Document:

Management By Objective Plan

  
 Exhibit 10.34

 R.R Donnelley 
 Management By Objective Plan 
 (As amended and restated effective
January 1, 2010) 
 OVERVIEW 
 The RR Donnelley Management By Objective Plan (the “Management By Objective Plan” or the “Plan”) is designed to promote the growth and profitability of RR Donnelley and its
subsidiaries with incentives to reward and enhance the retention of eligible employees. Awards are made depending on the Company’s financial performance and on how well an eligible employee performs against individual objectives that link to
and support RR Donnelley’s strategic and financial priorities. 
 The Plan is a sub-plan of the R. R. Donnelley & Sons Company
2004 Performance Incentive Plan (the “2004 PIP”) and is subject to all of the performance conditions established pursuant to the 2004 PIP and the limitations set forth therein. With respect to participants who are subject to
Section 162(m) of the Internal Revenue Code, as amended (the “Code”), to the extent that any term of the Plan conflicts with the terms of the 2004 PIP, the terms of the 2004 PIP will apply. 

The Human Resources Committee of the Board of Directors (the “Committee’) administers the Plan. The Committee has authority to establish rules
and regulations for the Plan’s implementation and administration, including the authority to impose limitations and conditions, with respect to competitive employment or otherwise, that are not inconsistent with the Plan’s purposes.

 PARTICIPATION 
 Eligibility
is limited to officers selected by the Committee and other key employees designated in writing annually by the Chief Human Resources Officer. 

TARGET AWARD PERCENTAGE AND PLAN FUNDING 

Each eligible participant’s target incentive opportunity under the Management By Objective Plan is a percentage of such participant’s base
salary as of December 31 of the Plan Year, or such other amount as determined by the Committee. This is referred to as the “Target Award Percentage” and will be communicated to eligible participants annually. Eligible wages do not
include disability benefit payments. The “Plan Year” for any year is the calendar year. The portion of any Target Award Percentage that is dependent upon achievement of personal objectives may vary based on the participant’s level in
the Company (the “Personal Objective Percentage”) and will be communicated to eligible participants annually. 

  
 ~ 1 ~

  
 Subject to the performance conditions
established under the 2004 PIP and the limitations set forth therein, the Company must fund the Plan for a Plan Year for participants to receive an award for that Plan Year. The decision whether or not to fund the Plan for a particular Plan Year, as
well as the Plan’s funding level, is made by the Committee in its sole discretion based on financial performance targets set by the Committee, which may not be amended after the end of the Plan Year. Plan funding is based upon the
Company’s actual financial performance for the Plan Year against the previously set targets and if the Committee determines that the financial targets have been met the Plan will be funded. 

If the Company funds the Plan, then awards will be made based upon the Plan’s funding level and the participant’s achievement of his or her
personal objectives, up to 125% of the participant’s Target Award Percentage (or such other percentage as determined by the Committee). The Committee will determine the percentage of the participant’s Target Award Percentage to be paid out
based upon the participant’s Personal Objective Percentage, achievement of personal objectives and the Plan’s funding level, and such percentages will be communicated to the participant. 

Any actual award made under the Management By Objective Plan can range from 0% to 125% of the Target Award Percentage (or such other percentage as
determined by the Committee), depending upon the Plan’s funding level, the participant’s Personal Objective Percentage and achievement of the participant’s personal objectives. 
 Example 1. Assume the following: 
  

	 	•	 	 Susan’s base salary is $200,000 

  

	 	•	 	 Her Target Award Percentage is 50% 

  

	 	•	 	 Her Personal Objective Percentage is 50% 

  

	 	•	 	 She achieves all of her personal objectives 

  

	 	•	 	 The Plan funding level for the year is 100% 

  

	 	•	 	 The Committee determines that Susan’s award should not be subject to any adjustments 

Susan’s award for the Plan Year would be $100,000, calculated as follows: 

 

	 	•	 	 $200,000 base salary x 50% Target Award Percentage x 100% Plan funding = $100,000 max potential award 

 

	 	•	 	 50% Personal Objective Percentage x $100,000 max potential award = $50,000 

 

	 	•	 	 + $50,000 (50% not dependent personal objective achievement) 

 

	 	•	 	 = $100,000 actual award 

Example 2. Same facts as 1 except that, due to the Company’s financial performance, the Plan funding level is 50% rather than 100%.

