Exhibit 10.35
SEVERANCE AGREEMENT
THIS SEVERANCE AGREEMENT (“Severance Agreement”), made and entered into as of this 17 th day of February, 2009
by and between FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (“Employer”), and
ANDREW P. BLOCHER (“Employee”).
WHEREAS, Employee currently serves as Employer’s Senior Vice President-Chief Financial Officer and Treasurer. The
Employer and the Employee wish to set forth the terms of a severance agreement for Employee;
NOW THEREFORE, in consideration of the foregoing, of the mutual promises herein contained and of other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby,
agree as follows:
1. Termination Without Cause . In the event that Employee’s employment with Employer is terminated under any of the
circumstances in Sections 1(a) or 1(b) that constitute a Separation from Service (as defined herein), Employee will be deemed to
have been Terminated Without Cause and shall receive payments and benefits as described in this Section 1:
(a)
by Employer other than with Cause (as “Cause” is defined in Section 3, hereof)Íž
(b)
by Employee for “Good Reason” within six (6) months following the occurrence of one or more of the following
events which has continued uncured for a period of not less than thirty (30) days following written notice
given by Employee to the Employer within ninety (90) days after such event occurs, unless in any case
Employee specifically agrees in writing that such event shall not be Good Reason:
(i)
the nature of Employee’s duties or the scope of Employee’s responsibilities or authority as of the date
first written above are materially modified by Employer without Employee’s written consent where such
material modification constitutes an actual or constructive demotion of Employee ; provided, however ,
that a change in the position(s) to whom Employee reports shall not by itself con