Document:

iret_Ex10_29

			

					

						 

				
	

					

						Exhibit 10.29

				
	

					

						 

				
	

					

						

				

		

			 

		

		
			April 27, 2017
		

		
			Mr.  John Kirchmann
		

		
			Dear John:
		

		
			On behalf of IRET Properties, it is my pleasure to extend an offer of employment for the position of Executive Vice President, and following Ted Holmes’ resignation, Chief Financial Officer.  While this letter is not an employment contract, it does serve to summarize some important details related to your prospective employment.  If the terms below are agreeable, please sign the document and return to me as soon as possible.
		

			
					
						 

					
					
						 

				
	
					
						Proposed Start Date:

					
					
						April 30, 2017

				
	
					
						Reporting Structure:

					
					
						You will report directly to the Chief Executive Officer.  

				
	
					
						Salary:

					
					
						Annualized base salary $325,000.00, paid biweekly.

				
	
					
						Incentives:

					
					
						FY2018 LTIP -Full participation in the FY2018 LTIP award, based on 70% of base salary, with the remaining terms the same as the other participants.  

				
	
					
						 

					
					
						FY2018 STIP - Full participation in the FY2018 STIP award based on 70% of base salary, with the remaining terms the same as the other participants.

				
	
					
						 

					
					
						FY2018 STIP metrics will be based 40% on FFO target, 40% on same store multi-family NOI growth over FY2017 and 20% will be at the discretion of the compensation committee and the Board based on IRET’s strategic plan and an specific individual goals.

				
	
					
						 

					
					
						FY 2018 LTIP metrics will be 1/3 time based, 1/3 based on IRET’s relative total stockholder return (TSR) measured against the MSCI U.S. REIT index, and 1/3 will be measured by a relative leverage ratio.

				

		
			 
		

		
			 
		

		

		 

			

					

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						Threshold, target and max target will be established at the June 2017 meeting of the Board and the Compensation Committee.  Award agreements shall be executed shortly thereafter.

				
	
					
						 

					
					
						Future participation in the STIP and LTIP awards will be as the plan(s) and agreement(s) outline.

				
	
					
						 

					
					
						Stock Award -  On commencement of employment, you will be granted a restricted stock award for $150,000 of IRET common shares.  The restricted shares will vest over 3 years, in equal 1/3 increments, beginning on the first anniversary of your commencement of employment with IRET.

				
	
					
						 

					
					
						Change in Control Severance Agreement and Indemnification Agreement - in the same forms as provided to other executive officers.  Agreements to be executed on the start date.

				
	
					
						 

					
					
						Location:            Based in the Minneapolis Corporate Office.

				
	
					
						 

					
					
						Relocation:        IRET will provide you with a furnished apartment at an IRET owned community in the Minneapolis area through July 15, 2017.  You will permanently relocate to Minneapolis by July 15, 2017.  IRET will reimburse you for the documented costs of your move from Palo Alto, CA to Minneapolis, MN in an amount not to exceed $50,000.  IRET will also reimburse you for up to five (5) round trip economy class flights from Palo Alto to Minneapolis during your relocation process.

				
	
					
						 

					
					
						Benefits:            You will be eligible for the applicable IRET Properties benefits spelled out in the Employee Handbook.  Other benefits for which you may be eligible become effective at various times throughout your first year of employment.

				

		
			 
		

		
			Below is the list of some of the benefits and eligible start dates:
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Benefit

					
					
						IRET Pays

					
					
						Eligible Start Date

				
	
					
						Health Insurance

					
					
						varies upon plan

					
					
						1st of the month following your start date

				
	
					
						Dental Insurance

					
					
						100% for single coverage

					
					
						1st of the month following your start date

				
	
					
						Disability Insurance

					
					
						100%

					
					
						1st of the month following your start date

				
	
					
						Life Insurance

					
					
						100%

					
					
						1st of the month following your start date

				
	
					
						401(k) Plan

					
					
						match up to 4%

					
					
						eligible after 1000 hours in six months

				
	
					
						9 Paid Holidays

					
					
						 

					
					
						1st day of employment

				

		
			 
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

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			Vacation and sick days are not tracked for Executive Officers.
		

		
			As with most businesses, our compensation and benefit plans evolve in response to changes in laws, economic conditions, business needs, and other factors.  IRET Properties reserves the right to change any and all of its current compensation and/or benefit plans, with or without prior notice.
		

		
			IRET Properties is an “at-will” employer and as such, employment with IRET Properties is not for a fixed term or definite period and may be terminated at the will of either party, with or without cause, and with or without prior notice.  Also, no representative of IRET Properties may enter into an employment contract with you or make a binding commitment to you concerning the length or terms of your employment or otherwise change the at-will policy, except the CEO who may only do so in a written contract signed by both parties.
		

