Document:

EX-10.4

 EXHIBIT 10.4 
 TAX PROTECTION AGREEMENT 
 THIS TAX PROTECTION AGREEMENT (this
“Agreement”) is made and entered into as of May 13, 2013 by and among ARMADA HOFFLER PROPERTIES, INC., a Maryland corporation (the “REIT”), ARMADA HOFFLER, L.P., a Virginia limited partnership (the
“Partnership”), and the contributors listed on the signature page to this Agreement (the “Contributors”). 
 WHEREAS, pursuant to those certain Contribution Agreements, dated as of January 28, 2013, January 31, 2013, February 1, 2013, February 11, 2013, February 12,
2013 and February 16, 2013 (the “Contribution Agreements”), the Contributors are contributing (the “Contribution”), as applicable, their partnership interests in New Armada Hoffler Properties I, LLC, a Virginia
limited liability company, New Armada Hoffler Properties II, LLC, a Virginia limited liability company, and certain other entities which are the direct or indirect owners of the respective properties described on Exhibit A to the Contribution
Agreements, to the Partnership in exchange for common partnership units of limited partnership interest in the Partnership (“Units”); 
 WHEREAS, it is intended for federal income tax purposes that the Contribution for Units will be treated as a tax-deferred contribution of assets to the Partnership for Units under Section 721 of the
Code; 
 WHEREAS, in consideration for the agreement of the Contributors to make the Contribution, the parties desire to enter
into this Agreement regarding certain tax matters as set forth herein; and 
 WHEREAS, the REIT and the Partnership desire to
evidence their agreement regarding amounts that may be payable in the event of certain actions being taken by the Partnership regarding the disposition of certain of the contributed assets and regarding certain minimum debt obligations of the
Partnership and its subsidiaries. 
 NOW, THEREFORE, in consideration of the promises and the mutual representations,
warranties, covenants and agreements contained herein and in the Contribution Agreements, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

To the extent not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in the
Partnership Agreement (as defined below). 
 “Accounting Firm” has the meaning set forth in the
Section 4.2. 
 “Agreement” has the meaning set forth in the Preamble. 

 “Applicable Percentage” means, with respect to each Gain Limitation
Property, the percentage applied to the Protected Gain to determine the amount of monetary damages per Section 4.1(a), as set forth on Schedule 2.1(d). 
 “Bottom Guarantee” has the meaning set forth in Section 3.1. 
 “Cash Consideration” has the meaning set forth in Section 2.1(a). 
 “Closing Date” means the date on which the Contribution will be effective. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Contribution” has the meaning set forth in the Recitals. 

“Contribution Agreements” has the meaning set forth in the Recitals. 

“Contributors” has the meaning set forth in the Preamble. 

“Deficit Restoration Obligation” means a written obligation by a Protected Partner to restore part or all of its deficit
capital account in the Partnership upon the occurrence of certain events (which written obligation may provide for an indemnity in favor of the REIT as general partner of the Partnership). 

“Gain Limitation Property” means (i) each of the properties identified on Schedule 2.1(b)(i) and Schedule
2.1(b)(ii) hereto as a Gain Limitation Property; (ii) any direct or indirect interest owned by the Partnership in any entity that owns an interest in a Gain Limitation Property, if the disposition of that interest would result in the
recognition of Protected Gain by a Protected Partner; and (iii) any other property that the Partnership directly or indirectly receives that is in whole or in part a “substituted basis property” as defined in Section 7701(a)(42)
of the Code with respect to a Gain Limitation Property. 
 “Guaranteed Amount” means the aggregate amount of
each Guaranteed Debt that is guaranteed at any time by Partner Guarantors. 
 “Guaranteed Debt” means any loans
incurred (or assumed) by the Partnership or any of its subsidiaries that are guaranteed by Partner Guarantors at any time after the Closing Date pursuant to Article 3 hereof. 
 “Indirect Owner” means, in the case of a Protected Partner that is an entity that is classified as a partnership, disregarded entity or subchapter S corporation for federal income tax
purposes, any person owning an equity interest in such Protected Partner, and in the case of any Indirect Owner that itself is an entity that is classified as a partnership, disregarded entity or subchapter S corporation for federal income tax
purposes, any person owning an equity interest in such entity. 
 “Minimum Liability Amount” means, for each
Protected Partner, the amount set forth next to such Protected Partner’s name on Schedule 3.1(a) hereto, of which an aggregate of $325,000 will be guaranteed by the Partner Guarantors pursuant to Section 3.1 

  
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immediately after the Closing Date. The aggregate Minimum Liability Amount shall not exceed $103,000,000. To the extent negative tax capital accounts of the Protected Partners, determined as of
the Closing Date, exceed $103,000,000, the Minimum Liability Amounts of the Protected Partners shall be reduced pro rata such that the aggregate Minimum Liability Amount equals $103,000,000. 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2). 

“Partner Guarantors” means those Protected Partners who have guaranteed any portion of the Guaranteed Debt. 

“Partnership” has the meaning set forth in the Preamble. 

“Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership, dated
as of May 13, 2013, as amended, and as the same may be further amended in accordance with the terms thereof. 

“Partnership Interest Consideration” has the meaning set forth in Section 2.1(a). 

“Protected Gain” shall mean the gain that would be allocable to and recognized by a Protected Partner for federal income
tax purposes under Section 704(c) of the Code in the event of the sale of a Gain Limitation Property in a fully taxable transaction. The initial amount of Protected Gain with respect to each Protected Partner shall be determined as if the
Partnership sold each Gain Limitation Property in a fully taxable transaction on the Closing Date for consideration equal to the Section 704(c) Value of such Gain Limitation Property on the Closing Date, and is set forth on Schedule
2.1(b)(i) and Schedule 2.1(b)(ii) hereto. Gain that would be allocated to a Protected Partner upon a sale of a Gain Limitation Property that is “book gain” (for example, any gain attributable to appreciation in the actual value
of the Gain Limitation Property following the Closing Date or any gain resulting from reductions in the “book value” of the Gain Limitation Property following the Closing Date) shall not be considered Protected Gain. As used in this
definition, “book gain” is any gain that would not be required under Section 704(c) of the Code and the applicable regulations to be specially allocated to the Protected Partners for federal income tax purposes. 

“Protected Partner” means those persons set forth as Protected Partners on Schedule 2.1(a), and any person who
(i) acquires Units from a Protected Partner in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis for federal income tax purposes is determined in whole or in part by
reference to the adjusted basis of the Protected Partner in such Units, (ii) has notified the Partnership of its status as a Protected Partner and (iii) provides all documentation reasonably requested by the Partnership to verify such
status, but excludes any person that ceases to be a Protected Partner pursuant to this Agreement. 
 “Section 704(c)
Value” means the fair market value of any Gain Limitation Property as of the Closing Date, as determined by the Partnership and as set forth next to each Gain Limitation Property on Schedule 2.1(c) hereto. Notwithstanding the
preceding sentence, with respect to each Gain Limitation Property, the Section 704(c) Value shall not exceed the “Maximum Agreed Value” set forth next to each Gain Limitation Property on Schedule 2.1(c) hereto. 

  
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 “Subsidiary” means any entity in which the Partnership owns a direct or
indirect interest that owns a Gain Limitation Property on the Closing Date or that thereafter is a successor to the Partnership’s direct or indirect interests in a Gain Limitation Property. 

“Successor Partnership” has the meaning set forth in Section 2.1(b). 

“Tax Protection Period” means, (i) with respect to Article II of this Agreement, (X) with respect to the Gain
Limitation Properties set forth on Schedule 2.1(b)(i), the period commencing on the Closing Date and ending at 12:01 AM on May 13 2023, and (Y) with respect to the Gain Limitation Properties set forth on Schedule 2.1(b)(ii), the
period commencing on the Closing Date and ending at 12:01 AM on May 13 2020, and (ii) with respect to Article III of this Agreement, the period commencing on the Closing Date and ending at 12:01 AM on May 13, 2023. 

“Units” has the meaning set forth in the Recitals. 

