Document:

Joint Filing Agreement

 

	 	 	 	 	 

Exhibit 10.1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities and Exchange Act of 1934, as amended,
the persons named below agree to the joint filing on behalf of them of a statement on Schedule 13D
(including amendments thereto) with respect to the common stock, par value $0.0001 per share, of
NationsHealth, Inc., and further agree that this Joint Filing Agreement be included as Exhibit
10.1.

     In
evidence thereof, the undersigned hereby execute this Joint Filing
Agreement as of January 11, 2005.

	 	 	 	 	 
	 	RGGPLS HOLDING, INC. 

 	 
	 	By:  	/s/ Glenn M. Parker
 	 
	 	  	

	 
	 	 	Name:  	Glenn M. Parker, M.D.      	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                  /s/ Glenn M. Parker
 	 
	 	Glenn M. Parker, M.D.      	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                  /s/ Lewis P. Stone
 	 
	 	Lewis P. Stone      	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                  /s/ Robert Gregg
 	 
	 	Robert Gregg      	 
	 	 	 
	 

	 	 	 	 	 
	 	GLENN M. PARKER 2004 MULTIGENERATIONAL TRUST 

 	 
	 	By:  	/s/ Robin S. Parker
 	 
	 	 	Robin S. Parker, as trustee      	 
	 	 	 	 
	 

	 	 	 	 	 
	 	LEWIS P. STONE 2004 MULTIGENERATIONAL TRUST 

 	 
	 	By:  	/s/ Stephanie T. Stone
 	 
	 	 	Stephanie T. Stone, as trustee      	 
	 	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ROBERT GREGG 2004 MULTIGENERATIONAL TRUST 

 	 
	 	By:  	/s/ Pamela Fay Gregg
 	 
	 	 	Pamela Fay Gregg, as trustee      	 
	 	 	 	 
	 

	 	 	 	 	 
	 	

ROBERT GREGG REVOCABLE TRUST DATED DECEMBER 18, 2000 

 	 
	 	By:  	                                 /s/ Robert Gregg
 	 
	 	 	Robert Gregg, as trustee      	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                  /s/ Robin S. Parker
 	 
	 	Robin S. Parker, as trustee for the      	 
	 	 	 
	 

	 	 	 	 	 
	 	GLENN M. PARKER 2004 MULTIGENERATIONAL TRUST 

 	 
	 	/s/ Robert Gregg
 	 
	 	Robert Gregg, as trustee for the      	 
	 	 	 
	 

	 	 	 	 	 
	 	GLENN M. PARKER 2004 MULTIGENERATIONAL TRUST 

 	 
	 	

/s/ Stephanie T. Stone
 	 
	 	Stephanie T. Stone, as trustee for the 	 
	 	 	 
	 

	 	 	 	 	 
	 	LEWIS P. STONE 2004 MULTIGENERATIONAL TRUST 

 	 
	 	
/s/ Robin S. Parker
 	 
	 	Robin S. Parker, as trustee for the      	 
	 	 	 
	 

	 	 	 	 	 
	 	LEWIS P. STONE 2004 MULTIGENERATIONAL TRUST 

 	 
	 	/s/ Pamela Fay Gregg
 	 
	 	Pamela Fay Gregg, as trustee for the      	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ROBERT GREGG 2004 MULTIGENERATIONAL TRUST 

 	 
	 	/s/ Kathryn G. Pincus
 	 
	 	Kathryn G. Pincus, as trustee for the      	 
	 	ROBERT GREGG 2004 MULTIGENERATIONAL TRUST 	 
	 

	 	 	 	 	 
	 	ROBERT GREGG REVOCABLE TRUST DATED DECEMBER 18, 2000 

 	 
	 	By:  	/s/ Robert Gregg
 	 
	 	 	Robert Gregg, as trustee      	 
	 	 	 	 
	 

	 	 	 	 	 
	 	RGGPLS HOLDING, INC., as trustee for the 

RGGPLS Holding, Inc. Stock Bonus Plan and Trust

 	 
	 	By:  	/s/ Glenn M. Parker
 	 
	 	 	Name:  	Glenn M. Parker, M.D.      	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	RGGPLS HOLDING, INC. STOCK BONUS PLAN AND TRUST

 	 
	 	By:  	RGGPLS Holding, Inc., as Trustee
 	 
	 
	 	By:  	/s/ Glenn M. Parker
 	 
	 	 	Name:  	Glenn M. Parker, M.D.      	 
	 	 	Title:  	President<PAGE>
                                                                    EXHIBIT 10.3

                          EDUCATION REALTY TRUST, INC.

                               2004 INCENTIVE PLAN
<PAGE>
                          EDUCATION REALTY TRUST, INC.

                               2004 INCENTIVE PLAN

                                   SECTION 1.

                                     PURPOSE

      The purpose of this Plan is to promote the interests of the Company by
providing the opportunity to purchase or receive Shares, to receive Units, or to
receive compensation that is based upon appreciation in the value of Shares or
Units to Eligible Recipients in order to attract and retain Eligible Recipients
by providing an incentive to work to increase the value of Shares and Units and
a stake in the future of the Company that corresponds to the stake of each of
the Company's shareholders. The Plan provides for the grant of Incentive Stock
Options, Non-Qualified Stock Options, Restricted Stock Awards, Restricted Stock
Units, Restricted Unit Awards and Stock Appreciation Rights to aid the Company
in obtaining these goals.

                                   SECTION 2.

                                   DEFINITIONS

      Each term set forth in this Section shall have the meaning set forth
opposite such term for purposes of this Plan and any Incentive Award Agreements
under this Plan (unless noted otherwise), and for purposes of such definitions,
the singular shall include the plural and the plural shall include the singular,
and reference to one gender shall include the other gender. Note that some
definitions may not be used in this Plan, and may be inserted here solely for
possible use in Incentive Award Agreements issued under this Plan.

      2.1 BOARD means the Board of Directors of the Company.

      2.2 CAUSE shall mean an act or acts by an Eligible Recipient involving (a)
the use for profit or disclosure to unauthorized persons of confidential
information or trade secrets of the Company, a Parent or a Subsidiary, (b) the
breach of any contract with the Company, a Parent or a Subsidiary, (c) the
violation of any fiduciary obligation to the Company, a Parent or a Subsidiary,
(d) the unlawful trading in the securities of the Company, a Parent or a
Subsidiary, or of another corporation based on information gained as a result of
the performance of services for the Company, a Parent or a Subsidiary, (e) a
felony conviction or the failure to contest prosecution of a felony, or (f)
willful misconduct, dishonesty, embezzlement, fraud, deceit or civil rights
violations, or other unlawful acts.

      2.3 CHANGE OF CONTROL means either of the following:

            (a) any transaction or series of transactions pursuant to which the
Company sells, transfers, leases, exchanges or disposes of substantially all
(i.e., at least eighty-five percent (85%)) of its assets for cash or property,
or for a combination of cash and property, or for other consideration; or

            (b) any transaction pursuant to which persons who are not current
shareholders of the Company acquire by merger, consolidation, reorganization,
division or other business combination or transaction, or by a purchase of an
interest in the Company, an interest in the Company so that after such
transaction, the shareholders of the Company immediately prior to such
transaction no longer have a controlling (i.e., 50% or more) voting interest in
the Company.

However, notwithstanding the foregoing, in no event shall an initial public
offering of the Company's Common Stock constitute a Change of Control.

      2.4 CODE means the Internal Revenue Code of 1986, as amended.

      2.5 COMMITTEE means any committee appointed by the Board to administer the
Plan, as specified in Section 5 hereof. Any such committee shall be comprised
entirely of Directors.

      2.6 COMMON STOCK means the common stock, par value $0.01 per share, of the
Company.
<PAGE>
      2.7 COMPANY means Education Realty Trust, Inc., a Maryland corporation,
and any successor to such organization.

      2.8 DIRECTOR means a member of the Board.

      2.9 ELIGIBLE RECIPIENT means an Employee and/or a Key Person.

      2.10 EMPLOYEE means a common law employee of the Company, a Subsidiary or
a Parent.

      2.11 EXCHANGE ACT means the Securities Exchange Act of 1934, as amended.

      2.12 EXERCISE PRICE means the price that shall be paid to purchase one (1)
Share upon the exercise of an Option granted under this Plan.

      2.13 FAIR MARKET VALUE of each Share on any date means the price
determined below as of the close of business on such date (provided, however, if
for any reason, the Fair Market Value per share cannot be ascertained or is
unavailable for such date, the Fair Market Value per share shall be determined
as of the nearest preceding date on which such Fair Market Value can be
ascertained):

            (a) If the Share is listed or traded on any established stock
exchange or a national market system, including without limitation the National
Market of the National Association of Securities Dealers, Inc. Automated
Quotation ("NASDAQ") System, its Fair Market Value shall be the closing sale
price for the Share (or the mean of the closing bid and ask prices, if no sales
were reported), on such exchange or system on the date of such determination, as
reported in The Wall Street Journal or such other source as the Board deems
reliable; or

            (b) If the Share is not listed or traded on any established stock
exchange or a national market system, its Fair Market Value shall be the average
of the closing dealer "bid" and "ask" prices of a Share as reflected on the
NASDAQ interdealer quotation system of the National Association of Securities
Dealers, Inc. on the date of such determination; or

            (c) In the absence of an established public trading market for the
Share, the Fair Market Value of a Share shall be determined in good faith by the
Board.

