Exhibit 10.1

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of September 16, 2015, by and between Investors Real Estate Trust, a North Dakota real estate investment trust (the “Trust”), and                          (“Indemnitee”).

WHEREAS, at the request of the Trust, Indemnitee currently serves as [a trustee] [and] [an officer] of the Trust and may, therefore, be subjected to claims, suits or proceedings arising as a result of such service;

WHEREAS, the Trust is aware that competent and experienced persons are increasingly reluctant to serve as trustees, directors or officers of publicly-traded business entities unless they are protected by comprehensive indemnification and liability insurance, due to increased exposure to litigation costs and risks resulting from their service to such entities, and because the exposure frequently bears no reasonable relationship to the compensation of such trustees, directors and officers;

WHEREAS, the Board of Trustees of the Trust has concluded that, to retain and attract talented and experienced individuals to serve or continue to serve as trustees or officers of the Trust, and to encourage such individuals to take the business risks necessary for the success of the Trust, it is necessary for the Trust contractually to indemnify trustees and officers and to assume for itself to the fullest extent permitted by law expenses and damages related to claims against such trustees and officers in connection with their service to the Trust;

WHEREAS, the Articles of Amendment and Third Restated Declaration of Trust of Investor Real Estate Trust (as adopted September 23, 2003, and as amended September 18, 2007, the “Declaration of Trust”) requires the Trust to indemnify, and pay or reimburse expenses of, its Trustees and officers to the fullest extent permitted by applicable law;

WHEREAS, the Trust desires and has requested Indemnitee to serve or continue to serve as a trustee or officer of the Trust free from undue concern for claims for damages arising out of or related to such services to the Trust;

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Trust on the condition that he or she be indemnified as herein provided;

WHEREAS, this Agreement is a supplement to and in furtherance of the rights to indemnification and advancement of expenses, and related rights, provided in the Declaration of Trust, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

WHEREAS, it is intended that Indemnitee shall be paid promptly by the Trust all amounts necessary to effectuate in full the rights provided herein;

WHEREAS, as an inducement to Indemnitee to serve or continue to serve in such capacity, the Trust has agreed to indemnify Indemnitee and to promptly advance expenses and

costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Trust and Indemnitee do hereby covenant and agree as follows:

Section 1.                    Definitions .  For purposes of this Agreement:

(a)                                  “Change in Control” means a change in control of the Trust occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Trust is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such 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 Trust representing 15% or more of the combined voting power of all of the Trust’s then-outstanding securities entitled to vote generally in the election of trustees without the prior approval of at least two-thirds of the members of the Board of Trustees in office immediately prior to such person’s attaining such percentage interest; (ii) the Trust is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Trustees then in office, as a consequence of which members of the Board of Trustees in office immediately prior to such transaction or event constitute less than a majority of the Board of Trustees thereafter; or (iii) at any time, a majority of the members of the Board of Trustees are not individuals (A) who were trustees as of the Effective Date or (B) whose election by the Board of Trustees or nomination for election by the Trust’s shareholders was approved by the affirmative vote of at least two-thirds of the trustees then in office who were trustees as of the Effective Date or whose election or nomination for election was previously so approved.

(b)          “Corporate Status” means the status of a person as a present or former trustee, officer, employee or agent of the Trust or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust.  As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Trust, service by Indemnitee shall be deemed to be at the request of the Trust:  (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Trust or (2) the management of which is controlled directly or indirectly

2

by the Trust; and (ii) if, as a result of Indemnitee’s service to the Trust or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as deemed fiduciary thereof.

(c)           “Disinterested Trustee” means a trustee of the Trust who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

(d)          “Effective Date” means the date on which Indemnitee first began serving as [a trustee] [and] [an officer] of the Trust.

(e)           “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

(f)            “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation or trust law and neither is, nor in the past five years has been, retained to represent:  (i) the Trust or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Trust or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

(g)           “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand, discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Trust or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Trust and Indemnitee.  If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

3

Section 2.                    Services by Indemnitee .  While Indemnitee serves in the capacity or capacities set forth in the first WHEREAS clause above, this Agreement shall not impose any independent obligation on Indemnitee or the Trust to continue Indemnitee’s service to the Trust.  This Agreement shall not be deemed an employment contract between the Trust (or any other entity) and Indemnitee.

Section 3.                    General .  The Trust shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by North Dakota law in effect on the Effective Date and as amended from time to time; provided, however, that, except as otherwise required by North Dakota law, no change in North Dakota law shall have the effect of reducing the benefits available to Indemnitee hereunder based on North Dakota law as in effect on the Effective Date.  The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the North Dakota Century Code.

Section 4.                    Standard for Indemnification .  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Trust shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established that (a) Indemnitee actually received an improper benefit or profit in money, property or services, for the amount of the benefit or profit in money, property or services actually received; or (ii) a judgment or other final adjudication adverse to Indemnitee is entered in a Proceeding based on a finding in such Proceeding that Indemnitee’s action or failure to act was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in such Proceeding.

Section 5.                    Certain Limits on Indemnification .  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

(a)          indemnification hereunder if the Proceeding was one by or in the right of the Trust and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Trust;

(b)          indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that Indemnitee actually received an improper personal benefit or profit in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate Status; or

(c)           indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Trust’s Declaration of Trust or Bylaws, a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees or an agreement approved by the Board of Trustees to which the Trust is a party expressly provide otherwise.

4

Section 6.                    Court-Ordered Indemnification .  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as such court shall require, may order indemnification of Indemnitee by the Trust if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, and the court may order such indemnification as the court shall deem proper.

Section 7.                    Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful .  Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Trust shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Trust shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 8.                    Advance of Expenses for Indemnitee .  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Trust shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding.  The Trust shall make such advance within ten days after the receipt by the Trust of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and interest free and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.

Section 9.                    Indemnification and Advance of Expenses as a Witness or Other Participant .  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Trust or any other person, and to which Indemnitee

5

is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Trust of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.  In connection with any such advance of Expenses, the Trust may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A.

Section 10.             Procedure for Determination of Entitlement to Indemnification .

(a)                                  To obtain indemnification under this Agreement, Indemnitee shall submit to the Trust a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification.  Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Trust receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Trustees in writing that Indemnitee has requested indemnification.

(b)                                  Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trustees or a committee of the Board of Trustees by a majority vote of a quorum consisting of Disinterested Trustees, or, if such a quorum cannot be obtained, then by a majority vote of a committee of the Board of Trustees consisting solely of one or more Disinterested Trustees and who were duly designated to act in the matter by a majority vote of the full Board of Trustees in which the designated trustees who are parties may participate, or, if the requisite quorum of the full Board of Trustees cannot be obtained therefor and the committee cannot be established, by a majority vote of the full Board of Trustees in which trustees who are parties may participate, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Trustees or by the majority vote of a group or committee of Disinterested Trustees designated by the Disinterested Trustees to make the determination, (B) if Independent Counsel has been selected by the Board of Trustees in accordance with the selection procedure set forth in the preceding clause (i) and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, or (C) if so directed by the Board of Trustees, by the shareholders of the Trust, other than trustees or officers who are parties to the Proceeding.  If it is so determined that Indemnitee is entitled to indemnification, the Trust shall make payment to Indemnitee within ten days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Trustees or Independent Counsel if retained

6

pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall, to the fullest extent permitted by law, be borne by the Trust and the Trust shall indemnify and hold Indemnitee harmless therefrom.