ARTICLE 2 

RESTRICTIONS ON DISPOSITIONS OF 
 GAIN LIMITATION PROPERTIES 
 2.1 Restrictions on Disposition of Gain
Limitation Properties. 
 (a) The Partnership agrees for the benefit of each Protected Partner, for the term of the Tax
Protection Period, not to directly or indirectly sell, exchange, transfer, or otherwise dispose of a Gain Limitation Property or any interest therein, without regard to whether such disposition is voluntary or involuntary, in a transaction that
would cause any Protected Partner to recognize any Protected Gain. 
 Without limiting the foregoing, the term “sale,
exchange, transfer or disposition” by the Partnership shall be deemed to include, and the prohibition shall extend to: 
  

	 	(i)	any direct or indirect disposition by any direct or indirect Subsidiary of any Gain Limitation Property or any interest therein; 

 

	 	(ii)	any direct or indirect disposition by the Partnership of any Gain Limitation Property (or any direct or indirect interest therein) that is subject to
Section 704(c)(1)(B) of the Code and the Treasury Regulations thereunder; and 

  

	 	(iii)	any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the Code and the Treasury Regulations thereunder.

 Without limiting the foregoing, a disposition shall include any transfer, voluntary or involuntary, by the
Partnership or any Subsidiary in a foreclosure proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. 

  
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 Notwithstanding the foregoing, this Section 2.1 shall not apply to a voluntary,
actual disposition by a Protected Partner of Units in connection with a merger or consolidation of the Partnership pursuant to which (1) the Protected Partner is offered as consideration for the Units either cash or property treated as cash
pursuant to Section 731 of the Code (“Cash Consideration”) or partnership interests and the receipt of such partnership interests would not result in the recognition of gain for federal income tax purposes by the Protected
Partner (“Partnership Interest Consideration”); (2) the Protected Partner has the right to elect to receive solely Partnership Interest Consideration in exchange for his Units, and the continuing partnership has agreed in
writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain is recognized by the Partnership as a result of any partner of the Partnership receiving Cash Consideration; and (4) the Protected Partner
elects or is deemed to elect to receive solely Cash Consideration. 
 (b) Notwithstanding the restriction set forth in this
Section 2.1, the Partnership and any Subsidiary may dispose of any Gain Limitation Property (or any interest therein) if such disposition qualifies as a “like-kind exchange” under Section 1031 of the Code, or an
involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of
the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the
foregoing, does not result in the recognition of any taxable income or gain to any Protected Partner with respect to any of the Units; provided, however, that in the case of a “like-kind exchange” under Section 1031 of
the Code, if such exchange is with a “related party” within the meaning of Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of the Gain Limitation Property or any other transaction prior to the
expiration of the two (2) year period following such exchange that would cause Section 1031(f)(1) of the Code to apply with respect to such Gain Limitation Property (including by reason of the application of Section 1031(f)(4) of the
Code) shall be considered a violation of this Section 2.1 by the Partnership. 
 ARTICLE 3 

ALLOCATION OF LIABILITIES; GUARANTEE AND DEFICIT RESTORATION OBLIGATION OPPORTUNITY; NOTIFICATION OF REDUCTION OF LIABILITIES;
COOPERATION REGARDING ADDITIONAL ALLOCATION OF LIABILITIES 
 3.1 Minimum Liability Allocation. 

(a) During the Tax Protection Period, the Partnership will offer to each Protected Partner the opportunity, in the Partnership’s
discretion, either (i) to enter into a “bottom dollar guarantee” of certain liabilities of the Partnership (substantially in the form set forth in Schedule 3.1(b)) pursuant to which the lender for the guaranteed liability is required
to pursue all other collateral and security for the guaranteed liability (other than any “bottom dollar guarantees”) prior to seeking to collect on such a guarantee, and the lender shall have recourse against the guarantor only if, and
solely to the extent that, the total amount recovered by the lender with respect to the guaranteed liability after the lender has exhausted its remedies is less than the 

  
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aggregate of the guaranteed amounts with respect to such liability, and the maximum aggregate liability of each partner for all guaranteed liabilities shall be limited to the amount actually
guaranteed by such partner (a “Bottom Guarantee”) or (ii) to enter into a Deficit Restoration Obligation, in such amount or amounts so as to cause a special allocation of partnership liabilities to such Protected Partner for
purposes of Section 752 of the Code such that the Protected Partner’s allocable share of Partnership liabilities equals such Protected Partner’s Minimum Liability Amount and to cause a special allocation of partnership liabilities for
purposes of Section 465 of the Code that increases the Protected Partner’s “at risk” amount such that the Protected Partner’s “at-risk” amount equals such Protected Partner’s Minimum Liability Amount. In order
to minimize the need for Protected Partners to enter into such Bottom Guarantees or Deficit Restoration Obligations, the Partnership will use the additional method under Treasury Regulations Section 1.752-3(a)(3) to allocate Nonrecourse
Liabilities considered secured by a Gain Limitation Property to the Protected Partners to the extent that the “built-in gain” with respect to those properties exceeds the amount of the Nonrecourse Liabilities considered secured by such
Gain Limitation Property allocated to the Protected Partners under Treasury Regulations Section 1.752-3(a)(2). In the event that applicable Treasury Regulations (the “Applicable Rules”) are issued which modify the requirements
for bottom dollar guarantees to be effective in causing special allocations of partnership liabilities to Protected Partners for purposes of Section 752 of the Code and/or Section 465 of the Code, the Partnership, at its option and in its
sole discretion, may agree to work with the Protected Partners together to modify such bottom guarantees to the extent necessary such that they will be effective under the Applicable Rules. 

(b) Following the Tax Protection Period, the Partnership, at its option and in its sole discretion, may continue to make available the
Bottom Guarantee and/or Deficit Restoration Obligation opportunities provided for in Section 3.1(a) above, provided that Partnership shall be under no obligation to do so. 

3.2 Notification Requirement. During the Tax Protection Period, the Partnership shall provide prior written notice to a Protected
Partner if the Partnership intends to repay, retire, refinance or otherwise reduce (other than due to scheduled amortization) the amount of liabilities with respect to a Gain Limitation Property in a manner that would cause a Protected Partner to
recognize gain for federal income tax purposes as a result of a decrease of the Protected Partner’s share of Partnership liabilities below the Minimum Liability Amount (determined as of the Closing Date) 

3.3 Additional Allocation of Liabilities. If the Partnership provides notice to a Protected Partner pursuant to
Section 3.2, the Partnership shall cooperate with the Protected Partner to arrange an additional allocation of liabilities of the Partnership to the Protected Partner in such amount or amounts so as to increase the amount of partnership
liabilities allocated to such Protected Partner for purposes of Section 752 of the Code by an amount necessary to prevent the Protected Partner from recognizing gain for federal income tax purposes up to the Minimum Liability Amount (determined
as of the Closing Date) as a result of the intended repayment, retirement, refinancing or other reduction (other than scheduled amortization) in the amount of liabilities with respect to a Gain Limitation Property, including, without limitation,
offering to the Protected Partner the opportunity, in the Partnership’s discretion, either (i) to enter into additional Bottom Guarantees (substantially in the form set forth in Schedule 3.1(b)) or
(ii)

  
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to enter into additional Deficit Restoration Obligations, in either case to the extent of the amount of the Minimum Liability Amount (determined as of the Closing Date). In order to minimize the
need to make additional special allocations of liabilities of the Partnership pursuant to the preceding sentence, the Partnership will use the additional method under Treasury Regulations Section 1.752-3(a)(3) to allocate Nonrecourse
Liabilities considered secured by a Gain Limitation Property to the Protected Partner to the extent that the “built-in gain” with respect to those properties exceeds the amount of the Nonrecourse Liabilities considered secured by such Gain
Limitation Property and allocated to the Protected Partner under Treasury Regulations Section 1.752-3(a)(2). 
 3.4
Deficit Restoration Obligation. The Partnership will maintain an amount of indebtedness of the Partnership that is considered “recourse” indebtedness (taking into account all of the facts and circumstances related to the
indebtedness, the Partnership and the general partner) equal to or greater than the sum of the amounts subject to a Deficit Restoration Obligation of all Protected Partners and other partners in the Partnership. The Deficit Restoration Obligation
shall be conclusively presumed to cause the Protected Partner to be allocated an amount of liabilities equal to the Deficit Restoration Obligation amount of such Protected Partner for purposes of Sections 465 and 752 of the Code, provided
that (1) the Partnership maintains an amount of debt that is considered “recourse” indebtedness (determined for purposes of Section 752 of the Code and taking into account all of the facts and circumstances related to the
indebtedness, the Partnership and the general partner) equal to the aggregate Deficit Restoration Obligation amounts of all partners of the Partnership and (2) all other terms and conditions of the Partnership Agreement with respect to such
Deficit Restoration Obligation are met. 
 ARTICLE 4 