      2.14 FLSA EXCLUSION means the provisions of Section 7(e) of the Fair Labor
Standards Act of 1938 (the "FLSA") that exempt certain stock-based compensation
from inclusion in overtime determinations under the FLSA.

      2.15 INCENTIVE AWARD means an ISO, a NQSO, a Restricted Stock Award, a
Restricted Stock Unit, a Restricted Unit Award or a Stock Appreciation Right.

      2.16 INCENTIVE AWARD AGREEMENT means an agreement between the Company, a
Parent or a Subsidiary, and a Participant evidencing an award of an Incentive
Award.

      2.17 INITIAL LIMITED PARTNER shall mean Education Realty Limited Partner,
LLC, a Delaware limited liability company.

      2.18 INSIDER means an individual who is, on the relevant date, an officer,
director or ten percent (10%) beneficial owner of any class of the Company's
equity securities that is registered pursuant to Section 12 of the Exchange Act,
all as defined under Section 16 of the Exchange Act.

      2.19 ISO means an option granted under this Plan to purchase Shares that
is intended by the Company to satisfy the requirements of Code Section 422 as an
incentive stock option.

      2.20 KEY PERSON means (1) a member of the Board who is not an Employee, or
(2) a consultant or advisor; provided, however, that such consultant or advisor
must be a natural person who is providing or will be providing bona fide
services to the Company, a Subsidiary or a Parent, with such services (i) not
being in

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 2
<PAGE>
connection with the offer or sale of securities in a capital-raising
transaction, and (ii) not directly or indirectly promoting or maintaining a
market for securities of the Company, a Subsidiary or a Parent, within the
meaning of the general instructions to SEC Form S-8.

      2.21 NQSO means an option granted under this Plan to purchase Shares that
is not intended by the Company to satisfy the requirements of Code Section 422.

      2.22 OPTION means an ISO or a NQSO.

      2.23 OUTSIDE DIRECTOR means a Director who is not an Employee and who
qualifies as (1) a "non-employee director" under Rule 16b-3(b)(3) under the 1934
Act, as amended from time to time, and (2) an "outside director" under Code
Section 162(m) and the regulations promulgated thereunder.

      2.24 PARENT means any corporation (other than the corporation employing a
Participant) in an unbroken chain of corporations ending with the corporation
employing a Participant if, at the time of the granting of the Incentive Award,
each of the corporations other than the corporation employing the Participant
owns stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporation in such chain.
However, for purposes of interpreting any Incentive Award Agreement issued under
this Plan as of a date of determination, Parent shall mean any corporation
(other than the corporation employing a Participant) in an unbroken chain of
corporations ending with the corporation employing a Participant if, at the time
of the granting of the Incentive Award and thereafter through such date of
determination, each of the corporations other than the corporation employing the
Participant owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporation in
such chain.

      2.25 PARTICIPANT means an individual who receives an Incentive Award
hereunder.

      2.26 PERFORMANCE-BASED EXCEPTION means the performance-based exception
from the tax deductibility limitations of Code Section 162(m).

      2.27 PLAN means the Education Realty Trust, Inc. 2004 Incentive Plan, as
may be amended from time to time.

      2.28 RESTRICTED STOCK AWARD means an award of Shares granted to a
Participant under this Plan whereby the Participant has immediate rights of
ownership in the Shares underlying the award, but such Shares are subject to
restrictions in accordance with the terms and provisions of this Plan and the
Incentive Award Agreement pertaining to the award and may be subject to
forfeiture by the individual until the earlier of (a) the time such restrictions
lapse or are satisfied, or (b) the time such shares are forfeited, pursuant to
the terms and provisions of the Incentive Award Agreement pertaining to the
award.

      2.29 RESTRICTED STOCK UNIT means a contractual right granted to a
Participant under this Plan to receive a Share that is subject to restrictions
of this Plan and the applicable Incentive Award Agreement.

      2.30 RESTRICTED UNIT AWARD means an award of Units granted to a
Participant under this Plan whereby the Participant has immediate rights of
ownership in the Units underlying the award, but such Units are subject to
restrictions in accordance with the terms and provisions of this Plan and the
limited liability company agreement of the Initial Limited Partner and may be
subject to additional restrictions in accordance with the terms of an Incentive
Award Agreement pertaining to the award, including provisions causing the Units
to be subject to forfeiture by the individual until the earlier of (a) the time
such restrictions lapse or are satisfied, or (b) the time such shares are
forfeited, pursuant to the terms and provisions of any Incentive Award Agreement
pertaining to the award.

      2.31 SAR EXERCISE PRICE means the amount per Share specified in an
Incentive Award Agreement with respect to a Stock Appreciation Right, the excess
of the Fair Market Value of a Share over and above such amount, the holder of
such Stock Appreciation Right may be able to receive upon the exercise or
payment of such Stock Appreciation Right.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 3
<PAGE>
      2.32 SHARE means a share of the Common Stock of the Company.

      2.33 STOCK APPRECIATION RIGHT means a right granted to a Participant
pursuant to the terms and provisions of this Plan whereby the individual,
without payment to the Company (except for any applicable withholding or other
taxes), receives cash, Shares, a combination thereof, or such other
consideration as the Board may determine, in an amount equal to the excess of
the Fair Market Value per Share on the date on which the Stock Appreciation
Right is exercised over the exercise price per Share noted in the Stock
Appreciation Right for each Share subject to the Stock Appreciation Right.

      2.34 SUBSIDIARY means any corporation, partnership, limited liability
company or other entity (other than the entity employing such Participant) in an
unbroken chain of corporations beginning with the corporation employing such
Participant if, at the time of the granting of the Incentive Award, each of the
entities other than the last entity in the unbroken chain owns stock possessing
fifty percent (50%) or more of the total combined voting power of one of the
other entities in such chain. However, for purposes of interpreting any
Incentive Award Agreement issued under this Plan as of a date of determination,
Subsidiary shall mean any entity (other than the entity employing such
Participant) in an unbroken chain of entities beginning with the entity
employing such Participant if, at the time of the granting of the Incentive
Award and thereafter through such date of determination, each of the entities
other than the last entity in the unbroken chain owns fifty percent (50%) or
more of the total combined voting power of one of the other entities in such
chain.

      2.35 TEN PERCENT SHAREHOLDER means a person who owns (after taking into
account the attribution rules of Code Section 424(d)) more than ten percent
(10%) of the total combined voting power of all classes of shares of stock of
either the Company, a Subsidiary or a Parent.

      2.36 UNIT shall mean a "Profits Interest Unit" as designated under the
limited liability company agreement forming the Initial Limited Partner which
represents the right to receive profits and appreciation earned by, or which
inure to, the Initial Limited Partner after the date of issuance of such Unit,
pursuant to the terms and provisions of the limited liability company operating
agreement forming the Initial Limited Partner.

                                   SECTION 3.

                       SHARES SUBJECT TO INCENTIVE AWARDS

      The total number of Shares reserved for issuance under this Plan shall not
exceed eight hundred thousand (800,000), plus an annual amount for each calendar
year beginning with the calendar year that begins on January 1, 2006, such that
the total number of Shares reserved for issuance under this Plan will be equal
to four percent (4%) of the aggregate number of Shares outstanding on the last
day of the preceding calendar year; provided, however, in no event shall the
increase in the number of Shares from one fiscal year to the next exceed eighty
thousand (80,000), all as adjusted pursuant to Section 10. Such Shares shall be
reserved, to the extent that the Company deems appropriate, from authorized but
unissued Shares, and from Shares that have been reacquired by the Company.
Furthermore, any Shares subject to an Incentive Award that remain after the
cancellation, expiration or exchange of such Incentive Award thereafter shall
again become available for use under this Plan. The total number of Shares that
may be issued pursuant to the exercise of ISOs under this plan shall at all
times be exactly the same as the total number of Shares that may be issued
pursuant to Stock Incentives under this Plan pursuant to the preceding three
sentences. Notwithstanding anything herein to the contrary, no Participant may
be granted Incentive Awards covering an aggregate number of Shares in excess of
one hundred thousand (100,000) in any calendar year, and any Shares subject to
an Incentive Award which again become available for use under this Plan after
the cancellation, expiration or exchange of such Incentive Award thereafter
shall continue to be counted in applying this calendar year Participant
limitation.

                                   SECTION 4.

