Document:

EXHIBIT 4.4

 Exhibit 4.4 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of February 1, 2005, by and between Federal Realty
Investment Trust, a Maryland real estate investment trust (the “Company”), and Francis O. Day, III (the “Investor”), including successors, assigns and permitted transferees (collectively, “Holders”
and individually, a “Holder”). 
  
 WHEREAS, James
F. Whalen (“Whalen”) acquired 190,000 Common Shares (the “Registrable Securities”) from Loehmanns’s Plaza Limited Partnership in connection with the Investor’s prior redemption of his limited partnership interest
in Loehmann’s Plaza Limited Partnership; 
  
 WHEREAS, the
Company, the Investor and Whalen executed a letter agreement pursuant to which they agreed to negotiate in good faith and use reasonable best efforts to execute and deliver this Agreement in connection with Whalen’s acquisition of the
Registrable Securities and further agreed on certain of the terms to be included in the Agreement; 
  
 WHEREAS, Whalen has advised the Company that he plans to transfer the Registrable Securities to the Investor pursuant to a preexisting agreement between
Whalen and the Investor; and 
  
 WHEREAS, in consideration of the
foregoing, Whalen, the Company and the Investor agree that it is appropriate and advisable for the Company to enter into this Agreement with the Investor rather than with Whalen; 
  
 NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set
forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, agree as follows: 
  
 1. Definitions. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 
  
 “Closing” shall mean the date on which the Investor acquired
the Registrable Securities. 
  
 “Common Shares”
shall mean the common shares of beneficial interest, par value $0.01 per share, of the Company. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Person” shall mean an individual, partnership, corporation,
limited liability company, trust, unincorporated organization or other legal entity or a government or agency or political subdivision thereof. 
  
 “Prospectus” shall mean the prospectus included in the Shelf Registration Statement, including any preliminary prospectus, and any
amendment or supplement thereto, and in each case including all material incorporated by reference therein. 
  
 “SEC” shall mean the Securities and Exchange Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 
  
 “Selling Holder” shall mean any Holder who sells Registrable
Securities pursuant to the Shelf Registration. 
  
 “Shelf
Registration” shall mean the registration required to be effected pursuant to Section 2 hereof. 
  
 “Shelf Registration Statement” shall mean the registration statement of the Company (and any other entity required to be a registrant
with respect to the Shelf Registration Statement pursuant to the requirements of the Securities Act), as the same may be amended or supplemented, filed in connection with the Shelf Registration. 
  

 2. Shelf Registration Under the Securities Act. 
  
 (a) As soon as reasonably practicable, but in no event later
than the first anniversary of the date of the Closing, the Company agrees, subject to the terms of this Agreement, to file a registration statement pursuant to Rule 415 under the Securities Act (the “Shelf Registration”) for the
registration of the resale of all of the Registrable Securities (whether or not then issued) of each Holder. Each Holder agrees to provide in a timely manner information regarding any proposed distribution by such Holder of the Registrable
Securities and such other information reasonably requested by the Company in connection with preparation of and for inclusion in the Shelf Registration Statement. Subject to the other terms hereof, the Company shall use commercially reasonable
efforts to effect such a registration. If the Company is unable to file or obtain effectiveness of the Shelf Registration Statement for such Shelf Registration due to prohibitions under the applicable securities laws or interpretations thereof, it
shall do so as soon as practicable thereafter. The Company agrees to use commercially reasonable efforts to keep the Shelf Registration Statement with respect to the Registrable Securities continuously effective for a period expiring on the earlier
of (i) the date on which the Registrable Securities covered by the Shelf Registration Statement have been sold and (ii) one year following the initial effectiveness of the Shelf Registration Statement. The Company shall not be required to file more
than one Shelf Registration Statement hereunder. 
  
 (b) The Investor will reimburse the Company for its out-of-pocket expenses incurred (including, however, the fees, costs and expenses of the Company’s in-house legal staff utilized) in connection with the negotiation, preparation and
execution of this Agreement, the preparation of the Shelf Registration Statement, and, subject to compliance with applicable laws and regulations, obtaining and maintaining the effectiveness of the Shelf Registration Statement in accordance with
this Agreement, including, without limitation, the Company Fees. The Investor shall make all such reimbursements to the Company within 30 days of receipt from the Company of an invoice, or other reasonably detailed notice, setting forth the amounts
to be reimbursed. In addition, each Holder shall be responsible for the payment of any brokerage and sales commission, fees and disbursement of such Holder’s counsel and any transfer taxes relating to the sale or disposition of the Common
Shares being sold by such Holder. 
  
 (c) Any
Holder who receives a written request from the Company to supply written information reasonably necessary for the Company to complete the Shelf Registration Statement ten days thereafter, shall not be entitled to have its Registrable Securities
included in the Shelf Registration Statement until such time as the Holder supplies the information in connection with either (i) the Company otherwise being required to amend the Shelf Registration Statement prior to such Shelf Registration
Statement becoming effective or (ii) such Holder’s agreement to pay the costs of including such Holder’s securities in another registration statement being filed by the Company with respect to the resale of additional securities of the
Company. 
  
 (d) During the period in which the
Company is to use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective as set forth in the penultimate sentence of Section 2(a), the Investor agrees to sell no more than one-third of the Registrable
Shares in any calendar month from and after the initial effectiveness of the Shelf Registration Statement. 
  
 3. Shelf Registration Procedures. In connection with the obligations of the Company with respect to the Shelf Registration Statement contemplated
by Section 2 hereof, the Company shall: 
  
 (a)
prepare and file with the SEC the Shelf Registration Statement, which Shelf Registration Statement shall (i) be available for the sale of the Registrable Securities in accordance with the intended method or methods of distribution by the Selling
Holders thereof and (ii) comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; 
  
 (b) subject to the last sentence of this Section 3(b) and to
Section 3(i) hereof, (i) prepare and file with the SEC such amendments to the Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement effective for the applicable period; (ii) cause the Prospectus to be amended or
supplemented as required and to be filed as required by Rule 424 or any similar rule which may be adopted under the Securities Act; (iii) respond promptly to any comments received from the SEC with respect to the Shelf 

  

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Registration Statement or any amendment thereto; and (iv) comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by the Shelf Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the Selling Holders thereof. Notwithstanding anything to the contrary contained herein, the Company shall
not be required to take any of the actions described in Section 3(a), clauses (i), (ii) or (iii) in this Section 3(b), Section 3(d) or Section 3(i) with respect to each Holder of Registrable Securities for a period not to exceed ninety (90) days
from the date of the Suspension Notice (as defined below) to the extent that the Company is in possession of material non-public information which the Board of Trustees in good faith deems advisable not to disclose or the Company is engaged in
active negotiations or planning for a merger or material acquisition or disposition transaction and, in either case, the Company delivers written notice ( a “Suspension Notice”) to each such Selling Holder of Registrable Securities
to the effect that it would be impractical or unadvisable to cause the Shelf Registration Statement or such filings to be made or to become effective or to amend or supplement the Shelf Registration Statement, and that such Selling Holder may not
make offers or sales under the Shelf Registration Statement for a period not to exceed ninety (90) days from the date of such Suspension Notice; provided, however, that the Company may deliver only two such Suspension Notices within
any twelve-month period; 
  
