Document:

Exhibit 10.1

PRIMEDIA Inc.

745 Fifth Avenue

New York, New York 10151

January 11, 2007

Steven Aster

Senior Vice President of PRIMEDIA Inc.

President,
Consumer Marketing, PRIMEDIA Enthusiast Media

Dear Steven:

In connection with your continued employment with
PRIMEDIA Inc. (“PRIMEDIA”), this Letter Agreement will constitute our agreement
relating to amounts owing to you in connection with the termination of your
employment under certain circumstances as described herein.

In the event that PRIMEDIA terminates your employment
at any time without cause, you shall be entitled to receive (A) an amount
equal to 12 months’ of your Annual Base Salary at the time of such termination
but no less than $475,000 and any Annual Base Salary that has been earned but
not paid plus (B) an amount equal to Target EICP Bonus for the year in
which such termination occurs but no less than $250,000 plus (C) any
earned but unpaid EICP bonus.  All
payments made pursuant to Sections (A) and (B) above (collectively, “Severance
Payments”) shall be payable, less applicable withholdings, in an immediate lump
sum, commencing upon the execution of a Separation and Release Agreement (“S&R”),
in the form attached hereto and any payments made pursuant to Section (C) above
shall be paid in a single lump sum within ten (10) days after the earlier
of (a) the final EICP bonus calculations are completed, or (b) any
payments are made to any active participants in the EICP plan, but never later
than December 31 of the following year in full accordance with the EICP
plan. For purposes of this Agreement, “earned but unpaid EICP bonus” shall mean
that amount of EICP bonus earned as of December 31 for the relevant
calendar year but not yet paid to you as of the date of termination.

No Severance Payments whatsoever shall be payable upon
termination of your employment for cause. For purposes of this Letter
Agreement, “cause” shall include any act of dishonesty committed by you in
connection with your employment, substance abuse, conviction of a felony,
behavior injurious to the Company, the willful or repeated failure or refusal
to perform your duties or gross insubordination.

As consideration for the Severance Payments to be
provided to you pursuant to this Letter Agreement and as a condition to your
receipt of any Severance Payments hereunder, you agree to execute an S&R.

The Severance Payments set forth above shall be in
lieu of and not in addition to any other severance or separation policies of
PRIMEDIA which may be in effect generally from time to time.

Both parties agree that any disputes hereunder shall
be heard and determined by an arbitrator selected in accordance with the rules and
procedures of the American Arbitration Association in New York City and that
the arbitrator’s findings shall be final and binding on both parties hereto.

This Letter Agreement and its validity,
interpretation, performance, and enforcement shall be governed by the laws of
the State of New York.

This Letter Agreement
constitutes our entire agreement with respect to the subject matter hereof and
supersedes all prior agreements between us, including without limitation, that
certain employment letter agreement, dated July 1, 2004, all of which are
of no further force and effect. The provisions of this Letter Agreement may not
be changed or waived, except by a writing signed by PRIMEDIA.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  PRIMEDIA Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ MICHAELANNE
  C. DISCEPOLO

  
	
   

  	
  Name: 

  	
  Michaelanne C. Discepolo

  
	
   

  	
  Title:

  	
  EVP, Human Resources

  
					

 

AGREED
AND ACCEPTED:

	
  /s/ STEVEN ASTER

  	
   

  
	
  Steven Aster

  	
   

  

 

Date:  1/11/07Exhibit
10.1

U-STORE-IT
TRUST

2007 EQUITY INCENTIVE
PLAN

Table of
Contents

	
  

  	
  Tab No.

  
	
   

  	
   

  
	
  Section 1. Purpose

  	
  1

  
	
  Section 2. Definitions.

  	
  1

  
	
  Section 3. Administration.

  	
  5

  
	
  Section 4. Shares Available For Awards.

  	
  7

  
	
  Section 5. Eligibility

  	
  8

  
	
  Section 6. Stock Options And Share Appreciation
  Rights.

  	
  8

  
	
  Section 7. Restricted Shares And Restricted Share
  Units.

  	
  11

  
	
  Section 8. Performance Awards.

  	
  12

  
	
  Section 9. Other Share-Based Awards

  	
  13

  
	
  Section 10. Non-Employee Trustee Awards

  	
  13

  
	
  Section 11. Provisions Applicable To Covered
  Officers And Performance Awards.

  	
  13

  
	
  Section 12. Termination Of Employment

  	
  15

  
	
  Section 13. Change In Control

  	
  15

  
	
  Section 14. Amendment And Termination.

  	
  15

  
	
  Section 15. General Provisions.

  	
  16

  
	
  Section 16. Term Of The Plan.

  	
  19

  

 

U-STORE-IT TRUST

2007 EQUITY
INCENTIVE PLAN

ADOPTED February 20, 2007

APPROVED BY SHAREHOLDERS May 8, 2007

Section 1.              Purpose.  This plan shall be known as the “U-Store-It
Trust 2007 Equity Incentive Plan” (the “Plan”).  The purpose of the Plan is to promote the
interests of U-Store-It Trust, a Maryland real estate investment trust (the “Company”),
its Subsidiaries and its shareholders by (i) attracting and retaining key
officers, employees, and trustees of, and consultants to, the Company and its
Subsidiaries and Affiliates; (ii) motivating such individuals by means of
performance-related incentives to achieve long-range performance goals; (iii)
enabling such individuals to participate in the long-term growth and financial
success of the Company; (iv) encouraging ownership of stock in the Company
by such individuals; and (v) linking their compensation to the long-term
interests of the Company and its shareholders. 
With respect to any awards granted under the Plan that are intended to
comply with the requirements of “performance-based compensation” under
Section 162(m) of the Code, the Plan shall be interpreted in a manner
consistent with such requirements.

Section 2.              Definitions.

(a)           Rules of Construction.  As used in this Plan: (i) unless otherwise
specified, all defined terms in the singular shall have comparable meanings
when used in the plural and vice-versa; (ii) all pronouns and any variations
thereof shall be deemed to refer to masculine, feminine or neuter, singular or
plural, as the identity of the Person or Persons may require; (iii) the words “include,”
“includes” and “including” will be deemed to be followed by the phrase “without
limitation,” whether or not such phrase is included therein; (iv) unless
otherwise specified in the computation of a period of time from a date to a
later specified date, the word “from” means “from and including,” and the words
“to” and “until” each mean “to but excluding”; and (v) references to all
documents, contracts, agreements or instruments shall include any and all
supplements and amendments thereto.

