Exhibit 10.8
EdR
ANNUAL INCENTIVE COMPENSATION PLAN (AIC)
FOR MANAGERS AND ABOVE UPDATED January 2018

EdR’s Compensation Philosophy: EdR seeks to attract and retain the highest
quality workforce at all levels. EdR’s compensation programs provide a mix of
salary and incentives appropriate to each area of responsibility and each
employee’s level of expertise and contribution. Compensation levels must be
competitive in the marketplace and commensurate with peer group companies.
Performance incentives are based on individual achievement as measured at the
business unit level and company wide. Awards will consist of an evaluation of
operating metrics against plan and a formal evaluation of the individual in
areas of results-based goals, shared values and leadership competencies. Awards
under this plan will be offset by any incentives earned under the Real Estate
Development Bonus program or incentives earned under a property account bonus
plan.

The annual Incentive Compensation Plan is designed to motivate employees to
achieve departmental and corporate performance objectives, yet be simple to
administer, easy to understand, a measurement of performance and controllable to
a large extent by the participant. Key features are:

•
Bonus targets are established as a percentage of salary.

•
There are two distinct components, each worth 50% of the target bonus:

1.
Corporate Achievement- Core Funds From Operations (Core FFO)

2.
Individual achievement of predetermined objectives

1.
Corporate Achievement- Funds From Operations (Adjusted):

Core FFO Achievement Level
Threshold
 
Target
 
Maximum
80%
 
100%
 
120%
 
 
 
 
 
Bonus Range Multiplier
Threshold
 
Target
 
Maximum
25%
 
50%
 
75%

Performance below 80% of target Core FFO results in no bonus being paid for this
component of the plan.

2.
Individual Objective Achievement:

The Individual Objective Achievement level ranges from a threshold of 50% to a
maximum of 150%, thereby allowing for a bonus range Multiplier threshold of 25%
to a maximum of 75%.

Individual Objectives Achievement Level
Threshold
 
Target
 
Maximum
50%
 
100%
 
150%
 
 
 
 
 
Bonus Range Multiplier
Threshold
 
Target
 
Maximum
25%
 
50%
 
75%

1

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The organization’s reward philosophy is targeted toward the long-term; therefore
there will be only one payout per year, in February following the close of the
fiscal year. The base pay of record at the end of the fiscal year will be the
basis for determining the bonus target in that fiscal year. Proration for a
partial year is acceptable for new hires; new hires employed in the first three
quarters of the year may establish individual goals with supervisory approval
and will be eligible for the individual and corporate incentive on a partial
year basis. New hires employed in the last quarter of the year will be
considered for a discretionary incentive since the establishment of individual
objectives is not feasible during this short period. No proration for a partial
year is calculated for a participant who terminates prior to the end of the
measurement period except in the event of death or disability. A matrix for
determining the multipliers for Core FFO and Individual Objective Achievement
can be found on page 3.

BONUS SAMPLE WORKSHEET
Target Bonus = $14,000
Core FFO Achievement = 80%
Individual Objectives Achievement = 95%

Actual

Component
 
Achievement Level
 
Multiplier
Corporate Achievement
 
80%
 
25.0
Individual Achievement
 
95% of Objectives
 
47.5
Total Multiplier
 
 
 
72.5

Total Bonus Payout    $14,000 X 72.5%= $10,150
    
THIS SAMPLE ASSUMES 80% FOR CORPORATE ACHIEVEMENTS AND 95% SUCCESS IN THE
INDIVIDUAL ACHIEVEMENT OF OBJECTIVES.

2

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ANNUAL BONUS MULTIPLIER MATRICES
        
Corporate Achievement
% Achieved Multiplier
80%
25.0%
81%
26.3%
82%
27.5%
83%
28.8%
84%
30.0%
85%
31.3%
86%
32.5%
87%
33.8%
88%
35.0%
89%
36.3%
90%
37.5%
91%
38.8%
92%
40.0%
93%
41.3%
94%
42.5%
95%
43.8%
96%
45.0%
97%
46.3%
98%
47.5%
99%
48.8%
100%
50.0%
101%
51.0%
102%
52.0%
103%
53.0%
104%
54.0%
105%
55.0%
106%
56.0%
107%
57.0%
108%
58.0%
109%
59.0%
110%
60.0%
111%
61.0%
112%
62.0%
113%
63.0%
114%
64.0%
115%
65.0%
116%
67.0%
117%
69.0%
118%
71.0%
119%
73.0%
120%
75.0%

 

Individual Achievement
% Achieved Multiplier
50%
25.0%
51%
25.5%
52%
26.0%
53%
26.5%
54%
27.0%
55%
27.5%
56%
28.0%
57%
28.5%
58%
29.0%
59%
29.5%
60%
30.0%
61%
30.5%
62%
31.0%
63%
31.5%
64%
32.0%
65%
32.5%
66%
33.0%
67%
33.5%
68%
34.0%
69%
34.5%
70%
35.0%
71%
35.5%
72%
36.0%
73%
36.5%
74%
37.0%
75%
37.5%
76%
38.0%
77%
38.5%
78%
39.0%
79%
39.5%
80%
40.0%
81%
40.5%
82%
41.0%
83%
41.5%
84%
42.0%
85%
42.5%
86%
43.0%
87%
43.5%
88%
44.0%
89%
44.5%
90%
45.0%
91%
45.5%
92%
46.0%
93%
46.5%

3

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Individual Achievement (cont’d.)
% Achieved Multiplier
94%
47.0%
95%
47.5%
96%
48.0%
97%
48.5%
98%
49.0%
99%
49.5%
100%
50.0%
101%
50.5%
102%
51.0%
103%
51.5%
104%
52.0%
105%
52.5%
106%
53.0%
107%
53.5%
108%
54.0%
109%
54.5%
110%
55.0%
111%
55.5%
112%
56.0%
113%
56.5%
114%
57.0%
115%
57.5%
116%
58.0%
117%
58.5%
118%
59.0%
119%
59.5%
120%
60.0%
121%
60.5%
122%
61.0%
123%
61.5%
124%
62.0%
125%
62.5%
126%
63.0%
127%
63.5%
128%
64.0%
129%
64.5%
130%
65.0%
131%
65.5%
132%
66.0%
133%
66.5%
134%
67.0%

4

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135%
67.5%
136%
68.0%
137%
68.5%
138%
69.0%
139%
69.5%
140%
70.0%
141%
70.5%
142%
71.0%
143%
71.5%
144%
72.0%
145%
72.5%
146%
73.0%
147%
73.5%
148%
74.0%
149%
74.5%
150%
75.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5