Document:

EXHIBIT
10.8

 

TIMOTHY
M. MARTIN

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”)
is dated as of April 20, 2007 by and between U-STORE-IT TRUST, a Maryland real
estate investment trust (the “Company”), and Timothy M. Martin (the “Executive”).

WHEREAS, the Company and the Executive entered into an
Employment Agreement, dated December 11, 2006 (the “Original Employment
Agreement”), pursuant to which the Executive was employed by the Company as
Senior Vice President and Chief Accounting Officer; and

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

WHEREAS, the Company desires to employ the Executive
to devote full time to the business of the Company as the Senior Vice
President and Chief Accounting Officer of the Company; and

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

Accordingly, the parties hereto agree as follows:

1. Term. The Company hereby employs the
Executive, and the Executive hereby accepts such employment for an initial term
commencing as of the date hereof and ending on December 31, 2007 unless sooner
terminated in accordance with the provisions of Section 4 or Section 5
(the period during which the Executive is employed hereunder being hereinafter
referred to as the “Term”). The Term shall be subject to automatic
one-year renewals unless either party hereto notifies the other, in accordance
with Section 7.4, of non-renewal at least ninety (90) days
prior to the end of any such Term. Notwithstanding the employment of the
Executive by the Company, the Company shall be entitled to pay the Executive from
the payroll of any subsidiary of the Company.

2. Duties. The Executive, in 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.

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

3.3 Benefits —
In General. The Executive shall be permitted during the Term to participate
in any group life, hospitalization or disability insurance plans, health
programs, pension and profit sharing plans and similar benefits that may be
available to similarly situated senior executives of the Company generally, on
the same terms as may be applicable to such other executives, in each case to
the extent that the Executive is eligible under the terms of such plans or
programs. During the Term, the Company shall maintain customary liability
insurance for trustees and officers and list the Executive as a covered
officer.

3.4 Vacation.
During the Term, the Executive shall be entitled to vacation of four (4) weeks
per year.

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

3.6 Expenses.
The Company shall pay or reimburse the Executive for all ordinary and
reasonable out-of-pocket business expenses actually incurred (and, in the case
of reimbursement, paid) by the Executive during the Term in the performance of
the 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.

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4. Termination upon Death or Disability. If the
Executive dies during the Term, the obligations of the Company to or with
respect to the Executive shall terminate in their entirety except as otherwise
provided under this Section 4. If the Executive becomes eligible
for disability benefits under the Company’s long-term disability plans and
arrangements (or, if none apply, would have been so eligible under the most
recent plan or arrangement), the Company shall have the right, to the extent
permitted by law, to terminate the employment of the Executive upon notice in
writing to the Executive and such termination in and of itself shall not be,
nor shall it be deemed to be, a breach of this Agreement; provided, that, the
Company will have no right to terminate the Executive’s employment if, in the
opinion of a qualified physician reasonably acceptable to the Company, it is
reasonably certain that the Executive will be able to resume the Executive’s
duties on a regular full-time basis within 90 days of the date the
Executive receives notice of such termination.

Upon death or other termination of employment by
virtue of disability (i) the Executive (or the Executive’s estate or
beneficiaries in the case of the death of the Executive) shall have no right to
receive any compensation or benefit hereunder on and after the Effective Date
of the Termination other than Annual Salary earned and accrued under this
Agreement prior to the Effective Date of the Termination, any bonus for the
prior year not yet paid, and other benefits, including payment for accrued but
unused vacation, earned and accrued under this Agreement prior to the Effective
Date of the Termination (and reimbursement under this Agreement for expenses
incurred but not paid prior to the Effective Date of the Termination) and an
amount equal to the product of (x) the Executive’s target annual bonus for
the fiscal year of the Executive’s death or disability and (y) a fraction,
the numerator of which is the number of days in the current fiscal year through
the Effective Date of the Termination, and the denominator of which is 365;
(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.   For purposes of this
Agreement, “Cause” shall mean:

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

 (b) the Executive’s commission of an act of
fraud, theft or dishonesty related to the business of the Company or its
affiliates or the performance of the Executive’s duties hereunder;

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

 (d) any material violation by the Executive of
the covenants contained in Section 6 or that certain Non-Competition Agreement dated as of December 11, 2006 between
the Executive and the Company (the “Non-Competition Agreement”);
or

 (e) the Executive’s willful and continuing
material breach of this Agreement.

