Document:

EXHIBIT 10.38 EdR-2014Long-TermIncentivePlan

EDUCATION REALTY TRUST, INC.
2014 LONG-TERM INCENTIVE PLAN

SECTION 1.  –  PURPOSE AND AWARD ALLOCATION

The Education Realty Trust, Inc. 2014 Long-Term Incentive Plan (“LTIP”) has been established by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Education Realty Trust, Inc. (the “Company”) and ratified by the Board to provide long-term incentives to key employees of the Company.  The purposes of the LTIP are to attract, retain and motivate key employees of the Company and to promote the long-term growth and profitability of the Company.  Awards granted under the LTIP shall be issued pursuant to the Company’s 2011 Omnibus Equity Incentive Plan (the “Plan”) and shall consist of a mixture of 25% time-vested Restricted Stock  and 75% performance-vested restricted stock units (each an “Award” and, collectively, “Awards”).  The Committee believes that shares of time-vested restricted stock support its goal of executives having an ownership position in the Company while simultaneously encouraging their long-term retention and that the performance-vested restricted stock units provide an increased incentive for executives to achieve identified performance goals.  

The Committee shall make Awards pursuant to the LTIP as set forth on Schedule A hereto, on such terms as the Committee may prescribe based upon the criteria set forth on Schedule A hereto and such other factors as it may deem appropriate.  

SECTION 2. –  PARTICIPATION

The Committee shall have the sole and absolute discretion to determine those officers of the Company who shall be eligible to receive an Award pursuant to the LTIP (each, a “Participant”).

SECTION 3. – ADMINISTRATION

Subject to applicable law, all designations, determinations, interpretations and other decisions under or with respect to the LTIP or any Award shall be within the sole and absolute discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons. Designations, determinations, interpretations and other decisions made by the Committee with respect to the LTIP or any Award granted hereunder need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. The Committee shall administer performance-vested restricted stock units granted to Covered Officers as Performance Awards subject to Section 11 of the Plan.

SECTION 4. – TIME-VESTED RESTRICTED STOCK

Twenty-five percent (25%) of each Participant’s LTIP Award shall consist of a grant of restricted shares of the Company’s common stock, par value $0.01 per share (“Restricted Stock”), and shall be subject to the terms and conditions of a Restricted Stock Award Agreement, the form of which is attached hereto as Exhibit A. 

The shares of Restricted Stock shall vest in three (3) equal annual installments as long as the Participant is an employee of the Company on the vesting date. Shares of Restricted Stock shall be entitled to voting and dividend rights from the effective date of the grant but shall be non-transferable by the Participant until such shares have vested in accordance with the Restricted Stock Award Agreement.

SECTION 5. – PERFORMANCE-VESTED RESTRICTED STOCK UNITS

Seventy-five percent (75%) of each Participant’s LTIP Award shall consist of a grant of restricted stock units (“RSUs”), with each such RSU representing the right to receive one share of the Company’s common stock, par value $0.01 per share (“Common Shares”), upon certain terms in the future. The vesting of RSUs shall be based upon the Company’s achievement of total stockholder returns (“TSR”) at specified levels as set forth on Schedule A hereto during the period beginning January 1, 2014 and ending December 31, 2016 (the “Performance Period”). RSUs granted to each Participant shall be subject to the terms and conditions of the Restricted Stock Unit Award Agreement, the form of which is attached as Exhibit B hereto.

The Committee shall grant RSUs to each Participant equal to the dollar value such Participant would earn if “maximum performance” (as set forth on Schedule A) were achieved. The number of RSUs will be determined by dividing the dollar value by the per unit Fair Value of such RSU.  As soon as practicable following the end of the Performance Period, the Committee shall determine (such date, the “Determination Date”) whether and to what extent the performance goal has been met. RSUs shall vest based upon the Company’s achievement of the “threshold,” “target” or “maximum” TSR performance goals set forth on Schedule A on the Determination Date. Only the number of RSUs that equate to actual performance, as determined by the Committee pursuant to Schedule A, shall be eligible to vest (such RSUs that satisfy the performance goals on the Determination Date are referred to as “Eligible RSUs”) and convert to Common Shares as further set forth in the applicable Restricted Stock Unit Award Agreement. After the Determination Date, any RSUs that are not Eligible RSUs shall be forfeited.

Prior to the Determination Date, no dividend payments shall accrue or be paid with respect to any RSUs. If the performance goals are met, then the Participant shall earn dividends on the Eligible RSUs, which shall be paid to the holder of such Eligible RSUs at the time the dividends are paid to the Company’s shareholders and shall have voting rights with respect to the Eligible RSUs.
 
SECTION 6. – FORFEITURE/REDUCTION IN AWARD

Time-Vested Restricted Stock Awards.  In the event of a Change of Control of the Company, a termination of the Participant’s employment by the Company without Cause or a termination of employment by the Participant for Good Reason, all unvested shares of Restricted Stock shall immediately accelerate and be fully vested and delivered to the Participant.  Unvested shares of Restricted Stock shall also vest in the event of termination of the Participant’s employment due to death or Disability.

Performance-Vested Restricted Stock Units.  Except as set forth below, in the applicable Restricted Stock Unit Award Agreement or as the Committee may otherwise determine in its sole and absolute discretion, termination of a Participant’s employment prior to the end of the Performance Period shall result in the forfeiture of the RSUs by the Participant, and no payments shall be made with respect thereto.  For the avoidance of doubt, in the event a Participant’s employment is terminated (other than for Cause) following the end of the Performance Period but before the Determination Date, the Participant shall be entitled to receive Eligible RSUs as if he or she had remained employed until such Determination Date; in the event a Participant’s employment is terminated for Cause at any time prior to conversion of the RSUs to fully vested Common Shares, the Participant shall forfeit the RSUs in their entirety. Notwithstanding the foregoing, if Participant’s employment is terminated prior to the end of the Performance Period as a result of Participant’s death or Disability, the Committee shall determine the number of RSUs that will convert to Eligible RSUs by (i) applying the performance criteria set forth in the LTIP using the effective date of the Disability (to be determined by the Committee) or the date of death, as applicable, as the end of the Performance Period and by appropriately and proportionately adjusting the performance criteria for such shortened Performance Period (if necessary) and (ii) multiplying the number of Eligible RSUs so determined by .3333 if the death 

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or Disability occurs in 2014, .6667 if the death or Disability occurs in 2015, and 1 if the death or Disability occurs in 2016 (rounding the resulting number of Eligible RSUs to the nearest whole number).

If a Change of Control occurs prior to the end of the Performance Period, the Committee shall determine the number of RSUs that shall become Eligible RSUs by (i) applying the performance criteria set forth in the LTIP using the effective date of the Change of Control as the end of the Performance Period, and by appropriately and proportionately adjusting the performance criteria for such shortened Performance Period (if necessary), and (ii) multiplying the number of Eligible RSUs so determined by .3333 if the Change of Control occurs in 2014, .6667 if the Change of Control occurs in 2015, and 1 if the Change of Control occurs in 2016 (rounding the resulting number of Eligible RSUs to the nearest whole number).

SECTION 7. – ADJUSTMENTS FOR UNUSUAL OR NONRECURRING EVENTS

The Committee shall make equitable and proportionate adjustments (consistent with Sections 162(m) and 409A of the Code) in the terms and conditions of, and the criteria included in, an Award in recognition of the events described in Section 4.2 of the Plan.  Notwithstanding the foregoing, the Committee shall not have the discretion to increase any Award payable to any Covered Officer (as defined in Section 10 herein) in manner that is inconsistent with Section 162(m) of the Code.

SECTION 8. – NO RIGHTS TO AWARDS; NO TRUST OR FUND CREATED

No person shall have any claim to be granted any Award, and there shall be no obligation for uniformity of treatment among Participants.  The terms and conditions of Awards, if any, need not be the same with respect to each Participant.  The Committee reserves the right to terminate the LTIP at any time in the Committee’s sole and absolute discretion.  Neither the LTIP nor any Award granted hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any subsidiary or affiliate and a Participant or any other person.  The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any subsidiary.

