Exhibit
10.3
 AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
 BETWEEN
 EDUCATION REALTY TRUST, INC.
 AND
 CRAIG L. CARDWELL
 October 29, 2008




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AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 Agreement EDUCATION REALTY TRUST, INC. Company CRAIG L. CARDWELL Executive Parties Effective Date
 WHEREAS Executive
Vice-President and as the President of Allen & OHara Education Services, Inc.
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS Prior Agreement
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE
 Definitions
 Affiliate
 Agreement




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Application Section 9
 Base Salary Section 4(a)
 Board
 Bonus Section 4(b)
 Business
 Cause nolo contendere
 Change of Control
    2




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Code
 Committee Section 4(a)
 Company
 Confidential Information
  3




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Contact
 Customer
 Defense Costs Section 13
 Disability
 Duties Section 8
 Effective Date
 Employee
 Employment Period Section 3(a)
 Exchange Act
 Executive
 Good Reason
  4




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Incentive Plan
 Licensed Materials
 Parties
 Person
 Prior Agreement
 Renewal Period Section 3(b)
 Restricted Period
 Separation Conditions Section 6(c)
 Subsidiary
 Territory
 Trade Secrets
  5




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Without Cause Section 5(a) Section 5(g)
 Work Product
 Employment and Duties
      6




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Term
 Employment Period
 Renewal Period
 Section 3(b)
 Section 8
 Compensation
 Base Salary Committee
 Bonus
  7




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Termination
 Section 3(b)
       Section 5(a) Section 5(g)
  8




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Companys Post-Termination Obligations
 Section 5(a) Section 5(b) Section 5(c) Section 5(d) Section 5(e) Section 5(g) Section 5(a) Section
5(c) Section 5(d) Section 5(c) Section 5(d) Section 8
 Section 5(f) Section 5(h) Section 6(b)
  9




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Section 6(b) Separation Conditions
  Section 8
 Section 6(c) Section 6(b) Section 6(b)
 Change of Control
  Section 6 Section 5(h)
     Section 7 Section 6(b) Section 7 Section
6(c) Section 7
  10




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Executives Post-Termination Obligations
 Return of Materials
 Set-Off Section 6 Section 7
 Non-Disparagement
 Restrictive Covenants Section 8
 Trade Secrets and Confidential Information
   11




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Section 8
 Non-Competition
 Non-Solicitation of Customers Section 8(g)
 Non-Recruitment of Employees
 Post-Employment Disclosure
  12




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Resignation
 Work Product Application
 License
 Release
 Injunctive Relief Section 8
  13




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Payment of Defense Costs Defense Costs Section 13 Section 13 Section
13
 Severability
 Attorneys Fees
 Waiver
 Entire Agreement
 Amendments
 Successors and Assigns Section 8
  14




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Governing Law
 No Strict Construction
 Notice
 To Company:
    
    Attention: Chief Financial OfficerEducation Realty Trust, Inc.530 Oak Court Drive, Suite 300Memphis, Tennessee 38117To Executive:
    
    Craig L. Cardwell899 Harbor Bend RoadMemphis, TN 38103
  Consent to Jurisdiction and Venue
 Affirmation
  15




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Compliance with Code Section 409A
 Section 25
     16




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IN WITNESS WHEREOF
 EDUCATION REALTY TRUST, INC.By:Name:
    Paul O. BowerTitle:
    President/Chief Executive OfficerDate:Craig L. CardwellDate:  17