Extra Space Storage Inc.
EX-10.1
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<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">AMENDED
AND RESTATED EMPLOYMENT AGREEMENT</font></u></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (the &#147;Agreement&#148;) dated as of August&nbsp;28, 2008 (the &#147;Effective
Date&#148;), by and between Extra Space Storage Inc. (&#147;REIT&#148;) and Extra Space
Storage LP, with their principal place of business at 2795 East Cottonwood
Parkway, Suite&nbsp;400, Salt Lake City, Utah 84121 (the &#147;Operating Partnership&#148;),
and Kenneth M. Woolley, residing at the address set forth on the signature page&nbsp;hereof
(the &#147;Executive&#148;).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the REIT and Executive are parties
to an Employment Agreement dated July&nbsp;27, 2004 (the &#147;Prior Agreement&#148;);</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Executive has been providing
services to both the REIT and the Operating Partnership (collectively the &#147;Company&#148;)
as an employee; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company wishes to continue employing
the Executive, and the Executive wishes to continue to be employed, on the
terms set forth below:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, the parties hereto agree as
follows:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Term</font></u><font color="black" style="color:windowtext;">. The Company hereby agrees to
continue employing the Executive for an initial term (the &#147;Initial Term&#148;) commencing
as of the date hereof and continuing for a three-year period, unless sooner
terminated in accordance with the provisions of Section&nbsp;4 or Section&nbsp;5;
provided, however, upon the expiration of the Initial Term, such employment will
continue for successive one-year periods in accordance with the terms of this
Agreement (subject to termination as aforesaid) unless either party notifies
the other party of non-renewal in writing prior to 90 days before the
expiration of the Initial Term and each subsequent annual renewal, as
applicable (the period during which the Executive is employed hereunder being
hereinafter referred to as the &#147;Term&#148;).</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">2.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Duties</font></u><font color="black" style="color:windowtext;">. During the Term, the Executive
shall be employed by the Company as Chief Executive Officer and, as such, the
Executive shall faithfully perform the duties of such offices and shall perform
such other duties of an executive, managerial or administrative nature as shall
be specified and designated from time to time by the Board (including, without </font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">limitation, the
performance of duties for affiliates and subsidiaries of the Company). During
the Term Executive shall also serve as the Chairman of the Board of the REIT. Excluding
any periods of vacation and or other leave to which the Executive is entitled,
the Executive shall devote substantially all of his business time and effort to
the performance of his duties hereunder; provided that in no event shall this
sentence prohibit the Executive from performing personal and charitable
activities, and any other business interests as may be approved by the Board. It
is expressly understood and agreed that to the extent that any such activities
have been conducted by the Executive prior to the Effective Date, the continued
conduct of such activities (or the conduct of activities similar in nature and
scope thereto) subsequent to the Effective Date shall not thereafter be deemed
to interfere with the performance of the Executive&#146;s responsibilities to the
Company; provided that no such activity that violates any written
non-competition agreement between the parties shall be permitted.</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Compensation</font></u><font color="black" style="color:windowtext;">.</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Salary</u>.
