSGOOD (together, the “Parties”).

WHEREAS, the Parties have entered into that certain Noncompetition Agreement dated as of
October 27, 2004 (the “Agreement”); and

WHEREAS, the Parties desire to amend the Agreement in accordance with Section 5.3 thereof and
upon the terms set forth herein.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereto agree as follows:

1. The Recitals set forth above are incorporated herein as though fully set forth below.
Capitalized terms used in this First Amendment, unless otherwise defined herein, shall have the
meanings ascribed to such terms in the Agreement.

2. The third preamble to the Agreement is hereby amended and restated in its entirety to read
as follows:

“WHEREAS, the Company and the Executive agree that, as part of the U-Store-It IPO
Transactions, the Executive will not engage in prohibited competition with the
Company and will refrain from taking certain actions pursuant to the terms and
conditions hereof in an effort to protect the Company’s legitimate business
interests and goodwill and for other business purposes.”

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

“1. Noncompetition. The Executive agrees with the Company that for the
longer of (i) the three-year period beginning on the date of this Agreement or (ii) the
period during which the Executive is employed by, or serving as an officer or trustee or
director of, the Company, the Operating Partnership or any of their direct or indirect
subsidiaries (collectively, the “REIT”), and for one year thereafter the (the “Restricted
Period”), the Executive will not, (a) directly or indirectly, engage in any business
involving self-storage facility development, construction, acquisition or operation, whether
such business is conducted by the Executive individually or as a principal, partner, member,
stockholder, director, trustee, officer, employee or independent contractor of any Person
(as defined below) or (b) own any interests in any self-storage facilities, in each case in
the United States of America; provided, however, that (i) this Section 1
shall not be deemed to prohibit the direct or indirect ownership by the Executive of up to
five percent of the outstanding equity interests of any public company; (ii) the Executive
may, on his own behalf, or with any other Person or through any other entity or any of his
Affiliates, own, operate, lease, sell or otherwise liquidate that certain parcel of real
property located at 12560 Tamiami Trail South, North Port, Florida 34287, together with all
interest in the rights, easements and appurtenances pertaining thereto. For purposes of
this Agreement, “Person” means any individual, firm, corporation, partnership, company,
limited liability company, trust, joint venture, association or other entity.” For purposes
of this Agreement, “Affiliate” or “Affiliates” means with respect to any specified entity or
person, which directly or indirectly controls, is controlled by, or is under common control
with such specified entity or person. The term “control” (including, with correlative
meaning, the terms “controlled by” and “under common control with”), as used with respect to
any specified entity or person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such specified entity or
person, whether through the ownership of voting securities, by contract or otherwise.”

4. Section 2 of the Agreement is hereby amended and restated in its entirety to read as
follows:

“2. Nonsolicitation. The Executive agrees with the Company that for the longer
of (i) the three-year period beginning on the date of this Agreement or (ii) the period
during which the Executive is employed by, or serving as an officer or trustee or director
of, the REIT, and for two years thereafter, such Executive will not (a) directly or
indirectly solicit, induce or encourage any employee or independent contractor to terminate
their employment with the REIT or to cease rendering services to the REIT, and the Executive
shall not initiate discussions with any such Person for any such purpose or authorize or
knowingly cooperate with the taking of any such actions by any other Person, or (b) hire (on
behalf of the Executive or any other person or entity) any employee or independent
contractor who has left the employment or other service of the REIT (or any predecessor
thereof) within one year of the termination of such employee’s or independent contractor’s
employment or other service with the REIT; provided, however, that the
Executive may, on his own behalf, or with any other Person (as defined above) or through any
other entity or any of his Affiliates (as defined above), solicit, induce, encourage or hire
Tedd D. Towsley as an employee of (x) the Executive; (y) any Affiliate or associated entity
of the Executive; or (z) any employer of the Executive.”

5. Except as otherwise set forth in this First Amendment, the Agreement remains in full force
and effect, remains the valid and binding obligations of the Parties, and is enforceable against
such parties in accordance with its terms.

6. This First Amendment may be executed simultaneously in multiple counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same
instrument. Signatures may be exchanged by telecopy or fax, with original signatures to follow,
and such telecopy or fax signatures shall be binding and enforceable.