(b)           Definitions.  Subject to the provisions of Section 2(a)
above, all initially capitalized words and phrases used in this Plan have the
following meanings:

“Affiliate” shall mean (i) any
entity that, directly or indirectly, is controlled by the Company,
(ii) any entity in which the Company has a significant equity interest,
(iii) an affiliate of the Company, as defined in Rule 12b-2
promulgated under Section 12 of the Exchange Act, and (iv) any entity
in which the Company has at least twenty percent (20%) of the combined voting
power of the entity’s outstanding voting securities, including U-Store-It,
L.P., a Delaware limited partnership in each case as designated by the Board as
being a participating employer in the Plan.

“Award” shall mean any Option, Share
Appreciation Right, Restricted Share, Restricted Share Unit, Performance Award,
Other Share-Based Award or other award granted under the Plan, whether singly,
in combination or in tandem, to a Participant by the Board pursuant to such 

terms, conditions, restrictions and/or limitations, if any, as the
Board may establish or that are required by applicable legal requirements.

“Award Agreement” shall mean any
written agreement, contract or other instrument or document evidencing any
Award.

“Board” shall mean the Board of
Trustees of the Company.

“Cause” shall mean, unless otherwise
defined in the applicable Award Agreement, (i) the engaging by the
Participant in willful misconduct that is injurious to the Company or its
Subsidiaries or Affiliates, or (ii) the embezzlement or misappropriation
of funds or property of the Company or its Subsidiaries or Affiliates by the
Participant.  For purposes of this
paragraph, no act, or failure to act, on the Participant’s part shall be
considered “willful” unless done, or omitted to be done, by the Participant not
in good faith and without reasonable belief that the Participant’s action or
omission was in the best interest of the Company.  Any determination of Cause for purposes of the
Plan or any Award shall be made by the Board in its sole discretion.  Any such determination shall be final and
binding on a Participant.

“Change in Control” shall mean, unless
otherwise defined in the applicable Award Agreement, any of the following events:

(i)            any
person or entity, including a “group” as defined in Section 13(d)(3) of the
Exchange Act, other than the Company or a wholly-owned subsidiary thereof or
any employee benefit plan of the Company or any of its Subsidiaries, becomes
the beneficial owner of the Company’s securities having 35% or more of the
combined voting power of the then outstanding securities of the Company that
may be cast for the election of Trustees of the Company (other than as a result
of an issuance of securities initiated by the Company in the ordinary course of
business);

(ii)           as
the result of, or in connection with, any cash tender or exchange offer, merger
or other business combination or contested election, or any combination of the
foregoing transactions, less than a majority of the combined voting power of
the then outstanding securities of the Company or any successor company or
entity entitled to vote generally in the election of the Trustees of the
Company or such other corporation or entity after such transaction are held in
the aggregate by the holders of the Company’s securities entitled to vote
generally in the election of Trustees of the Company immediately prior to such
transaction;

(iii)          during
any period of two (2) consecutive years, individuals who at the beginning of
any such period constitute the Board cease for any reason to constitute at
least a majority thereof, unless the election, or the nomination for election
by the Company’s shareholders, of each Trustee of the Company first elected
during such period was approved by a vote of at least two-thirds (2/3rds) of
the Trustees of the Company then still in office who were (a) Trustees of the
Company at the beginning of any such period, and (b) not initially (1)
appointed or elected to office as result of either an actual or threatened
election and/or proxy contest by or on behalf of a Person other than the 

 2
 

Board, or (2)
designated by a Person who has entered into an agreement with the Company to
effect a transaction described in (i) or (ii) above or (iv) or (v) below;

(iv)          a
complete liquidation or dissolution of the Company; or

(v)           the
sale or other disposition of all or substantially all of the assets of the
Company to any Person (other than a transfer to a Subsidiary).

“Code” shall mean the Internal Revenue
Code of 1986, as amended from time to time.

“Committee” shall mean the
Compensation Committee of the Board, which shall be composed of not less than
two Non-Employee Trustees, at least two of whom shall be (i) a “non-employee
director” for purposes of Section 16 and Rule 16b-3 promulgated
thereunder, and (ii) an Outside Trustee, and each of whom shall be “independent”
within the meaning of the listing standards of the New York Stock Exchange.

“Company”
shall have the meaning set forth in Section 1 above.

“Consultant” shall mean any consultant
to the Company or its Subsidiaries or Affiliates.

“Covered Officer” shall mean at any
date (i) any individual who, with respect to the previous taxable year of
the Company, was a “covered employee” of the Company within the meaning of
Section 162(m); provided, however, that the term “Covered Officer” shall
not include any such individual who is designated by the Board, in its
discretion, at the time of any Award or at any subsequent time, as reasonably
expected not to be such a “covered employee” with respect to the current
taxable year of the Company and (ii) any individual who is designated by
the Board, in its discretion, at the time of any Award or at any subsequent
time, as reasonably expected to be such a “covered employee” with respect to
the current taxable year of the Company or with respect to the taxable year of
the Company in which any applicable Award will be paid or vested.

“Disability” shall mean, unless
otherwise defined in the applicable Award Agreement, a disability that would
qualify as a total and permanent disability under the Company’s then current
long-term disability plan.

“Employee” shall mean a current or
prospective officer or employee of the Company or of any Subsidiary or
Affiliate.

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended from time to time.

“Fair Market Value” with respect to
the Shares, shall mean, for purposes of a grant of an Award as of any date,
(i) the closing sales price of the Shares on the New York Stock Exchange,
or any other exchange on which the shares are traded, on such date, or in the
absence of reported sales on such date, the closing sales price on the
immediately preceding date on which sales were reported or (ii) in the
event there is no public market for the Shares on such date, the fair market
value as determined, in good faith, by the Board in its sole discretion.

 3
 

“Family
Member” means a person who is a spouse, former spouse, child, stepchild,
grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or
sister-in-law, including adoptive relationships, of the grantee, any person
sharing the grantee’s household (other than a tenant or employee), a trust in
which any one or more of these persons have more than fifty percent (50%) of
the beneficial interest, a foundation in which any one or more of these persons
(or the grantee) control the management of assets, and any other entity in
which one or more of these persons (or the grantee) own more than fifty percent
(50%) of the voting interests.

“Incentive Stock Option” shall mean an
option to purchase Shares from the Company that is granted under Section 6
of the Plan and that is intended to meet the requirements of Section 422
of the Code or any successor provision thereto.

“Non-Qualified Stock Option” shall
mean an option to purchase Shares from the Company that is granted under
Section 6 or 10 of the Plan and is not intended to be an Incentive Stock
Option.

