Document:

Exhibit 10.44

 EXHIBIT 10.44 
 ARMADA HOFFLER PROPERTIES, INC. 
 Director Stock Award Agreement 

THIS DIRECTOR 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) and (c) below. 
 (a) Continued Service. 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 a member of the Board 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 a member of the Board 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 a member of the Board 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 service on the Board ends if (i) such service 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 a member of the Board from the Date of Grant until the date such service ends on account of the Participant’s death or because the Participant
is disabled. 

 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 service on the Board ends shall be forfeited on the date that such service terminates. 
 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 Service. This Agreement and the grant of the Stock Award does not give the Participant any rights with respect to
continued service on the Board. 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 service on the Board. 

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] 

  
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 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:
	 	  
	 		 		 	

  
 3Exhibit 10.45

 Exhibit 10.45 
 OPTION AGREEMENT 
 THIS OPTION AGREEMENT (this “Agreement”), dated
May 1, 2013, is made by and among ARMADA/HOFFLER PROPERTIES, L.L.C., a Virginia limited liability company (“AHP”), and ARMADA HOFFLER, L.P., a Virginia limited partnership (“AH LP”). 

RECITALS 
 A.
Capitalized terms not otherwise defined herein shall have the same meanings ascribed to them in that certain Option Agreement dated as of June 5, 2000, between Town Center Associates, L.L.C. (“TCA”) and the City of Virginia Beach
Development Authority (the “VBDA”), as amended, a copy of which is attached hereto as Exhibit A (the “Option Agreement”). 
 B. AHP, TCA, City Center Associates, LLC (“CCA”) and others executed that certain Co-Development Agreement effective as of December 9, 2004, as amended, a copy of which is attached hereto
as Exhibit B (the “Co-Development Agreement”), pursuant to which the parties thereto and their Affiliates are developing the Project. 
 C. Pursuant to the Option Agreement, TCA has the option (the “TCA Option”) to acquire certain parcels of land owned by the VBDA for the expansion and continuing development of the Project. The
parcels remaining subject to the Option Agreement are commonly referred to as “Town Center Block 2”, “Town Center Block 9” and “Parcel Z-2” (collectively, the “Remaining Option Land”). 

D. AHP and CCA are the sole members of TCA pursuant to that certain Amended and Restated Operating Agreement of Town Center Associates,
L.L.C., effective as of January 1, 2004, as same may be amended (the “TCA Operating Agreement”), a copy of which is attached hereto as Exhibit C. 
 E. AH LP desires the option to require AHP to assign to AH LP its Ownership Interests in TCA and, thereby, for AH LP to obtain control over the exercise of rights under the Option Agreement to acquire all
or, from time to time, any portion of the Remaining Option Land and to require TCA to renegotiate or extend the term of the Option Agreement prior to exercising the AH LP Option. 

NOW THEREFORE, for and in consideration of the covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Exercise of Option by AH
LP. Upon the terms and conditions set forth herein, AHP hereby grants to AH LP the option (the “AH LP Option”) at any time prior to the expiration of the Option Agreement to acquire all of AHP’s Ownership Interests in TCA by
providing written notice (the “Option Exercise Notice”) to AHP of the exercise of such option. 

  
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 2. Purchase Price. AH LP shall pay at closing to AHP as consideration for AHP’s
Ownership Interest an amount equal to all expenses which AHP has incurred and which have not been reimbursed from any source for its share of the payments made by TCA, or by AHP on behalf of TCA, to maintain the TCA Option in force with respect to
the Remaining Option Land, including all carrying costs related to the Wells Fargo Loan, all Option Fees, the Special Fees, premiums paid to maintain in force the Option Performance Bond, and all other expenses incurred by AHP under the Option
Agreement with respect to the Remaining Option Land, in cash or other immediately available funds. 
 3. Closing. Closing
on the transfer of AHP’s Ownership Interest will occur within thirty (30) days after AHP has received the Option Exercise Notice. 
 4. Conditions of Closing. 
 (a) AHP and its principals shall be released or
indemnified by AH LP in a manner satisfactory to AHP from all obligations, if any, related to or arising out of the Option Agreement, the Co-Development Agreement and the TCA Operating Agreement including, but not limited to, replacing the Option
Performance Bond or relieving AHP and its principals or affiliates from any liability thereunder; 
 (b) The TCA Operating
Agreement will be amended as required to reflect the transfer of the ownership interest of AHP to AH LP and any related amendments necessary as a result of such transfer; 
 (c) AHP will transfer all of its Ownership Interests in TCA free and clean of all liens and encumbrances and shall represent and warrant that it is the sole owner of the Ownership Interests. 

5. Binding on Successors and Assigns. This Agreement shall be binding on the parties hereto and their respective successors and
assigns. 
 6. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original and all of which shall, when collated together, constitute one and the same agreement. This Agreement may be executed by any party by execution of a signature page transmitted by facsimile or PDF, and each signature transmitted by
facsimile or PDF shall be deemed to be an original signature. 
 7. Governing Law. This Agreement is made in and shall be
governed, construed and enforced in accordance with the laws of the Commonwealth of Virginia. 
 8. No Amendment. This
Agreement may not be modified or amended except by written instrument executed by the parties hereto. 
 9. Entire
Agreement. This Agreement contains the entire agreement of the parties as to the matters contained herein. 

  
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 WITNESS the following signatures and seals as of the date first written above. 

 

					
	ARMADA/HOFFLER PROPERTIES, L.L.C.
			
	By:	 	/s/ Louis S. Haddad	 	(SEAL)
		 	Louis S. Haddad, Manager	 	

  

							
	ARMADA HOFFLER, L.P.	 	
		
	By:	 	ARMADA HOFFLER PROPERTIES, INC.
		 		 		 	
		 	By:	 	/s/ Louis S. Haddad	 	(SEAL)
		 		 	 Louis S. Haddad, President

and Chief Executive Officer
	 	

  
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