For purposes of
this Section 5.1, no act, or failure to act, by Executive shall be
considered “willful” unless committed in bad faith and without a
reasonable belief that the act or omission was in the best interests of the
Company or its subsidiaries. Notwithstanding the foregoing, if there exists
(without regard to this sentence) an event or condition that constitutes Cause
under clause (c), (d) or (e) above, the Executive shall have
30 days from the date written notice is given by the Company of such event
or condition to cure such event or condition and, if the Executive does so,
such event or condition shall not constitute Cause hereunder.

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

 (a) the material reduction of the Executive’s
authority, duties and responsibilities, or the assignment to the Executive of
duties materially and adversely inconsistent with the Executive’s position or
positions with the Company and its subsidiaries;

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

 (c) the failure by the Company to obtain an
agreement from any successor to the business of the Company to assume and agree
to perform this Agreement;

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

(i) the
dissolution or liquidation of the Company,

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

(iii) a sale
of all or substantially all of the assets of the Company to another person or
entity other than an affiliate of the Company,

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

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

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

 (f) the Company’s material and willful breach
of this Agreement.

Notwithstanding
the foregoing, if there exists (without regard to this sentence) an event or condition
that constitutes Good Reason under clause (a), (b), (e) or (f) above,
the Company shall have 30 days from the date on which the Executive gives
the written notice thereof to cure such event or condition and, if the Company
does so, such event or condition shall not constitute Good Reason hereunder.
Further, an event or condition shall cease to constitute Good Reason one (1)
year after the event or condition first occurs.

 5.3 Effect of Termination for Cause.
 The Company may terminate the Executive’s employment hereunder for Cause
and such termination in and of itself shall not be, nor shall it be deemed to
be, a breach of this Agreement. If the Company terminates the Executive for
Cause, (i) the Executive shall have no right to receive any compensation
or benefit hereunder on and after the Effective Date of the Termination other
than Annual Salary and other benefits, including payment for unused vacation
earned and accrued under this Agreement prior to the Effective Date of the
Termination and reimbursement under this Agreement for expenses incurred but
not paid prior to the Effective Date of the Termination, but excluding any
bonuses the Executive would have been entitled to under the Bonus Plans; and (ii) this
Agreement shall otherwise terminate

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upon the Effective Date
of the Termination and the Executive shall have no further rights hereunder
(except as provided in Section 7.13). For purposes of this Section 5.3,
the “Effective Date of the Termination” shall mean the date on which a
notice of termination is given or any later date (within thirty (30) days
after the giving of such notice) set forth in such notice of termination.

5.4 Effect of
Termination Without Good Reason.  The Executive may terminate 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 unused vacation earned and accrued under this Agreement
prior to the Effective Date of the Termination and reimbursement under this
Agreement for expenses incurred but not paid prior to the Effective Date of the
Termination, but excluding any bonuses the Executive would have been entitled
to under the Bonus Plans; and (ii) this Agreement shall otherwise
terminate upon the Effective Date of the Termination and the Executive shall
have no further rights hereunder (except as provided in Section 7.13).
For purposes of this Section 5.4, the “Effective Date of the
Termination” shall mean the date on which a notice of termination is given
or any later date (within thirty (30) days after the giving of such
notice) set forth in such notice of termination.

5.5 Effect of
Non-Renewal. In the event the Company elects not to renew this Agreement as
contemplated in Section 1 above, the Executive shall receive a cash
payment equal to one (1) times the sum of: (i) the Executive’s Annual
Salary in effect on the day of expiration of the Term and (ii) the average
of the sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive as provided for in Section 3.2, or, in the event the
Executive has received only one Annual Bonus and one Long-Term Bonus pursuant
to Section 3.2 at the time of such termination, an amount equal to the
sum of such Annual Bonus and Long-Term Bonus, or, in the event the Executive
has not received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2
at the time of such termination, an amount equal to the sum of the Annual Bonus
and Long-Term Bonus the Executive would have received under Section 3.2
if the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).