Th<font style="color:black;"><font color="black" style="color:windowtext;">e</font></font> Company shall pay the Executive
during the Term a salary at the rate of $420,000 per annum (the &#147;Annual Salary&#148;),
in accordance with the customary payroll practices of the Company applicable to
senior executives. At least annually, the Company shall review the Executive&#146;s
Annual Salary and may provide for increases therein as it may in its discretion
deem appropriate. Any increase in Annual Salary shall not serve to limit or
reduce any other obligation to the Executive under this Agreement. The Annual
Salary shall not be reduced after any such increase and the term &#147;Annual Salary&#148;
as utilized in this Agreement shall refer to such salary as so increased.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3.2</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Bonus</font></u><font color="black" style="color:windowtext;">. During the Term, in addition to
the Annual Salary, for each fiscal year of the Company ending during the Term,
the Executive shall have the opportunity to earn an annual bonus in an amount
to be determined by the Company under the Company&#146;s bonus plan or plans
applicable to senior executives (&#147;Annual Bonus&#148;). At least annually, the
Company shall review the Executive&#146;s Annual Bonus and may provide for changes
therein as it may in its discretion deem appropriate; provided, however, that
the Executive&#146;s total cash compensation opportunity, being the sum of the
Annual Bonus (based on target bonus opportunity and not actual performance
results) and Annual Salary shall not be reduced from the prior year.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3.3</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Benefits - In General</font></u><font color="black" style="color:windowtext;">. The Executive shall be permitted
during the Term to participate in any group life, hospitalization or disability
insurance plans, health programs, equity compensation plans, retirement plans,
fringe benefit programs and similar benefits that may be available to other
senior executives of the Company generally, on the same terms as such other
executives, in each case to the extent that the Executive is eligible under the
terms of such plans or programs.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3.4</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Expenses</font></u><font color="black" style="color:windowtext;">. The Company shall pay or reimburse
the Executive for all ordinary and reasonable out-of-pocket expenses actually
incurred (and, in the case of reimbursement, paid) by the Executive during the
Term in the performance of the Executive&#146;s services under this Agreement in
accordance with the policies, practices and procedures of the Company. All such
reimbursements shall be made no later than December&nbsp;31 of the year
following the year in which the expense was incurred. The amount of
reimbursements provided in one year shall not affect the amounts provided in
any subsequent year. Such reimbursements shall not be subject to liquidation or
exchange for another benefit.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">4.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Termination upon Death or Disability</font></u><font color="black" style="color:windowtext;">. If the Executive dies during the
Term, the Term shall terminate as of the date of death, and the obligations of
the Company to or with respect to the Executive shall terminate in their
entirety upon such date except as otherwise provided under this Section&nbsp;4.
If the Executive by virtue of ill health or other disability is unable to
perform substantially and continuously the duties assigned to him for more than
180 consecutive or non-consecutive days out of any consecutive 12-month period,
the Company shall have the right, to the extent permitted by law, to terminate
the employment of the Executive upon notice in writing to the Executive. Upon
termination of employment due to death or disability, (i)&nbsp;the Executive
(or the Executive&#146;s estate or beneficiaries in the case of the death of the
Executive) shall be entitled to receive any Annual Salary and other benefits
earned and accrued under this Agreement prior to the date of termination (including
any earned but unpaid bonus and reimbursement under this Agreement for expenses
incurred prior to the date of termination) (the &#147;Accrued Obligations&#148;), and (ii)&nbsp;except
as otherwise required under applicable law or the Company&#146;s benefit plans Executive
(or, in the event of his death, his estate and beneficiaries) shall have no
further rights to any other compensation or benefits hereunder on or after the
termination of employment, or any other rights hereunder.</font></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Certain Terminations of Employment</font></u><font color="black" style="color:windowtext;">.</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5.1</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Termination by the Company for Cause;
Termination by the Executive without Good Reason</font></u><font color="black" style="color:windowtext;">.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">For purposes of this Agreement, &#147;Cause&#148;
shall mean the Executive&#146;s:</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">commission of and indictment for, or
formal admission to, a felony, a crime of moral turpitude, dishonesty, breach
of trust or unethical business conduct, or any crime involving the Company;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">engagement in the performance of his
duties hereunder, or otherwise to the material and demonstrable detriment of
the Company, in willful misconduct, willful or gross neglect, fraud,
misappropriation or embezzlement;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">repeated failure to adhere to the
directions of the Board, to adhere to the Company&#146;s policies and practices or
to devote substantially all of his business time and efforts to the Company;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iv)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">willful and continued failure to