SECTION 9. – ASSIGNMENT AND ALIENATION OF BENEFITS  

To the maximum extent permitted by law, a Participant’s rights or benefits under the LTIP shall not be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void ab initio, provided, however, that, in the event of a Participant’s death, any such benefit not forfeited upon death shall pass to such Participant’s beneficiaries or estate in accordance with the laws of descent and distribution.  Except as prohibited by law (including Section 409A of the Code and Section 1.409A-3(j)(4)(xiii) of the Treasury Regulations, to the extent applicable), payments or benefits payable to or with respect to a Participant pursuant to the LTIP may be reduced by amounts that the Participant may owe to the Company, including, without limitation, any amounts owed on account of loans, travel or standing advances and personal charges on credit cards issued through the Company.

SECTION 10. – ADDITIONAL DEFINITIONS

The terms that follow, when used in this LTIP, any Restricted Stock Award Agreement or any Restricted Stock Unit Award Agreement issued pursuant to this LTIP, shall have the meanings indicated below:
“Affiliate” has the meaning set forth in Rule 12b-2 of the regulations promulgated under the Exchange Act. 

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“Cause” means the Participant has (a) continually failed to substantially perform, or been grossly negligent in the discharge of, his or her duties to the Company (in any case, other than by reason of a Disability, physical or mental illness or analogous condition); (b) been convicted of or pled nolo contendere to a felony or a misdemeanor with respect to which fraud or dishonesty is a material element; or (c) materially breached any material Company policy or agreement with the Company.  
“Change of Control” shall mean the first of the following events to occur after the Effective Date: 

(a)    any Person or group of Persons together with its Affiliates, but excluding (i) the Company or any of its subsidiaries, (ii) any employee benefit plans of the Company or (iii) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company); 

(b)    the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; 

(c)    the consummation of a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation or entity regardless of which entity is the survivor, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; 

(d)    the stockholders of the Company approve a plan of complete liquidation or winding-up of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or

(e)    the occurrence of any transaction or series of transactions deemed by the Board to constitute a change in control of the Company.

Notwithstanding the foregoing, (i) a Change of Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, and (ii) a Change of Control shall not occur for purposes of this LTIP as a result of any primary or secondary offering of Company common stock to the general public through a registration statement filed with the Securities and Exchange Commission.

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Notwithstanding the foregoing, to the extent that (i) the payment of an any Award under this LTIP is payable solely upon or following the occurrence of a Change of Control and (ii) such payment is considered “deferred compensation” under Section 409A of the Code, a Change of Control shall mean an event described in Section 1.409A-3(i)(5) of the Treasury Regulations.

“Code” means the Internal Revenue Code of 1986, as amended.

“Covered Officer” shall mean at any date (i) any individual who, with respect to the previous taxable year of the Company, was a “covered employee” of the Company within the meaning of Section 162(m) of the Code; provided, however, that the term “Covered Officer” shall not include any such individual who is designated by the Committee, in its discretion, at the time of any Award under the LTIP or at any subsequent time, as reasonably expected not to be such a “covered employee” with respect to the current taxable year of the Company or the taxable year of the Company in which the applicable Award will be paid or vested, and (ii) any individual who is designated by the Committee, in its discretion, at the time of any Award or at any subsequent time, as reasonably expected to be such a “covered employee” with respect to the current taxable year of the Company or with respect to the taxable year of the Company in which any applicable Award will be paid or vested.
“Disability” means a physical or mental condition entitling the Participant to benefits under the applicable long-term disability plan of the Company or any of its subsidiaries, or if no such plan exists, a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) or as determined by the Company in accordance with applicable laws.  Notwithstanding the foregoing, to the extent that (i) any Award under this LTIP is payable solely upon a Participant’s Disability and (ii) such payment is treated as “deferred compensation” for purposes of Section 409A of the Code, Disability shall have the meaning provided in Section 1.409A-3(i)(4) of the Treasury Regulations

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Fair Value” the per unit fair value of an RSU as calculated by a third party valuation consultant using the Monte Carlo simulation to determine the effects of volatility, interest rates and dividends over a defined period of time and the appropriate discount rate to be applied to the actual share price as of December 31, 2013
“Good Reason” means (a) a material diminution in Participant’s title, duties or responsibilities (provided, however, that a requirement to utilize skills in addition to those utilized in Participant’s current position, and/or a change in title and/or direct reports to reflect the organizational structure of the successor entity following a Change of Control, shall not in and of itself be considered a “material diminution” as contemplated by this subsection (a)); (b) a reduction of ten percent (10%) or more in Participant’s annual base salary; (c) a reduction of ten percent (10%) or more in Participant’s annual target bonus opportunity (including the failure to pay any bonus earned for any year in which a Change of Control occurs pursuant to the terms of any applicable plan or arrangement in effect prior to such Change of Control); or (d) the relocation of Participant’s principal place of employment to a location more than fifty (50) miles from Participant’s principal place of employment, except for required travel on the Company’s business to an extent substantially consistent with Participant’s historical business travel obligations.  Participant’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder, provided that Participant provides the Company with a written notice of resignation within ninety (90) days following 

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the occurrence of the event constituting Good Reason and the Company shall have failed to remedy such act or omission within thirty (30) days following its receipt of such notice.

“Named Executive Officer” means the principal executive officer, the principal financial officer and the next three most highly paid executive officers as of the end of the most recently completed fiscal year, based on total compensation as determined under Rule 402 of Regulation S-K. This group may include up to two more officers who would have been deemed to be named executive officers if they had still been serving as officers at the end of the year.
“Person” shall mean a “person” as defined in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (a) the Company (or any subsidiary thereof), (b) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (c) an underwriter temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

SECTION 11. – INTERPRETATION AND GOVERNING LAW

This LTIP shall be governed by and interpreted and construed in accordance with the internal laws of the State of Maryland, without reference to principles of conflicts or choices of laws.  

SECTION 12. – WITHHOLDING OF TAXES

Pursuant to Section 15.6 of the Plan, 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 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 LTIP and/or any action taken by a Participant with respect to an Award.  Upon the lapse of all restricted periods and the issuance of Common Shares with respect to any portion of an Award, the Company shall satisfy any applicable withholding obligations or withholding taxes (“Withholding Taxes”) as set forth by Internal Revenue Service guidelines for the employer’s minimum statutory withholding with respect to the Participant and issue shares of common stock to the Participant without restriction.  As a condition to receiving settlement of any fully vested Common Shares hereunder, the Company may require Participant to pay to the Company, and the Company shall have the right and is hereby authorized to withhold from any payments hereunder or from any compensation or other amount owing to Participant, an amount of cash necessary for the Company to satisfy any Withholding Taxes in respect of this Award.  In its sole and absolute discretion, the Committee may satisfy the required Withholding Taxes by withholding from the Common Shares otherwise issuable pursuant to settlement of the Award that number of whole Common Shares necessary to satisfy Withholding Taxes with respect to such shares based upon the Fair Market Value (as defined in the Plan) of the Common Shares as of the date the applicable restricted period ends.

SECTION 13. – EFFECTIVE DATE

This LTIP shall be effective as of January 1, 2014 (the “Effective Date”).

SECTION 14. – MISCELLANEOUS

This LTIP is not a “qualified” plan for federal income tax purposes.  

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No provision of the LTIP shall require the Company, for the purpose of satisfying any obligations under the LTIP, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the LTIP other than as unsecured general creditors of the Company except that, insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. 

In no event shall any member of the Committee be personally liable by reason of any contract or other instrument executed by a member of the Committee or on his or her behalf in his or her capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless such member of the Committee against any cost or expense (including fees of legal counsel) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the LTIP unless arising out of such person’s own fraud or bad faith. The foregoing right of indemnification shall be in addition to and not be exclusive of any other rights of indemnification to which such person may be entitled under the Company’s charter, as a matter of law, or otherwise, or any power that the Company may have to indemnify such person or hold such person harmless. 

The members of the Committee shall be fully justified in relying, acting or failing to act, and shall not be liable for having so relied, acted or failed to act in good faith, upon any information furnished in connection with the LTIP by any person or persons other than such members.

It is intended that RSUs granted to Covered Officers hereunder qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code, and, thus, shall be governed by Section 11 of the Plan. This LTIP and the Plan shall be interpreted consistently with such intent.