5.6 Termination
Without Cause; Termination for Good Reason. The Company may terminate the
Executive’s employment at any time without Cause, for any reason or no reason
and the Executive may terminate the Executive’s employment with the Company for
Good Reason. If the Company or the Executive terminates the Executive’s
employment and such termination is not described in Section 4 or Section 5.1
through Section 5.5, (i) the Executive shall receive the Executive’s
Annual Salary earned and accrued under this Agreement prior to the Effective
Date of the Termination, any bonus for the prior year which has been awarded
but not yet paid, and other benefits, including payment for accrued but unused
vacation, earned and accrued under this Agreement prior to the Effective Date
of the Termination (and reimbursement under this Agreement for

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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;
(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 18 months after the Effective Date of the
Termination, the Company shall continue medical, prescription and dental benefits
to the Executive and/or the Executive’s family at least equal to those which
would have been provided to them in accordance with the welfare benefit plans,
practices, policies and programs provided by the Company to the extent
applicable generally to other peer employees of the Company and its affiliated
companies, as if the Executive’s employment had not been terminated; provided,
however, that if the Executive becomes reemployed with another employer
and is eligible to receive medical, prescription and dental benefits under
another employer provided plan, the medical, prescription and dental benefits
described herein shall be secondary to those provided under such other plan
during such applicable period of eligibility; (iv) all Equity Awards held
by the Executive shall become fully vested and exercisable (notwithstanding
anything to the contrary contained in any plan); and (v) this Agreement
shall otherwise terminate upon the Effective Date of the Termination and the
Executive shall have no further rights hereunder (except as provided in Section
7.13).

The “Severance
Payment” means two (2) times the sum of: (i) the Executive’s Annual
Salary (as in effect on the effective date of such termination) and
(ii) the average of the sum of the two previous Annual Bonuses and
Long-Term Bonuses received by the Executive pursuant to Section 3.2, or,
in the event the Executive has received only one Annual Bonus and one Long-Term
Bonus pursuant to Section 3.2 at the time of such termination, an amount
equal to the sum of such Annual Bonus and Long-Term Bonus, or, in the event the
Executive has not received any Annual Bonus or Long-Term Bonus pursuant to Section
3.2 at the time of such termination, an amount equal to the sum of the Annual
Bonus and Long-Term Bonus the Executive would have received under Section
3.2 if the Executive would have remained employed through the period
required to be entitled to receive the Annual Bonus and Long-Term Bonus and
satisfied all target performance objectives, payable no later than 30 days
after such termination (or, if later, as soon as practicable, but in no event
more than 30 days after the amount is reasonably capable of being known).  For purposes of this Section 5.6,
the “Effective Date of the Termination” shall mean the date on which a
notice of termination is given or any later date (within thirty (30) days
after the giving of such notice) set forth in such notice of termination, or in
the case of termination of employment by the Executive for Good Reason, the
date of termination specified in such Executive’s notice of termination.

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

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5.8 Nature of Payments. For the avoidance of
doubt, the Executive acknowledges and agrees that the payments set forth in
this Section 5 constitute liquidated damages for termination of his
employment during the Term.

6. Confidential and Proprietary Information.

6.1 Confidential Information. The Executive
shall keep secret and retain in strictest confidence, and shall not use for 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).

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.

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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:

	
  If to the Company, to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg
  Heights, OH 44130

  
	
   

  	
  Attn: Chief
  Executive Officer

  
	
   

  	
  Facsimile: (440)
  234-8776

  

 

 

	
  with a copy to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg
  Heights, OH 44130

  
	
   

  	
  Attn: Secretary

  
	
   

  	
  Facsimile: (440)
  260-2397

  

 

If to the Executive, to
the address set forth in the records of the Company

Any
such person may by notice given in accordance with this Section to the other
parties hereto designate another address or person for receipt by such person
of notices hereunder.

7.5 Entire Agreement. This Agreement, together
with the exhibits hereto and the Non-Competition Agreement, contains the entire
agreement between the parties with respect to the

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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 employment or otherwise, nor will any
payments hereunder be subject to offset in the event the Executive does
mitigate.

7.11 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors, permitted assigns, heirs, executors and legal representatives.

7.12 Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original but all such counterparts together
shall constitute one and the same instrument. Each counterpart may consist of
two copies hereof each signed by one of the parties hereto.

7.13 Survival. Anything contained in this
Agreement to the contrary notwithstanding, the provisions of Section  6
and Section 7 (to the extent necessary to effectuate the survival of Section
6 and  Section 7) shall
survive termination of this Agreement and any termination of the Executive’s
employment hereunder.

7.14 Existing Agreements. Executive represents
to the Company that the Executive is not subject or a party to any employment
or consulting agreement, non-competition covenant or other agreement, covenant
or understanding which might prohibit the Executive from executing

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this
Agreement or limit the Executive’s ability to fulfill the Executive’s
responsibilities hereunder.