 (c) furnish to each
Selling Holder of Registrable Securities as many copies of the Prospectus and any amendment or supplement thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable
Securities; the Company consents to the use of the Prospectus and any amendment or supplement thereto by each such Selling Holder of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by the
Prospectus or amendment or supplement thereto; 
  
 (d) use its commercially reasonable efforts to (i) register or qualify the Registrable Securities by the time the Shelf Registration Statement is declared effective by the SEC under all applicable state securities or blue sky laws of such
jurisdictions in the United States and its territories and possessions as any Holder of Registrable Securities covered by the Shelf Registration Statement shall reasonably request in writing, and (ii) keep each such Shelf Registration or
qualification effective during the period the Shelf Registration Statement is required to be kept effective; provided, however, that in connection therewith, the Company shall not be required to (i) qualify as a foreign corporation to
do business or to register as a broker or dealer in any such jurisdiction where it would not otherwise be required to qualify or register but for this Section 3(d), (ii) subject itself to taxation in any such jurisdiction or (iii) file a consent to
general and unlimited service of process in any such jurisdiction where it would not otherwise be required to qualify or register but for this Section 3(d); 
  
 (e) notify each Holder of Registrable Securities promptly (i) when the Shelf Registration Statement and any post-effective amendments
thereto have become effective, (ii) when any amendment or supplement to the Prospectus has been filed with the SEC, (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of the Shelf
Registration Statement or any part thereof or the initiation of any proceedings for that purpose, (iv) if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for offer or sale in
any jurisdiction or the initiation of any proceeding for such purpose and (v) of the happening of any event during the period the Shelf Registration Statement is effective as a result of which (A) the Shelf Registration Statement contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading or (B) the Prospectus as then amended or supplemented contains any untrue statement of a
material fact or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 
  
 (f) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of the Shelf Registration Statement or any part thereof as promptly as possible; 
  
 (g) furnish to each Selling Holder of Registrable Securities, without charge, at least one conformed copy of the Shelf Registration
Statement and any post-effective amendment thereto, which shall include any prospectus or prospectus supplement contained therein and any other amendments thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
  

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 (h) cooperate with the Selling Holders of Registrable Securities to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any Securities Act legend; 
  
 (i) subject to the last sentence of Section 3(b) hereof, upon the occurrence of any event contemplated by the last sentence of Section
3(b) or clause (v) of Section 3(e) hereof, use commercially reasonable efforts promptly to (i) prepare and file an amendment or a supplement to the Prospectus or any document incorporated therein by reference or prepare, (ii) file and obtain
effectiveness of a post-effective amendment to the Shelf Registration Statement, or (iii) file any other required document, in any such case to the extent necessary so that, as thereafter delivered to the purchasers of the Registrable Securities,
the Prospectus as then amended or supplemented will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are
made, not misleading; 
  
 (j) use commercially
reasonable efforts to cause all Registrable Securities to be listed on any securities exchange on which similar securities issued by the Company are then listed; 
  
 (k) provide the CUSIP number for all Registrable Securities, not later than the effective date of the Shelf
Registration Statement; 
  
 (l) use commercially
reasonable efforts to make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; and

  
 (m) otherwise use commercially reasonable
efforts to comply with applicable rules and regulations of the SEC. 
  
 The Company may require each Selling Holder of Registrable Securities to furnish to the Company in writing such information regarding the proposed distribution by such Selling Holder of such Registrable Securities and other information as
the Company may from time to time reasonably request in writing in connection therewith. 
  
 In connection with and as a condition to the Company’s obligations with respect to the Shelf Registration Statement pursuant to Section 2 hereof and this Section 3, each Selling Holder covenants and agrees that
(i) it will not offer or sell any Registrable Securities under the Shelf Registration Statement until it has received copies of the Prospectus as then amended or supplemented as contemplated by Section 3(c) and notice from the Company that the Shelf
Registration Statement and any post-effective amendments thereto have become effective as contemplated by Section 3(e); or (ii) upon receipt of any notice from the Company contemplated by Section 3(b) (in respect of the occurrence of an event
contemplated by the last sentence of Section 3(b) or Section 3(e) (in respect of the occurrence of an event contemplated by clause (v) of Section 3(e)), such Selling Holder shall not offer or sell any Registrable Securities pursuant to the Shelf
Registration Statement until such Selling Holder receives copies of the amended or supplemented Prospectus contemplated by Section 3(i) hereof and receives notice that any post-effective amendment has become effective, and, if so directed by the
Company, such Selling Holder shall deliver to the Company all copies in its possession of the Prospectus as amended or supplemented at the time of receipt of such notice. 
  
 4. Indemnification; Contribution. 
  
 (a) Indemnification by the Company. The Company shall indemnify and hold harmless each Holder and
each Person, if any, who controls such Holder (within the meaning of Section 15 of the Securities Act) as follows: 
  
 (i) against any and all loss, liability, claim, damage and expense whatsoever (or actions in respect thereof), as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities were registered under the Securities Act, including all
documents incorporated 

  

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therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (ii) against any and all loss, liability, claim, damage and expense whatsoever (or actions in respect
thereof), as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
  
 (iii) against any and all expense whatsoever (or actions in respect thereof), as incurred (including reasonable fees and disbursements of
counsel), reasonably incurred in investigating, preparing, defending against, negotiating the settlement of, or settling any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether
or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 
  
 provided, however, that the indemnity provided pursuant to this Section 4(a)
does not apply to the Holder with respect to any loss, liability, claim, damage or expense to the extent arising out of (x) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Holder and stated to be expressly for use in the Shelf Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto) or (y) the Holder’s failure to
deliver an amended or supplemental Prospectus that was timely delivered to the Holder by the Company if such loss, liability, claim, damage or expense would not have arisen had such delivery by the Holder occurred. 
  
 (b) Indemnification by the Holder. In connection with
the Shelf Registration Statement, each Holder shall indemnify and hold harmless the Company, and each of its trustees and officers (including each trustee and officer of the Company who signed the Shelf Registration Statement), and each Person, if
any, who controls the Company within the meaning of Section 15 of the Securities Act, to the same extent as the indemnity contained in Section 4(a) (including, without limitation, clause (y) thereof, and except that any settlement described in
Section 4(a)(ii) shall be effected with the written consent of the Holder), but only insofar as such loss, liability, claim, damage or expense arises out of or is based upon any untrue statement or omission, or alleged untrue statements or
omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by the Holder and stated
to be expressly for use in such Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto). Notwithstanding the provisions of this Section 4(b), the Holder shall not be required to indemnify
the Company with respect to any amount in excess of the amount of the total net proceeds received by the Holder from sales of the Registrable Securities under the Shelf Registration Statement. 
  