		
			This letter also confirms that you have no obligations, oral or in writing, with any former employer that restricts your ability to be employed by IRET Properties and successfully perform your duties for IRET Properties. You understanding that your employment is contingent upon this representation. Additionally, IRET Properties has not made this offer of employment in order to obtain from you any confidential and trade secret information of your former employers and IRET Properties will not ask you to use or disclose such confidential and trade secret information during your employment with IRET Properties. You have a continuing obligation not to use confidential or trade secret information of your former employers. By accepting employment with IRET Properties, you acknowledge that you will not use or disclose any confidential or trade secret information of any former employer. 
		

		
			This employment offer is subject to, and contingent upon, the receipt and approval of IRET Properties of the following:
		

			
	
			
				 A.
			

			
	
			
			The receipt of your signed and initialed contingent offer letter.

		
			B.    IRET Properties hires persons who are lawfully authorized to work in the U.S. Therefore, on your first day of employment you are required to complete the Employment Verification (l-9 Form) with proof of your identity and authorization to work. Original documents will be required for verification purposes. A list of acceptable documentation is included for your reference. If you have any questions, please contact Human resources.
		

		
			C.     For payroll purposes, on your first day of employment you will need to bring your Social Security Card (not a copy) or a letter from the Social Security Administration stating that you qualify for a card and one is being sent to you.
		

		
			I am pleased to extend this opportunity to you and look forward to working with you.
		

		
			Sincerely,
		

		
			/s/ Mark O. Decker, Jr.
		

		
			 Mark O. Decker, Jr.
		

		
			President 
		

		
			 
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

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			To accept this contingent offer, initial each page and complete the signature block below.
		

		
			I accept this contingent offer of employment as stated in this letter:
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature:/s/ John Kirchmann

					
					
						 

				
	
					
						Name:           John Kirchmann    

					
					
						 

				
	
					
						Date:             April 27, 2017

					
					
						 

				

		
			 
		

		
			
		

		
			 
		

		 

			

					

						 

					

					

						 

				
	

					

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						Initials _____iret_Ex10_30

		

			Exhibit 10.30

		

		

			 

		

		

			

		

		

			 

		

		
			April 27, 2017
		

		
			 
		

		
			 
		

		
			Mr. Mark O. Decker, Jr.
		

		
			c/o IRET
		

		
			800 LaSalle Avenue Suite 1600
		

		
			Minneapolis, MN 55402
		

		
			 
		

		
			 
		

		
			 
		

		
			Dear Mark:
		

		
			 
		

		
			On behalf of the Board of Trustees of Investors Real Estate Trust (IRET), congratulations on your appointment as Chief Executive Officer of IRET.  This letter serves to describe some changes to your compensation package with IRET, all to be effective May 1, 2017 as approved by the Compensation Committee of the Board of Trustees of IRET as well as the full Board of Directors.
		

		
			 
		

		
			Your base salary will increase to $444,050.00 annually.
		

		
			 
		

		
			You will be given a retention bonus comprised of $100,000.00 in cash and a number of common shares of IRET determined by dividing (i) $100,00.00 by (ii) the average of the closing prices for IRET shares as reported on the New York Stock Exchange for the 20 trading days ending prior to April 30, 2017.  The common shares will vest in three equal 1/3 installments on May 1, 2018, 2019 and 2020, provided that you continue to be employed by IRET on those dates.  If you are no longer employed by IRET on any vesting date, unvested shares shall be forfeited.  In addition, if you voluntarily leave IRET prior any vesting date, you agree to repay IRET the cash portion of the retention bonus as follows:  If you voluntarily leave IRET on or before April 30, 2018, 100% of the cash portion of the retention bonus; if you voluntarily leave IRET after April 30, 2018 and before April 30, 2019, 67% of the cash portion of the retention bonus; if you voluntarily leave IRET after April 30, 2019 and before April 30, 2020, 33% of the cash portion of the retention bonus.
		

		
			 
		

		
			In addition, you will be included in other compensation programs approved by the Compensation Committee of the Board of Trustees from time to time.
		

		
			 
		

		
			This letter serves to outline your new compensation arrangement but is not intended to be an employment agreement.  IRET is an at-will employer and as such, employment is not for a fixed term or definite period and may be terminated at the will of either party, with or without cause, and with or without prior notice.
		

		
			 
		

		
			 
		

		
			

		 

		

			

		

		

			 

		

		

			800 LaSalle Avenue, Suite 1600  •  Minneapolis, MN 55402  •  P:952.401.6600  •  F: 952.401.7058  •  E: 

		

		

			www.iretapartments.com

		

 

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			If you are in agreement with the foregoing, please sign where indicated below.
		

		
			 
		

		
			 
		

		
			Very Truly Yours,
		

		
			 
		

		
			 
		

		
			__/s/ Linda Hall_____________________________
		

		
			Linda Hall, Chair of the Compensation Committee
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Agreed and Accepted:
		

		
			 
		

		
			 
		

		
			/s/ Mark O. Decker, Jr.____________________________
		

		
			Mark O. Decker, Jr.
		

		
			
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			

		

		

			 

		

		

			800 LaSalle Avenue, Suite 1600  •  Minneapolis, MN 55402  •  P:952.401.6600  •  F: 952.401.7058  •  E: 

		

		

			www.iretapartments.com

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