“Non-Employee Trustee” shall mean a
member of the Board who is not an officer or employee of the Company or any
Subsidiary or Affiliate.

“Option” shall mean an Incentive Stock
Option or a Non-Qualified Stock Option.

“Option Price” shall mean the purchase
price payable to purchase one Share upon the exercise of an Option.

“Other Share-Based Award” shall mean
any Award granted under Section 9 or 10 of the Plan.

“Outside
Trustee” means a Trustee who either (i) is not a current employee of the
Company or an “affiliated corporation” (within the meaning of Treasury
Regulations promulgated under Section 162(m) of the Code), is not a former
employee of the Company or an “affiliated corporation” receiving compensation
for prior services (other than benefits under a tax-qualified pension plan),
was not an officer of the Company or an “affiliated corporation” at any time
and is not currently receiving direct or indirect remuneration from the Company
or an “affiliated corporation” for services in any capacity other than as a
Trustee; or (ii) is otherwise considered an “outside director” for purposes of
Section 162(m) of the Code.

“Participant” shall mean any Employee,
Trustee, Consultant or other person who receives an Award under the Plan.

“Performance Award” shall mean any
Award granted under Section 8 of the Plan.

“Person” shall mean any individual,
corporation, partnership, limited liability company, association, joint-stock
company, trust, unincorporated organization, government or political
subdivision thereof or other entity.

“Plan”
has the meaning set forth in the Section 1 above.

 4
 

“Restricted Share” shall mean any
Share granted under Section 7 or 10 of the Plan.

“Restricted Share Unit” shall mean any
unit granted under Section 7 or 10 of the Plan.

“Retirement” shall mean, unless
otherwise defined in the applicable Award Agreement, retirement of a
Participant from the employ or service of the Company or any of its
Subsidiaries or Affiliates in accordance with the terms of the applicable
Company retirement plan or, if a Participant is not covered by any such plan,
retirement on or after such Participant’s 65th birthday.

“SEC” shall mean the Securities and
Exchange Commission or any successor thereto.

“Section 16” shall mean
Section 16 of the Exchange Act and the rules promulgated thereunder and
any successor provision thereto as in effect from time to time.

“Section 162(m)” shall mean
Section 162(m) of the Code and the regulations promulgated thereunder and
any successor provision thereto as in effect from time to time.

“Shares” shall mean shares of the
common stock, $0.01 par value, of the Company.

“Share Appreciation Right”  or “SAR” shall mean a share appreciation right
granted under Section 6 or 10 of the Plan that entitles the holder to
receive, with respect to each Share encompassed by the exercise of such SAR,
the amount determined by the Board and specified in an Award Agreement.  In the absence of such a determination, the
holder shall be entitled to receive, with respect to each Share encompassed by
the exercise of such SAR, the excess of the Fair Market Value on the date of
exercise over the Fair Market Value on the date of grant.

“Subsidiary” shall mean any Person
(other than the Company) of which a majority of its voting power or its equity
securities or equity interest is owned directly or indirectly by the Company.

“Substitute Awards” shall mean Awards
granted solely in assumption of, or in substitution for, outstanding awards
previously granted by a company acquired by the Company or with which the Company
combines.

“Trustee” shall mean a member of the
Board.

Section 3.              Administration.

(a)           The Board.  The Board shall have such powers and
authorities related to the administration of the Plan as are consistent with
the Company’s governing documents and applicable law. The Board shall have full
power and authority to take all actions and to make all determinations required
or provided for under the Plan, any Award or any Award Agreement, and shall
have full power and authority to take all such other actions and make all such
other determinations not inconsistent with the specific terms and provisions of
the Plan that the Board deems to be necessary or appropriate for the
administration of the Plan, any Award or any Award Agreement. All such actions
and determinations shall be by the affirmative vote of a majority of the
members of the Board present at a meeting or by unanimous consent of the Board
executed 

 5
 

in writing in accordance with the Company’s
governing documents and applicable law. The interpretation and construction by
the Board of any provision of the Plan, any Award or any Award Agreement shall
be final, binding and conclusive. Notwithstanding any other provision of the
Plan, the Board shall not take any action or make any Awards hereunder that could
cause the Company to fail to qualify as a real estate investment trust for
Federal income tax purposes.

(b)           Delegation to Committee.

(i)            General.
The Board may delegate all or part of the administration of the Plan to the
Committee. If administration is delegated to the Committee, the Committee shall
have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board, including the power to delegate to a subcommittee any
of the administrative powers the Committee is authorized to exercise (and
references in this Plan to the Board shall thereafter be to the Committee or
subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The
Board may abolish the Committee at any time and revest in the Board the
administration of the Plan.

(ii)           Section
162(m) and Rule 16b-3 Compliance. 
The Board or the Committee shall (A) delegate to a committee of two or
more members of the Board who are Outside Directors the authority to grant
Awards to eligible persons who are either (1) Covered Officers and are expected
to be Covered Officers at the time of recognition of income resulting from such
Award or (2) persons with respect to whom the Company wishes to comply with
Section 162(m) of the Code and/or (B) delegate to a committee of two or more
members of the Board who are Non-Employee Directors the authority to grant
Stock Awards to eligible persons who are then subject to Section 16 of the Exchange
Act.  Any grants by any such committee of
Awards denominated in Shares (including Options, SARs, Restricted Shares and
Restricted Share Units) shall be approved by the Board.

(c)           Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations
conferred on the Board by the Plan, the Board shall have full power and
authority in its discretion to:

(i)            designate
Participants;

(ii)           determine
the type or types of Awards to be granted to a Participant;

(iii)          determine
the number of Shares to be covered by, or with respect to which payments,
rights or other matters are to be calculated in connection with Awards;

(iv)          determine
the timing, terms, and conditions of any Award;

(v)           accelerate
the time at which all or any part of an Award may be settled or exercised;

 6
 

(vi)          determine
whether, to what extent, and under what circumstances, Awards may be settled or
exercised in cash, Shares, other securities, other Awards or other property, or
canceled, forfeited or suspended and the method or methods by which Awards may
be settled, exercised, canceled, forfeited or suspended;

(vii)         determine
whether, to what extent, and under what circumstances cash, Shares, other
securities, other Awards, other property, and other amounts payable with
respect to an Award shall be deferred either automatically or at the election
of the holder thereof or of the Board;

(viii)        interpret
and administer the Plan and any instrument or agreement relating to, or Award
made under, the Plan;

(ix)           except
to the extent prohibited by Section 6(b), amend or modify the terms of
any Award at or after grant with the consent of the holder of the Award;

(x)            establish,
amend, suspend or waive such rules and regulations and appoint such agents as
it shall deem appropriate for the proper administration of the Plan; and

(xi)           make
any other determination and take any other action that the Board deems
necessary or desirable for the administration of the Plan.