 (c) Conduct of Indemnification Proceedings. The
indemnified party shall give reasonably prompt notice to the indemnifying party of any action or proceeding commenced against it of which the indemnified party has actual knowledge and in respect of which indemnity may be sought hereunder, but
failure to so notify the indemnifying party (i) shall not relieve it from any liability which it may have under the indemnity agreement provided in Section 4(a) or 4(b), unless and to the extent it did not otherwise learn of such action and the lack
of notice by the indemnified party results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) shall not, in any event, relieve the indemnifying party from any obligations to the indemnified party other than the
indemnification obligation provided under Section 4(a) or 4(b). If the indemnifying party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action or proceeding at such
indemnifying party’s own expense with counsel chosen by the indemnifying party and approved by the indemnified party, which approval shall not be unreasonably withheld; provided, however, that, if the indemnified party reasonably determines
that a conflict of interest exists where it is advisable for the indemnified party to be represented by separate counsel or that, upon advice of counsel, there 

  

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may be legal defenses available to it which are different from or in addition to those available to the indemnifying party, then the indemnifying party shall
not be entitled to assume such defense and the indemnified party shall be entitled to separate counsel at the indemnifying party’s expense. If the indemnifying party is not entitled to assume the defense of such action or proceeding as a result
of the proviso to the preceding sentence, the indemnifying party’s counsel shall be entitled to conduct the indemnifying party’s defense and counsel for the indemnified party shall be entitled to conduct the defense of the indemnified
party, it being understood that both such counsel will cooperate with each other to conduct the defense of such action or proceeding as efficiently as possible; provided, however, that counsel for the indemnified party shall not be
required to take any action which would prejudice the defense of the indemnified party. If the indemnifying party is not so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to
in the first sentence of this paragraph, the indemnifying party shall pay the reasonable fees and expenses of counsel for the indemnified party. In such event, however, the indemnifying party shall not be liable for any settlement effected without
the written consent of the indemnifying party, which consent shall not be unreasonably withheld. If an indemnifying party is entitled to assume, assumes, and notifies the indemnified party that it has assumed, the defense of such action or
proceeding in accordance with this paragraph, the indemnifying party shall not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action or proceeding after the indemnified
party’s receipt of such notice. 
  
 (d)
Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in this Section 4 is for any reason held to be unenforceable although applicable in accordance with its
terms, the Company and the Holder shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreement incurred by the Company and the Holder, in such proportion as is appropriate
to reflect the relative fault of the Company, on the one hand, and the Holder, on the other, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether the action in question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, the indemnifying party or the indemnified party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action. 
  
 The parties
hereto agree that it would not be just or equitable if contribution pursuant to this Section 4(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding paragraph. Notwithstanding the provisions of this Section 4(d), the Holder shall not be required to contribute any amount in excess of the amount of the total net proceeds received by the Holder from sales of the
Registrable Securities under the Shelf Registration Statement. Notwithstanding the foregoing, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 4(d), each Person, if any, who controls the Holder (within the meaning of Section 15 of the Securities Act) shall have the same rights to contribution as
the Holder, and each trustee of the Company, each officer of the Company who signed the Shelf Registration Statement and each Person, if any, who controls the Company (within the meaning of Section 15 of the Securities Act) shall have the same
rights to contribution as the Company. 
  
 5. Rule 144
Sales. 
  
 (a) Compliance. The Company
covenants that, so long as it is subject to the reporting requirements of the Exchange Act, it will file the reports required to be filed by it under the Exchange Act so as to enable any Holder to sell Registrable Securities pursuant to Rule 144
under the Securities Act. 
  
 (b) Cooperation
with Holders. In connection with any sale, transfer or other disposition by any Holder of any Registrable Securities pursuant to Rule 144 under the Securities Act, the Company shall cooperate with such Holder to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and not bearing any Securities Act legend, and enable certificates for such Registrable Securities to be for such number of shares and registered in such names as the
selling Holders may reasonably request. The Company’s obligation set forth in the preceding sentence shall be subject to the delivery, if 

  

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requested by the Company or its transfer agent, of an opinion of counsel to such Holder, in form and substance reasonably satisfactory to the Company and its
transfer agent, that such Securities Act legend need not appear on such certificate. 
  
 6. Miscellaneous. 
  
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified, supplemented or waived, nor may consent to departures therefrom be given,
without the written consent of the Company and the Holders of a majority of the outstanding Registrable Securities; provided, however, that no amendment, modification, supplement or waiver of, or consent to the departure from, the
provisions of this Agreement, which has the purpose or effect of reducing, impairing or adversely affecting the right of any Holder, shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder of
Registrable Securities. Notice of any such amendment, modification, supplement, waiver or consent adopted in accordance with this Section 6(a) shall be provided by the Company to each Holder of Registrable Securities at least thirty days prior to
the effective date of such amendment, modification, supplement, waiver or consent. 
  
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telecopier or any courier guaranteeing overnight delivery, (i) if to a Holder, at such Holder’s registered address appearing on the share register of the Company or (ii) if to the Company, at 1626 East Jefferson
Street, Rockville, Maryland 20852, Attn: Dawn M. Becker. All such notices and communications shall be deemed to have been received as follows: at the time delivered by hand, if personally delivered; five business days after being deposited in the
mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; or at the time delivered if delivered by an air courier guaranteeing overnight delivery. 
  
 (c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding on the
successors, assigns and transferees of each of the parties, including, without limitation, subsequent Holders. If any successor, assignee or transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the rights and benefits of this Agreement, and by taking and holding Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by all of the
terms and provisions hereof. 
  
 (d)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
  
 (e)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (f) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement. 
  
 (g) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland without giving effect to the conflicts of law provisions thereof. 
  
 (h) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at
law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the
obligations of any other party under this Agreement in accordance with the terms and conditions of this Agreement in any court of the United States or any State thereof having jurisdiction. 
  

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 (i) Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above

  

					
	 THE COMPANY:

	
	 FEDERAL REALTY INVESTMENT TRUST

		
	By:	 	 /s/ Dawn M. Becker

	 	 	 Name:
	 	 Dawn M. Becker

	 	 	 Title:
	 	Executive Vice President – General Counsel and Secretary
	
	 INVESTOR:

	
	/s/ Francis O. Day, III
	 Francis O. Day, III

  

	
	 AGREED AND ACCEPTED:

	
	 /s/ James F. Whalen

	 James F. Whalen

  

 9Citigroup Stock Incentive Plan

 CITIGROUP 
  

1999 STOCK INCENTIVE PLAN 
  
 (as amended and restated effective April 19, 2005) 
  

	1.	Purpose 

  
 The purposes of the Citigroup 1999 Stock Incentive Plan (the “Plan”) are to (i) attract and retain Employees by providing compensation opportunities that are competitive with other companies; (ii) provide
incentives to those Employees who contribute significantly to the long-term performance and growth of the Company and its Subsidiaries and (iii) align Employees’ long-term financial interests with those of the Company’s stockholders.

  

	2.	Effective Date 

  
 The Plan became effective on April 30, 1999, following its approval by stockholders. The amended and restated Plan will become effective April 19, 2005, subject to approval by the stockholders of the Company. Subject
to the approval of the amended and restated Plan by the stockholders, the Company will no longer make awards under the Prior Plans; provided, however, that such Prior Plans shall remain effective solely with respect to awards that are outstanding as
of April 19, 2005. 
  

	3.	Definitions 

  
 “Award” shall mean an Option, SAR or other form of Stock Award granted under the Plan. 
  
 “Award Agreement” shall mean the paper or electronic
document evidencing an Award granted under the Plan. 
  