REMEDIES FOR BREACH 
 4.1 Monetary Damages. In the event that the Partnership breaches its obligations set forth in Article 2 or Article 3, with respect to a Protected Partner, the Protected Partner’s sole remedy
shall be to receive from the Partnership, and the Partnership shall pay to such Protected Partner as damages, an amount equal to: 
  

	 	(a)	in the case of a violation of Article 2, the aggregate federal, state, and local income taxes incurred by the Protected Partner or an Indirect Owner with respect to the
Protected Gain that is allocable to such Protected Partner under the Partnership Agreement as a result of the disposition of the Gain Limitation Property times the Applicable Percentage; and 

 

	 	(b)	in the case of a violation of Article 3, the aggregate federal, state and local income taxes incurred by the Protected Partner or an Indirect Owner as a result of the
income or gain allocated to, or otherwise recognized by, such Protected Partner with respect to its Units by reason of such breach. 

 plus in the case of either (a) or (b), an amount equal to the aggregate federal, state, and local income taxes payable by the Protected Partner or an Indirect Owner as a result of the
receipt of any payment required under this Section 4.1. 

  
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 For the avoidance of doubt, so long as the Partnership provides the opportunities referenced
in Sections 3.1 and 3.3 and complies with the notification requirement of Section 3.2, the Partnership shall have no liability pursuant to this Section 4.1 in the event it is determined that a Protected Partner has not been
specially allocated for purposes of Section 752 of the Code an amount of partnership liabilities equal to such Protected Partner’s Minimum Liability Amount or is not treated as receiving a special allocation of partnership liabilities for
purposes of Section 465 of the Code that increases such Protected Partner’s “at risk” amount by an amount equal to such Protected Partner’s Minimum Liability Amount. Furthermore, the Partnership shall have no liability
pursuant to this Section 4.1 if the Partnership merges into another entity treated as a partnership for federal income tax purposes or the Protected Partner accepts an offer to exchange its Units for equity interests in another entity
treated as a partnership for federal income tax purposes so long as, in either case, such successor entity assumes or agrees to assume the Partnership’s obligations pursuant to this Agreement. 

For purposes of computing the amount of federal, state, and local income taxes required to be paid by a Protected Partner (or Indirect
Owner), (i) any deduction for state income taxes payable as a result thereof actually allowed in computing federal income taxes shall be taken into account, and (ii) a Protected Partner’s (or Indirect Owner’s) tax liability shall
be computed using the highest federal, state and local marginal income tax rates that would be applicable to such Protected Partner’s (or Indirect Owner’s) taxable income (taking into account the character and type of such income or gain)
for the year with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner (or Indirect Owner) that would reduce or offset its actual taxable income or actual tax
liability if such deductions, losses or credits could be utilized by the Protected Partner (or Indirect Owner) to offset other income, gain or taxes of the Protected Partner (or Indirect Owner), either in the current year, in earlier years, or in
later years. 
 4.2 Process for Determining Damages. If the Partnership has breached or violated any of the covenants set
forth in Article 2 or Article 3 (or a Protected Partner asserts that the Partnership has breached or violated any of the covenants set forth in Article 2 or Article 3), the Partnership and the Protected Partner (or Indirect Owner) agree to negotiate
in good faith to resolve any disagreements regarding any such breach or violation and the amount of damages, if any, payable to such Protected Partner (or Indirect Owner) under Section 4.1. If any such disagreement cannot be resolved by
the Partnership and such Protected Partner (or Indirect Owner) within sixty (60) days after the receipt of notice from the Partnership of such breach and the amount of income to be recognized by reason thereof (or, if applicable, receipt by the
Partnership of an assertion by a Protected Partner that the Partnership has breached or violated any of the covenants set forth in Article 2 or Article 3), the Partnership and the Protected Partner shall jointly retain a nationally recognized
independent public accounting firm (an “Accounting Firm”) to act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including, without limitation, whether a breach of any of the covenants
set forth in Article 2 or Article 3, has occurred and, if so, the amount of damages to which the Protected Partner is entitled as a result thereof, determined as set forth in Section 4.1). All determinations made by the Accounting Firm
with respect to the resolution of any breach or violation of any of the covenants set forth in Article 2 or Article 3 and the amount of damages payable to the Protected Partner under Section 4.1 shall be final, conclusive and binding on
the Partnership and the Protected Partner. The fees and expenses of any Accounting Firm incurred in connection 

  
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with any such determination shall be shared equally by the Partnership and the Protected Partner, provided that if the amount determined by the Accounting Firm to be owed by the
Partnership to the Protected Partner is more than five percent (5%) higher than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and
expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the Partnership and if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent
(5%) less than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any
such determination shall be paid by the Protected Partner. 
 4.3 Required Notices; Time for Payment. In the event that
there has been a breach of Article 2 or Article 3, the Partnership shall provide to each affected Protected Partner notice of the transaction or event giving rise to such breach not later than at such time as the Partnership provides to the
Protected Partners the IRS Schedule K-1’s to the Partnership’s federal income tax return for the year of such transaction. All payments required to be made under this Article 4 to any Protected Partner shall be made to such Protected
Partner on or before April 15 of the year following the year in which the gain recognition event giving rise to such payment took place; provided that, if the Protected Partner is required to make estimated tax payments that would
include such gain (taking into account all available safe harbors), the Partnership shall make a payment to the Protected Partner on or before the due date for such estimated tax payment and such payment from the Partnership shall be in an amount
that corresponds to the amount of the estimated tax being paid by such Protected Partner at such time as a result of the gain recognition event. In the event of a payment made after the date required pursuant to this Section 4.3,
interest shall accrue on the aggregate amount required to be paid from such date to the date of actual payment at a rate equal to the “prime rate” of interest, as published in the Wall Street Journal (or if no longer published there, as
announced by Citibank) effective as of the date the payment is required to be made. 
 ARTICLE 5 

SECTION 704(C) METHOD AND ALLOCATIONS 
 Notwithstanding any provision of the Partnership Agreement, the Partnership shall use the “traditional method” under Treasury Regulations Section 1.704-3(b) for purposes of making all
allocations under Section 704(c) of the Code with respect to any Gain Limitation Property. 
 ARTICLE 6 

AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS 
 6.1 Amendment. This Agreement may not be amended, directly or indirectly (including by reason of a merger between either the Partnership or the REIT and another entity) except by a written
instrument signed by the REIT, the Partnership, and each of the Protected Partners to be subject to such amendment, except that the Partnership may amend Schedules 2.1(a) and 3.1(a) upon a person becoming a Protected Partner as a
result of a transfer of Units. 

  
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 6.2 Waiver. Notwithstanding the foregoing, upon written request by the Partnership,
each Protected Partner, in its sole discretion, may waive the payment of any damages that is otherwise payable to such Protected Partner pursuant to Article 4 hereof. Such a waiver shall be effective only if obtained in writing from the affected
Protected Partner. 
 ARTICLE 7 
 MISCELLANEOUS 
 7.1 Additional Actions and Documents. Each of the
parties hereto hereby agrees to take or cause to be taken such further actions, to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be
reasonably requested in order to fully effectuate the purposes, terms and conditions of this Agreement. 
 7.2
Assignment. No party hereto shall assign its or his rights or obligations under this Agreement, in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary
to the terms hereof shall be null and void and of no force and effect. 
 7.3 Successors and Assigns. This Agreement
shall be binding upon and shall inure to the benefit of the Protected Partners and their respective successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is
a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to all or substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this
sentence), provided that none of the foregoing shall result in the release of liability of the REIT and the Partnership hereunder. The REIT and the Partnership covenant with and for the benefit of the Protected Partners not to undertake any
transfer of all or substantially all of the assets of either entity (whether by merger, transfer, spin-off or otherwise) unless the transferee has acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the
foregoing shall not be deemed to permit any transaction otherwise prohibited by this Agreement. 
 7.4 Modification;
Waiver. No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which
they would otherwise have. No modification or waiver of any provision of this Agreement, nor consent to any departure by any party therefrom, shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

7.5 Representations and Warranties Regarding Authority; Noncontravention. Each of the REIT and the Partnership has the requisite
corporate or other (as the case may be) power and 

  
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authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of this Agreement by each of the REIT and the Partnership and the
performance of each of its respective obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the part of each of the REIT and the Partnership. This Agreement has been duly
executed and delivered by each of the REIT and the Partnership and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and the Partnership in accordance with its terms, except as
such enforcement may be limited by (i) applicable bankruptcy or insolvency laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The execution and delivery of this Agreement by each of the
REIT and the Partnership do not, and the performance by each of its respective obligations hereunder will not, conflict with, or result in any violation of (i) the Partnership Agreement or (ii) any other agreement applicable to the REIT
and/or the Partnership, other than, in the case of clause (ii), any such conflicts or violations that would not materially adversely affect the performance by the Partnership and the REIT of their obligations hereunder. 