                                 EFFECTIVE DATE

      The effective date of this Plan shall be the date of the consummation of
the Company's initial public offering.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 4
<PAGE>
                                   SECTION 5.

                                 ADMINISTRATION

      5.1 GENERAL ADMINISTRATION. This Plan shall be administered by the Board.
The Board, acting in its absolute discretion, shall exercise such powers and
take such action as expressly called for under this Plan. The Board shall have
the power to interpret this Plan and, subject to the terms and provisions of
this Plan, to take such other action in the administration and operation of the
Plan as it deems equitable under the circumstances. The Board's actions shall be
binding on the Company, on each affected Eligible Recipient, and on each other
person directly or indirectly affected by such actions.

      5.2 AUTHORITY OF THE BOARD. Except as limited by law or by the Articles of
Incorporation or Bylaws of the Company, and subject to the provisions herein,
the Board shall have full power to select Eligible Recipients who shall
participate in the Plan, to determine the sizes and types of Incentive Awards in
a manner consistent with the Plan, to determine the terms and conditions of
Incentive Awards in a manner consistent with the Plan, to construe and interpret
the Plan and any agreement or instrument entered into under the Plan, to
establish, amend or waive rules and regulations for the Plan's administration,
and to amend the terms and conditions of any outstanding Incentive Awards as
allowed under the Plan and such Incentive Awards. Further, the Board may make
all other determinations which may be necessary or advisable for the
administration of the Plan.

      5.3 DELEGATION OF AUTHORITY. The Board may delegate its authority under
the Plan, in whole or in part, to a Committee appointed by the Board consisting
of not less than two (2) independent Directors. The members of the Committee
shall be appointed from time to time by, and shall serve at the discretion of,
the Board. The Committee shall act according to the policies and procedures set
forth in the Plan and to those policies and procedures established by the Board,
and the Committee shall have such powers and responsibilities as are set forth
by the Board. Reference to the Board in this Plan shall specifically include
reference to the Committee where the Board has delegated its authority to the
Committee, and any action by the Committee pursuant to a delegation of authority
by the Board shall be deemed an action by the Board under the Plan.
Notwithstanding the above, the Board may assume the powers and responsibilities
granted to the Committee at any time, in whole or in part. With respect to
Committee appointments and composition, only a Committee (or a sub-committee
thereof) comprised solely of two (2) or more Outside Directors may grant
Incentive Awards that will meet the Performance-Based Exception, and only a
Committee comprised solely of Outside Directors may grant Incentive Awards to
Insiders that will be exempt from Section 16(b) of the Exchange Act.

      5.4 DECISIONS BINDING. All determinations and decisions made by the Board
(or its delegate) pursuant to the provisions of this Plan and all related orders
and resolutions of the Board shall be final, conclusive and binding on all
persons, including the Company, its shareholders, Directors, Eligible
Recipients, Participants, and their estates and beneficiaries, and the Initial
Limited Partner, its partners, and their estates and beneficiaries.

      5.5 INDEMNIFICATION FOR DECISIONS. No member of the Board or the Committee
(or a sub-committee thereof) shall be liable for any action taken or
determination made hereunder in good faith. Service on the Committee (or a
sub-committee thereof) shall constitute service as a director of the Company so
that the members of the Committee (or a sub-committee thereof) shall be entitled
to indemnification and reimbursement as directors of the Company pursuant to its
bylaws and applicable law. In addition, the members of the Board, Committee (or
a sub-committee thereof) shall be indemnified by the Company against (a) the
reasonable expenses, including attorneys' fees actually and necessarily incurred
in connection with the defense of any action, suit or proceeding, to which they
or any of them may be a party by reason of any action taken or failure to act
under or in connection with the Plan, any Incentive Award granted hereunder, and
(b) against all amounts paid by them in settlement thereof (provided such
settlement is approved by independent legal counsel selected by the Company) or
paid by them in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be adjudged in
such action, suit or proceeding that such individual is liable for gross
negligence or misconduct in the performance of his duties, provided that within
60 days after institution of any such action, suit or proceeding a Committee
member or delegatee shall in writing offer the Company the opportunity, at its
own expense, to handle and defend the same.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 5
<PAGE>
      5.6 UNITS AS INCENTIVE AWARDS. To the extent that any Incentive Awards
involve Units, the Board, acting for the Company as manager of the Initial
Limited Partner, shall cause the Initial Limited Partner to issue Units pursuant
to the terms and provisions of the Plan.

                                   SECTION 6.

                                   ELIGIBILITY

      Eligible Recipients selected by the Board shall be eligible for the grant
of Incentive Awards under this Plan, but no Eligible Recipient shall have the
right to be granted an Incentive Award under this Plan merely as a result of his
or her status as an Eligible Recipient. Only Employees shall be eligible to
receive a grant of ISO's.

                                    SECTION 7

                            TERMS OF INCENTIVE AWARDS

      7.1 TERMS AND CONDITIONS OF ALL INCENTIVE AWARDS.

            (a) Grants of Incentive Awards. The Board, in its absolute
discretion, shall grant Incentive Awards under this Plan from time to time and
shall have the right to grant new Incentive Awards in exchange for outstanding
Incentive Awards, including, but not limited to, exchanges of Stock Options for
the purpose of achieving a lower Exercise Price. Incentive Awards shall be
granted to Eligible Recipients selected by the Board, and the Board shall be
under no obligation whatsoever to grant any Incentive Awards, or to grant
Incentive Awards to all Eligible Recipients, or to grant all Incentive Awards
subject to the same terms and conditions.

            (b) Shares & Units Subject to Incentive Awards. The number of Shares
or Units as to which an Incentive Award shall be granted shall be determined by
the Board in its sole discretion, subject to the provisions of Section 3 as to
the total number of Shares available for grants under the Plan.

            (c) Incentive Award Agreements. Each Incentive Award shall be
evidenced by an Incentive Award Agreement executed by the Company, a Parent or a
Subsidiary, and the Participant, which shall be in such form and contain such
terms and conditions as the Board in its discretion may, subject to the
provisions of the Plan, from time to time determine. Notwithstanding the
foregoing, Restricted Unit Awards must be evidenced by an Incentive Award
Agreement only if the grant of such Units is subject to terms, conditions and
restrictions in addition to those contained in this Plan and the limited
liability company agreement of the Initial Limited Partner.

            (d) Date of Grant. The date an Incentive Award is granted shall be
the date on which the Board (1) has approved the terms and conditions of any
Incentive Award Agreement, (2) has determined the recipient of the Incentive
Award and the number of Shares or Units covered by the Incentive Award and (3)
has taken all such other action necessary to direct the grant of the Incentive
Award.

      7.2 TERMS AND CONDITIONS OF OPTIONS.

            (a) Necessity of Incentive Award Agreements. Each grant of an Option
shall be evidenced by an Incentive Award Agreement that shall specify whether
the Option is an ISO or NQSO, and incorporate such other terms and conditions as
the Board, acting in its absolute discretion, deems consistent with the terms of
this Plan, including (without limitation) a restriction on the number of Shares
subject to the Option that first become exercisable during any calendar year.
The Board and/or the Company shall have complete discretion to modify the terms
and provisions of an Option in accordance with Section 12 of this Plan even
though such modification may change the Option from an ISO to a NQSO.

            (b) Determining Optionees. In determining Eligible Recipient(s) to
whom an Option shall be granted and the number of Shares to be covered by such
Option, the Board may take into account the recommendations of the Chief
Executive Officer of the Company and its other officers, the duties of the
Eligible Recipient, the present and potential contributions of the Eligible
Recipient to the success of the Company, and other factors deemed relevant by
the Board, in its sole discretion, in connection with accomplishing the purpose

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 6
<PAGE>
of this Plan. An Eligible Recipient who has been granted an Option to purchase
Shares, whether under this Plan or otherwise, may be granted one or more
additional Options. If the Board grants an ISO and a NQSO to an Eligible
Recipient on the same date, the right of the Eligible Recipient to exercise one
such Option shall not be conditioned on his or her failure to exercise the other
such Option.

            (c) Exercise Price. Subject to adjustment in accordance with Section
10 and the other provisions of this Section, the Exercise Price shall be as set
forth in the applicable Incentive Award Agreement. With respect to each grant of
an ISO to a Participant who is not a Ten Percent Shareholder, the Exercise Price
shall not be less than the Fair Market Value on the date the ISO is granted.
With respect to each grant of an ISO to a Participant who is a Ten Percent
Shareholder, the Exercise Price shall not be less than one hundred ten percent
(110%) of the Fair Market Value on the date the ISO is granted. If an Incentive
Award is a NQSO, the Exercise Price for each Share shall be no less than (1) the
minimum price required by applicable state law, or (2) the minimum price
required by the Company's governing instrument, or (3) $0.01, whichever price is
greater. Any Incentive Award intended to meet the Performance-Based Exception
must be granted with an Exercise Price equivalent to or greater than the Fair
Market Value of the Shares subject thereto determined as of the date of such
grant. Any Incentive Award intended to meet the FLSA Exclusion must be granted
with an Exercise Price equivalent to or greater than eighty-five percent (85%)
of the Fair Market Value of the Shares subject thereto on the date granted
determined as of the date of such grant. Any Option that is intended to avoid
taxation under Code Section 409A as a "nonqualified deferred compensation plan"
must be granted with an Exercise Price equivalent to or greater than the Fair
Market Value of the Shares subject thereto determined as of the date of such
grant.

