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                                                                 Exhibit 10.xxxi

                                 AMENDMENT TO
                     RESTRICTED SHARE AWARD AGREEMENT AND
                          AMENDMENT TO PROMISSORY NOTE

     This Amendment to Restricted Share Award Agreement and Amendment to
Promissory Note (this "Amendment") is made as of December 8, 2000, between
Federal Realty Investment Trust, a Maryland real estate investment trust (the
"Trust"), and Ron D. Kaplan, an individual employee of the Trust (the "Key
Employee").

     WHEREAS, the Trust and the Key Employee entered into that certain
Restricted Share Award Agreement dated as of January 1, 1998, setting forth the
terms of the award by the Trust to the Key Employee under the Trust's Amended
and Restated 1993 Long-Term Incentive Plan (the "Amended Plan") of a Restricted
Share Award of 50,000 shares of beneficial interest of the Trust (such shares
being hereinafter referred to as the "Restricted Shares" and such agreement
being hereinafter referred to as the "Restricted Share Agreement"); and

     WHEREAS, the Restricted Share Agreement provides for the Trust to make a
Tax Loan to the Key Employee each time the Restriction Period lapses with regard
to a number of Restricted Shares, in the amount of fifty percent of the
aggregate value of such Restricted Shares, in order to enable the Key Employee
to pay state and federal taxes on the income created by the lapsing of the
Restriction Period on such Restricted Shares, and for such Tax Loan to be
secured by all the Restricted Shares as to which the Restriction Period has
lapsed (the "Vested Shares"); and

     WHEREAS, the Compensation Committee of the Board of Trustees of the Trust
(the "Committee") has determined that it is unnecessary for the Tax Loans to be
secured by all of the Vested Shares and that the Trust's interests would be
adequately protected by requiring each such Tax Loan to be secured instead by
that number of shares having an aggregate value on the date of vesting equal to
125% of the amount of the Tax Loan.

     NOW, THEREFORE, in consideration of the foregoing, the mutual promises
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to be
legally bound hereby, agree as follows:

     1.   Paragraph 4 of the Restricted Share Agreement is hereby amended to
read in its entirety as follows:

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          "Tax Loan.  (a)  The Trust shall extend loans to the Key Employee
           --------
          from time to time to provide him with funds to pay the federal and
          state taxes that he will incur as a result of the lapsing of the
          Restriction Period with respect to Restricted Shares except with
          respect to federal and state taxes incurred as a result of the lapsing
          of the Restriction Period with respect to Restricted Shares under
          Paragraph 3.3 ("Tax Loans"). The Key Employee will execute promissory
          notes in the form attached to this Agreement to evidence his
          obligation to repay such Tax Loans. As of each date a Tax Loan is
          extended to the Key Employee, the dollar amount of such Tax Loan so
          issued to the Key Employee hereunder shall not exceed 50% of the Fair
          Market Value of the Shares awarded to the Key Employee hereunder as to
          which the Restriction Period has then lapsed.  As collateral to secure
          his obligation to repay any Tax Loan extended to him hereunder and any
          accrued but unpaid Interest on such Tax Loan, the Key Employee hereby
          (i) pledges to the Trust that number of Restricted Shares awarded to
          him hereunder as to which the Restriction Period has lapsed having an
          aggregate value which is equal on the date of the Tax Loan to 125% of
          the amount of such Tax Loan, and (ii) assigns to the Trust all
          quarterly cash or other dividends paid on such Restricted Shares.

                      (b) In the event of a Change in Control, the Trust shall
          extend a loan to the Key Employee to provide him with funds to pay the
          federal and state income taxes that he will incur as a result of (i)
          the forgiveness of any Tax Loans extended under Paragraph 4(a) and
          (ii) receipt of the Income Tax Payment (in accordance with Paragraph
          3.3) (the "Change in Control Tax Loan").  The Key Employee will
          execute a promissory note in the form attached to this Agreement to
          evidence his obligation to repay such Change in Control Tax Loan."

     2.   The last sentence of Paragraph 1 of the Tax Note dated March 31, 1998,
made by the Key Employee in favor of the Trust is hereby amended to read in its
entirety as follows:

          "The performance of the Borrower's obligations hereunder is secured by
          (a) a pledge of  that number of Shares as to which the Restriction
          Period has lapsed under the Restricted Share Award Agreement having an
          aggregate value which is equal, on the date a Loan is made, to 125% of
          the principal amount of the Loan, and (b) an assignment to Payee of
          all quarterly cash Dividends paid on such Shares sufficient to pay the
          Interest (as hereinafter defined) hereon."

                                      -2-
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     3.   Capitalized terms used in this Amendment, unless otherwise defined
herein, have the respective meanings given to such terms in the Restricted Share
Agreement.

     4.   Except as specifically modified hereby, the Restricted Share Agreement
and Tax Note remain in full force and effect, and the Trust and the Key Employee
hereby ratify and reaffirm each and all of the terms and provisions of the
Restricted Share Agreement and Tax Note as modified hereby.

     5.   This Amendment may be executed in multiple counterparts with the same
effect as if each of the signing parties had signed the same document.  All
counterparts shall be construed together and constitute the same instrument.