7.6 Captions. The Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall
not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 
 7.7 Notices. All notices and other communications given or made pursuant hereto shall be in writing, shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted,
and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by
like changes of address) or sent by electronic transmission to the telecopier number specified below: 
  

	 	(i)	if to the Partnership or the REIT, to: 

 Armada Hoffler Properties, Inc. 
 222 Central Park Avenue, Suite 2100 

Virginia Beach, Virginia 23462 
 Attention: Mr. Michael P. O’Hara 
 Fax No.: 757-424-2513

  

	 	(ii)	if to a Protected Partner, to the address on file with the Partnership. 

 Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication
which shall be hand delivered, sent, mailed, telecopied or telexed in the manner described above, or which shall be delivered to a telegraph company, shall be deemed sufficiently given, served, sent, received or delivered for all purposes at such
time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery is
refused by the addressee upon presentation. 

  
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 7.8 Counterparts. This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and each of which shall be deemed an original. 
 7.9 Governing Law.
The interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the laws of the Commonwealth of Virginia, without regard to the choice of law provisions thereof. 

7.10 Consent to Jurisdiction; Enforceability. 
 7.10.1 This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the parties in the courts of the Commonwealth of Virginia. For such purpose, each party
hereto and the Protected Partners hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and determined in any of such courts. 

7.10.2 Each party hereto hereby irrevocably agrees that a final judgment of any of the courts specified above in any action or proceeding
relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 7.11 Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective to the extent of such invalidity or
unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 
 7.12 Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party in any dispute arising hereunder shall bear and pay the costs and expenses (including,
without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute. 
 7.13 Enforcement by Protected Partners. The Protected Partners are the beneficiaries of this Agreement and shall be able to enforce this Agreement as if they were parties to this Agreement.

  
 12 

 IN WITNESS WHEREOF, the REIT, the Partnership and the Contributors have caused this
Agreement to be signed by their respective officers, general partners, or delegates thereunto duly authorized all as of the date first written above. 
  

					
	         ARMADA HOFFLER PROPERTIES, INC.,

        a Maryland corporation

		
	                By:	 	/s/ Louis S. Haddad
	                Name:	 	Louis S. Haddad
	                Title:	 	President and Chief Executive Officer
	
	         ARMADA HOFFLER, L.P.,

        a Virginia limited partnership

		
	                By:	 	 Armada Hoffler Properties, Inc.,
 a Maryland corporation,
 its General Partner

			
		 	By:	 	/s/ Louis S. Haddad
		 		 	 Name: Louis S. Haddad

Title: President and Chief Executive Officer

  
 13 

			
		
	 /s/  Daniel A. Hoffler      

Daniel A. Hoffler
	  	 /s/  Rickard E. Burnell      

Rickard E. Burnell

		
	 /s/  A. Russell Kirk      

A. Russell Kirk
	  	 /s/  Louis S. Haddad      

Louis S. Haddad

		
	 /s/  Anthony P. Nero      

Anthony P. Nero
	  	 /s/  John C. Davis      

John C. Davis

		
	 /s/  John E. Babb      

John E. Babb
	  	 /s/  Eric E. Apperson      

Eric E. Apperson

		
	 /s/  Michael P. O’Hara      

Michael P. O’Hara
	  	 /s/  Shelly R. Hampton      

Shelly R. Hampton

		
	 /s/  William Christopher Harvey      

William Christopher Harvey
	  	 /s/  Eric L. Smith      

Eric L. Smith

		
	 /s/  Alan R. Hunt

Alan R. Hunt
	  	

  

			
	 A/H TWA ASSOCIATES, L.L.C., a Virginia
 limited liability company

		
	By:	 	 /s/  A. Russell Kirk

		 	A. Russell Kirk, Manager
	
	RMJ KIRK FORTUNE BAY, L.L.C., a Virginia limited liability company
		
	By:	 	/s/  A. Russell Kirk
		 	A. Russell Kirk, Manager

  
 14 

 
			
	 KIRK GAINSBOROUGH, L.L.C., a Virginia
 limited liability company

		
	By:	 	/s/  A. Russell Kirk
		 	A. Russell Kirk, Manager

  
  

 

			
	OYSTER POINT INVESTORS, L.P., a Virginia limited partnership
		
	By:	 	/s/  A. Russell Kirk
		 	A. Russell Kirk, Manager

  
  

 

			
	 COLUMBUS ONE, LLC, a Virginia limited
 liability company

		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	DP COLUMBUS TWO, LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	CITY CENTER ASSOCIATES, LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	TC BLOCK 7 PARTNERS LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
 15 

			
	 TC BLOCK 12 PARTNERS LLC, a Virginia
 limited liability company

		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	TC BLOCK 3 PARTNERS LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	TC BLOCK 6 PARTNERS LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	TC BLOCK 8 PARTNERS LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	 TC BLOCK 11 PARTNERS LLC, a Virginia
 limited liability company

		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	TC APARTMENT PARTNERS, LLC, a Virginia limited liability company
		
	By:	 	/s/  Gerald S. Divaris
		 	Gerald S. Divaris, Manager

  
  

 

			
	DIAN, L.L.C., a Virginia limited liability company
		
	By:	 	/s/  Jerry L. Dickens
		 	Jerry L. Dickens, Member Manager

  
 16 

 
			
	 BRUCE SMITH ENTERPRISES, LLC, a
 Virginia limited liability company

		
	By:	 	/s/  Bruce B. Smith
		 	Bruce B. Smith, Manager

  
  

 

			
	BRUCE B. SMITH
		
		 	/s/  Bruce B. Smith

  
 17EX-10.5

 Exhibit 10.5 

REPRESENTATION, WARRANTY AND INDEMNITY AGREEMENT 

This REPRESENTATION, WARRANTY AND INDEMNITY AGREEMENT (this “Agreement”) is made and entered into as of May 13, 2013, and is
effective as of the Closing Date (as defined herein), by and among Armada Hoffler Properties, Inc., a Maryland corporation (the “REIT”), Armada Hoffler, L.P., a Virginia limited partnership and subsidiary of the REIT (the
“Operating Partnership”, and collectively with the REIT, the “Acquirer”), and Daniel A. Hoffler ( the “Principal”). Certain capitalized terms used herein are defined in Section 4.2 hereof. 

RECITALS 
 WHEREAS,
the Principal owns, directly or indirectly, record and beneficial ownership interests in each of the entities described on Schedule I attached hereto and incorporated by this reference (the “Contributed Entities”), which
Contributed Entities are the direct or indirect owners of the respective properties described on Exhibit I (each, a “Property,” and collectively, the “Properties”) or the entities that own the Properties
(the “Property Entities”) also described on Exhibit I attached hereto; 
 WHEREAS, the REIT desires to
acquire, through the Operating Partnership or one or more other subsidiaries of the REIT or the Operating Partnership, ownership of the Contributed Entities and, thereby, direct or indirect ownership of the Properties; 

WHEREAS, concurrently with the execution of this Agreement, the Operating Partnership is entering into a contribution agreement with
the Principal (the “Contribution Agreement”) and contribution agreements with the other owners of record and beneficial ownership interests of the Contributed Entities (the “Contributed Interests”) (the Principal
and such other owners, each, a “Contributor” and collectively, the “Contributors,” and such agreements, each, a Contribution Agreement and collectively, the “Contribution Agreements”), pursuant to
which each Contributor shall contribute to the Operating Partnership, or a wholly-owned subsidiary of the Operating Partnership, all of the Contributor’s right, title and interest in the applicable Contributed Entities, and the Operating
Partnership, or such subsidiary, as applicable, shall acquire from each Contributor all of each Contributor’s right, title and interest as a holder of interests in the Contributed Entities; 