The exercise of an Option or receipt of an
Award shall be effective only if an Award Agreement shall have been duly
executed and delivered on behalf of the Company following the grant of an
Award.

(d)           Discretion Binding.  Unless otherwise
expressly provided in the Plan, all designations, determinations, interpretations,
and other decisions under or with respect to the Plan or any Award shall be
within the sole discretion of the Board, may be made at any time and shall be
final, conclusive, and binding upon all Persons, including the Company, any
Subsidiary or Affiliate, any Participant and any holder or beneficiary of any
Award.

(e)           Delegation.  Subject to the terms of the Plan,
the Board may delegate to one or more officers or managers of the Company or of
any Subsidiary or Affiliate, or to a committee of such officers or managers,
the authority, subject to such terms and limitations as the Board shall
determine, to grant Awards to or to cancel, modify or waive rights with respect
to, or to alter, discontinue, suspend or terminate Awards held by Participants
who are not officers or trustees of the Company for purposes of Section 16
or who are otherwise not subject to such Section.

Section 4.              Shares Available
For Awards.

(a)           Shares Available.  Subject to the provisions of Section
4(b), the stock to be subject to Awards under the Plan shall be the Shares
of the Company and the maximum number of Shares with respect to which Awards
may be granted under the Plan shall be 3,900,000.  If, after the effective date of the Plan, any
Shares covered by an Award granted under this Plan, or to which such an Award
relates, are forfeited, expire unexercised or are canceled, 

 7
 

then the Shares covered by such Award, or to
which such Award relates, or the number of Shares otherwise counted against the
aggregate number of Shares with respect to which Awards may be granted, to the
extent of any such reduction, forfeiture, termination, expiration or
cancellation, shall again become Shares with respect to which Awards may be
granted.  Notwithstanding the foregoing
and subject to adjustment as provided in Section 4(b), no Participant
may receive (i) Options or SARs under the Plan in any calendar year that, taken
together, relate to more than 500,000 Shares; and (ii) Restricted Shares or
Restricted Share Units under the Plan in any calendar year that, taken
together, relate to more than 100,000 Shares.

(b)           Adjustments.  In the event that any dividend or
other distribution (whether in the form of cash, Shares, other securities or
other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of Shares or other securities of the Company, issuance
of warrants or other rights to purchase Shares or other securities of the
Company, or other similar corporate transaction or event affects the Shares,
then the Board will in an equitable and proportionate manner (and, as
applicable, in such manner as is consistent with Sections 422 and 409A of
the Code and the regulations thereunder and with Section 162(m)) either:
(i) adjust any or all of (1) the aggregate number of Shares or other
securities of the Company (or number and kind of other securities or property)
with respect to which Awards may be granted under the Plan; (2) the number
of Shares or other securities of the Company (or number and kind of other
securities or property) subject to outstanding Awards under the Plan, provided
that the number of shares subject to any Award shall always be a whole number;
(3) the grant or exercise price with respect to any Award under the Plan;
and (4) the limits on the number of Shares that may be granted to Participants
under the Plan in any calendar year; (ii) provide for an equivalent award
in respect of securities of the surviving entity of any merger, consolidation or
other transaction or event having a similar effect; or (iii)  make
provision for a cash payment to the holder of an outstanding Award.

(c)           Substitute Awards.  Any Shares issued by the Company as
Substitute Awards in connection with the assumption or substitution of
outstanding grants from any acquired corporation shall not reduce the Shares
available for Awards under the Plan.

(d)           Sources of Shares Deliverable Under
Awards.  Any
Shares delivered pursuant to an Award may consist, in whole or in part, of authorized
and unissued Shares or of issued Shares which have been reacquired by the
Company.

Section 5.              Eligibility.  Any Employee, Trustee or Consultant shall be
eligible to be designated a Participant; provided, however, that Non-Employee
Trustees shall only be eligible to receive Awards granted consistent with Section
10.

Section 6.              Stock Options And
Share Appreciation Rights.

(a)           Grant.  Subject to the provisions of the
Plan including, without limitation, Section 3(c) above and other
applicable legal requirements, the Board shall have sole and complete authority
to determine the Participants to whom Options and SARs shall be granted, the
number of Shares subject to each Award, the exercise price and the conditions
and limitations applicable to the exercise of each Option and SAR.  An Option may be granted with or without a 

 8
 

related SAR. 
A SAR may be granted with or without a related Option.  The Board shall have the authority to grant
Incentive Stock Options, and to grant Non-Qualified Stock Options.  In the case of Incentive Stock Options, the
terms and conditions of such grants shall be subject to and comply with
Section 422 of the Code, as from time to time amended, and any regulations
implementing such statute.  A person who
has been granted an Option or SAR under this Plan may be granted additional
Options or SARs under the Plan if the Board shall so determine; provided,
however, that to the extent the aggregate Fair Market Value (determined at the
time the Incentive Stock Option is granted) of the Shares with respect to which
all Incentive Stock Options are exercisable for the first time by an Employee
during any calendar year (under all plans described in Section 422(d) of
the Code of the Employee’s employer corporation and its parent and Subsidiaries)
exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options.

(b)           Price.  The Board in its sole discretion
shall establish the Option Price at the time each Option is granted.  Except in the case of Substitute Awards, the
Option Price of an Option may not be less than one hundred percent (100%) of
the Fair Market Value of the Shares with respect to which the Option is granted
on the date of grant of such Option. 
Notwithstanding the foregoing and except as permitted by the provisions
of Section 4(b) and Section 14, the Board shall not have the
power to (i) amend the terms of previously granted Options to reduce the
Option Price of such Options, or (ii) cancel such Options and grant
substitute Options with a lower Option Price than the cancelled Options.  Except with respect to Substitute Awards,
SARs may not be granted at a price less than the Fair Market Value of a Share
on the date of grant.

(c)           Term.  Subject to the Board’s authority
under Section 3(a) and the provisions of Section 6(e), each
Option and SAR and all rights and obligations thereunder shall expire on the
date determined by the Board and specified in the Award Agreement.  The Board shall be under no duty to provide
terms of like duration for Options or SARs granted under the Plan.  Notwithstanding the foregoing, no Option or
SAR shall be exercisable after the expiration of ten (10) years from the
date such Option or SAR was granted.

(d)           Exercise.

