Document:

bdn-ex101_6.htm

Exhibit 99.1

			
	
 
	
 
	
Company / Investor Contact:

Tom Wirth

EVP & CFO

610-832-7434 

tom.wirth@bdnreit.com

 

 

Brandywine Realty Trust Announces $150 Million Share Repurchase Program

 

 

Philadelphia, PA, January 3, 2019 — Brandywine Realty Trust (NYSE: BDN) today announced that its Board of Trustees has authorized the repurchase of up to $150 million of the Company’s common shares.  Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions.  The repurchase program has no time limit and may be suspended for periods or discontinued at any time.

About Brandywine Realty Trust

We are one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets.  Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 184 properties and 25.3 million square feet as of September 30, 2018, which excludes assets held for sale.  Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together.  For more information, please visit www.brandywinerealty.com.

Forward-Looking Statements

Estimates of future earnings per share, FFO per share, common share dividend distributions and certain other statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our and our affiliates’ actual results, performance, achievements or transactions to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors relate to, among others: our ability to lease vacant space and to renew or relet space under expiring leases at expected levels; competition with other real estate companies for tenants; the potential loss or bankruptcy of major tenants; interest rate levels; the availability of debt, equity or other financing; risks of acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; unanticipated operating and capital costs; our ability to obtain adequate insurance, including coverage for terrorist acts; dependence upon certain geographic markets; and general and local economic and real estate conditions, including the extent and duration of adverse changes that affect the industries in which our tenants operate.  The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including the Company's financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors.  The Company's practice regarding payment of dividends may be modified at any time and from time to time.  Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2017.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

 

2929 Walnut Street, Suite 1700, Philadelphia, PA 19104 Phone: (610) 325-5600 • Fax: (610) 325-5622EX-10.9

 Exhibit 10.9 

NON-COMPETITION AGREEMENT 

THIS NON-COMPETITION AGREEMENT dated as of November 23, 2018 (the
“Agreement”) is made and entered into by and between National Commerce Corporation (“NCOM”), National Bank of Commerce (“NBC”) and CenterState Bank Corporation (“CenterState”) and
CenterState Bank, N.A. (“CenterState Bank”) and John H. Holcomb, III (“Executive”). For purposes of this Agreement, references to NCOM, NBC, CenterState and CenterState Bank collectively shall be the “Banking
Entities” or individually, a “Banking Entity.” 
 WHEREAS, as of the date of this Agreement, Executive is the Vice
Chairman of NCOM and Vice Chairman of the Board of NBC; and 
 WHEREAS, on November 23, 2018, CenterState and NCOM entered into
an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other things, NCOM will be merged with and into CenterState, with CenterState continuing as the surviving company; and 

WHEREAS, as part of the transactions contemplated by the Merger Agreement, Executive has agreed to enter into this Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

1.    Covenants of Executive.  

(a)    Non-competition. During the Restricted Period (as defined below),
Executive shall not, without the prior written consent of CenterState, either directly or indirectly in any capacity, including but not limited to, as an owner, employee, employer, operator, investor, independent contractor, agent, stockholder,
partner (general or limited), joint venturer, member, manager, officer, director, consultant, organizer, franchisee, franchiser, adviser, or coworker, whether or not for compensation, enter into, conduct, participate or engage in a Competing
Business (as defined below) within the state of Alabama, or the metropolitan statistical areas of Jacksonville, Orlando or Tampa, Florida or the metropolitan statistical area of Atlanta, Georgia. For purposes of this Agreement, “Competing
Business” shall mean any person, firm, corporation or other entity, in whatever form, that engaged or engages in the businesses in which the Banking Entities and their respective affiliates engage, including, but not limited to, the sale or
servicing of banking and financial products and services, including business and consumer lending, asset-based financing, residential mortgage warehouse funding, factoring/accounts receivable management services, equipment financing, commercial and
residential mortgage lending and brokerage, deposit services (including municipal deposit services) and trade financing, sale of annuities, life and health insurance products, title insurance services, real estate investment trusts, investment
advisory services and correspondent banking services; provided that it shall not be a violation of this provision for Executive to have a less than 5.0% ownership interest in any such institution or holding company as a passive investor. 