 “Board” shall mean the Board of Directors of the Company. 
  
 “Change of Control” shall have the meaning set forth in Section 13. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended, including any rules and regulations promulgated thereunder. 

 
 “Committee” shall mean the Personnel and Compensation
Committee of the Board, the members of which shall satisfy the requirements of Rule 16b-3 of the 1934 Act and who shall also qualify, and remain qualified as “outside directors,” as defined in Section 162(m) of the Code. 
  

 1 

 “Common Stock” shall mean the common stock of the Company, par value $.01 per share.

  
 “Company” shall mean Citigroup Inc., a
Delaware Corporation. 
  
 “Covered Employee”
shall mean “covered employee” as such term is defined in Section 162(m) of the Code. 
  
 “Deferred Stock” shall mean an Award payable in shares of Common Stock at the end of a specified deferral period that is subject to the
terms, conditions and limitations described or referred to in Section 7(c)(iv) and Section 7(d). 
  
 “Employee” shall have the meaning set forth in General Instruction A to the Registration Statement on Form S-8 promulgated under the
Securities Act of 1933, as amended, or any successor form or statute, as determined by the Committee. 
  
 “Fair Market Value” shall mean, in the case of a grant of an Option or a SAR, the closing price of a share of Common Stock on the New
York Stock Exchange, or on any national securities exchange on which the shares of Common Stock are then listed, on the trading date immediately preceding the date on which the Option or the SAR was granted. 
  
 “ISO” shall mean an incentive stock option as defined in
Section 422 of the Code. 
  
 “Nonqualified Stock
Option” shall mean an Option that is granted to a participant that is not designated as an ISO. 
  
 “Option” shall mean the right to purchase a specified number of shares of Common Stock at a stated exercise price for a specified period
of time subject to the terms, conditions and limitations described or referred to in Section 7(a) and Section 7(d). The term “Option” as used in this Plan includes the terms “Nonqualified Stock Option” and “ISO”.

  
 “Participant” shall mean an Employee who has
been granted an Award under the Plan. 
  
 “Plan
Administrator” shall have the meaning set forth in Section 10. 
  
 “Prior Plans” shall mean the Citicorp 1997 Stock Incentive Plan, the Travelers Group Capital Accumulation Plan, and the Citigroup Employee Incentive Plan (formerly the Travelers Group Employee
Incentive Plan). 
  
 “Restricted Stock” shall
mean an Award of Common Stock that is subject to the terms, conditions, restrictions and limitations described or referred to in Section 7(c)(iii) and Section 7(d). 
  

 2 

 “SAR” shall mean a stock appreciation right that is subject to the terms, conditions,
restrictions and limitations described or referred to in Section 7(b) and Section 7(d). 
  
 “Section 16(a) Officer” shall mean an Employee who is subject to the reporting requirements of Section 16(a) of the 1934 Act. 
  
 “Stock Award” shall have the meaning set forth in Section 7(c)(i). 
  
 “Stock Payment” shall mean a stock payment that is subject
to the terms, conditions, and limitations described or referred to in Section 7(c)(ii) and Section 7(d). 
  
 “Stock Unit” shall mean a stock unit that is subject to the terms, conditions and limitations described or referred to in Section 7(c)(v)
and Section 7(d). 
  
 “Subsidiary” shall mean
any entity that is directly or indirectly controlled by the Company or any entity, including an acquired entity, in which the Company has a significant equity interest, as determined by the Committee, in its sole discretion. 
  
 “1934 Act” shall mean the Securities Exchange Act of 1934,
as amended, including the rules and regulations promulgated thereunder and any successor thereto. 
  

	4.	The Committee 

  

	 	(a)	Committee Authority. The Committee shall have full and exclusive power to administer and interpret the Plan, to grant Awards and to adopt such administrative
rules, regulations, procedures and guidelines governing the Plan and the Awards as it deems appropriate, in its sole discretion, from time to time. The Committee’s authority shall include, but not be limited to, the authority to (i) determine
the type of Awards to be granted under the Plan; (ii) select Award recipients and determine the extent of their participation; and (iii) establish all other terms, conditions, and limitations applicable to Awards, Award programs and the shares of
Common Stock issued pursuant thereto. The Committee may accelerate or defer the vesting or payment of Awards, cancel or modify outstanding Awards, waive any conditions or restrictions imposed with respect to Awards or the Common Stock issued
pursuant to Awards and make any and all other determinations that it deems appropriate with respect to the administration of the Plan, subject to the limitations contained in Sections 4(d) and 7(d) and Section 409A of the Code with respect to all
Participants, and subject to the provisions of Section 162(m) of the Code with respect to Covered Employees. 

  

	 	(b)	 Administration of the Plan. The administration of the Plan shall be managed by the Committee. The Committee shall have the power to prescribe
and modify, as necessary, the form of Award Agreement, to correct any defect, supply any omission or clarify any inconsistency in the Plan and/or in any Award Agreement and to take such actions and make such administrative determinations that the
Committee deems appropriate in its sole discretion. Any decision of the  

  

 3 

	 	 
Committee in the administration of the Plan, as described herein, shall be final, binding and conclusive on all parties concerned, including the Company, its
stockholders and Subsidiaries and all Participants. 

  

	 	(c)	Delegation of Authority. To the extent permitted by applicable law, the Committee may at any time delegate to one or more officers or directors of the Company
some or all of its authority over the administration of the Plan, with respect to persons who are not Section 16(a) Officers or Covered Employees. 

  

	 	(d)	Prohibition Against Repricing. Notwithstanding any provision of this Plan to the contrary, in no event shall (i) any repricing (within the meaning of U.S.
generally accepted accounting principles or any applicable stock exchange rule) of Awards issued under the Plan be permitted at any time under any circumstances, or (ii) any new Awards be issued in substitution for outstanding Awards previously
granted to Participants if such action would be considered a repricing (within the meaning of U.S. generally accepted accounting principles or any applicable stock exchange rule). 

  

	 	(e)	Indemnification. No member of the Committee nor any other person to whom any duty or power relating to the administration or interpretation of the Plan has been
delegated shall be personally liable for any action or determination made with respect to the Plan, except for his or her own willful misconduct or as expressly provided by statute. The members of the Committee and its delegates shall be entitled to
indemnification and reimbursement from the Company. In the performance of its functions under the Plan, the Committee (and each member of the Committee and its delegates) shall be entitled to rely upon information and advice furnished by the
Company’s officers, accountants, counsel and any other party they deem appropriate, and neither the Committee nor any such person shall be liable for any action taken or not taken in reliance upon any such advice. 

  

	5.	Participation 

  

	 	(a)	Eligible Employees. Subject to Section 7(a)(i), the Committee shall determine which Employees shall be eligible to receive Awards under the Plan.