It is intended that (i) each payment or installment of payments provided under an Award is a separate “payment” for purposes of Section 409A of the Code, and (ii) the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two (2) year exception) and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay).  Notwithstanding anything to the contrary herein, if the Company determines that (i) on the date of a Participant’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or at such other time that the Company determines to be relevant, the Participant is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company, and (ii) the payment of any Award to the Participant pursuant to this LTIP is or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six (6) months after the date of the Participant’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of the Participant’s death.  Any payment of an Award which is delayed pursuant to this subparagraph shall be made in a lump sum on the first day of the seventh month following the Participant’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of the Participant’s death.  It is intended that this LTIP and any Award shall comply with the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not to subject the Participant to the payment of additional taxes and interest under Section 409A of the Code. In furtherance of this intent, this LTIP and the Awards shall be interpreted, operated, and administered in a manner consistent with these intentions.

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Schedule A

LTIP Participant Opportunities and Allocation of LTIP Awards

Restricted Stock (Time-Vested): 25% of LTIP Award for Named Executive Officer Participants

	
		
	Named Executive Officer Participant
	Number of Common Shares of Time-Vested Restricted Stock to be Awarded

	Randy Churchey
	31,434

	Thomas Trubiana
	17,715

	Randall H. Brown
	6,519

	Christine Richards
	5,669

	J. Drew Koester
	1,842

Restricted Stock (Time-Vested): 25% of LTIP Award for all other Participants

	
		
	Participant
	Number of Common Shares of Time-Vested Restricted Stock to be Awarded

	Olan Brevard
	2,268

	Wallace L. Wilcox
	1,701

	Scott Casey
	1,701

	Randy Simpson
	850

	Scott Barton
	850

	Matthew S. Fulton
	850

	Elizabeth L. Keough
	850

	Brad Shaw
	850

	Susan Jennings
	567

	Stephen Woo
	567

Restricted Stock Units (Performance-Vested): 75% of LTIP Award for Named Executive Officer Participants; 75% of LTIP Award for all other Participants

“TSR” or “Total Stockholder Return” means the appreciation in the Fair Market Value of the Common Shares (or in the case of the Peer Group (defined below), the shares of common stock of such companies) plus any dividends paid in respect of such stock during the Performance Period.  For purposes of calculating performance, the Committee shall compare the Company’s TSR to the average TSR of the Peer Group at the end of the Performance Period.  

A-1

Performance vs. Peer Group TSR (50% of Performance-Vested Award)

	
				
	Metric
	Threshold
Performance
	Target
Performance
	Maximum
Performance

	Company’s TSR compared to TSR of Peer Group
	Company’s TSR is in the 40th percentile of the TSR of Peer Group
	Company’s TSR is in the 60th percentile of the TSR of Peer Group
	Company’s TSR is in the 80th percentile of the TSR of Peer Group

“Peer Group” means the group of companies comprised of the following:

•American Campus Communities, Inc. (ACC)-student housing properties
•    Associated Estates Realty Corporation (AEC)-multifamily apartment properties
•    BRE Properties, Inc. (BRE)-multifamily apartment properties
•    Camden Property Trust (CPT)-multifamily apartment properties
•    Campus Crest Communities, Inc. (CCG)-student housing properties
•    Home Properties, Inc. (HME)-multifamily apartment properties
•    Mid-America Apartments (MAA)-multifamily apartment properties
•    Post Properties, Inc. (PPS)-multifamily apartment properties
		
	•
	UDR, Inc. (UDR)-multifamily apartment properties

Adjustments to the Peer Group may be made by the Compensation Committee of the Board of Directors of the Company when a member of the Peer Group undergoes a significant event.

Performance vs. NAREIT Equity Index  (50% of Performance-Vested Award)

	
				
	Metric
	Threshold Performance
	Target Performance
	Maximum Performance

	Company’s TSR compared to TSR of NAREIT Equity Index
	Company’s TSR is 100 basis points below TSR of NAREIT Equity Index
	Company’s TSR is 100 basis points above TSR of NAREIT Equity Index
	Company’s TSR is 300 basis points above TSR of NAREIT Equity Index

For all performance vested LTIP awards, linear interpolation shall apply to the extent performance falls between two payment levels.

A-2

Calculation of Restricted Stock Units (Performance-Vested) 

The table below shows the aggregate number of Common Shares that each Participant is eligible to receive if the Threshold, Target and Maximum performance levels are achieved in both performance categories (e.g., Peer Group and NAREIT Equity Index).

	
				
	Named Executive Officer Participant
	Number of Common Shares Based Upon:

	Threshold 
Performance (1)
	Target
Performance (2)
	Maximum
Performance (3)

	Randy Churchey
	64,980 shares with a Fair Value of $415,875 as of December 31, 2013
	129,961 shares with a Fair Value of $831,750 as of December 31, 2013
	194,941 shares with a Fair Value of $1,247,625 as of December 31, 2013

	Thomas Trubiana
	36,621 shares with a Fair Value of $234,375 as of December 31, 2013
	73,242 shares with a Fair Value of $468,750 as of December 31, 2013
	109,863 shares with a Fair Value as of $703,125 as of December 31, 2013

	Randall H. Brown
	13,477 shares with a Fair Value of $86,250 as of December 31, 2013
	26,953 shares with a Fair Value of $172,500 as of December 31, 2013
	40,430 shares with a Fair Value of $258,750 as of December 31, 2013

	Christine Richards
	11,719 shares with a Fair Value of $75,000 as of December 31, 2013
	23,438 shares with a Fair Value of $150,000 as of December 31, 2013
	35,156 shares with a Fair Value of $225,000 as of December 31, 2013

	J. Drew Koester
	3,809 shares with a Fair Value of $24,375 as of December 31, 2013
	7,617 shares with a Fair Value of $48,750 as of December 31, 2013
	11,426 shares with a Fair Value of $73,125 as of December 31, 2013

(1) 75% of Named Executive Officer Participant’s long-term incentive target value x .5.
(2) 75% of Named Executive Officer Participant’s long-term incentive target value.
(3) 75% of Named Executive Officer Participant’s long-term incentive target value x 1.5.

A-3

	
				
	Participant
	Number of Common Shares Based Upon:

	Threshold 
Performance (1)
	Target
Performance (2)
	Maximum
Performance (3)

	Olan Brevard
	4,688 shares with a Fair Value of $30,000 as of December 31, 2013
	9,375 shares with a Fair Value of $60,000 as of December 31, 2013
	14,063 shares with a Fair Value of $90,000 as of December 31, 2013

	Wallace L. Wilcox
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	7,031 shares with a Fair Value of $45,000 as of December 31, 2013
	10,547 shares with a Fair Value of $67,500 as of December 31, 2013

	Scott Casey
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	7,031 shares with a Fair Value of $45,000 as of December 31, 2013
	10,547 shares with a Fair Value of $67,500 as of December 31, 2013

	Randy Simpson
	1,758 shares with a Fair Value of $11,250 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	5,273 shares with a Fair Value of $33,750, as of December 31, 2013

	Scott Barton
	1,758 shares with a Fair Value of $11,250 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	5,273 shares with a Fair Value of $33,750, as of December 31, 2013

	Matthew S. Fulton
	1,758 shares with a Fair Value of $11,250 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	5,273 shares with a Fair Value of $33,750, as of December 31, 2013

	Elizabeth L. Keough
	1,758 shares with a Fair Value of $11,250 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	5,273 shares with a Fair Value of $33,750, as of December 31, 2013

	Brad Shaw
	1,758 shares with a Fair Value of $11,250 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013
	5,273 shares with a Fair Value of $33,750, as of December 31, 2013

	Susan Jennings
	1,172 shares with a Fair Value of $7,500 as of December 31, 2013
	2,344 shares with a Fair Value of $15,000 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013

	Stephen Woo
	1,172 shares with a Fair Value of $7,500 as of December 31, 2013
	2,344 shares with a Fair Value of $15,000 as of December 31, 2013
	3,516 shares with a Fair Value of $22,500 as of December 31, 2013

(1) 75% of Participant’s long-term incentive target value x .5.
(2) 75% of Participant’s long-term incentive target value.
(3) 75% of Participant’s long-term incentive target value x 1.5.