substantially perform his duties properly assigned to him (other than any such
failure resulting from his disability) after demand for substantial performance
is delivered by the Company specifically identifying the manner in which the
Company believes the Executive has not substantially performed such duties;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(v)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">breach of any of the provisions of Section&nbsp;7;
or</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(vi)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">breach in any material respect of
the terms and provisions of this Agreement and failure to cure such breach
within 21 days following written notice from the Company specifying such
breach;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided that the Company shall not be
permitted to terminate the Executive for Cause except on written notice given
to the Executive at any time following the occurrence of any of the events
described in clauses (i), (ii)&nbsp;or (v)&nbsp;above and on written notice
given to the Executive at any time not more than 30 days following the
occurrence of any of the events described in clause (iii), (iv)&nbsp;or (vi)&nbsp;above
(or, if later, the Company&#146;s knowledge thereof). No termination for Cause shall
be effective unless the Board makes a Cause determination after notice to the
Executive and the Executive has been provided with the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">opportunity (with counsel of his choice) to
contest the determination at a meeting of the Board.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company may terminate the
Executive&#146;s employment hereunder for Cause, and the Executive may terminate his
employment on at least 30 days&#146; and not more than 60 days&#146; written notice given
to the Company. If the Company terminates the Executive for Cause, or the
Executive terminates his employment and the termination by the Executive is not
for Good Reason in accordance with Section&nbsp;5.2, (i)&nbsp;the Executive
shall receive the Accrued Obligations; and (ii)&nbsp;except as otherwise
required under applicable law or the Company&#146;s benefit plans, the Executive
shall have no further rights to any other compensation or benefits hereunder on
or after the termination of employment, or any other rights hereunder.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5.2</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Termination by the Company without
Cause; Termination by the Executive for Good Reason</font></u><font color="black" style="color:windowtext;">.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">For purposes of this Agreement, &#147;Good
Reason&#148; shall mean, unless otherwise consented to by the Executive,</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the material reduction of the
Executive&#146;s authority, duties and responsibilities, or the assignment to the
Executive of duties materially inconsistent with the Executive&#146;s position or
positions with the Company;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">a material reduction in Annual
Salary of the Executive;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the relocation of the Executive&#146;s
office to more than 100 miles from Salt
Lake City, Utah; or</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iv)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the Company&#146;s material and willful
breach of this Agreement.</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, (A)&nbsp;Good
Reason shall not be deemed to exist unless notice of termination on account
thereof (specifying a termination date no later than 30 days from the date of
such notice) is given no later than 30 days after the time at which the event
or condition purportedly giving rise to Good Reason first occurs or arises and (B)&nbsp;if
there exists (without regard to this clause (B)) an event or condition that
constitutes Good Reason, the Company shall have 30 days from the date notice of
such a termination is given to cure such </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">event or condition and, if the Company does
so, such event or condition shall not constitute Good Reason hereunder.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">During the Term, the Company may
terminate the Executive&#146;s employment at any time without Cause and not pursuant
to Section&nbsp;4, or the Executive terminates his employment with the Company
for Good Reason, then subject to Section&nbsp;5.3 below, and in addition to the
Accrued Obligations, the Executive shall receive:</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">a lump sum cash payment equal to two
times the sum of (A)&nbsp;the Executive&#146;s Annual Salary (as in effect on the
effective date of such termination); and (B)&nbsp;an amount equal to the
greater of&#160; the Annual Bonus received by
the Executive in the preceding year or the average Annual Bonus received by the
Executive in the three years prior to the termination;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">a lump sum cash payment equal to the
sum of (A)&nbsp;the cost of continuing health benefits (including any medical,
vision or dental benefits), under the Company&#146;s group health plans pursuant to Section&nbsp;4980B
of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) or similar state
law (&#147;COBRA&#148;) for a period of twenty-four months, based on the COBRA cost at
the time of termination, plus (B)&nbsp;an amount equal to the taxes payable by
the Executive on the amount determined under (A), so that on an after tax
basis, Executive shall receive the amount equal to the COBRA premiums for a
period of twenty-four months after Executive&#146;s termination of employment based
on the COBRA rate in effect at the time of termination;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the Executive shall vest in all
outstanding unvested equity-based awards (including stock options and
restricted stock) and such unvested equity-based awards shall become