 Susan’s award would be $50,000, calculated as follows: 
  

	 	•	 	 $200,000 base salary x 50% Target Award Percentage x 50% Plan funding = $50,000 max potential award 

  
 ~ 2 ~

  

	 	•	 	 50% Personal Objective Percentage x $50,000 max potential award = $25,000 

 

	 	•	 	 + $25,000 ( 50% not dependent on personal objective achievement) 

 

	 	•	 	 = $50,000 actual award 

Example 3. Same facts as 1 except that Susan only achieves 25% of her personal objectives. 

Susan’s award would be $62,500, calculated as follows: 
  

	 	•	 	 $200,000 base salary x 50% Target Award Percentage x 100% Plan funding = $100,000 max potential award 

 

	 	•	 	 50% Personal Objective Percentage x $100,000 max potential award = $50,000 

 

	 	•	 	 x 25% personal objective achievement = $12,500 

  

	 	•	 	 + $50,000 (50% not dependent on personal objective achievement) 

 

	 	•	 	 = $62,500 actual award 

PERSONAL OBJECTIVES 
 Personal objectives
are established for each participant each Plan Year to link and support RR Donnelley’s strategic and financial priorities. A participant’s personal objectives are determined each year in consultation with the participant and his or her
manager and are communicated to the participant in writing as part of the objective goal-setting process. The portion of any Target Award Percentage that is dependent upon achievement of personal objectives may vary based on the participant’s
level in the Company and will be communicated to eligible participants annually. The Committee’s determination of whether a participant has attained, in whole or in part, the participant’s personal objectives for a Plan Year, shall be
final and binding. 
 AWARD AMOUNT AND PAYMENT 
 Awards are paid following the Plan Year after the Committee has certified the achievement of performance goals under the 2004 PIP and the Plan funding decisions and personal performance measurements have
been made. Except as otherwise provided herein or by the Committee at the time the target awards for a Plan Year are determined, any award to be paid under the Plan shall be paid to recipients within 2 1/2 months after the end of the Plan Year (i.e., by March 15). A participant must be on the payroll of the Company
as of the end of the Plan Year (i.e. as of December 31) to receive an award. Special provisions apply to retirees and in the case of a participant’s death or Disability. (Please refer to the Changes in Employment Status section of this
document for details.)  
 The Committee has discretionary authority to increase or decrease the amount of the award otherwise payable if it
determines prior to the end of the Plan Year that an adjustment is appropriate to better reflect the actual performance of the Company and/or the participant; provided, however, that the Committee may not increase the amount of the award payable to
a 

  
 ~ 3 ~

 
person who is a “covered employee,” as defined in Section 162(m) of the Code, to an amount in excess of the amount earned under the 2004 PIP. The Committee also has discretionary
authority to reduce the amount of the award otherwise payable if it determines that the participant engaged in misconduct. 
 BENEFITS AND
TAX TREATMENT 
 Award payments are subject to applicable deductions, including social security taxes and federal and applicable state and
local income tax withholding. 
 The treatment of award payments as compensation for purposes of other RR Donnelley employee benefits plans is
determined by the terms of the applicable plans. 
 CHANGES IN EMPLOYMENT STATUS 
 A. PROMOTIONS, DEMOTIONS, TRANSFERS, CHANGES IN ASSIGNMENT 
 If a
participant is promoted, demoted, transferred to or between business units or from corporate during the year, any award payout normally will be calculated by prorating the payouts for each eligible position based on the time assigned to that
position. 
 B. NEW HIRE 
 Employees hired prior to October 1st of the Plan Year shall be eligible to participate in the Management By Objective Plan in the year of hire if designated. Eligible employees hired after September 30th of the Plan Year shall not be eligible to begin participation in the
Plan until the following year, except for those who receive approval for participation from the Company’s Chief Human Resources Officer. 