  

	 	(b)	 Participation by Subsidiaries. Employees of Subsidiaries may participate in the Plan upon approval of Awards to such Employees by the
Committee. A Subsidiary’s participation in the Plan may be conditioned upon the Subsidiary’s agreement to reimburse the Company for costs and expenses of such participation, as determined by the Company. The Committee may terminate the
Subsidiary’s participation in the Plan at any time and for any reason. If a Subsidiary’s participation in the Plan shall terminate, such termination shall not relieve it of any obligations theretofore incurred by it under the Plan, except
with the approval of the Committee, and the Committee shall determine, in its sole discretion, the extent to which Employees of the Subsidiary may continue to participate in the Plan with respect to previously granted Awards. Unless the Committee
determines otherwise, a Subsidiary’s participation in the plan upon the sale or disposition of 

  

 4 

	 	 
such Subsidiary to any person or entity that is not directly or indirectly controlled by the Company shall terminate; provided, however, that such
termination shall not relieve such Subsidiary of any of its obligations to the Company theretofore incurred by it under the Plan, except with the approval of the Committee. Notwithstanding the foregoing, unless otherwise specified by the Committee,
upon any such Subsidiary ceasing to be under the direct or indirect control of the Company, the employees of such Subsidiary shall be deemed to have terminated employment for purposes of the Plan. 

  

	 	(c)	Participation outside of the United States. In order to facilitate the granting of Awards to Employees who are foreign nationals or who are employed outside of
the U.S., the Committee may provide for such special terms and conditions, including, without limitation, substitutes for Awards, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom.
The Committee may approve any supplements to, or amendments, restatements or alternative versions of this Plan as it may consider necessary or appropriate for the purposes of this Section 5(c) without thereby affecting the terms of this Plan as in
effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such documents as having been approved and adopted pursuant to properly delegated authority; provided, that no such supplements, amendments,
restatements or alternative versions shall include any provisions that are inconsistent with the intent and purpose of this Plan, as then in effect; and further provided that any such action taken with respect to a Covered Employee shall be taken in
compliance with Section 162(m) of the Code. 

  

	6.	Available Shares of Common Stock 

  

	 	(a)	Shares Subject to the Plan. Common Stock issued pursuant to Awards granted under the Plan may be shares that have been authorized but unissued, or have been
previously issued and reacquired by the Company, or both. Reacquired shares may consist of shares purchased in open market transactions or otherwise. Subject to the following provisions of this Section 6, the aggregate number of shares of Common
Stock that may be issued to Participants pursuant to Awards granted under the Plan shall not exceed the number of shares of Common Stock available for grant under the Plan as of April 19, 2005, prior to the approval of the amended and restated Plan,
plus an additional two hundred fifty million (250,000,000) shares of Common Stock. 

  

	 	(b)	Termination of Prior Plans. The Board adopted resolutions terminating the Prior Plans with respect to new awards effective as of April 19, 2005, subject to
approval by the stockholders of the Company of the amended and restated Plan at the annual meeting of stockholders on April 19, 2005. 

  

	 	(c)	 Forfeited Awards. Awards or options of Awards made under the Plan which, at any time, are forfeited, expire or are canceled or settled without
issuance of shares shall not count towards the maximum number of shares that may be issued under  

  

 5 

	 	 
the Plan as set forth in Section 6(a) and shall be available for future Awards under the Plan. 

  

	 	(d)	Shares Used to Pay Exercise Price and Taxes. As may be permitted by the Committee, if a Participant pays the exercise price of an Option by surrendering
previously owned shares, or arranges to have the appropriate number of shares otherwise issuable upon exercise withheld, and/or surrenders shares or has shares withheld to cover the withholding tax liability associated with an Option exercise or
vesting of an Award, shares issued in respect of any Award equal in number to the number of surrendered and/or withheld shares shall not count towards the maximum number of shares that may be issued under the Plan as set forth in Section 6(a) and
shall be available for future awards under the Plan. 

  

	 	(e)	Other Items Not Included in Allocation. The maximum number of shares that may be issued under the Plan as set forth in Section 6(a) shall not be affected
by (i) the payment in cash of dividends or dividend equivalents in connection with outstanding Awards; (ii) the granting or payment of stock-denominated Awards that by their terms may be settled only in cash; or (iii) Awards that are granted through
the assumption of, or in substitution for, outstanding awards previously granted to individuals who have become Employees as a result of a merger, consolidation, or acquisition or other corporate transaction involving the Company or a Subsidiary.

  

	 	(f)	Other Limitations on Shares that May be Granted under the Plan. Subject to Section 6(g), the aggregate number of shares of Common Stock that may be granted to
any single individual during the term of the Plan in the form of Options and/or SARs shall not exceed fifty million (50,000,000). 

  

	 	(g)	 Adjustments. In the event of any change in the Company’s capital structure on account of any extraordinary dividend, stock dividend, stock
split, reverse stock split, combination or exchange of equity securities, merger, consolidation, recapitalization, reorganization, divesture or other distribution (other than ordinary cash dividends) of assets to stockholders, or any other similar
event affecting the Company’s capital structure, the Committee may make such adjustments as it may deem appropriate to (i) the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 6(a); (ii) to the
extent permitted under Section 162(m) of the Code, the maximum number of shares that may be granted pursuant to Section 6(f); (iii) the number or kind of shares subject to an outstanding Award; (iv) subject to the limitation contained in Section
4(d), the exercise price applicable to an outstanding Award; and/or (v) any measure of performance that relates to an outstanding Award in order to reflect such change in the Common Stock. Any adjustment to ISOs under this Section 6(g) shall be made
only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 6(g) shall be made in a manner that does not adversely affect the exemption provided pursuant
to Rule 16b-3 under the 1934 Act. With respect to Awards subject to Section 409A of  

  

 6 

	 	 
the Code, any adjustments or substitutions under this Section 6(g) shall conform to the requirements of Section 409A of the Code. Furthermore, with respect
to Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions may
be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment or substitution hereunder and, upon notice, such adjustment or substitution
shall be conclusive and binding for all purposes. 

  

	7.	Awards Under The Plan 

  
 Awards under the Plan may be granted as Options, SARs or Stock Awards, as described below. Awards may be granted singly, in combination or in tandem as determined by the
Committee, in its sole discretion. 
  

	 	(a)	Options. Options granted under the Plan may be Nonqualified Stock Options or ISOs or any other type of stock option permitted under the Code. Options shall expire
after such period, not to exceed ten years, as may be determined by the Committee. If an Option is exercisable in installments, such installments or portions thereof that become exercisable shall remain exercisable until the Option expires or is
otherwise canceled pursuant to its terms. Except as otherwise provided in Sections 7(a) and (d), Awards of Nonqualified Stock Options shall be subject to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole
discretion, from time to time. 

  

	 	(i)	ISOs. The terms and conditions of any ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and, except as provided in Section
7(d), the terms, conditions, limitations and administrative procedures established by the Committee, from time to time in accordance with the Plan. At the discretion of the Committee, ISOs may be granted to any employee of the Company and its parent
or any subsidiary of the Company, as such terms are defined in Sections 424(e) and (f) of the Code. 

