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Exhibit 10.33

FEDERAL REALTY INVESTMENT TRUST
RESTRICTED SHARE AWARD AGREEMENT

            DATE              

This Restricted Share Award Agreement (this “Agreement”) by Federal Realty Investment Trust, a Maryland real estate investment trust (the “Trust”), provides notice to ___________________, an individual employee of the Trust (the “Grantee”), of the terms of a Restricted Share Award.
The Board of Trustees of the Trust (the “Board of Trustees”) has authorized the award by the Trust to the Grantee, under the Trust’s 2020 Performance Incentive Plan (the “Plan”) of a Restricted Share Award for a certain number of shares of beneficial interest of the Trust (the “Shares”), subject to certain restrictions and covenants on the part of Grantee.  This Agreement sets forth vesting and the respective rights and obligations of the Trust and the Grantee with respect to such Shares.
Capitalized terms used in this Agreement, unless otherwise defined herein, have the respective meanings given to such terms in the Plan.  The terms of the Plan are incorporated by reference as if set forth herein in their entirety.  To the extent this Restricted Share Award Agreement is in any way inconsistent with the Plan, the terms and provisions of the Plan shall prevail.
In consideration of the covenants set forth in this Agreement, and intending to be legally bound hereby, the terms of the Restricted Share Award are as follows:
1.         Award of Restricted Shares.
(a)        The Trust hereby confirms the grant to the Grantee as of the date set forth above (the “Grant Date”) of ___________________ (_________) Shares (the “Restricted Shares”), subject to the restrictions and other terms and conditions set forth herein and in the Plan; and
(b)        On or as soon as practicable after the Grant Date, the Trust shall cause the Restricted Shares to be issued in certificated form or by a book-entry designation for the account for the Grantee.  Such Restricted Shares shall be subject to such stop-transfer orders and other restrictions as the Board of Trustees or any committee thereof may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission and any stock exchange upon which the Shares are listed and any applicable federal or state securities law.  If the Restricted Shares are issued in certificated form, the certificate(s) representing the Restricted Shares shall be held in custody by the Chief Financial Officer.  Restricted Shares issued by a book-entry designation shall be held in a book-entry account designated by the Trust until the restrictions provided in this Agreement with respect thereto shall have been removed.  At any time as may be requested by the Trust, if necessary to enforce the restrictions applicable to the Restricted Shares, the Grantee shall deliver to the Trust one or more undated stock powers endorsed in blank relating to the Restricted Shares.  
2.         Restrictions Applicable to Restricted Shares.
(a)        Beginning on the Grant Date, the Grantee shall have all rights and privileges of a stockholder with respect to the Restricted Shares, except that the following restrictions shall apply:
(i)         none of the Restricted Shares may be assigned or transferred (other than by will or the laws of descent and distribution, or in the Committee’s discretion, pursuant to a domestic relations order within the meaning of Rule 16a-12 of the Securities Exchange Act of 1934, as amended) while the restrictions of this Agreement apply to the Shares;
(ii)        all or a portion of the Restricted Shares may be forfeited in accordance with Paragraph 4; and
(iii)       any Shares distributed as a dividend or otherwise and any other property (other than ordinary dividends) distributed with respect to any Restricted Shares which have not vested and as to which the restrictions have not yet lapsed shall be subject to the same vesting and other restrictions as such Restricted Shares and shall be represented by book-entry and held in the same manner as the Restricted Shares with respect to which they were distributed.