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

7.16 Parachute Provisions. If any amount
payable to or other benefit receivable by the Executive pursuant to this
Agreement is deemed to constitute a Parachute Payment (as defined below), alone
or when added to any other amount payable or paid to or other benefit
receivable or received by the Executive which is deemed to constitute a
Parachute Payment (whether or not under an existing plan, arrangement or other
agreement), and would result in the imposition on the Executive of an excise
tax under Section 4999 of the Internal Revenue Code of 1986, as amended,
then, in addition to any other benefits to which the Executive is entitled
under this Agreement, the Executive shall be paid by the Company an amount in
cash equal to the sum of the excise taxes payable by the Executive by reason of
receiving Parachute Payments plus the amount necessary to put the Executive in
the same after-tax position (taking into account any and all applicable
federal, state and local excise, income or other taxes at the highest
applicable rates on such Parachute Payments and on any payments under this
Section 7.16) as if no excise taxes had been imposed with respect to
Parachute Payments. The amount of any payment under this Section 7.16
shall be computed by a certified public accounting firm mutually and reasonably
acceptable to the Executive and the Company, the computation expenses of which
shall be paid by the Company. “Parachute Payment” shall mean any payment
deemed to constitute a “parachute payment” as defined in
Section 280G of the Internal Revenue Code of 1986, as amended.

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

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.

 11
 

7.19 Replacement of Original Employment Agreement.  The Company and the Executive acknowledge and
agree that the Original Employment Agreement is hereby terminated by mutual
consent and neither the Company nor the Executive shall have any continuing
obligation to the other pursuant to the terms of the Original Employment Agreement.  The mutual agreements and covenants contained
in this Agreement shall replace and supersede in their entirety the provisions
of the Original Employment Agreement.

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

 

	
  

  	
  U-STORE IT TRUST

  
	
   

  	
   

  
	
   

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  Timothy M.
  Martin

  	
   

  
	
   

  	
  Name:

  	
  Timothy M.
  Martin

  
				

 

 12

EXHBIT
A

SEVERANCE
AND GENERAL RELEASE AGREEMENT

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

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

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

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

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

NOW, THEREFORE, the parties agree as
follows:

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

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

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

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

 1
 

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

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

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

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

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

 2
 

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

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

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

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

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

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

 3
 

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

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

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

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

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

[Signatures on Following Page]

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  Date

  	
  Executive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U-Store-It Trust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Date

  	
  Title:

  	
   

  	
   

  
							

 

 5EXHIBIT 10.9

STEPHEN
R. NICHOLS

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”)
is dated as of April 20, 2007 by and between U-STORE-IT TRUST, a Maryland real
estate investment trust (the “Company”), and Stephen R. Nichols (the “Executive”).

WHEREAS, the Company and the Executive entered into an
Employment Agreement, dated July 10, 2006 (the “Original Employment
Agreement”), pursuant to which the Executive was employed by the Company as
Senior Vice President, Operations; and

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

WHEREAS, the Company desires to employ the Executive
to devote full time to the business of the Company as the Senior Vice
President, Operations of the Company; and

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

Accordingly, the parties hereto agree as follows:

1. Term. The Company hereby employs the
Executive, and the Executive hereby accepts such employment for an initial term
commencing as of the date hereof and ending on December 31, 2007 unless sooner
terminated in accordance with the provisions of Section 4 or Section 5
(the period during which the Executive is employed hereunder being hereinafter
referred to as the “Term”). The Term shall be subject to automatic
one-year renewals unless either party hereto notifies the other, in accordance
with Section 7.4, of non-renewal at least ninety (90) days
prior to the end of any such Term. Notwithstanding the employment of the
Executive by the Company, the Company shall be entitled to pay the Executive
from the payroll of any subsidiary of the Company.

2. Duties. The Executive, in his capacity
as Senior Vice President, Operations, 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 $275,000 per annum (the “Annual Salary”), in accordance with the
customary payroll practices of the Company applicable to senior executives
generally. The Annual Salary may be increased annually by an amount as may be
approved by the Board or the Compensation Committee, and, upon such increase,
the increased amount shall thereafter be deemed to be the Annual Salary for
purposes of this Agreement.

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

3.3 Benefits —
In General. The Executive shall be permitted during the Term to participate
in any group life, hospitalization or disability insurance plans, health
programs, pension and profit sharing plans and similar benefits that may be
available to similarly situated senior executives of the Company generally, on
the same terms as may be applicable to such other executives, in each case to
the extent that the Executive is eligible under the terms of such plans or
programs. During the Term, the Company shall maintain customary liability
insurance for trustees and officers and list the Executive as a covered
officer.

