Document:

Employment Agreement

 Exhibit 10.2 
  
 KS BANK, INC. 
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT entered into as
of January 12, 2004 by and between KS Bank, Inc., (hereinafter referred to as the “Bank”) and Earl W. Worley, Jr. (hereinafter referred to as the “Officer”) and is joined in by KS Bancorp, Inc., the parent holding company of the
Bank (hereinafter referred to as the “Holding Company”). 
  
 WHEREAS, the Officer has heretofore been employed by the Savings Bank as its Senior Vice President and Chief Financial Officer; and 
  
 WHEREAS, the Bank is a state-chartered stock savings bank and the wholly-owned subsidiary of the Holding Company; and 
  
 WHEREAS, the Bank desires to retain the services of the Officer as Senior
Vice President and Chief Financial Officer; and 
  
 WHEREAS, the
services of the Officer, his experience and knowledge of the affairs of the Bank, and his reputation and contacts in the industry are extremely valuable to the Bank; and 
  
 WHEREAS, the Bank wishes to attract and retain such well-qualified executives and it is in the best interest of the Bank and
of the Officer to secure the continued services of the Officer notwithstanding any change in control of the Bank or the Holding Company; and 
  
 WHEREAS, the Bank considers the establishment and maintenance of a sound and vital management to be part of its overall corporate strategy and to be
essential to protecting and enhancing the best interests of the Bank, the Holding Company and the stockholders of the Holding Company; and 
  
 WHEREAS, the parties desire to enter into this Agreement in order to set forth the terms and conditions of the Officer’s employment relationship with
the Bank. 
  
 NOW, THEREFORE, for and in consideration of the
premises and mutual promises, covenants and conditions hereinafter set forth and other good valuable considerations, the receipt and sufficiency of which hereby are acknowledged, the parties hereby do agree as follows: 
  
 1. Employment. The Bank hereby agrees to employ the Officer and the
Officer hereby agrees to accept employment, upon the terms and conditions stated herein, as Senior Vice President and Chief Financial Officer of the Bank. The Officer shall render such administrative and management services to the Bank as are
customarily performed by persons situated in a similar executive capacity. The Officer shall promote the business of the Bank and perform such other duties as shall, from time to time, be reasonably prescribed by the Board of Directors of the Bank
(the “Board”). 

 2. Compensation. The Bank shall pay the Officer during the term of this Agreement, as compensation
for all services rendered by him to the Bank, a base salary at the rate of $90,000 per annum, payable in cash not less frequently than monthly; provided that the rate of such salary shall be reviewed by the Board not less often than annually. Such
rate of salary, or increased rate of salary, as the case may be, may be further increased from time to time in such amounts as the Board, in its discretion, may decide. In determining salary increases, the Board shall compensate the Officer for
increases in the cost of living and may also provide for performance or merit increases. Participation in incentive compensation, deferred compensation, discretionary bonus, profit-sharing, retirement, stock option and other employee benefit plans
that the Bank or the Holding Company have adopted or may from time to time adopt, and participation in any fringe benefits, shall not reduce the salary payable to the Officer under this Section. The Officer will be entitled to such customary fringe
benefits, vacation and sick leave as are consistent with the normal practices and established policies of the Bank. In the event of a Change of Control (as defined in Paragraph 10), the Officer’s rate of salary shall be increased not less than
six percent (6%) annually during the term of this Agreement. 
  
 3. Discretionary Bonuses. During the term of this Agreement, the Officer shall be entitled in an equitable manner with all other key management personnel of the Bank, to such discretionary bonuses as may be authorized, declared and
paid by the Board to the Bank’s key management employees. No other compensation provided for in this Agreement shall be deemed a substitute for the Officer’s right to such discretionary bonuses when and as declared by the Board.

  
 4. Participation in Retirement and Employee Benefit Plans;
Fringe Benefits. The Officer shall be entitled to participate in any plan relating to deferred compensation, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical coverage, disability coverage, education,
or other retirement or employee benefits that the Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans.

  
 The Officer shall also be entitled to participate in any other
fringe benefits which are now or may be or become applicable to the Officer or the Bank’s other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other
benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee
policies promulgated by the Board. The Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Bank. 
  
 5. Term. The initial term of employment under this Agreement shall be
for the period commencing upon the effective date of this Agreement and ending three (3) calendar 
  

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 years from the effective date of this Agreement. On each anniversary of the effective date of this Agreement, the term of
this Agreement shall automatically be extended for an additional one year period beyond the then effective expiration date unless written notice from the Bank or the Officer is received 90 days prior to an anniversary date advising the other party
that this Agreement shall not be further extended; provided that the Board shall review the Officer’s performance annually and make a specific determination pursuant to such review to renew this Agreement prior to the 90 day notice period.

  
 6. Loyalty. The Officer shall devote his full efforts
and entire business time to the performance of his duties and responsibilities under this Agreement. 
  
 The Officer agrees that he will hold in confidence all knowledge or information of a confidential nature with respect to the respective businesses of the
Holding Company, the Bank or of their subsidiaries, if any, received by him during the term of this Agreement and will not disclose or make use of such information without the prior written consent of the Holding Company or the Bank. 
  
 7. Standards. The Officer shall perform his duties and
responsibilities under this Agreement in accordance with such reasonable standards expected of employees with comparable positions in comparable organizations and as may be established from time to time by the Board. The Bank will provide the
Officer with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 
  
 8. Termination and Termination Pay. 
  
 (a) The Officer’s employment under this Agreement shall be terminated upon the death of the Officer during the term of this Agreement, in which
event, the Officer’s estate shall be entitled to receive the compensation due the Officer through the last day of the calendar month in which his death shall have occurred and for a period of one month thereafter. 
  
 (b) The Officer’s employment under this Agreement may be terminated at
any time by the Officer upon sixty (60) days’ written notice to the Board. Upon such termination, the Officer shall be entitled to receive compensation through the effective date of such termination. 
  
 (c) The Board may terminate the Officer’s employment at any time, but
any termination by the Board, other than termination for cause, shall not prejudice the Officer’s right to compensation or other benefits under this Agreement. The Officer shall have no right to receive compensation or other benefits for any
period after termination for “cause.” Termination for “cause” shall include termination because of the Officer’s personal dishonesty, willful misconduct, breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provisions of this Agreement. 
  

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 9. Additional Regulatory Requirements. 
  
 (a) If the Officer is suspended and/or temporarily prohibited from
participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1)), the Bank’s obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion, (i) pay the Officer all or part of the compensation withheld while its contract obligations
were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
  
 (b) If the Officer is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section
8(e)(4) of Section 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected. 
  
 (c) If the Bank is in default as
defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting
parties. 
  
 (d) All obligations under this Agreement shall be
terminated, except to the extent determined that continuation of the Agreement is necessary for the continued operation of the Bank, (i) by the Federal Deposit Insurance Corporation (the “Corporation”), at the time the Corporation enters
into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(c)); or (ii) by the North Carolina Commissioner of Banks (the
“Commissioner”), at the time the Commissioner approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Commissioner to be in an unsafe or unsound condition. Any rights of the
parties that have already vested, however, shall not be affected by such action. 
  
 10. Change in Control. 
  
 (a) In the event of a termination of the Officer’s employment in connection with, or within twenty-four (24) months after, a “Change in Control” (as defined in Subparagraph (d) below) of the Bank or the Holding Company, other
than as a result of Officer’s death or for “cause” (as defined in Paragraph 8), the Officer shall be entitled to receive the amount set forth in Subparagraph (c) below. Said sum shall be payable as provided in Subparagraph (e) below.

  
 (b) The Officer shall have the right to terminate this
Agreement upon the occurrence of any of the following events (the “Termination Events”) within twenty-four (24) months following a Change in Control of the Holding Company or the Bank: 
  
 (i) Officer is assigned any duties and/or responsibilities that are

  

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 inconsistent with his position, duties, responsibilities or status at the time of the Change in Control
or with his reporting responsibilities or titles with the Bank in effect at such time; or 
  
 (ii) Officer’s annual base salary rate is not increased in accordance with the provisions of Paragraph 2 of this Agreement; or 
  
 (iii) Officer’s life insurance, medical or hospitalization insurance, disability insurance, stock option plans, stock
purchase plans, deferred compensation plans, management retention plans, retirement plans or similar plans or benefits being provided by the Bank or the Holding Company to the Officer as of the effective date of the Change in Control are reduced in
their level, scope or coverage, or any such insurance, plans or benefits are eliminated, unless such reduction or elimination applies proportionately to all salaried employees of the Bank or the Holding Company who participated in such benefits
prior to such Change in Control; or 
  
 (iv) Officer is
transferred to a location which is more than 40 miles from his current principal work location, without the Officer’s express written consent. 
  
 A Termination Event shall be deemed to have occurred on the date such action or event is implemented or takes effect. 
  
 (c) In the event that the Officer’s employment is terminated as set
forth in Paragraph 10(a) or in the event that the Officer terminates this Agreement following a Termination Event pursuant to this Paragraph 10, the Bank will be obligated to pay or cause to be paid to Officer an amount equal to 2.99 times the
Officer’s “base amount” as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 (d) For the purposes of this Agreement, the term “Change in Control” shall mean any of the following events: 
  
 (i) a change in control of a nature that would be required to be reported in
response to Item 1 of the Current Report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Exchange Act; or 
  
 (ii) such time as any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than the Holding Company or another
entity under the control of the Holding Company is or becomes the “beneficial owner” (as defined in Rule 
  

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 13d-3 under the Exchange Act), directly or indirectly, of securities of the Holding Company or Bank
representing 25 percent or more of the combined voting power of the outstanding Common Stock of the Holding Company or Common Stock of the Bank, as applicable; or 
  
 (iii) individuals who constitute the Board or board of directors of the Holding Company on the date hereof (the
“Incumbent Board” and “Incumbent Holding Company Board,” respectively) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was
approved by a vote of at least three-quarters of the directors comprising the Incumbent Board or Incumbent Holding Company Board, as applicable, or whose nomination for election by the Bank’s or Holding Company’s shareholders was approved
by the Bank’s or Holding Company’s Board of Directors or Nominating Committee, as applicable, shall be considered as though he or she was a member of the Incumbent Board or Incumbent Holding Company Board, as applicable; or 
  
 (iv) either the Holding Company or the Bank consolidates or merges with or
into another corporation, association or entity other than the Holding Company or another entity under the control of the Holding Company or is otherwise reorganized, where neither the Holding Company nor the Bank nor another entity under the
control of the Holding Company, respectively, is the surviving corporation in such transaction; or 
  
 (v) all or substantially all of the assets of either the Holding Company or the Bank are sold or otherwise transferred to or are acquired by any other
entity or group other than the Holding Company or another entity under the control of the Holding Company. 
  
