Exhibit 10
Description of Compensation of Executive Officers
The Compensation Committee of the Board of Trustees, in action taken over the course of several meetings in
fiscal year 2009 and the first quarter of fiscal year 2010, revised the Company’s incentive bonus program for
executive officers to provide for a potential total bonus pool of $750,000. The bonus pool is to be divided,
proportionately to the individual’s base salary, among Company officers specified by the Committee; the officers
eligible to receive a bonus for fiscal year 2009 are the executive officers (those identified as “named executive
officers” in the Company’s proxy statement for its 2009 Annual Meeting of Shareholders) and two additional
members of the Company’s senior management team. The Committee determined that half of the bonus pool
amount would be awarded on the basis of Funds From Operations (FFO) per share/unit reported at fiscal year
end, and half would be awarded at the discretion of the Committee. The Committee further determined that, of
the bonus amount awarded, half would be paid in cash, and half would be paid in common shares of beneficial
interest of the Company. For purposes of determining the number of shares that will be deemed to constitute half
of any such bonus awarded, the Committee determined that the formula to be used should be the average of the
high and low price of an IRET common share on a specified date; the date chosen by the Committee was
September 17, 2008. The shares issued as part of each such bonus award will be issued at the closing price of
IRET common shares on the NASDAQ Global Select Market on the date of grant.
The Company’s incentive bonus program is the only form of executive compensation that is tied to the
performance of the Company. If the Company does not achieve the specified level of FFO per share/unit, the
Committee will not fund that portion of the bonus pool. The Committee may, however, still decide fully to fund
the discretionary portion of t