  

	 	(ii)	 Reload Options. Except as provided in this Section 7(a)(ii), no Reload Options shall be granted after April 19, 2005. With respect to any
Option granted under the Plan, a Prior Plan or any other plan of the Company on or prior to April 19, 2005 (an “Original Option”), or subsequently, with respect to a Reload Option granted in connection with the exercise of an Original
Option, if a Participant tenders shares of Common Stock to pay the exercise price of any such Option, and/or arranges to have a portion of the shares otherwise issuable upon exercise withheld or sold to pay the applicable withholding taxes, the
Participant may receive, but only if provided by the terms of the Original Option, a new “Reload Option” covering a number of shares of Common Stock equal to the sum of the number of shares tendered to pay the exercise price and the number
of shares used to pay the withholding taxes. Reload Options will be granted subject to such terms, conditions,  

  

 7 

	 	 
restrictions and limitations as provided by the terms of the Original Option, subject to such modifications thereto as the Committee, in its sole discretion,
may from time to time deem appropriate. A Reload Option may not otherwise be granted under the terms of the Plan. To the extent a Reload Option is granted in respect of an Original Option granted under the Plan or Prior Plan, shares issued in
connection with such Reload Option shall count towards the maximum number of shares of Common Stock that may be issued to Participants pursuant to Awards granted under the Plan as set forth in Section 6(a) and any individual Participant pursuant to
Section 6(f). A Reload Option granted hereunder shall not be subject to the maximum vesting requirements of Section 7(d). 

  

	 	(iii)	Exercise Price. The Committee shall determine the exercise price per share for each Option, which shall not be less than 100% of the Fair Market Value at the
time of grant. 

  

	 	(iv)	Exercise of Options. Upon satisfaction of the applicable conditions relating to vesting and exercisablility, as determined by the Committee, and upon payment in
full of the exercise price and applicable taxes due, the Participant shall be entitled to exercise the Option and receive the number of shares of Common Stock issuable in connection with the Option exercise. The shares issued in connection with the
Option exercise may be subject to such conditions and restrictions as the Committee may determine, from time to time. The exercise price of an Option and applicable withholding taxes relating to an Option exercise may be paid by methods permitted by
the Committee from time to time including, but not limited to, (1) a cash payment in U.S. dollars; (2) tendering (either actually or by attestation) shares of Common Stock owned by the Participant for at least six (6) months, valued at the fair
market value at the time of exercise; (3) arranging to have the appropriate number of shares of Common Stock issuable upon the exercise of an Option withheld or sold; or (4) any combination of the above. Additionally, the Committee may provide that
an Option may be “net exercised”, meaning that upon the exercise of an Option or any portion thereof, the Company shall deliver the greatest number of whole shares of Common Stock having a fair market value on the date of exercise not in
excess of the difference between the aggregate fair market value of the shares of Common Stock subject to the Option (or the portion of such Option then being exercised) and the aggregate exercise price for all such shares of Common Stock under the
Option (or the portion thereof then being exercised), with any fractional share that would result from such equation to be payable in cash. 

  

	 	(v)	 ISO Grants to 10% Stockholders. Notwithstanding anything to the contrary in this Section 7(a), if an ISO is granted to a Participant who owns
stock representing more than ten percent of the voting power of all classes of stock of the Company or of a subsidiary or parent, as such terms are defined in  

  

 8 

	 	 
Section 424(e) and (f) of the Code, the term of the Option shall not exceed five years from the time of grant of such Option and the exercise price shall be
at least 110 percent (110%) of the Fair Market Value (at the time of grant) of the Common Stock subject to the Option. 

  

	 	(vi)	$100,000 Per Year Limitation for ISOs. To the extent the aggregate Fair Market Value (determined at the time of grant) of the Common Stock for which ISOs are
exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options. 

  

	 	(vii)	Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date he or she makes a
disqualifying disposition of any shares of Common Stock acquired pursuant to the exercise of such ISO. A disqualifying disposition is any disposition (including any sale) of such Common Stock before the later of (i) two years after the time of grant
of the ISO or (ii) one year after the date the Participant acquired the shares of Common Stock by exercising the ISO. The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession of any
shares of Common Stock acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the
sale of such Stock. 

  

	 	(b)	Stock Appreciation Rights. A SAR represents the right to receive a payment in cash, Common Stock, or a combination thereof, in an amount equal to the excess of
the fair market value of a specified number of shares of Common Stock at the time the SAR is exercised over the exercise price of such SAR which shall be no less then 100% of the Fair Market Value of the same number of shares at the time the SAR was
granted, except that if a SAR is granted retroactively in substitution for an Option, the exercise price of such SAR shall be the Fair Market Value at the time such Option was granted. Any such substitution of a SAR for an Option granted to a
Covered Employee may only be made in compliance with the provisions of Section 162(m) of the Code. Except as otherwise provided in Section 7(d), Awards of SARs shall be subject to the terms, conditions, restrictions and limitations determined by the
Committee, in its sole discretion, from time to time; provided, however, that no Participant who is subject to United States federal income tax shall be awarded a SAR unless the Committee determines that such SAR does not provide for the deferral of
compensation within the meaning of Section 409A of the Code. 

  

	 	(c)	Stock Awards. 

  

	 	(i)	 Form of Awards. The Committee may grant Awards (“Stock Awards”) that are payable in shares of Common Stock or denominated in units
equivalent in value to shares of Common Stock or are otherwise based on or related to shares of Common Stock, including, but not limited to, Awards of Restricted  

  

 9 

	 	 
Stock, Deferred Stock and Stock Units. Except as otherwise provided in Section 7(d), Stock Awards shall be subject to such terms, conditions, restrictions
and limitations as the Committee may determine to be applicable to such Stock Awards, in its sole discretion, from time to time. 

  

	 	(ii)	Stock Payment. If not prohibited by applicable law and to the extent allowed by Section 7(d) of the Plan, the Committee may issue unrestricted shares of Common
Stock, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the Committee shall from time to time in its sole discretion determine. A Stock Payment under the Plan may be granted as, or in payment of, a
bonus (including without limitation any compensation that is intended to qualify as performance-based compensation for purposes of Section 162(m) of the Code), or to provide incentives or recognize special achievements or contributions. Any shares
of Common Stock used for such payment may be valued at a fair market value at the time of payment as determined by the Committee in its sole discretion. 

  

	 	(iii)	Restricted Stock. Except as otherwise provided in Section 7(d), Awards of Restricted Stock shall be subject to the terms, conditions, restrictions, and
limitations determined by the Committee, in its sole discretion, from time to time. The number of shares of Restricted Stock allocable to an Award under the Plan shall be determined by the Committee in its sole discretion. 

 

	 	(iv)	Deferred Stock. Except as otherwise provided in Section 7(d), Awards of Deferred Stock shall be subject to the terms, conditions, restrictions and limitations
determined by the Committee, in its sole discretion, from time to time. A Participant who receives an Award of Deferred Stock shall be entitled to receive the number of shares of Common Stock allocable to his or her Award, as determined by the
Committee in its sole discretion, from time to time, at the end of a specified deferral period determined by the Committee. Awards of Deferred Stock represent only an unfunded, unsecured promise to deliver shares in the future and do not give
Participants any greater rights than those of an unsecured general creditor of the Company. 

  

	 	(v)	Stock Units. A Stock Unit is an Award denominated in shares of Common Stock that may be settled either in shares of Common Stock or in cash, in the discretion
of the Committee, and, except as otherwise provided in Section 7(d), shall be subject to such other terms, conditions, restrictions and limitations determined by the Committee from time to time in its sole discretion. 