(i)            Each
Option and SAR shall be exercisable at such times and subject to such terms and
conditions as the Board may, in its sole discretion, specify in the applicable
Award Agreement or thereafter.  The Board
shall have full and complete authority to determine, subject to Section 6(e),
whether an Option or SAR will be exercisable in full at any time or from time
to time during the term of the Option or SAR, or to provide for the exercise
thereof in such installments, upon the occurrence of such events and at such
times during the term of the Option or SAR as the Board may determine.

(ii)           The
Board may impose such conditions with respect to the exercise of Options,
including without limitation, any relating to the application of federal, state
or foreign securities laws or the Code, as it may deem necessary or advisable.  The exercise of any Option granted pursuant
to this Plan shall be effective only at such time as the sale of Shares
pursuant to such exercise will not violate any state or federal securities or
other laws.

 9
 

(iii)          An
Option or SAR may be exercised in whole or in part at any time, with respect to
whole Shares only, within the period permitted thereunder for the exercise
thereof, and shall be exercised by written notice of intent to exercise the
Option or SAR, delivered to the Company at its principal office, and payment in
full to the Company at the direction of the Board of the amount of the Option
Price for the number of Shares with respect to which the Option is then being
exercised.

(iv)          Payment
of the Option Price shall be made in cash or cash equivalents, or, at the discretion
of the Board, (A) by transfer, either actually or by attestation, to the
Company of Shares that have been held by the Participant for at least six (6)
months (or such lesser period as may be permitted by the Board), valued at the
Fair Market Value of such Shares on the date of exercise (or next succeeding
trading date, if the date of exercise is not a trading date), together with any
applicable withholding taxes, such transfer to be upon such terms and
conditions as determined by the Board, or (B) by a combination of such
cash (or cash equivalents) and such Shares; provided, however, that the
optionee shall not be entitled to tender Shares pursuant to successive,
substantially simultaneous exercises of an Option or any other stock option of
the Company.  Subject to applicable
securities laws, an Option may also be exercised by delivering a notice of
exercise of the Option and simultaneously selling the Shares thereby acquired,
pursuant to a brokerage or similar agreement approved in advance by proper
officers of the Company, using the proceeds of such sale as payment of the
Option Price, together with any applicable withholding taxes.  Until the optionee has been issued the Shares
subject to such exercise, he or she shall possess no rights as a shareholder
with respect to such Shares.

(v)           At the Board’s
discretion, the amount payable as a result of the exercise of an SAR may be
settled in cash, Shares or a combination of cash and Shares.  A fractional Share shall not be deliverable
upon the exercise of a SAR but a cash payment will be made in lieu thereof.

(e)           Ten Percent Stock Rule.  Notwithstanding any
other provisions in the Plan, if at the time an Option is otherwise to be
granted pursuant to the Plan, the optionee or rights holder owns directly or
indirectly (within the meaning of Section 424(d) of the Code) Shares of
the Company possessing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or its parent or Subsidiary or
Affiliate corporations (within the meaning of Section 422(b)(6) of the
Code), then any Incentive Stock Option to be granted to such optionee or rights
holder pursuant to the Plan shall satisfy the requirement of
Section 422(c)(5) of the Code, and the Option Price shall be not less than
one hundred ten percent (110%) of the Fair Market Value of the Shares of the
Company, and such Incentive Stock Option by its terms shall not be exercisable
after the expiration of five (5) years from the date such Incentive Stock
Option is granted.

 10
 

Section 7.              Restricted Shares
And Restricted Share Units.

(a)           Grant.

(i)            Subject
to the provisions of the Plan and other applicable legal requirements, the
Board shall have sole and complete authority to determine the Participants to
whom Restricted Shares and Restricted Share Units shall be granted, the number
of Restricted Shares and/or the number of Restricted Share Units to be granted
to each Participant, the duration of the period during which, and the
conditions under which, the Restricted Shares and Restricted Share Units may be
forfeited to the Company, and the other terms and conditions of such
Awards.  The Restricted Share and
Restricted Share Unit Awards shall be evidenced by Award Agreements in such
form as the Board shall from time to time approve, which agreements shall
comply with and be subject to the terms and conditions of this Plan and any
additional terms and conditions established by the Board that are consistent
with the terms of the Plan.

(ii)           Each
Restricted Share and Restricted Share Unit Award made under the Plan shall be
for such number of Shares as shall be determined by the Board and set forth in
the Award Agreement containing the terms of such Restricted Share or Restricted
Share Unit Award.  Such agreement shall
set forth a period of time during which the Participant must remain in the
continuous employment of the Company in order for the forfeiture and transfer
restrictions to lapse.  If the Board so
determines, the restrictions may lapse during such restricted period in installments
with respect to specified portions of the Shares covered by the Restricted
Share or Restricted Share Unit Award. 
The Award Agreement may also, in the discretion of the Board, set forth
performance or other conditions that will subject the Shares to forfeiture and
transfer restrictions.  The Board may, at
its discretion, waive all or any part of the restrictions applicable to any or
all outstanding Restricted Share and Restricted Share Unit Awards.

(b)           Delivery of Shares and Transfer
Restrictions.  At
the time of a Restricted Share Award, a certificate representing the number of
Shares awarded thereunder shall be registered in the name of the Participant.  Such certificate shall be held by the Company
or any custodian appointed by the Company for the account of the Participant
subject to the terms and conditions of the Plan, and shall bear such a legend
setting forth the restrictions imposed thereon as the Board, in its discretion,
may determine.  The applicable Award
Agreement will specify whether a Participant has the right to receive dividends
with respect to the Restricted Shares prior to the lapsing of transfer
restrictions. Unless otherwise provided in the applicable Award Agreement, the
grantee shall have all other rights of a shareholder with respect to the
Restricted Shares, including the right to vote such Shares, subject to the
following restrictions: (i) the Participant shall not be entitled to
delivery of the stock certificate until the expiration of the restricted period
and the fulfillment of any other restrictive conditions set forth in the Award
Agreement with respect to such Shares; (ii) none of the Shares may be
sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or
disposed of during such restricted period or until after the fulfillment of any
such other restrictive conditions; and (iii) except as otherwise
determined by the Board at or after grant, all of the Shares shall be forfeited
and all rights of the Participant to such Shares shall terminate, without
further obligation on the part of the Company, unless the grantee remains in
the continuous employment 

 11
 

of the Company for the entire restricted
period in relation to which such Shares were granted and unless any other
restrictive conditions relating to the Restricted Share Award are met.  Unless otherwise provided in the applicable
Award Agreement, any Shares, any other securities of the Company and any other
property (except for cash dividends) distributed with respect to the Shares
subject to Restricted Share Awards shall be subject to the same restrictions,
terms and conditions as such Restricted Shares.