(c)                                   The Trust shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

Section 11.             Presumptions and Effect of Certain Proceedings .

(a)                                  In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Trust shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.

(b)                                  The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

(c)                                   The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or agent of the Trust or any other trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

Section 12.             Remedies of Indemnitee .

(a)                                  If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Trust of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Trust of a written request therefor, or (v) payment of indemnification or advancement of Expenses pursuant to any other section of this Agreement or the Declaration of Trust or Bylaws of the Trust is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification or advancement, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of North Dakota, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses.  Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within one year following the date on which Indemnitee first has the right to commence such proceeding pursuant to this

7

Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of North Dakota law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Trust shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

(b)                                  In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Trust shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.  If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Trust for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Trust shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Trust is bound by all of the provisions of this Agreement.

(c)                                   If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Trust shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

(d)                                  In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Trust, and shall be indemnified by the Trust for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

Section 13.             Defense of the Underlying Proceeding .

(a)                                  Indemnitee shall notify the Trust promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Trust’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Trust is thereby actually so prejudiced.

8

(b)                                  Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Trust shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Trust shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.  The Trust shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, or (ii) would impose any Expense, judgment, fine, penalty, limitation or other obligation on Indemnitee.  This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

(c)                                   Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Trust, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Trust, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Trust, or (iii) if the Trust fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Trust, which approval shall not be unreasonably withheld or delayed, at the expense of the Trust.  In addition, if the Trust fails to comply with any of its obligations under this Agreement or in the event that the Trust or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Trust, which approval shall not be unreasonably withheld or delayed, at the expense of the Trust (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

Section 14.             Non-Exclusivity; Survival of Rights; Subrogation.

(a)                                  The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Declaration of Trust or Bylaws of the Trust, any agreement or a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Declaration of Trust or Bylaws of the Trust, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or

9

otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

(b)                                  In the event of any payment under this Agreement, the Trust shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Trust to bring suit to enforce such rights.

Section 15.             Insurance.

(a)                                  The Trust will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Board of Trustees, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Corporate Status and covering the Trust for any indemnification or advance of Expenses made by the Trust to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status.  In the event of a Change in Control, the Trust shall maintain in force any and all trustees and officers liability insurance policies that were maintained by the Trust immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the Trust be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Trust for trustees and officers liability insurance in effect on the date of the Change in Control.  In the event that 250% of the annual premium paid by the Trust for such existing trustees and officers liability insurance is insufficient for such coverage, the Trust shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount.

(b)                                  Without in any way limiting any other obligation under this Agreement, the Trust shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a).  The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Trust or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Trust and Indemnitee shall not in any way limit or affect the rights or obligations of the Trust under any such insurance policies.  If, at the time the Trust receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Trust has trustee and officer liability insurance in effect, the Trust shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

(c)                                                           Indemnitee shall cooperate with the Trust or any insurance carrier of the Trust with respect to any Proceeding.

10

Section 16.                                     Coordination of Payments .  The Trust shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

Section 17.                                     Contribution .  If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, in respect to any Proceeding in which the Trust is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Trust, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Trust hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

Section 18.                                     Reports to Shareholders .  To the extent required by the North Dakota Century Code, the Trust shall report in writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Trust with the notice of the meeting of shareholders of the Trust next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

Section 19.                                     Duration of Agreement; Binding Effect .

(a)          This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a trustee, officer, employee or agent of the Trust or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

(b)          The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Trust), shall continue as to an Indemnitee who has ceased to be a trustee, officer, employee or agent of the Trust or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

11

(c)           The Trust shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Trust, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Trust would be required to perform if no such succession had taken place.

(d)          The Trust and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Trust acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Trust hereby waives any such requirement of such a bond or undertaking.

Section 20.                                     Severability .  If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 21.                                     Counterparts .  This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original and it will not be necessary in making proof of this agreement or the terms of this Agreement to produce or account for more than one such counterpart.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

Section 22.                                     Headings .  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

12

Section 23.                                     Modification and Waiver .  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

Section 24.                                     Notices .  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

(a)          If to Indemnitee, to the address set forth on the signature page hereto.

(b)          If to the Trust, to:

Investors Real Estate Trust

1400 31st Avenue SW, Suite 60, P.O. Box 1988

Minot, North Dakota 58701

or to such other address as may have been furnished in writing to Indemnitee by the Trust or to the Trust by Indemnitee, as the case may be.

Section 25.                                     Governing Law .  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of North Dakota, without regard to its conflicts of laws rules.

[SIGNATURE PAGE FOLLOWS]

13

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

14

EXHIBIT A

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

To:  The Board of Trustees of Investors Real Estate Trust

Re:  Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated September 16, 2015, by and between Investors Real Estate Trust, a North Dakota real estate investment trust (the “Trust”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).

Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my good faith belief that at all times, insofar as I was involved as [a trustee] [and] [an officer] of the Trust, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not actually receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

In consideration of the advance by the Trust for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, or I am otherwise not entitled to indemnification under North Dakota law, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this     day of                     , 20    .

Exhibit 10.2

[1 Year Measurement Period]

INVESTORS REAL ESTATE TRUST

Stock Award Agreement

THIS STOCK AWARD AGREEMENT (this “Agreement”), dated as of the 16 th  day of September, 2015, governs the Stock Award granted by INVESTORS REAL ESTATE TRUST, a North Dakota real estate investment trust (the “Company”) to [                   ] (the “Participant”), in accordance with and subject to the provisions of the Company’s 2015 Incentive Plan (the “Plan”).  A copy of the Plan has been made available to the Participant.  All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.                                       Grant of Stock Award.   In accordance with the Plan, and effective as of September 16, 2015 (the “Date of Grant”), the Company granted to the Participant, subject to the terms of the Plan and this Agreement, a Stock Award of [      ] common shares of beneficial interest (the “Shares”).  Up to two-thirds of the Shares will be earned to the extent that the performance objectives described in paragraph 2(a) are satisfied (the “Relative TSR Shares”) and up to one-third of the Shares will be earned to the extent that the performance objectives described in paragraph 2(b) are satisfied (the “Absolute TSR Shares”).

2.                                       Earning the Shares.   Pursuant to the terms of the Plan and this Agreement, the Participant will earn all or part of the Shares as follows:

(a)                                  The Relative TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as compared to the Index Return for the Measurement Period as follows:

(i)                                      If the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a positive percentage, then:

(x)                                  If the Company TSR for the Measurement Period is at least ninety percent (90%) of the Index Return for the Measurement Period, then thirty-seven and one- half percent (37.5%) of the Relative TSR Shares will be Earned Shares.