  

	 	(d)	 Minimum Vesting. Notwithstanding any provision of this Plan to the contrary and except as provided in this Section 7(d), Section 7(a)(ii),
Section 7(e) and Section 13, Awards shall not vest more rapidly than ratably over a three-year period; provided, however, that (i) the Committee may, in its sole discretion, provide for accelerated vesting of any such Award on account of a
Participant’s retirement, death, disability, 

  

 10 

	 	 
leave of absence, termination of employment, the sale or other disposition of a Participant’s employer or any other similar event, (ii) the Committee
may, in its sole discretion, provide for accelerated vesting of any such Award upon the achievement of performance criteria specified by the Committee, as provided in Section 7(e), related to a period of performance of not less than one year, and
(iii) no more than twenty percent (20%) of the shares of Common Stock reserved for issuance under the Plan pursuant to Section 6(a) may be granted subject to awards with such other vesting requirements, if any, as the Committee may establish in its
sole discretion (which number of shares shall not include any shares subject to Awards granted pursuant to Section 7(a)(ii) or Section 7(e)). 

  

	 	(e)	Performance Criteria. At the discretion of the Committee, Awards may be made subject to or may vest on an accelerated basis upon the achievement of performance
criteria related to a period of performance of not less than one year, which may be established on a Company-wide basis or with respect to one or more business units or divisions or Subsidiaries and may be based upon the attainment of criteria as
may be determined by the Committee. When establishing performance criteria for any performance period, the Committee may exclude any or all “extraordinary items” as determined under U.S. generally accepted accounting principles including,
without limitation, the charges or costs associated with restructurings of the Company or any Subsidiary, discontinued operations, other unusual or non-recurring items, and the cumulative effects of accounting changes. The Committee may also adjust
the performance criteria for any performance period as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors as the Committee may
determine. 

  

	8.	Forfeiture Provisions Following a Termination of Employment 

  
 In any instance where the rights of a Participant with respect to an Award extend past the date of termination of a Participant’s employment, all of such rights
shall terminate and be forfeited, if, in the determination of the Committee, the Participant, at any time subsequent to his or her termination of employment engages, directly or indirectly, either personally or as an employee, agent, partner,
stockholder, officer or director of, or consultant to, any entity or person engaged in any business in which the Company or its affiliates is engaged, in conduct that breaches any obligation or duty of such Participant to the Company or a Subsidiary
or that is in material competition with the Company or a Subsidiary or is materially injurious to the Company or a Subsidiary, monetarily or otherwise, which conduct shall include, but not be limited to, (i) disclosing or misusing any confidential
information pertaining to the Company or a Subsidiary; (ii) any attempt, directly or indirectly, to induce any employee, agent, insurance agent, insurance broker or broker-dealer of the Company or any Subsidiary to be employed or perform services
elsewhere or (iii) any attempt by a Participant, directly or indirectly, to solicit the trade of any customer or supplier or prospective customer or supplier of the Company or any Subsidiary or (iv) disparaging the Company, any Subsidiary or any of
their respective officers or directors. The Committee shall make the determination of whether any conduct, action or failure to act falls within the scope of activities contemplated by this Section 8, in its sole discretion. For 

  

 11 

 
purposes of this Section 8, a Participant shall not be deemed to be a stockholder of a competing entity if the Participant’s record and beneficial
ownership amount to not more than one percent (1%) of the outstanding capital stock of any company subject to the periodic and other reporting requirements of the 1934 Act. 
  

	9.	Dividends and Dividend Equivalents 

  
 The Committee may, in its sole discretion, provide that Stock Awards shall earn dividends or dividend equivalents. Such dividends or dividend equivalents may be paid
currently or may be credited to an account maintained on the books of the Company. Any payment or crediting of dividends or dividend equivalents will be subject to such terms, conditions, restrictions and limitations as the Committee may establish,
from time to time, in its sole discretion, including, without limitation, reinvestment in additional shares of Common Stock or common share equivalents. Any shares purchased by or on behalf of Participants in a dividend reinvestment program
established under the Plan shall not count towards the maximum number of shares that may be issued under the Plan as set forth in Section 6(a), provided that such shares are purchased in open-market transactions or are treasury shares purchased
directly from the Company at fair market value at the time of purchase. Unless the Committee determines otherwise, Section 16(a) Officers may not Participate in dividend reinvestment programs established under the Plan. 
  

	10.	Voting 

  
 The Committee shall determine whether a Participant shall have the right to direct the vote of shares of Common Stock allocated to a Stock Award. If the Committee determines that an Award shall carry voting rights,
the shares allocated to such Award shall be voted by such person as the Committee may designate (the “Plan Administrator”) in accordance with instructions received from Participants (unless to do so would constitute a violation of
fiduciary duties or any applicable exchange rules). Shares subject to Awards as to which no instructions are received shall be voted by the Plan Administrator proportionately in accordance with instructions received from Participants (unless to do
so would constitute a violation of fiduciary duties or any applicable exchange rules). 
  

	11.	Payments and Deferrals 

  
 Payment of vested Awards may be in the form of cash, Common Stock or combinations thereof as the Committee shall determine, subject to such terms, conditions,
restrictions and limitations as it may impose. The Committee may (i) postpone the exercise of Options or SARs (but not beyond their expiration dates), (ii) require or permit Participants to elect to defer the receipt or issuance of shares of Common
Stock pursuant to Awards or the settlement of Awards in cash under such rules and procedures as it may establish, in its discretion, from time to time, (iii) provide for deferred settlements of Awards including the payment or crediting of earnings
on deferred amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in common share equivalents, (iv) stipulate in any Award Agreement, either at the time of grant or by subsequent amendment, that a
payment or portion of a payment of an Award be delayed in 

  

 12 

 
the event that Section 162(m) of the Code (or any successor or similar provision of the Code) would disallow a tax deduction by the Company for all or a
portion of such payment; provided, that the period of any such delay in payment shall be until the payment, or portion thereof, is tax deductible, or such earlier date as the Committee shall determine in its sole discretion. Notwithstanding the
forgoing, the Committee shall not take any action described in the preceding sentence unless it determines that such action will not result in any adverse tax consequences for any Participant under Section 409A of the Code without the express
written consent of the affected Participant. 
  

	12.	Nontransferability 

  
 Awards granted under the Plan, and during any period of restriction on transferability, shares of Common Stock issued in connection with the exercise of an Option or a SAR, may not be sold, pledged, hypothecated,
assigned, margined or otherwise transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares underlying such Award have been issued, and all restrictions applicable to such shares have lapsed or
have otherwise been waived by the Committee. No Award or interest or right therein shall be subject to the debts, contracts or engagements of a Participant or his or her successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy and divorce), and any attempted disposition thereof shall be null and void, of no effect, and not binding on the Company in any way. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit (on such
terms, conditions and limitations as it may establish) Nonqualified Stock Options (including non-qualified Reload Options) and/or shares issued in connection with an Option or a SAR exercise that are subject to restrictions on transferability, to be
transferred one time to a member of a Participant’s immediate family or to a trust or similar vehicle for the benefit of a Participant’s immediate family members. During the lifetime of a Participant, all rights with respect to Awards
shall be exercisable only by such Participant or, if applicable pursuant to the preceding sentence, a permitted transferee. 
  

