Document:

Exhibit 10.70

 

U-Store-It

460 East Swedesford Road

Suite 3000

Wayne, Pennsylvania 19087

 

By Hand
Delivery

 

January 9,
2009

 

Jeffrey
P. Foster

247
Delaware Street

Woodbury,
NJ 08906

 

Dear
Jeffrey:

 

We
are pleased to confirm our offer of employment as Senior Vice President and
Chief Legal Officer for U-Store-It (referred to herein as “We” or the “Company”)
and we wanted to take this opportunity to convey some important information
regarding your new position.  Defined
terms not otherwise set forth in this Letter are defined on the Addendum
attached hereto.

 

Your
first day of employment will be on a mutually acceptable date, but in no event
later than February 16, 2009 and you will report to Christopher Marr,
President and Chief Investment Officer. 
You will be compensated a base salary at the rate of $255,000 per year,
payable on a semi-monthly basis.  You are
eligible for a target annual incentive award covering performance for the year
ended December 31, 2009 in the form of a cash payment of 55% of your base salary
dependent upon the achievement of the corporate goals and objectives weighted
at 70%, and individual management objectives weighted at 30%, which shall both
be prorated for the portion of 2009 you are employed by the Company.  Under the current plan, you would be eligible
to earn up to 200% of the target award related to corporate goals and
objectives and up to 150% of the target award related to individual goals. In
addition, you will be eligible for annual target long-term incentive awards in
the amount of $230,000; such award value to be allocated 50% in stock options,
25% in restricted shares and 25% in performance-vested restricted shares,
prorated for the portion of 2009 that you are employed by the Company.  For your reference, I have attached to this
letter, copies of the draft grant agreements for these awards.  Please note that the grants will be made not
later than thirty (30) days after your first day of employment with the Company
and the number of shares will be determined on that date.  In addition, the Company will grant you 2,500
common shares of the Company (which shares shall immediately vest on granting)
on the condition that prior to your first day of employment with the Company
you purchase on the open market an equal number of common shares of the
Company.  The Company reserves the right
to request confirmation of your purchase of the common shares set forth in the
preceding sentence.

 

You will be eligible to receive 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 or in lieu of providing such
allowance, the Company will provide you with an automobile of suitable standard
to your position and as approved by Christopher Marr.  You will be offered participation in the
Company benefit plans, when eligible, which includes health, vision, and dental
coverage for you and your dependents, life and ad&d, short and long-term
disability, 401(k), Deferred Compensation, Section 125 flexible spending
and access to an Employee Assistance Plan. 
You will accrue vacation at a rate of twenty (20) days per year and sick
time and paid holidays according to Company policy.   In addition to the foregoing benefits, you
will be eligible to participate in any similar benefit programs 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 you are eligible under the terms of such plans or
programs.  The Company shall also
maintain customary liability insurance for trustees and officers and list you
as a covered officer under such policy(ies).

 

 

The Company shall pay or reimburse you for all ordinary and reasonable
out-of-pocket business expenses incurred (and, in the case of reimbursement,
paid) by you during your employment with the Company, pursuant to the Company’s
standard expense reimbursement policy as in effect from time to time, so long
as you provide proper documentation establishing the amount, date and business
purpose of the expenses.  Out-of-pocket
business expenses shall include, without limitation, the costs and expenses
required to maintain your bar membership and continuing legal education
requirements in the states where you are presently licensed and in any other
states for which the Company requests your bar admission.

 

Because
this position is classified as exempt, you will not be eligible for overtime
pay and the nature and scope of your responsibilities will dictate the amount
of time and number of hours/days per work week which the Company expects you
will find necessary to devote to the performance of your duties in order to
meet successfully the goals of the Company. 
Our offer of employment is contingent upon your completing and passing a
full background check and drug test as well as the ability to verify that you
lawfully are permitted to work in the United States.  Consequently, you will be required to
provide, within the first three (3) days of employment, the documents
necessary to establish your identity and eligibility for employment.

 

Your
employment with the company is “at-will”, meaning that subject to the
conditions set forth in this paragraph and on at least sixty (60) days prior
written notice from the Company or thirty (30) days prior written notice from
you, both you and the Company have the right to terminate the employment
relationship at any time for no reason. 
If the Company terminates your employment relationship pursuant to this
paragraph, the Company shall pay you the Severance Amount within 30 days of
receiving a form of waiver and release acceptable to the Companyand shall
continue for a period not to exceed 12 months medical, prescription and dental
benefits to you and your family at least equal to those which would have been
provided to you 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 your employment had not been terminated, provided, however, that if you
become reemployed with another employer and you are eligible to receive
medical, prescription and dental benefits under another employer provided plan,
the medical, prescription and dental benefits described herein shall terminate
(collectively, the “Insurance Benefits”).  Except for the reasons set forth in the next
paragraph, if youelect to terminate your employment with the Company, you
understand that you are not entitled to receive the Severance Amount or the
Insurance Benefits.