At the end of the Performance Period, the Committee will determine the level and to what extent (i.e., Threshold, Target or Maximum) each performance goal (i.e., EdR’s performance vs. the Peer Group and EdR’s performance vs the NAREIT Equity Index) was met. RSUs that satisfy the performance goal shall be 

A-4

eligible to vest (“Eligible RSUs”).  Eligible RSUs will convert to fully vested shares of Common Stock upon the term and conditions set forth in the applicable award agreement.  For example, if both performance vs. the Peer Group and performance vs. the NAREIT Equity Index are achieved at Target, Mr. Churchey’s RSUs would convert to $832,000 worth of shares of fully vested common stock (based on Fair Value) (e.g. $416,000 worth of shares relating to the Peer Group performance goal and $416,000 worth of  shares relating to the NAREIT Equity Index performance goal).  

A Participant’s RSUs will not become Eligible RSUs with respect to a performance goal if the Company’s performance during the Performance Period with respect to such goal is below the threshold performance level for such goal. However, RSUs can become Eligible RSUs based on the Company meeting one of the two performance based goals, as long as “threshold” performance is met with respect to that performance goal.  For example, if at the end of the Performance Period the Company’s TSR did not meet “threshold” performance compared to the Peer Group but the Company’s TSR met the “target” performance compared to the NAREIT Equity Index, 50% of Mr. Churchey’s Target Performance RSUs would vest and become Eligible RSUs (i.e., no RSUs vested for the performance goal relating to the Peer Group and 50% of the Target RSUs vested for the performance goal relating to the NAREIT Equity Index). 

A-5

Exhibit A
Form of Restricted Stock Award Agreement

EDUCATION REALTY TRUST, INC.
RESTRICTED STOCK AWARD AGREEMENT
(LTIP — Time Vested) 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made and entered into as of the 1st  day of January, 2014, between Education Realty Trust, Inc., a Maryland corporation (together with its subsidiaries, the “Company”), and ___________ (the “Grantee”).  Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Education Realty Trust, Inc. 2014 Long-Term Incentive Plan (the “LTIP”). 

WHEREAS, awards granted under the LTIP shall be issued pursuant to the Company’s 2011 Omnibus Equity Plan, as amended from time to time (the “Plan”); and

WHEREAS, pursuant to the LTIP, the Committee has approved an award for restricted shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”), to the Grantee as provided herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.Grant of Restricted Shares.

a.The Company hereby grants to the Grantee an award (the “Award”) of ________ shares of the Company’s Common Stock on the terms and conditions set forth in this Agreement and as otherwise provided in the LTIP (the “Restricted Shares”).

b.The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which the Restricted Shares vest in accordance with Section 2 and Section 3 hereof                (the “Restricted Period”).

2.Terms and Rights as a Stockholder.

a.    Except as provided herein and subject to such other exceptions as may be determined by the Committee in its sole and absolute discretion, one-third (1/3) of the Restricted Shares granted herein shall vest annually on 1/1/2015, 1/1/2016, and 1/1/2017, if and only if the Grantee has been continuously employed by the Company or any of its subsidiaries from the date of this Agreement through and including such vesting dates.

b.    The Grantee shall have all rights of a stockholder with respect to the Restricted Shares, including the right to receive dividends and the right to vote such shares, subject to the following restrictions: 

(i)    the Grantee shall not be entitled to delivery of the stock certificate for any Restricted Shares until the expiration of the Restricted Period as to such Restricted Shares; 

(ii)    none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the Restricted Period as to such shares; and 

(iii)    except as provided herein or otherwise determined by the Committee at or after the grant of the Award hereunder, any Restricted Shares as to which the applicable “Restricted Period” has not expired shall be forfeited, and all rights of the Grantee to such Restricted Shares shall terminate, without further obligation on the part of the Company, unless the Grantee remains in the continuous employment of the Company for the entire Restricted Period.

c.    Notwithstanding the foregoing, the Restricted Period shall automatically terminate as to all Restricted Shares awarded hereunder (as to which such Restricted Period has not previously terminated) in connection with the following events:

(i)    Grantee’s employment is terminated (1) as a result of the Grantee’s death or Disability, (2) by the Company without Cause, or (3) by the Grantee for Good Reason; or

(ii)    a Change of Control occurs.

Any shares of Common Stock, any other securities of the Company and any other property (except for cash dividends) distributed with respect to the Restricted Shares shall be subject to the same restrictions, terms and conditions as such Restricted Shares.

3.Termination of Restrictions.  Following the termination of the Restricted Period, all restrictions set forth in this Agreement or in the LTIP relating to such portion or all, as applicable, of the Restricted Shares shall lapse as to such portion or all, as applicable, of the Restricted Shares, and a stock certificate for the appropriate number of shares of Common Stock, free of the restrictions and restrictive stock legend, shall, upon request, be delivered to the Grantee or the Grantee’s beneficiary or estate, as the case may be, pursuant to the terms of this Agreement.

4.Delivery of Shares.

a.    As of the date hereof, certificates representing the Restricted Shares shall be registered in the name of the Grantee and held by the Company or transferred to a custodian appointed by the Company for the account of the Grantee subject to the terms and conditions of the LTIP and shall remain in the custody of the Company or such custodian until their delivery to the Grantee or Grantee’s beneficiary or estate as set forth in Section 4(b) and Section 4(c) hereof or their reversion to the Company as set forth in Section 2(b) hereof.

b.    Certificates representing Restricted Shares in respect of which the Restricted Period has lapsed pursuant to this Agreement shall be delivered to the Grantee upon request following the date on which the restrictions on such Restricted Shares lapse.

c.    Certificates representing Restricted Shares in respect of which the Restricted Period lapsed upon the Grantee’s death shall be delivered to the executors or administrators of the Grantee’s estate as soon as practicable following the receipt of proof of the Grantee’s death satisfactory to the Company.

d.    Each certificate representing Restricted Shares shall bear a legend in substantially the following form or substance:

THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE RESTRICTED STOCK AWARD AGREEMENT (THE “AGREEMENT”) BETWEEN THE GRANTEE OF THE RESTRICTED STOCK REPRESENTED HEREBY AND EDUCATION REALTY TRUST, INC. (THE “COMPANY”).  THE RELEASE OF SUCH SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE LTIP AND THE AGREEMENT AND ALL OTHER APPLICABLE POLICIES AND PROCEDURES OF THE COMPANY, COPIES OF WHICH ARE ON FILE AT THE COMPANY.

5.Effect of Lapse of Restrictions.  To the extent that the Restricted Period applicable to any Restricted Shares shall have lapsed, the Grantee may receive, hold, sell or otherwise dispose of such shares free and clear of the restrictions imposed under the LTIP and this Agreement upon compliance with applicable legal requirements.

6.No Right to Continued Employment.  This Agreement shall not be construed as giving Grantee the right to be retained in the employ of the Company, and the Company may at any time dismiss Grantee from employment, free from any liability or any claim under the LTIP but subject to the terms of the Grantee’s Employment Agreement, if any. 
 
7.Adjustments.  The Committee shall make equitable and proportionate adjustments in the terms and conditions of, and the criteria included in, this Award in recognition of the events described in Section 4.2 of the Plan and Section 7 of the LTIP.

8.Amendment to Award.  Subject to the restrictions contained in the LTIP, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely affect the rights of the Grantee or any holder 

or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected.

9.Withholding of Taxes.  If the Grantee makes an election under Section 83(b) of the Code with respect to the Award, the Award made pursuant to this Agreement shall be conditioned upon the prompt payment to the Company of any applicable withholding obligations or withholding taxes by the Grantee (“Withholding Taxes”).  Failure by the Grantee to pay such Withholding Taxes will render this Agreement and the Award granted hereunder null and void ab initio, and the Restricted Shares granted hereunder shall be immediately cancelled.  If the Grantee does not make an election under Section 83(b) of the Code with respect to the Award, upon the lapse of the Restricted Period with respect to any portion of Restricted Shares (or property distributed with respect thereto), the Company shall satisfy the required Withholding Taxes as set forth by Internal Revenue Service guidelines for the employer’s minimum statutory withholding with respect to Grantee and issue vested shares to the Grantee without restriction.  The Committee may satisfy the required Withholding Taxes by withholding from the shares included in the Award that number of whole shares necessary to satisfy such taxes as of the date the restrictions lapse with respect to such shares based on the Fair Market Value (as defined in Section 2.16 of the Plan) of the shares or as otherwise permitted pursuant to Section 15.6 of the Plan. 