(y)                                  If the Company TSR for the Measurement Period is at least one hundred five percent (105%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.

(z)                                   If the Company TSR for the Measurement Period is at least one hundred twenty percent (120%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(ii)                                   If the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a negative percentage, then:

(x)                                  If the Company TSR for the Measurement Period is less than the Index Return for the Measurement Period by an amount that is not more than ten percent (10%) of the Index Return for the Measurement Period, then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative eight and eight-tenths percent (-8.8%).

(y)                                  If the Company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to five percent (5%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then fifty percent (50%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative seven and six-tenths percent (-7.6%).

(z)                                   If the company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to twenty percent (20%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative six and four-tenths percent (-6.4%).

For the avoidance of doubt, the Company TSR is greater than the Index Return if, for example, the Company TSR is -8% and the Index Return is -10%.

If the Company TSR relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(iii)                                Unless otherwise determined by the Committee in its discretion, if the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a negative percentage, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

(iv)                               Unless otherwise determined by the Committee in its discretion, if the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a positive percentage, then none of the Relative TSR Shares will be Earned Shares.

(b)                                  The Absolute TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as follows:

2

(i)                                      If the Company TSR for the Measurement Period is ten percent (10%) then thirty-seven and one-half percent (37.5%) of the Absolute TSR Shares will be Earned Shares.

(ii)                                   If the Company TSR for the Measurement Period is twelve percent (12%), then fifty percent (50%) of the Absolute TSR Shares will be Earned Shares.

(iii)                                If the Company TSR for the Measurement Period is fourteen percent (14%), then one hundred percent (100%) of the Absolute TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period is more than ten percent (10%) but less than twelve percent (12%), or if the Company TSR for the Measurement Period is more than twelve percent (12%) but less than fourteen percent (14%), then the number of Absolute TSR Shares that become Earned Shares shall be determined using linear interpolation.

If the Measurement Period ends on a Control Change Date, then the performance objectives for the Company TSR prescribed by this paragraph 2(b) may be adjusted as the Committee, in its sole discretion, determines is appropriate to reflect the termination of the Measurement Period before April 30, 2016.

(c)                                   As soon as practicable after the end of the Measurement Period, but in all events no later than March 15, 2017, the Committee shall determine and certify in writing the number of Shares that have become Earned Shares; provided, however , that if the Measurement Period ends on account of a Change in Control, the Committee’s determination and certification shall be made no later than the Control Change Date.

(d)                                  Except as provided in paragraphs 3(b) and 3(c), (i) no Shares will become Earned Shares unless the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the last day of the Measurement Period and (ii) all of the Shares will be forfeited on the date that the Participant ceases to be employed by the Company or an Affiliate if such employment ends before the last day of the Measurement Period.

3.                                       Vesting in Earned Shares.   The Participant’s interest in the Earned Shares shall become vested and nonforfeitable in accordance with the provisions of this paragraph 3.

(a)                                  This paragraph 3(a) applies if a Change in Control does not occur before April 30, 2016.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2016, then the Participant’s interest in 50% of the Earned Shares shall be vested and nonforfeitable as of such date.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2017, then the Participant’s interest in the remaining Earned Shares shall be vested and nonforfeitable as of such date.

(b)                                  This paragraph 3(b) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of a Qualifying Termination.  If the Qualifying Termination occurs before the last day of the Measurement

3

Period, then (i) the Shares will remain outstanding until the last day of the Measurement Period, (ii) the number of Earned Shares shall be determined in accordance with paragraph 2 and (iii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the date of a Qualifying Termination and the denominator of which is 365.  If the Qualifying Termination occurs on or after the last day of the Measurement Period, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the date of the Qualifying Termination.

(c)                                   This paragraph 3(c) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until a Control Change Date.  If the Control Change Date occurs before April 30, 2016, then (i) the number of Earned Shares shall be determined in accordance with paragraph 2 as of the Control Change Date and (ii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the Control Change Date and the denominator of which is 365.  If the Control Change Date occurs after April 30, 2016, and the Participant has remained in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the Control Change Date.

Any Shares, including Earned Shares, that do not become vested and nonforfeitable in accordance with this paragraph 3 shall be forfeited.

4.                                       Transferability.   Shares that are not Earned Shares that have become vested in accordance with paragraph 3 may not be transferred; provided, however , that the Participant may transfer the Participant’s rights under this Agreement by will or the laws of descent and distribution.  Subject to the requirements of applicable securities laws, Earned Shares that have become vested in accordance with paragraph 3 may be transferred.

5.                                       Shareholder Rights.   On and after the Date of Grant and prior to the date that Shares are forfeited, the Participant shall have the right to vote the Shares.  Prior to the date that the Shares become vested and nonforfeitable in accordance with paragraph 3, any dividends or distributions on the Shares shall be accumulated, without interest, and paid when and only to the extent that, the Shares become Earned Shares and become vested and nonforfeitable.  Notwithstanding the preceding sentences, the Company shall retain custody of any certificates evidencing the Shares until the date the Shares become vested and nonforfeitable in accordance with paragraph 3 and the Participant hereby appoints the Company’s President and the Company’s Secretary as the Participant’s attorneys-in-fact, with full power of substitution, with the power to transfer to the Company and cancel any Shares that are forfeited in accordance with this Agreement.

4

6.                                       No Section 83(b) Election.   In consideration for the grant of the Stock Award evidenced by this Agreement, the Participant hereby agrees and covenants that the Participant will not make an election under Section 83(b) of the Code with respect to the grant of the Stock Award or the issuance of the Shares.

7.                                       Definitions.   For purposes of this Agreement, the following terms shall have the following meanings:

(a)                                  “Cause” means (i) the Participant’s willful conduct that is demonstrably and materially injurious to the Company or an Affiliate, monetarily or otherwise; (ii) the Participant’s material breach of written agreement between the Participant and the Company; (iii) the Participant’s breach of the Participant’s fiduciary duties to the Company or an Affiliate; (iv) the Participant’s conviction of any crime (or entering a plea of guilty or nolo contendre to any crime) constituting a felony; or (v) the Participant’s entering into an agreement or consent decree or being the subject of any regulatory order that in any of such cases prohibits the Participant from serving as an officer or director of a company that has publicly traded securities.  A termination of the Participant shall not be for “Cause” unless the decision to terminate the Participant is set forth in a resolution of the Board to that effect and which specifies the particulars thereof and that is approved by a majority of the members of the Board (exclusive of the Participant if the Participant is a member of the Board) adopted at a meeting called and held for such purpose (after reasonable notice to the Participant and an opportunity for the Participant to be heard before the Board).  No act or failure to act by the Participant will be deemed “willful” if it was done or omitted to be done by the Participant in good faith or with a reasonable belief on the part of the Participant that the action or omission was in the best interests of the Company or an Affiliate.  Any act or failure to act by the Participant based upon authority given pursuant to a resolution duly adopted by the Board or based on the advice of counsel to the Company shall be conclusively presumed to be done or omitted to be done by the Participant in good faith and in the best interest of the Company and its Affiliates.