C. RETIREMENT, DEATH or DISABILITY 
 A participant’s retirement*, death, or Disability** during a Plan Year or prior to the payment date will not disqualify a participant from eligibility to receive any award that otherwise would be due
under the Plan. 
  

	*	For purposes of the Plan, “retirement” generally means (i) retirement at age 65, or (ii) retirement at or after age 55 with 5 or more years of
continuous service. 

  

	**	For purposes of the Plan, “Disability” means disability as defined as in the Company’s long-term disability policy as in effect at the time of the
participant’s disability. 

  
 ~ 4 ~

  
 D. OTHER TERMINATION

 If participant’s employment terminates for reasons other than retirement (as defined above), death, or Disability (as
defined above) prior to the end of the Plan Year, no award shall be payable. 
 ADMINISTRATION 

The Committee has full discretionary authority to administer the Plan, including the authority to determine the performance achievement attained under the
Plan. The Committee may delegate to members of RR Donnelley’s management the authority to administer the Plan and determine performance under the Plan. 
 RR Donnelley retains the right to amend or terminate the Plan at any time; provided however that awards for any plan year may not be amended or terminated after the completion of such Plan Year except in
cases of misconduct of the participant. 
 Questions regarding the Plan should be directed to the Corporate Compensation Department. 

  
 ~ 5 ~Exhibit 10.36

  
 Exhibit 10.36

 FEDERAL REALTY INVESTMENT TRUST 
 RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention
bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 
 October 12, 2010 

The parties to this Restricted Share Award Agreement (this “Agreement”), which is made and entered into in Rockville, Maryland
on the date specified above, are Federal Realty Investment Trust, a Maryland real estate investment trust (the “Trust”), and Donald C. Wood, an individual employee of the Trust (the “Grantee”). 

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 2010 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. 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) In consideration of the Grantee’s covenants set forth in Section 5, the Trust hereby confirms the grant to the Grantee, as of October 12, 2010 (the “Grant Date”), of Sixty
Thousand Nine Hundred Thirty-One (60,931) Shares (the “Restricted Shares”) (having a Fair Market Value equal to approximately $5,000,000 on the Grant Date), 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 the Restricted Shares to be
issued in certificated form or by a book-entry designation for the account of 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, 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 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 Section 3) with respect thereto shall have lapsed. 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) during the Restricted Period (as hereinafter defined in Section 3);

 FEDERAL REALTY INVESTMENT TRUST 

RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 

 

  
 (ii) all or a
portion of the Restricted Shares may be forfeited in accordance with Section 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 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. 
 (b) 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
Section 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 Section 2 shall apply for a period (the “Restricted Period”) from the Grant Date until
the date that is five (5) years after the Grant Date; provided, however, that the Restricted Period for the Restricted Shares shall not lapse on the date set forth above unless the Grantee 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 to all Restricted Shares, as
follows: 
 (i) in the event that the Grantee is discharged by the Trust without Cause as defined in the Plan; or 

(ii) there occurs a Change in Control; 
 provided in any case that the Grantee or his legal representative shall first tender, in accordance with Section 3(c) , 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. 
 (c) As soon as reasonably
practicable after the Restricted Period has ended, the Trust shall notify Grantee of the amount of required withholding taxes due on the vesting of the Restricted Shares (“Tax Notice”). Grantee 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 Restricted Shares until
such time as the Grantee 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 to satisfy the tax withholding
obligations through the sale of all or a portion of such Shares resulting from this Agreement or by a return to the Trust of a number of Shares having a Fair Market Value equal to the withholding amount due. In the event Grantee fails to make
appropriate arrangement to satisfy tax and withholding obligations, the Trust may return to the Trust any Shares resulting from this Agreement and thereby withhold from benefits payable under this Agreement or the Trust may withhold from other
amounts due the Grantee 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. 