 

If
during the one-year period following the date of a Change of Control you
terminate your employment for Good Reason or during (1) the six month
period prior to the date on which a Change of Control occurs, or (2) the
one-year period following the date a Change of Control occurs, your employment
is terminated by the Company without Cause, not later than thirty (30) days
after the effective date of such termination, you will receive a cash payment
equal to two times the sum of (a) your annual salary as in effect on the
date of the Change of Control, plus (b) the average of the sum of the two
previous annual incentive awards received by you at the time of your
termination, or if you have not received an annual incentive award or only
receive one annual incentive award at the time of such termination, an amount
equal to two times the average of the sum of such annual incentive awards you
would have received under the second paragraph of this letter if you would have
remained employed through the period required to be entitled to receive the
annual incentive award and satisfied all target performance objectives, plus (c) the
average of the sum of the two previous annual long-term incentive awards, plus (d) the
Insurance Benefits.  In addition and
notwithstanding anything contrary contained in any plan, all grants and awards
of equity (and any accrued dividends or distributions thereon) held by you
shall become fully vested and exercisable on the effective date of your
termination under this paragraph.

 

If
either payment made to you under the preceding two paragraphs within six months
of the date of your termination of employment would cause you 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 your termination date (“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.

 

In
connection with your duties as Chief Legal Officer, you will have access to
Company Confidential Information.  You
shall keep secret and retain in strictest confidence, and shall not use for
your personal 

 

 

benefit
or the benefit of others or directly or indirectly disclose any Company
Confidential Information, except (a) as may be required or appropriate in
connection with the carrying out of your duties, (b) with the Company’s
express written consent, or (c) as may otherwise be required by law or any
legal process.  All memoranda, notes,
lists, records, property and any other tangible product and documents (and all
copies thereof) made, produced or compiled by you or made available to you
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 Employee 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.
The Employee acknowledges and agrees that any breach by him regarding
Confidential Company Information would result in irreparable injury and damage
for which money damages would not provide an adequate remedy. Therefore, if the
Employee breaches any of the provisions of this paragraph, the Company and its
affiliates shall have the right and remedy to have the terms of this paragraph
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 you 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).

 

If
any payments made to you or any benefit received by you from the Company is
deemed to constitute a Parachute Payment, alone or when added to any other
amount payable or paid to or other benefit receivable or received by you 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
you 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 you are
entitled , you shall be paid by the Company an amount in cash equal to the sum
of the excise taxes payable by you by reason of receiving Parachute Payments
plus the amount necessary to put you 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 paragraph), as if no excise taxes had been imposed with
respect to Parachute Payments.  The
amount of any payment under this paragraph shall be computed by a certified
public accounting firm mutually and reasonably acceptable to you and the
Company, the computation expenses of which shall be paid by the Company.

 

The
terms of this letter and your employment shall be governed by the laws of the
Commonwealth of Pennsylvania without regard to principles of conflicts of
law.  The terms of this letter shall be
reviewed by you and the Company on an annual basis.

 

Jeffrey,
on behalf of the entire U-Store-It team, we look forward to working with
you!   We believe you will find your
association with U-Store-It to be attractive in terms of your responsibilities,
personal job satisfaction and opportunities for professional development.  Please confirm your acceptance of this offer
by signing this employment letter and returning it to me not later than
                ,
200   .

 

Sincerely,

 

	
  /s/
  Christopher Marr

  	
   

  
	
  Christopher
  Marr,

  	
   

  
	
  President
  and Chief Investment Officer

  	
   

  

 

 

I
have reviewed the foregoing, I understand the terms, and I accept the terms of
this offer of employment.

 

 

	
   

  	
   

  	
   

  
	
  /s/
  Jeffrey P. Foster

  	
   

  	
   

  
	
  Jeffrey
  P. Foster

  	
   

  	
  Date

  

 

 

ADDENDUM

 

Defined Terms

 

Cause shall mean (A) the
conviction for (or pleading nolo contendere to) any felony or a misdemeanor
involving moral turpitude; (B) the commission of an act of fraud, theft or
dishonesty related to the business of the Company or its affiliates or the
performance of your duties; (C) the willful and continuing failure or
habitual neglect to perform your duties; or (D) any material violation
regarding Confidential Company Information (defined below).