(b)                                  “Company TSR” means the compounded annual growth rate, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)) in the value of a common share of beneficial interest (“Common Share”) during the Measurement Period reflecting the appreciation/depreciation in the price per Common Share and dividends paid on a Common Share during the Measurement Period, including the reinvestment of dividends.  The Company TSR for the Measurement Period shall be calculated as follows:  (i) the average closing price for the 20 trading days ending on the last day of the Measurement Period plus dividends paid during the Measurement Period divided by (ii) the average closing price for the 20 trading days ending before the first day of the Measurement Period.  The Company TSR shall be calculated using information currently reported under “Comparative Returns” by Bloomberg L.P. or such other reporting service that the Committee may designate from time to time.”  If the Measurement Period ends on account of a Change in Control, the Company TSR for the Measurement Period shall be annualized for purposes of calculating the Company TSR.”

(c)                                   “Disability” means the Participant has been determined, by a physician selected by the Company and reasonably acceptable to the Participant, to be unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental

5

impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(d)                                  “Earned Shares” means the total of the Relative TSR Shares that are earned in accordance with paragraph 2(a) and the Absolute TSR Shares that are earned in accordance with paragraph 2(b).

(e)                                   “Good Reason” means, without the express written consent of the Participant (i) a change in the Participant’s position with the Company or an Affiliate which results in a material diminution of the Participant’s authority, duties or responsibilities; (ii) a material reduction by the Company or an Affiliate in the annual rate of the Participant’s base salary or (iii) a change in the location of the Participant’s principal office to a different place that is more than fifty miles from the Participant’s principal office immediately prior to such change.  A reduction in the Participant’s rate of annual base pay shall be material if the rate of annual base salary on any date is less than ninety percent (90%) of the Participant’s highest rate of annual base pay as in effect on any date in the preceding thirty-six (36) months; provided, however, that a reduction in the Participant’s rate of annual base pay shall be disregarded to the extent that the reduction is applied similarly to the Company’s other officers or other employees.  Notwithstanding the two preceding sentences, a change in the Participant’s duties or responsibilities or a reduction in the annual rate of the Participant’s base salary in connection with the Participant’s termination of employment (for Cause, Disability or retirement), shall not constitute Good Reason and the Participant shall not have Good Reason to resign solely because the Company does not have common shares or other securities that are publicly traded.  A resignation by the Participant shall not be with “Good Reason” unless the Participant gives the Company written notice specifying the event or condition that the Participant asserts constitutes Good Reason, the notice is given no more than ninety days after the occurrence of the event or initial existence of the condition that the Participant asserts constitutes Good Reason and the Company has failed to remedy or cure the event or condition during the thirty day period after such written notice is given to the Company.

(f)                                    “Index Return” means the total shareholder return reported on the MSCI US REIT Index for the Measurement Period, expressed as a percentage.

(g)                                   “Measurement Period” means the period beginning on May 1, 2015 and ending on the earlier of (i) April 30, 2016 or (ii) a Control Change Date.

(h)                                  “Qualifying Termination” means a termination of the Participant’s employment with the Company and its Affiliates on account of (i) the Participant’s death, (ii) the Participant’s Disability, (iii) the Company’s termination of the Participant for a reason other than Cause or Disability or (iv) the Participant’s resignation with Good Reason.

8.                                       No Right to Continued Employment.   This Agreement and the grant of the Stock Award do not give the Participant any rights with respect to continued employment by the Company or an Affiliate.  This Agreement and the grant of the Stock Award shall not interfere with the right of the Company or an Affiliate to terminate the Participant’s employment.

6

9.                                       Change in Capital Structure.   In accordance with the terms of the Plan, the terms of this Agreement and the number and kind of Shares shall be adjusted as the Board determines to be equitably required in the event the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in capitalization.

10.                                Governing Law; Venue.   The laws of the State of North Dakota shall govern all matters arising out of or relating to this Agreement including, without limitation, its validity, interpretation, construction and performance but without giving effect to the conflict of laws principles that may require the application of the laws of another jurisdiction.  Any party bringing a legal action or proceeding against any other party arising out of or relating to this Agreement may bring the legal action or proceeding in the United States District Court for the District of North Dakota or in any court of the State of North Dakota sitting in Minot, North Dakota.  Each party waives, to the fullest extent permitted by law (i) any objection it may now or later have to the laying of venue of any legal action or proceeding arising out of or relating to this Agreement brought in a court described in the preceding sentence and (ii) any claim that any legal action or proceeding brought in any such court has been brought in an inconvenient forum.

11.                                Conflicts.   In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern.  All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

12.                                Participant Bound by Plan.   The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all of the terms and provisions of the Plan.

13.                                Binding Effect.   Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

14.                                Recoupment.   The Participant acknowledges and agrees that the Participant’s rights in the Shares and any dividends or other distributions paid or payable with respect to the Shares are subject to recoupment or repayment if, and to the extent that, such action is required under applicable law or any Company recoupment or “clawback” policy.

IN WITNESS WHEREOF, the Company and the Participant have executed this Stock Award Agreement as of the date first set forth above.

7

Exhibit 10.3

[2 Year Measurement Period]

INVESTORS REAL ESTATE TRUST

Stock Award Agreement

THIS STOCK AWARD AGREEMENT (this “Agreement”), dated as of the 16 th  day of September, 2015, governs the Stock Award granted by INVESTORS REAL ESTATE TRUST, a North Dakota real estate investment trust (the “Company”) to [             ] (the “Participant”), in accordance with and subject to the provisions of the Company’s 2015 Incentive Plan (the “Plan”).  A copy of the Plan has been made available to the Participant.  All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.                                       Grant of Stock Award.   In accordance with the Plan, and effective as of September 16, 2015 (the “Date of Grant”), the Company granted to the Participant, subject to the terms of the Plan and this Agreement, a Stock Award of [      ] common shares of beneficial interest (the “Shares”).  Up to two-thirds of the Shares will be earned to the extent that the performance objectives described in paragraph 2(a) are satisfied (the “Relative TSR Shares”) and up to one-third of the Shares will be earned to the extent that the performance objectives described in paragraph 2(b) are satisfied (the “Absolute TSR Shares”).

2.                                       Earning the Shares.   Pursuant to the terms of the Plan and this Agreement, the Participant will earn all or part of the Shares as follows:

(a)                                  The Relative TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as compared to the Index Return for the Measurement Period as follows:

(i)                                      If the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a positive percentage, then:

(x)                                  If the Company TSR for the Measurement Period is at least ninety percent (90%) of the Index Return for the Measurement Period, then thirty-seven and one- half percent (37.5%) of the Relative TSR Shares will be Earned Shares.