            (d) Option Term. Each Option granted under this Plan shall be
exercisable in whole or in part at such time or times as set forth in the
related Incentive Award Agreement, but no Incentive Award Agreement shall:

                  (i) make an Option exercisable before the date such Option is
            granted; or

                  (ii) make an Option exercisable after the earlier of:

                        (A) the date such Option is exercised in full, or

                        (B) the date that is the tenth (10th) anniversary of the
date such Option is granted, if such Option is a NQSO or an ISO granted to a
non-Ten Percent Shareholder, or the date that is the fifth (5th) anniversary of
the date such Option is granted, if such Option is an ISO granted to a Ten
Percent Shareholder. An Incentive Award Agreement may provide for the exercise
of an Option after the employment of an Employee has terminated for any reason
whatsoever, including death or disability. The Employee's rights, if any, upon
termination of employment will be set forth in the applicable Incentive Award
Agreement.

            (e) Payment. Options shall be exercised by the delivery of a written
notice of exercise to the Company, setting forth the number of Shares with
respect to which the Option is to be exercised accompanied by full payment for
the Shares. Payment for shares of Stock purchased pursuant to exercise of an
Option shall be made in cash or, unless the Incentive Award Agreement provides
otherwise, by delivery to the Company of a number of Shares that have been owned
and completely paid for by the holder for at least six (6) months prior to the
date of exercise (i.e., "mature shares" for accounting purposes) having an
aggregate Fair Market Value equal to the amount to be tendered, or a combination
thereof. In addition, unless the Incentive Award Agreement provides otherwise,
the Option may be exercised through a brokerage transaction following
registration of the Company's equity securities under Section 12 of the Exchange
Act as permitted under the provisions of Regulation T applicable to cashless
exercises promulgated by the Federal Reserve Board, unless prohibited by Section
402 of the Sarbanes-Oxley Act of 2002. However, notwithstanding the foregoing,
with respect to any Option recipient who is an Insider, a tender of shares or a
cashless exercise must (1) have met the requirements of an exemption under Rule
16b-3 promulgated under the Exchange Act, or (2) be a subsequent transaction the
terms of which were provided for in a transaction initially meeting the
requirements of an exemption under Rule 16b-3 promulgated under the Exchange
Act. Unless the Incentive Award Agreement provides otherwise, the foregoing
exercise payment methods shall be subsequent transactions approved by the
original grant of an Option. Except as provided in subparagraph (f) below,
payment shall be made at the time that the Option or any part thereof is
exercised, and no Shares shall be issued or delivered upon exercise of an Option
until full payment has been made by the Participant. The holder of an Option, as
such, shall have none

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 7
<PAGE>
of the rights of a shareholder. Other methods of payment may also be used if
approved by the Board in its sole and absolute discretion and provided for under
the Incentive Award Agreement.

            (f) Conditions to Exercise of an Option. Each Option granted under
the Plan shall vest and shall be exercisable at such time or times, or upon the
occurrence of such event or events, and in such amounts, as the Board shall
specify in the Incentive Award Agreement; provided, however, that subsequent to
the grant of an Option, the Board, at any time before complete termination of
such Option, may accelerate the time or times at which such Option may vest or
be exercised in whole or in part. Notwithstanding the foregoing, an Option
intended to meet the FLSA Exclusion shall not be exercisable for at least six
(6) months following the date it is granted, except by reason of death,
disability, retirement, a change in corporate ownership or other circumstances
permitted under regulations promulgated under the FLSA Exclusion. Furthermore,
if the recipient of an Option receives a hardship distribution from a Code
Section 401(k) plan of the Company, or any Parent or Subsidiary, the Option may
not be exercised during the six-month period following the hardship
distribution, unless the Company determines that such exercise would not
jeopardize the tax-qualification of the Code Section 401(k) plan. The Board may
impose such restrictions on any Shares acquired pursuant to the exercise of an
Option as it may deem advisable, including, without limitation, vesting or
performance-based restrictions, rights of the Company to re-purchase Shares
acquired pursuant to the exercise of an Option, voting restrictions, investment
intent restrictions, restrictions on transfer, "first refusal" rights of the
Company to purchase Shares acquired pursuant to the exercise of an Option prior
to their sale to any other person, "drag along" rights requiring the sale of
shares to a third party purchaser in certain circumstances, "lock up" type
restrictions in the case of an initial public offering of the Company's stock,
restrictions or limitations or other provisions that would be applied to
shareholders under any applicable agreement among the shareholders, and
restrictions under applicable federal securities laws, under the requirements of
any stock exchange or market upon which such Shares are then listed and/or
traded, and/or under any blue sky or state securities laws applicable to such
Shares.

            (g) Transferability of Options. An Option shall not be transferable
or assignable except by will or by the laws of descent and distribution and
shall be exercisable, during the Participant's lifetime, only by the
Participant; provided, however, that in the event the Participant is
incapacitated and unable to exercise his or her Option, if such Option is a
NQSO, such Option may be exercised by such Participant's legal guardian, legal
representative, or other representative whom the Board deems appropriate based
on applicable facts and circumstances. The determination of incapacity of a
Participant and the determination of the appropriate representative of the
Participant who shall be able to exercise the Option if the Participant is
incapacitated shall be determined by the Board in its sole and absolute
discretion. Notwithstanding the foregoing, except as otherwise provided in the
Incentive Award Agreement, a NQSO may also be transferred by a Participant as a
bona fide gift (i) to his spouse, lineal descendant or lineal ascendant,
siblings and children by adoption, (ii) to a trust for the benefit of one or
more individuals described in clause (i) and no other persons, or (iii) to a
partnership of which the only partners are one or more individuals described in
clause (i), in which case the transferee shall be subject to all provisions of
the Plan, the Incentive Award Agreement and other agreements with the
Participant in connection with the exercise of the Option and purchase of
Shares. In the event of such a gift, the Participant shall promptly notify the
Board of such transfer and deliver to the Board such written documentation as
the Board may in its discretion request, including, without limitation, the
written acknowledgment of the donee that the donee is subject to the provisions
of the Plan, the Incentive Award Agreement and other agreements with the
Participant.

            (h) Special Provisions for Certain Substitute Options.
Notwithstanding anything to the contrary in this Section, any Option in
substitution for a stock option previously issued by another entity, which
substitution occurs in connection with a transaction to which Code Section
424(a) is applicable, may provide for an exercise price computed in accordance
with Code Section 424(a) and the regulations thereunder and may contain such
other terms and conditions as the Board may prescribe to cause such substitute
Option to contain as nearly as possible the same terms and conditions (including
the applicable vesting and termination provisions) as those contained in the
previously issued stock option being replaced thereby.

            (i) ISO Tax Treatment Requirements. With respect to any Option that
purports to be an ISO, to the extent that the aggregate Fair Market Value
(determined as of the date of grant of such Option) of stock with respect to
which such Option is exercisable for the first time by any individual during any
calendar year exceeds one hundred thousand dollars ($100,000.00), such Option
shall not be treated as an ISO in accordance with Code Section 422(d). The rule
of the preceding sentence is applied in the order in which Options are

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 8
<PAGE>
granted. Also, with respect to any Option that purports to be an ISO, such
Option shall not be treated as an ISO if the Participant disposes of shares
acquired thereunder within two (2) years from the date of the granting of the
Option or within one (1) year of the exercise of the Option, or if the
Participant has not met the requirements of Code Section 422(a)(2).

      7.3 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS. A Stock
Appreciation Right may be granted in connection with all or any portion of a
previously or contemporaneously granted Option or not in connection with an
Option. A Stock Appreciation Right shall entitle the Participant to receive upon
exercise or payment the excess of the Fair Market Value of a specified number of
Shares at the time of exercise, over a SAR Exercise Price that shall be not less
than the Exercise Price for that number of Shares in the case of a Stock
Appreciation Right granted in connection with a previously or contemporaneously
granted Option, or in the case of any other Stock Appreciation Right, not less
than one hundred percent (100%) of the Fair Market Value of that number of
Shares at the time the Stock Appreciation Right was granted. The exercise of a
Stock Appreciation Right shall result in a pro rata surrender of the related
Option to the extent the Stock Appreciation Right has been exercised.