immediately exercisable and unrestricted and shall otherwise remain outstanding
in accordance with their terms;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iv)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the Executive shall become vested in
any pension or other deferred compensation other than pension or deferred
compensation under a plan intended to be qualified under Section&nbsp;401(a)&nbsp;of
the Code;</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(v)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">the Company shall provide Executive
with outplacement services for a period of six months following termination of
employment; and</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(vi)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">except as otherwise required under
applicable law or the Company&#146;s benefit plans, the Executive shall have no
further rights </font></h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">to any other
compensation or benefits hereunder on or after the termination of employment,
or any other rights hereunder.</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5.3</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Release and
Timing of Payment</font></u><font color="black" style="color:windowtext;">. </font><font color="black" style="color:windowtext;">Executive&#146;s rights to receive the
payments and benefits under Section 5.2(b)(i), (ii), (iii), (iv)&nbsp;and (v)&nbsp;shall
be subject to Executive&#146;s execution, delivery and not revoking a release of
claims and covenant not to sue, in such form as the Company may reasonably
request (the &#147;Release&#148;), within sixty days following the Executive&#146;s termination
of employment. Payment of the amount required under Section&nbsp;5.2(b)(i)&nbsp;shall
be made in a lump-sum within fifteen days following the effective date of the
Release, but in no event later than seventy-five days following the Executive&#146;s
termination of employment. Notwithstanding any provision herein to the
contrary, the post-termination payments and benefits provided to Executive
under Section&nbsp;5.2 shall be paid only upon Employee&#146;s &#147;separation from
service&#148; as defined in Treasury Regulation Section&nbsp;1.409A-1(h). Notwithstanding
the foregoing, the timing of the severance payments under Section&nbsp;5.2 are subject
to the provisions of Section&nbsp;8.17, to the extent applicable.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5.4</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">No
Restrictions on Change</font></u><font color="black" style="color:windowtext;">. N</font><font color="black" style="color:windowtext;">othing herein shall restrict the
ability of the Company to amend or terminate the plans and programs referred to
in Section&nbsp;5.2(b)(ii)&nbsp;from time to time in its sole discretion, and
the Company shall in no event be required to provide any benefits otherwise
required by Section&nbsp;5.2(b)(ii)&nbsp;after such time as the Executive
becomes entitled to receive benefits of the same type from another employer or
recipient of the Executive&#146;s services (such entitlement being determined
without regard to any individual waivers or other similar arrangements).</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">6.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Change in Control</font></u><font color="black" style="color:windowtext;">. In the event that during the Term,
a &#147;Change in Control&#148; (as defined in the 2004 Long Term Incentive Compensation
Plan as in effect on the date hereof) occurs then:</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company shall pay Executive a bonus
equal the Annual Bonus Executive would have received during the year of the
Change in Control based on performance results through the date of the Change
in Control annualized, and multiplied by a fraction the denominator of which is
the 365 and the numerator is the number of days in the year elapsed through the
date of the Change in Control. Such bonus shall be </font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">payable in a lump sum on the first business
day of the month following the Change in Control; and</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Executive may </font><font color="black" style="color:windowtext;">terminate his employment with the Company for any
reason within the six-month period following a Change in Control and such
termination will be treated as a &#147;Good Reason&#148; termination entitling Executive
to the severance and other benefits under Section&nbsp;5.2(b).</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">7.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Covenants of the Executive</font></u><font color="black" style="color:windowtext;">.</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">7.1</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Covenant Against Competition; Other
Covenants</font></u><font color="black" style="color:windowtext;">. The
Executive acknowledges that (i)&nbsp;the principal business of the Company
(which expressly includes for purposes of this Section&nbsp;7 (and any related
enforcement provisions hereof), its successors and assigns) is the development,
acquisition, operation, management or investment in self-storage facilities
(such businesses, and any and all other businesses that after the date hereof,
and from time to time during the Term, become material with respect to the
Company&#146;s then-overall business, herein being collectively referred to as the &#147;Business&#148;);
(ii)&nbsp;the Company is one of the limited number of entities which have
developed such a business; (iii)&nbsp;the Company&#146;s Business is, in part,
national in scope; (iv)&nbsp;the Executive&#146;s work for the Company has given and
will continue to give him access to the confidential affairs and proprietary
information of the Company; (v)&nbsp;the covenants and agreements of the
Executive contained in this Section&nbsp;7 are essential to the business and
goodwill of the Company; and (vi)&nbsp;the Company would not have entered into
this Agreement but for the covenants and agreements set forth in this Section&nbsp;7.
