Document:

Exhibit 4.1

 EXHIBIT 4.1 

 

			
	 Number *0*
	  	Shares *0*

  

			
		  	 SEE REVERSE FOR IMPORTANT
 NOTICE ON TRANSFER RESTRICTIONS
 AND OTHER
INFORMATION

  

							
		 	THIS CERTIFICATE IS TRANSFERABLE	  	CUSIP                     	  	
		 	                IN THE CITIES OF
                            	  		  	

 ARMADA HOFFLER PROPERTIES, INC. 

a Corporation Formed Under the Laws of the State of Maryland 
 THIS CERTIFIES THAT **Specimen** is the owner of **Zero (0)** fully paid and nonassessable shares of Common Stock, $0.01 par value per share, of 

Armada Hoffler Properties, Inc. 
 (the “Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Charter of the Corporation and the Bylaws of the Corporation and any amendments thereto. This Certificate is not valid unless
countersigned and registered by the Transfer Agent and Registrar. 
 IN WITNESS WHEREOF, the Corporation has caused this
Certificate to be executed on its behalf by its duly authorized officers this      day of         ,
            . 
  

					
	 Countersigned and Registered:
	 		  	
	 Transfer Agent
	 		  	                            
                                         
         (SEAL)
	 and Registrar
	 		  	Chief Executive Officer and President
			
	 By:
                                         
                       
	 		  	  

	       Authorized Signature
	 		  	Chief Financial Officer and Treasurer

 IMPORTANT NOTICE 

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section
2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the
differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport
to be complete and is subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the
Corporation at its principal office. 
 The shares represented by this certificate are subject to restrictions on Beneficial
Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the “Code”).
Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i) no Person may Beneficially Own or Constructively Own shares of any class or series of Capital Stock of the Corporation in excess of the
Stock Ownership Limit, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own shares of Capital Stock that would result in the Corporation being “closely
held” under Section 856(h) of the Code; (iii) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons; (iv) no Person may Beneficially Own or
Constructively Own shares of Capital Stock that would cause the Corporation to Constructively Own 10% or more of the ownership interests in a tenant (other than a TRS) of the Corporation’s real property within the meaning of Section
856(d)(2)(B) of the Code; and (v) no Person may Beneficially Own or Constructively Own shares of Capital Stock that would otherwise cause the Corporation to fail to qualify as a REIT, including, but not limited to, as a result of any “eligible
independent contractor” (as defined in Section 856(d)(9)(A) of the Code) that operates a “qualified lodging facility” (as defined in Section 856(d)(9)(D)(i) of the Code) on behalf of a TRS failing to qualify as such. Any Person who
acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital Stock which causes or may cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of
the above limitations must immediately notify the Corporation or, in the case of a proposed or attempted transaction, give at least 15 days prior written notice to the Corporation. If any of the restrictions on transfer or ownership provided in (i),
(ii), (iv) or (v) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trustee of a Charitable Trust for the benefit of one or more Charitable Beneficiaries. In
addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions
described above. Furthermore, if the ownership restriction provided in (iii) above would be violated, or upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio.
All capitalized terms in this legend have the meanings given to them in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each
holder of shares of Capital Stock of the Corporation on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its principal office. 

 
  

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, DESTROYED, STOLEN OR MUTILATED, THE CORPORATION 

WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

 
  

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

															
		 	 TEN COM
	 	-	  	as tenants in common	  		  	UNIF GIFT MIN ACT                     
            	 	Custodian                           
  	  	
		 	 TEN ENT
	 	 -
	  	as tenants by the entireties	  		  	(Custodian)            	 	                    (Minor)	  	
		 	 JT TEN
	 	 -
	  	as joint tenants with right	  		  	                    under Uniform Gifts to
Minors Act of	  	
		 		 		  	of survivorship and not as tenants in common	  		  	  

                      
                          
                                   
    (State)
	  	
		 		 		  		  	  
 Additional abbreviations may also
be used though not in the above list.

 FOR VALUE RECEIVED,
                             HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO 

 
  
 (Please Print or Typewrite Name and Address, Including Zip Code, of Assignee) 
  

 
 (Please Insert Social Security or other
Identifying Number of Assignee) 

                         
            (                ) shares of Common Stock of the Corporation represented by this Certificate
and does hereby irrevocably constitute and appoint
                                        
attorney to transfer the said shares of Common Stock on the books of the Corporation, with full power of substitution in the premises. 
  

					
	
Dated                     

	 		  	  

		 		  	NOTICE: The Signature To This Assignment Must Correspond With The Name As Written Upon The Face Of The Certificate In Every Particular, Without Alteration Or Enlargement Or Any
Change Whatsoever.Exhibit 10.3

 Exhibit 10.3 
 ARMADA HOFFLER PROPERTIES, INC. 
 Executive Stock Award Agreement

 THIS EXECUTIVE STOCK AWARD AGREEMENT (the “Agreement”), dated as of the
             day of             , 2013, governs the Stock Award granted by ARMADA HOFFLER PROPERTIES, INC., a
Maryland corporation (the “Company”), to              (the “Participant”), in accordance with and subject to the provisions of the Company’s 2013 Equity
Incentive Plan (the “Plan”). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan. 