(c)           Termination of Restrictions.  At the end of the
restricted period and provided that any other restrictive conditions of the
Restricted Share Award are met, or at such earlier time as otherwise determined
by the Board, all restrictions set forth in the Award Agreement relating to the
Restricted Share Award or in the Plan shall lapse as to the Restricted Shares
subject thereto, and a stock certificate for the appropriate number of Shares,
free of the restrictions and restricted stock legend, shall be delivered to the
Participant or the Participant’s beneficiary or estate, as the case may be.

(d)           Payment of Restricted Share Units.  Each Restricted
Share Unit shall have a value equal to the Fair Market Value of a Share.  Restricted Share Units shall be paid in cash,
Shares, other securities or other property, as determined in the sole
discretion of the Board, upon the lapse of the restrictions applicable thereto,
or otherwise in accordance with the applicable Award Agreement.  The applicable Award Agreement will specify
whether a Participant will be entitled to receive dividend rights in respect of
Restricted Share Units at the time of any payment of dividends to shareholders
on Shares.  If the applicable Award
Agreement specifies that a Participant will be entitled to receive dividend
rights, (i) the amount of any such dividend right shall equal the amount that
would be payable to the Participant as a shareholder in respect of a number of
Shares equal to the number of Restricted Share Units then credited to the
Participant, (ii) any such dividend right shall be paid in accordance with the
Company’s payment practices as may be established from time to time and as of the
date on which such dividend would have been payable in respect of outstanding
Shares, and (iii) the applicable Award Agreement will specify whether dividend
equivalents shall be paid in respect of Restricted Share Units that are not yet
vested.  Except as otherwise determined
by the Board at or after grant, Restricted Share Units may not be sold,
assigned, transferred, pledged, hypothecated or otherwise encumbered or
disposed of, and all Restricted Share Units and all rights of the grantee to
such Restricted Share Units shall terminate, without further obligation on the
part of the Company, unless the Participant remains in continuous employment of
the Company for the entire restricted period in relation to which such
Restricted Share Units were granted and unless any other restrictive conditions
relating to the Restricted Share Unit Award are met.

Section 8.              Performance
Awards.

(a)           Grant.  The Board shall have sole and
complete authority to determine the Participants who shall receive a
Performance Award, which shall consist of a right that is (i) denominated
in cash or Shares (including but not limited to Restricted Shares and
Restricted Share Units), (ii) valued, as determined by the Board, in
accordance with the achievement of such performance goals during such
performance periods as the Board shall establish, and (iii) payable at
such time and in such form as the Board shall determine.

 12
 

(b)           Terms and Conditions.  Subject to the
terms of the Plan and any applicable Award Agreement, the Board shall determine
the performance goals to be achieved during any performance period, the length
of any performance period, the amount of any Performance Award and the amount
and kind of any payment or transfer to be made pursuant to any Performance
Award, and may amend specific provisions of the Performance Award; provided,
however, that such amendment may not adversely affect existing Performance
Awards made within a performance period commencing prior to implementation of
the amendment.

(c)           Payment of Performance Awards.  Performance Awards
may be paid in a lump sum or in installments following the close of the
performance period or, in accordance with the procedures established by the
Board, on a deferred basis.  Termination
of employment prior to the end of any performance period, other than for
reasons of death or Disability, will result in the forfeiture of the
Performance Award, and no payments will be made.  A Participant’s rights to any Performance
Award may not be sold, assigned, transferred, pledged, hypothecated or
otherwise encumbered or disposed of in any manner, except by will or the laws
of descent and distribution, and/or except as the Board may determine at or
after grant.

Section 9.              Other Share-Based Awards. 
The Board shall have the authority to determine the Participants who
shall receive an Other Share-Based Award, which shall consist of any right that
is (i) not an Award described in Section 6 or Section 7
above and (ii) an Award of Shares or an Award denominated or payable in,
valued in whole or in part by reference to, or otherwise based on or related
to, Shares (including, without limitation, securities convertible into Shares),
as deemed by the Board to be consistent with the purposes of the Plan.  Subject to the terms of the Plan and any
applicable Award Agreement, the Board shall determine the terms and conditions
of any such Other Share-Based Award.

Section 10.            Non-Employee Trustee Awards.  The Board may provide that all or a portion
of a Non-Employee Trustee’s annual retainer, meeting fees and/or other awards
or compensation as determined by the Board, be payable (either automatically or
at the election of a Non-Employee Trustee) in the form of Non-Qualified Stock
Options, Restricted Shares, Restricted Share Units and/or Other Share-Based
Awards, including unrestricted Shares. 
The Board shall determine the terms and conditions of any such Awards,
including the terms and conditions which shall apply upon a termination of the
Non-Employee Trustee’s service as a member of the Board, and shall have full
power and authority in its discretion to administer such Awards, subject to the
terms of the Plan and applicable law. 
Subject to applicable legal requirements, the Board may also grant
Awards to Non-Employee Trustees pursuant to the terms of the Plan, including
any Award described in Section 6, Section 7 or Section 9
above.

Section 11.            Provisions
Applicable To Covered Officers And Performance Awards.

(a)           Notwithstanding anything in the Plan to the
contrary, unless the Board determines that a Performance Award to be granted to
a Covered Officer should not qualify as “performance-based compensation” for
purposes of Section 162(m), Performance Awards granted to Covered Officers
shall be subject to the terms and provisions of this Section 11.  Accordingly, unless otherwise determined by
the Board, if any provision of the Plan or any Award Agreement relating to such
an Award does not comply or is inconsistent with Section 162(m), such
provision shall be construed or deemed amended to the extent necessary to 

 13
 

conform to such requirements, and no
provision shall be deemed to confer upon the Board discretion to increase the
amount of compensation otherwise payable to a Covered Officer in connection
with any such Award upon the attainment of the performance criteria established
by the Board.

(b)           The Board may grant Performance Awards to
Covered Officers based solely upon the attainment of performance targets
related to one or more performance goals selected by the Board from among the
goals specified below.  For the purposes
of this Section 11, performance goals shall be limited to one or more of
the following Company, Subsidiary, operating unit, business segment or division
financial performance measures:

(i)            Funds
from Operations or Adjusted Funds from Operations;

(ii)           operating
income or profit;

(iii)          operating
efficiencies;

(iv)          return
on equity, assets, capital, capital employed or investment;

(v)           net
income;

(vi)          earnings
per share;

(vii)         utilization;

(viii)        gross
profit;

(ix)           stock
price or total shareholder return;

(x)            net
asset growth;

(xi)           debt
reduction;

(xii)          strategic
business objectives, consisting of one or more objectives based on meeting
specified cost targets, business expansion goals and goals relating to
acquisitions or divestitures; or

(xiii)         any
combination thereof.