3.4 Vacation.
During the Term, the Executive shall be entitled to vacation of four (4) weeks
per year.

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

3.6 Expenses.
The Company shall pay or reimburse the Executive for all ordinary and
reasonable out-of-pocket business expenses actually incurred (and, in the case
of reimbursement, paid) by the Executive during the Term in the performance of
the 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

 2
 

proper documentation
establishing the amount, date and business purpose of the expenses.

4. Termination upon Death or Disability. If the
Executive dies during the Term, the obligations of the Company to or with
respect to the Executive shall terminate in their entirety except as otherwise
provided under this Section 4. If the Executive becomes eligible
for disability benefits under the Company’s long-term disability plans and
arrangements (or, if none apply, would have been so eligible under the most
recent plan or arrangement), the Company shall have the right, to the extent
permitted by law, to terminate the employment of the Executive upon notice in
writing to the Executive and such termination in and of itself shall not be,
nor shall it be deemed to be, a breach of this Agreement; provided, that, the
Company will have no right to terminate the Executive’s employment if, in the
opinion of a qualified physician reasonably acceptable to the Company, it is
reasonably certain that the Executive will be able to resume the Executive’s
duties on a regular full-time basis within 90 days of the date the
Executive receives notice of such termination.

Upon death or other termination of employment by
virtue of disability (i) the Executive (or the Executive’s estate or
beneficiaries in the case of the death of the Executive) shall have no right to
receive any compensation or benefit hereunder on and after the Effective Date
of the Termination other than Annual Salary earned and accrued under this
Agreement prior to the Effective Date of the Termination, any bonus for the
prior year not yet paid, and other benefits, including payment for accrued but
unused vacation, earned and accrued under this Agreement prior to the Effective
Date of the Termination (and reimbursement under this Agreement for expenses
incurred but not paid prior to the Effective Date of the Termination) and an
amount equal to the product of (x) the Executive’s target annual bonus for
the fiscal year of the Executive’s death or disability and (y) a fraction,
the numerator of which is the number of days in the current fiscal year through
the Effective Date of the Termination, and the denominator of which is 365;
(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.   For purposes of this
Agreement, “Cause” shall mean:

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

 3
 

(b) the Executive’s
commission of an act of fraud, theft or dishonesty related to the business of
the Company or its affiliates or the performance of the Executive’s duties
hereunder;

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

(d) any material
violation by the Executive of the covenants contained in Section 6 or that certain Non-Competition Agreement
dated as of July 10, 2006 between the Executive and the Company (the “Non-Competition
Agreement”); or

(e) the Executive’s
willful and continuing material breach of this Agreement.

For purposes of
this Section 5.1, no act, or failure to act, by Executive shall be
considered “willful” unless committed in bad faith and without a
reasonable belief that the act or omission was in the best interests of the
Company or its subsidiaries. Notwithstanding the foregoing, if there exists
(without regard to this sentence) an event or condition that constitutes Cause
under clause (c), (d) or (e) above, the Executive shall have
30 days from the date written notice is given by the Company of such event
or condition to cure such event or condition and, if the Executive does so,
such event or condition shall not constitute Cause hereunder.

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

(a) the material
reduction of the Executive’s authority, duties and responsibilities, or the
assignment to the Executive of duties materially and adversely inconsistent
with the Executive’s position or positions with the Company and its
subsidiaries;

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

(c) the failure by
the Company to obtain an agreement from any successor to the business of the
Company to assume and agree to perform this Agreement;

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

(i) the
dissolution or liquidation of the Company,

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

 4
 

beneficially own more
than 50% of the voting securities of the surviving entity immediately
thereafter,

(iii) a sale
of all or substantially all of the assets of the Company to another person or
entity other than an affiliate of the Company,

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

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

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

(f) the Company’s
material and willful breach of this Agreement.

Notwithstanding
the foregoing, if there exists (without regard to this sentence) an event or
condition that constitutes Good Reason under clause (a), (b), (e) or
(f) above, the Company shall have 30 days from the date on which the
Executive gives the written notice thereof to cure such event or condition and,
if the Company does so, such event or condition shall not constitute Good
Reason hereunder. Further, an event or condition shall cease to constitute Good
Reason one (1) year after the event or condition first occurs.