WHEREAS, capitalized terms used but not elsewhere defined in this Agreement shall have the meaning ascribed to such terms in
Section 4.2 hereof; 
 WHEREAS, the Formation Transactions (as defined herein) relate to the proposed underwritten
initial public offering (the “IPO”) of shares of common stock, par value $0.01 per share of the REIT (the “REIT Shares”), following which the REIT will operate as a self-administered and self-managed real estate
investment trust within the meaning of Section 856 of the Code; 
 WHEREAS, pursuant to the Formation Transaction Documentation,
the Operating Partnership will pay a combination of cash, without interest, units of limited partnership interest in the Operating Partnership (“OP Units”), to the Contributors in exchange for their contribution of the Contributed
Interests to the OP or its subsidiaries; 

  
 1 

 WHEREAS, the Principal, by way of his direct and indirect ownership of the Contributed
Interests, will materially benefit from the consideration to be received by him from the Acquirer pursuant to his Contribution Agreement; and 

WHEREAS, in order to induce the Acquirer to enter into the Formation Transaction Documentation, the Principal has agreed to provide
certain representations, warranties and indemnities as set forth herein. 
 NOW, THEREFORE, for and in consideration of the foregoing
and the representations, warranties, covenants and other terms contained in this Agreement, and for 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: 
 ARTICLE I 

REPRESENTATION AND WARRANTIES 

Except as disclosed in the Prospectus or in the schedules referenced in this Article I and attached hereto, the Principal
represents and warrants to the Acquirer that, with respect to each of the Contributed Entities and its Subsidiaries and respective Properties, as of the Closing Date: 

1.1 Organization; Authority. (a) Each of the Contributed Entities and Property Entities has been duly organized and is validly
existing and in good standing under the Laws of its jurisdiction of organization and has all requisite power and authority to carry out the transactions contemplated by the Formation Transaction Documentation (as defined herein), and to own, lease
and/or operate each Property owned, leased and/or operated by it and to carry on its business as presently conducted. Each Contributed Entity and Property Entity, to the extent required under applicable Laws, is qualified to do business and is in
good standing in each jurisdiction in which the nature of its business or the character of its Properties make such qualification necessary, other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Limited Partnership Agreement, Limited Liability Company Agreement and Operating Agreement, Articles of Incorporation, Charter or Bylaws, as applicable, of each Contributed Entity, as may have been
amended from time to time, (each a “Governing Agreement” and collectively, the “Governing Agreements”) a complete and accurate copy of which has been delivered to the Operating Partnership and its counsel, is in
force and effect as of the date hereof, and has not been further modified or amended. 
 (b) Schedule 1.1(b) sets forth as of the
date hereof with respect to each Contributed Entity and Property Entity (i) the ownership interests of the Contributed Entity and its Subsidiaries and Property Entity, (ii) the ownership interest of each Contributed Entity in each
Subsidiary, if any, and, if not wholly owned by a Contributed Entity, the identity and ownership interest of each of the other owners of such Subsidiary, and (iii) each Property owned or leased pursuant to a ground lease by each
Contributed Entity or its Subsidiaries and each Property 

  
 2 

 
Entity. Each Subsidiary of the Contributed Entities has been duly organized and is validly existing and is in good standing under the Laws of its jurisdiction of organization, and has all
requisite power and authority to own, lease and/or operate its Properties and other assets and to carry on its business as presently conducted. Each Subsidiary of the Contributed Entities, to the extent required under applicable Laws, is qualified
to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its Properties and other assets make such qualification necessary, other than such failures to be so qualified as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating to the Contributed Interests or any equity
interest in the Contributed Entities or the Property Entities, or any other security convertible into or exchangeable for such equity interests. 

1.2 Due Authorization. Each agreement, document and instrument included in or contemplated by the Formation Transaction Documentation
and executed and delivered by or on behalf of any Contributed Entity or Property Entity constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Contributed Entity or Property Entity, each
enforceable against such Contributed Entity or Property Entity in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. 

1.3 Consents and Approvals. Except as shall have been obtained or satisfied on or prior to the Closing Date, no consent, waiver,
approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by any Property Entity,
Contributed Entity or Subsidiary in connection with the execution, delivery and performance of any of the agreements or documents included in or contemplated by the Formation Transaction Documentation and the transactions contemplated hereby and
thereby. 
 1.4 No Violation. None of the execution, delivery or performance of any agreement or document included in or contemplated
by the Formation Transaction Documentation nor the transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under
or give to others any right of termination, acceleration, cancellation or other right under, (A) the organizational documents of any Property Entity, Contributed Entity or Subsidiary, (B) any agreement, document or instrument to which such
Property Entity, Contributed Entity or Subsidiary or any of their respective assets or properties (including the Properties) is bound or (C) any term or provision of any judgment, order, writ, injunction, or decree binding on such Property
Entity, Contributed Entity or any Subsidiary. 
 1.5 Capitalization. All of the issued and outstanding equity interests of each
Contributed Entity, Property Entity and Subsidiary are duly authorized, validly issued and fully paid and are not subject to preemptive rights or appraisal, dissenters’ or other similar rights under the organizational documents of or any
contract to which any Contributed Entity, Property Entity or its Subsidiaries is a party or otherwise bound. 
 1.6 Licenses and
Permits. All notices, licenses, permits, certificates and authorizations required for the continued use, occupancy, management, leasing and operation of 

  
 3 

 
the Properties have been obtained, are in full force and effect, are in good standing and (to the extent required in connection with the transactions contemplated by the Formation Transaction
Documentation) are assignable to the Operating Partnership. No Property Entity, Contributed Entity, or Subsidiary or, to the Principal’s Knowledge, any Contributor or third party has taken any action that (or failed to take any action the
omission of which) would result in the revocation of any such notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, nor has any of them received any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of such notice, license, permit, certificate or authorization, that in each case has
not been cured or otherwise resolved to the satisfaction of such Governmental Authority except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

1.7 Litigation. Except for actions, suits or proceedings fully covered by policies of insurance, there is no action, suit or proceeding
pending or, to the Principal’s Knowledge, threatened against any Property Entity, Contributed Entity or any Contributor, Subsidiary or Property, which, if adversely determined, would, individually or together with all such other actions,
reasonably be expected to have a Material Adverse Effect. There is no action, suit or proceeding pending or, to the Principal’s Knowledge, threatened against any Property Entity, Contributed Entity, Subsidiary or any Contributor which
challenges or impairs the ability of any Contributed Entity, Subsidiary or any Contributor to execute or deliver, or perform its obligations under any of the Formation Transaction Documentation or to consummate the transactions contemplated hereby
and thereby. There is no judgment, decree, injunction, or order of a Governmental Authority outstanding against any Property Entity, Contributed Entity or Subsidiary or, to the Principal’s Knowledge, any officer, director, principal, managing
member, or general partner of any of the foregoing in their capacity as such, or, to the Principal’s Knowledge, any Contributors which would reasonably be expected to have a Material Adverse Effect. No Property Entity, Contributed Entity or
Subsidiary has received any written notice of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning) of any Property or any portion thereof which would substantially and materially impair the current or
proposed use thereof. 
 1.8 Compliance With Laws. Each Contributed Entity and its Subsidiaries and each Property Entity has
conducted its business and maintained its Property in compliance with all applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Property
Entities, Contributed Entities or Subsidiaries nor, to the Principal’s Knowledge, any Contributor or third party has been informed in writing of any continuing violation of any such Laws or that any investigation has been commenced and is
continuing or is contemplated respecting any such possible violation, except in each case for violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

1.9 Properties. 
 (a)
Each Property Entity is the insured under a policy of title insurance as the owner of, and, to the Principal’s Knowledge, is the owner of, the fee simple estate to such Property Entity’s Property, in each case free and clear of all Liens,
except for Permitted Liens (as defined herein). 