 Notwithstanding the other provisions of this Paragraph 10, a transaction or event shall not be considered a Change in Control if, prior to the
consummation or occurrence of such transaction or event, Officer and Bank agree in writing that the same shall not be treated as a Change in Control for purposes of this Agreement. 
  
 (e) Such amounts payable pursuant to this Paragraph 10 shall be paid in equal monthly payments over the remaining term of
the Agreement. 
  
 (f) Following a Termination Event which gives
rise to Officer’s rights hereunder, the Officer shall have twelve (12) months from the date of occurrence of the Termination Event to 
  

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 terminate this Agreement pursuant to this Paragraph 10. Any such termination shall be deemed to have occurred only upon
delivery to the Bank (or to any successor corporation) of written notice of termination which describes the Change in Control and Termination Event. If Officer does not so terminate this Agreement within such twelve-month period, he shall thereafter
have no further rights hereunder with respect to that Termination Event, but shall retain rights, if any, hereunder with respect to any other Termination Event as to which such period has to expire. 
  
 (g) It is the intent of the parties hereto that all payments made pursuant to
this Agreement be deductible by the Bank for federal income tax purposes and not result in the imposition of an excise tax on the Officer. Notwithstanding anything contained in this Agreement to the contrary, any payments to be made to or for the
benefit of the Officer which are deemed to be “parachute payments” as the term is defined in Section 280G of the Code, shall be modified or reduced to the extent deemed to be necessary by the Board to avoid the imposition of excise taxes
on the Officer under Section 4999 of the Code or the disallowance of a deduction to the Bank under Section 280G(a) of the Code. 
  
 (h) In the event any dispute shall arise between the Officer and the Bank as to the terms or interpretation of this Agreement, including this Section 10,
whether instituted by formal legal proceedings or otherwise, including any action taken by the Officer to enforce the terms of this Section 10 or in defending against any action taken by the Bank, the Bank shall reimburse the Officer for all costs
and expenses incurred in such proceedings or actions, including attorney’s fees, in the event the Officer prevails in any such action. 
  
 11. Successors and Assigns. 
  
 (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly or
indirectly, by conversion, merger, consolidation, purchase or otherwise, all or substantially all of the assets of the Holding Company or the Bank. 
  
 (b) Since the Bank is contracting for the unique and personal skills of the Officer, the Officer shall be precluded from assigning or delegating his
rights or duties hereunder without first obtaining the written consent of the Bank. 
  
 12. Modification; Waiver; Amendments. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed by the Officer and on
behalf of the Bank by such officer as may be specifically designated by the Board. No waiver by either party hereto, at any time, of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No amendments or additions to this Agreement shall be binding unless in writing and signed by
both parties, except as herein otherwise provided. 
  

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 13. Applicable Law. This Agreement shall be governed in all respects whether as to validity,
construction, capacity, performance or otherwise, by the laws of North Carolina, except to the extent that federal law shall be deemed to apply. 
  
 14. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first hereinabove
written. 
  

			
	 KS BANK, INC.

		
	 By:
	 	 /s/ Harold T. Keen

	 	 	 President and Chief Executive Officer

		
	 	 	 /s/ Earl W. Worley, Jr.

	 	 	 Earl W. Worley, Jr.

  
 The foregoing
Agreement is consented and agreed to by KS Bancorp, Inc., the parent holding company of KS Bank, Inc. 
  

					
	 	 	 KS BANCORP, INC.

			
	 Joy B. Watson, Secretary

	 	 By:
	 	 /s/ R. Harold Hinnant

	 	 	 	 	 Chairman of the Board

  

 9Contract Of Sale

 EXHIBIT 10.1 
  
  
 CONTRACT OF SALE 
  
 between 
  
 BRANDYWINE OPERATING PARTNERSHIP, L.P. 
  
 Seller 
  
  
 and 
  
  
 935 KOP ASSOCIATES, LLC 

  
  
 Purchaser 
  

			
	Premises:	    	935 First Avenue
	 	    	King of Prussia, Pennsylvania
		
	Dated:	    	March 16, 2004

  

 This CONTRACT OF SALE (this “Contract”) made this 16th day of March, 2004 by and between BRANDYWINE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, having an
address at 401 Plymouth Road, Suite 500, Plymouth Meeting, PA 19462 (“Seller”) and 935 KOP ASSOCIATES, LLC, a Pennsylvania limited liability company, having an address at 1075 First Avenue, King of Prussia, Pennsylvania 19406
(“Purchaser”). 
  
 W I T
N E S S E T H : 
  
 A. Seller is the fee simple owner of a certain parcel of real property containing approximately 14 acres of land as more particularly described in Schedule A attached hereto (the “Land”), together with the four story
building containing approximately 104,000 rentable square feet and the other improvements erected thereon (the building and such improvements are collectively referred to as the “Improvements”), located at 935 First Avenue, Upper
Merion Township, Montgomery County, Pennsylvania (the “Tract”). 
  
 B. Pursuant to the Condominium Documents (as hereinafter defined), the Tract is intended to be subjected to a commercial condominium regime (the “Condominium”), consisting of two commercial
condominium units, the first condominium unit consisting of a portion of the Land underlying the Improvements and the Improvements thereon (the “Property”) and the other condominium unit consisting of a portion of the Land upon
which the development of a four story office building is contemplated (the “Option Property”), with each condominium unit owner having a 50 percent undivided interest in the common elements of the Condominium, all as to be more
particularly set forth in the Condominium Documents. 
  
 C. Seller
has agreed to sell, and Purchaser has agreed to purchase, the Premises (as hereinafter defined). 
  
 NOW, THEREFORE, intending to be legally bound hereby, the parties agree as follows: 
  
 1. Definitions. The terms defined in this Article shall for all purposes of this Contract have the meanings herein
specified unless the context requires otherwise. 
  

	 	1.1	“Affiliate” or “affiliate” of any person or entity means any other person or entity that controls, is controlled by or is under common control with such person
or entity. For purposes of this definition, “control” of a person or entity means the power by the ownership of voting rights, by contract or otherwise to control the management and policies of such person or entity.

  

	 	1.2	“Business Day” or “business day” mean any day other than a Saturday, Sunday or day on which the banks in Pennsylvania are authorized or permitted to be closed.

  

	 	1.3	Intentionally omitted. 

  

	 	1.4	“Governmental Authorities” shall mean all federal, state and local boards, commissions, agencies and regulatory bodies having jurisdiction over the Property.

	 	1.5	“Option Agreement” shall mean an Option Agreement with respect to the Option Property in the form attached hereto as Exhibit “1” to be executed between Seller
and Purchaser contemporaneously with the Closing. 

  

	 	1.6	“Option Property Closing Date” shall mean the “Closing Date” under and as defined in the Option Agreement. 

  

	 	1.7	“Seller’s Knowledge” means and is strictly limited to the actual, personal knowledge of Tony Nichols, Jr., formed without investigation, other than a review of the
Seller’s files relating to the Property and the Option Property. 

  
 2. Subject of Sale. 
  
 2.1 Seller agrees to sell and convey to Purchaser the Premises (as hereinafter defined) and Purchaser agrees to purchase from Seller the Premises subject to the terms and conditions contained in this Contract. 
  
 2.2 This sale includes all right, title and interest of Seller in and to:
(a) the Property; (b) to the extent that such right, title or interest is appurtenant to the Property, any land lying in the bed of any street, road or avenue opened or proposed, directly in front of the Land, to the center line thereof, and all
right, title and interest of Seller in and to any award hereafter made or to be made in lieu thereof and in and to any unpaid award for damage to the Property by reason of change of grade of any street; and Seller will execute and deliver to the
Purchaser at the Closing (as hereinafter defined), or thereafter, on demand, all proper instruments for the conveyance to such title and the assignment and collection of any such award; (c) all fixtures, equipment and other personal property
(“Personal Property”), which are located on or used exclusively in connection with the operation of the Property including without limitation, those items specifically identified on Schedule B, but specifically excluding the
conference table and chairs located therein and any and all of Seller’s marketing materials located therein (collectively, the “Excluded Personalty”) ; (d) to the extent assignable, and subject to the other provisions of this
Agreement, rights, claims and intangible assets (excluding any bank accounts owned by or in the name of Seller) owned by or held or maintained for the benefit of Seller with respect to the Property; (e) oil, gas and mineral rights, approvals,
rights, benefits, privileges, rights of way, appurtenances, easements, sidewalks, alleys, gores or strips of land adjoining or appurtenant to or benefiting the Property; (f) to the extent assignable, all permits, approvals, licenses, development
rights and air rights appurtenant to, or issued in connection with the Property (“Development Rights”); (g) to the extent assignable, construction, management, leasing, maintenance, utility and other contracts relating to the
operation or maintenance of the Premises, or portions thereof (herein collectively, the “Service Contracts”) which Purchaser expressly elects in writing to assume and which Seller elects not to terminate on or prior to the Closing
Date; and (h) to the extent assignable, building, construction, roofing, heating, ventilation, air conditioning and other warranties, guaranties, indemnities and bonds relating to the Property and the Personal Property (herein collectively, the
“Warranties and Guaranties”); ((a) through (g) herein referred to collectively as the “Premises”). With respect to the items listed in clauses (d), (f), (g) and (h) above, Seller shall be entitled to retain copies
of the same and shall continue to have the non-exclusive benefit of any rights to indemnity or defense provided under the items listed in clause (g) above. With respect to the Development Rights, to the extent a particular Development Right relates
to the Property and the Option Property, then following Closing, Seller and Purchaser shall cooperate with the other to maintain in effect such Development Rights, which agreement to cooperate shall be more particularly described in the Condominium
Documents. 

 3. Purchase Price. The purchase price (the “Purchase Price”) for the Premises is
Seventeen Million and 00/100 Dollars ($17,000,000.00), payable by Purchaser to Seller as follows: 
  
 (a) Within three (3) Business Days of the full execution and exchange of this Contract by Seller and Purchaser, One Hundred Thousand and 00/100 Dollars
($100,000.00) (the “Initial Deposit”), to be paid in the manner set forth in Section 3.1 below. 
  