(b)    Non-solicitation of Employees. During the Restricted Period,
Executive shall not, without the written consent of CenterState and CenterState Bank, either directly or indirectly, induce any employee of any of the Banking Entities or their affiliates to terminate his or her employment or engagement with any
Banking Entity or their affiliates. 

 (c)    Non-solicitation of
Customers. During the Restricted Period, Executive shall not solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect
of causing any client, customer or other business relation (whether current or prospective client, customer or business relation) of any Banking Entity or any of its respective affiliates, (i) to terminate an existing business or commercial
relationship with any Banking Entity or any of such affiliates or (ii) to reduce the amount of business that any client, customer or other business relation has customarily done or contemplates doing with any Banking Entity or any of such
affiliate, whether or not the relationship between the Banking Entity or such affiliate and such client, customer, or other business relation was originally established, in whole or in part, through Executive’s efforts, or in any way interfere
with the relationship between any such client, customer, or business relation, on the one hand, and any Banking Entity or any such affiliate, on the other hand. For purposes of this Section 1(c), a prospective client, customer or business
relation means persons, firms, companies or corporations (including any subsidiaries, parents, franchisees, partners and/or joint ventures of the same) solicited by or on behalf of any Banking Entity or any of their respective affiliates, employees,
directors or representatives within one year prior to the Effective Time (as defined in the Merger Agreement). 

(d)    Definition of Restricted Period. For purposes of this Agreement, the “Restricted Period”
shall mean the period commencing at the Effective Time and continuing for 24 months thereafter. 

2.    Confidentiality. Executive covenants and agrees to keep strictly confidential and not to reveal to any
person any Confidential Information of any nature concerning the Banking Entities, or any of their affiliates. For this purpose, the term “Confidential Information” means any information and data, including intangible, electronic or
other form, of the Banking Entities identified as confidential or proprietary or is or would be understood to be confidential by the nature of the information, and includes, but is not limited to, any information relating to the Banking Entities,
and their affiliates and/or any third party with which any Banking Entity is engaging or has engaged in business transactions, all forms and types of financial and business information, tax information and analyses, processes, formulae, inventions,
ideas, know-how, studies, findings, software, research and development (in whatever stage), business plans or strategies, methods of doing business, sales or marketing methods, customer information, including
“Nonpublic Personal Information” as that term is used in the Gramm-Leach-Bliley Act of 1999 and implementing regulations and guidelines issued thereunder, employee information, loan and deposit information, financing plans, forecasts and
supplier information, as well as any and all reports, analyses, compilations, memoranda, notes, studies or other documents or records or electronic media that contain or otherwise reflect or are generated from Confidential Information. Confidential
Information does not include information that: (i) is in the public domain or thereafter enters the public domain through no wrongful act or omission of Executive or the Banking Entities, (ii) is already known by the Executive at the time
of disclosure and such information is not otherwise subject to confidentiality obligations; (iii) is received from a third party who, to Executive’s knowledge, may disclose such information without violation of any confidentiality
obligation; or (iv) is independently developed by the Executive without reference to Confidential Information. This obligation shall survive the expiration or termination of Executive’s obligations under this Agreement. Notwithstanding the
foregoing, Executive understands that nothing contained in this Agreement limits Executive’s ability to file a 

  
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charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, or any other federal, state or local governmental
agency or commission (“Government Agencies”). Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or
proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to any Banking Entity related to the possible securities law violation. This Agreement does not limit Executive’s
right to receive any resulting monetary award for information provided to any Government Agency. 