            (a) Payment. Upon exercise or payment of a Stock Appreciation Right,
the Company shall pay to the Participant the appreciation in cash or Shares (at
the aggregate Fair Market Value on the date of payment or exercise) as provided
in the Incentive Award Agreement or, in the absence of such provision, as the
Board may determine. To the extent that a Stock Appreciation Right is paid in
cash, it shall nonetheless be deemed paid in Shares for purposes of Section 3
hereof.

            (b) Conditions to Exercise. Each Stock Appreciation Right granted
under the Plan shall be exercisable at such time or times, or upon the
occurrence of such event or events, and in such amounts, as the Board shall
specify in the Incentive Award Agreement; provided, however, that subsequent to
the grant of a Stock Appreciation Right, the Board, at any time before complete
termination of such Stock Appreciation Right, may accelerate the time or times
at which such Stock Appreciation Right may be exercised in whole or in part. The
exercisability of a Stock Appreciation Right that is intended to avoid taxation
under Code Section 409A as a "nonqualified deferred compensation plan" must be
carefully restricted in accordance with Code Section 409A requirements.
Furthermore, if the recipient of a Stock Appreciation Right receives a hardship
distribution from a Code Section 401(k) plan of the company, or any Parent or
Subsidiary, the Stock Appreciation Right may not be exercised during the
six-month period following the hardship distribution, unless the Company
determines that such exercise would not jeopardize the tax-qualification of the
Code Section 401(k) plan.

            (c) Transferability of Stock Appreciation Rights. Except as
otherwise provided in a Participant's Incentive Award Agreement, no Stock
Appreciation Right granted under the Plan may be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, except as otherwise provided in a
Participant's Incentive Award Agreement, all Stock Appreciation Rights granted
to a Participant under the Plan shall be exercisable, during the Participant's
lifetime, only by the Participant; provided, however, that in the event the
Participant is incapacitated and unable to exercise his or her Stock
Appreciation Right, such Stock Appreciation Right may be exercised by such
Participant's legal guardian, legal representative, or other representative whom
the Board deems appropriate based on applicable facts and circumstances. The
determination of incapacity of a Participant and the determination of the
appropriate representative of the Participant shall be determined by the Board
in its sole and absolute discretion. Notwithstanding the foregoing, except as
otherwise provided in the Incentive Award Agreement, (A) a Stock Appreciation
Right which is granted in connection with the grant of a NQSO may be
transferred, but only with the NQSO, and (B) a Stock Appreciation Right which is
not granted in connection with the grant of a NQSO, may be transferred by the
Participant as a bona fide gift (i) to his spouse, lineal descendant or lineal
ascendant, siblings and children by adoption, (ii) to a trust for the benefit of
one or more individuals described in clause (i), or (iii) to a partnership of
which the only partners are one or more individuals described in clause (i), in
which case the transferee shall be subject to all provisions of the Plan, the
Incentive Award Agreement and other agreements with the Participant in
connection with the exercise of the Stock Appreciation Right. In the event of
such a gift, the Participant shall promptly notify the Board of such transfer
and deliver to the Board such written documentation as the Board may in its
discretion request, including, without limitation, the written acknowledgment of
the donee that the donee is subject to the provisions of the Plan, the Incentive
Award Agreement and other agreements with the Participant in connection with the
exercise of the Stock Appreciation Right.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 9
<PAGE>
            (d) Special Provisions for Tandem SARs. A Stock Appreciation Right
granted in connection with an Option may only be exercised to the extent that
the related Option has not been exercised. A Stock Appreciation Right granted in
connection with an ISO (1) will expire no later than the expiration of the
underlying ISO, (2) may be for no more than the difference between the exercise
price of the underlying ISO and the Fair Market Value of the Shares subject to
the underlying ISO at the time the Stock Appreciation Right is exercised, (3)
may be transferable only when, and under the same conditions as, the underlying
ISO is transferable, and (4) may be exercised only (i) when the underlying ISO
could be exercised and (ii) when the Fair Market Value of the Shares subject to
the ISO exceeds the exercise price of the ISO.

            (e) Code Section 409A Requirements. A Stock Appreciation Right must
meet certain restrictions contained in Code Section 409A if it is to avoid
taxation under Code Section 409A as a "nonqualified deferred compensation plan."
No Stock Appreciation Right should be granted under this Plan without careful
consideration of the impact of Code Section 409A with respect to such grant upon
both the Company and the recipient of the Stock Appreciation Right.

      7.4 TERMS AND CONDITIONS OF RESTRICTED STOCK AWARDS.

            (a) Grants of Restricted Stock Awards. Shares awarded pursuant to
Restricted Stock Awards shall be subject to such restrictions as determined by
the Board for periods determined by the Board. Restricted Stock Awards issued
under the Plan may have restrictions which lapse based upon the service of a
Participant, or based upon the attainment (as determined by the Board) of
performance goals established pursuant to the business criteria listed in
Section 14, or based upon any other criteria that the Board may determine
appropriate. Any Restricted Stock Award which becomes exercisable based on the
attainment of performance goals must be granted by a Committee, must have its
performance goals determined by such a Committee based upon one or more of the
business criteria listed in Section 14, and must have the attainment of such
performance goals certified in writing by such a Committee in order to meet the
Performance-Based Exception. The Board may require a cash payment from the
Participant in exchange for the grant of a Restricted Stock Award or may grant a
Restricted Stock Award without the requirement of a cash payment; provided,
however, if the recipient of a Restricted Stock Award receives a hardship
distribution from a Code Section 401(k) plan of the Company, or any Parent or
Subsidiary, the recipient may not pay any amount for such Restricted Stock Award
during the six-month period following the hardship distribution, unless the
Company determines that such payment would not jeopardize the tax-qualification
of the Code Section 401(k).

            (b) Acceleration of Award. The Board shall have the power to permit,
in its discretion, an acceleration of the expiration of the applicable
restrictions or the applicable period of such restrictions with respect to any
part or all of the Shares awarded to a Participant.

            (c) Necessity of Incentive Award Agreement. Each grant of a
Restricted Stock Award shall be evidenced by an Incentive Award Agreement that
shall specify the terms, conditions and restrictions regarding the Shares
awarded to a Participant, and shall incorporate such other terms and conditions
as the Board, acting in its absolute discretion, deems consistent with the terms
of this Plan. The Board shall have complete discretion to modify the terms and
provisions of Restricted Stock Awards in accordance with Section 12 of this
Plan.

            (d) Restrictions on Shares Awarded. Shares awarded pursuant to
Restricted Stock Awards shall be subject to such restrictions as determined by
the Board for periods determined by the Board. The Board may impose such
restrictions on any Shares acquired pursuant to a Restricted Stock Award as it
may deem advisable, including, without limitation, vesting or performance-based
restrictions, rights of the Company to re-purchase Shares acquired pursuant to
the Restricted Stock Award, voting restrictions, investment intent restrictions,
restrictions on transfer, "first refusal" rights of the Company to purchase
Shares acquired pursuant to the Restricted Stock Award prior to their sale to
any other person, "drag along" rights requiring the sale of shares to a third
party purchaser in certain circumstances, "lock up" type restrictions in
connection with public offerings of the Company's stock, restrictions or
limitations or other provisions that would be applied to shareholders under any
applicable agreement among the shareholders, and restrictions under applicable
federal securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed and/or traded, and/or under any blue sky
or state securities laws applicable to such Shares.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 10
<PAGE>
            (e)Transferability of Restricted Stock Awards. A Restricted Stock
Award may not be transferred by the holder Participant, except upon the death of
the holder Participant by will or by the laws of descent and distribution.

            (f) Voting, Dividend & Other Rights. Unless the applicable Incentive
Award Agreement provides otherwise, holders of Restricted Stock Awards shall be
entitled to vote and shall receive dividends during the periods of restriction.

      7.5 TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS.

            (a) Grants of Restricted Stock Units. A Restricted Stock Unit shall
entitle the Participant to receive one Share at such future time and upon such
terms as specified by the Board in the Incentive Award Agreement evidencing such
award. Restricted Stock Units issued under the Plan may have restrictions which
lapse based upon the service of a Participant, or based upon other criteria that
the Board may determine appropriate. The Board may require a cash payment from
the Participant in exchange for the grant of Restricted Stock Units or may grant
Restricted Stock Units without the requirement of a cash payment; provided,
however, if the recipient of a Restricted Stock Award receives a hardship
distribution from a Code Section 401(k) plan of the Company, or any Parent or
Subsidiary, no payment for the Restricted Stock Unit may be made by the
recipient during the six-month period following the hardship distribution,
unless the Company determines that such payment would not jeopardize the
tax-qualification of the Code Section 401(k) Plan.

            (b) Vesting of Restricted Stock Units. The Board shall establish the
vesting schedule applicable to Restricted Stock Units and shall specify the
times, vesting and performance goal requirements. Until the end of the period(s)
of time specified in the vesting schedule and/or the satisfaction of any
performance criteria, the Restricted Stock Units subject to such Incentive Award
Agreement shall remain subject to forfeiture.