 FEDERAL REALTY INVESTMENT TRUST 

RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 

 

  

	 	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, after giving application to Sections 3(a) and (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 canceled or the forfeited Restricted Shares shall be removed from the Grantee’s book entry account,
returned to the Trust and canceled, as applicable. 
  

	 	5.	Confidentiality; Non-Competition; Non-Solicitation; Garden Leave. 

 The Grantee acknowledges that, due to his long-term position as CEO of the Trust, he currently possesses and, through the course of his future employment at the Trust, will acquire additional secret,
confidential or proprietary information, or trade secrets concerning the operations, clientele, intellectual property, future plans, or business methods of the Trust or its Affiliates (collectively, “Confidential Information”). In addition
to the other mutual covenants and agreements set forth in this Award Agreement, the Trust has provided the Grantee with the Restricted Share Award as consideration for the Grantee’s promises, more fully described below in this Section 5,
to refrain from disclosing Confidential Information, participating in competitive activity against the Trust or its Affiliates, and soliciting business or employment from certain individuals with a business relationship with the Trust or its
Affiliates. The Grantee acknowledges that the terms and conditions of this Agreement, including his receipt of Restricted Shares valued at approximately five million dollars ($5,000,000) protect him against any undue hardship as a result of the
enforcement of any and all terms of this Section 5, in full accordance with the provisions set forth below. 
 (a)
Nondisclosure of Confidential Information. The Grantee acknowledges and reaffirms that the Grantee will comply with the terms of the confidentiality letter executed by the Grantee upon commencement of his employment with the Trust. Without
limiting the provisions of the confidentiality letter, the Grantee promises not to use or disclose any Confidential Information before it has become generally known within the relevant industry through no fault of the Grantee. The Grantee also
agrees that this promise will remain in effect following his termination of employment with the Trust for any reason. 
 (b)
Non-Competition. The Grantee acknowledges that the nature of the Trust’s business is highly competitive, and that the Trust operates on a national and potentially international level, and has entrusted oversight of its operations to the
Grantee as its Chief Executive Officer. Accordingly, in order to protect the Trust’s Confidential Information, the Grantee recognizes and agrees that he cannot engage in competitive activity without harming the Trust’s legitimate business
interests, and to that end the Grantee agrees that for a period of one (1) year following his termination from employment with the Trust for any reason, whether voluntarily or involuntarily, he will not accept any employment with or engage in
any activity, on behalf of himself or any other person, persons, company, firm, partnership, corporation, business, group or other entity (each, a “Person”) conducting business activity as a public or private retail real estate company or
public real estate investment trust, in which the Grantee could benefit himself or other Person by using or disclosing the Trust’s Confidential Information. Because of the scope of the Grantee’s duties and responsibilities for the Trust,
and the extent of the Grantee’s knowledge of and access to the Trust’s Confidential Information, this restriction applies throughout the United States. 
 (c) Non-Solicitation. For the reasons set forth above in this Section 5, the Grantee further agrees that: 
 (i) For a period of one (1) year following the termination of the Grantee’s employment for any reason, whether voluntary or involuntary, he will not, at any time or for any reason, acting alone
or with or on behalf of any Person, whether as principal, director, partner, agent, employee, consultant or otherwise, directly or indirectly: 
  

	 	(A)	Solicit, induce, or entice any client, customer, contractor, tenant, licensor, supplier, partner, or other business relationship of the Trust or any of its Affiliates
to terminate, renegotiate, or otherwise cease or modify its relationship with the Trust or its Affiliates. 

