Document:

EXHIBIT
10.49

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of
January 25, 2008, 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 Daniel B. Hurwitz (the “Indemnitee”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

1.                                       DEFINITIONS.

 

For purposes of this
Agreement:

 

(A)                              “Change in Control” shall mean

 

i.              the dissolution or liquidation of the Company;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.                                       INDEMNIFICATION

 

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

 

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

 

3.                                       EXPENSES OF A SUCCESSFUL PARTY

 

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

 

4.                                       ADVANCEMENT OF EXPENSES

 

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

 

5.                                       WITNESS EXPENSES

 

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

 

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6.                                       DETERMINATION OF ENTITLEMENT TO
AND AUTHORIZATION OF INDEMNIFICATION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7.                                       PRESUMPTIONS

 

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

 

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

 

8.                                       REMEDIES

 

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

 

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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:

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(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 of 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 

 

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

 

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

 

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

 

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

 

11.                                 CONTINUATION OF INDEMNITY

 

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

 

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

 

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12.           SEVERABILITY

 

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

 

13.           EXCEPTION TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

 

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

 

14.           NOTICE TO THE COMPANY SHAREHOLDERS

 

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

 

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

 

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

 

16.           HEADINGS

 

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

 

17.           MODIFICATION AND WAIVER

 

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

 

11

 

18.                                 NOTICES

 

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

 

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

 

If to the Indemnitors,
to:

 

U-Store-It Trust

U-Store-It, L.P.

50
Public Square, Suite 2800

Cleveland,
OH 44113

Attention:   Dean Jernigan

Fax No.:  216/274.1360

 

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

 

U-Store-It Trust

50
Public Square, Suite 2800

Cleveland,
OH 44113

Attention:   Kathleen A. Weigand

Fax No.:  216/274.1372

 

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

 

19.                                 GOVERNING LAW

 

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

 

12

 

20.                                 NO ASSIGNMENTS

 

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

 

21.                                 NO THIRD PARTY RIGHTS

 

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

 

22.                                 COUNTERPARTS

 

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

 

(Remainder of page intentionally
left blank.)

 

13

 

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

 

	
   

  	
  U-STORE-IT
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  U-STORE-IT,
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  U-Store-It Trust,

  
	
   

  	
   

  	
     by
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Dean Jernigan

  
	
   

  	
  Title:

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Daniel B. Hurwitz

  
				

 

14Exhibit 10.83

 

Grant No.:

 

U-STORE-IT TRUST

2007 EQUITY INCENTIVE PLAN

TRUSTEE RESTRICTED SHARE AGREEMENT

 

U-Store-It
Trust, a Maryland real estate investment trust (the “Company”), grants common
shares of beneficial interest, $.01 par value (the “Shares”), of the Company to
the Grantee named below, subject to the vesting conditions set forth in the
attachment. Additional terms and conditions of the grant are set forth in this
cover sheet, in the attachment, and in the Company’s 2007 Equity Incentive Plan
(the “Plan”).

 

Grant Date:

Name of
Grantee:

Number of
Shares Covered by Grant:

 

By signing this cover sheet, you agree to all
of the terms and conditions described in the attached Agreement and in the
Plan, a copy of which will be provided on request. You acknowledge that you
have carefully reviewed the Plan and agree that the Plan will control in the
event any provision of this Agreement should appear to be inconsistent with the
terms of the Plan.

 

 

	
  Grantee:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Dean
  Jernigan

  	
   

  
	
   

  	
  Title:

  	
  President
  and Chief Executive Officer

  	
   

  
						

 

 

This is not a share certificate or a
negotiable instrument.

 

 

U-STORE-IT TRUST

2007 EQUITY INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

 

	
  Restricted Shares/ Nontransferability

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Issuance and Vesting

  	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right
  to the Shares under this Restricted Share Agreement vests as to the total
  number of Shares covered by this grant, as shown on the cover sheet, on the
  earlier of the first anniversary of the Grant Date or the date of the annual
  meeting of shareholders to be held in 2009.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your right
  to the Shares under this Restricted Share Agreement will become fully vested
  on your termination of service due to death or Disability, or in the event of
  a Change in Control. No additional Shares will vest after your service has
  terminated for any reason.

  
	
   

  	
   

  	
   

  
	
  Forfeiture of Unvested Shares

  	
   

  	
  In the event
  that your service terminates for any reason other than death or Disability or
  in the event of a Change in Control, you will forfeit to the Company all of
  the Shares subject to this grant that have not yet vested.

  
	
   

  	
   

  	
   

  
	
  Withholding  Taxes

  	
   

  	
  You agree,
  as a condition of this grant, that you will make acceptable arrangements to
  pay any withholding or other taxes that may be due as a result of the vesting
  of Shares acquired under this grant. In the event that the Company determines
  that any federal, state, local or foreign tax or withholding payment is
  required relating to the vesting of Shares arising from this grant, the
  Company shall have the right to require such payments from you or withhold
  such amounts from other payments due to you from the Company or any
  Affiliate.

  
	
   

  	
   

  	
   

  
	
  Retention Rights

  	
   

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

  

 

2

 

	
  Shareholder Rights

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event
  of a split, a dividend or a similar change in the Shares, the number of
  Shares covered by this grant may be adjusted (and rounded down to the nearest
  whole number) pursuant to the Plan. Your Restricted Shares shall be subject
  to the terms of the agreement of merger, liquidation or reorganization in the
  event the Company is subject to such corporate activity.

  
	
   

  	
   

  	
   

  
	
  Legends

  	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Applicable Law

  	
   

  	
  This
  Agreement will be interpreted and enforced under the laws of the State of
  Maryland, other than any conflicts or choice of law rule or principle
  that might otherwise refer construction or interpretation of this Agreement
  to the substantive law of another jurisdiction.

  
	
   

  	
   

  	
   

  
	
  The Plan

  	
   

  	
  The text of
  the Plan is incorporated in this Agreement by reference. Certain capitalized
  terms used in this Agreement are defined in the Plan, and have the meaning
  set forth in the Plan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  This
  Agreement and the Plan constitute the entire understanding between you and
  the Company regarding this grant of Restricted Shares. Any prior agreements,
  commitments or negotiations concerning this grant are superseded.

  

 

3

 

	
  Data Privacy

  	
   

  	
  In order to
  administer the Plan, the Company may process personal data about you. Such
  data includes, but is not limited to, the information provided in this
  Agreement and any changes thereto, other appropriate personal and financial
  data about you such as home address and business addresses and other contact
  information, payroll information and any other information that might be
  deemed appropriate by the Company to facilitate the administration of the
  Plan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By accepting
  this grant, you give explicit consent to the Company to process any such
  personal data. You also give explicit consent to the Company to transfer any
  such personal data outside the country in which you work or are employed,
  including, with respect to non-U.S. resident Grantees, to the United States,
  to transferees who shall include the Company and other persons who are
  designated by the Company to administer the Plan.

  
	
   

  	
   

  	
   

  
	
  Consent to Electronic Delivery

  	
   

  	
  The Company
  may choose to deliver certain statutory materials relating to the Plan in
  electronic form. By accepting this grant, you agree that the Company may
  deliver the Plan prospectus and the Company’s annual report to you in an
  electronic format. If at any time you would prefer to receive paper copies of
  these documents, as you are entitled to, the Company would be pleased to
  provide copies. Please contact the Secretary of the Company to request paper
  copies of these documents.

  

 

By signing the cover sheet of this Agreement, you agree to all of the
terms and conditions described above and in the Plan.

 

4

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