            (c) Acceleration of Award. The Board shall have the power to permit,
in its sole discretion, an acceleration of the applicable restrictions or the
applicable period of such restrictions with respect to any part or all of the
Restricted Stock Units awarded to a Participant.

            (d) Necessity of Incentive Award Agreement. Each grant of Restricted
Stock Unit(s) shall be evidenced by an Incentive Award Agreement that shall
specify the terms, conditions and restrictions regarding the Participant's right
to receive Share(s) in the future, and shall incorporate such other terms and
conditions as the Board, acting in its sole discretion, deems consistent with
the terms of this Plan. The Board shall have sole discretion to modify the terms
and provisions of Restricted Stock Unit(s) in accordance with Section 12 of this
Plan.

            (e) Transferability of Restricted Stock Units. Except as otherwise
provided in a Participant's Restricted Stock Unit Award, no Restricted Stock
Unit granted under the Plan may be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated by the holder Participant, except upon the
death of the holder Participant by will or by the laws of descent and
distribution.

            (f) Voting, Dividend & Other Rights. Unless the applicable Incentive
Award Agreement provides otherwise, holders of Restricted Stock Units shall not
be entitled to vote or to receive dividends until they become owners of the
Shares pursuant to their Restricted Stock Units.

            (g) Code Section 409A Requirements. A Restricted Stock Unit must
meet certain restrictions contained in Code Section 409A if it is to avoid
taxation under Code Section 409A as a "nonqualified deferred compensation plan."
No Restricted Stock Unit should be granted under this Plan without careful
consideration of the impact of Code Section 409A with respect to such grant upon
both the Company and the recipient of the Restricted Stock Unit.

      7.6 TERMS AND CONDITIONS OF RESTRICTED UNIT AWARDS.

            (a) Grants of Restricted Unit Awards. Units awarded pursuant to
Restricted Unit Awards may be subject to such terms, conditions and restrictions
as determined by the Board for periods determined by the Board in addition to
the terms, conditions and restrictions as contained in the limited liability
company agreement of the Initial Limited Partner. Restricted Unit Awards issued
under the Plan may have restrictions which lapse based upon the service of a
Participant, or based upon the attainment (as determined by the Board)

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 11
<PAGE>
of performance goals established pursuant to the business criteria listed in
Section 14, or based upon any other criteria that the Board may determine
appropriate. Any Restricted Unit Award which becomes exercisable based on the
attainment of performance goals must be granted by a Committee, must have its
performance goals determined by such a Committee based upon one or more of the
business criteria listed in Section 14, and must have the attainment of such
performance goals certified in writing by such a Committee in order to meet the
Performance-Based Exception.

            (b) Acceleration of Award. The Board shall have the power to permit,
in its discretion, an acceleration of the expiration of the applicable
restrictions or the applicable period of such restrictions with respect to any
part or all of the Units awarded to a Participant.

            (c) Incentive Award Agreement. Each grant of a Restricted Unit Award
may be evidenced by an Incentive Award Agreement that shall specify any terms,
conditions and restrictions regarding the Units awarded to a Participant in
addition to the terms, conditions and restrictions as contained in the limited
liability company agreement of the Initial Limited Partner, and shall
incorporate such other terms and conditions as the Board, acting in its absolute
discretion, deems consistent with the terms of this Plan. The Board shall have
complete discretion to modify the terms and provisions of Restricted Unit Awards
in accordance with Section 12 of this Plan.

            (d) Restrictions on Units Awarded. Units awarded pursuant to
Restricted Unit Awards may be subject to such restrictions as determined by the
Board for periods determined by the Board. The Board may impose such
restrictions on any Units acquired pursuant to a Restricted Stock Award as it
may deem advisable, including, without limitation, vesting or performance-based
restrictions, rights of the Company to re-purchase Units acquired pursuant to
the Restricted Units Award, voting restrictions, investment intent restrictions,
restrictions on transfer, "first refusal" rights of the Company to purchase
Units acquired pursuant to the Restricted Unit Award prior to their sale to any
other person, "drag along" rights requiring the sale of Units to a third party
purchaser in certain circumstances, restrictions or limitations or other
provisions that would be applied to other holders of Units under any applicable
agreement among the holders of Units or under the limited liability company
agreement of the Initial Limited Partner, and restrictions under applicable
federal securities laws, and/or under any blue sky or state securities laws
applicable to such Units.

            (e) Transferability of Restricted Unit Awards. A Restricted Unit
Award may not be transferred by the holder Participant, except upon the death of
the holder Participant by will or by the laws of descent and distribution.

            (f) Other Rights. The holders of Restricted Unit Awards shall be
entitled to only such rights as are afforded such holders under the limited
liability company agreement of the Initial Limited Partner.

            (g) Code Section 409A Requirements. A Restricted Unit Award must
meet certain restrictions contained in Code Section 409A if it is to avoid
taxation under Code Section 409A as a "nonqualified deferred compensation plan."
No Restricted Unit Award should be granted under this Plan without careful
consideration of the impact of Code Section 409A with respect to such grant upon
both the Company and the recipient of the Restricted Unit Award.

                                   SECTION 8.

                              SECURITIES REGULATION

      Each Incentive Award Agreement may provide that, upon the receipt of
Shares or Units as a result of the exercise of an Incentive Award or otherwise,
the Participant shall, if so requested by the Company, hold such Shares or Units
for investment and not with a view of resale or distribution to the public and,
if so requested by the Company, shall deliver to the Company and/or the Initial
Limited Partner a written statement satisfactory to the Company to that effect.
Each Incentive Award Agreement may also provide that, if so requested by the
Company, the Participant shall make a written representation to the Company
and/or the Initial Limited Partner that he or she will not sell or offer to sell
any of such Shares or Units unless a registration statement shall be in effect
with respect to such Shares or Units under the Securities Act of 1933, as
amended ("1933 Act"), and any applicable state securities law or, unless he or
she shall have furnished to the Company an opinion, in form and substance
satisfactory to the Company, of legal counsel acceptable to the Company, that
such registration is not required. Certificates representing the Shares or Units
transferred upon the exercise of an Incentive Award

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 12
<PAGE>
granted under this Plan may at the discretion of the Company bear a legend to
the effect that such Shares or Units have not been registered under the 1933 Act
or any applicable state securities law and that such Shares or Units may not be
sold or offered for sale in the absence of an effective registration statement
as to such Shares or Units under the 1933 Act and any applicable state
securities law or an opinion, in form and substance satisfactory to the Company,
of legal counsel acceptable to the Company, that such registration is not
required.

                                   SECTION 9.

                                  LIFE OF PLAN

      No Incentive Award shall be granted under this Plan on or after the
earlier of:

            (a) the tenth (10th) anniversary of the effective date of this Plan
(as determined under Section 4 of this Plan), in which event this Plan otherwise
thereafter shall continue in effect until all outstanding Incentive Awards have
been exercised in full or no longer are exercisable, or

            (b) the date on which all of the Shares reserved under Section 3 of
this Plan have (as a result of the exercise of Incentive Awards granted under
this Plan or lapse of all restrictions under a Restricted Stock Award or
Restricted Stock Unit or Restricted Unit Award) been issued or no longer are
available for use under this Plan, in which event this Plan also shall terminate
on such date.

This Plan shall continue in effect until all outstanding Incentive Awards have
been exercised in full or are no longer exercisable and all Restricted Stock
Awards or Restricted Stock Units or Restricted Unit Awards have vested or been
forfeited.

                                   SECTION 10.

                                   ADJUSTMENT

      Notwithstanding anything in Section 12 to the contrary, the number of
Shares reserved under Section 3 of this Plan, the limit on the number of Shares
that may be granted during a calendar year to any individual under Section 3 of
this Plan, the number of Shares or Units subject to Incentive Awards granted
under this Plan, and the Exercise Price of any Options and the SAR Exercise
Price of any Stock Appreciation Rights, shall be adjusted by the Board in an
equitable manner to reflect any change in the capitalization of the Company or
the Initial Limited Partner, including, but not limited to, such changes as
stock dividends or stock splits. Furthermore, the Board shall have the right to
adjust (in a manner that satisfies the requirements of Code Section 424(a)) the
number of Shares reserved under Section 3, and the number of Shares or Units
subject to Incentive Awards granted under this Plan, and the Exercise Price of
any Options and the SAR Exercise Price of any Stock Appreciation Rights in the
event of any corporate transaction described in Code Section 424(a) that
provides for the substitution or assumption of such Incentive Awards. If any
adjustment under this Section creates a fractional Share or Unit or a right to
acquire a fractional Share or Unit, such fractional Share or Unit shall be
disregarded, and the number of Shares or Units reserved under this Plan and the
number subject to any Incentive Awards granted under this Plan shall be the next
lower number of Shares or Units, rounding all fractions downward. An adjustment
made under this Section by the Board shall be conclusive and binding on all
affected persons and, further, shall not constitute an increase in the number of
Shares reserved under Section 3.