5.3 Effect of
Termination for Cause.  The Company may terminate the Executive’s
employment hereunder for Cause and such termination in and of itself shall not
be, nor shall it be deemed to be, a breach of this Agreement. If the Company

 5
 

terminates the Executive
for Cause, (i) the Executive shall have no right to receive any
compensation or benefit hereunder on and after the Effective Date of the Termination
other than Annual Salary and other benefits, including payment for unused
vacation earned and accrued under this Agreement prior to the Effective Date of
the Termination and reimbursement under this Agreement for expenses incurred
but not paid prior to the Effective Date of the Termination, but excluding any
bonuses the Executive would have been entitled to under the Bonus Plans; and (ii) this
Agreement shall otherwise terminate upon the Effective Date of the Termination
and the Executive shall have no further rights hereunder (except as provided in
Section 7.13). For purposes of this Section 5.3, the “Effective
Date of the Termination” shall mean the date on which a notice of
termination is given or any later date (within thirty (30) days after the
giving of such notice) set forth in such notice of termination.

5.4 Effect of
Termination Without Good Reason.  The Executive may terminate 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 unused vacation earned and accrued under this Agreement
prior to the Effective Date of the Termination and reimbursement under this
Agreement for expenses incurred but not paid prior to the Effective Date of the
Termination, but excluding any bonuses the Executive would have been entitled
to under the Bonus Plans; and (ii) this Agreement shall otherwise
terminate upon the Effective Date of the Termination and the Executive shall
have no further rights hereunder (except as provided in Section 7.13).
For purposes of this Section 5.4, the “Effective Date of the
Termination” shall mean the date on which a notice of termination is given
or any later date (within thirty (30) days after the giving of such
notice) set forth in such notice of termination.

5.5 Effect of
Non-Renewal. In the event the Company elects not to renew this Agreement as
contemplated in Section 1 above, the Executive shall receive a cash
payment equal to one (1) times the sum of: (i) the Executive’s Annual
Salary in effect on the day of expiration of the Term and (ii) the average
of the sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive as provided for in Section 3.2, or, in the event the
Executive has received only one Annual Bonus and one Long-Term Bonus pursuant
to Section 3.2 at the time of such termination, an amount equal to the
sum of such Annual Bonus and Long-Term Bonus, or, in the event the Executive
has not received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2
at the time of such termination, an amount equal to the sum of the Annual Bonus
and Long-Term Bonus the Executive would have received under Section 3.2
if the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).

 6
 

5.6 Termination
Without Cause; Termination for Good Reason. The Company may terminate the
Executive’s employment at any time without Cause, for any reason or no reason
and the Executive may terminate the Executive’s employment with the Company for
Good Reason. If the Company or the Executive terminates the Executive’s
employment and such termination is not described in Section 4 or Section 5.1
through Section 5.5, (i) the Executive shall receive the Executive’s
Annual Salary earned and accrued under this Agreement prior to the Effective
Date of the Termination, any bonus for the prior year which has been awarded
but not yet paid, and other benefits, including payment for accrued but unused
vacation, earned and accrued under this Agreement prior to the Effective Date
of the Termination (and reimbursement under this Agreement for expenses
incurred but not paid prior to the Effective Date of the Termination) and an
amount equal to the product of (x) the Executive’s target annual bonus for
the fiscal year of the Executive’s termination of employment and (y) a
fraction, the numerator of which is the number of days in the current fiscal
year through the Effective Date of the Termination, and the denominator of
which is 365; (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 18 months after the Effective Date of the
Termination, the Company shall continue medical, prescription and dental
benefits to the Executive and/or the Executive’s family at least equal to those
which would have been provided to them in accordance with the welfare benefit
plans, practices, policies and programs provided by the Company to the extent
applicable generally to other peer employees of the Company and its affiliated
companies, as if the Executive’s employment had not been terminated; provided,
however, that if the Executive becomes reemployed with another employer
and is eligible to receive medical, prescription and dental benefits under
another employer provided plan, the medical, prescription and dental benefits
described herein shall be secondary to those provided under such other plan
during such applicable period of eligibility; (iv) all Equity Awards held
by the Executive shall become fully vested and exercisable (notwithstanding
anything to the contrary contained in any plan); and (v) this Agreement
shall otherwise terminate upon the Effective Date of the Termination and the
Executive shall have no further rights hereunder (except as provided in Section
7.13).