Each
goal may be expressed on an absolute and/or relative basis, may be based on or
otherwise employ comparisons based on internal targets, the past performance of
the Company or any Subsidiary, operating unit, business segment or division of
the Company and/or the past or current performance of other companies, and in
the case of earnings-based measures, may use or employ comparisons relating to
capital, shareholders’ equity and/or Shares outstanding, or to assets or net
assets.  The Board may
appropriately adjust any evaluation of performance under criteria set forth in
this Section 11(b) to exclude any of the following events that occurs
during a performance period:  (i) asset
write-downs, (ii) litigation or claim judgments or settlements, (iii) the
effect of changes in tax law, accounting principles or other such laws or
provisions affecting 

 14
 

reported results, (iv)
accruals for reorganization and restructuring programs and (v) any
extraordinary non-recurring items as described in Accounting Principles Board
Opinion No. 30 and/or in management’s discussion and analysis of financial
condition and results of operations appearing in the Company’s annual report to
shareholders for the applicable year.

(c)           With respect to any Covered Officer, the
maximum annual number of Shares in respect of which all Performance Awards may
be granted under Section 8 of the Plan is 100,000 and the maximum amount
of all Performance Awards that are settled in cash and that may be granted
under Section 8 of the Plan in any year is $1,500,000.

(d)           To the extent necessary to comply with
Section 162(m), with respect to grants of Performance Awards, no later
than 90 days following the commencement of each performance period (or
such other time as may be required or permitted by Section 162(m) of the
Code), the Board shall, in writing, (1) select the performance goal or
goals applicable to the performance period, (2) establish the various
targets and bonus amounts which may be earned for such performance period, and (3) specify
the relationship between performance goals and targets and the amounts to be
earned by each Covered Officer for such performance period.  Following the completion of each performance
period, the Board shall certify in writing whether the applicable performance
targets have been achieved and the amounts, if any, payable to Covered Officers
for such performance period.  In
determining the amount earned by a Covered Officer for a given performance
period, subject to any applicable Award Agreement, the Board shall have the
right to reduce (but not increase) the amount payable at a given level of
performance to take into account additional factors that the Board may deem
relevant in its sole discretion to the assessment of individual or corporate performance
for the performance period.

Section 12.            Termination Of Employment.  The Board shall have the full power and
authority to determine the terms and conditions that shall apply to any Award
upon a termination of employment with the Company, its Subsidiaries and
Affiliates, including a termination by the Company with or without Cause, by a
Participant voluntarily, or by reason of death, Disability or Retirement, and
may provide such terms and conditions in the Award Agreement or in such rules
and regulations as it may prescribe.

Section 13.            Change In Control.  The Board may specify in the applicable Award
Agreement at or after grant, or otherwise by resolution prior to a Change in
Control, that all or a portion of the outstanding Awards shall vest, become
immediately exercisable or payable and have all restrictions lifted upon a
Change in Control.

Section 14.            Amendment And Termination.

(a)           Amendments to the Plan.  The Board may
amend, alter, suspend, discontinue or terminate the Plan or any portion thereof
at any time; provided that no such amendment, alteration, suspension,
discontinuation or termination shall be made without shareholder approval if
such approval is necessary to comply with any tax or regulatory requirement for
which or with which the Board deems it necessary or desirable to comply.

(b)           Amendments to Awards.  Subject to the
restrictions of Section 6(b), the Board may waive any conditions or
rights under, amend any terms of or alter, suspend, 

 15
 

discontinue, cancel or terminate, any Award
theretofore granted, prospectively or retroactively; provided that any such
waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would materially and adversely affect the rights of any
Participant or any holder or beneficiary of any Award theretofore granted shall
not to that extent be effective without the consent of the affected
Participant, holder or beneficiary.

(c)           Adjustments of Awards Upon the Occurrence
of Certain Unusual or Nonrecurring Events.  The Board is hereby authorized to
make equitable and proportionate adjustments in the terms and conditions of,
and the criteria included in, Awards in recognition of unusual or nonrecurring
events (and shall make such adjustments for events described in Section 4(b))
affecting the Company, any Subsidiary or Affiliate, or the financial statements
of the Company or any Subsidiary or Affiliate, or of changes in applicable
laws, regulations or accounting principles.

(d)           Section
409A Compliance.  No Award (or modification thereof)
shall provide for deferral of compensation that does not comply with Section
409A of the Code unless the Board, at the time of grant, specifically provides
that the Award is not intended to comply with Section 409A of the Code.  Notwithstanding any provision of this Plan to
the contrary, if one or more of the payments or benefits received or to be
received by a Participant pursuant to an Award would cause the Participant to
incur any additional tax or interest under Section 409A of the Code, the Board may
reform such provision to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of
Section 409A of the Code.

Section 15.            General Provisions.

(a)           Limited Transferability of Awards. Except as otherwise provided in the Plan, no Award shall
be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant, except by will or the laws of descent and
distribution.  No transfer of an Award by
will or by laws of descent and distribution shall be effective to bind the
Company unless the Company shall have been furnished with written notice
thereof and an authenticated copy of the will and/or such other evidence as the
Board may deem necessary or appropriate to establish the validity of the
transfer.  If authorized in the
applicable Award Agreement, a Participant may transfer, “not for value”, all or
part of an Option that is not an Incentive Stock Option to any Family Member.
For the purpose of this Section 15(a), a “not for value” transfer is a
transfer that is (i) a gift; (ii) a transfer under a domestic relations order
in settlement of marital property rights; or (iii) a transfer to an entity in
which more than fifty percent (50%) of the voting interests are owned by Family
Members (or the Participant) in exchange for an interest in that entity.
Following a transfer under this Section 15(a), any such Option shall
continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer. Subsequent transfers of transferred Options are
prohibited except to Family Members of the original Participant in accordance
with this Section 15(a) or by will or the laws of descent and
distribution. Notwithstanding any transfer permitted by this Section 15(a),
such Options shall remain subject to any vesting, forfeiture or other
requirements set forth in the Award Agreement.

