U-Store-It Trust
EX-10.3
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-10.3 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;10.3</B></FONT>



<P align="center" style="font-size: 12pt"><U><B>FIRST AMENDMENT TO</B></U><BR>
<U><B>NONCOMPETITION AGREEMENT</B></U>



<P align="left" style="font-size: 12pt; text-indent: 4%">THIS FIRST AMENDMENT TO THE NONCOMPETITION AGREEMENT (&#147;<B><I>First Amendment</I></B>&#148;) is made as of the 23
day of August, 2006, by and between U-STORE IT TRUST, a Maryland real estate investment trust, and
TEDD D. TOWSLEY (together, the &#147;<B><I>Parties</I></B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Parties have entered into that certain Noncompetition Agreement dated as of
October&nbsp;27, 2004 (the &#147;<B><I>Agreement</I></B>&#148;); and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Parties desire to amend the Agreement in accordance with Section&nbsp;5.3 thereof and
upon the terms set forth herein.


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereto agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;The Recitals set forth above are incorporated herein as though fully set forth below.
Capitalized terms used in this First Amendment, unless otherwise defined herein, shall have the
meanings ascribed to such terms in the Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;The third preamble to the Agreement is hereby amended and restated in its entirety to read
as follows:



<P align="left" style="margin-left:8%; font-size: 12pt">&#147;WHEREAS, the Company and the Executive agree that, as part of the U-Store-It IPO
Transactions, the Executive will not engage in prohibited competition with the
Company and will refrain from taking certain actions pursuant to the terms and
conditions hereof in an effort to protect the Company&#146;s legitimate business
interests and goodwill and for other business purposes.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;Section&nbsp;1 of the Agreement is hereby amended and restated in its entirety to read as
follows:</FONT><FONT style="font-size: 10pt">
</FONT>


<P align="left" style="margin-left:4%; font-size: 10pt; text-indent: 4%"><FONT style="font-size: 12pt">&#147;1. <U>Noncompetition</U>. The Executive agrees with the Company that for the
longer of (i)&nbsp;the three-year period beginning on the date of this Agreement or (ii)&nbsp;the
period during which the Executive is employed by, or serving as an officer or trustee or
director of, the Company, the Operating Partnership or any of their direct or indirect
subsidiaries (collectively, the &#147;<B>REIT</B>&#148;), and for one year thereafter the (the &#147;<B>Restricted
Period</B>&#148;), the Executive will not, (a)&nbsp;directly or indirectly, engage in any business
involving self-storage facility development, construction, acquisition or operation,
whether such business is conducted by the Executive individually or as a principal,
partner, member, stockholder, director, trustee, officer, employee or independent
contractor of any Person (as defined below) or (b)&nbsp;own any interests in any self-storage
facilities, in each case in the United States of America; <U>provided</U>,
<U>however</U>, that (i)&nbsp;this Section&nbsp;1 shall not be deemed to prohibit the direct or
indirect ownership by the Executive of up to five percent of the outstanding equity
interests of any public company; (ii)&nbsp;the Executive may, on his own behalf, or with any
other Person or through any other entity or any of his Affiliates (as defined below), own,
operate, lease, sell or otherwise liquidate that certain parcel of real property located at
12560 Tamiami Trail South, North Port, Florida 34287, together with all interest in the
rights, easements and appurtenances pertaining thereto; and (iii)&nbsp;the Executive may be
employed as an employee, agent, independent contractor or consultant of (x)&nbsp;Steven G.
Osgood; (y)&nbsp;any Affiliate or associated entity of Steven G. Osgood; or (z)&nbsp;any employer of
Steven G. Osgood. For purposes of this Agreement, &#147;<B>Person</B>&#148; means any individual, firm,
corporation, partnership, company, limited liability company, trust, joint venture,
association or other entity.&#148; For purposes of this Agreement, &#147;<B>Affiliate</B>&#148; or &#147;<B>Affiliates</B>&#148;
means with respect to any specified entity or person, which directly or indirectly
controls, is controlled by, or is under common control with such specified entity or
person. The term &#147;control&#148; (including, with correlative meaning, the terms &#147;controlled by&#148;
and &#147;under common control with&#148;), as used with respect to any specified entity or person,
means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such specified entity or person, whether through the
ownership of voting securities, by contract or otherwise.&#148;
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;Except as otherwise set forth in this First Amendment, the Agreement remains in full force
and effect, remains the valid and binding obligations of the Parties, and is enforceable against
such parties in accordance with its terms.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;This First Amendment may be executed simultaneously in multiple counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same
instrument. Signatures may be exchanged by telecopy or fax, with original signatures to follow,
and such telecopy or fax signatures shall be binding and enforceable.


<P align="center" style="font-size: 12pt"><FONT style="font-size: 10pt"><I>&#060;Signature Page Follows&#062;</I></FONT>



<P align="center" style="font-size: 10pt">&nbsp;</FONT><BR>
<FONT style="font-size: 12pt">2</FONT>





<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the Parties have executed and delivered this First Amendment as of the
date first set forth above.


<P align="left" style="font-size: 12pt"><B>U-STORE-IT TRUST</B>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:<BR>
Name:<BR>
Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dean Jernigan<BR>
Dean Jernigan<BR>
President and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tedd D. Towsley<BR>
<B>Tedd D. Towsley</B><BR>
<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 12pt"><FONT style="font-size: 10pt">&nbsp;</FONT><BR>
<FONT style="font-size: 12pt">3</FONT>




<P align="center" style="font-size: 10pt; display: none">2


<!-- v.012306 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