                                   SECTION 11.

                        CHANGE OF CONTROL OF THE COMPANY

      11.1 General Rule for Options. Except as otherwise provided in an
Incentive Award Agreement, if a Change of Control occurs, and if the agreements
effectuating the Change of Control do not provide for the assumption or
substitution of all Options granted under this Plan, with respect to any Option
granted under this Plan that is not so assumed or substituted (a "Non-Assumed
Option"), the Committee, in its sole and absolute discretion, may, with respect
to any or all of such Non-Assumed Options, take any or all of the following
actions to be effective as of the date of the Change of Control (or as of any
other date fixed by the Committee occurring

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 13
<PAGE>
within the thirty (30) day period ending on the date of the Change of Control,
but only if such action remains contingent upon the effectuation of the Change
of Control) (such date referred to as the "Action Effective Date"):

            (a) Accelerate the vesting and/or exercisability of such Non-Assumed
Option; and/or

            (b) Unilaterally cancel any such Non-Assumed Option which has not
vested and/or which has not become exercisable as of the Action Effective Date;
and/or

            (c) Unilaterally cancel such Non-Assumed Option in exchange for:

                  (i) whole and/or fractional Shares (or for whole Shares and
      cash in lieu of any fractional Share) that, in the aggregate, are equal in
      value to the excess of the Fair Market Value of the Shares that could be
      purchased subject to such Non-Assumed Option determined as of the Action
      Effective Date (taking into account vesting and/or exercisability) over
      the aggregate Exercise Price for such Shares; or

                  (ii) cash or other property equal in value to the excess of
      the Fair Market Value of the Shares that could be purchased subject to
      such Non-Assumed Option determined as of the Action Effective Date (taking
      into account vesting and/or exercisability) over the aggregate Exercise
      Price for such Shares; and/or

            (d) Unilaterally cancel such Non-Assumed Option after providing the
holder of such Option with (1) an opportunity to exercise such Non-Assumed
Option to the extent vested and/or exercisable within a specified period prior
to the date of the Change of Control, and (2) notice of such opportunity to
exercise prior to the commencement of such specified period; and/or

            (e) Unilaterally cancel such Non-Assumed Option and notify the
holder of such Option of such action, but only if the Fair Market Value of the
Shares that could be purchased subject to such Non-Assumed Option determined as
of the Action Effective Date (taking into account vesting and/or exercisability)
does not exceed the aggregate Exercise Price for such Shares.

However, notwithstanding the foregoing, to the extent that the recipient of a
Non-Assumed Option is an Insider, payment of cash in lieu of whole or fractional
Shares or shares of a successor may only be made to the extent that such payment
(1) has met the requirements of an exemption under Rule 16b-3 promulgated under
the Exchange Act, or (2) is a subsequent transaction the terms of which were
provided for in a transaction initially meeting the requirements of an exemption
under Rule 16b-3 promulgated under the Exchange Act. Unless an Incentive Award
Agreement provides otherwise, the payment of cash in lieu of whole or fractional
Shares or in lieu of whole or fractional shares of a successor shall be
considered a subsequent transaction approved by the original grant of an Option.

      11.2 General Rule for SARs. Except as otherwise provided in an Incentive
Award Agreement, if a Change of Control occurs, and if the agreements
effectuating the Change of Control do not provide for the assumption or
substitution of all Stock Appreciation Rights granted under this Plan, with
respect to any Stock Appreciation Right granted under this Plan that is not so
assumed or substituted (a "Non-Assumed SAR"), the Committee, in its sole and
absolute discretion, may, with respect to any or all of such Non-Assumed SARs,
take either or both of the following actions to be effective as of the date of
the Change of Control (or as of any other date fixed by the Committee occurring
within the thirty (30) day period ending on the date of the Change of Control,
but only if such action remains contingent upon the effectuation of the Change
of Control) (such date referred to as the "Action Effective Date"):

            (a) Accelerate the vesting and/or exercisability of such Non-Assumed
SAR; and/or

            (b) Unilaterally cancel any such Non-Assumed SAR which has not
vested or which has not become exercisable as of the Action Effective Date;
and/or

            (c) Unilaterally cancel such Non-Assumed SAR in exchange for:

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 14
<PAGE>
                  (i) whole and/or fractional Shares (or for whole Shares and
      cash in lieu of any fractional Share) that, in the aggregate, are equal in
      value to the excess of the Fair Market Value of the Shares subject to such
      Non-Assumed SAR determined as of the Action Effective Date (taking into
      account vesting and/or exercisability) over the SAR Exercise Price for
      such Non-Assumed SAR; or

                  (ii) cash or other property equal in value to the excess of
      the Fair Market Value of the Shares subject to such Non-Assumed SAR
      determined as of the Action Effective Date (taking into account vesting
      and/or exercisability) over the SAR Exercise Price for such Non-Assumed
      SAR; and/or

            (d) Unilaterally cancel such Non-Assumed SAR after providing the
holder of such SAR with (1) an opportunity to exercise such Non-Assumed SAR to
the extent vested and/or exercisable within a specified period prior to the date
of the Change of Control, and (2) notice of such opportunity to exercise prior
to the commencement of such specified period; and/or

            (e) Unilaterally cancel such Non-Assumed SAR and notify the holder
of such SAR of such action, but only if the Fair Market Value of the Shares that
could be purchased subject to such Non-Assumed SAR determined as of the Action
Effective Date (taking into account vesting and/or exercisability) does not
exceed the SAR Exercise Price for such Non-Assumed SAR.

However, notwithstanding the foregoing, to the extent that the recipient of a
Non-Assumed SAR is an Insider, payment of cash in lieu of whole or fractional
Shares or shares of a successor may only be made to the extent that such payment
(1) has met the requirements of an exemption under Rule 16b-3 promulgated under
the Exchange Act, or (2) is a subsequent transaction the terms of which were
provided for in a transaction initially meeting the requirements of an exemption
under Rule 16b-3 promulgated under the Exchange Act. Unless an Incentive Award
Agreement provides otherwise, the payment of cash in lieu of whole or fractional
Shares or in lieu of whole or fractional shares of a successor shall be
considered a subsequent transaction approved by the original grant of a SAR.

      11.3 General Rule for Restricted Stock Units. Except as otherwise provided
in an Incentive Award Agreement, if a Change of Control occurs, and if the
agreements effectuating the Change of Control do not provide for the assumption
or substitution of all Restricted Stock Units granted under this Plan, with
respect to any Restricted Stock Unit granted under this Plan that is not so
assumed or substituted (a "Non-Assumed RSU"), the Committee, in its sole and
absolute discretion, may, with respect to any or all of such Non-Assumed RSUs,
take either or both of the following actions to be effective as of the date of
the Change of Control (or as of any other date fixed by the Committee occurring
within the thirty (30) day period ending on the date of the Change of Control,
but only if such action remains contingent upon the effectuation of the Change
of Control) (such date referred to as the "Action Effective Date"):

            (a) Accelerate the vesting of such Non-Assumed RSU; and/or

            (b) Unilaterally cancel any such Non-Assumed RSU which has not
vested as of the Action Effective Date; and/or

            (c) Unilaterally cancel such Non-Assumed RSU in exchange for:

                  (i) whole and/or fractional Shares (or for whole Shares and
      cash in lieu of any fractional Share) that are equal to the number of
      Shares subject to such Non-Assumed RSU determined as of the Action
      Effective Date (taking into account vesting); or

                  (ii) cash or other property equal in value to the Fair Market
      Value of the Shares subject to such Non-Assumed RSU determined as of the
      Action Effective Date (taking into account vesting); and/or

            (d) Unilaterally cancel such Non-Assumed RSU and notify the holder
of such RSU of such action, but only if the Fair Market Value of the Shares that
were subject to such Non-Assumed RSU determined as of the Action Effective Date
(taking into account vesting) is zero.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 15
<PAGE>
However, notwithstanding the foregoing, to the extent that the recipient of a
Non-Assumed RSU is an Insider, payment of cash in lieu of whole or fractional
Shares or shares of a successor may only be made to the extent that such payment
(1) has met the requirements of an exemption under Rule 16b-3 promulgated under
the Exchange Act, or (2) is a subsequent transaction the terms of which were
provided for in a transaction initially meeting the requirements of an exemption
under Rule 16b-3 promulgated under the Exchange Act. Unless an Incentive Award
Agreement provides otherwise, the payment of cash in lieu of whole or fractional
Shares or in lieu of whole or fractional shares of a successor shall be
considered a subsequent transaction approved by the original grant of an RSU.

11.4 General Rule for Other Incentive Award Agreements. If a Change of Control
occurs, then, except to the extent otherwise provided in the Incentive Award
Agreement pertaining to a particular Incentive Award or as otherwise provided in
this Plan, each Incentive Award shall be governed by applicable law and the
documents effectuating the Change of Control.