 16
 

(b)           Dividend Equivalents.  In the sole and
complete discretion of the Board, an Award may provide the Participant with
dividends or dividend equivalents, payable in cash, Shares, other securities or
other property on a current or deferred basis. 
All dividend or dividend equivalents which are not paid currently may,
at the Board’s discretion, accrue interest, be reinvested into additional
Shares, or, in the case of dividends or dividend equivalents credited in
connection with Performance Awards, be credited as additional Performance
Awards and paid to the Participant if and when, and to the extent that, payment
is made pursuant to such Award.  The
total number of Shares available for grant under Section 4 shall not be
reduced to reflect any dividends or dividend equivalents that are reinvested
into additional Shares or credited as Performance Awards.

(c)           No Rights to Awards.  No Person shall
have any claim to be granted any Award, and there is no obligation for
uniformity of treatment of Participants or holders or beneficiaries of
Awards.  The terms and conditions of
Awards need not be the same with respect to each Participant.

(d)           Share Certificates.  All certificates
for Shares or other securities of the Company or any Subsidiary or Affiliate
delivered under the Plan pursuant to any Award or the exercise thereof shall be
subject to such stop transfer orders and other restrictions as the Board may
deem advisable under the Plan or the rules, regulations and other requirements
of the SEC or any state securities commission or regulatory authority, any
stock exchange or other market upon which such Shares or other securities are
then listed, and any applicable Federal or state laws, and the Board may cause
a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

(e)           Withholding.  A Participant may be required to
pay to the Company or any Subsidiary or Affiliate and the Company or any
Subsidiary or Affiliate shall have the right and is hereby authorized to
withhold from any Award, from any payment due or transfer made under any Award
or under the Plan, or from any compensation or other amount owing to a
Participant the amount (in cash, Shares, other securities, other Awards or
other property) of any applicable withholding or other tax-related obligations
in respect of an Award, its exercise or any other transaction involving an
Award, or any payment or transfer under an Award or under the Plan and to take
such other action as may be necessary in the opinion of the Company to satisfy
all obligations for the payment of such taxes. 
The Board may provide for additional cash payments to holders of Options
to defray or offset any tax arising from the grant, vesting, exercise or
payment of any Award.

(f)            Award Agreements.  Each Award shall be evidenced by
an Award Agreement that shall be delivered to the Participant and may specify
the terms and conditions of the Award and any rules applicable thereto.  In the event of a conflict between the terms
of the Plan and any Award Agreement, the terms of the Plan shall prevail.  The Board shall, subject to applicable law,
determine the date an Award is deemed to be granted.  The Board or, except to the extent prohibited
under applicable law, its delegate(s) may establish the terms of agreements or
other documents evidencing Awards under this Plan and may, but need not,
require as a condition to any such agreement’s or document’s effectiveness that
such agreement or document be executed by the Participant, including by
electronic signature or other electronic indication of acceptance, and that
such Participant agree to such further terms and conditions as specified in 

 17
 

such agreement or document.  The grant of an Award under this Plan shall
not confer any rights upon the Participant holding such Award other than such
terms, and subject to such conditions, as are specified in this Plan as being
applicable to such type of Award (or to all Awards) or as are expressly set
forth in the agreement or other document evidencing such Award.

(g)           No Limit on Other Compensation
Arrangements.  Nothing
contained in the Plan shall prevent the Company or any Subsidiary or Affiliate
from adopting or continuing in effect other compensation arrangements, which
may, but need not, provide for the grant of Options, Restricted Shares,
Restricted Share Units, Other Share-Based Awards or other types of Awards.

(h)           No Right to Employment.  The grant of an
Award shall not be construed as giving a Participant the right to be retained
in the employ of the Company or any Subsidiary or Affiliate.  Further, the Company or a Subsidiary or
Affiliate may at any time dismiss a Participant from employment, free from any
liability or any claim under the Plan, unless otherwise expressly provided in
an Award Agreement.

(i)            No Rights as Shareholder.  Subject to the
provisions of the Plan and the applicable Award Agreement, no Participant or
holder or beneficiary of any Award shall have any rights as a shareholder with
respect to any Shares to be distributed under the Plan until such person has
become a holder of such Shares. 
Notwithstanding the foregoing, in connection with each grant of
Restricted Shares, the applicable Award Agreement shall specify if and to what
extent the Participant shall not be entitled to the rights of a shareholder in
respect of such Restricted Shares.

(j)            Governing Law.  The validity, construction and
effect of the Plan and any rules and regulations relating to the Plan and any
Award Agreement shall be determined in accordance with the laws of the State of
Maryland without giving effect to conflicts of laws principles.

(k)           Severability.  If any provision of the Plan or
any Award is, or becomes, or is deemed to be invalid, illegal or unenforceable
in any jurisdiction or as to any Person or Award, or would disqualify the Plan
or any Award under any law deemed applicable by the Board, such provision shall
be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the determination of the
Board, materially altering the intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction, Person or Award and the remainder of
the Plan and any such Award shall remain in full force and effect.

(l)            Other Laws.  The Board may refuse to issue or
transfer any Shares or other consideration under an Award if, acting in its
sole discretion, it determines that the issuance or transfer of such Shares or
such other consideration might violate any applicable law or regulation
(including applicable non-U.S. laws or regulations) or entitle the Company to
recover the same under Exchange Act Section 16(b), and any payment
tendered to the Company by a Participant, other holder or beneficiary in
connection with the exercise of such Award shall be promptly refunded to the
relevant Participant, holder or beneficiary.

 18
 

(m)          No Trust or Fund Created.  Neither the Plan
nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Subsidiary
or Affiliate and a Participant or any other Person.  To the extent that any Person acquires a
right to receive payments from the Company or any Subsidiary or Affiliate
pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company or any Subsidiary or Affiliate.

(n)           No Fractional Shares.  No fractional
Shares shall be issued or delivered pursuant to the Plan or any Award, and the
Board shall determine whether cash, other securities or other property shall be
paid or transferred in lieu of any fractional Shares or whether such fractional
Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated.

(o)           Headings.  Headings are given to the sections
and subsections of the Plan solely as a convenience to facilitate
reference.  Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision thereof.

Section 16.            Term Of The Plan.

(a)           Effective Date.  The Plan shall be effective as of May
8, 2007, provided it has been approved by the Board and by the Company’s
shareholders.

(b)           Expiration Date.  No new Awards shall be granted
under the Plan after the tenth anniversary of the Effective Date.  Unless otherwise expressly provided in the
Plan or in an applicable Award Agreement, any Award may, and the authority of
the Board or the Board to amend, alter, adjust, suspend, discontinue or
terminate any such Award or to waive any conditions or rights under any such
Award shall, continue after the tenth anniversary of the Effective Date.

 19

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