Document:

exv10w1

 

Exhibit 10.1

Personal and Confidential

January 15, 2008

Mr. Robert K Wiberg

Dear Bob:

As a follow up to our continuing discussions, we are pleased to extend to you a new letter of
employment that not only restates your current position and benefits, including change-in-control
protection, but also removes the non-compete restrictions in your current employment agreement.

	 	 	 
	Current Title:

	 	Executive Vice President and Senior Managing Director
	 
	 	 
	Effective Date:

	 	January 6, 2008
	 
	 	 
	Currently Reports To:

	 	President and Chief Executive Officer
	 
	 	 
	Date of Hire:

	 	June 18, 1984
	 
	 	 
	Base Salary:

	 	$270,000
	 
	 	 

	 	 	 
	Performance Reviews:

	 	Annually in the 1st
Quarter — evaluation standards will
be consistent with other company
officers and center on previously
communicated goals for you,
including your regional and national
responsibilities.
	 
	 	 
	Benefits:

	 	Medical, dental and vision insurance per
Brandywine’s group plans; 401K plan; Executive
Deferred Compensation Plan; Long Term Disability
coverage; four (4) weeks vacation; Life
Insurance; Death or Disability Benefit in an
amount equal to the change of control payment
(see below).
	 
	 	 
	Change-In-control:

	 	Bob, we are pleased to extend to you the attached
Change-In-Control and Severance Protection
Agreement which keeps in place for you protection
in the event of a change-in-control. The
agreement carries a multiple of 2.0. Bob, the
purpose of this letter of employment is to
further bring all Brandywine senior officers
under a similar employment arrangement. In this
respect this letter agreement, which becomes
effective on January 6, 2008, hereby supersedes
your current Employment Agreement dated November 1, 2005, and that former agreement is now
terminated.
	 
	 	 
	 

	 	Bob, we further acknowledge and agree that
between the date of this letter and January 5,
2009, that if you are terminated without cause,
then you will fully vest in the 6,900 restricted
shares that you were awarded at the merger.
	 
	 	 
	At-Will Employment:

	 	Subject to any specific exceptions above, your
employment is on an at-will basis, which allows
Brandywine or you to terminate your employment at
any time, for any reason. Neither this letter,
nor any other written or verbal communication, is
intended to create a contract, and your
employment is not intended to be for any specific
duration. If the Company terminates you, then
you will be entitled to severance payments
consistent with the Company’s past practices for
comparable employees, and as part of that process
you will be credited with tenure with the Company
using the Date of Hire above.

 

 

	 	 	 
	Confidential Information:

	 	You acknowledge that, as an employee of
Brandywine, you will acquire information about
certain matters which are confidential and which
information is the exclusive property of
Brandywine, including, but not necessarily
limited to: (a) information concerning strategic
planning, market research, and operations; (b)
information concerning pricing, marketing and
sales policies, methods, techniques and concepts,
in respect of products and services provided or
to be provided by Brandywine; (c) names and
addresses, course of dealing with and preferences
of customers and tenants of Brandywine; and (d)
names and addresses of suppliers and prices
charged by suppliers. Accordingly, you undertake
to treat confidentially all information and agree
not to disclose it to any third party either
during your employment, except as may be
necessary to perform your duties, or after
termination of your employment, for any reason,
except with the written permission of Brandywine.
	 
	 	 
	Non-Solicitation:

	 	You agree that for one year after your employment
with Brandywine ends, you will not (1) solicit,
directly or indirectly, for purposes of competing
with Brandywine, any customer or tenant with
which Brandywine shall have dealt or any
prospective customer or tenant that Brandywine
shall have identified and solicited at any time
during your employment; or (2) employ or retain,
or arrange to have any other person or entity
employ or retain, any person who has been
employed or retained by Brandywine as an
employee, consultant, agent or director, nor will
you influence such person to modify or curtail
his or her relationship with Brandywine.

Bob, we are delighted to offer you this employment arrangement and change-in-control
protection. We have much to achieve together and as a company, and I look forward to working with
you to help meet those goals. If you have any questions in the meantime, please do not hesitate to
contact me.

Best personal regards,

 

Gerard H. Sweeney

President & Chief Executive Officer
 
 

Robert K. Wiberg               Date

** This form is being filed pursuant to a compensation arrangement.exv10w2

 

Exhibit 10.2

CHANGE-IN-CONTROL

AND

SEVERANCE PROTECTION AGREEMENT

THIS CHANGE-IN-CONTROL AND SEVERANCE PROTECTION AGREEMENT is entered into as of the 15th
day of January, 2008 by and between Robert K. Wiberg (“Executive”) and Brandywine Realty Trust (the
“Company”), and shall be effective as of January 6, 2008.