  
 4 

 (b) Except for matters that would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, (1) no Property Entity, Contributed Entity, nor Subsidiary, nor any other party to any material agreement affecting any Property (other than a Lease (as such term is hereinafter defined) for space within such
Property, but including any agreement that constitutes a Permitted Lien), is in breach or default of any such agreement, (2) to the Principal’s Knowledge, no event has occurred or has been threatened in writing, which with or without the
passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any such agreement, or would, individually or together with all such other events, reasonably be expected to
cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of any Property Entity, Contributed Entity or Subsidiary, except for Permitted Liens, or otherwise reasonably be expected to have a
Material Adverse Effect and (3) all agreements affecting any Property required for the continued use, occupancy, management, leasing and operation of such Property (exclusive of space Leases) are valid and binding and in full force and effect,
subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. 

(c) To the Principal’s Knowledge, as presently conducted, none of the operation of the buildings, fixtures and other improvements
comprising a part of the Properties is in violation of any applicable building code, zoning ordinance or other “land use” Law. 

(d) Each Property Entity holds the lessor’s interest under the leases, licenses, tenancies, possession agreements and occupancy
agreements with tenants of its Property (the “Leases”). Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (1) no Property Entity, nor any of its
Subsidiaries, nor, to the Principal’s Knowledge, any other party to any Lease, is in breach or default of any such Lease, (2) to the Principal’s Knowledge, no event has occurred or has been threatened in writing, which with or without
the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any Lease, or would, permit termination, modification or acceleration under such Lease, and (3) to the
Principal’s Knowledge, each of the Leases is valid and binding and in full force and effect, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. To
the Principal’s Knowledge, no tenant under any of such Leases is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings. 

1.10 Existing Loans. Schedule 1.10 lists, as of the date hereof, all secured loans encumbering the Properties or any direct
or indirect interest in the applicable Property Entity or Contributed Entity (the “Disclosed Loans”) and the outstanding aggregate principal balance as of the date set forth on Schedule 1.10. To the Principal’s
Knowledge, no monetary default (beyond applicable notice and cure periods) by any party exists under any of the Disclosed Loans and the documents entered into in connection therewith (collectively, the “Disclosed Loan Documents”)
and no non-monetary default (beyond applicable notice and cure periods) by any party exists under any of such Disclosed Loan Documents. 

  
 5 

 1.11 Insurance. Each Property Entity or Contributed Entity or its Subsidiaries has in
place the public liability, casualty and other insurance coverage with respect to each Property owned, leased and/or managed by it as the Principal reasonably deems necessary and in all cases including such coverage as is required under the terms of
any loan or Lease. Each of the insurance policies with respect to each Property is in full force and effect in all material respects and all premiums due and payable thereunder have been fully paid when due. To the Principal’s Knowledge, no
Property Entity or Contributed Entity nor any of the Contributors has received from any insurance company any notices of cancellation or intent to cancel any insurance. 

1.12 Environmental Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (A) each Property Entity, Contributed Entity and its Subsidiaries are in compliance with all Environmental Laws, (B) no Property Entity, Contributed Entity nor, to the Principal’s Knowledge, any of the
Contributors has received any written notice from any Governmental Authority or third party alleging that such Property Entity, Contributed Entity, Subsidiary or any Property is not in compliance with applicable Environmental Laws, and
(C) there has not been a release of a hazardous substance on any Property that would require investigation or remediation under applicable Environmental Laws. 

1.13 Eminent Domain. There is no existing, or to the Principal’s Knowledge, proposed or threatened condemnation, eminent domain or
similar proceeding, or private purchase in lieu of such a proceeding which would affect any of the Properties. 
 1.14 Taxes. Except
as set forth in Schedule 1.14: 
 (a) Each Property Entity, Contributed Entity and Subsidiary has timely and properly filed all
Tax returns and reports required to be filed by it (after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so), and all such returns and reports are accurate and complete in all material
respects, and has paid (or had paid on its behalf) all Taxes as required to be paid by it. 
 (b) No deficiencies for any Taxes have been
proposed, asserted, assessed or, to the Principal’s Knowledge, threatened against any Property Entity, Contributed Entity or Subsidiary, and no requests for waivers of the time to assess any such Taxes are pending. 

(c) No Property Entity, Contributed Entity or Subsidiary holds any asset the disposition of which would be subject to rules similar to
Section 1374 of the Code; and no Property Entity, Contributed Entity or Subsidiary has requested or received any ruling from the IRS or comparable rulings from other taxing authorities or has entered into any “closing agreement” as
described in Section 7121 of the Code or similar arrangement. There are no liens or encumbrances for Taxes on any Property, other than liens or encumbrances for Taxes not yet due and payable, and no action, proceeding or investigation has been
instituted against any Property Entity, Contributed Entity or Subsidiary or, to the Principal’s Knowledge, any Contributor that would give rise to any such liens or encumbrances. Each Property Entity, Contributed Entity and Subsidiary has
withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor, member or other third party, and all Forms W-2 and 1099 required with respect thereto
have been properly completed and timely filed. 

  
 6 

 (d) There are no pending or, to the Principal’s Knowledge, threatened audits, assessments
or other actions for or relating to any liability in respect of income or material non-income Taxes of any Property Entity, Contributed Entity or Subsidiary, there are no matters under discussion with any Tax authority with respect to income or
material non-income Taxes that are likely to result in an additional liability for Taxes with respect to any Property Entity, Contributed Entity or Subsidiary and no Property Entity, Contributed Entity or Subsidiary is, or has ever been, a party to
or bound by any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar contract. 
 (e) At all times since its
formation, each S Corp (including any “predecessor corporation” (within the meaning of Treasury Regulations Section 1.1374-1(e)) to such S Corp) has continuously qualified as an
“S corporation” within the meaning of Section 1361(a)(1) of the Code and all applicable corresponding provisions of state and local law, and no Tax authority has claimed in writing that such S Corp does not qualify as an
S corporation. No S Corp has ever elected to treat any Subsidiary as a “qualified subchapter S subsidiary” within the meaning of Section 1361(b)(3)(B) of the Code. 

(f) No S Corp has any current or accumulated earnings and profits. 

(g) The current and accumulated earnings and profits of each C Corp through the date hereof is set forth in Schedule 1.14(g).

 (h) Since its formation, for U.S. federal income tax purposes, each Property Entity, Contributed Entity and Subsidiary, other than the
S Corps (as defined herein) and the C Corps (as defined herein), has been treated as a partnership or a disregarded entity and not as a corporation or an association taxable as a corporation. Schedule 1.14(h)(i) sets forth each
Property Entity, Contributed Entity and Subsidiary that is treated as a partnership for U.S. federal income Tax purposes, and except as set forth in Schedule 1.14(h)(i), each such entity has always been treated as a partnership for U.S.
federal and applicable state and local income Tax purposes. Schedule 1.14(h)(ii) sets forth each Property Entity, Contributed Entity and Subsidiary that is treated as an entity disregarded from its owner for U.S. federal income Tax purposes,
and except as set forth in Schedule 1.14(h)(ii), each such entity has always been treated as an entity disregarded from its owner for U.S. federal and applicable state and local income Tax purposes. The Principal has included all income,
gain, loss, deduction or other Tax items in his income Tax returns in a manner consistent with the Schedule K-1’s received by the Principal from each Contributed Entity. 

1.15 Non-Foreign Status. To the Principal’s Knowledge, except as set forth on Schedule 1.15, none of the Contributors,
Property Entities or Contributed Entities is a foreign person (as defined in the Code). 
 1.16 Bankruptcy. No bankruptcy or similar
insolvency proceeding has been filed, or is currently contemplated or, to the Principal’s Knowledge, threatened, with respect to any Property Entity, Contributed Entity or Subsidiary. 

  
 7 

 1.17 Employees. Except as set forth on Schedule 1.17, no Property Entity,
Contributed Entity nor Subsidiary has or has ever had any employees. No Property Entity, Contributed Entity nor Subsidiary is delinquent in payments to any of its employees, consultants or independent contractors for any wages, salaries,
commissions, bonuses, or other direct compensation for any service performed or amounts required to be reimbursed to such employees, consultants or independent contractors. Each Property Entity, Contributed Entity and Subsidiary has, to the extent
applicable: 
 (a) complied in all material respects with all applicable laws related to employment; 

(b) withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts
required to be withheld from employees; and 
 (c) no policy, practice, plan or program of paying severance or pay or any form of severance
compensation in connection with the termination of employment service and no agreement pursuant to which it would be required to pay severance to any director, officer, employee or consultant. 