 FEDERAL REALTY INVESTMENT TRUST 

RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 

 

  

	 	(B)	Solicit the employment or engagement of any person currently (and for a period of one year prior to the Grantee’s termination of employment) employed by the Trust
or any of its Affiliates, whether or not such person would commit any breach of a contract by reason of his or her leaving the service of the Trust; provided, however, the foregoing restriction shall not apply to Grantee’s executive assistant.

 (ii) During the Grantee’s employment with the Trust and at all times following his termination from
employment for any reason, he is prohibited, at any time or for any reason, from using the Trust’s Confidential Information or any other unlawful means to directly or indirectly solicit, induce, or entice any client, customer, contractor,
tenant, licensor, supplier, partner, or other business relationship of the Trust or any of its Affiliates to terminate, renegotiate, or otherwise cease or modify its relationship with the Trust or its Affiliates. 

(d) Reasonableness of Provisions. The Grantee agrees that the covenants contained in this Section 5 are reasonably tailored
to protect the Trust’s Confidential Information and business interests and to ensure that he does not violate his duty of loyalty or his fiduciary duties to the Trust, and are reasonable in all circumstances in scope, duration, and all other
respects. The provisions of this Section 5 will survive the expiration or earlier termination of this Agreement. 
 (e)
Remedies; Equitable Relief. The Grantee agrees that the Trust would be irreparably harmed if the Grantee (i) used or disclosed Confidential Information without the Trust’s express authorization or (ii) took any action or
participated in any activity contrary to the terms set forth above during or after termination of his employment with the Trust. The Grantee expressly agrees that the Trust will be entitled, in addition to damages and any other remedies provided by
law, to an injunction or other equitable remedy respecting such violation or continued violation by the Grantee of the promises set forth in this Section 5. 
 (f) Importance of Enforcement. The Grantee recognizes and agrees that the covenants set forth in this Section 5 are the essential consideration for this Agreement, and that the invalidation of
any provision of this Section 5 by a court of competent jurisdiction shall (i) represent a failure of the consideration on which this Agreement is based, and therefore (ii) result in the Grantee’s forfeiture of any Restricted
Shares and any vested shares of the Trust (or proceeds thereof) that he receives pursuant to this Agreement. Such forfeiture shall not prejudice the Company’s right to enforce this Section 5, to the extent it is enforceable by law.

 (g) Relationship to Severance Agreement. The provisions in this Section 5 shall supersede and control in all
respects the provisions in Section 13 of that certain Severance Agreement dated February 22, 1999, as amended. 

 FEDERAL REALTY INVESTMENT TRUST 

RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 

 

  

	 	6.	Effect on Other Agreements and Arrangements. 

 Unless otherwise expressly set forth herein, this Agreement shall not affect or supersede any severance or Change in Control agreement or arrangement previously entered into between the Grantee and the
Trust. 
  

	 	7.	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. 
  

	 	8.	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. 
  

	 	9.	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. 

 

	 	10.	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. 

 FEDERAL REALTY INVESTMENT TRUST 

RESTRICTED SHARE AWARD AGREEMENT 
 (Award in connection with 2010 special retention bonus under the Federal Realty Investment Trust 2010 Performance Incentive Plan) 

 

  

	 	11.	Continued Employment. 

 This
Agreement shall not confer upon the Grantee any right with respect to continuance of employment by the Trust. 
  

	 	12.	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. 
  

	 	13.	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. 
 14.
Taxes. Notwithstanding anything herein to the contrary, 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). 
 IN WITNESS WHEREOF, the Trust has caused this Agreement to be duly executed and the Grantee has hereunto set
his hand effective as of the day and year first above written. 
  

					
		    	FEDERAL REALTY INVESTMENT TRUST
			
		    	By:	 	/s/ Joseph S. Vassalluzzo
		    	Name:	 	Joseph S. Vassalluzzo
		    	Title:	 	Non-Executive Chairman of the Board
		
	WITNESS:	    	GRANTEE
			
	/s/ Dawn M. Becker	    	By:	 	/s/ Donald C. Wood
		    	Name:	 	Donald C. Wood

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