1. Grant of Stock Award. In accordance with the Plan, and effective as of
              , 2013 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a
Stock Award of             shares of Common Stock (the “Stock Award”). 
 2. Vesting. The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable to the extent provided in paragraphs (a), (b), (c),
(d) and (e) below. 
 (a) Continued Employment. The Participant’s interest in the number of shares of
Common Stock that most nearly equals (but does not exceed) one-third of the Common Stock covered by the Stock Award shall be vested and nonforfeitable on the Date of Grant. The Participant’s interest in the number of shares of Common Stock that
most nearly equals (but does not exceed) one-third of the Common Stock covered by the Stock Award shall become vested and nonforfeitable on
                      , 2014, if the Participant remains in the continuous employ of the Company or an Affiliate from the
Date of Grant until such date. The Participant’s interest in the remaining shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable on
                      , 2015, if the Participant remains in the continuous employ of the Company or an Affiliate from the
Date of Grant until such date. 
 (b) Change in Control. The Participant’s interest in all of the shares of Common
Stock covered by the Stock Award (if not sooner vested), shall become vested and nonforfeitable on a Control Change Date if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control
Change Date. 
 (c) Death or Disability. The Participant’s interest in all of the shares of Common Stock covered by
the Stock Award (if not sooner vested), shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its Affiliates ends if (i) such employment ends on account of the Participant’s death or
because the Participant is “disabled”(as defined in Code section 409A(a)(2)(c)) and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date such employment ends on
account of the Participant’s death or because the Participant is disabled. 

 (d) Termination of Employment Without Cause. The Participant’s interest in all
of the shares of Common Stock covered by the Stock Award (if not sooner vested), shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its Affiliates ends if (i) such employment is
terminated by the Company or an Affiliate without Cause and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date such employment ends on account of a termination by the
Company or an Affiliate without Cause. For purposes of this Agreement, a termination of the Participant’s employment with the Company or an Affiliate is with Cause if such employment is terminated by action of the Board on account of
(w) the Participant’s failure to perform a material duty or the Participant’s material breach of an obligation under an agreement with the Company or a breach of a material and written Company policy other than by reason of
mental or physical illness or injury, (x) the Participant’s breach of a fiduciary duty to the Company, (y) the Participant’s conduct that is demonstrably and materially injurious to the Company, materially or
otherwise or (z) the Participant’s conviction of, or plea of nolo contendre to, a felony or crime involving moral turpitude or fraud or dishonesty involving assets of the Company and that in all cases is described in a
written notice from the Board and that is not cured, to the reasonable satisfaction of the Board, within thirty (30) days after such notice is received by the Participant. 

(e) Resignation With Good Reason. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award
(if not sooner vested) shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its Affiliates ends if (i) such employment is terminated by the Participant with Good Reason and (ii) the
Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date such employment ends on account of the Participant’s resignation with Good Reason. For purposes of this Agreement, the
Participant’s resignation is with Good Reason if the Participant resigns on account of (w) the Company’s material breach of an agreement with the Participant or a direction from the Board that the Participant act or refrain
from acting which in either case would be unlawful or contrary to a material and written Company policy, (x) a material diminution in the Participant’s duties, functions and responsibilities to the Company and its Affiliates without
the Participant’s consent or the Company preventing the Participant from fulfilling or exercising the Participant’s material duties, functions and responsibilities to the Company and its Affiliates without the Participant’s consent,
(y) a material reduction in the Participant’s base salary or annual bonus opportunity or (z) a requirement that the Participant relocate the Participant’s employment more than fifty (50) miles from the location
of the Participant’s principal office on the Date of Grant, without the consent of the Participant. The Participant’s resignation shall not be a resignation with Good Reason unless the Participant gives the Board written notice (delivered
within thirty (30) days after the Participant knows of the event, action, etc. that the Participant asserts constitutes Good Reason), the event, action, etc. that the Participant asserts constitutes Good Reason is not cured, to the reasonable
satisfaction of the Participant, within thirty (30) days after such notice and the Participant resigns effective not later than thirty (30) days after the expiration of such cure period. 

Except as provided in this Section 2, any shares of Common Stock covered by the Stock Award that are not vested and nonforfeitable on or before the
date that the Participant’s employment by the Company and its Affiliates ends shall be forfeited on the date that such employment terminates. 

  
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 3. Transferability. Shares of Common Stock covered by the Stock Award that have not
become vested and nonforfeitable as provided in Section 2 cannot be transferred. Shares of Common Stock covered by the Stock Award may be transferred, subject to the requirements of applicable securities laws, after they become vested and
nonforfeitable as provided in Section 2. 
 4. Stockholder Rights. On and after the Date of Grant and prior to their
forfeiture, the Participant shall have all of the rights of a stockholder of the Company with respect to the shares of Common Stock covered by the Stock Award, including the right to vote the shares and to receive, free of all restrictions, all
dividends declared and paid on the shares. Notwithstanding the preceding sentence, the Company shall retain custody of the certificates evidencing the shares of Common Stock covered by the Stock Award until the date that the shares of Common Stock
become vested and nonforfeitable and the Participant hereby appoints the Company’s Secretary as the Participant’s attorney in fact, with full power of substitution, with the power to transfer to the Company and cancel any shares of Common
Stock covered by the Stock Award that are forfeited under Section 2. 
 5. No Right to Continued Employment. This
Agreement and the grant of the Stock Award does not give the Participant any rights with respect to continued employment by the Company or an Affiliate. This Agreement and the grant of the Stock Award shall not interfere with the right of the
Company or an Affiliate to terminate the Participant’s employment. 
 6. Governing Law. This Agreement shall be
governed by the laws of the State of Maryland except to the extent that Maryland law would require the application of the laws of another State. 
 7. Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All references herein to
the Plan shall mean the Plan as in effect on the Date of Grant. 
 8. Participant Bound by Plan. The Participant hereby
acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all the terms and provisions of the Plan. 
 9. Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company
and any successors of the Company. 
 [signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
date first set forth above. 
  

									
	ARMADA HOFFLER PROPERTIES, INC.	 		 	[NAME OF PARTICIPANT]
				
	By:	 	  
	 		 	  

					
	Title:	 	  
	 		 		 	

  
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