                                   SECTION 12.

                            AMENDMENT OR TERMINATION

      This Plan may be amended by the Board from time to time to the extent that
the Board deems necessary or appropriate; provided, however, no such amendment
shall be made absent the approval of the shareholders of the Company (a) to
increase the number of Shares reserved under Section 3, except as set forth in
Section 10, (b) to extend the maximum life of the Plan under Section 9 or the
maximum exercise period under Section 7, (c) to decrease the minimum Exercise
Price under Section 7, or (d) to change the designation of Eligible Recipients
eligible for Incentive Awards under Section 6. Shareholder approval of other
material amendments (such as an expansion of the types of awards available under
the Plan, an extension of the term of the Plan, a change to the method of
determining the Exercise Price of Options issued under the Plan, or a change to
the provisions of Section 7.2(j)) may also be required pursuant to rules
promulgated by an established stock exchange or a national market system if the
Company is, or become, listed or traded on any such established stock exchange
or national market system, or for the Plan to continue to be able to issue
Incentive Awards which meet the Performance-Based Exception. The Board also may
suspend the granting of Incentive Awards under this Plan at any time and may
terminate this Plan at any time. The Company shall have the right to modify,
amend or cancel any Incentive Award after it has been granted if (I) the
modification, amendment or cancellation does not diminish the rights or benefits
of the Incentive Award recipient under the Incentive Award (provided, however,
that a modification, amendment or cancellation that results solely in a change
in the tax consequences with respect to an Incentive Award shall not be deemed
as a diminishment of rights or benefits of such Incentive Award), (II) the
Participant consents in writing to such modification, amendment or cancellation,
(III) there is a dissolution or liquidation of the Company, (IV) this Plan
and/or the Incentive Award Agreement expressly provides for such modification,
amendment or cancellation, or (V) the Company would otherwise have the right to
make such modification, amendment or cancellation by applicable law.

                                   SECTION 13.

                                  MISCELLANEOUS

      13.1 SHAREHOLDER OR UNIT-HOLDER RIGHTS. No Participant shall have any
rights as a shareholder of the Company or a Unit holder of the Initial Limited
Partner as a result of the grant of an Incentive Award to him or to her under
this Plan or his or her exercise of such Incentive Award pending the actual
delivery of Shares or Units subject to such Incentive Award to such Participant.

      13.2 NO GUARANTEE OF CONTINUED RELATIONSHIP. The grant of an Incentive
Award to a Participant under this Plan shall not constitute a contract of
employment and shall not confer on a Participant any rights upon his or her
termination of employment or relationship with the Company in addition to those
rights, if any, expressly set forth in the Incentive Award Agreement that
evidences his or her Incentive Award.

      13.3 WITHHOLDING. The Company shall have the power and the right to deduct
or withhold, or require a Participant to remit to the Company as a condition
precedent for the fulfillment of any Incentive Award, an amount sufficient to
satisfy Federal, state and local taxes, domestic or foreign, required by law or
regulation to be withheld with respect to any taxable event arising as a result
of this Plan and/or any action taken by a Participant with respect to an
Incentive Award. Whenever Shares are to be issued to a Participant upon

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 16
<PAGE>
exercise of an Option or a Stock Appreciation Right, or satisfaction of
conditions under a Restricted Stock Unit, or grant of or substantial vesting of
a Restricted Stock Award, the Company shall have the right to require the
Participant to remit to the Company, as a condition of exercise of the Option or
Stock Appreciation Right, or as a condition to the fulfillment of the Restricted
Stock Unit, or as a condition to the grant or substantial vesting of the
Restricted Stock Award, an amount in cash (or, unless the Incentive Award
Agreement provides otherwise, in Shares) sufficient to satisfy federal, state
and local withholding tax requirements at the time of such exercise,
satisfaction of conditions, or grant or substantial vesting. However,
notwithstanding the foregoing, to the extent that a Participant is an Insider,
satisfaction of withholding requirements by having the Company withhold Shares
may only be made to the extent that such withholding of Shares (1) has met the
requirements of an exemption under Rule 16b-3 promulgated under the Exchange
Act, or (2) is a subsequent transaction the terms of which were provided for in
a transaction initially meeting the requirements of an exemption under Rule
16b-3 promulgated under the Exchange Act. Unless the Incentive Award Agreement
provides otherwise, the withholding of shares to satisfy federal, state and
local withholding tax requirements shall be a subsequent transaction approved by
the original grant of an Incentive Award. Notwithstanding the foregoing, in no
event shall payment of withholding taxes be made by a retention of Shares by the
Company unless the Company retains only Shares with a Fair Market Value equal to
the minimum amount of taxes required to be withheld.

      13.4 NOTIFICATION OF DISQUALIFYING DISPOSITIONS OF ISO OPTIONS. If a
Participant sells or otherwise disposes of any of the Shares acquired pursuant
to an Option that is an ISO on or before the later of (1) the date two (2) years
after the date of grant of such Option, or (2) the date one (1) year after the
exercise of such Option, then the Participant shall immediately notify the
Company in writing of such sale or disposition and shall cooperate with the
Company in providing sufficient information to the Company for the Company to
properly report such sale or disposition to the Internal Revenue Service. The
Participant acknowledges and agrees that he may be subject to federal, state
and/or local tax withholding by the Company on the compensation income
recognized by Participant from any such early disposition, and agrees that he
shall include the compensation from such early disposition in his gross income
for federal tax purposes. Participant also acknowledges that the Company may
condition the exercise of any Option that is an ISO on the Participant's express
written agreement with these provisions of this Plan.

      13.5 TRANSFER. The transfer of an Employee between or among the Company, a
Subsidiary or a Parent shall not be treated as a termination of his or her
employment under this Plan. The transfer of an Employee between or among the
Company and the Initial Limited Partner shall also not be treated as a
termination of his or her employment under this Plan. However, notwithstanding
the foregoing, a termination of employment may nonetheless occur for purposes of
determining whether an Option will satisfy the requirements of the Code to be an
ISO.

      13.6 CONSTRUCTION. This Plan shall be construed under the laws of the
State of Maryland.

                                   SECTION 14.

                              PERFORMANCE CRITERIA

      14.1 PERFORMANCE GOAL BUSINESS CRITERIA. Unless and until the Board
proposes for shareholder vote and shareholders approve a change in the general
performance measures set forth in this Section, the attainment of which may
determine the degree of payout and/or vesting with respect to Incentive Awards
to Employees and Key Persons pursuant to this Plan which are designed to qualify
for the Performance-Based Exception, the performance measure(s) to be used by a
Committee composed of two (2) or more Outside Directors for purposes of such
grants shall be chosen from among the following:

            (a) Earnings per share;

            (b) Net income (before or after taxes);

            (c) Return measures (including, but not limited to, return on
assets, equity or sales);

            (d) Cash flow return on investments which equals net cash flows
divided by owners equity;

            (e) Earnings before or after taxes, depreciation and/or
amortization;

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 17
<PAGE>
            (f) Gross revenues;

            (g) Operating income (before or after taxes);

            (h) Total shareholder returns;

            (i) Corporate performance indicators (indices based on the level of
certain services provided to customers);

            (j) Cash generation, profit and/or revenue targets;

            (k) Growth measures, including revenue growth, as compared with a
peer group or other benchmark;

            (l) Share price (including, but not limited to, growth measures and
total shareholder return); and/or

            (m) Pre-tax profits.

      14.2 DISCRETION IN FORMULATION OF PERFORMANCE GOALS. The Board shall have
the discretion to adjust the determinations of the degree of attainment of the
pre-established performance goals; provided, however, that Incentive Awards
which are to qualify for the Performance-Based Exception may not be adjusted
upward (although the Committee shall retain the discretion to adjust such
Incentive Awards downward).

      14.3 PERFORMANCE PERIODS. The Board shall have the discretion to determine
the period during which any performance goal must be attained with respect to an
Incentive Award. Such period may be of any length, and must be established prior
to the start of such period or within the first ninety (90) days of such period
(provided that the performance criteria is not in any event set after 25% or
more of such period has elapsed).

      14.4 MODIFICATIONS TO PERFORMANCE GOAL BUSINESS CRITERIA. In the event
that the applicable tax and/or securities laws change to permit Board discretion
to alter the governing performance measures noted above without obtaining
shareholder approval of such changes, the Board shall have sole discretion to
make such changes without obtaining shareholder approval. In addition, in the
event that the Board determines that it is advisable to grant Incentive Awards
that shall not qualify for the Performance-Based Exception, the Board may make
such grants without satisfying the requirements of Code Section 162(m);
otherwise, a Committee composed exclusively of two (2) of more Outside Directors
must make such grants.

                Education Realty Trust, Inc. 2004 Incentive Plan

                                     Page 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]