10.LTIP Governs.  The Grantee hereby acknowledges receipt of a copy of the LTIP and agrees to be bound by all the terms and provisions thereof.  The terms of this Agreement are governed by the terms of the LTIP.

11.Severability.  If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the LTIP or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the LTIP or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the LTIP and Award shall remain in full force and effect.

12.Notices.  All notices required to be given under this Grant shall be deemed to be received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time.

	
		
	To the Company:
	To the Grantee:

	Education Realty Trust, Inc.
999 South Shady Grove Road, Suite 600 
Memphis, TN 38120
Attn:  Corporate Secretary
	The address then maintained with respect to the Grantee in the Company’s records.

13.Governing Law.  The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Maryland, without giving effect to conflicts of laws principles.

14.Successors in Interest.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company.  This Agreement shall inure to the benefit of the Grantee’s legal representatives.  All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors.

15.Resolution of Disputes.  Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Committee in its sole and absolute discretion.  Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes.

(Signature Page Follows)
IN WITNESS WHEREOF, the parties have caused this Restricted Stock Award Agreement to be duly executed effective as of the day and year first above written.

EDUCATION REALTY TRUST, INC.

By: ______________________________________
Name:    
Title:    

GRANTEE:

__________________________________________
Name:    

Exhibit B
Form of Restricted Stock Unit Award Agreement

EDUCATION REALTY TRUST, INC.
RESTRICTED STOCK UNIT AWARD AGREEMENT
(Performance Vested)

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is made and entered into as of the 1st day of January, 2014 between Education Realty Trust, Inc., a Maryland corporation (together with its subsidiaries, the “Company”), and                      (the “Grantee”).  Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Education Realty Trust, Inc. 2014 Long-Term Incentive Plan (the “LTIP”).

WHEREAS, awards granted under the LTIP shall be issued pursuant to the Company’s 2011 Omnibus Equity Incentive Plan, as amended from time to time (the “Plan”); and

WHEREAS, pursuant to the LTIP, the Committee has approved an award for performance-vested restricted stock units to the Grantee as provided herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

		
	1.
	Grant of Restricted Stock Units; Eligible RSUs.

(a)    The Company hereby grants to the Grantee an award (the “Award”) of $             worth of Restricted Stock Units at Fair Value on the terms and conditions set forth in this Agreement and as otherwise provided in the LTIP (the “RSUs”).

(b)    The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which the restrictions shall lapse in accordance with Section 2 hereof.   

(c)    Prior to the Determination Date (as defined below), no dividend equivalents shall be paid or payable with respect to the RSUs covered by this Award, and the Grantee shall not be entitled to voting rights with respect to the RSUs covered by this Award.

(d)    Upon the Committee’s determination of the achievement of the performance targets set forth on Schedule A of the LTIP (the “Determination Date”) following the completion of the Performance Period, the number of RSUs granted hereby shall be immediately reduced to equal the number of Eligible RSUs (as defined in the LTIP) determined in accordance with the LTIP.  Grantee shall have no further rights with respect to any RSUs in excess of the Eligible RSUs, and such excess number shall be deemed cancelled for purposes of the Plan.

(e)    Each Eligible RSU is equal to one share of the Company’s common stock, $.01 par value per share (“Common Shares”), and shall be entitled to voting and dividend rights following the Determination Date.

		
	2.
	Terms; Restricted Period.

(a)    Except as provided herein and subject to such other exceptions as may be determined by the Committee in its sole and absolute discretion, the “Restricted Period” for the RSUs granted herein shall expire at the end of the Performance Period to which they relate with respect to RSUs that become Eligible RSUs, as determined by the Committee on the Determination Date. Any RSUs that do not become Eligible RSUs shall be forfeited.  None of the RSUs may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of prior to the Determination Date.   
 
(b)    Except as set forth below or as the Committee may otherwise determine in its sole and absolute discretion, termination of a Grantee’s employment prior to the end of the Performance Period shall result in the forfeiture of all RSUs granted hereunder by the Grantee, and no payments shall be made with respect thereto.  Notwithstanding the foregoing, (i) if Grantee’s employment is terminated prior to the end of the Performance Period as a result of Grantee’s death or Disability, the Committee shall determine the number of RSUs that will convert to Eligible RSUs pursuant to Section 6 of the LTIP, and (ii) if Grantee’s employment is terminated by the Company for Cause at any time before the RSUs are settled pursuant to Section 3 hereof, all RSUs shall be forfeited. 
(a)    If a Change of Control (as such term is defined in Section 10 of the LTIP) occurs prior to the end of the Performance Period, the Committee shall determine the number of RSUs that will convert to Eligible RSUs pursuant to Section 6 of the LTIP. 

3.Settlement.  Settlement of an Eligible RSU shall be made within 30 days (with the date of payment selected by the Company in its sole discretion) following the Determination Date of the expiration of the Restricted Period.  Settlement of Eligible RSUs pursuant to this Award shall be made through the issuance to the Grantee (or to the executors or administrators of Grantee’s estate, after the Company’s receipt of notification of Grantee’s death, as the case may be) of a stock certificate for a number of Common Shares equal to the number of Eligible RSUs to be settled.  Following receipt of such Common Shares, the Grantee may receive, hold, sell or otherwise dispose of such Common Shares free and clear of the restrictions imposed under the LTIP and this Agreement.

4.No Right to Continued Employment.  This Agreement shall not be construed as giving Grantee the right to be retained in the employ of the Company, and the Company may at any time dismiss Grantee from employment, free from any liability or any claim under the LTIP but subject to the terms of the Grantee’s Employment Agreement, if any.

5.Adjustments.  The Committee shall make equitable and proportionate adjustments (consistent with Sections 162(m) and 409A of the Code) in the terms and conditions of, and the criteria included in, this Award in recognition of the events described in Section 4.2 of the Plan.  Notwithstanding the foregoing, the Committee shall not have the discretion to increase the amounts payable under this Award if the Participant is a Covered Officer (as defined in Section 10 of the LTIP) in manner that is inconsistent with Section 162(m) of the Code.

6.Amendment to Award.  Subject to the restrictions contained in the Plan and the LTIP, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award (consistent with Sections 162(m) and 409A of the Code and other applicable Sections therein), prospectively or retroactively, provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected.

7.Withholding of Taxes.  Upon the lapse of the Restricted Period and the issuance of Common Shares with respect to any portion of this Award, the Company shall satisfy any applicable withholding obligations or withholding taxes (“Withholding Taxes”) as set forth by Internal Revenue Service guidelines for the employer’s minimum statutory withholding with respect to Grantee and issue Common Shares to the Grantee without restriction and as otherwise permitted pursuant to Section 15.6 of the Plan.  As a condition to receiving settlement of the RSUs hereunder, the Company may require Grantee to pay to the Company, and the Company shall have the right and is hereby authorized to withhold from any payments hereunder or from any compensation or other amount owing to Grantee, an amount of cash necessary for the Company to satisfy any Withholding Taxes in respect of this Award.  In its sole and absolute discretion, the Committee may satisfy the required Withholding Taxes by withholding from the Common Shares otherwise issuable pursuant to settlement of the Award that number of whole shares necessary to satisfy Withholding Taxes with respect to such shares based on the Fair Market Value (as defined in Section 2.16 of the Plan) of the Common Shares as of the date the Restricted Period ends.

8.LTIP Governs.  The Grantee hereby acknowledges receipt of a copy of the LTIP and agrees to be bound by all the terms and provisions thereof.  The terms of this Agreement are governed by the terms of the LTIP.

9.Severability.  If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or the Award, or would disqualify the Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the LTIP or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the LTIP and Award shall remain in full force and effect.

10.Notices.  All notices required to be given under this Agreement shall be deemed to be received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time.

	
		
	To the Company:
	To the Grantee:

	Education Realty Trust, Inc.
999 South Shady Grove Road, Suite 600
Memphis, TN  38120 
Attn:  Corporate Secretary
	The address then maintained with respect to the Grantee in the Company’s records.