 (b) Within three (3) Business Days following the Due Diligence Termination Date, One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00), to be paid
in the manner set forth in Section 3.1 below (the “Second Deposit”). Prior to the making of the Second Deposit, as used herein, the term “Deposit” means the Initial Deposit; and after the making of the Second
Deposit, the term “Deposit” means the Initial Deposit and the Second Deposit collectively and in the aggregate. 
  
 (c) On the Closing Date, the balance of the Purchase Price, less the Deposit and subject to adjustment pursuant to this Agreement, to be paid by
electronic wire transfer of immediately available federal funds pursuant to wiring instructions to be given by Seller or as Seller may direct to Purchaser prior to the Closing. 
  
 3.1 The Deposit shall be made at Purchaser’s election either by (a) electronic wire transfer of immediately available
federal funds to Fidelity National Title Insurance Company (“Escrowee” or “Title Company” as the context may require) or (b) by certified or cashier’s check payable to the order of Escrowee. If Purchaser fails
to make the Initial Deposit or the Second Deposit as and when due hereunder, or in the event the check in payment of any portion of the Deposit is cancelled or returned uncollected, Seller, at its sole option, may cancel this Contract. Interest
earned on the Deposit shall be credited to Purchaser against the Purchase Price at Closing; provided that if the Closing does not occur, then interest shall be paid to the party entitled to the Deposit. 
  
 4. Deposit Provisions. 
  
 4.1 Upon the Closing, Escrowee is authorized and directed to pay the Deposit
to Seller. 
  
 4.2 If Escrowee receives a notice from Purchaser
or Purchaser’s counsel terminating this Contract pursuant to Section 11 below, Escrowee shall pay the Initial Deposit to Purchaser without the consent of Seller. 
  
 4.3 In the event Purchaser fails to close title on the Premises in default of the provisions of this Contract, Escrowee
shall pay the Deposit to Seller who shall retain such amount as and for its liquidated damages hereunder. 
  
 4.4 In the event this Contract is terminated by reason other than Purchaser’s default, Escrowee shall pay the Deposit to Purchaser. 

 4.5 Escrowee shall invest and reinvest the proceeds of the Deposit, and any interest earned thereon, in
a federally insured interest bearing account as Purchaser shall so direct. The Purchaser shall pay all income taxes owed in connection therewith. The employer identification numbers of Purchaser is set forth on the signature page hereof. 

 
 4.6 Escrowee, by signing this Contract at the end hereof where indicated,
signifies its agreement to hold the Deposit for the purposes as provided in this Contract. In the event of any dispute, Escrowee shall have the right to deposit the Deposit in court to await the resolution of such dispute. Escrowee shall not incur
any liability by reason of any action or non-action taken by it in good faith or pursuant to the judgment or order of a court of competent jurisdiction. Escrowee shall have the right to rely upon the genuineness of all certificates, notices and
instruments delivered to it pursuant hereto, and all the signatures thereto or to any other writing received by Escrowee purporting to be signed by any party hereto, and upon the truth of the contents thereof. 
  
 4.7 Except as otherwise provided for in Section 4.1 above, Escrowee shall
not pay or deliver the Deposit to any party unless written demand is made therefor and a copy of such written demand is delivered to the other party. If Escrowee does not receive a written objection from the other party to the proposed payment or
delivery within five (5) Business Days after such demand is served by personal delivery on such party, Escrowee is hereby authorized and directed to make such payment or delivery. If Escrowee does receive such written objection within such five (5)
Business Day period or if for any other reason Escrowee in good faith shall elect not to make such payment or delivery, Escrowee shall forward a copy of the objections, if any, to the other party or parties, and continue to hold the Deposit (and any
interest earned thereon) unless otherwise directed by written instructions from the parties to this Contract or by a judgment of a court of competent jurisdiction. In any event, Escrowee shall have the right to refrain from taking any further action
with respect to the subject matter of the escrow until it is reasonably satisfied that such dispute is resolved or action by Escrowee is required by an order or judgment of a court of competent jurisdiction. 
  
 4.8 Escrowee shall be entitled to consult with other counsel in connection
with its duties hereunder. Seller and Purchaser, jointly and severally, agree to reimburse Escrowee, upon demand, for the reasonable costs and expenses including attorneys’ fees (either paid to retained attorneys or equaling the reasonable
value of services rendered to itself) incurred by Escrowee in connection with its acting in its capacity as Escrowee. In the event of a litigation relating to the subject matter of the escrow, whichever of Seller or Purchaser is not the prevailing
party shall reimburse the prevailing party for any costs and fees paid by the prevailing party or paid from the escrowed funds to Escrowee. 
  
 5. Representations. 
  
 5.1 Seller’s Representations and Warranties. Seller represents and warrants to Purchaser that: 
  
 (a) Seller is, and at the Closing shall be, a limited partnership duly
organized, validly existing and in good standing under the laws of the State of Delaware and qualified to conduct business in the Commonwealth of Pennsylvania. Seller has the right, power and authority to make and perform its obligations under this
Contract without the need for governmental approval, consent or filing, other than and except for any and all filings of a type reasonably typically necessary to create a commercial condominium similar to the Condominium and to convey property
similar to the Property, including, without limitation, the filing of a condominium declaration, the filing of a transfer tax return and the recording of a deed. 

 (b) (i) the execution, delivery and performance of this Contract in accordance with its terms do not
violate the organizational documents of Seller, or any contract, agreement, commitment, order, judgment or decree to which Seller is a party or by which it is bound; (ii) Seller has the right, power and authority to make and perform its obligations
under this Contract; and (iii) this Contract is a valid and binding obligation of Seller enforceable against Seller in accordance with its terms, subject to bankruptcy, limitations on creditors rights generally and equitable principals, whether
enforced at law or in equity. 
  
 (c) Seller is not a
“foreign person” within the meaning of Section 1445 of the Internal Revenue Code of 1986, as amended, and is not subject to any federal, state or local withholding obligation of Purchaser under the tax laws applicable to Seller or the
Premises. 
  
 (d) There are no leases, licenses, concessions or
other written or oral agreements for the possession or occupancy of the Premises or any portion thereof. 
  
 (e) Set forth on Schedule C annexed hereto list of the Service Contracts, which is true, correct and complete. To Seller’s knowledge, as of the date
hereof, each of the Service Contracts is in full force and effect. None of the Service Contracts has been modified, amended or extended except as may be shown on Schedule C annexed hereto. 
  
 (f) Set forth on Schedule D is a list of the material Guaranties and
Warranties, which to Seller’s knowledge is true, correct and complete. To Seller’s knowledge, each of such Guaranties and Warranties is in full force and effect. None of such Guaranties and Warranties has been modified, amended or extended
except as may be shown on Schedule D annexed hereto. 
  
 (g)
Within the past two (2) years, Seller has not given or received, written notice of any violation of any covenant, condition or restriction or any agreement contained in any instrument of record encumbering or benefiting the Premises which remains
uncured. 
  
 (h) Except for the Service Contracts not terminated
by Seller and which Purchaser may elect to assume and the Permitted Exceptions, there are no agreements relating to the operation or use of the Premises which will be binding upon Purchaser after the Closing. 
  
 (i) There is no litigation, proceeding, investigation, complaint or action
pending or, to Seller’s knowledge, threatened (A) against Seller with respect to the Premises or the Premises itself or (B) with respect to this Contract. 
  

(j) To Seller’s knowledge, there is no condemnation or eminent domain proceeding (whether temporary or permanent) pending with regard to all or
part of the Premises. Seller has not received written notice that any such proceeding is contemplated or threatened by any governmental authority. 
  
 (k) Seller has received no written notice of any pending threat of modification or cancellation of any certificate, permit, approval or license which is
necessary to permit the lawful use and operation of the Premises. 

 (l) Seller has not received any uncured written notice that the Premises or the use thereof violate any
federal, state, local, building, health, fire or other law, regulation, ordinance, statute, order or consent relating to the Premises or the use thereof (including without limitation zoning and environmental laws). 
  
 (m) Seller has not received any uncured written notice from any insurance
company or underwriter requesting performance of any repairs or alterations to the Premises or of any defect in the Premises that if uncured will adversely affect the insurability of the Premises or cause an increase in insurance premiums.

  
 (n) Seller has not used the Premises for the generation,
storage or disposal of Hazardous Substances or as a land-fill or other waste disposal site and no Hazardous Substances or any toxic wastes, substances or materials (including, without limitation, asbestos) have been released or discharges from or
onto the Premises by Seller other than in the ordinary course in connection with the development or operation of the Property as an office building in accordance with all applicable environmental laws. The term “Hazardous
Substances” includes petroleum, including crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or mixtures of natural gas or such synthetic gas), asbestos and any
substance, material waste, pollutant or contaminant listed or defined as hazardous or toxic under any environmental law, regulation, ordinance, order or consent. 
  
 (o) Purchaser shall not be responsible for any employees of Seller at the Premises from and after the Closing or for any
period of time prior to Closing. 
  
 (p) Seller has no
application or proceeding pending with respect to the reduction of the assessed valuation of any portion of the Premises. 
  
 (q) Application for certification as a so-called “Green Building” has been made by Seller with the Governmental Authority charged with such
authority. 
  
 (r) Seller has not granted to any person, firm,
corporation or other entity any right or option (including without limitation, any right of first refusal or first offer) to purchase or lease the Premises, Option Property or any portion thereof. 
  
 (s) Seller has no actual knowledge that any Property Information (as
hereinafter defined) prepared by Seller omits any material fact or is inaccurate or incomplete in any material respect. 
  
 5.2 Survival. Seller represents and warrants that the representations and warranties made in Section 5.1 above are true and correct as of the date
hereof and shall be true and correct as of the Closing. The representations made in Section 5.1 above shall survive the Closing for a period of twelve (12) months. 
  