1.18 Contracts and Commitments. Except as set forth in the organizational documents of each Property Entity, Contributed Entity or as
otherwise disclosed in Schedule 1.18, no Property Entity, Contributed Entity nor Subsidiary is a party to any agreements for the sale of its assets, for the grant to any Person of any preferential right to purchase any such assets or the
acquisition of any operating business, assets or capital stock of any other corporation, entity or business, other than in the ordinary course of business. 

ARTICLE II 
 NATURE OF
REPRESENTATIONS AND WARRANTIES 
 2.1 Survival of Representations and Warranties. All representations and warranties contained in
this Agreement shall survive after the effective time of the contributions and other Formation Transactions contemplated in the Formation Transaction Documentation until the first anniversary of the Closing Date (the “Expiration
Date”). If written notice of a claim in accordance with Section 3.2 has been given prior to the Expiration Date, then the relevant representation or warranty shall survive, but only with respect to such specific claim, until
such claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. Notwithstanding the foregoing, claims for indemnification resulting
from breaches of the representations in Section 1.14 may be asserted until the expiration of the applicable statute of limitations. 

ARTICLE III 

INDEMNIFICATION 
 3.1
Indemnification of Acquirer. The Acquirer and its Affiliates and each of its directors, officers, employees, agents and representatives (each of which is an “Indemnified  

  
 8 

 
Party” and collectively, the “Indemnified Parties”), shall be indemnified and held harmless by the Principal, under the terms and conditions of this Agreement, from
and against any and all Losses arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Parties in connection with or as a result of any breach of a representation or warranty contained in Article I of
this Agreement (subject to the survival limitations set forth in Section 2.1 hereof) (collectively, the “Indemnified Losses”); provided, the Indemnified Parties shall only be entitled to indemnification for breaches of
representations and warranties made pursuant to Article I of this Agreement to the extent that the Indemnified Losses with respect to such breaches exceed, in the aggregate, One Million Dollars ($1,000,000.00) (the
“Deductible”). The Principals shall only be liable for Indemnified Losses (after giving effect to and only for amounts in excess of the Deductible) up to the Maximum Indemnity Amount. 

3.2 Claims. 
 (a) At the
time when the Acquirer learns of any potential claim for Indemnified Losses under this Agreement (a “Claim”), it will promptly give written notice (a “Claim Notice”) to the Principal; provided that the failure to so
notify the Principal shall not prevent recovery under this Agreement, except to the extent that the Principal shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the
Indemnified Party giving rise to such Claim. The Indemnified Party shall deliver to the Principal, promptly after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Indemnified
Party relating to a Third Party Claim (as defined below); provided that failure to do so shall not prevent recovery under this Agreement, except to the extent that the Principal shall have been materially prejudiced by such failure. Any Indemnified
Party may at its option demand indemnity under this Article III as soon as a Claim has been threatened by a third party, regardless of whether an actual Loss has been suffered, so long as the Indemnified Party shall in good faith
determine that such claim is not frivolous and that the Indemnified Party may be liable for, or otherwise incur, a Loss as a result thereof. 

(b) The Principal shall be entitled, at his own expense, to elect to assume and control the defense of any Claim based on claims asserted by
third parties (“Third Party Claims”), through counsel chosen by the Principal and reasonably acceptable to the Indemnified Parties, if the Principal gives written notice of his intention to do so to the Acquirer within twenty
(20) days of the receipt of the applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at their own expense. Without limiting the foregoing, in the event that the Principal
exercises the right to undertake any such defense against a Third Party Claim, the Indemnified Party shall cooperate with the Principal in such defense and make available to the Principal, at the Principal’s expense, all witnesses, pertinent
records, materials and information in the Indemnified Party’s possession or under such Indemnified Party’s control relating thereto as is reasonably required by the Principal. No compromise or settlement of such Third Party Claim may be
effected by either the Indemnified Party, on the one hand, or the Principal, on the other hand, without the other party’s consent (which shall not be unreasonably withheld or delayed) unless (i) there is no finding or admission of any
violation of Law and no effect on any other claims that may be made against such other party, (ii) each Indemnified Party that is party to such claim is released from all liability with respect to such claim, and (iii) there is no
equitable order, judgment or term that in any manner 

  
 9 

 
affects, restrains or interferes with the business of the Indemnified Party that is party to such claim or any of its Affiliates. Notwithstanding the foregoing, if the compromise or settlement of
such Third Party Claim could reasonably be expected to adversely affect the status of the REIT as a real investment trust within the meaning of Section 856 of the Code, then the REIT shall make such decision to compromise or settle the Third
Party Claim without the need to obtain the Principal’s consent. 
 3.3 Delivery of Indemnity Amounts. Upon resolution of any
disputed Claim or portion of a Claim as evidenced by (x) a written agreement between the Acquirer and the Principal or (y) a final award of an arbitral tribunal in accordance with this Agreement, the Principal shall deliver the amount of
the indemnification to the Indemnified Party. Indemnity payments may be made by the Principal in the form of cash or OP Units. To the extent indemnification is made through delivery by the Principal of OP Units, such OP Units shall be valued at an
amount per OP Unit equal to the IPO Price. The Principal hereby authorizes the REIT, as general partner of the Operating Partnership, to take all such action as may be necessary to amend the partnership agreement of the Operating Partnership, and
any exhibits or schedules thereto, to reflect the delivery of any OP Units by the Principal as an indemnification payment hereunder and to reflect that the Principal has no further right, title or interest with respect to any such OP Units. 

3.4 Exclusive Remedy. The sole and exclusive remedy for Indemnified Parties with respect to any and all claims relating to a breach of
this Agreement (other than breaches arising out of or in connection with fraud) shall be indemnification in accordance with the terms of this Agreement. The Principal shall not be liable or obligated to make payments under this Agreement in excess
of the Maximum Indemnity Amount (as defined herein). 
 3.5 Characterization of Payments. Any indemnity payments shall constitute an
adjustment of the contribution consideration received by the Principal pursuant to his Contribution Agreement for Tax purposes and shall be treated as such by all parties on their tax returns to the extent permitted by Law. 

ARTICLE IV 
 GENERAL
PROVISIONS 
 4.1 Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed
given when (i) delivered personally, (ii) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (iii) one (1) Business Day after being sent by a nationally recognized
overnight courier or (iv) transmitted by facsimile if confirmed within twenty four (24) hours thereafter by a signed original sent in the manner provided in clause (i), (ii) or (iii) to the parties at the following addresses
(or at such other address for a party as shall be specified by notice from such party): If to the REIT or the Operating Partnership, to: Armada Hoffler, L.P., 222 Central Park Avenue, Suite 2100, Virginia Beach, Virginia 23462, Attention: President;
if to the Principal, to: Daniel A. Hoffler, Suite 2100, 222 Central Park Avenue, Virginia Beach, Virginia. 

  
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 4.2 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 (a) “Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise. 
 (b) “Business Day” means any day that is not a Saturday, Sunday or
legal holiday in the Commonwealth of Virginia. 
 (c) “C Corp” means each of the entities listed on
Schedule 4.2(c). 
 (d) “Closing Date” means the closing date of the transactions contemplated by the
Formation Transaction Documents. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended, together with the
rules and regulations promulgated or issued thereunder. 
 (f) “Environmental Laws” means all federal, state and local
Laws governing pollution or the protection of human health or the environment. 
 (g) “Formation Transaction
Documentation” means all of the Contribution Agreements, the Master Reorganization Agreement, this Agreement and related documents and agreements pursuant to which all of the Contributed Entities and/or the equity interests in the
Contributed Entities and the Property Entities are to be acquired by the REIT or the Operating Partnership, directly or indirectly, as part of the Formation Transactions. 

(h) “Formation Transactions” means the transactions contemplated by this Agreement and the other Formation Transaction
Documentation. 
 (i) “GAAP” means generally accepted accounting principles, as in effect in the United States of America
as of the date of determination. 
 (j) “Governmental Authority” means any government or agency, bureau, board,
commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

(k) “Knowledge” means actual current knowledge. 

(l) “Laws” means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees and policies
of any Governmental Authority, including, without limitation, zoning, land use or other similar rules or ordinances. 

  
 11 

 (m) “Liens” means all pledges, claims, liens, charges, restrictions, controls,
easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever. 

