Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On February 9, 2022, the Compensation Committee of the Board of Trustees of Federal Realty Investment Trust ("Company") approved the following modified compensation arrangements for the Company's named executive officers: (a) base salaries of $1 million for Donald C. Wood, Chief Executive Officer, $650,000 for Jeffrey S. Berkes, President and Chief Operating Officer and $575,000 for each of Daniel Guglielmone, Executive Vice President-Chief Financial Officer and Treasurer and Dawn M. Becker, Executive Vice President-General Counsel and Secretary; (b) annual bonus targets of 100% of base salary for each of Mr. Guglielmone and Ms. Becker; (c) annual targets under our long-term incentive award program of $6,000,000 for Mr. Wood and $1 million for each of Mr. Guglielmone and Ms. Becker; and (d) one-time cash bonuses for each of Mr. Berkes, Mr. Guglielmone and Ms. Becker of $75,000.

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