 

Change of
Control shall mean (A) the dissolution
or liquidation of the Company, (B) the merger, consolidation, or
reorganization of the Company with one or more other entities in which the
Company is not the surviving entity or immediately following which the persons
or entities who were beneficial owners (as determined pursuant to Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of
voting securities of the Company immediately prior thereto cease to
beneficially own more than 50% of the voting securities of the surviving entity
immediately thereafter, (C) a sale of all or substantially all of the
assets of the Company to another person or entity other than an affiliate of
the Company, (D) any transaction (including without limitation a merger or
reorganization in which the Company is the surviving entity) that results in
any person or entity or “group” (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act) (other than persons who are shareholders or
affiliates immediately prior to the transaction) owning thirty percent 30%) or
more of the combined voting power of all classes of shares of the Company, or (E) individuals
who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual
becoming a trustee subsequent to the date hereof whose election, or nomination
for election by the Company’s shareholders, was approved by a vote of at least
a majority of the trustees then comprising the Incumbent Board (either by a
specific vote or by approval of the proxy 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;

 

Confidential
Company Information shall mean 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 Employee 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

 

Good
Reason shall mean (A) the material reduction of your authority, duties
and responsibilities, or the assignment to you of duties or responsibilities
materially and adversely inconsistent with your position or positions with the
Company and its subsidiaries and affiliates; (B) a material reduction in
base salary; (C) a Change of Control; (D) the relocation of the Company’s
headquarters more than fifty (50) miles from the Company’s offices in Wayne,
Pennsylvania, unless the relocation results in the work location being closer
to your primary residence; or (E) the Company’s material and willful
breach of this Letter or any other agreement between you and the Company.  An event or condition shall cease to
constitute Good Reason one (1) year after the event or condition first
occurs.

 

Parachute
Payment or Parachute Payments shall mean any
payment deemed to constitute a “parachute payment” as defined in Section 280G
of the Internal Revenue Code of 1986, as amended.

 

Severance
Payment shall mean for the period on or prior to December 31, 2009, the
sum of $350,000, and thereafter, increased annually at the greater of (a) the
percentage increase in base salary granted to you by the Company, or (b) the
increase in the consumer price index from the preceding calendar year.Exhibit 10.71

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made effective as of February 23, 2010, by and among U-Store-It Trust,
a Maryland real estate investment trust (the “Company”), U-Store-It, L.P., a
Delaware limited partnership (the “Operating Partnership” and together with the
Company, the “Indemnitors”), and Piero Bussani (the “Indemnitee”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

1. DEFINITIONS

 

For
purposes of this Agreement:

 

(A)      “Change in Control” shall mean

i.                  the dissolution
or liquidation of the Company;

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

 

 

securities of the surviving entity immediately
thereafter;

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

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

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

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

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

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

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

 

2. INDEMNIFICATION

 

The
Indemnitee shall be entitled to the rights of indemnification provided in this
paragraph 2 and under applicable law, the Declaration of Trust, the Bylaws, the
Partnership Agreement, any other agreement, a vote of shareholders or
resolution of the Board of Trustees or otherwise if, by reason of such
Indemnitee’s

 

 

Corporate
Status, such Indemnitee is, or is threatened to be made, a party to any
threatened, pending, or completed Proceeding, including a Proceeding by or in
the right of the Company or the Operating Partnership. Unless prohibited by
paragraph 13 hereof and subject to the other provisions of this Agreement, the
Indemnitee shall be indemnified hereunder, to the maximum extent permitted by
Maryland law in effect from time to time, against judgments, penalties, fines,
and settlements and reasonable Expenses actually incurred by or on behalf of
such Indemnitee in connection with such Proceeding or any claim, issue or
matter therein; provided, however, that if such Proceeding was one by or in the
right of the Company or the Operating Partnership, indemnification may not be
made in respect of such Proceeding if the Indemnitee shall have been adjudged
to be liable to the Company or the Operating Partnership. For purposes of this
paragraph 2, excise taxes assessed on the Indemnitee with respect to an
employee benefit plan pursuant to applicable law shall be deemed fines.