Accordingly, the Executive covenants and agrees that:</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">By and in consideration of the
salary and benefits to be provided by the Company hereunder, including the
severance and bonus arrangements set forth herein, and further in consideration
of the Executive&#146;s exposure to the proprietary information of the Company, the
Executive covenants and agrees that during the Term and such other time as the
Executive remains employed in the service of the Company, he shall not engage
in the Restricted Activities (as defined below) (i) engage in any element of
the Business (other than for the Company or its affiliates) or otherwise
compete with the Company or its affiliates, (ii)&nbsp;render any services to
any person, corporation, partnership </font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">or other entity (other than the Company or
its affiliates) engaged in any element of the Business, or (iii)&nbsp;become
interested in any such person, corporation, partnership or other entity (other
than the Company or its affiliates) as a partner, shareholder, principal,
agent, employee, consultant or in any other relationship or capacity (such
activities set forth in clauses (i)&nbsp;through (iii)&nbsp;above collectively
referred to as the &#147;Restricted Activities&#148;); provided, however, that,
notwithstanding the foregoing, (A) the restrictions set forth in this Section&nbsp;7
shall not limit the Executive&#146;s involvement or activities with respect to Extra
Space Pico Riviera, and (B)&nbsp;the Executive may &#160;invest in securities of any entity, solely for
investment purposes and without participating in the business thereof, if (1)&nbsp;such
securities are traded on any national securities exchange or the National
Association of Securities Dealers,&nbsp;Inc. Automated Quotation System, (2)&nbsp;the
Executive is not a controlling person of, or a member of a group which
controls, such entity and (3)&nbsp;the Executive does not, directly or
indirectly, own 5% or more of any class of securities of such entity.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">At all times during the Term and
thereafter, the Executive shall keep secret and retain in strictest confidence,
and shall not use for his benefit or the benefit of others, except in
connection with the business and affairs of the Company and its affiliates, all
confidential matters relating to the Company&#146;s Business and the business of any
of its affiliates and to the Company and any of its affiliates, learned by the
Executive heretofore or hereafter directly or indirectly from the Company or
any of its affiliates (the &#147;Confidential Company Information&#148;),&#160; and shall not disclose such Confidential
Company Information to anyone outside of the Company except with the Company&#146;s
express written consent and except for Confidential Company Information which
is at the time of receipt or thereafter becomes publicly known through no
wrongful act of the Executive or is received from a third party not under an
obligation to keep such information confidential and without breach of this
Agreement</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">During the Term and for the one year
period after termination of the Executive&#146;s employment, the Executive shall
not, without the Company&#146;s prior written consent, directly or indirectly,
solicit or encourage to leave the employment or other </font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">service of the Company, or any of its
affiliates, any employee or independent contractor thereof.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">During the Term and except as required
by law, the Executive shall not publish any statement or make any statement
under circumstances reasonably likely to become public that is critical of the
Company or any of its affiliates, or in any way adversely affecting or
otherwise maligning the Business or reputation of the Company or any of its
affiliates.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">All memoranda, notes, lists,
records, property and any other tangible product and documents (and all copies
thereof), whether visually perceptible, machine-readable or otherwise, made, produced
or compiled by the Executive or made available to the Executive concerning the
business of the Company or its affiliates, (i)&nbsp;shall at all times be the
property of the Company (and, as applicable, any affiliates) and shall be
delivered to the Company at any time upon its request, and (ii)&nbsp;upon the
Executive&#146;s termination of employment, shall be immediately returned to the
Company.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">7.2</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Rights and Remedies upon Breach</font></u><font color="black" style="color:windowtext;">.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Executive acknowledges and
agrees that any breach by him of any of the provisions of Section&nbsp;7.1 (the
&#147;Restrictive Covenants&#148;) would result in irreparable injury and damage for
which money damages would not provide an adequate remedy. Therefore, if the
Executive breaches, or threatens to commit a breach of, any of the provisions
of Section&nbsp;7.1, the Company and its affiliates shall have the following
rights and remedies, each of which rights and remedies shall be independent of
the other and severally enforceable, and all of which rights and remedies shall
be in addition to, and not in lieu of, any other rights and remedies available
to the Company and its affiliates under law or in equity (including, without
limitation, the recovery of damages), shall have the right and remedy to have
the Restrictive Covenants specifically enforced (without posting bond and
without the need to prove damages) by any court having equity jurisdiction,
including, without limitation, the right to an entry against the Executive of