 5.3 Limited Nature of Representations. This Contract, as written, contains all the terms of the agreement entered
into between the parties as of the date hereof, and the Purchaser acknowledges that neither the Seller nor any of the Seller’s affiliates, nor any of their agents or representatives, nor Seller’s broker has made any representations or held
out any inducements to the Purchaser, and the Seller hereby specifically disclaims any representation or warranty, oral or written, past, present or future, express or implied, other than those specifically set forth in this Section 5, or elsewhere
in this Contract or any of the Conveyance Documents (as 

 
hereinafter defined), and that subject only to those express representations and warranties, and the terms and provisions of this Contract, the Property is
being sold “as is” “where is” and “with all faults.” The Purchaser acknowledges that the Seller, pursuant to the terms of this Agreement, has or will afford the Purchaser the opportunity for full and complete
investigations, examinations and inspections of the Property and all property information. The Purchaser acknowledges and agrees that, subject to the representations and warranties set forth elsewhere in this Agreement or the Conveyance Documents,
(i) some or all of the information relating to the Property (any and all such information, the “Property Information”) delivered or made available to the Purchaser and the Purchaser’s representatives by the Seller or the Seller’s
affiliates, or any of their agents or representatives may have been prepared by third parties and may not be the work product of the Seller and/or any of the Seller’s affiliates; (ii) neither the Seller nor any of the Seller’s affiliates
has made any independent investigation or verification of, or has any knowledge of, the accuracy or completeness of, any Property Information prepared by unaffiliated third parties; (iii) the Purchaser is relying solely on its own investigations,
examinations and inspections of the Property and those of the Purchaser’s representatives and on the representations and warranties of Seller contained herein and in the Conveyance Documents; and (iv) the Seller expressly disclaims any
representations or warranties with respect to the accuracy or completeness of the Property Information prepared by unaffiliated third parties, and, subject to the representations, warranties, covenants and obligations set forth in this Contract and
the Conveyance Documents, the Purchaser releases the Seller and the Seller’s affiliates, and their agents and representatives, from any and all liability with respect to the Property Information subject to such representations, warranties,
covenants and obligations. The Purchaser or anyone claiming by, through or under the Purchaser, hereby fully and irrevocably releases the Seller and the Seller’s Affiliates, from any and all claims that it may now have or hereafter acquire
against any of the Seller or the Seller’s Affiliates, for any cost, loss, liability, damage, expense, action or cause of action, whether foreseen or unforeseen, arising from or related to the presence of environmentally hazardous, toxic or
dangerous substances, or any other conditions (whether patent, latent or otherwise) affecting the Property, except for claims against the Seller based upon any obligations and liabilities of the Seller expressly provided in this Contract and the
documents to be delivered to the Purchaser pursuant to Sections 8.3(a)(i),(ii)(iii) and (xiii) (collectively, the “Conveyance Documents”). 
  
 5.4 Purchaser’s Representations. Purchaser represents that: 
  
 (a) Purchaser is, and at the Closing shall be, a limited liability company duly organized, validly existing and in good
standing under the laws of the Commonwealth of Pennsylvania. Purchaser has the right, power and authority to make and perform its obligations under this Contract without the need for governmental approval, consent or filing, other than and except
for any and all consents, approvals and filings of a type reasonably typically necessary to create a commercial condominium similar to the Condominium and to convey property similar to the Property, including, without limitation, the filing of a
condominium declaration, the filing of a transfer tax return and the recording of a deed. 
  
 (b) (i) the execution, delivery and performance of this Contract in accordance with its terms do not violate the organizational documents of Purchaser, or any contract, agreement, commitment, order, judgment or decree
to which Purchaser is a party or by which it is bound; (ii) Purchaser has the right, power and authority to make and perform its obligations under this Contract; and (iii) this Contract is a valid and binding obligation of Purchaser enforceable
against Purchaser in accordance with its terms, subject to bankruptcy, limitations on creditors rights generally and equitable principals, whether enforced at law or in equity. 

 6. Ongoing Operations and Other Covenants. 
  
 6.1 Leasing Practice. Seller shall not enter into leases, licenses,
concessions or any other occupancy arrangement affecting portion of the Premises without Purchaser’s prior written consent. 
  
 6.2 Personal Property. During the pendency of this Contract, Seller shall not transfer to any third party or remove any Personal Property unless
such personal property or equipment is obsolete, damaged, destroyed or replaced with a substantially similar item. 
  
 6.3 Employees. During the pendency of this Contract, Seller shall not enter into any collective bargaining agreements, hire any union employees or
other employees for whom Purchaser will have liability following the Closing without Purchaser’s prior written consent.  
  
 6.4 Development Rights. During the pendency of this Contract, Seller shall not sell, lease, transfer, release, modify, waive or encumber any
development rights, air rights or other similar rights appurtenant to the Premises or the Option Property without Purchaser’s prior written consent. 
  
 6.5 Certiorari Proceedings. During the pendency of this Contract, Seller shall not prosecute, settle or withdraw proceedings to review any real
estate tax assessment for the Premises, without Purchaser’s reasonable, prior written consent. 
  
 6.6 Due Diligence. During the pendency of this Contract, Seller will give to Purchaser, its attorneys, accountants, architects, engineers, lenders
and other representatives, during normal business hours, as often as may be reasonably requested, but upon reasonable advance notice (it being agreed that in the ordinary course, twenty-four (24) hours advance oral notice given on a Business Day
shall be reasonable), full access to the Property and Option Property, Service Contracts, maintenance and operation files and books and records and any other material in Seller’s possession or control relating to the Premises and Option
Property, except for and provided that Seller shall have no obligation to provide Purchaser or any of its agents or representatives with any information which is proprietary to Seller, such as appraisals and other economic assessments. Purchaser and
its agents and representatives shall keep any and all information obtained under this Section 6.6 or otherwise under this Contract confidential as Evaluation Material under Section 12.6 hereof, whether or not furnished to Purchaser in writing.
Seller shall have the right to have a representative present during such site inspections. 
  
 6.7 Operations. During the pendency of this Contract, Seller shall operate the Premises consistent with its past practice and shall not take any action or omission which would cause any of the representations
or warranties of Seller contained herein to become inaccurate or any of the covenants of Seller to be breached. Seller shall timely make all repairs, maintenance and replacements to the Premises and all fixtures and equipment thereon and therein to
keep the same in good and operable condition consistent with its past practice. Seller shall insure the Property against damage by fire and standard extended coverage perils and public liability insurance in form and amounts consistent with its past
practice. 

 6.8 Ongoing Agreements. So long as this Contract is in effect, Seller shall not amend, terminate,
grant concessions regarding, or enter into any contract or agreement that will be an obligation affecting the Premises or binding on Purchaser after the Closing without Purchaser’s prior written consent, which consent may be withheld in
Purchaser’s sole discretion. 
  
 6.9 Licenses and
Permits. During the pendency of this Contract, Seller shall use its commercially reasonably efforts to maintain in existence all licenses, permits and approvals, which are material to the ownership, operation or improvement of the Premises or
the Option Property. 
  
 6.10 Third Party Negotiations.
During the pendency of this Contract, Seller shall not enter into any contracts or agreements regarding any lease of space or the disposition of the Premises or the Option Property without the prior written consent of Purchaser. 
  
 6.11 Service Contracts. The Service Contracts shall be terminated
effective as of the Closing Date, except as otherwise agreed between Seller and Purchaser prior to the expiration of the Purchaser’s Review Period. 
  
 6.12 Title. The Seller shall convey and the Purchaser shall accept good, insurable, fee simple title to the Property, including without
limitation, a condominium endorsement from the Title Company insuring that the Property is a validly formed condominium unit pursuant to the Condominium Documents subject only to those matters approved or deemed approved by Purchaser in accordance
with the provision of this Contract (collectively, “Permitted Exceptions”). Purchaser shall obtain, at the Purchaser’s expense, within seven (7) days after the execution of this Contract a commitment for an owner’s fee title
insurance policy with respect to the Property and the Option Property (the “Title Commitment”) from the “Title Company and shall immediately deliver a copy of the Title Commitment to Seller. Seller shall obtain and promptly
deliver to Purchaser, at the Seller’s expense, within twenty (20) days after the execution of this Contract an as-built survey (“Survey”) of the Land and Building and the Option Property dated after the date of this Contract
which Survey shall satisfy in all respects the requirements necessary to prepare, record and permit the Title Company to insure the Property as a validly formed condominium unit and issue a condominium endorsement to Purchaser and Purchaser’s
lender. In addition, if requested by Purchaser, Seller shall request the surveyor to prepare the Survey in accordance with the “Minimum Standard Detail Requirements for ALTA/ACSM Land title Surveys” jointly established and adopted by ALTA
and ACSM in 1999 and including such Table A items as Purchaser shall request (the “Alta Standards”). The Survey shall contain a surveyor’s certificate in favor of Purchaser and the Title Company in form and substance satisfactory for
deletion of the standard survey exception from the title insurance policy. 
  
 6.13 Unacceptable Encumbrances. If the Title Commitment or any update thereof through Closing, or the Survey indicate the existence of any liens or encumbrances (collectively, “Liens”) or other
defects or exceptions in or to title to the Property or the Option Parcel subject to which the Purchaser is unwilling to accept title or defects or 

 
problems with the Survey (collectively, the “Unacceptable Encumbrances”) and the Purchaser gives the Seller notice of the same within ten
(10) days after Purchaser’s receipt of the Title Commitment and/or the Survey, respectively, then, subject to the provisions of Section 6.14, the Seller shall undertake to eliminate the same (or to arrange for title insurance reasonably
acceptable to Purchaser insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) prior to the Closing Date, to the extent such Unacceptable Encumbrances relate to the Property, and prior
to the Option Property Closing Date, to the extent that such Unacceptable Encumbrances relate to the Option Property. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the
Purchaser’s refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company
subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title Commitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of
the same within five (5) Business Days after the Purchaser first becomes actually aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to thirty (30) days in the aggregate in
order to eliminate Unacceptable Encumbrances. Any and all matters shown by the Title Commitment or the Survey and not objected to by Purchaser within the above provided ten (10) day period or thereafter learned of by Purchaser and not objected to
within such five (5) day period shall be conclusively deemed to be Permitted Exceptions. In addition, Permitted Exceptions shall include, without limitation, any and all real estate taxes, assessments, and sewer, water and vault charges not
delinquent at the time of closing (provided that the same shall be prorated through the Closing Date as hereinafter provided), the Condominium Documents, and that certain Work of Art Agreement dated July 30, 2002 with respect to the artwork
described therein and located upon and included within the definition of the Property, which obligations thereunder Purchaser shall assume arising from and after Closing, subject to an indemnification from Seller for all obligations arising or
accruing prior to Closing and from Purchaser for all obligations arising or accruing from and after Closing. 
  