                  (b)        Upon vesting of all or a portion of the Restricted Shares as provided in Paragraph 3 and payment in accordance with Paragraph 3(c) of withholding taxes relating to those Restricted Shares which have vested, such shares shall no longer be considered Restricted Shares for purposes of this Agreement and the Trust shall cause the restrictions to be removed from the number of Shares which have become vested and for which withholding taxes have been paid.  
                  (c)        Any attempt to dispose of Restricted Shares in a manner contrary to the restrictions set forth in this Agreement shall be null, void and ineffective.
3.         Vesting.
(a)        The Restricted Shares shall vest as follows:
[Insert Vesting Schedule]
(b)        Notwithstanding the foregoing, the Restricted Shares shall vest as follows:
(i)         all Restricted Shares shall vest in the event of the death or Disability of the Grantee;
(ii)        all Restricted Shares shall vest in the event that the Grantee is discharged by the Trust without Cause as defined in the Plan; and
(iii)       all Restricted Shares shall vest if the Grantee shall incur an Involuntary Termination (as defined in the Plan) during the one year period commencing with the occurrence of a Change in Control.
(c)        As soon as reasonably practicable after the vesting of all or any portion of the Restricted Shares, the Trust shall notify Grantee or the Grantee’s legal representative, as applicable, of the amount of required withholding taxes due on the vesting of all or a portion of Restricted Shares (“Tax Notice”).  Grantee or Grantee’s legal representative, as applicable, shall tender to the Trust the amount specified in the Tax Notice within five (5) business days after the date of the Tax Notice, or such longer period of time as the Trust may designate.  The Trust shall not be required to remove the restrictions on such Shares until such time as the Grantee or the Grantee’s legal representative, as applicable, shall have paid such tax withholding amount in full.  The Trust, at its sole discretion and on such terms and conditions determined by the Trust from time to time, may permit the Grantee or the Grantee’s legal representative to satisfy the Trust’s minimum statutory tax withholding obligations as determined by the Trust’s accounting department through (i) the sale of all or a portion of such Shares resulting from this Agreement through the employer’s broker or (ii) by returning to the Trust a number of Shares having a fair market value equal to the minimum statutory tax withholding amount due.  Shares cannot be returned to the Trust and withheld to satisfy more than the required minimum statutory tax withholding amounts.  In the event Grantee or Grantee’s legal representative, as applicable, fails to make appropriate arrangements to satisfy tax and withholding obligations, the Trust may, in its sole discretion, satisfy such tax and withholding obligations by: (i) returning to the Trust all or a portion of the Shares issued under this Agreement; or (ii) withholding the required amounts from other amounts due the Grantee or Grantee’s legal representative, as applicable.  The Trust is authorized to pay over to the appropriate authority, all federal, state, county, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
 4.         Forfeiture. If there is a termination of the Grantee’s Service with the Trust for any reason, then all rights of the Grantee to any and all then-remaining Restricted Shares which have not vested, after giving application to Paragraphs 3(a) and 3(b), shall terminate and be forfeited.  Upon forfeiture of all or any portion of Restricted Shares, the certificate(s) representing the forfeited Restricted Shares shall be cancelled or the forfeited Restricted Shares shall be removed from the Grantee’s book entry account, returned to the Trust and canceled, as applicable.
 5.         Assignment.  This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Grantee and the assigns and successors of the Trust, but neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Grantee.
 6.         Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and shall supersede all prior agreements and understandings, oral or written, between the parties with respect thereto.  Subject to Paragraph 13, this Agreement may be amended at any time by written agreement of the parties hereto.

7.         Governing Law.  This Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the State of Maryland other than the conflict of laws provisions of such laws, and shall be construed in accordance therewith.
8.         Severability.  If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect.  If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect.
9.         Continued Employment.  This Agreement shall not confer upon the Grantee any right with respect to continuance of employment by the Trust.

10.       Certain References.  References to the Grantee in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the Grantee’s executors or the administrators, or the person or persons to whom all or any portion of the Restricted Shares may be transferred by will or the laws of descent and distribution, shall be deemed to include such person or persons. 

11.       Section 83(b) Election.  The Grantee acknowledges that it is the Grantee’s sole responsibility, and not the Trust’s, to file a timely election under section 83(b) of the Internal Revenue Code, of 1986, as amended.  The Grantee acknowledges that he or she is relying on his or her own advisors with respect to the decision as to whether or not to file any section 83(b) election.

