EXHIBIT 10.44
 
 COLONIAL PROPERTIES TRUST
 2008 OMNIBUS INCENTIVE PLAN




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EXHIBIT
10.44
 COLONIAL PROPERTIES TRUST
2008 OMNIBUS INCENTIVE PLAN
  1. PURPOSE
  2. DEFINITIONS
  Affiliate
 Award
 Award Agreement
 Benefit Arrangement Section 15
 Board
 Cause
 Code
 A-2




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Committee Section 3.2
 Company
 Corporate Transaction
 Covered Employee
 Disability
 Effective Date
 Exchange Act
 Fair Market Value
 Family Member
 General Partner
 Grant Date Section 6
 A-3




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Grantee
 Incentive Share Option
 Non-qualified Share Option
 Operating Partnership
 Option
 Option Price
 Other Agreement Section 15
 Outside Trustee
 Partnership Agreement
 Performance Period
 Performance Share Section 14
 Performance Unit Section 14
 Plan
 Prior Plans
 Purchase Price
 Reporting Person
 Restricted Shares Section 11
 SAR Exercise Price Section 10
 Securities Act
 Service
 A-4




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Service Provider
 Share
 Share Appreciation Right SAR Section 10
 Share Unit Section 11
 Subsidiary
 Substitute Awards
 Ten Percent Shareholder
 Unit Option
 Units
 Unrestricted Shares Section 12
 3. ADMINISTRATION OF THE PLAN
 3.1. Board
  3.2. Committee.
 Section 3.1
 A-5




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3.3. Terms of Awards.
         A-6




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3.4. No Repricing
 Section 17 Section 5.3
 3.5. Deferral Arrangement.
  3.6. No Liability.
  3.7. Share Issuance/Book-Entry
  4. SHARES SUBJECT TO THE PLAN
 4.1. Number of Shares Available for Awards
 Section 17
 A-7




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4.2. Adjustments in Authorized Shares
 Section 4
 4.3. Share Usage
 Section 4.1 Section 4.1 Section 4.1 Section 13.2 Section 18.3
 5. EFFECTIVE DATE, DURATION AND AMENDMENTS
 5.1. Effective Date.
  5.2. Term.
 Section 5.3
 5.3. Amendment and Termination of the Plan
  A-8




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6. AWARD ELIGIBILITY AND LIMITATIONS
 6.1. Service Providers and Other Persons
 Section 6
 6.2. Successive Awards and Substitute Awards.
 Sections 8.1 10.1 Section 2.42
 7. AWARD AGREEMENT
  8. TERMS AND CONDITIONS OF OPTIONS
 8.1. Option Price
 provided, however
 8.2. Vesting.
 Sections 8.3 and 17.3 Section 8.2
 8.3. Term.
 provided however
 A-9




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8.4. Termination of Service.
  8.5. Limitations on Exercise of Option.
 Section 17
 8.6. Method of Exercise.
 Article 13 Section 18.3
 8.7. Rights of Holders of Options
 Section 17
 8.8. Delivery of Share Certificates.
  8.9. Transferability of Options
 Section 8.10 Section 8.10
 8.10. Family Transfers.
 Section 8.10 Section
8.10
 A-10




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Section 8.10 Section 8.4 Section 8.4
 8.11. Limitations on Incentive Share Options.
  8.12. Notice of Disqualifying Disposition
  9. GRANT AND EXERCISE OF UNIT OPTIONS
 9.1 Issuance of Unit Options
  9.2 Exercise of Unit Options
  9.2 Termination of Unit Options
  10. TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS
 10.1. Right to Payment and Grant Price.
  A-11




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10.2. Other Terms.
  10.3. Term.
  10.4. Transferability of SARS
 Section 10.5 Section 10.5
 10.5. Family Transfers.
 Section 10.5 Section 10.5 Section 10.5
 11. TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS
 11.1. Grant of Restricted Shares or Share Units.
  11.2. Restrictions.
  A-12




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Article 14 Section
11.2 Section 11.9
 11.3. Restricted Share Certificates.
 provided,
however
 11.4. Rights of Holders of Restricted Shares.
  11.5. Rights of Holders of Share Units.
 11.5.1. Voting and Dividend Rights.
  11.5.2. Creditors Rights.
  11.6. Termination of Service.
  A-13




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Section 11.6(a) Section 11.9 Section 11.2
 11.7. Purchase of Restricted Shares and Shares Subject to Share Units.
 Section 13
 11.8. Delivery of Shares.
  11.9. Unrestricted Pool.
 Section 11.2 Section
11.6(b) Section 11.6(b) Section 11.9 Section 4.1
 12. TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS
 provided however Section 12 Section 11.9
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13. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES
 13.1. General Rule.
  13.2. Surrender of Shares.
  13.3. Cashless Exercise.
 Section 18.3
 13.4. Other Forms of Payment.
  14. TERMS AND CONDITIONS OF PERFORMANCE SHARES AND PERFORMANCE UNITS
 14.1. Grant of Performance Units/Performance Shares.
  14.2. Value of Performance Units/Performance Shares.
  14.3. Earning of Performance Units/Performance Shares.
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14.4. Form and Timing of Payment of Performance Units/Performance Shares.
  14.5. Settlement of Awards; Other Terms.
  15. PARACHUTE LIMITATIONS
 and provided however
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16. REQUIREMENTS OF LAW
 16.1. General.
  16.2. Rule 16b-3.
  17. EFFECT OF CHANGES IN CAPITALIZATION
 17.1. Changes in Shares.
  A-17




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17.2.
    
    Reorganization in Which the Company Is the Surviving Entity Which does not Constitute a
Corporate Transaction.
 Section 17.3
 17.3.
    
    Corporate Transaction in which Awards are not Assumed.
 :
      A-18




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17.4. Corporation Transaction in which Awards are Assumed.
  17.5. Adjustments
 Section 17 Sections 17.1, 17.2, 17.3 17.4 Section 17
 17.6. No Limitations on Company
  18. GENERAL PROVISIONS
 18.1. Disclaimer of Rights
  A-19




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18.2. Nonexclusivity of the Plan
  18.3. Withholding Taxes
 Section
18.3
 18.4. Captions
  18.5. Other Provisions
  18.6. Number and Gender
  18.7. Severability
  A-20




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18.8. Governing Law
  18.9. Section 409A of the Code
   A-21