 

3. EXPENSES OF A SUCCESSFUL
PARTY

 

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

 

4. ADVANCEMENT OF EXPENSES

 

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

 

5. WITNESS EXPENSES

 

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

 

6. DETERMINATION OF ENTITLEMENT
TO AND AUTHORIZATION OF INDEMNIFICATION

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

 

 

(B)        Indemnification under this Agreement may not be made
unless authorized for a specific Proceeding after a determination has been made
in accordance with this Section 6(B) that indemnification of the
Indemnitee is permissible in the circumstances because the Indemnitee has met
the following standard of conduct: the Indemnitors shall indemnify the
Indemnitee in accordance with the provisions of paragraph 2 hereof, unless it
is established that: (a) the act or omission of the Indemnitee was
material to the matter giving rise to the Proceeding and (x) was committed
in bad faith or (y) was the result of active and deliberate dishonesty; (b) the
Indemnitee actually received an improper personal benefit in money, property or
services; or (c) in the case of any criminal proceeding, the Indemnitee
had reasonable cause to believe that the act or omission was unlawful. Upon
receipt by the Indemnitors of the Indemnitee’s written request for
indemnification pursuant to subparagraph 6(A), a determination as to whether
the applicable standard of conduct has been met shall be made within the period
specified in paragraph 6(E): (i) if a Change in Control shall have
occurred, by Special Legal Counsel in a written opinion to the Board of
Trustees, a copy of which shall be delivered to the Indemnitee, with Special
Legal Counsel selected by the Indemnitee (unless the Indemnitee shall request
that such determination be made by the person or persons and in the manner
provided in clause (ii) of this paragraph 6(B), in which event the
provisions of such clause (ii) shall apply) (If the Indemnitee selects
Special Legal Counsel to make the determination under this clause (i), the
Indemnitee shall give prompt written notice to the Indemnitors advising them of
the identity of the Special Legal Counsel so selected); or (ii) if a
Change in Control shall not have occurred, (A) by the Board of Trustees by
a majority vote of a quorum consisting of trustees not, at the time, parties to
the Proceeding, or, if such quorum cannot be obtained, then by a majority vote
of a committee of the Board of Trustees consisting solely of two or more
trustees not, at the time, parties to such Proceeding and who were duly
designated to act in the matter by a majority vote of the full Board of
Trustees in which the designated trustees who are parties may participate, (B) by
Special Legal Counsel in a written opinion to the Board of Trustees, a copy of
which shall be delivered to the Indemnitee, with Special Legal Counsel selected
by the Board of Trustees or a committee of the Board of Trustees by vote as set
forth in subparagraph (ii)(A) of this paragraph 6(B), or, if the requisite
quorum of the full Board of Trustees cannot be obtained therefor and the
committee cannot be established, by a majority of the full Board of Trustees in
which trustees who are parties to the Proceeding may participate (If the
Indemnitors select Special Legal Counsel to make the determination under this
clause (ii), the Indemnitors shall give prompt written notice to the Indemnitee
advising him or her of the identity of the Special Legal Counsel so selected)
or (C) by the shareholders of the Company. If it is so determined that the
Indemnitee is entitled to indemnification, payment to the Indemnitee shall be
made within 10 days after such determination. Authorization of indemnification
and determination as to reasonableness of Expenses shall be made in the same manner
as the determination that indemnification is permissible. However, if the
determination that indemnification is permissible is made by Special Legal
Counsel under clause (B) above, authorization of indemnification and
determination as to reasonableness of Expenses shall be made in the manner
specified under clause (B) above for the selection of such Special Legal
Counsel.

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

(D)       In the event the determination of entitlement to
indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(B) hereof,
the Indemnitee, or the Indemnitors, as the case may be, may, within seven days
after such written notice of selection shall have been given, deliver to the
Indemnitors or to the Indemnitee, as the case may be, a written objection to
such selection. Such objection may be asserted only on the grounds that the
Special Legal Counsel so selected does not 

 

 

meet
the requirements of “Special Legal Counsel” as defined in paragraph 1 of this
Agreement. If such written objection is made, the Special Legal Counsel so selected
may not serve as Special Legal Counsel until a court has determined that such
objection is without merit. If, within 20 days after submission by the
Indemnitee of a written request for indemnification pursuant to paragraph 6(A) hereof,
no Special Legal Counsel shall have been selected or, if selected, shall have
been objected to, either the Indemnitors or the Indemnitee may petition a court
for resolution of any objection which shall have been made by the Indemnitors
or the Indemnitee to the other’s selection of Special Legal Counsel and/or for
the appointment as Special Legal Counsel of a person selected by the court or
by such other person as the court shall designate, and the person with respect
to whom an objection is so resolved or the person so appointed shall act as
Special Legal Counsel under paragraph 6(B) hereof. The Indemnitors shall
pay all reasonable fees and expenses of Special Legal Counsel incurred in
connection with acting pursuant to paragraph 6(B) hereof, and all
reasonable fees and expenses incident to the selection of such Special Legal
Counsel pursuant to this paragraph 6(D). In the event that a determination of
entitlement to indemnification is to be made by Special Legal Counsel and such
determination shall not have been made and delivered in a written opinion
within ninety (90) days after the receipt by the Indemnitors of the Indemnitee’s
request in accordance with paragraph 6(A), upon the due commencement of any
judicial proceeding in accordance with paragraph 8(A) of this Agreement,
Special Legal Counsel shall be discharged and relieved of any further
responsibility in such capacity.