 6.14 Removal of Unacceptable Encumbrances. The Seller shall not be obligated to bring any action or proceeding, to make any payments or otherwise
to incur any expense in order to eliminate Unacceptable Encumbrances not waived by the Purchaser or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Premises
and Option Property; except that the Seller shall satisfy, by the Closing Date, in the case of the Premises Unacceptable Encumbrances which are (i) mortgages made by Seller and past due real estate taxes and assessments secured by or affecting the
Property, (ii) consensual judgments against the Seller or other consensual monetary Liens secured by or affecting the Premises or Option Property, and (iii) other judgments against the Seller or other monetary Liens secured by or affecting the
Premises or Option Property which judgments and other Liens can be satisfied by payment of liquidated amounts not to exceed $250,000 in the aggregate for all such judgments and other Liens. The Seller may eliminate any such Unacceptable Encumbrance
by the payment of amounts necessary to cause the removal thereof of record, by bonding over such Unacceptable Encumbrance in a manner reasonably satisfactory to the Purchaser or by arranging for title insurance reasonably satisfactory to the
Purchaser insuring against enforcement of such Unacceptable Encumbrance against, or collection of the same out of, the Property. If the Seller fails to eliminate any Unacceptable Encumbrance referred to in clause (i), (ii) or (iii) above, in
accordance with the procedures set 

 
forth in the immediately preceding sentence, the Purchaser may either (a) terminate this Contract and be repaid the Deposit and all interest accrued thereon
and Seller reimburse Purchaser for its Expenses (as hereinafter defined) or (b) proceed to closing and withhold from the Purchase Price such amounts reasonably necessary (subject in cases under clause (iii) above to the $250,000 limitation set forth
in this Section 6.14) to cause the removal thereof of record. 
  
 6.15 Title Notice. Seller shall provide notice (“Seller’s Title Notice”) to Purchaser within five (5) Business Days after receipt of Purchaser’s title objection notice advising Purchaser whether it will
cure any Unacceptable Encumbrance (other than any Unacceptable Encumbrance which it is obligated to cure under Section 6.14(i), (ii) or (iii) above). If Seller is unable or elects not to cure any Unacceptable Exception, Purchaser shall have ten (10)
days from the date of receipt of Seller’s Title Notice (but no later than the Closing Date) to either (i) terminate this Contract and all of its rights hereunder by written notice to Seller, or (ii) to waive its objection to such unacceptable
encumbrance and thereby render it a Permitted Exception. If Purchaser does not provide Seller with written notice of its termination of this Contract within such ten (10) day period (but not later than the Closing Date), then Purchaser shall be
conclusively deemed to have waived any and all objections to such Unacceptable Encumbrance. The matters set forth in Section 6.14(i), (ii) and (iii) above shall automatically be deemed to be Unacceptable Encumbrances for which no title objection
notice need be given by Purchaser to Seller. 
  
 6.16 Options
Upon Failure to Remove Unacceptable Liens. If the Seller is unable or unwilling (and is not otherwise obligated pursuant to Section 6.14) to eliminate all Unacceptable Encumbrances relating to the Property not waived by the Purchaser (including,
without limitation, by deemed waiver under Section 6.15), or to bond over in a manner reasonably satisfactory to the Purchaser any Unacceptable Encumbrances not waived (including, without limitation, by deemed waiver under Section 6.15), by the
Purchaser, or to arrange for title insurance reasonably acceptable to the Purchaser insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property, and to convey title in accordance with the
terms of this Contract on or before the Closing Date (whether or not the Closing is adjourned as provided in Section 6.13), the Purchaser shall elect on the Closing Date, as its sole remedy for such inability of the Seller, either (i) to terminate
this Contract by notice given to the Seller, in which event the Deposit (and all interest thereon shall be paid to Purchaser) and neither party shall have any further obligations under this Contract other than those expressly made to survive, or
(ii) to accept title subject to such Unacceptable Encumbrances and receive no credit against, or reduction of, the Purchase Price. 
  
 6.17 CCR Estoppels. On or prior to the Due Diligence Termination Date, Purchaser shall identify to Seller in writing any and all estoppel
certificates, in form and substance satisfactory to Purchaser and the Title Company, from the declarant, association, committee, agent or other person or entity having governing or approval rights under any covenants, conditions and restrictions or
similar instruments governing the use, operation, maintenance, management or improvement of the Premises that Purchaser shall require in order to close. If Seller fails to obtain any such estoppel, Seller may (but shall have no obligation to)
substitute its own estoppel in favor of Purchaser. If any such estoppel is not obtained and not covered by a Seller estoppel, then Purchaser may terminate this Contract, in which case the Deposit and all interest earned thereon shall be returned to
Purchaser and neither party shall have any further obligations hereunder other than those expressly surviving termination. 

 7. Additional Closing Conditions. 
  
 7.1 The obligation of Purchaser hereunder to purchase the Premises from Seller is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived in whole or in part by Purchaser at or prior to the Closing): 
  
 (a) Seller shall have performed, observed and complied with all of the material covenants, agreements and conditions required by this Contract to be
performed, observed and complied with by Seller, subject to and in accordance with the terms and conditions of this Contract, prior to or as of the Closing. 
  
 (b) All of the representations of Seller set forth in this Contract being true and correct in all material respects from the date of the full execution
of this Contract, through and including the Closing Date. 
  
 (c) The Option Agreement shall have been executed and delivered by Seller, a memorandum of the Option Agreement shall be in proper form for recording in the public records in and for Montgomery County, Pennsylvania and the Purchaser’s
rights thereunder shall have been insured, or be committed to be insured, subject only to the Permitted Exceptions, by the Title Company. 
  
 (d) There shall be no outstanding notice of violation of any federal, state, or local building, health, fire, safety or other law, regulation, ordinance,
statute, order or consent relating to the Premises or the use thereof (including without limitation zoning and environmental laws). 
  
 (e) If prior to the Closing, there is, to Seller’s knowledge, any change in the facts underlying any of Seller’s representations, then Seller
shall promptly notify Purchaser. If such change in facts results from a default or a breach by Seller of its representations and warranties contained herein or any of the covenants contained in any of Sections 6.1 through 6.10, then Purchaser shall
have all of the rights and remedies set forth in Section 9.2(a) below. If Purchaser elects not to terminate this Contract and proceed to Closing, the representation shall be so modified and Purchaser shall be deemed to have forever waived and
released any objection thereto and Seller shall have no liability to Purchaser in connection therewith. 
  
 7.2 The obligation of Seller hereunder to sell the Premises to Purchaser is subject to the satisfaction, at or prior to the Closing, of each of the
following conditions (any of which may be waived in whole or in part by Seller at or prior to the Closing): 
  
 (a) Purchaser shall have performed, observed and complied with all of the material covenants, agreements and conditions required by this Contract to be
performed, observed and complied with by Purchaser, subject to and in accordance with the terms and conditions of this Contract, prior to or as of the Closing. 
  

(b) All of the representations of Purchaser set forth in this Contract being true and correct in all material respects from the date of the full
execution of this Contract, through and including the Closing Date. 

 8. Closing. 
  
 8.1 Closing Date and Location. 
  
 (a) The closing of title (the “Closing”) shall take place on or before the thirtieth (30th) day following the Due Diligence Termination Date (as hereinafter defined) (the “Outside Closing Date”), time
being of the essence, except that Purchaser may accelerate the Closing in accordance with the provisions of Section 8.1(b) below. The Closing shall take place in escrow through Title Company (the actual date of closing is herein referred to
as the “Closing Date”). Seller and Purchaser shall endeavor to “pre-close” this transaction at least two (2) Business Days prior to the date scheduled for the Closing. 
  
 (b) Notwithstanding anything to the contrary contained herein, Purchaser
may, at any time after the date hereof, notify Seller that the Closing shall take place on the date specified in Purchaser’s notice, which date shall be no earlier than five (5) Business Days after the date of such notice; provided that Seller
and Purchaser shall have agreed upon and Seller shall have completed all necessary actions with respect to the Condominium Documents. 
  
 8.2 Closing Expenses. 
  
 (a) Seller’s Expenses; Transfer Taxes. Seller shall pay (i) fifty percent (50%) of any real property transfer taxes imposed by the applicable
governmental authority by reason of the transfer of the Premises (collectively, “Transfer Tax”) and shall execute (and swear to where required) any returns and statements required in connection with the Transfer Tax; (ii) the cost
of recording the deed; (iii) the cost to prepare the Condominium Documents; (iv) the cost of the Survey; and (v) Seller’s legal costs. 
  
 (b) Purchaser’s Expenses. Purchaser shall pay (i) fifty percent (50%) of the Transfer Tax and shall execute (and swear to where required) any
returns and statements required in connection with the Transfer Tax; (ii) all expenses relating to its inspection of the Premises; (iii) the cost of the premium for any title insurance policy including the costs of any endorsements (other than
endorsements used by Seller under Section 6.14 to cure Unacceptable Encumbrances); (iv) any additional costs to upgrade the Survey to meet the ALTA Standards; and (v) Purchaser’s legal costs. 
  
 (c) The provisions of this Section 8.2 shall survive the Closing.

  
 8.3 Closing Deliveries. 
  
 (a) At Closing Seller shall deliver to Purchaser: 
  
 (i) a special warranty deed (the “Deed”) executed by Seller and
acknowledged in the form annexed hereto as Exhibit 2 (and any other instruments necessary to record the Deed); 
  
 (ii) the Assignment and Assumption of the Service Contracts (as designated by Purchaser and any permitted replacements or renewals thereof as approved by
Purchaser) executed by Seller in the form annexed hereto as Exhibit 3. 

 (iii) an Assignment and Assumption of Licenses, Permits, Guarantees and Warranties executed by Seller in
the form annexed hereto as Exhibit 4; 
  
 (iv) if Purchaser
elects to assume any of the Service Contracts not terminated by Seller, notice to the service contractors executed by Seller in the form annexed hereto as Exhibit 5; 
  
 (v) duplicate originals, or if duplicate originals are not available, copies of the Service Contracts which Purchaser
elects to assume; 
  
 (vi) unless maintained at the Premises,
(a) all licenses and permits, authorizations and approvals pertaining to the Premises in Seller’s possession or control (b) the Guarantees and Warranties in Seller’s possession or control; (c) all maintenance and operation files, manuals,
books and records and plans, specifications and drawings relating to the Premises in Seller’s possession or control; 
  
 (vii) payment of any broker’s commission incurred by Seller in connection with the Closing; 
  
 (viii) any and all other deliveries required pursuant to this Contract;

  
 (ix) duly executed certificate of Seller in the applicable
form set forth in Treasury Regulations §1.1445-2(b)(2) and any additional certificates required under state or local law; 
  
 (x) the transfer tax return(s) executed by Seller; 
  
 (xi) a Bill of Sale, executed by Seller in the form of Exhibit 6 annexed hereto; 
  
 (xii) keys, combinations and codes to all locks and security devices to the Premises; 
  
 (xiii) evidence of Seller’s organizational authority reasonably
satisfactory to the Title Company; 
  
 (xiv) any CCR estoppel
certificate(s) in accordance with Section 6 above; 
  
 (xv)
Letters addressed to the architects, engineers, surveyors and other consultants and professionals who prepared any of the Plans authorizing such persons to deliver to Purchaser upon request any of such documents in their possession or control;
provided that Seller makes no representation or warranty that any such person shall be willing to provide any such documents to Purchaser or whether or not any charge shall be levied by such person if provided; 
  
 (xvi) Execution and delivery of the Option Agreement; and 

 (xvii) Copies of the Condominium Documents, or to the extent not previously executed by Seller,
execution and delivery thereof. 
  