The “Severance Payment”
means two (2) times the sum of: (i) the Executive’s Annual Salary (as in
effect on the effective date of such termination) and (ii) the average of
the sum of the two previous Annual Bonuses and Long-Term Bonuses received by
the Executive pursuant to Section 3.2, or, in the event the Executive
has received only one Annual Bonus and one Long-Term Bonus pursuant to Section
3.2 at the time of such termination, an amount equal to the sum of such
Annual Bonus and Long-Term Bonus, or, in the event the Executive has not
received any Annual Bonus or Long-Term Bonus pursuant to Section 3.2 at
the time of such termination, an amount equal to the sum of the Annual Bonus and
Long-Term Bonus the Executive would have received under Section 3.2 if
the Executive would have remained employed through the period required to be
entitled to receive the Annual Bonus and Long-Term Bonus and satisfied all
target performance objectives, payable no later than 30 days after such
termination (or, if later, as soon as practicable, but in no event more than 30
days after the amount is reasonably capable of being known).  For purposes of this Section 5.6,
the “Effective Date of the

 7
 

Termination”
shall mean the date on which a notice of termination is given or any later date
(within thirty (30) days after the giving of such notice) set forth in
such notice of termination, or in the case of termination of employment by the
Executive for Good Reason, the date of termination specified in such Executive’s
notice of termination.

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

5.8 Nature of Payments. For the avoidance of
doubt, the Executive acknowledges and agrees that the payments set forth in
this Section 5 constitute liquidated damages for termination of his
employment during the Term.

6. Confidential and Proprietary Information.

6.1 Confidential Information. The Executive
shall keep secret and retain in strictest confidence, and shall not use for 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

 8
 

restraining
orders and injunctions (preliminary, mandatory, temporary and permanent)
against violations, threatened or actual, and whether or not then continuing,
of such covenants. This right and remedy shall be in addition to, and not in
lieu of, any other rights and remedies available to the Company and its
affiliates under law or in equity (including, without limitation, the recovery
of damages).

7. Other Provisions.

7.1 Severability. The Executive acknowledges
and agrees that the Executive has had an opportunity to seek advice of counsel
in connection with this Agreement. If it is determined that any of the
provisions of this Agreement, or any part thereof, is invalid or unenforceable,
the remainder of the provisions of this Agreement shall not thereby be affected
and shall be given full affect, without regard to the invalid portions.

7.2 Enforceability; Jurisdictions. The Company
and the Executive intend to and hereby confer jurisdiction to enforce the
Restrictive Covenants upon the courts of the State of Ohio. If any court holds
the Restrictive Covenants wholly unenforceable by reason of breadth of scope or
otherwise it is the intention of the Company and the Executive that such
determination not bar or in any way affect the Company’s right, or the right of
any of its affiliates, to the relief provided above in the courts of any other
jurisdiction within the geographical scope of such Restrictive Covenants, as to
breaches of such Restrictive Covenants in such other respective jurisdictions,
such Restrictive Covenants as they relate to each jurisdiction’s being, for
this purpose, severable, diverse and independent covenants, subject, where
appropriate, to the doctrine of res judicata.

7.3 Attorneys’ Fees. In the event of any legal
proceeding relating to this Agreement or any term or provision thereof, the
losing party shall be responsible to pay or reimburse the prevailing party for
all reasonable attorneys’ fees incurred by the prevailing party in connection
with such proceeding; 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:

	
  If to the Company, to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg
  Heights, OH 44130

  
	
   

  	
  Attn: Chief
  Executive Officer

  
	
   

  	
  Facsimile: (440)
  234-8776

  

 

 9
 

 

	
  with a copy to:

  	
  U-Store-It Trust

  
	
   

  	
  6745 Engle Road

  
	
   

  	
  Suite 300

  
	
   

  	
  Middleburg
  Heights, OH 44130

  
	
   

  	
  Attn: Secretary

  
	
   

  	
  Facsimile: (440)
  260-2397

  

 

If to the Executive, to
the address set forth in the records of the Company

Any
such person may by notice given in accordance with this Section to the other
parties hereto designate another address or person for receipt by such person
of notices hereunder.

7.5 Entire Agreement. This Agreement, together
with the exhibits hereto and the Non-Competition Agreement, contains the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with the Company or its
subsidiaries (or any predecessor of either).

7.6 Waivers and Amendments. This Agreement may
be amended, superseded, canceled, renewed or extended, and the terms hereof may
be waived, only by a written instrument signed by the parties or, in the case
of a waiver, by the party waiving compliance. No delay on the part of any party
in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power
or privilege nor any single or partial exercise of any such right, power or
privilege, preclude any other or further exercise thereof or the exercise of
any other such right, power or privilege.

7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

7.8 Assignment. This Agreement, and the
Executive’s rights and obligations hereunder, may not be assigned by the
Executive; any purported assignment by the Executive in violation hereof shall
be null and void. In the event of any Change in Control, the Company may assign
this Agreement and its rights hereunder.