11.Governing Law.  The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Maryland, without giving effect to conflicts of laws principles.

12.Successors in Interest.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company.  This Agreement shall inure to the benefit of the Grantee’s legal representatives.  All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors.

13.Resolution of Disputes.  Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Committee in its sole and absolute discretion.  Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes.

IN WITNESS WHEREOF, the parties have caused this Restricted Stock Unit Award Agreement to be duly executed effective as of the day and year first above written.

EDUCATION REALTY TRUST, INC.

By: ______________________________________
Name:     
Title:    

GRANTEE:

__________________________________________
Name:EX 10.1

Exhibit 10.1

INVESTORS BANCORP, INC.

AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
FOR
KEVIN CUMMINGS
This Amended and Restated Employment Agreement (the “Agreement”) was originally effective as of the 11th day of October, 2005 by and between Investors Bancorp, Inc., a Delaware corporation (the “Company”), with its principal administrative office at 101 JFK Parkway, Short Hills, New Jersey 07078, and Kevin Cummings (“Executive”)  The Agreement is hereby amended and restated effective as of August 18, 2008, in order to comply with the requirements of Section 409A of the Internal Revenue Code, as amended (the “Code”) and the final regulations (the “Final Regulations”) promulgated thereunder, and for certain other purposes.
WHEREAS, Executive is currently employed as the President and Chief Executive Officer of the Company, which owns 100% of the Common Stock of Investors Savings Bank, a New Jersey chartered stock savings bank (the “Bank”); and
WHEREAS, in consideration of Executive’s outstanding service to the Company, the Company desires to assure the continued services of Executive pursuant to the terms of this Agreement; and
WHEREAS, the Company also wishes to provide Executive with certain protections and benefits in the event of a Change in Control of the Company or the Bank, as provided in this Agreement; and
WHEREAS, Code Section 409A deems certain severance and other payments to Executive herein to be nonqualified deferred compensation that must comply with its terms or subject Executive to additional taxes and penalties, and the Company and Executive wish to update the Agreement to comply with Code Section 409A and for certain other purposes.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and conditions hereinafter set forth, the Company and Executive hereby agree as follows:
		
	1.
	POSITION AND RESPONSIBILITIES

During the period of his employment hereunder, Executive agrees to serve as President and Chief Executive Officer of the Company.  During said period, Executive also agrees to serve, if elected, as an officer and director of any subsidiary or affiliate of the Company.  Failure to reelect Executive as President and Chief Executive Officer without the consent of Executive during the term of this Agreement shall constitute a breach of this Agreement.
		
	2.
	TERMS AND DUTIES

(a)The period of Executive’s employment under this Agreement shall begin as of the date first above written and shall continue for thirty-six (36) full calendar months thereafter.  Commencing no later than December 31, 2006, and continuing no later than December 31st of each year thereafter (the “Anniversary Date”), this Agreement shall renew for an additional year such that the remaining term shall be three (3) years unless written notice of non-renewal (“Non-Renewal Notice”) is provided to Executive at least thirty (30) days and not more than sixty (60) days prior to any such Anniversary Date, that this Agreement shall terminate at the end of thirty-six (36) months following such Anniversary Date.  Prior to each notice period for non-renewal, the disinterested members of the Board of Directors of the Company (“Board”) will conduct 

a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend the Agreement, and the results thereof shall be included in the minutes of the Board’s meeting.
(b)During the period of his employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive shall faithfully perform his duties hereunder including activities and services related to the organization, operation and management of the Company.

		
	3.
	COMPENSATION AND REIMBURSEMENT

(a)The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2(b).  In consideration of the services to be rendered by Executive hereunder, the Company and/or its subsidiaries shall pay Executive as compensation a salary of not less than Seven Hundred Fifty Thousand Dollars ($750,000) per year (“Base Salary”).  Such Base Salary shall be payable bi-weekly, or in accordance with the Company’s normal payroll practices.  During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually; the first such review will be made no later than December 31 of each year during the term of this Agreement and shall be effective from the first day of the next calendar year.  Such review shall be conducted by a Committee designated by the Board of Directors of the Company and the Board of Directors of the Bank (collectively the “Boards”), and the Boards may increase, but not decrease, Executive’s Base Salary (any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement).  In addition to the Base Salary provided in this Section 3(a), the Company and/or its subsidiaries shall provide Executive at no cost to Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Company and/or its subsidiaries.
(b)The Company and/or its subsidiaries will provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Company and/or its subsidiaries will not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder.  Without limiting the generality of the foregoing provisions of this Section 3(b), Executive will be entitled to participate in or receive benefits under any employee benefit plans including but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Company and/or its subsidiaries in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.  Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Company and/or its subsidiaries in which Executive is eligible to participate (and he shall be entitled to a pro rata distribution under any incentive compensation or bonus plan as to any year in which a termination of employment occurs, other than termination for Just Cause).  Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.
(c)In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Company and/or its subsidiaries shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive in performing his obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine.

		
	4.
	OUTSIDE ACTIVITIES

Executive may serve as a member of the board of directors of business, community and charitable organizations subject to the approval of the Board, provided that in each case such service shall not materially interfere with the performance of his duties under this Agreement or present any conflict of interest.  Such service to and participation in outside organizations shall be presumed for these purposes to be for the benefit of the Company, and the Company shall reimburse Executive his reasonable expenses associated therewith.

		
	5.
	WORKING FACILITIES AND EXPENSES

Executive’s principal place of employment shall be the Company’s principal executive offices.  The Company shall provide Executive, at his principal place of employment, with a private office, stenographic services and other support services and facilities suitable to his position with the Company and necessary or appropriate in connection with the performance of his duties under this Agreement.  The Company and/or its subsidiaries shall provide Executive with an automobile suitable to the position of President and Chief Executive Officer of the Company, and such automobile may be used by Executive in carrying out his duties under this Agreement and for his personal use such as commuting between his residence and his principal place of employment.  The Company shall reimburse Executive for the cost of maintenance, use and servicing of such automobile.  The Company shall reimburse Executive for his ordinary and necessary business expenses incurred in connection with the performance of his duties under this Agreement, including, without limitation, fees for memberships in such clubs and organizations that Executive and the Board mutually agree are necessary and appropriate to further the business of the Company, and travel and reasonable entertainment expenses.  Reimbursement of such expenses shall be made upon presentation to the Company of an itemized account of the expenses in such form as the Company may reasonably require.
		
	6.
	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION

(a)The provisions of this Section 6 shall apply upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement.  As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following:
(i)the involuntary termination by the Company or the Bank of Executive’s full-time employment hereunder for any reason other than (A) Disability (as defined in Section 7) or Retirement (as defined in Section 7 below), or (B) termination for Just Cause (as defined in Section 8 below), provided that such termination of employment constitutes a “Separation from Service” as defined in Section 6(e) herein; or
		
	(ii)
	Executive’s resignation from the Bank’s employ, upon any

		
	(A)
	failure to elect or reelect or to appoint or reappoint Executive as  President and Chief Executive Officer,

		
	(B)
	material change in Executive’s functions, duties, or responsibilities, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1, above,

		
	(C)
	liquidation or dissolution of the Company or the Bank other than liquidations or dissolutions that are caused by reorganizations that do not affect the status of Executive, or

		
	(D)
	material breach of this Agreement by the Company.

Upon the occurrence of any event described in clauses (ii) (A), (B), (C) or (D), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon sixty (60) days prior written notice given within a reasonable period of time not to exceed ninety (90) days after the initial event giving rise to said right to elect.  The Bank shall have thirty (30) days to cure the conditions giving rise to the Event of Termination, provided that the Bank may elect to waive such thirty (30) day period.  Notwithstanding the preceding sentence, in the event of a continuing breach of this Agreement by the Company, Executive, after giving due notice within the prescribed time frame of an initial event specified above, shall not waive any of his rights solely under this Agreement and this Section by virtue of the fact that Executive has submitted his resignation but has remained in the employment of the Company and is engaged in good faith discussions to resolve any occurrence of an event described in clauses (A), (B), (C) or (D) above. 