(y)                                  If the Company TSR for the Measurement Period is at least one hundred five percent (105%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.

(z)                                   If the Company TSR for the Measurement Period is at least one hundred twenty percent (120%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(ii)                                   If the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a negative percentage, then:

(x)                                  If the Company TSR for the Measurement Period is less than the Index Return for the Measurement Period by an amount that is not more than ten percent (10%) of the Index Return for the Measurement Period, then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative eight and eight-tenths percent (-8.8%).

(y)                                  If the Company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to five percent (5%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then fifty percent (50%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative seven and six-tenths percent (-7.6%)

(z)                                   If the company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to twenty percent (20%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative six and four-tenths percent (-6.4%).

For the avoidance of doubt, the Company TSR is greater than the Index Return if, for example, the Company TSR is -8% and the Index Return is -10%.

If the Company TSR relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(iii)                                Unless otherwise determined by the Committee in its discretion, if the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a negative percentage, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

(iv)                               Unless otherwise determined by the Committee in its discretion, if the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a positive percentage, then none of the Relative TSR Shares will be Earned Shares.

(b)                                  The Absolute TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as follows:

2

(i)                                      If the Company TSR for the Measurement Period is ten percent (10%) then thirty-seven and one-half percent (37.5%) of the Absolute TSR Shares will be Earned Shares.

(ii)                                   If the Company TSR for the Measurement Period is twelve percent (12%), then fifty percent (50%) of the Absolute TSR Shares will be Earned Shares.

(iii)                                If the Company TSR for the Measurement Period is fourteen percent (14%), then one hundred percent (100%) of the Absolute TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period is more than ten percent (10%) but less than twelve percent (12%), or if the Company TSR for the Measurement Period is more than twelve percent (12%) but less than fourteen percent (14%), then the number of Absolute TSR Shares that become Earned Shares shall be determined using linear interpolation.

If the Measurement Period ends on a Control Change Date, then the performance objectives for the Company TSR prescribed by this paragraph 2(b) may be adjusted as the Committee, in its sole discretion, determines is appropriate to reflect the termination of the Measurement Period before April 30, 2017.

(c)                                   As soon as practicable after the end of the Measurement Period, but in all events no later than March 15, 2018, the Committee shall determine and certify in writing the number of Shares that have become Earned Shares; provided, however , that if the Measurement Period ends on account of a Change in Control, the Committee’s determination and certification shall be made no later than the Control Change Date.

(d)                                  Except as provided in paragraphs 3(b) and 3(c), (i) no Shares will become Earned Shares unless the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the last day of the Measurement Period and (ii) all of the Shares will be forfeited on the date that the Participant ceases to be employed by the Company or an Affiliate if such employment ends before the last day of the Measurement Period.

3.                                       Vesting in Earned Shares.   The Participant’s interest in the Earned Shares shall become vested and nonforfeitable in accordance with the provisions of this paragraph 3.

(a)                                  This paragraph 3(a) applies if a Change in Control does not occur before April 30, 2017.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2017, then the Participant’s interest in 50% of the Earned Shares shall be vested and nonforfeitable as of such date.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2018, then the Participant’s interest in the remaining Earned Shares shall be vested and nonforfeitable as of such date.

(b)                                  This paragraph 3(b) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of a Qualifying Termination.  If the Qualifying Termination occurs before the last day of the Measurement

3

Period, then (i) the Shares will remain outstanding until the last day of the Measurement Period, (ii) the number of Earned Shares shall be determined in accordance with paragraph 2 and (iii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the date of a Qualifying Termination and the denominator of which is 730.  If the Qualifying Termination occurs on or after the last day of the Measurement Period, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the date of the Qualifying Termination.

(c)                                   This paragraph 3(c) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until a Control Change Date.  If the Control Change Date occurs before April 30, 2017, then (i) the number of Earned Shares shall be determined in accordance with paragraph 2 as of the Control Change Date and (ii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the Control Change Date and the denominator of which is 730.  If the Control Change Date occurs after April 30, 2017, and the Participant has remained in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the Control Change Date.

Any Shares, including Earned Shares, that do not become vested and nonforfeitable in accordance with this paragraph 3 shall be forfeited.

4.                                       Transferability.   Shares that are not Earned Shares that have become vested in accordance with paragraph 3 may not be transferred; provided, however , that the Participant may transfer the Participant’s rights under this Agreement by will or the laws of descent and distribution.  Subject to the requirements of applicable securities laws, Earned Shares that have become vested in accordance with paragraph 3 may be transferred.

5.                                       Shareholder Rights.   On and after the Date of Grant and prior to the date that Shares are forfeited, the Participant shall have the right to vote the Shares.  Prior to the date that the Shares become vested and nonforfeitable in accordance with paragraph 3, any dividends or distributions on the Shares shall be accumulated, without interest, and paid when and only to the extent that, the Shares become Earned Shares and become vested and nonforfeitable.  Notwithstanding the preceding sentences, the Company shall retain custody of any certificates evidencing the Shares until the date the Shares become vested and nonforfeitable in accordance with paragraph 3 and the Participant hereby appoints the Company’s President and the Company’s Secretary as the Participant’s attorneys-in-fact, with full power of substitution, with the power to transfer to the Company and cancel any Shares that are forfeited in accordance with this Agreement.

4

6.                                       No Section 83(b) Election.   In consideration for the grant of the Stock Award evidenced by this Agreement, the Participant hereby agrees and covenants that the Participant will not make an election under Section 83(b) of the Code with respect to the grant of the Stock Award or the issuance of the Shares.

7.                                       Definitions.   For purposes of this Agreement, the following terms shall have the following meanings:

(a)                                  “Cause” means (i) the Participant’s willful conduct that is demonstrably and materially injurious to the Company or an Affiliate, monetarily or otherwise; (ii) the Participant’s material breach of written agreement between the Participant and the Company; (iii) the Participant’s breach of the Participant’s fiduciary duties to the Company or an Affiliate; (iv) the Participant’s conviction of any crime (or entering a plea of guilty or nolo contendre to any crime) constituting a felony; or (v) the Participant’s entering into an agreement or consent decree or being the subject of any regulatory order that in any of such cases prohibits the Participant from serving as an officer or director of a company that has publicly traded securities.  A termination of the Participant shall not be for “Cause” unless the decision to terminate the Participant is set forth in a resolution of the Board to that effect and which specifies the particulars thereof and that is approved by a majority of the members of the Board (exclusive of the Participant if the Participant is a member of the Board) adopted at a meeting called and held for such purpose (after reasonable notice to the Participant and an opportunity for the Participant to be heard before the Board).  No act or failure to act by the Participant will be deemed “willful” if it was done or omitted to be done by the Participant in good faith or with a reasonable belief on the part of the Participant that the action or omission was in the best interests of the Company or an Affiliate.  Any act or failure to act by the Participant based upon authority given pursuant to a resolution duly adopted by the Board or based on the advice of counsel to the Company shall be conclusively presumed to be done or omitted to be done by the Participant in good faith and in the best interest of the Company and its Affiliates.