12.       Taxes.  Notwithstanding anything herein to the contrary, the Grantee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with this Agreement (including any taxes arising under Section 409A of the Code).  
13.          Code Section 409A.  This Agreement is intended to be exempt from Code Section 409A, and the Trust shall have complete discretion to interpret and construe this Agreement and any associated documents in any manner that establishes an exemption from (or otherwise conforms them to) the requirements of Code Section 409A.  If, for any reason including imprecision in drafting, the Agreement does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, the provision shall be considered ambiguous and shall be interpreted by the Trust in a fashion consistent herewith, as determined in the sole and absolute discretion of the Trust. Notwithstanding anything to the contrary contained herein, the Trust reserves the right to unilaterally amend this Agreement without the consent of any Grantee in order to accurately reflect its correct interpretation and operation to maintain an exemption from or compliance with Code Section 409A.  Notwithstanding any provision of the Plan or this Agreement (including the foregoing), neither the Trust nor the Administrator shall have any liability to any person in the event Code Section  409A applies to this Award in a manner that results in adverse tax consequences for the Grantee or any of his or her beneficiaries or transferees.
14.          Plan Provisions Control Option Terms; Modifications.  These Restricted Shares are granted pursuant and subject to the terms and conditions of the Plan, the provisions of which are incorporated herein by reference.  In the event any provision of this Agreement shall conflict with any of the terms in the Plan as constituted on the Grant Date, the terms of the Plan as constituted on the Grant Date shall control.  The Trust may modify this Agreement after the Grant Date; provided, however, that no such modification may be made which alters or impairs any rights or obligations of the Grantee without the Grantee’s express written agreement.  Any such modification shall not be inconsistent with the terms of the Plan.  Notwithstanding the foregoing, the Board or Administrator may take such actions as it deems appropriate to ensure that the Plan and any Awards may comply with any tax, securities or other applicable law. Nothing herein shall restrict the Administrator’s ability to exercise its discretionary authority as provided in the Plan.

IN WITNESS WHEREOF, the Trust has caused this Agreement to be duly executed effective as of the day and year first above written.

                                                                        FEDERAL REALTY INVESTMENT TRUST

       By:___________________________________
                                                                        Name: Dawn M. Becker
                                                                        Title:    Executive Vice President – 
                                                                                    General Counsel and SecretaryDocument

Exhibit 10.34

FEDERAL REALTY INVESTMENT TRUST
COMBINED INCENTIVE AND NON-QUALIFIED SHARE OPTION 
AGREEMENT FOR EMPLOYEES

AGREEMENT (“Agreement”) dated this ___ day of ____________, 20__ (the “Grant Date”), by FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (“Trust”) with an address of 1626 East Jefferson Street, Rockville, Maryland  20852, providing notice of a share option award to ____________________, an employee of the Trust (“Grantee”).
            WHEREAS, the Board of Trustees of the Trust has authorized the award by the Trust to the Grantee under the Federal Realty Investment Trust 2020 Performance Incentive Plan (“Plan”);
            WHEREAS, the Trust desires to grant, as set forth herein, to Grantee under the Plan (1) options for Shares that qualify as “Incentive Stock Options” within the meaning of Section 422 or any successor provision of the Internal Revenue Code of 1986, as amended (“Code”), and/or (2) options not intended to qualify as Incentive Stock Options (“Non-Qualified Share Options”); and
            WHEREAS, unless otherwise provided herein, capitalized terms used in this Agreement shall have the meaning given them in the Plan.
            NOW THEREFORE, in consideration of the mutual covenants and representations herein contained and intending to be legally bound, the parties hereto agree as follows:
            1.         Option Grant Facts:  The Trust hereby grants to Grantee the following option (“Option”) to purchase Shares:
                        (a)        Number of Shares Subject to this Option:
                                                Incentive Stock Options:                                                           
                                                Non-Qualified Share Options:                                                    
                        (b)        Purchase Price of Shares subject to the Option:          $                       
                        (c)        Grant Date of the Option:                                                                      
                        (d)        Vesting Schedule of Shares Subject to the Option:
                                    Incentive          Non-Qualified                           Vesting Date
                                                                                                                                    , 20            
                                                                                                                                    , 20            
                                                                                                                                    , 20            
                                                                                                                                    , 20            
                                                                                                                                    , 20            
The Option may be exercised from time-to-time to the extent vested. To the extent any portion of the Option designated above as an Incentive Stock Option shall fail to qualify as an Incentive Stock Option for any reason, including an exercise by the Grantee after the time period required to receive Incentive Stock Option treatment, it shall be deemed a Non-Qualified Share Option.  
            2.         Term.  The Option shall expire ten (10) years from the Grant Date, subject to earlier termination as set forth in Section 4 of this Agreement and the terms of the Plan.