 (b) At Closing Purchaser
shall deliver to Seller: 
  
 (i) the balance of the Purchase
Price as provided in Section 3 hereof; 
  
 (ii) the Assignment
and Assumption of the Service Contracts executed by Purchaser in the form annexed hereto as Exhibit 3; 
  
 (iii) the Assignment and Assumption of the Service Contracts (as designated by Purchaser and any permitted replacements or renewals thereof as approved
by Purchaser) executed by Seller in the form annexed hereto as Exhibit 3; 
  
 (iv) notice to the service contractors in the form annexed hereto executed by Purchaser in the form annexed hereto as Exhibit 5; 
  
 (v) transfer tax return(s) executed by Purchaser; 
  
 (vi) evidence of Purchaser’s organizational authority reasonably satisfactory to the Title Company; 
  
 (vii) execution and delivery of the Option Agreement; and 
  
 (viii) to the extent reasonably required by Seller, execution of
appropriate Condominium Documents. 
  
 8.4 Apportionments and
Reimbursements. Unless otherwise provided in this Contract, at the Closing the following are to be reimbursed or apportioned as of 11:59 P.M. on the day preceding the Closing Date (so that Purchaser has the benefit of all income from the
Premises and the burden of all expenses from the Premises on the Closing Date) based upon the respective party’s period of ownership for the item being apportioned. Any errors in the apportionments pursuant to this Section 8.4 shall be
corrected by appropriate readjustment post-Closing, provided notice of any error with supporting documentation and calculations is given to the other party no later than three (3) months after the Closing, if ascertainable within such period; errors
that do not become ascertainable until after three (3) months after the Closing, shall be readjusted within thirty (30) days after the error has been determined, provided that any such error must be ascertained within 18 months after the Closing
Date or it shall be forever waived: 
  
 (a) Water, Sewer,
Electricity, Vault Charges and all other Utilities and Services. Water rates and water meter charges, sewer rent, electricity charges, vault charges and all other utilities and services on the basis of the fiscal period for which assessed. If
there be a water meter, or meters, on the Property the unfixed meter charges or if the Closing shall otherwise occur before the real estate tax rate is fixed, then the unfixed sewer rent thereon for the time intervening from the date of the last
reading shall be apportioned on the basis of such last reading, and shall be appropriately readjusted after the Closing on the basis of the next subsequent bills. 

 (b) Real Estate Taxes. Real estate taxes, district improvement impositions and the like on the
basis of the fiscal period for which assessed. Insofar as the Property and the Option Property will not be separately assessed as of the Closing Date, the parties agree to equitably prorate the real estate taxes for the Tract based upon the land and
buildings included within the Property and the Option Property, respectively, subject to an equitable adjustment to be made after Closing based on the actual assessments imposed against the Property and the Option Property. If the Closing shall
occur before the real estate tax rate is fixed, the apportionment of such taxes shall be upon the basis of 105% of the tax rate for the immediately preceding fiscal period applied to the latest assessed valuation, subject to further and final
adjustment when the tax rate is fixed for the fiscal period in which the Closing takes place. 
  
 (c) Service Contracts. Charges arising out of the Service Contracts assumed by Purchaser at Closing. 
  
 (d) Assessments. If on the date hereof, the Premises or any part
thereof shall be affected by an assessment or assessments which are or may become payable in installments or a lump sum, Seller shall pay and discharge any installments which are liens or which are otherwise certified as of the Closing or payable
after Closing. 
  
 (e) Management Agreements. All
management and leasing agreements and all insurance policies shall be terminated as of the Closing Date and there shall be no pro-ration thereof. 
  
 (f) The provisions of this Section 8.4 shall survive the Closing. 
  
 9. Default. 
  

9.1 Purchaser’s Default. If Purchaser should fail to close title on the Premises in default of the provisions of this Contract, the
parties hereto agree that the damages that Seller will sustain as a result thereof will be substantial but will be difficult to ascertain. Accordingly, the parties agree that in the event of such default, Escrowee is hereby directed to pay the
Deposit (plus all interest thereon) to Seller, who shall retain the Deposit as and for its liquidated damages and sole remedy hereunder. Seller hereby waives all other rights and remedies that it may have for any default by Purchaser under this
Contract, including, but not limited to, the right to sue for damages and specific performance. 
  
 9.2 Seller’s Default. 
  
 (a) Prior to Closing. If Seller defaults in its obligation to sell and convey the Premises to Purchaser pursuant to this Contract, Purchaser may,
at its sole election, as its sole and exclusive remedy, either (i) terminate this Contract in which event the Deposit and any interest earned thereon shall be returned to Purchaser and Seller shall reimburse Purchaser for its actual out of pocket
expenses incurred in connection with this transaction and its due diligence activities, including without limitation, the fees of its consultants, architects, engineers, surveyors and attorneys, not to exceed $112,500 in the aggregate (the
“Expenses”); or (ii) assert and seek judgment for specific performance. Subject only to Section 9.2(b) below, the foregoing are Purchaser’s sole and exclusive remedies, and Purchaser hereby waives all other rights and remedies that it
may have for any default by Seller under this Contract, including, but not limited to, the right to sue for damages. 

 (b) Post Closing. If: (i) Seller breaches any representation or warranty hereunder that expressly
survives the Closing, (ii) Purchaser notifies Seller of such claim prior to the expiration of the twelve (12) month survival period, (iii) Purchaser had no actual knowledge of the breach of such representation or warranty at or prior to Closing,
then Purchaser shall be entitled to recover from Seller, as its sole and exclusive remedy, any actual, out of pocket, compensatory damages incurred by Purchaser up to a maximum aggregate amount for any all such claims of $1,000,000. In no event
shall Purchaser be entitled to any consequential, exemplary or punitive damages. Notwithstanding the foregoing, the foregoing limitations as to time and damages shall not apply to Sections 12.1 or 12.18 for which there shall be no limitation.

  
 10. Risk of Loss. 
  
 10.1 Condemnation. If, at any time prior to the Closing Date, any
material portion of the Property, any parking areas containing more than ten (10) spaces or any access way (either a taking of such access or a material impairment in Purchaser’s reasonable discretion) to the Property or Option Property shall
be taken or threatened to be taken (whether permanently or temporary) in the exercise of the power of condemnation or eminent domain by any sovereign, municipality or other public or private authority, or shall be the subject of a notice duly given
by such authority relating to a pending taking in the exercise of the power of condemnation or eminent domain (a “Taking”), then Purchaser shall have the option to terminate this Contract by giving notice to Seller within ten (10)
days after Purchaser’s receiving notice of such Taking, in which event this Contract shall be deemed cancelled and of no force and effect and neither party shall have any further obligations or liabilities against or to the other, except that
Seller shall cause the return of the Deposit to Purchaser. In the event Purchaser does not elect to terminate this Contract on the account of a Taking, then this Contract shall remain in full force and effect and on the Closing: either (A) Purchaser
shall be entitled to any condemnation award to be granted and Seller shall assign all of its right, title and interest to such award to Purchaser, less such sums, if any, actually and reasonably expended by Seller to prosecute such claim and restore
the Property, or (B) if such award shall have been paid to Seller, the Purchase Price shall be reduced by the amount thereof, less such sums, if any, actually and reasonably expended by Seller to prosecute such claim and restore the Property. Seller
agrees to deliver promptly after receipt thereof any and all written notices of a Taking received by Seller after the date hereof. 
  
 10.2 Destruction or Damage. 
  
 (a) As used herein, the term “Casualty” shall mean any loss, destruction or damage to any portion of the Property or to any access way thereto
as the result of fire or any other casualty. If the “cost of repair and restoration” (which term is hereinafter defined in subparagraph (c) below) necessitated by a Casualty shall be $500,000 or less, and does not cause the Property to be
in violation of law or require discretionary approvals for restoration and as a matter of law does not prohibit the rebuilding or repair of the Property as it currently exists and does not materially adversely affect any access way to or from the
Property and requires less than 60 days to repair (if any of the foregoing conditions have occurred the Casualty shall be deemed a “Major Casualty”), the parties shall not be affected by such Casualty, and Seller shall pay to
Purchaser any proceeds received on account of such Casualty, net of reasonable costs incurred by Seller in collecting such claim, assign to Purchaser all of its right, title and interest in any insurance proceeds and pay to Purchaser the amount of
any deductible. Seller shall not settle any claim without the prior written consent of Purchaser, which consent shall not unreasonably be withheld or delayed. 

 (b) If the Casualty is a Major Casualty, Purchaser shall have the option to (i) accept title to the
Property in its destroyed or damaged condition, Seller shall assign to Purchaser all of Seller’s right, title and interest in and to the proceeds of any insurance carried by Seller with respect to such Casualty and Seller shall pay to Purchaser
the amount of the “deductible” under the insurance policy or (ii) cancel this Contract by giving notice to Seller not later than ten (10) days after the cost of the Casualty is determined, and upon the giving of such notice by Purchaser,
the Deposit and all interest earned thereon shall be returned to Purchaser and this Contract shall be null and void and the parties shall have no further obligation or liability hereunder except for those provisions expressly stated to survive the
termination of this Contract. 
  
 (c) The term “cost of
repair and restoration” shall mean the cost of repair Casualty reasonably determined by Seller’s independent architect or contractor. 
  