(b)                                  “Company TSR” means the compounded annual growth rate, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)) in the value of a common share of beneficial interest (“Common Share”)  during the Measurement Period reflecting the appreciation/depreciation in the price per Common Share and dividends paid on a Common Share during the Measurement Period, including the reinvestment of dividends.  The Company TSR for each 12-month period in the Measurement Period (or any fractional year that ends on the last day of the Measurement Period) shall be calculated as follows:  (i) the closing price of the Common Share on the last day of such period (but using the average closing price for the 20 trading days ending on the last day of the Measurement Period for the last such period) plus dividends paid during such period divided by (ii) the closing price of the Common Share on the first day of such 12-month period (but using the average closing price for the 20 trading days ending before the first day of the Measurement Period for the first 12-month period).  The Company TSR shall be calculated using information currently reported under “Comparative Returns” by Bloomberg L.P. or such other reporting service that the Committee may designate from time to time.”  If the Measurement Period ends on account of a Change in Control, the Company TSR for the period from the most recent fiscal year end to the Control Change Date shall be annualized for purposes of calculating the Company TSR.”

5

(c)                                   “Disability” means the Participant has been determined, by a physician selected by the Company and reasonably acceptable to the Participant, to be unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(d)                                  “Earned Shares” means the total of the Relative TSR Shares that are earned in accordance with paragraph 2(a) and the Absolute TSR Shares that are earned in accordance with paragraph 2(b).

(e)                                   “Good Reason” means, without the express written consent of the Participant (i) a change in the Participant’s position with the Company or an Affiliate which results in a material diminution of the Participant’s authority, duties or responsibilities; (ii) a material reduction by the Company or an Affiliate in the annual rate of the Participant’s base salary or (iii) a change in the location of the Participant’s principal office to a different place that is more than fifty miles from the Participant’s principal office immediately prior to such change.  A reduction in the Participant’s rate of annual base pay shall be material if the rate of annual base salary on any date is less than ninety percent (90%) of the Participant’s highest rate of annual base pay as in effect on any date in the preceding thirty-six (36) months; provided, however, that a reduction in the Participant’s rate of annual base pay shall be disregarded to the extent that the reduction is applied similarly to the Company’s other officers or other employees.  Notwithstanding the two preceding sentences, a change in the Participant’s duties or responsibilities or a reduction in the annual rate of the Participant’s base salary in connection with the Participant’s termination of employment (for Cause, Disability or retirement), shall not constitute Good Reason and the Participant shall not have Good Reason to resign solely because the Company does not have common shares or other securities that are publicly traded.  A resignation by the Participant shall not be with “Good Reason” unless the Participant gives the Company written notice specifying the event or condition that the Participant asserts constitutes Good Reason, the notice is given no more than ninety days after the occurrence of the event or initial existence of the condition that the Participant asserts constitutes Good Reason and the Company has failed to remedy or cure the event or condition during the thirty day period after such written notice is given to the Company.

(f)                                    “Index Return” means the total shareholder return reported on the MSCI US REIT Index for the Measurement Period, expressed as a percentage.

(g)                                   “Measurement Period” means the period beginning on May 1, 2015 and ending on the earlier of (i) April 30, 2017 or (ii) a Control Change Date.

(h)                                  “Qualifying Termination” means a termination of the Participant’s employment with the Company and its Affiliates on account of (i) the Participant’s death, (ii) the Participant’s Disability, (iii) the Company’s termination of the Participant for a reason other than Cause or Disability or (iv) the Participant’s resignation with Good Reason.

8.                                       No Right to Continued Employment.   This Agreement and the grant of the Stock Award do not give the Participant any rights with respect to continued employment by the

6

Company or an Affiliate.  This Agreement and the grant of the Stock Award shall not interfere with the right of the Company or an Affiliate to terminate the Participant’s employment.

9.                                       Change in Capital Structure.   In accordance with the terms of the Plan, the terms of this Agreement and the number and kind of Shares shall be adjusted as the Board determines to be equitably required in the event the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in capitalization.

10.                                Governing Law; Venue.   The laws of the State of North Dakota shall govern all matters arising out of or relating to this Agreement including, without limitation, its validity, interpretation, construction and performance but without giving effect to the conflict of laws principles that may require the application of the laws of another jurisdiction.  Any party bringing a legal action or proceeding against any other party arising out of or relating to this Agreement may bring the legal action or proceeding in the United States District Court for the District of North Dakota or in any court of the State of North Dakota sitting in Minot, North Dakota.  Each party waives, to the fullest extent permitted by law (i) any objection it may now or later have to the laying of venue of any legal action or proceeding arising out of or relating to this Agreement brought in a court described in the preceding sentence and (ii) any claim that any legal action or proceeding brought in any such court has been brought in an inconvenient forum.

11.                                Conflicts.   In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern.  All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

12.                                Participant Bound by Plan.   The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all of the terms and provisions of the Plan.

13.                                Binding Effect.   Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

14.                                Recoupment.   The Participant acknowledges and agrees that the Participant’s rights in the Shares and any dividends or other distributions paid or payable with respect to the Shares are subject to recoupment or repayment if, and to the extent that, such action is required under applicable law or any Company recoupment or “clawback” policy.

IN WITNESS WHEREOF, the Company and the Participant have executed this Stock Award Agreement as of the date first set forth above.

7

8

Exhibit 10.4

[3 Year Measurement Period]

INVESTORS REAL ESTATE TRUST

Stock Award Agreement

THIS STOCK AWARD AGREEMENT (this “Agreement”), dated as of the 16 th  day of September, 2015, governs the Stock Award granted by INVESTORS REAL ESTATE TRUST, a North Dakota real estate investment trust (the “Company”) to [             ] (the “Participant”), in accordance with and subject to the provisions of the Company’s 2015 Incentive Plan (the “Plan”).  A copy of the Plan has been made available to the Participant.  All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.                                       Grant of Stock Award.   In accordance with the Plan, and effective as of September 16, 2015 (the “Date of Grant”), the Company granted to the Participant, subject to the terms of the Plan and this Agreement, a Stock Award of [      ] common shares of beneficial interest (the “Shares”).  Up to two-thirds of the Shares will be earned to the extent that the performance objectives described in paragraph 2(a) are satisfied (the “Relative TSR Shares”) and up to one-third of the Shares will be earned to the extent that the performance objectives described in paragraph 2(b) are satisfied (the “Absolute TSR Shares”).

2.                                       Earning the Shares.   Pursuant to the terms of the Plan and this Agreement, the Participant will earn all or part of the Shares as follows:

(a)                                  The Relative TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as compared to the Index Return for the Measurement Period as follows:

(i)                                      If the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a positive percentage, then:

(x)                                  If the Company TSR for the Measurement Period is at least ninety percent (90%) of the Index Return for the Measurement Period, then thirty-seven and one- half percent (37.5%) of the Relative TSR Shares will be Earned Shares.