            3.         Acceleration of Vesting.  The vesting of this Option shall accelerate and the Option shall fully vest and become immediately exercisable with respect to the full number of Shares subject to the Option for the applicable periods set forth in Section 4 below upon the following:
                        (a)        the Grantee’s termination of Service upon Disability;
                        (b)        the Grantee’s death while employed by the Trust; 
                        (c)        the Grantee’s termination of Service without Cause; and
                        (d)        if the Grantee incurs an Involuntary Termination within the one year period commencing with a Change in Control; provided, however, such accelerated vesting described in this Section 3(d) shall not be applicable to the Option if such Change in Control results from the Grantee’s beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Shares or Trust Voting Securities.
            4.         Exercise of Option Upon Termination of Service.  To the extent all or any part of the Option was not exercisable as of the date of termination of Service (after giving effect to Section 3, above), the unvested and unexercisable portion of the Option shall expire at the date of such termination of Service. Notwithstanding anything to the contrary, if the Grantee’s termination of Service is for Cause (as defined in the Plan and any employment or 

other agreement with the Grantee as of the Grant Date) or the Grantee voluntarily terminates from Service at a time when grounds for the Grantee’s termination for Cause exists, the right of the Grantee to exercise the Option shall terminate at the date of termination of Service. Subject to the preceding, the Grantee or the Grantee’s beneficiary, as applicable, shall have the applicable period of time specified below in which to exercise the Option after the Grantee’s termination of Service; provided, however, in no event may the Option be exercised under any circumstances later than the expiration date described in Section 2.
                    (a)        General Termination of Service.  Upon the Grantee’s termination of Service for any reason other than by reason of death, Disability, Retirement (as defined below) or Involuntary Termination within the one year period commencing with a Change in Control, the Grantee shall have a period of three (3) months [one year for Executive Officers] after such termination of Service to exercise all or any part of the Option to the extent it was exercisable at the date of termination of Service.   An exercise of all or any part of the Option more than three (3) months after termination of Service as an employee may cause any portion of the Option being exercised which was designated as an Incentive Stock Option to fail to qualify as such, in which event it shall be deemed a Non-Qualified Share Option.
                      (b)        Termination of Service on Retirement.  Upon the Grantee’s termination of Service by reason of retirement on or after the Grantee turns age 65 (“Retirement”), the Grantee shall have a period of one (1) year after such termination of Service to exercise all or any part of the Option to the extent that it was exercisable upon such termination of Service.  An exercise of all or any part of the Option more than three (3) months after termination of Service as an employee may cause any portion of the Option being exercised which was designated as an Incentive Stock Option to fail to qualify as such, in which event it shall be deemed a Non-Qualified Share Option.
                        (c)        Termination of Service on Disability.  Upon the Grantee’s termination of Service by reason of Disability, the Grantee shall have a period of one (1) year after such termination of Service to exercise all or any part of the Option to the extent that it was exercisable upon such termination of Service including as a result of Section 3 above.  Unless the Grantee’s Disability qualifies as a permanent and total disability within the meaning of Section 22(e)(3) of the Code, any exercise of all or any part of the Option more than three (3) months after termination of Service as an employee by reason of Disability may cause any portion of the Option being exercised which was designated as an Incentive Stock Option to fail to qualify as such, in which event it shall be deemed a Non-Qualified Share Option.

