Document:

Exhibit 10.32

 Exhibit 10.32 
 AMENDMENT TO STOCK OPTION AGREEMENTS 
 This
Amendment to Stock Option Agreements (“Amendment”) is made and entered into as of the 17th day of February, 2009, by and between FEDERAL
REALTY INVESTMENT TRUST, a Maryland real estate investment trust (“Trust”), and ANDREW P. BLOCHER (“Executive”). 
 WHEREAS, Executive and the Trust have entered into the following stock option agreements: (a) Combined Incentive and Non-Qualified Stock Option Agreement dated February 16, 2006; (b) Combined Incentive and Non-Qualified Stock
Option Agreement dated February 12, 2007; and (c) Combined Incentive and Non-Qualified Stock Option Agreement dated February 10, 2008 (collectively referred to hereinafter as the “Stock Option Agreements”); and 

WHEREAS, since the execution of the Option Agreements, Executive has been promoted and is now an executive officer of the Trust, and Executive and the
Trust wish to amend the Stock Option Agreements. 
 NOW THEREFORE, in consideration of the foregoing, of the mutual promises herein contained
and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1.      Sections 2(d), 2(f) and 2(g) of each of the Stock Option Agreements are hereby amended by deleting the phrase
“three (3) months” and replacing it with the phrase “one (1) year.” 
 2.      Capitalized terms used in this Amendment, unless otherwise defined herein, have the respective meanings given to such terms in the Stock Option Agreements. 
 3.      Except as specifically modified hereby, the Stock Option Agreements remain in full force and effect, and the Trust
and Executive hereby ratify and reaffirm each and all of the terms and provisions of the Stock Option Agreements as modified hereby. 
 IN
WITNESS WHEREOF, the parties have executed and delivered this Amendment to be effective as of the day and year indicated above. 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	/s/    Dawn M. Becker
	 Name:
 Title:
	 	 Dawn M. Becker
 Executive Vice President-General
Counsel and Secretary

  
  
  
  

			
	WITNESS:	 	EXECUTIVE
		
	 /s/    Darlene M. Hough
	 	 /s/    Andrew P. Blocher

		 	 Andrew P. BlocherExhibit 10.33

 Exhibit 10.33 
 FEDERAL REALTY INVESTMENT TRUST 
 RESTRICTED SHARE AWARD AGREEMENT 
 (Award under the Federal Realty Investment Trust 
 Amended and Restated 2003 Long Term Incentive Award Program) 
 February 17, 2009 
 The parties to this Restricted Share Award Agreement (this “Agreement”) are Federal Realty Investment Trust, a Maryland real estate investment trust (the
“Trust”), and Andrew P. Blocher, an individual employee of the Trust (the “Key Employee”) 
 The Board of Trustees
of the Trust (the “Board of Trustees”) has authorized the award by the Trust to the Key Employee, under the Trust’s 2001 Long-Term 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 Key Employee. The parties hereto desire to set forth in this Agreement their respective rights and obligations 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 parties hereto agree
as follows: 
  

	 	1.	Award of Restricted Shares. 

 (a) The Trust
hereby confirms the grant to the Key Employee, as of February 17, 2009 (the “Grant Date”), of Sixteen Thousand Ninety-Nine (16,099) Shares (the “Restricted Shares”), subject to the restrictions and other terms and
conditions set forth herein and in the Plan. 
 (b) On or as soon as practicable after the Grant Date, the Trust shall cause one or more
stock certificates representing the Restricted Shares to be registered in the name of the Key Employee. Such stock certificate or certificates 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, any stock exchange upon which the Shares are listed and any applicable federal or state securities law, and the
Trust may cause a legend or legends to be placed on such certificate or certificates to make appropriate reference to such restrictions. 
 The certificate or certificates representing the Restricted Shares shall be held in custody by the Chief Financial Officer of the Trust until the Restricted Period (as hereinafter defined in Paragraph 3) with respect thereto shall have
lapsed. Simultaneously with the execution and delivery of this Agreement, the Key Employee shall deliver to the Trust one or more undated stock powers endorsed in blank relating to the Restricted Shares. The Trust shall deliver or cause to be
delivered to the Key Employee or, in the case of the Key Employee’s death, to the Key Employee’s beneficiary, one or more stock certificates for the appropriate number of Shares, free of all such restrictions, as to which the restrictions
shall have expired. Upon forfeiture, in accordance with Paragraph 4, of all or any portion of the Restricted Shares, the certificate or certificates representing the forfeited Restricted Shares shall be canceled. 
  

	 	2.	Restrictions Applicable to Restricted Shares. 

 (a) Beginning on the Grant Date, the Key Employee 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) during the Restricted Period (as hereinafter defined in
Paragraph 3); 
 (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 with respect to any Restricted Shares as to which the restrictions have not yet lapsed shall be
subject to the same 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. 
 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. As
the restrictions set forth in this Paragraph 2 hereof lapse in accordance with the terms of this Agreement as to all or a portion of the Restricted Shares, such shares shall no longer be considered Restricted Shares for purposes of this Agreement.