(iii)The termination of Executive’s employment by the Company, or the Executive’s voluntary resignation from the Company’s employ, at any time following a Change in Control during the term of this Agreement.  For these purposes, a Change in Control of the Company or the Bank shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Company within the meaning of the Bank Holding Company Act, as amended, and applicable rules and regulations promulgated thereunder (collectively, the “BHCA”) as in effect at the time of the Change in Control; or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities, except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction in which the Bank or Company is not the surviving institution occurs or is implemented; or (d) a proxy statement soliciting proxies from stockholders of the Company is distributed, by someone other than the current management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan are exchanged for or converted into cash or property or securities not issued by the Company; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror.  Notwithstanding anything in this subsection to the contrary, a Change in Control shall not be deemed to have occurred upon the conversion of the Company’s mutual holding company parent to stock form, or in connection with any reorganization used to effect such a conversion. 
(b)Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in Section 9(b), the Company and/or its subsidiaries shall pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, a lump sum amount equal to three (3) times the sum of (i) Base Salary and (ii) the highest rate of bonus awarded to Executive during the prior three years.  
(c)Upon the occurrence of an Event of Termination, the Company will cause to be continued, at Company’s sole expense life and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Company and/or the Bank for Executive prior to his termination.  Such coverage or payment shall continue for thirty-six (36) months from the Date of Termination.
(d)Upon the occurrence of any Event of Termination, the Company and/or its subsidiaries shall pay Executive within sixty (60) days a lump sum payment in an amount equal to the excess, if any, of:  (A) the present value of the benefits to which he would be entitled under the Company and/or the Bank’s defined benefit pension plan (and any other defined benefit plan maintained by the Company and/or the Bank) if he had the additional years of service that he would have had if he had continued working for the Company for a thirty-six (36) month period following his termination earning the salary that would have been paid during 

the remaining unexpired term of this Agreement (assuming, if a Change in Control as defined in Section 4(a)(iii) has occurred, that the annual Base Salary under Section 3(a) continues for the remaining unexpired term of this Agreement), determined as if each such plan had continued in effect without change in accordance with its terms as of the day prior to his actual date of his termination and as if such benefits were payable beginning on the first day of the month coincident with or next following his actual date of his termination, over (B) the present value of the benefits to which he is actually entitled under the Company and/or the Bank’s defined benefit pension plan ( and any other defined benefit plan maintained by the Company and/or the Bank) as of the date of his termination, where such present values are to be determined using a discount rate of 6% and the mortality tables prescribed under Code Section 72.
(e)    For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that no further services will be performed by the Executive after the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide services in the 12 months immediately preceding the Event of Termination.  For all purposes hereunder, the definition of “Separation from Service” shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).  If Executive is a Specified Employee, as defined in Code Section 409A and any payment to be made under subparagraph (b) or (d) of this Section 6 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service. 

		
	7.
	TERMINATION UPON RETIREMENT, DISABILITY OR DEATH

(a)    For purposes of this Agreement, termination by the Company of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the Company upon attainment of age 65, or such later date as determined to by the Board of Directors of the Company. Upon termination of Executive’s employment upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Company and other plans to which Executive is a party but shall not be entitled to the termination benefits specified in Section 6(b) through (d) hereof. 
(b)    Termination of Executive’s employment based on “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) In the event Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration.  In the event of Executive’s Disability, the Company may terminate this Agreement, provided that the Company shall continue to be obligated to pay Executive his Base Salary for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Company has provided or may provide on behalf of its employees or pursuant to any workman’s or social security disability program shall reduce the compensation to be paid to Executive pursuant to this paragraph.  Disability payments hereunder shall commence within thirty (30) days of the Disability determination.
(c)    In the event of Executive’s death during the term of the Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Company will continue to provide medical and dental coverage for Executive’s family for one (1) year after Executive’s death.

		
	8.
	TERMINATION FOR JUST CAUSE

In the event that employment hereunder is terminated by the Company for Just Cause, the Executive shall not be entitled to receive compensation or other benefits for any period after such termination, except as provided by law.  The phrase “Just Cause” as used herein, shall exist when there has been a good faith determination by the Board that there shall have occurred one or more of the following events with respect to the Executive: (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the willful commission by the Executive of a criminal or other act that, in the judgment of the Board will likely cause substantial economic damage to the Company or the Bank or substantial injury to the business reputation of the Company or Bank; (iii) the commission by the Executive of an act of fraud in the performance of his duties on behalf of the Company or Bank; (iv) the continuing willful failure of the Executive to perform his duties to the Company or Bank (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to the Executive by the Board; or (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of the Executive’s employment by the Company. Notwithstanding the foregoing, Just Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof.  Prior to holding a meeting at which the Board is to make a final determination whether Just Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct constituting Just Cause as described above, the Board may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting  at which the Executive shall be given the opportunity to be heard before the Board.  For purposes of this subparagraph, no act or failure to act, on the Executive’s part shall be considered “willful” unless done, or omitted to be done, by him not in good faith without reasonable believe that his action or omission was in the best interest of the Company and the Bank.  Upon a finding of Just Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 9 below.
		
	9.
	NOTICE

(a)Any purported termination by the Company or by Executive shall be communicated by Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.
(b)“Date of Termination” shall mean (A) if Executive’s employment is terminated for Disability, thirty (30) days after a Notice of Termination is given (provided that he shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day period), and (B) if his employment is terminated for any other reason, the date specified in the Notice of Termination (which, except in the case of a termination for Just Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).  In the event of termination for Just Cause, termination shall be immediate upon the receipt of a Notice of Termination.
(c)If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, except upon the voluntary termination by Executive in which case the Date of Termination shall be the date specified in the Notice, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or 

decree of a court of competent jurisdiction (the time for appeal having expired and no appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence.  Notwithstanding the pendency of any such dispute, except in the event of termination for Just Cause, the Bank will continue to pay Executive his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, Base Salary) and continue Executive as a participant in all compensation, benefit and insurance plans in which he was participating when the notice of dispute was given, until the dispute is finally resolved in accordance with this Agreement, provided such dispute is resolved within the term of this Agreement.  If such dispute is not resolved within the term of the Agreement, the Bank shall not be obligated, upon final resolution of such dispute, to pay Executive compensation and other payments accruing beyond the term of the Agreement.  Amounts paid under this Section following Notice of Termination shall be offset against or reduce any other amounts due under this Agreement.
  
		
	10.
	POST-TERMINATION OBLIGATIONS

(a)All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (b) of this Section during the term of this Agreement and for one (1) full year after the expiration or termination hereof.
(b)Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party.

		
	11.
	ADDITIONAL PAYMENTS RELATED TO A CHANGE IN CONTROL

(a)Upon the occurrence of an Event of Termination, Executive shall be entitled to receive an amount payable by the Company as set forth herein, reduced by any such payments actually made by the Bank.
(b)In addition, in each calendar year that Executive is entitled to receive payments or benefits under the provisions of this Agreement and/or a Company or Bank sponsored employee benefit plan, the independent accountants of the Company shall determine if an excess parachute payment (as defined in Section 4999 of the Code) exists.  Such determination shall be made after taking into account any reductions permitted pursuant to Section 280G of the Code and the regulations thereunder.  Any amount determined to be an excess parachute payment after taking into account such reductions shall be hereafter referred to as the “Initial Excess Parachute Payment.”  As soon as practicable after a Change in Control, the Initial Excess Parachute Payment shall be determined.  For purposes of this determination, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income tax (including, but not limited to, the Alternative Minimum Tax under Code Sections 55-59, if applicable) and state and local income tax, if applicable, at the highest marginal rate of taxation in the state and locality of Executive’s residence on the date such payment is payable, net of the maximum reduction in the federal income taxes which could be obtained from any available deduction of such state and local taxes.  Any determination by the independent accountants shall be binding on the Company and Executive.  Such Initial Excess Parachute Payment shall be paid to Executive or on his behalf to the applicable taxing authority, subject to applicable withholding requirements under applicable state or federal law, in an amount equal to:
		
	(i)
	twenty percent (20%) of the Initial Excess Parachute Payment (or such other amount equal to the tax imposed under Section 4999 of the Code), and

		
	(ii)
	such additional amount (tax allowance) as may be necessary to compensate Executive for the payment by Executive of state and federal income and excise taxes on the payment provided under paragraph (b)(i) above and on any payments under this paragraph 11(b)(ii).  In computing such tax allowance, the payment to be made under paragraph (b)(i) shall be multiplied by the “gross up percentage” (“GUP”).  The GUP shall be determined as follows:

  Tax Rate
GUP = ---------------
  1- Tax Rate
The Tax Rate for purposes of computing the GUP shall be the highest marginal federal and state income and employment-related tax rate, including any applicable excise tax rate, applicable to Executive in the year in which the payment under paragraph (b)(i) is made.
		