                      (d)        Termination of Service on Death. In the event of the death of the Grantee, the right of the Grantee’s beneficiary to exercise the Option shall expire as follows:
                                    (i)         if the Grantee’s death occurs when the Grantee is employed by the Trust, the Grantee’s beneficiary shall have a period of two (2) years after the date of the Grantee’s death to exercise all or any part of the Option to the extent that it was exercisable upon such termination of Service including as a result of Section 3 above;
                                    (ii)        if the Grantee’s death occurs after the Grantee’s termination of Service by reason of Disability or Retirement but before the expiration of one (1) year after the Grantee’s termination of Service by reason of Disability or Retirement, the one (1) year period provided for in Section 4(b) and (c) shall be extended for an additional one (1) year period such that the Grantee’s beneficiary shall have a period of two (2) years from the date of the Grantee’s termination of Service by reason of Disability or Retirement to exercise all or any part of the Option to the extent that it was exercisable upon such termination of Service including as a result of Section 3 above;
                                    (iii)       if the Grantee’s death occurs following any other termination of Service, the Grantee’s beneficiary shall have the remaining period of time specified in Section 4(a), if any, to exercise all or any part of the Option.
                        (e)        Change In Control.  If the Grantee incurs an Involuntary Termination within the one (1) year period commencing with a Change in Control, the Grantee shall have a period of one (1) year from the date of such Involuntary Termination to exercise all or any part of the Option to the extent that it was exercisable upon such Involuntary Termination including as a result of Section 3 above.  Any exercise of all or any part of the Option after an Involuntary Termination following a Change in Control more than three (3) months after termination of Service as an employee may cause any portion of the Option being exercised which was designated as an Incentive Stock Option to fail to qualify as such in which event it shall be deemed a Non-Qualified Share Option.
            5.         Exercise Procedures.
                        (a)        Method of Exercise.  To the extent vested, the Option shall be exercisable by providing written notice to the Trust and making all additional arrangements to pay the exercise price and provide for any applicable tax withholding as provided in this Section 5.  Such written notice shall set forth such information as the 

Trust may reasonably require from time to time which may include, without limitation: (i) the number of Shares being purchased and whether those Shares are issuable as a result of the exercise of the Incentive Stock Option portion of the Option or the Non-Qualified Share Option portion of the Option; (ii) the total exercise price for the Shares being purchased; and (iii) the exact name(s) as it should appear to whom the Shares are to be issued and address to which the Shares should be sent.  For the exercise of the Option to be valid, such written notice must be provided to the Secretary of the Trust and additional arrangements to pay the exercise price must be completed on or before 5:00 P.M. local time at the principal office of the Trust on the expiration date of the Option.  If the written notice is not provided to the Secretary of the Trust or the arrangements to pay the exercise price have not be completed on or before such date and time, the Option will expire and be of no further force of effect.  
                        (b)        Payment of Exercise Price.  The exercise price of Shares purchased upon exercise of the Option shall be paid in full (a) in cash, (b) by delivery to the Trust of Shares which shall have been held by the Grantee for at least six months having, on the date of exercise, a fair market value equal to the aggregate exercise price, (c) in any combination of cash and Shares, or (d) cash equivalents acceptable to the Trust or by payment in accordance with a broker-assisted cashless exercise program under which, if so instructed by the Grantee, Shares may be issued directly to the Grantee’s broker or dealer against receipt of the exercise price in cash from the broker or dealer. 
                        (c)        Delivery of Certificate; Registration of Shares.  Subject to Section 9 hereof, either a book entry registration of the purchased Shares or certificates for the purchased Shares will be issued and delivered to the Grantee as soon as practicable after the receipt of payment of the exercise price in accordance with Section 5(b) above; provided, however, that delivery of any such Shares shall be deemed effected for all purposes when a stock transfer agent of the Trust shall have placed such Shares into a book-entry account or deposited such certificates in the United States mail, addressed to Grantee, at the address for the Grantee included in the Grantee’s personnel file or to such other address as Grantee may from time to time designate in a written notice to the Trust.  The Grantee shall not be deemed for any purpose to be a shareholder of the Trust in respect of any Shares as to which the Option shall not have been exercised, as herein provided, until such Shares have been issued to Grantee by the Trust hereunder.
            6.         Plan Provisions Control Option Terms; Modifications.  The Option is granted pursuant and subject to the terms and conditions of the Plan, the provisions of which are incorporated herein by reference.  In the event any provision of this Agreement shall conflict with any of the terms in the Plan as constituted on the Grant Date, the terms of the Plan as constituted on the Grant Date shall control.  The Trust may modify the Option after the Grant Date; provided, however, that no such modification may be made which alters or impairs any rights or obligations of the Grantee without the Grantee’s express written agreement.  Any such modification shall not be inconsistent with the terms of the Plan.  For purposes of this Agreement, a modification which causes an Incentive Stock Option to be a Non-Qualified Share Option shall not be treated as a modification adverse to the Grantee. Notwithstanding the foregoing, the Board or Administrator may take such actions as it deems appropriate to ensure that the Plan and any Awards may comply with any tax, securities or other applicable law. Nothing herein shall restrict the Administrator’s ability to exercise its discretionary authority as provided in the Plan.
            7.         Limitations on Transfer.  Except as provided in this Section 7, the Option may not be assigned or transferred other than by will or the laws of descent and distribution.  The Grantee may transfer, in a not for value transfer, the part of this Option that is a Non-Qualified Share Option to any Family Member (as defined in the Plan).  For the purpose of this Section 7, a "not for value" transfer is a transfer which is: (a) a gift; (b) a transfer under a domestic relations order in settlement of marital property rights; or (c) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity.  Following a transfer under this Section 7, the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.  Subsequent transfers of transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 7 or by will or the laws of descent and distribution.  The Grantee’s beneficiary may exercise the Grantee’s rights hereunder only to the extent they were exercisable under this Agreement at the date of the death of the Grantee and are otherwise currently exercisable.
            8.         Withholding.  The Trust shall be entitled to withhold (or secure payment from the Grantee in lieu of withholding) the amount of any withholding or other tax required by law to be withheld or paid by the Trust with respect to any Shares issuable under this Agreement, and the Trust may defer issuance of Shares upon the exercise of the Option unless the Trust is indemnified to its satisfaction against any liability for any such tax.  The amount of such withholding or tax payment shall be determined by the Trust or its delegate and shall be payable by the Grantee at such time as the Trust determines.  The Grantee may satisfy his or her minimum required tax withholding obligation by the payment of cash to the Trust and/or, if so approved by the Trust, by the withholding from the 