(y)                                  If the Company TSR for the Measurement Period is at least one hundred five percent (105%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.

(z)                                   If the Company TSR for the Measurement Period is at least one hundred twenty percent (120%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(ii)                                   If the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a negative percentage, then:

(x)                                  If the Company TSR for the Measurement Period is less than the Index Return for the Measurement Period by an amount that is not more than ten percent (10%) of the Index Return for the Measurement Period, then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then thirty-seven and one-half percent (37.5%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative eight and eight-tenths percent (-8.8%).

(y)                                  If the Company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to five percent (5%) of the Index Return for the Measurement Period, then fifty percent (50%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then fifty percent (50%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative seven and six-tenths percent (-7.6%).

(z)                                   If the company TSR for the Measurement Period is greater than the Index Return for the Measurement Period by an amount equal to twenty percent (20%) of the Index Return for the Measurement Period, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.  For example, if the Index Return for the Measurement Period is negative eight percent (-8%), then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares if the Company TSR for the Measurement Period is negative six and four-tenths percent (-6.4%).

For the avoidance of doubt, the Company TSR is greater than the Index Return if, for example, the Company TSR is -8% and the Index Return is -10%.

If the Company TSR relative to the Index Return falls between the goals set forth in (x) and (y) above or between the goals set forth in (y) and (z) above, then the number of Relative TSR Shares that become Earned Shares shall be determined using linear interpolation.

(iii)                                Unless otherwise determined by the Committee in its sole discretion, if the Company TSR for the Measurement Period is a positive percentage and the Index Return for the Measurement Period is a negative percentage, then one hundred percent (100%) of the Relative TSR Shares will be Earned Shares.

(iv)                               Unless otherwise determined by the Committee in its sole discretion, if the Company TSR for the Measurement Period is a negative percentage and the Index Return for the Measurement Period is a positive percentage, then none of the Relative TSR Shares will be Earned Shares.

(b)                                  The Absolute TSR Shares will become Earned Shares based on the Company TSR for the Measurement Period as follows:

2

(i)                                      If the Company TSR for the Measurement Period is ten percent (10%) then thirty-seven and one-half percent (37.5%) of the Absolute TSR Shares will be Earned Shares.

(ii)                                   If the Company TSR for the Measurement Period is twelve percent (12%), then fifty percent (50%) of the Absolute TSR Shares will be Earned Shares.

(iii)                                If the Company TSR for the Measurement Period is fourteen percent (14%), then one hundred percent (100%) of the Absolute TSR Shares will be Earned Shares.

If the Company TSR for the Measurement Period is more than ten percent (10%) but less than twelve percent (12%), or if the Company TSR for the Measurement Period is more than twelve percent (12%) but less than fourteen percent (14%), then the number of Absolute TSR Shares that become Earned Shares shall be determined using linear interpolation.

If the Measurement Period ends on a Control Change Date, then the performance objectives for the Company TSR prescribed by this paragraph 2(b) may be adjusted as the Committee, in its sole discretion, determines is appropriate to reflect the termination of the Measurement Period before April 30, 2018.

(c)                                   As soon as practicable after the end of the Measurement Period, but in all events no later than March 15, 2019, the Committee shall determine and certify in writing the number of Shares that have become Earned Shares; provided, however , that if the Measurement Period ends on account of a Change in Control, the Committee’s determination and certification shall be made no later than the Control Change Date.

(d)                                  Except as provided in paragraphs 3(b) and 3(c), (i) no Shares will become Earned Shares unless the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the last day of the Measurement Period and (ii) all of the Shares will be forfeited on the date that the Participant ceases to be employed by the Company or an Affiliate if such employment ends before the last day of the Measurement Period.

3.                                       Vesting in Earned Shares.   The Participant’s interest in the Earned Shares shall become vested and nonforfeitable in accordance with the provisions of this paragraph 3.

(a)                                  This paragraph 3(a) applies if a Change in Control does not occur before April 30, 2018.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2018, then the Participant’s interest in 50% of the Earned Shares shall be vested and nonforfeitable as of such date.  If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until April 30, 2019, then the Participant’s interest in the remaining Earned Shares shall be vested and nonforfeitable as of such date.

(b)                                  This paragraph 3(b) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of a Qualifying Termination.  If the Qualifying Termination occurs before the last day of the Measurement

3

Period, then (i) the Shares will remain outstanding until the last day of the Measurement Period, (ii) the number of Earned Shares shall be determined in accordance with paragraph 2 and (iii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the date of a Qualifying Termination and the denominator of which is 1,095.  If the Qualifying Termination occurs on or after the last day of the Measurement Period, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the date of the Qualifying Termination.

(c)                                   This paragraph 3(c) applies if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until a Control Change Date.  If the Control Change Date occurs before April 30, 2018, then (i) the number of Earned Shares shall be determined in accordance with paragraph 2 as of the Control Change Date and (ii) the Participant will have a vested and nonforfeitable interest in a pro rata number of the Earned Shares.  The pro rata number of Earned Shares that vest shall be determined by multiplying the total number of Earned Shares by a fraction, the numerator of which is the number of days of the Participant’s employment with the Company or an Affiliate on and after the first day of the Measurement Period and before the Control Change Date and the denominator of which is 1,095.  If the Control Change Date occurs after April 30, 2018, and the Participant has remained in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Earned Shares that have not become vested and nonforfeitable shall be vested and nonforfeitable on the Control Change Date.

Any Shares, including Earned Shares, that do not become vested and nonforfeitable in accordance with this paragraph 3 shall be forfeited.

4.                                       Transferability.   Shares that are not Earned Shares that have become vested in accordance with paragraph 3 may not be transferred; provided, however , that the Participant may transfer the Participant’s rights under this Agreement by will or the laws of descent and distribution.  Subject to the requirements of applicable securities laws, Earned Shares that have become vested in accordance with paragraph 3 may be transferred.

5.                                       Shareholder Rights.   On and after the Date of Grant and prior to the date that Shares are forfeited, the Participant shall have the right to vote the Shares.  Prior to the date that the Shares become vested and nonforfeitable in accordance with paragraph 3, any dividends or distributions on the Shares shall be accumulated, without interest, and paid when and only to the extent that, the Shares become Earned Shares and become vested and nonforfeitable.  Notwithstanding the preceding sentences, the Company shall retain custody of any certificates evidencing the Shares until the date the Shares become vested and nonforfeitable in accordance with paragraph 3 and the Participant hereby appoints the Company’s President and the Company’s Secretary as the Participant’s attorneys-in-fact, with full power of substitution, with the power to transfer to the Company and cancel any Shares that are forfeited in accordance with this Agreement.

4

6.                                       No Section 83(b) Election.   In consideration for the grant of the Stock Award evidenced by this Agreement, the Participant hereby agrees and covenants that the Participant will not make an election under Section 83(b) of the Code with respect to the grant of the Stock Award or the issuance of the Shares.