 11. Purchaser’s Review Period; Access. Purchaser shall have the right to terminate this Contract for any or no reason on or before the date
which is thirty (30) days from the date of this Contract (the “Due Diligence Termination Date”) by notice to Seller to be received by Seller on or before 6:00 P.M. Eastern Standard Time on the Due Diligence Termination Date (the
period of time from the date hereof through and including the Due Diligence Termination Date is herein referred to as “Purchaser’s Review Period”). If Purchaser gives notice of termination of this Contract in accordance with
this Section 11, this Contract shall be deemed terminated and of no further force or effect, except for the those provisions expressly stated to survive the termination of this Contract, and the Deposit shall be returned to Purchaser. If Purchaser
does not give notice of termination of this Contract in accordance with this subparagraph, this Contract shall remain in full force and effect and Purchaser shall have no further right to cancel this Contract under this Section. During
Purchaser’s Review Period, and thereafter from time to time, upon reasonable prior notice (twenty-four (24) oral hours notice in the ordinary course on a Business Day shall be reasonable notice) to Seller and during business hours, Purchaser
and its consultants may enter upon the Property and perform inspections and tests of the Property at reasonable times, provided that Purchaser shall not perform any invasive testing without Seller’s prior written consent, which consent shall
not unreasonably be withheld or delayed. Seller shall have the right to have a representative present at all site inspections. Purchaser shall restore, repair and replace any and all damage or destruction of the Property caused by Purchaser or its
consultants. Purchaser hereby agrees to indemnify, defend and hold harmless, from any and all loss, cost, expense (including, without limitation, reasonable attorneys fees), claims, liabilities and damages incurred or suffered by Seller to the
extent caused by Purchaser’s entry upon the Property or any of its activities thereon, excluding any pre-existing condition or defect. Prior to any entry by Purchaser or any of its consultants upon the Property, Purchaser shall provide Seller
with acceptable evidence of liability insurance reasonably acceptable to Seller. Within five (5) days from the date hereof, Seller shall deliver to Purchaser copies of the Service Contracts, Warranties and Guaranties, and the documents and other
materials listed in Exhibit 8 to the extent in Seller’s possession or control. Purchaser’s obligations under this Section 11 shall survive Closing as well as any termination of this Contract. 
  
 12. Miscellaneous. 
  
 12.1 Broker. Seller and Purchaser represent to each other that
neither party has dealt with any broker or real estate consultant in connection with the transaction contemplated by this Contract other than GVA Smith Mack (“Broker”) who will be paid Two percent (2%) of the Purchase Price by Seller if
the Closing occurs. Seller and Purchaser shall indemnify and hold the other free and harmless from and against any liabilities, damages, costs or expenses (including, but not limited to, reasonable attorneys’ fees and disbursements) suffered

 
by the indemnified party arising from a misrepresentation or a breach of any covenant made by the indemnifying party pursuant to this Section. The provisions
of this Section shall survive the Closing or termination of this Contract. 
  
 12.2 Assignment of this Contract. This Contract may not be assigned by Purchaser without the prior written consent of Seller in its sole discretion, provided that no such consent shall be required for an
assignment by Purchaser to one of its affiliates, provided that Purchaser shall remain liable for all of Purchaser’s obligations hereunder and that such affiliate assume all of Purchaser’s obligations hereunder. Seller may not assign this
Contract without the prior written consent of Purchaser. 
  
 12.3
Attorneys’ Fees. If either party institutes a legal proceeding against the other party in connection with this Contract, the losing party in such proceeding shall reimburse the prevailing party all reasonable attorneys’ fees paid by
the prevailing party in connection such proceeding. The provisions of this Section shall survive the Closing. 
  
 12.4 Notices. All notices hereunder to Seller or Purchaser may be sent by certified or registered mail, return receipt requested, or may be sent
by Federal Express or other overnight courier which obtains a signature upon delivery, or may be given by facsimile with a hard copy sent concurrently in the manner set forth above, or may be delivered by hand delivery addressed to such party at the
address of such party set forth below or at such other address as such party shall designate from time to time by notice. 
  
 SELLER: 
  
 Brandywine Realty Trust 
 401 Plymouth Road,
Suite 500 
 Plymouth Meeting, PA 19462 
 Attn: Brad A. Molotsky, General Counsel 
  
 with a copy to: 
  
 Brandywine Realty Trust 

401 Plymouth Road, Suite 500 
 Plymouth
Meeting, PA 19462 
 Attn: Tony Nichols, Jr. 
  
 and to: 
  
 Klehr, Harrison, Harvey, Branzburg & Ellers LLP 
 260 South Broad Street 
 Philadelphia, PA 19102 
 Attn: Bradley A. Krouse, Esq. 
  
 PURCHASER:

  
 935 KOP ASSOCIATES, LLC 
 1075 First Avenue 
 King of Prussia,
PA 19406 
 Attention: General Counsel 
  
 935 KOP ASSOCIATES, LLC 
 1075 First
Avenue 
 King of Prussia, PA 19406 
 Attention: Chief Financial Officer 

 and a copy to: 
  
 Blank Rome LLP 
 One Logan Square 
 Philadelphia, PA 19103 
 Attention: Barry Friedman, Esquire 
  
 Notices
shall be deemed served three (3) days after mailing, and in the case of overnight courier or hand delivery, on the date actually delivered to the recipient, address noted above, except for notice(s) which advise the other party of a change of
address of the party sending such notice or of such party’s attorney, which notice shall not be deemed served until actually received by the party to whom such notice is addressed or delivery is refused by such party. Notices on behalf of the
respective parties may be given by their attorneys and such notices shall have the same effect as if in fact subscribed by the party on whose behalf it is given. Notwithstanding the foregoing provisions of this Section, notices served by hand
delivery shall be deemed served on the date of delivery if delivered at or prior to 6:00 P.M., and on the next Business Day if delivered after 6:00 P.M. Notices given by facsimile shall be effective upon receipt of such facsimile (subject to the
requirement that a hard copy be sent concurrently in accordance with this Section); however, if the facsimile is received after 6:00 p.m., notice by facsimile shall not be effective until the next Business Day. 
  
 12.5 Further Assurances. The parties each agree to do such other and
further acts and things, and to execute and deliver such instruments and documents (not creating any obligations additional to, or increasing, those otherwise imposed by this Contract), as either may reasonably request from time to time, whether at
or after the Closing, in furtherance of the purposes of this Contract. The provision of this Section 12.5 shall survive Closing. 
  
 12.6 Confidentiality. 
  
 (a) Purchaser agrees that all written documentation furnished to Purchaser by Seller concerning the Premises (the “Evaluation Material”)
shall be treated confidentially as hereinafter provided. 
  
 (b)
All Evaluation Material shall not be used or duplicated by Purchaser for any purpose other than evaluating a possible purchase of the Premises by Purchaser. Purchaser agrees to keep all Evaluation Material (other than information which is a matter
of public record or is provided in other sources readily available to the public other than as a result of disclosure thereof by Purchaser or Related Parties) strictly confidential; provided, however, that the Evaluation Material may be disclosed to
the directors, officers, employees and partners of Purchaser, and to Purchaser’s lender, attorneys and accounting firm and other consultants (all of whom are collectively referred to as “Related Parties”) for the purpose of
evaluating a possible purchase of the Premises. 

 (c) If the Closing occurs, the provisions of this Section 12.6 shall be entirely null and void and
Purchaser shall have no liability with respect to this Section 12.6. 
  
 (d) If the Contract is terminated, then Purchaser shall return to Seller within three (3) Business Days after such termination all copies of all Service Contracts, Warranties and Guaranties and documents and other materials listed in
Exhibit 8. 
  
 12.7 Successors and Assigns. This Contract
shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns. 
  
 12.8 Entire Agreement. This Contract and the Schedules and Exhibits annexed hereto constitute the entire
agreement between the parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore or simultaneously had between the parties hereto are merged in and are contained in this Contract and said Schedules and
Exhibits. 
  
 12.9 Waiver and Modifications. The
provisions of this Contract may not be waived, changed, modified or discharged orally, but only by an agreement in writing signed by the party against which any waiver, change, modification or discharge is sought. 
  
 12.10 Captions and Titles. The captions or section titles contained
in this Contract and the Index, if any, are for convenience and reference only and shall not be deemed a part of the text of this Contract. 
  
 12.11 Construction. The terms “hereof,” “herein,” and “hereunder,” and words of similar import, shall be construed
to refer to this Contract as a whole, and not to any particular article or provision, unless expressly so stated. All words or terms used in this Contract, regardless of the number or gender in which they are used, shall be deemed to include any
other number and any other gender as the context may require. 
  
 12.12 Non-Business Days. If a party is required to perform an act or give a notice on a date that is a Saturday, Sunday or national holiday, the date such performance or notice is due shall be deemed to be the next Business Day.

  
 12.13 Governing Law and Jurisdiction. This Contract is
to be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania. The provisions of this subsection shall survive the Closing or earlier termination of this Contract. 
  
 12.14 Counterparts. This Contract may be executed in two or more
counterparts and each of such counterparts, for all purposes, shall be deemed to be an original but all of such counterparts together shall constitute but one and the same instrument, binding upon all parties hereto, notwithstanding that all of such
parties may not have executed the same counterpart. 
  
 12.15
No Third Party Benefits. This Contract is made for the sole benefit of Seller and Purchaser and their respective successors and assigns and no other person shall have any right, remedy or legal interest of any kind by reason of this Contract.

 12.16 Submission not an Offer. The submission of this Contract to either party shall not be
construed as an offer, nor shall either party have any rights with respect thereto, unless and until each party has executed and delivered a copy of this Contract to the other party. 
  
 12.17 Tender. Tender of the Deed and Purchase Price is hereby waived by the parties. 
  
 12.18 Bulk Sales Clearance. Seller shall indemnify, defend and hold
harmless Purchaser against all claims, demands, actions, causes of action, losses, liabilities and obligations, costs and expenses, including without limitation, fines, penalties, interest and attorneys’ fees of every kind and nature arising
out of Seller’s failure to comply with the Bulk Sale Statutes in effect in the Commonwealth of Pennsylvania. The provisions of this Section 12.18 shall survive Closing. 
  
 12.19 Time of Essence. Time is of the essence of this Contract. 
  
 13. Right of First Offer. If on or before the third (3rd) anniversary of the Closing Date, Purchaser desires to sell its ownership interest in the Premises, other than in the event of
(i) a transfer of ownership to an affiliate, or (ii) a transfer by or in lieu of foreclosure to an unaffiliated institutional lender (including, without limitation, any so-called “conduit lender”), or (iii) a merger, consolidation or sale
of all or substantially all of the stock or assets of GSI Commerce, Inc. (“GSI”), then Purchaser shall give Seller written notice of such intention (“Purchaser’s Notice”). In such event, Seller shall have the right to
exercise the option set forth below (the “Right to Negotiate Purchase”). 
  