Option, at the appropriate time, of a number of Shares sufficient, based upon the Fair Market Value of such Shares, to satisfy such tax withholding requirements.  The Trust shall be authorized, in its sole discretion, to establish such rules and procedures relating to any such withholding methods as it deems necessary or appropriate, including, without limitation, rules and procedures relating to elections to have Shares withheld upon exercise of the Option to meet such withholding obligations.
            9.         No Exercise in Violation of Law.  Notwithstanding any of the provisions of this Agreement, the Grantee hereby agrees that he or she will not exercise the Option granted hereby, and that the Trust will not be obligated to issue any Shares to the Grantee hereunder, if the exercise thereof or the issuance of such Shares shall constitute a violation by the Grantee or the Trust of any provision of any law or regulation of any governmental authority.  Any determination in this connection by the Committee shall be final, binding and conclusive.
            10.       Taxes and Code Section 409A.  Notwithstanding anything herein to the contrary, the Grantee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with this Agreement (including any taxes arising under Section 409A of the Code).  This Agreement is intended to be exempt from Code Section 409A, and the Trust shall have complete discretion to interpret and construe this Agreement and any associated documents in any manner that establishes an exemption from (or otherwise conforms them to) the requirements of Code Section 409A.  If, for any reason including imprecision in drafting, the Agreement does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, the provision shall be considered ambiguous and shall be interpreted by the Trust in a fashion consistent herewith, as determined in the sole and absolute discretion of the Trust. Notwithstanding anything to the contrary contained herein, the Trust reserves the right to unilaterally amend this Agreement without the consent of any Grantee in order to accurately reflect its correct interpretation and operation to maintain an exemption from or compliance with Code Section 409A. Notwithstanding any provision of the Plan or this Agreement (including the foregoing), neither the Trust nor the Administrator shall have any liability to any person in the event Code Section  409A applies to this Option in a manner that results in adverse tax consequences for the Grantee or any of his or her beneficiaries or transferees.
IN WITNESS WHEREOF, the Trust has executed this Agreement as of the day and year first above written.

                                                                              FEDERAL REALTY INVESTMENT TRUST

                                                                              By:   ___________________________________
                                                                                      Dawn M. Becker
Executive Vice President-General Counsel and Secretary

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