<Signature Page Follows>

 

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IN WITNESS WHEREOF, the Parties have executed and delivered this First Amendment as of the
date first set forth above.

U-STORE-IT TRUST

	 	 	 	 	 
	By:

Name:

Title:

	 	Dean Jernigan

Dean Jernigan

President and Chief Executive Officer
	 	Steven G. Osgood

Steven G. Osgood

 

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2EX-10.3

Exhibit 10.3

FIRST AMENDMENT TO

NONCOMPETITION AGREEMENT

THIS FIRST AMENDMENT TO THE NONCOMPETITION AGREEMENT (“First Amendment”) is made as of the 23
day of August, 2006, by and between U-STORE IT TRUST, a Maryland real estate investment trust, and
TEDD D. TOWSLEY (together, the “Parties”).

WHEREAS, the Parties have entered into that certain Noncompetition Agreement dated as of
October 27, 2004 (the “Agreement”); and

WHEREAS, the Parties desire to amend the Agreement in accordance with Section 5.3 thereof and
upon the terms set forth herein.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereto agree as follows:

1. The Recitals set forth above are incorporated herein as though fully set forth below.
Capitalized terms used in this First Amendment, unless otherwise defined herein, shall have the
meanings ascribed to such terms in the Agreement.

2. The third preamble to the Agreement is hereby amended and restated in its entirety to read
as follows:

“WHEREAS, the Company and the Executive agree that, as part of the U-Store-It IPO
Transactions, the Executive will not engage in prohibited competition with the
Company and will refrain from taking certain actions pursuant to the terms and
conditions hereof in an effort to protect the Company’s legitimate business
interests and goodwill and for other business purposes.”

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

“1. Noncompetition. The Executive agrees with the Company that for the
longer of (i) the three-year period beginning on the date of this Agreement or (ii) the
period during which the Executive is employed by, or serving as an officer or trustee or
director of, the Company, the Operating Partnership or any of their direct or indirect
subsidiaries (collectively, the “REIT”), and for one year thereafter the (the “Restricted
Period”), the Executive will not, (a) directly or indirectly, engage in any business
involving self-storage facility development, construction, acquisition or operation,
whether such business is conducted by the Executive individually or as a principal,
partner, member, stockholder, director, trustee, officer, employee or independent
contractor of any Person (as defined below) or (b) own any interests in any self-storage
facilities, in each case in the United States of America; provided,
however, that (i) this Section 1 shall not be deemed to prohibit the direct or
indirect ownership by the Executive of up to five percent of the outstanding equity
interests of any public company; (ii) the Executive may, on his own behalf, or with any
other Person or through any other entity or any of his Affiliates (as defined below), own,
operate, lease, sell or otherwise liquidate that certain parcel of real property located at
12560 Tamiami Trail South, North Port, Florida 34287, together with all interest in the
rights, easements and appurtenances pertaining thereto; and (iii) the Executive may be
employed as an employee, agent, independent contractor or consultant of (x) Steven G.
Osgood; (y) any Affiliate or associated entity of Steven G. Osgood; or (z) any employer of
Steven G. Osgood. For purposes of this Agreement, “Person” means any individual, firm,
corporation, partnership, company, limited liability company, trust, joint venture,
association or other entity.” For purposes of this Agreement, “Affiliate” or “Affiliates”
means with respect to any specified entity or person, which directly or indirectly
controls, is controlled by, or is under common control with such specified entity or
person. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as used with respect to any specified entity or person,
means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such specified entity or person, whether through the
ownership of voting securities, by contract or otherwise.”

4. Except as otherwise set forth in this First Amendment, the Agreement remains in full force
and effect, remains the valid and binding obligations of the Parties, and is enforceable against
such parties in accordance with its terms.

5. This First Amendment may be executed simultaneously in multiple counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same
instrument. Signatures may be exchanged by telecopy or fax, with original signatures to follow,
and such telecopy or fax signatures shall be binding and enforceable.

<Signature Page Follows>

 

2

1

IN WITNESS WHEREOF, the Parties have executed and delivered this First Amendment as of the
date first set forth above.

U-STORE-IT TRUST

	 	 	 	 	 
	By:

Name:

Title:

	 	Dean Jernigan

Dean Jernigan

President and Chief Executive Officer
	 	Tedd D. Towsley

Tedd D. Towsley

 

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