 

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

 

7. PRESUMPTIONS

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

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

 

8. REMEDIES

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

 

 

adjudication
in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement
to such indemnification or advancement of Expenses.

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

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

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

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

 

9. NOTIFICATION AND DEFENSE OF CLAIMS

 

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

 

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

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

 

 

monetary
indemnification to the Indemnitee (such as injunctive relief or incarceration)
or (d) the Indemnitors shall not in fact have employed counsel to assume
the defense of such action, in each of which cases the fees and disbursements
of counsel shall be at the expense of the Indemnitors. The Indemnitors shall
not be entitled to assume the defense of any Proceeding brought by or on behalf
of the Indemnitors, or as to which Indemnitee shall have reached the conclusion
specified in clause (b) above, or which involves penalties or other relief
against Indemnitee of the type referred to in clause (c) above.

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

 

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

(A)      The rights of indemnification and to receive
advancement of reasonable Expenses as provided by this Agreement shall not be
deemed exclusive of any other rights to which the Indemnitee may at any time be
entitled under applicable law, the Declaration of Trust, the Bylaws, the
Operating Partnership’s Partnership Agreement, any other agreement, a vote of
shareholders, a resolution of the Board of Trustees or otherwise, except that
any payments otherwise required to be made by the Indemnitors hereunder shall
be offset by any and all amounts received by the Indemnitee from any other
indemnitor or under one or more liability insurance policies maintained by an
indemnitor or otherwise and shall not be duplicative of any other payments
received by an Indemnitee from the Indemnitors in respect of the matter giving
rise to the indemnity hereunder. No amendment, alteration or repeal of this
Agreement or any provision hereof shall be effective as to the Indemnitee with
respect to any action taken or omitted by the Indemnitee as a member of the
Board of Trustees prior to such amendment, alteration or repeal.

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

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

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

 

11. CONTINUATION OF INDEMNITY

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

(B)        The Company and the Operating Partnership shall
require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company or the Operating
Partnership, by written agreement in form and substance reasonably satisfactory
to the Indemnitee, expressly to assume and agree to 

 

 

perform
this Agreement in the same manner and to the same extent that the Company and
the Operating Partnership would be required to perform if no such succession
had taken place.

 

12. SEVERABILITY

 

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

 

13. EXCEPTION TO RIGHT OF
INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

 

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

 

14. NOTICE TO THE COMPANY SHAREHOLDERS

 

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

 

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

 

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

 

16. HEADINGS

 

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

 

17. MODIFICATION AND WAIVER

 

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

 

 

18. NOTICES

 

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

 

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

 

If
to the Indemnitors, to:

 

U-Store-It
Trust 

U-Store-It, L.P. 

460 E. Swedesford Road, Suite 3000 

Wayne, PA 19087 

Attention:   Christopher M. Marr

Fax No.: 610-293-5720

 

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

 

U-Store-It
Trust 

460 E. Swedesford Road, Suite 3000 

Wayne, PA 19087 

Attention: Chief Legal Officer

Fax No.: 610-293-5720

 

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

 

19. GOVERNING LAW

 

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

 

20. NO ASSIGNMENTS

 

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

 

21. NO THIRD PARTY RIGHTS

 

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

 

[REMAINDER OF PAGE IS BLANK]

 

 

22. COUNTERPARTS

 

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

 

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

 

 

	
   

  	
  U-STORE-IT TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jeffrey P. Foster

  	
   

  
	
   

  	
  Name:
  Jeffrey P. Foster

  
	
   

  	
  Title:
  Senior Vice President, Chief Legal Officer and Secretary

  
	
   

  	
   

  
	
   

  	
  U-STORE-IT, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  U-Store-It Trust, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jeffrey P. Foster

  	
   

  
	
   

  	
  Name:
  Jeffrey P. Foster

  
	
   

  	
  Title:
  Senior Vice President, Chief Legal Officer and Secretary

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  
	
   

  	
   /s/ Piero Bussani

  	
   

  
	
   

  	
  Piero
  Bussani

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