 13.1 Seller shall have a period of ten (10) Business Days from receipt of Purchaser’s Notice within which to exercise its Right to Negotiate Purchase by delivery to Purchaser of written notice
(“Seller’s Notice”) stating Seller’s intention to enter into negotiations with Purchaser concerning the purchase and sale of the Premises. Purchaser and Seller shall promptly commence, and pursue in good faith for a period of
thirty-five (35) calendar days after Seller’s Notice is given, negotiations in an effort to reach agreement concerning the purchase of the Premises by Seller. If at the expiration of such thirty-five (35) day period, Seller and Purchaser have
failed to reach agreement concerning the purchase by Seller for any reason whatsoever, then Purchaser shall be entitled to sell or transfer the Premises to any third party for a stated purchase price which is not more than two and one-half percent
(2 1/2%) less than the purchase price offered by Seller thereafter without any further obligation to Seller. If
Purchaser intends to sell the Premises for more than 2.5% less than such purchase price, then Purchaser shall first provide Seller with notice of such intent, which notice shall specify the intended sales price (the “Intended Price”).
Seller shall have ten (10) Business Days from after its receipt of such notice to determine whether or not it wishes to purchase the Property at the Intended Price and to provide Purchaser with notice of its election. If Seller elects to purchase
the Property, then, within five business days after Seller provides notice of such election to Purchaser, Seller and Purchaser shall enter into a contract for the purchase and sale of the Property on the same terms as this contract with only such
changes as are necessary to reflect the passage of time, that the contract shall not include an option on the Option Parcel, that Seller and Purchaser have switched positions and that the purchase price shall be equal to the Intended Price, and
provided that the thirty (30) day “Purchaser’s Review Period” afforded Seller under such contract shall 

 
commence upon the expiration of Seller’s ten (10) day election period (rather than on the date of the execution of such contract), and any closing
pursuant thereto shall occur within thirty (30) days from after the expiration of such thirty (30) day period. If Purchaser does not enter into a contract of sale and close on a sale of the Property to an unrelated third party within twelve (12)
months from the termination of such thirty-five (35) day period (“Open Period”), then Seller’s Right to Negotiate Purchase shall again apply on all of the terms above provided. Notwithstanding the foregoing, such Open Period shall be
extended (the “Open Period Extension”) for a period not exceeding sixty (60) days if a contract of sale is entered into during the eleventh or twelfth month of the Open Period. The parties acknowledge that any sales price for the Property
is likely to be significantly affected by the terms of any leaseback subject to which Purchaser is offering to sell the Property. Therefore, all references to price in this Section 13 shall include, without limitation, the economic terms of any
leaseback to which the Property will be subject after any sale. 
  
 13.2 This Right to Negotiate Purchase is personal to Seller and may not be exercised by or assigned to, either voluntarily or involuntarily, any other person or entity other than an affiliate of Seller or any successor to Seller by merger,
reorganization or by purchase of all or substantially all of the assets of Seller. 
  
 13.3 If Purchaser acquires the Option Property, the provisions of this Section 13 shall likewise apply to the Option Property except that if Purchaser is selling both the Property and the Option Property,
Seller’s Right to Negotiate Purchase shall apply to and may only be exercised with respect to both the Property and the Option Property. If Purchaser has offered the Property and the Option Property to Seller only as a package, then before
Purchaser may sell either of such properties separately, Seller’s Right to Negotiate shall apply to each of such properties separately. 
  
 14. Post Closing Leasing Restriction. 
  
 14.1 Post Closing Leasing Restrictions. For a period of two (2) years following Closing, Purchaser agrees that it will not lease, license or
otherwise grant rights of possession or occupancy or permit the sublease of more than a full floor (or the equivalent square footage of a full floor) in the Building (a “Full Floor”) to any unaffiliated party; provided, however, that if
Purchaser exercises the Option (as defined in the Option Agreement), then the term of this restriction shall be extended and shall not expire until the third anniversary of the Closing Date and the maximum amount of space that may be so leased,
licensed, or subleased or in which rights of possession or occupancy may be otherwise granted (“Leased”) shall be limited to One Full Floor in the aggregate when all of the space so leased in the Building is added together with any and all
space so Leased in any building erected upon the Option Property. Notwithstanding the foregoing, this restriction shall not apply to and shall be of no further force or effect in the event of the occurrence of any of the events described in Section
13(ii) above and shall not apply to any “sale-leaseback” transaction for all or any portion of the Property. The provisions of this Section 14 shall survive the Closing. 
  
 15. Recordation. The restrictions and rights contained in Sections 13 and 14 above shall run with the land and shall
be contained in a document to be recorded upon Closing. Seller hereby agrees that it shall promptly execute and deliver for recording a termination of such recorded document at Purchaser’s request made at any time on or after the termination of
the 

 
rights contained in Sections 13 and 14. Seller further agrees that this provision may be enforced by specific performance, that Purchaser shall have all
other rights and remedies available to it at law or in equity or hereunder with respect to any breach of this provision by Seller and that the limitations on Seller’s liability contained in Section 9.2 shall not apply to this provision. Such
document and the restrictions and rights contained therein shall be self subordinating to any mortgage (as amended, consolidated, extended, restated, modified or renewed from time to time) of any unaffiliated, institutional lender providing
financing to the Property. Seller shall execute any subordination agreement confirmatory of the foregoing requested by any such lender reasonably acceptable in form and substance to Seller. Seller shall be entitled to reimbursement by Purchaser for
any actual out of pocket costs incurred by Seller, including reasonable attorneys’ fees, in connection with any such subordination agreement other than any such agreement executed at closing. 
  
 16. Condominium. Purchaser acknowledges and agrees that as of the date
hereof, the Land and the Building and the land underlying the Option Property constitute a single property that is not yet subject to a condominium declaration. During Purchaser’s Review Period, Seller shall prepare a condominium declaration
and other necessary condominium documents (collectively, the “Condominium Documents”), and shall provide the Condominium Documents to Purchaser for its review and approval. The Condominium Documents shall, among other things,
provide: (i) the descriptions of the Property and the Option Property, (ii) certain exclusive parking in front of the Building and the building to be erected on the Option Property and shared parking on other areas of the Condominium; provided,
however, that following the construction of a building on the Option Property, neither the owner of the Property or the Option Property shall be permitted to use more than 4.65 parking spaces per thousand square feet of space in the buildings
located on each such parcel (and any excess parking shall be split between the owners), (iii) any and all cross-easements between the Property and the Option Property, (iv) the rights and obligations of the condominium unit owners in any and all
common areas, and (v) that the owner of the Option Property shall be solely responsible for any real estate taxes assessed or imposed against the Option Property, for grass cutting and general maintenance and for the cost of making any improvements
to the unimproved portions at the Option Property, including without limitation, any common areas of the Condominium in connection with the construction of any buildings or improvements on the Option Property and (vi) and for the owner of the
Property to maintain the common driveways and entrances, including snow removal and landscaping during the period that the Option Agreement is in effect. Purchaser agrees to promptly review and all of the Condominium Documents upon receipt.
Purchaser and Seller shall in good faith negotiate such documents. If the Condominium Documents have not been agreed to by the expiration of the Purchaser’s Review Period, or the Condominium is being challenged by a governmental authority, or
the Title Company is unwilling to insure that the Property and the Option Property are validly existing condominium units established pursuant to the Condominium Documents, then either party may terminate this Contract by written notice to the
other, in which event, the Deposit (and all interest thereon) shall be paid to the Purchaser and neither party shall have any further obligation hereunder except for those that expressly survive termination. If the Contract is not so terminated, the
parties shall continue to negotiate the Condominium Documents until agreed to, and the foregoing conditions have been satisfied, or until this Contract is terminated by either of them by written notice given to the other at any time before the
Condominium Documents are agreed upon and approved by the Title Company. Seller shall pay all filing fees and other fees and costs in connection with the preparation and filing of the Condominium Documents, provided, however, that Purchaser shall
pay the costs of its own costs in reviewing and negotiating the Condominium Documents, including, without limitation, the costs of its counsel. 

 17. Parking Areas. The Condominium Documents shall also provide that Purchaser shall have the
right, but not the obligation, at Purchaser’s expense, to improve, i.e., pave and stripe, the currently graded or graveled areas of the Option Property which are intended to be used for parking. 
  
 18. 1031 Exchange. If one or more parties to this Contract desires to
exchange other property of like kind and qualifying use within the meaning of Section 1031 of the Internal Revenue Code of 1986, as amended, and its accompanying regulations, for the fee simple title in, or proceeds of, the Premises, then the
parties each agree to assist one another in the consummation of such transactions, and the parties reserve the right to assign their respective rights (but not obligations) to a Qualified Intermediary, as provided for in IRC Regulation
1.103(a)-I(g)(4) on or before the Closing Date, through written assignment and as otherwise may be necessary to accomplish the Section 1031 Exchange under the Internal Revenue Code, provided that the assisting parties shall incur no additional
expense or liability, and the same is not a condition to and does not delay Closing; provided, however, that if Seller provides Purchaser with written notice within not more than five (5) Business Days after the Due Diligence Termination Date that
Seller intends to (but shall not be obligated to) enter into a Section 1031 exchange with respect to the Property, then Seller shall have a one-time right to extend the Closing for up to a maximum of ten (10) Business Days if and to the extent
necessary to facilitate any such exchange, but in no event shall such extension extend the Closing Date beyond the Outside Closing Date. 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Contract the day and year first
above written. 
  

					
	PURCHASER:
	
	935 KOP ASSOCIATES, LLC,
	 a Pennsylvania limited liability company

		
	 By:
	 	 GSI COMMERCE, INC., Sole Member

			
	 	 	 By:
	 	 /s/ Jordan M. Copland

	 	 	 Name:
	 	 Jordan M. Copland

	 	 	 Title:
	 	 Executive Vice President

	
	 [Seller’s Signature on following page]

					
	SELLER:
	
	 BRANDYWINE OPERATING
 PARTNERSHIP, L.P., a Delaware limited
 partnership

		
	 By:
	 	BRANDYWINE REALTY TRUST,
	 	 	 a Maryland trust, its general partner

			
	 	 	 By:
	 	 /s/ Gerard H. Sweeney

	 	 	 Name:
	 	 Gerard H. Sweeney

	 	 	 Title:
	 	 President

	
	 [Escrowee’s Signature on following page]

 As to Section 4: 
  
 FIDELITY NATIONAL TITLE INSURANCE COMPANY, Escrowee 
  

			
	 By:
	 	 /s/ Michael G. Moyer

	 Name:
	 	 
	 Title:

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