restraining orders and injunctions (preliminary, mandatory, temporary and permanent)
against violations, threatened or actual, and whether or not then continuing,
of such covenants.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Executive agrees that in any
action seeking specific performance or other equitable relief, he will not
assert or contend that any of the provisions of this Section&nbsp;7 are
unreasonable or otherwise unenforceable. The existence of any claim or cause of
action by the Executive, whether predicated on this Agreement or otherwise,
shall not constitute a defense to the enforcement of the Restrictive Covenants.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h1 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Other Provisions</font></u><font color="black" style="color:windowtext;">.</font></h1>

<h1 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h1>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.1</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Severability</font></u><font color="black" style="color:windowtext;">. The Executive acknowledges and
agrees that (i)&nbsp;he has had an opportunity to seek advice of counsel in
connection with this Agreement and (ii)&nbsp;the Restrictive Covenants are
reasonable in geographical and temporal scope and in all other respects. If it
is determined that any of the provisions of this Agreement, including, without
limitation, any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the provisions of this Agreement shall not
thereby be affected and shall be given full effect, without regard to the
invalid portions.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.2</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Duration and Scope of Covenants</font></u><font color="black" style="color:windowtext;">. If any court or other
decision-maker of competent jurisdiction determines that any of the Executive&#146;s
covenants contained in this Agreement, including, without limitation, any of
the Restrictive Covenants, or any part thereof, is unenforceable because of the
duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such
provision, as the case may be, shall be reduced so that such provision becomes
enforceable and, in its reduced form, such provision shall then be enforceable
and shall be enforced.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.3</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Enforceability; Jurisdiction;
Arbitration</font></u><font color="black" style="color:windowtext;">.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The Company and the Executive intend
to and hereby confer jurisdiction to enforce the Restrictive Covenants set
forth in Section&nbsp;7 upon the courts of any jurisdiction within the
geographical scope of the Restrictive Covenants. If the courts of any one or
more of such jurisdictions hold the Restrictive Covenants wholly unenforceable
by reason of breadth of scope or otherwise it is the intention of the Company
and the Executive that such determination not bar or in any way affect the
Company&#146;s right, or the right of any of its affiliates, to the relief provided
above in the </font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">courts of any other jurisdiction within the
geographical scope of such Restrictive Covenants, as to breaches of such
Restrictive Covenants in such other respective jurisdictions, such Restrictive
Covenants as they relate to each jurisdiction&#146;s being, for this purpose,
severable, diverse and independent covenants, subject, where appropriate, to
the doctrine of <u>res</u>  <u>judicata</u>. The parties hereby agree to waive
any right to a trial by jury for any and all disputes hereunder (whether or not
relating to the Restricted Covenants).</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h3 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Any controversy or claim arising out
of or relating to this Agreement or the breach of this Agreement (other than a
controversy or claim arising under Section 7, to the extent necessary for the
Company (or its affiliates, where applicable) to avail itself of the rights and
remedies referred to in Section 7.2) that is not resolved by the Executive and
the Company (or its affiliates, where applicable) shall be submitted to
arbitration in Salt Lake City, Utah in accordance with Utah law and the
procedures of the American Arbitration Association. The determination of the
arbitrator(s)&nbsp;shall be conclusive and binding on the Company (or its
affiliates, where applicable) and the Executive and judgment may be entered on
the arbitrator(s)&#146; award in any court having jurisdiction.</font></h3>

<h3 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h3>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.4</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Notices</font></u><font color="black" style="color:windowtext;">. Any notice or other communication
required or permitted hereunder shall be in writing and shall be delivered
personally, sent by electronic mail or facsimile transmission or sent by
certified, registered or express mail, postage prepaid. Any such notice shall
be deemed given when so delivered personally, receipt is confirmed if sent by electronic
mail or facsimile transmission or, if mailed, five days after the date of
deposit in the United States mails as follows:</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">If to the Company, to:</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Extra Space
Storage Inc.<br>
2795 East Cottonwood Parkway, Suite&nbsp;400<br>
Salt Lake City, Utah 84121<br>
Attention:&#160; Sr. Vice-President, Human
Resources</font></p>

<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="color:black;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">If to the Executive, to at the
address set forth on the signature page&nbsp;hereof.</font></h4>

<h4 style="color:black;font-weight:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h4>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any such person may by notice given in