	(iii)
	Such Initial Excess Parachute Payment and such tax allowance shall be paid to the applicable taxing authority for the benefit of Executive when due, or if such Initial Excess Parachute Payment and/or tax allowance are paid by Executive, then to the Executive no later than the end of Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the required taxing authority.

(c)Notwithstanding the foregoing, if it shall subsequently be determined in a final judicial determination or a final administrative settlement to which Executive is a party that the excess parachute payment as defined in Section 4999 of the Code, reduced as described above, is different from the Initial Excess Parachute Payment (such different amount being hereafter referred to as the “Determinative Excess Parachute Payment”) then the Company’s independent accountants shall determine the amount (the “Adjustment Amount”) Executive must pay to the Company or the Company must pay to Executive in order to put Executive (or the Company, as the case may be) in the same position as Executive (or the Company, as the case may be) would have been if the Initial Excess Parachute Payment had been equal to the Determinative Excess Parachute Payment.  In determining the Adjustment Amount, the independent accountants shall take into account any and all taxes (including any penalties and interest) paid by or for Executive or refunded to Executive or for Executive’s benefit.  As soon as practicable after the Adjustment Amount has been so determined, but not later than two and one-half months after the end of the year in which the Adjustment Amount has been so determined, the Company shall pay the Adjustment Amount to Executive or Executive shall repay the Adjustment Amount to the Company, as the case may be. The purpose of this paragraph is to assure that (i) Executive is not reimbursed more for the golden parachute excise tax than is necessary to make him whole, and (ii) if it is subsequently determined that additional golden parachute excise tax is owed by him, additional reimbursement payments will be made to him to make him whole for the additional excise tax.
(d)In each calendar year that Executive receives payments or benefits under this Agreement and/or a Company or Bank sponsored employee benefit plan, Executive shall report on his state and federal income tax returns such information as is consistent with the determination made by the independent accountants of the Company as described above.  The Company shall indemnify and hold Executive harmless from any and all losses, costs and expenses (including without limitation, reasonable attorney’s fees, interest, fines and penalties) that Executive incurs as a result of so reporting such information.  Executive shall promptly notify the Company in writing whenever Executive receives notice of the institution of a judicial or administrative proceeding, formal or informal, in which the federal tax treatment under Section 4999 of the Code of any amount paid or payable under this Section is being reviewed or is in dispute.  The Company shall assume control at its expense over all legal and accounting matters pertaining to such federal tax treatment (except to the extent necessary or appropriate for Executive to resolve any such proceeding with respect to any matter unrelated to amounts paid or payable pursuant to this Agreement).  Executive shall cooperate fully with the Company in any such proceeding.  Executive shall not enter into any compromise or settlement or otherwise prejudice any rights the Company may have in connection therewith without prior consent of the Company.

		
	12.
	NON-COMPETITION

(a)Upon any termination of Executive’s employment hereunder, other than a termination (whether voluntary or involuntary) following a Change in Control), as a result of which the Company is paying Executive benefits under Section 6 of this Agreement, Executive agrees not to compete with the Bank and/or the Company for a period of one (1) year following such termination within twenty-five (25) miles of any existing branch of the Bank or any subsidiary of the Company or within twenty-five (25) miles of any office for which the Bank, the Company or a Bank subsidiary of the Company has filed an application for regulatory  approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board.  Executive agrees that during such period and within said area, cities, towns and counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank and/or the Company.  The parties hereto, recognizing that irreparable injury will result to the Bank and/or the Company, its business and property in the event of Executive’s breach of this Subsection 12(a) agree that in the event of any such breach by Executive, the Bank and/or the Company will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employers, employees and all persons acting for or with Executive.  Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank and/or the Company, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.  Nothing herein will be construed as prohibiting the Bank and/or the Company from pursuing any other remedies available to the Bank and/or the Company for such breach or threatened breach, including the recovery of damages from Executive.
(b)Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Company and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Company.  Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities of the Company or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such disclosure as may be required to be provided to any federal banking agency with jurisdiction over the Company or Executive).  Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Company, and Executive may disclose any information regarding the Bank or the Company which is otherwise publicly available.  In the event of a breach or threatened breach by Executive of the provisions of this Section, the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Company or affiliates thereof, or from rendering any services to any person, firm, corporation, other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed.  Nothing herein will be construed as prohibiting the Company from pursuing any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from Executive.

		
	13.
	SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS

(a)All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company.  
(b)Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive from the Bank, such compensation payments and benefits paid by the Bank will be subtracted from any amount due Executive under this Agreement.  Payments pursuant to this Agreement shall be paid by the Company and/or the Bank and shall be allocated in proportion to the level of activity and the time expended on such activities by Executive as determined by the Company and the Bank on a quarterly basis.

		
	14.
	NO EFFECT EMPLOYEE BENEFITS PLANS OR PROGRAMS

The termination of Executive’s employment during the term of this Agreement or thereafter, whether by the Company or by Executive, shall have no effect on the vested rights of Executive under the Company’s or the Bank’s qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans, or other employee benefit plans or programs, or compensation plans or programs in which Executive was a participant.
		
	15.
	REQUIRED REGULATORY PROVISIONS

(a)Notwithstanding anything herein contained to the contrary, any payments to Executive by the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.
(b)The Company may terminate the Executive’s employment at any time and for any reason, but any termination by the Company, other than Termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement.
		
	16.
	NO ATTACHMENT

(a)Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.
(b)This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.
		
	17.
	ENTIRE AGREEMENT; MODIFICATION AND WAIVER

(a)This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supercedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof.  No modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto.
(b)This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.
(c)No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

		
	18.
	SEVERABILITY

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.
		
	19.
	HEADINGS FOR REFERENCE ONLY

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

		
	20.
	GOVERNING LAW

This Agreement shall be governed by the laws of the State of Delaware but only to the extent not superseded by federal law.
		
	21.
	ARBITRATION

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators, one of whom shall be selected by the Company, one of whom shall be selected by Executive and the third of whom shall be selected by the other two arbitrators.  The panel shall sit in a location within fifty (50) miles from the location of the Company, in accordance with the rules of the Judicial Mediation and Arbitration Systems (JAMS) then in effect.  Judgment may be entered on the arbitrators award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.
		
	22.
	PAYMENT OF LEGAL FEES

All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company, provided that the dispute or interpretation has been settled by Executive and the Company or resolved in Executive’s favor, provided that such payment or reimbursement is made by the Bank not later than two and one-half months after the end of the year in which such dispute is resolved in the Executive’s favor.
		
	23.
	INDEMNIFICATION

During the term of this Agreement, the Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors and officers liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under Delaware law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys fees and the cost of reasonable settlements (such settlements must be approved by the Board of Directors of the Company).  If such action, suit or proceeding is brought against Executive in his capacity as an officer or director of the Company, however, such indemnification shall not extend to matters as to which Executive is finally adjudged to be liable for willful misconduct in the performance of his duties.
		
	24.
	SUCCESSOR TO THE COMPANY

The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place.
[Signature Page Follows]

SIGNATURES

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and Executive has signed this Agreement, on the day and date first above written.
	
			
	ATTEST:
	 
	INVESTORS BANCORP, INC.

	 
	 
	 

	 
	 
	 

	/s/ Patricia E. Brown    
	 
	By:/s/ Domenick Cama

	Secretary
	 
	 

	 
	 
	 

	WITNESS:    
	 
	EXECUTIVE:

	 
	 
	 

	/s/ Catherine Cossa    
	 
	By:/s/ Kevin Cummings

	 
	 
	  Kevin Cummings

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