3.    Consideration. In consideration of the severance payment or benefits that Executive may be entitled to
receive under his employment agreement with NCOM and NBC dated November 27, 2017 (the “Employment Agreement”) and an additional payment of $750,000, Executive hereby agrees to be subject to the covenants set forth in Sections 1
and 2 hereof. 
 4.    Acknowledgment. Executive agrees and acknowledges that: (i) this Agreement is
ancillary to the Merger Agreement; (ii) the provisions hereof are reasonable and necessary to protect the legitimate business interests of CenterState and CenterState Bank from and after the Effective Time; (iii) the breach of this
Agreement by Executive will result in irreparable harm to CenterState and the CenterState Bank; and (iv) Executive will not be subject to undue hardship by reason of his full compliance with the terms and conditions of Sections 1 and 2 of this
Agreement or CenterState’s or CenterState Bank’s enforcement thereof. 
 5.    Remedies. In the
event of a breach or threatened breach by Executive of Sections 1 or 2 of this Agreement, Executive hereby consents and agrees that CenterState and/or CenterState Bank shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach, without bond, from any court of competent jurisdiction in accordance with Section 6(d) below. The aforementioned equitable relief shall be in addition
to, not in lieu of, legal remedies, monetary damages or other available forms of relief. 

6.    Miscellaneous. 

(a)    Non-Assignability. This Agreement may not be assigned by Executive.

 (b)    Binding on Successors and Assigns. This Agreement shall inure to the benefit of and bind the respective
successors and permitted assigns of the parties hereto. Except as otherwise expressly provided herein, nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this Agreement
or their respective successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein, it being the intention of the parties to this Agreement that this Agreement
shall be for the sole and exclusive benefit of such parties or such successors and assigns and not for the benefit of any other person. 

(c)    Entire Agreement. This Agreement, along with any agreements referenced herein, contains the entire and
complete agreement among the parties with respect to the subject matter hereof, and supersede any prior or contemporaneous arrangements, agreements or understandings among the parties, written or oral, express or implied, that may have related to
the subject matter hereof. This Agreement may be amended only by a written instrument duly executed by the parties. In the event of any inconsistencies between any provision of this Agreement and the Employment Agreement, the provision of this
Agreement shall prevail. 

  
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 (d)    Governing Law. This Agreement shall in all respects be
interpreted, enforced, and governed under the laws of the State of Florida, without regard to conflict-of-laws provisions. Any action or proceeding by either of the
parties to enforce this Agreement shall be brought only in a state or federal court located in the State of Florida. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to
the maintenance of any such action or proceeding in such venue. 
 (e)    Notices. Notices and all other
communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such
other addresses as specified by the parties by like notice): 
 If to CenterState or CenterState Bank 

CenterState Bank, N.A. 

1101 First Street South, Suite 200 

Winter Haven, FL 33880 

Attention: John C Corbett, President & Chief Executive Officer 

With a copy to: Beth DeSimone, General Counsel, at the same address. 

If to Executive, to the most recent address on file with CenterState 

(f)    Severability. Whenever possible, each provision or portion of any provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

(g)    Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be
an original copy of this Agreement and all of which together will be deemed to constitute one and the same agreement. 

7.    Effective Date. This Agreement shall be effective as of the earlier of: (1) the Effective Time;
or (2) the date on which Executive receives any severance under his Employment Agreement and shall extend for the Restricted Period. The confidentiality provisions of Section 2 shall survive indefinitely. In the event the Merger Agreement
is terminated for any reason before such time, this Agreement shall be deemed null and void ab initio. 
 [Signature Page Follows]

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above. 
  

	
	CENTERSTATE BANK CORPORATION
	
	/s/ John C. Corbett
	Name:    John C. Corbett
	Title:     President & CEO
	
	CENTERSTATE BANK, N.A.
	
	/s/ John C. Corbett
	Name:    John C. Corbett
	Title:     Chief Executive Officer
	
	NATIONAL COMMERCE CORP
	
	/s/ Richard Murray, IV
	Name:    Richard Murray, IV
	Title:     Chairman and CEO
	
	NATIONAL BANK OF COMMERCE
	
	/s/ Richard Murray, IV
	Name:    Richard Murray, IV
	Title:     Chairman and CEO
	
	EXECUTIVE
	
	/s/ John H. Holcomb, III
	John H. Holcomb, III

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