(n) “Losses” means charges, complaints, claims, actions, causes of action, losses, damages, Taxes, liabilities and expenses
of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment
or similar bonds, as well as all collection costs and enforcement expenses incurred in retaking, holding, preparing for sale, selling or otherwise disposing of or realizing on collateral or otherwise exercising or enforcing any rights or remedies
under pledge and security or other collateral documents, but does not include any diminution in value of the Acquirer. 
 (o)
“Master Reorganization Agreement” means the Master Reorganization Agreement dated March 21, 2013 among the parties named therein. 

(p) “Material Adverse Effect” means with respect to each Contributed Entity, Property Equity, Subsidiary or Property, any
material adverse change in any of the assets, business, condition (financial or otherwise), results of operation or prospects of such Contributed Entity, Property Entity, Subsidiary or Property. 

(q) “Maximum Indemnity Amount” means Ten Million Dollars ($10,000,000.00). 

(r) “Permitted Liens” means (i) Liens, or deposits made to secure the release of such Liens, securing Taxes, the
payment of which is not delinquent or the payment of which (including, without limitation, the amount or validity thereof) is being contested in good faith by appropriate proceedings for which adequate reserves have been made in accordance with
GAAP; (ii) zoning, entitlement, building and other land use Laws imposed by governmental agencies having jurisdiction over the Properties; (iii) covenants, conditions, restrictions, easements for public utilities, encroachments, rights of
access or other non-monetary matters that do not materially impair the use of the Properties for the purposes for which they are currently being used or proposed to be used in connection with the relevant Person’s business; (iv) Liens
securing Disclosed Loans; (v) Liens arising under leases disclosed in full to the Acquirer and in effect as of the Closing Date; (vi) any exceptions contained in the title policies relating to the Properties as of the Closing Date, copies
of which title policies were provided to the Acquirer and their counsel, none of which substantially and materially impair the use of the Properties for the purposes for which they are currently being used; and (vii) mechanics’,
carriers’, workers’, repairers’ and similar Liens arising or incurred in the ordinary course of business that are not yet due and payable and which are not, in the aggregate, material to the business, operations and financial
condition of the Properties so encumbered. 
 (s) “Person” means an individual, corporation, partnership, limited
liability company, joint venture, association, trust, unincorporated organization or other entity. 
 (t) “Properties”
shall have the meaning given in the Recitals. 
 (u) “S Corp” means each of the entities listed on
Schedule 4.2(u). 

  
 12 

 (v) “Subsidiary” means any corporation, partnership, limited liability company,
joint venture, trust or other legal entity in which a Contributed Entity owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member or other similar interest, or (ii) outstanding
capital stock or other equity interests of such corporation, partnership, limited liability company, joint venture or other legal entity. As used herein, “Subsidiary” or “Subsidiaries” refers to the Subsidiaries of
the Contributed Entities, as set forth on Schedule 4.2(v), unless the context otherwise requires. 
 (w) “Tax”
means all federal, state, local and foreign income, withholding, gross receipts, license, property, sales, franchise, employment, payroll, goods and services, stamp, environmental, customs duties, capital stock, social security, transfer,
alternative minimum, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to Tax with respect thereto, whether or not disputed. 

4.3 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all of the parties
hereto. Each party may rely on a facsimile or electronic pdf email signature of the other party as if it were an original signature. 
 4.4
Entire Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto and thereto, constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, among
the parties regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto. 

4.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia,
without regard to the conflicts of law rules thereof. 
 4.6 Assignment. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without
the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Acquirer may assign its rights and obligations hereunder to an Affiliate. 

4.7 Jurisdiction. The parties hereto hereby: 

(a) submit to the exclusive jurisdiction of any state or federal court sitting in the City of Virginia Beach, Virginia, with respect to any
dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, and 

(b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper. 

  
 13 

 4.8 Dispute Resolution. The parties intend that this Section 4.8 will be
valid, binding, enforceable, exclusive and irrevocable and that it shall survive any termination of this Agreement. 
 (a) Upon any
dispute, controversy or claim arising out of or relating to this Agreement or the enforcement, breach, termination or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to the
Dispute describing the nature of the Dispute following which the parties to such Dispute shall attempt for a period of ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between
representatives of the parties hereto who have authority to settle such Dispute. All such negotiations shall be confidential and any statements or offers made therein shall be treated as compromise and settlement negotiations for purposes of any
applicable rules of evidence and shall not be admissible as evidence in any subsequent proceeding for any purpose. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder,
except that no defense based on the running of the statute of limitations will be available based upon the passage of time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive relief
pursuant to clause (c) below without regard to any such ten (10) Business Day negotiation period. 
 (b) Any Dispute (including
the determination of the scope or applicability of this Agreement to arbitrate) that is not resolved pursuant to clause (a) above shall be submitted to final and binding arbitration in Virginia Beach, Virginia before one neutral and impartial
arbitrator, in accordance with the laws of the Commonwealth of Virginia for agreements made in and to be performed in Virginia. The arbitration shall be administered by JAMS, Inc. (“JAMS”) pursuant to its Comprehensive Arbitration
Rules and Procedures, as in effect on the date hereof. The parties hereto shall appoint one arbitrator within fifteen (15) days of a demand for arbitration. If an arbitrator is not appointed within such 15-day period, the arbitrator shall be
appointed by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate the place and time of the hearing. The hearing shall be scheduled to begin as soon as
practicable and no later than sixty (60) days after the appointment of the arbitrator (unless such period is extended by the arbitrator for good cause shown) and shall be conducted as expeditiously as possible. The award, which shall set forth
the arbitrator’s findings of fact and conclusions of law, shall be filed with JAMS and mailed to the parties no later than thirty (30) days after the close of the arbitration hearing. The arbitration award shall be final and binding on the
parties and not subject to collateral attack. Judgment upon the arbitration award may be entered in any federal or state court having jurisdiction thereof. 

(c) Notwithstanding the parties’ agreement to submit all Disputes to final and binding arbitration before JAMS, the parties shall have
the right to seek and obtain temporary or preliminary injunctive relief in any court having jurisdiction thereof. Such courts shall have authority to, among other things, grant temporary or provisional injunctive relief in order to protect any
party’s rights under this Agreement. Without prejudice to such provisional remedies 

  
 14 

 
as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court modify or
vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. 

(d) The prevailing party shall be entitled to recover its costs and reasonable attorneys’ fees, and the non-prevailing party shall pay
all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may have been produced at the direction of the arbitrator, and the fees, costs and expenses of the arbitrator. The arbitrator shall
allocate such costs and designate the prevailing party or parties for these purposes. 
 4.9 Severability. Any term or provision of
this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be
only so broad as is enforceable. 
 4.10 Rules of Construction. 

(a) The parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement
and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this
Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms
defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms, unless otherwise defined herein. Any agreement, instrument or statute defined or referred to herein or in any
agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the case of agreements and instruments) by waiver or consent and (in the case of
statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

4.11 Equitable Remedies. The parties agree that irreparable damage would occur to the Acquirer in the event that any of the provisions
of this Agreement were not performed in 

  
 15 

 
accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Acquirer shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
by the Principal and to enforce specifically the terms and provisions hereof in any federal or state court located in Virginia Beach, Virginia, this being in addition to any other remedy to which the Acquirer is entitled under this Agreement or
otherwise at law or in equity. 
 4.12 Time of the Essence. Time is of the essence with respect to all obligations under this
Agreement. 
 4.13 Headings. Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and
shall be given no substantive or interpretive effect whatsoever. 
 [Signature Page Follows.] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their
respective duly authorized officers, all as of the date first written above. 
  

									
	 ACQUIRER:

	
	 ARMADA HOFFLER PROPERTIES, INC., a Maryland corporation

		
	 By:
	 	 /s/ Louis S. Haddad

		 	Name:	 	Louis S. Haddad
		 	Title:	 	President and Chief Executive Officer
	
	 ARMADA HOFFLER, L.P., a Virginia limited partnership

		
	 By:
	 	 Armada Hoffler Properties, Inc.

a Maryland corporation, its General Partner

			
		 	By:	 	 /s/ Louis S. Haddad

		 		 	Name:	 	Louis S. Haddad
		 		 	Title:	 	President and Chief Executive Officer
	
	 PRINCIPAL:

		
	 /s/ Daniel A. Hoffler
	 	,
	  
	 	
	 Daniel A. Hoffler, an individual

  
 17

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