7.                                       Definitions.   For purposes of this Agreement, the following shall have the following meanings:

(a)                                  “Cause” means (i) the Participant’s willful conduct that is demonstrably and materially injurious to the Company or an Affiliate, monetarily or otherwise; (ii) the Participant’s material breach of written agreement between the Participant and the Company; (iii) the Participant’s breach of the Participant’s fiduciary duties to the Company or an Affiliate; (iv) the Participant’s conviction of any crime (or entering a plea of guilty or nolo contendre to any crime) constituting a felony; or (v) the Participant’s entering into an agreement or consent decree or being the subject of any regulatory order that in any of such cases prohibits the Participant from serving as an officer or director of a company that has publicly traded securities.  A termination of the Participant shall not be for “Cause” unless the decision to terminate the Participant is set forth in a resolution of the Board to that effect and which specifies the particulars thereof and that is approved by a majority of the members of the Board (exclusive of the Participant if the Participant is a member of the Board) adopted at a meeting called and held for such purpose (after reasonable notice to the Participant and an opportunity for the Participant to be heard before the Board).  No act or failure to act by the Participant will be deemed “willful” if it was done or omitted to be done by the Participant in good faith or with a reasonable belief on the part of the Participant that the action or omission was in the best interests of the Company or an Affiliate.  Any act or failure to act by the Participant based upon authority given pursuant to a resolution duly adopted by the Board or based on the advice of counsel to the Company shall be conclusively presumed to be done or omitted to be done by the Participant in good faith and in the best interest of the Company and its Affiliates.

(b)                                  “Company TSR” means the compounded annual growth rate, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)) in the value of a common share of beneficial interest (“Common Share”) during the Measurement Period reflecting the appreciation/depreciation in the price per Common Share and dividends paid on a Common Share during the Measurement Period, including the reinvestment of dividends.  The Company TSR for each 12-month period in the Measurement Period (or any fractional year that ends on the last day of the Measurement Period) shall be calculated as follows:  (i) the closing price of the Common Share on the last day of such period (but using the average closing price for the 20 trading days ending on the last day of the Measurement Period for the last such period) plus dividends paid during such period divided by (ii) the closing price of the Common Share on the first day of such 12-month period (but using the average closing price for the 20 trading days ending before the first day of the Measurement Period for the first 12-month period).  The Company TSR shall be calculated using information currently reported under “Comparative Returns” by Bloomberg L.P. or such other reporting service that the Committee may designate from time to time.”  If the Measurement Period ends on account of a Change in Control, the Company TSR for the period from the most recent fiscal year end to the Control Change Date shall be annualized for purposes of calculating the Company TSR.”

5

(c)                                   “Disability” means the Participant has been determined, by a physician selected by the Company and reasonably acceptable to the Participant, to be unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(d)                                  “Earned Shares” means the total of the Relative TSR Shares that are earned in accordance with paragraph 2(a) and the Absolute TSR Shares that are earned in accordance with paragraph 2(b).

(e)                                   “Good Reason” means, without the express written consent of the Participant (i) a change in the Participant’s position with the Company or an Affiliate which results in a material diminution of the Participant’s authority, duties or responsibilities; (ii) a material reduction by the Company or an Affiliate in the annual rate of the Participant’s base salary or (iii) a change in the location of the Participant’s principal office to a different place that is more than fifty miles from the Participant’s principal office immediately prior to such change.  A reduction in the Participant’s rate of annual base pay shall be material if the rate of annual base salary on any date is less than ninety percent (90%) of the Participant’s highest rate of annual base pay as in effect on any date in the preceding thirty-six (36) months; provided, however, that a reduction in the Participant’s rate of annual base pay shall be disregarded to the extent that the reduction is applied similarly to the Company’s other officers or other employees.  Notwithstanding the two preceding sentences, a change in the Participant’s duties or responsibilities or a reduction in the annual rate of the Participant’s base salary in connection with the Participant’s termination of employment (for Cause, Disability or retirement), shall not constitute Good Reason and the Participant shall not have Good Reason to resign solely because the Company does not have common shares or other securities that are publicly traded.  A resignation by the Participant shall not be with “Good Reason” unless the Participant gives the Company written notice specifying the event or condition that the Participant asserts constitutes Good Reason, the notice is given no more than ninety days after the occurrence of the event or initial existence of the condition that the Participant asserts constitutes Good Reason and the Company has failed to remedy or cure the event or condition during the thirty day period after such written notice is given to the Company.

(f)                                    “Index Return” means the total shareholder return reported on the MSCI US REIT Index for the Measurement Period, expressed as a percentage.

(g)                                   “Measurement Period” means the period beginning on May 1, 2015 and ending on the earlier of (i) April 30, 2018 or (ii) a Control Change Date.

(h)                                  “Qualifying Termination” means a termination of the Participant’s employment with the Company and its Affiliates on account of (i) the Participant’s death, (ii) the Participant’s Disability, (iii) the Company’s termination of the Participant for a reason other than Cause or Disability or (iv) the Participant’s resignation with Good Reason.

8.                                       No Right to Continued Employment.   This Agreement and the grant of the Stock Award do not give the Participant any rights with respect to continued employment by the

6

Company or an Affiliate.  This Agreement and the grant of the Stock Award shall not interfere with the right of the Company or an Affiliate to terminate the Participant’s employment.

9.                                       Change in Capital Structure.   In accordance with the terms of the Plan, the terms of this Agreement and the number and kind of Shares shall be adjusted as the Board determines to be equitably required in the event the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in capitalization.

10.                                Governing Law; Venue.   The laws of the State of North Dakota shall govern all matters arising out of or relating to this Agreement including, without limitation, its validity, interpretation, construction and performance but without giving effect to the conflict of laws principles that may require the application of the laws of another jurisdiction.  Any party bringing a legal action or proceeding against any other party arising out of or relating to this Agreement may bring the legal action or proceeding in the United States District Court for the District of North Dakota or in any court of the State of North Dakota sitting in Minot, North Dakota.  Each party waives, to the fullest extent permitted by law (i) any objection it may now or later have to the laying of venue of any legal action or proceeding arising out of or relating to this Agreement brought in a court described in the preceding sentence and (ii) any claim that any legal action or proceeding brought in any such court has been brought in an inconvenient forum.

11.                                Conflicts.   In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern.  All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

12.                                Participant Bound by Plan.   The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all of the terms and provisions of the Plan.

13.                                Binding Effect.   Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

14.                                Recoupment.   The Participant acknowledges and agrees that the Participant’s rights in the Shares and any dividends or other distributions paid or payable with respect to the Shares are subject to recoupment or repayment if, and to the extent that, such action is required under applicable law or any Company recoupment or “clawback” policy.

IN WITNESS WHEREOF, the Company and the Participant have executed this Stock Award Agreement as of the date first set forth above.

7

8