7.9 Withholding. The Company shall be entitled
to withhold from any payments or deemed payments any amount of withholding
required by law. No other taxes, fees, impositions, duties or other charges or
offsets of any kind shall be deducted or withheld from amounts payable
hereunder, unless otherwise required by law.

7.10 No Duty to Mitigate. The Executive shall
not be required to mitigate damages or the amount of any payment provided for
under this Agreement by seeking other employment or otherwise, nor will any
payments hereunder be subject to offset in the event the Executive does
mitigate.

 10
 

7.11 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors, permitted assigns, heirs, executors and legal representatives.

7.12 Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original but all such counterparts together
shall constitute one and the same instrument. Each counterpart may consist of
two copies hereof each signed by one of the parties hereto.

7.13 Survival. Anything contained in this
Agreement to the contrary notwithstanding, the provisions of Section  6
and Section 7 (to the extent necessary to effectuate the survival of Section
6 and  Section 7) shall
survive termination of this Agreement and any termination of the Executive’s
employment hereunder.

7.14 Existing Agreements. Executive represents
to the Company that the Executive is not subject or a party to any employment
or consulting agreement, non-competition covenant or other agreement, covenant
or understanding which might prohibit the Executive from executing this
Agreement or limit the Executive’s ability to fulfill the Executive’s
responsibilities hereunder.

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

7.16 Parachute Provisions. If any amount
payable to or other benefit receivable by the Executive pursuant to this
Agreement is deemed to constitute a Parachute Payment (as defined below), alone
or when added to any other amount payable or paid to or other benefit
receivable or received by the Executive which is deemed to constitute a
Parachute Payment (whether or not under an existing plan, arrangement or other
agreement), and would result in the imposition on the Executive of an excise
tax under Section 4999 of the Internal Revenue Code of 1986, as amended,
then, in addition to any other benefits to which the Executive is entitled
under this Agreement, the Executive shall be paid by the Company an amount in
cash equal to the sum of the excise taxes payable by the Executive by reason of
receiving Parachute Payments plus the amount necessary to put the Executive in
the same after-tax position (taking into account any and all applicable
federal, state and local excise, income or other taxes at the highest
applicable rates on such Parachute Payments and on any payments under this
Section 7.16) as if no excise taxes had been imposed with respect to
Parachute Payments. The amount of any payment under this Section 7.16
shall be computed by a certified public accounting firm mutually and reasonably
acceptable to the Executive and the Company, the computation expenses of which
shall be paid by the Company. “Parachute Payment” shall mean any payment
deemed to constitute a “parachute payment” as defined in
Section 280G of the Internal Revenue Code of 1986, as amended.

7.17 Six Month Delay of Certain Payments.  In the event the payment of any amounts
payable pursuant to Section 5 of this Agreement within six months of the date
of the Executive’s termination of employment would cause the Executive to incur
any additional tax under Section 409A of the Internal Revenue Code of 1986, as
amended, then payment of such amounts shall be

 11
 

delayed
until the date that is six months following the Executive’s termination date
(the “Earliest Payment Date”).  If
this provision becomes applicable, it is anticipated that payments that would
have been made prior to the Earliest Payment Date in the absence of this
provision would be paid as a lump sum on the Earliest Payment Date and the
remaining severance benefits or other payments would be paid according to the
schedule otherwise applicable to the payments.

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.

7.19 Replacement of Original Employment Agreement.  The Company and the Executive acknowledge and
agree that the Original Employment Agreement is hereby terminated by mutual
consent and neither the Company nor the Executive shall have any continuing
obligation to the other pursuant to the terms of the Original Employment
Agreement.  The mutual agreements and
covenants contained in this Agreement shall replace and supersede in their
entirety the provisions of the Original Employment Agreement.

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

 

 

	
  

  	
  U-STORE IT TRUST

  
	
   

  	
   

  
	
   

  	
  Dean Jernigan

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  Stephen R.
  Nichols

  	
   

  
	
   

  	
  Name:

  	
  Stephen R.
  Nichols

  
				

 

 12

EXHBIT
A

SEVERANCE
AND GENERAL RELEASE AGREEMENT

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

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

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

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

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

NOW, THEREFORE, the parties agree as
follows:

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

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

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

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

 1
 

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

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

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

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

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

 2
 

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

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

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

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

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

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

 3
 

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

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

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

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

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

[Signatures
on Following Page]

 4
 

 

	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
  Executive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U-Store-It Trust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Date

  	
  Title:

  	
   

  	
   

  
							

 

 5

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