     IN WITNESS WHEREOF, the Trust has caused this Amendment 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:__________________________________
                                    Name:  Mark S. Ordan
                                    Title: Chairman, Compensation Committee

                                    Address:
                                    1626 East Jefferson Street
                                    Rockville, Maryland 20852

                                    RON D. KAPLAN

                                    _____________________________________

                                    Address:
                                    7909 Greentree Road
                                    Bethesda, Maryland 20817

                                      -3-<PAGE>

                                                                Exhibit 10.xxxii

                                 AMENDMENT TO
                      RESTRICTED SHARE AWARD AGREEMENT AND
                          AMENDMENT TO PROMISSORY NOTE

     This Amendment to Restricted Share Award Agreement and Amendment to
Promissory Note (this "Amendment") is made as of December 8, 2000, between
Federal Realty Investment Trust, a Maryland real estate investment trust (the
"Trust"), and Ron D. Kaplan, an individual employee of the Trust (the "Key
Employee").

     WHEREAS, the Trust and the Key Employee entered into that certain
Restricted Share Award Agreement dated as of January 1, 1998, setting forth the
terms of the award by the Trust to the Key Employee of a Restricted Share Award
of 12,500 shares of beneficial interest of the Trust (such shares being
hereinafter referred to as the "Restricted Shares" and such agreement being
hereinafter referred to as the "Restricted Share Agreement"); and

     WHEREAS, the Restricted Share Agreement provides for the Trust to make a
Tax Loan to the Key Employee each time the Restriction Period lapses with regard
to a number of Restricted Shares, in the amount of fifty percent of the
aggregate value of such Restricted Shares, in order to enable the Key Employee
to pay state and federal taxes on the income created by the lapsing of the
Restriction Period on such Restricted Shares, and for such Tax Loan to be
secured by all the Restricted Shares as to which the Restriction Period has
lapsed (the "Vested Shares"); and

     WHEREAS, the Compensation Committee of the Board of Trustees of the Trust
(the "Committee") has determined that it is unnecessary for the Tax Loans to be
secured by all of the Vested Shares and that the Trust's interests would be
adequately protected by requiring each such Tax Loan to be secured instead by
that number of shares having an aggregate value on the date of vesting equal to
125% of the amount of the Tax Loan.

     NOW, THEREFORE, in consideration of the foregoing, the mutual promises
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to be
legally bound hereby, agree as follows:

     1.   Paragraph 4 of the Restricted Share Agreement is hereby amended to
read in its entirety as follows:

          "Tax Loan.    (a)  The Trust shall extend loans to the Key Employee
           --------
          from time to time to provide him with funds to pay the federal and
          state taxes that he will incur as a result of the lapsing of the
          Restriction Period

                                      -1-
<PAGE>

          with respect to Restricted Shares except with respect to federal and
          state taxes incurred as a result of the lapsing of the Restriction
          Period with respect to Restricted Shares under Paragraph 3.3 ("Tax
          Loans"). The Key Employee will execute promissory notes in the form
          attached to this Agreement to evidence his obligation to repay such
          Tax Loans. As of each date a Tax Loan is extended to the Key Employee,
          the dollar amount of such Tax Loan so issued to the Key Employee
          hereunder shall not exceed 50% of the Fair Market Value of the Shares
          awarded to the Key Employee hereunder as to which the Restriction
          Period has then lapsed. As collateral to secure his obligation to
          repay any Tax Loan extended to him hereunder and any accrued but
          unpaid Interest on such Tax Loan, the Key Employee hereby (i) pledges
          to the Trust that number of Restricted Shares awarded to him hereunder
          as to which the Restriction Period has lapsed having an aggregate
          value which is equal on the date of the Tax Loan to 125% of the amount
          of such Tax Loan, and (ii) assigns to the Trust all quarterly cash or
          other dividends paid on such Restricted Shares.

                    (b)  In the event of a Change in Control, the Trust shall
          extend a loan to the Key Employee to provide him with funds to pay the
          federal and state income taxes that he will incur as a result of (i)
          the forgiveness of any Tax Loans extended under Paragraph 4(a) and
          (ii) receipt of the Income Tax Payment (in accordance with Paragraph
          3.3) (the "Change in Control Tax Loan").  The Key Employee will
          execute a promissory note in the form attached to this Agreement to
          evidence his obligation to repay such Change in Control Tax Loan."

     2.   The last sentence of Paragraph 1 of the Tax Note dated March 31, 1998,
made by the Key Employee in favor of the Trust is hereby amended to read in its
entirety as follows:

          "The performance of the Borrower's obligations hereunder is secured by
          (a) a pledge of  that number of Shares as to which the Restriction
          Period has lapsed under the Restricted Share Award Agreement having an
          aggregate value which is equal, on the date a Loan is made, to 125% of
          the principal amount of the Loan, and (b) an assignment to Payee of
          all quarterly cash Dividends paid on such Shares sufficient to pay the
          Interest (as hereinafter defined) hereon."

     3.   Capitalized terms used in this Amendment, unless otherwise defined
herein, have the respective meanings given to such terms in the Restricted Share
Agreement.

                                      -2-
<PAGE>

     4.   Except as specifically modified hereby, the Restricted Share Agreement
and Tax Note remain in full force and effect, and the Trust and the Key Employee
hereby ratify and reaffirm each and all of the terms and provisions of the
Restricted Share Agreement and Tax Note as modified hereby.

     5.   This Amendment may be executed in multiple counterparts with the same
effect as if each of the signing parties had signed the same document.  All
counterparts shall be construed together and constitute the same instrument.

     IN WITNESS WHEREOF, the Trust has caused this Amendment 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:__________________________________
                                    Name:  Mark S. Ordan
                                    Title: Chairman, Compensation Committee

                                    Address:
                                    1626 East Jefferson Street
                                    Rockville, Maryland 20852

                                    RON D. KAPLAN

                                    _____________________________________

                                    Address:
                                    7909 Greentree Road
                                    Bethesda, Maryland 20817

                                      -3-

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