	13.	Change of Control 

  

	(a)	Notwithstanding any provisions of this Plan to the contrary, the Committee may, in its sole discretion, at the time an Award is made hereunder or at any time prior to, coincident
with or after the time of a Change of Control: 

  

	 	(i)	provide for the acceleration of any time periods relating to the vesting, exercise, payment or distribution of such Awards so that such Awards may be vested, exercised, paid or
distributed in full on or before a date fixed by the Committee; 

  

	 	(ii)	provide for the purchase of such Awards, upon the Participant’s request, for an amount of cash equal to the amount that could have been obtained upon the exercise, payment or
distribution of such rights had such Awards been currently exercisable or payable; 

  

 13 

	 	(iii)	provide for the termination of any then outstanding Awards or make any other adjustment to the Awards than outstanding as the Committee deems necessary or appropriate to reflect
such transaction or change; or 

  

	 	(iv)	cause the Awards then outstanding to be assumed, or new rights substituted therefore, by the surviving corporation in such change. 

  

	(b)	A “Change of Control” shall be deemed to occur if and when: 

  

	 	(i)	any person, including a “person” as such term is used in Section 14(d)(2) of the 1934 Act (a “Person”), is or becomes a beneficial owner (as such term is defined
in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 25 percent (25%) or more of the combined voting power of the Company’s then outstanding securities; 

  

	 	(ii)	any transaction occurs with respect to the Company that is subject to the prior notice requirements of the Change in Bank Control Act of 1978; 

  

	 	(iii)	any transaction occurs with respect to the Company that will require a “company” as defined in the Bank Holding Company Act of 1956, as amended, to obtain prior approval
of the Federal Reserve Board under Regulation Y; 

  

	 	(iv)	any plan or proposal for the dissolution or liquidation of the Company is adopted by the stockholders of the Company; 

  

	 	(v)	individuals who, as of April 30, 1999, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to April 30, 1999 whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as
such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  

	 	(vi)	all or substantially all of the assets of the Company are sold, transferred or distributed; or 

  

	 	(vii)	 there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), in each case, with respect to
which the stockholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50 percent (50%) of the 

  

 14 

	 	 
combined voting power of the Company or other corporation resulting from such Transaction in substantially the same respective proportions as such
stockholders’ ownership of the voting power of the Company immediately before such Transaction. 

  
 Should any event constitute a Change of Control for purposes of the Plan, but not constitute a change of control within the meaning of Section 409A of the
Code, if necessary to avoid adverse tax consequences to any participant, no payment or distribution shall be made to any affected participant by reason of such Change of Control without the express written consent of the affected Participant.

  

	14.	Award Agreements 

  
 Each Award under the Plan shall be evidenced by an Award Agreement that sets forth the terms, conditions, restrictions and limitations applicable to the Award, including, but not limited to, the provisions governing
vesting, exercisability, payment, forfeiture, and termination of employment, all or some of which may be incorporated by reference into one or more other documents delivered or otherwise made available to a Participant in connection with an Award.
The Committee need not require the execution of such document by the Participant, in which case acceptance of the Award by the Participant shall constitute agreement by the Participant to the terms, conditions, restrictions and limitations set forth
in the Plan and the Award Agreement as well as the administrative guidelines and practices of the Company in effect from time to time. 
  

	15.	Tax Withholding 

  
 The Company and its Subsidiaries shall have the right to require payment of, or may deduct from any payment made under the Plan or otherwise to a Participant, or may permit shares to be tendered or sold, including
shares of Common Stock delivered or vested in connection with an Award, in an amount sufficient to cover withholding of any federal, state, local, foreign or other governmental taxes or charges required by law or such greater amount of withholding
as the Committee shall determine from time to time and to take such other action as may be necessary to satisfy any such withholding obligations. The value of any shares allowed to be withheld or tendered for tax withholding may not exceed the
amount allowed consistent with fixed plan accounting in accordance with U.S. generally accepted accounting principles, to the extent applicable. It shall be a condition to the obligation of the Company to issue Common Stock upon the exercise of an
Option or a SAR that the Participant pay to the Company, on demand, such amount as may be requested by the Company for the purpose of satisfying any tax withholding liability. If the amount is not paid, the Company may refuse to issue shares.

  

	16.	Other Benefit and Compensation Programs 

  
 Awards received by Participants under the Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of calculating payments or
benefits from any Company benefit plan or severance program unless specifically provided for under the plan 

  

 15 

 
or program. Unless specifically set forth in an Award Agreement, Awards under the Plan are not intended as payment for compensation that otherwise would have
been delivered in cash. 
  

	17.	Unfunded Plan 

  
 Unless otherwise determined by the Committee, the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship
between the Company and any Participant or other person. To the extent any Participant holds any rights by virtue of an Award granted under the Plan, such rights shall constitute general unsecured liabilities of the Company and shall not confer upon
any Participant or any other person or entity any right, title, or interest in any assets of the Company. 
  

	18.	Expenses of the Plan 

  
 The expenses of the administration of the Plan shall be borne by the Company and its Subsidiaries. The Company may require Subsidiaries to pay for the Common Stock issued under the Plan. 
  

	19.	Rights as a Stockholder 

  
 Unless the Committee determines otherwise, a Participant shall not have any rights as a stockholder with respect to shares of Common Stock covered by an Award until the
date the Participant becomes the holder of record with respect to such shares. No adjustment will be made for dividends or other rights for which the record date is prior to such date, except as provided in Section 9. 
  

	20.	Future Rights 

  
 No Employee shall have any claim or right to be granted an Award under the Plan. There shall be no obligation of uniformity of treatment of Employees under the Plan. Further, the Company and its Subsidiaries may adopt
other compensation programs, plans or arrangements as it deems appropriate or necessary. The adoption of the Plan shall not confer upon any Employee any right to continued employment in any particular position or at any particular rate of
compensation, nor shall it interfere in any way with the right of the Company or a Subsidiary to terminate the employment of its Employees at any time, free from any claim or liability under the Plan. 
  

	21.	Amendment and Termination 

  
 The Plan may be amended, suspended or terminated at any time by the Board, provided that no amendment shall be made without stockholder approval, if stockholder approval
is required under then applicable law, including any applicable tax, stock exchange or accounting rules, and further provided that no amendment to the Plan shall violate the prohibition on repricing contained in Section 4(d). With respect to Awards
subject to Section 409A of the Code, unless the Committee determines otherwise, any amendment, suspension 

  

 16 

 
or termination of the Plan shall conform to the requirements of Section 409A of the Code. No termination, suspension or amendment of the Plan shall adversely
affect the right of any Participant with respect to any Award theretofore granted, as determined by the Committee, without such Participant’s written consent. Unless terminated earlier by the Board, the Plan will terminate on April 30, 2009.

  

	22.	Successors and Assigns 

  
 The Plan and any applicable Award Agreement entered into under the Plan shall be binding on all successors and assigns of a Participant, including, without limitation,
the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
  

	23.	Governing Law 

  
 The Plan and all agreements entered into under the Plan shall be construed in accordance with and governed by the laws of the State of New York. 
  

 17

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