accordance with this Section&nbsp;8.4 to the other parties hereto designate
another address or person for receipt by such person of notices hereunder.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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</div>
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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.5</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">En</font></u><u><font color="black" style="color:windowtext;">tire Agreement</font></u><font color="black" style="color:windowtext;">. This Agreement contains the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto,
including the Prior Agreement.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.6</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Waivers and Amendments</font></u><font color="black" style="color:windowtext;">. This Agreement may be amended,
superseded, canceled, renewed or extended, and the terms hereof may be waived,
only by a written instrument signed by the parties or, in the case of a waiver,
by the party waiving compliance. No delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power
or privilege nor any single or partial exercise of any such right, power or
privilege, preclude any other or further exercise thereof or the exercise of any
other such right, power or privilege.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.7</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">GOVERNING LAW</font></u><font color="black" style="color:windowtext;">. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF UTAH WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.8</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Assignment</font></u><font color="black" style="color:windowtext;">. This Agreement, and the Executive&#146;s
rights and obligations hereunder, may not be assigned by the Executive; any
purported assignment by the Executive in violation hereof shall be null and
void. In the event of any sale, transfer or other disposition of all or
substantially all of the Company&#146;s assets or business, whether by merger,
consolidation or otherwise, the Company may assign this Agreement and its
rights hereunder.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.9</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Withholding</font></u><font color="black" style="color:windowtext;">. The Company shall be entitled to
withhold from any payments or deemed payments any amount of tax withholding it
determines to be required by law.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.10</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">No Duty to Mitigate</font></u><font color="black" style="color:windowtext;">. The Executive shall not be
required to mitigate damages or the amount of any payment provided for under
this Agreement by seeking other employment or otherwise, nor will any payments
hereunder be subject to offset in the event the Executive does mitigate.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.11</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Binding Effect</font></u><font color="black" style="color:windowtext;">. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors,
permitted assigns, heirs, executors and legal representatives.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.12</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Counterparts</font></u><font color="black" style="color:windowtext;">. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original but all such counterparts together shall
constitute one and the same instrument. Each counterpart may consist of two
copies hereof each signed by one of the parties hereto.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.13</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Survival</font></u><font color="black" style="color:windowtext;">. Anything contained in this
Agreement to the contrary notwithstanding, the provisions of Sections 7, 8.3
and 8.9, and the other provisions of this Section&nbsp;8 (to the extent
necessary to effectuate the survival of Sections 7, 8.3 and 8.9), shall survive
termination of this Agreement and any termination of the Executive&#146;s employment
hereunder.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.14</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Existing Agreements</font></u><font color="black" style="color:windowtext;">. The Executive represents to the
Company that he is not subject or a party to any employment or consulting
agreement, non-competition covenant or other agreement, covenant or
understanding which might prohibit him from executing this Agreement or limit
his ability to fulfill his responsibilities hereunder.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.15</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Headings</font></u><font color="black" style="color:windowtext;">. The headings in this Agreement are
for reference only and shall not affect the interpretation of this Agreement.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.16</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">Parachutes</font></u><font color="black" style="color:windowtext;">. If any amount payable to or other
benefit receivable by the Executive pursuant to this Agreement is deemed to
constitute a Parachute Payment (as defined below), alone or when added to any
other amount payable or paid to or other benefit receivable or received by the
Executive which is deemed to constitute a Parachute Payment (whether or not
under an existing plan, arrangement or other agreement), and would result in
the imposition on the Executive of an excise tax under Section&nbsp;4999 of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), then, in addition to
any other benefits to which the Executive is entitled under this Agreement, the
Executive shall be paid by the Company an amount in cash equal to the sum of