  

	 	3.	Restricted Period. 

 (a) The restrictions set
forth in Paragraph 2 shall apply for a period (the “Restricted Period”) from the Grant Date until such Restricted Period lapses as follows: 
 (i) with respect to Five Thousand Three Hundred Sixty-Six (5,366) Restricted Shares, the Restricted Period shall lapse on February 17, 2012; 
 (ii) with respect to an additional Five Thousand Three Hundred Sixty-Seven (5,367) Restricted Shares, the Restricted Period shall lapse on
February 17, 2013; and 
 (iii) with respect to the remaining Five Thousand Three Hundred Sixty-Six (5,366) Restricted Shares, the
Restricted Period shall lapse on February 17, 2014; 
 provided, however, that the Restricted Period for any particular Restricted Shares shall not
lapse on the date set forth above unless the Key Employee has tendered to the Trust, on or before that date, the amount of any state and federal withholding tax obligation which will be imposed on the Trust by reason of the lapsing of the Restricted
Period for such Restricted Shares on that date. 
 (b) Notwithstanding the foregoing and subject to the proviso below, the Restricted Period
shall lapse as follows: 
 (i) as to all Restricted Shares in the event of the death or Disability of the Key Employee; 
 (ii) as to: (A) 50% of the then unvested Restricted Shares in the event of the Key Employee’s retirement on or after the Key Employee reaches
the age of 58 but before the Key Employee reaches the age of 62; (B) 75% of the then unvested Restricted Shares in the event of the Key Employee’s retirement on or after the Key Employee reaches the age of 62 but before the Key Employee
reaches the age of 65; and (C) all of the Restricted Shares in the event of the Key Employee’s retirement on or after the Key Employee reaches the age of 65; 
 (iii) as to all Restricted Shares in the event that the Key Employee is discharged by the Trust without Cause as defined in the Plan and at the time of such discharge, the individual holding the title of Chief
Executive Officer of the Trust is not the same individual that holds the title of Chief Executive Officer of the Trust as of the date of this Agreement; 
 provided in any case that the Key Employee or his legal representative shall first tender, within ninety (90) days after the death, Disability or discharge without Cause, the amount of any state and federal withholding tax obligation
which will be imposed on the Trust by reason of the lapsing of the Restricted Period for such Restricted Shares. For purposes of this Agreement, “Normal Retirement Date” means the date on which the Key Employee terminates active employment
with the Trust on or after attainment of age 65, but does not include termination of the Key 

 
Employee’s employment by the Trust for Cause, and “Other Retirement Date” means the date, on or after the Key Employee’s attainment of
age 55 but earlier than the Key Employee’s Normal Retirement Date, which is specifically approved and designated in writing by the Committee to be the date upon which the Key Employee retires for purposes of the Plan. 
 (c) Also notwithstanding the foregoing, the Restricted Period shall lapse as to all Restricted Shares if the Key Employee shall incur an Involuntary
Termination (as defined in the Plan) during the one year period commencing with the occurrence of a Change in Control, and in such event, the Trust shall deliver or cause to be delivered to the Key Employee within ten (10) business days after
the Involuntary Termination one or more stock certificates representing those Shares as to which the Restricted Period shall have lapsed, provided that the Key Employee shall first tender the amount of any state and federal withholding tax
obligation which will be imposed on the Trust by reason of the lapsing of the Restricted Period for such Restricted Shares. 
  

	 	4.	Forfeiture. 

 If there is a termination of
the Key Employee’s Service with the Trust for any reason including but not limited to a discharge by the Trust without Cause as defined in the Plan and at the time of such discharge, the individual holding the title of Chief Executive Officer
of the Trust is the same individual that holds the title of Chief Executive Officer of the Trust as of the date of this Agreement, then all rights of the Key Employee to any and all then-remaining Restricted Shares, after giving application to
Paragraphs 3(a), (b), and 3(c), shall terminate and be forfeited. In addition, in the event the Key Employee or his legal representative fails to tender to the Trust any required tax withholding amount in accordance with Paragraphs 3(a), 3(b), or
3(c) above by the date specified therein, then the Trust shall retain a portion of the Restricted Shares sufficient to meet its tax withholding obligation. 
  

	 	5.	Assignment. 

 This Agreement shall be binding
upon and inure to the benefit of the heirs and representatives of the Key Employee 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 Key
Employee. 
  

	 	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. This Agreement may be amended at any
time by written agreement of the parties hereto. The terms set forth in this Agreement shall control over any contrary terms set forth in that certain Severance Agreement of even date herewith between Key Employee and the Trust. 
  

	 	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 Key Employee any right with respect to continuance of employment by the Trust. 

	 	10.	Certain References. 

 References to the Key
Employee in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the Key Employee’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 Key
Employee acknowledges that it is the Key Employee’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 Key Employee 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,
Withholding, and Code Section 409A. Notwithstanding anything herein to the contrary, the Key Employee 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). The Trust may withhold from any benefits payable under this Agreement, and 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. 
 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 Key Employee in order to accurately reflect its correct interpretation and operation to maintain an exemption from or compliance with Code
Section 409A. 
 IN WITNESS WHEREOF, the Trust has caused this Agreement to be duly executed and the Key Employee has hereunto set his hand effective as
of the day and year first above written. 
  
  

									
		 		 	 FEDERAL REALTY INVESTMENT TRUST

					
		 		 		 	 By:
	 	/s/ Dawn M. Becker
		 		 		 	 Name:
 Title:
	 	 Dawn M. Becker
 Executive Vice President-General
Counsel
 and Secretary

  
  

									
	 WITNESS:
	 		 	 KEY EMPLOYEE

				
	/s/ Darlene M. Hough	 		 	 By:
	 	/s/ Andrew P. Blocher
		 		 		 	Name:	 	Andrew P. Blocher

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