the excise taxes payable by the Executive by reason of receiving Parachute
Payments plus the amount necessary to put the Executive in the same after-tax
position (taking into account </font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">any and all
applicable federal, state and local excise, income or other taxes assuming tax at
the highest applicable rates on such Parachute Payments and on any payments
under this Section&nbsp;8.16) as if no excise taxes had been imposed with
respect to Parachute Payments. &#147;Parachute Payment&#148; shall mean a &#147;parachute
payment&#148; as defined in Section&nbsp;280G of the Code. The amount of any payment
under this Section&nbsp;8.16 shall be computed by a certified public accounting
firm selected by the Company and reasonably acceptable to the Executive using
reasonable assumptions and good faith interpretations of the Code, subject to
the last sentence of this Section&nbsp;8.16. Notwithstanding any other
provision of this Section&nbsp;8.16, if a reduction in Parachute Payments by
10% or less would cause there not to be excise taxes imposed upon the Executive
under Section&nbsp;4999 of the Code (as determined by the accounting firm
referred to above, but subject to the last sentence of this Section&nbsp;8.16),
then (i)&nbsp;no payments shall be made to the Executive under the foregoing
provisions of this Section&nbsp;8.16, and (ii)&nbsp;the payments and benefits
provided under this Agreement shall be reduced to the extent necessary so that
no excise taxes would be imposed upon the Executive. All amounts payable to
Executive under this Section&nbsp;8.16 shall be paid as soon as practicable
after the event giving rise to payment of the Excise Tax by the Executive, but
no later than the December&nbsp;31 of the year next following the year in which
the Executive, or the Company on behalf of the Executive, remits the excise
taxes due. In the event that the Internal Revenue Service or a court, as
applicable, finally and in a decision that has become unappealable, decides
that the determinations by the accounting firm under this Section&nbsp;8.16 are
incorrect, then the parties shall within five business days take such
corrective actions as are necessary to conform to such final decision; provided
that (i) the Executive shall not initiate any proceeding or other contests
regarding these matters, other than at the direction of the Company, and shall
provide notice to the Company of any proceeding or other contest regarding
these matters initiated by the Internal Revenue Service, and (ii)&nbsp;the
Company shall be entitled to direct and control all such proceeding and other
contests, if it commits to and does pay all costs (including without limitation
legal and other professional fees) associated therewith.</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<h2 style="color:black;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.17</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" style="color:windowtext;">409A</font></u><font color="black" style="color:windowtext;">. Notwithstanding anything contained
in this Agreement to the Contrary, to the maximum extent permitted by
applicable law, amounts payable to the Executive pursuant to Section&nbsp;5.2
or 6.2 shall be made in reliance upon Treas. Reg. Section&nbsp;1.409A-1(b)(9)&nbsp;(Separation
Pay Plans) or Treas. Reg. Section&nbsp;1.409A-1(b)(4)&nbsp;(Short-Term
Deferrals). However, </font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">to the extent any
such payments are treated as non-qualified deferred compensation subject to Section&nbsp;409A
of&#160; the Code, then if Executive is deemed
at the time of his separation from service to be a &#147;specified employee&#148; for
purposes of Section&nbsp;409A(a)(2)(B)(i) of the Code, then to the extent
delayed commencement of any portion of the benefits to which Executive is
entitled under this Agreement is required in order to avoid a prohibited
distribution under Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code, such portion
of Executive&#146;s termination benefits shall not be provided to Executive prior to
the earlier of (A)&nbsp;the expiration of the six-month period measured from
the date of the Executive&#146;s &#147;separation from service&#148; or (B)&nbsp;the date of
Executive&#146;s death. Upon the earlier of such dates, all payments deferred
pursuant to this Section&nbsp;8.17 shall be paid in a lump sum to Executive. The
determination of whether the Executive is a &#147;specified employee&#148; for purposes
of Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code as of the time of his
separation from service shall made by the Company in accordance with the terms
of Section&nbsp;409A of the Code and applicable guidance thereunder (including
without limitation Treas. Reg. Section&nbsp;1.409A-1(i)&nbsp;and any successor
provision thereto).</font></h2>

<h2 style="color:black;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman">&nbsp;</font></h2>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have signed
their names as of the day and year first above written.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXTRA SPACE STORAGE INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXTRA SPACE STORAGE LP</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Charles L. Allen</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charles L. Allen</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Legal Officer and Executive Vice
  President</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive:</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kenneth M. Woolley</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:52.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kenneth M. Wool1ey</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="354" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="347" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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