WHEREAS, Executive is currently employed by the Company and/or a Subsidiary (as defined below) of
the Company;

WHEREAS, in order to encourage Executive to remain an employee of the Company and/or a Subsidiary,
the Company is entering into this Agreement with Executive.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Payment Obligation: Change of Control. The Company agrees that if (i) a Change of Control of the
Company occurs at a time when Executive is then an employee of the Company and/or a Subsidiary of
the Company and (ii) within 730 days following the occurrence of the Change of Control (a) the
Company or the purchaser or successor thereto (the “Purchaser”) terminates the employment of
Executive other than for Cause or (b) Executive resigns for Good Reason:

a. then the Company or Purchaser will be obligated to pay to Executive an amount equal to the
product of: (x) 2.0 multiplied by (y) the sum of (1) Executive’s annual base salary as in effect at
the time the Change of Control occurs and (2) the annual bonus paid to Executive in the calendar
year immediately preceding the calendar year in which the Change of Control occurs (unless the
Board, at the time of grant of the bonus award, provides that the value of the bonus shall not be
taken into account for purposes of this Agreement). Payment of the amounts provided for in this
Section 1.a shall be made as soon as reasonably practicable following Executive’s termination or
resignation, but, in any event, not later than ten (10) days after such termination or resignation.

b. Executive shall be entitled to medical coverage until the earlier of (1) the last day of the 730
day period following the date of termination or resignation or (2) the date on which the Executive
is eligible for coverage under a plan maintained by a new employer or under a plan maintained by
his spouse’s employer. Coverage shall be provided at the level in effect at the date of his
termination or resignation (or generally comparable coverage) for himself and, where applicable,
his spouse and dependents, as such coverage may be changed by the Company from time to time for
employees generally, as if the Executive had continued in employment during such period; or, cash
in lieu of such coverage in an amount equal to the Executive’s after-tax cost of continuing such
coverage, where such coverage may not be continued (or where such continuation would adversely
affect the tax status of the plan pursuant to which the coverage is provided). The COBRA health
care continuation coverage period under section 4980B of the Code shall run concurrently with the
foregoing benefit period. In addition, Executive shall be entitled to continuation of all group
term life insurance benefits (but not including any supplemental life insurance benefits provided
to executives), or the equivalent coverage if provision of such coverage is not possible under the
group term life insurance policy, at no cost to Executive for the 730 day period following the date
of Executive’s termination or resignation.

2. Payment Obligation: Death or Disability. The Company agrees that if Executive dies or becomes
Disabled at a time when Executive is then an employee of the Company and/or a Subsidiary of the
Company, then the Company will pay to Executive or his estate, as applicable, an amount equal to
the product of: (x) 2.0 multiplied by (y) the sum of (1) Executive’s base salary as in effect at
the time the death or Disability occurs and (2) the annual bonus paid to Executive in the calendar
year immediately preceding the calendar year in which the death or Disability occurs.

3. No Right to Employment. This Agreement shall not confer upon Executive any right to remain an
employee of the Company or a Subsidiary of the Company, and shall only entitle Executive to the
payments and benefits in the limited circumstances set forth in Paragraphs 1 and 2 above.

4. Certain Definitions. As used herein:

a. “Board” means the Board of Trustees of the Company, as constituted from time to time.

b. “Cause” has the meaning assigned to it in the Plan (except that references in such Plan
definition to “Company” shall be interpreted to mean the Company or Purchaser, as applicable).

c. “Change of Control” means:

(1) the acquisition in one or more transactions by any “Person” (as the term person is used for
purposes of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) of “Beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of twenty-five percent (25%) or more of the combined voting power of the Company’s
then outstanding voting

 

 

securities (the “Voting Securities”), provided that for purposes of this clause (1) Voting
Securities acquired directly from the Company by any Person shall be excluded from the
determination of such Person’s Beneficial ownership of Voting Securities (but such Voting
Securities shall be included in the calculation of the total number of Voting Securities then
outstanding); or

(2) approval by shareholders of the Company of:

(a) a merger, reorganization or consolidation involving the Company if the shareholders of the
Company immediately before such merger, reorganization or consolidation do not or will not own
directly or indirectly immediately following such merger, reorganization or consolidation, more
than fifty percent (50%) of the combined voting power of the outstanding voting securities of the
company resulting from or surviving such merger, reorganization or consolidation in substantially
the same proportion as their ownership of the Voting Securities outstanding immediately before such
merger, reorganization or consolidation;

(b) a complete liquidation or dissolution of the Company; or

(c) an agreement for the sale or other disposition of all or substantially all of the assets of the
Company; or

(3) acceptance by shareholders of the Company of shares in a share exchange if the shareholders of
the Company immediately before such share exchange do not or will not own directly or indirectly
immediately following such share exchange more than fifty percent (50%) of the combined voting
power of the outstanding voting securities of the entity resulting from or surviving such share
exchange in substantially the same proportion as their ownership of the Voting Securities
outstanding immediately before such share exchange; or

(4) a change in the composition of the Board over a period of twenty four (24) months or less such
that a majority of the Board members ceases to be comprised of individuals who either: (a) have
been board members continuously since the beginning of such period; or (b) have been elected or
nominated for election as Board members during such period by at least a majority of the Board
members described in clause (a) who were still in office at the time such election or nomination
was approved by the Board.

d. “Code” means the Internal Revenue Code of 1986, as amended.

e. “Disability” means a disability of Executive which renders Executive unable to perform the full
extent of his duties and responsibilities by reason of his illness or incapacity which would
entitle that person to receive Social Security Disability Income under the Social Security Act, as
amended, and the regulations thereunder. “Disabled” shall mean having a Disability. The
determination of whether Executive is Disabled shall be made by the Board, whose determination
shall be conclusive.

f. “Good Reason” means any of the following:

(1) a reduction in Executive’s base salary as in effect at the time of the Change of Control;

(2) a significant adverse alteration in the nature or status of Executive’s responsibilities from
those in effect at the time of the Change of Control; or

(3) relocation of the place where Executive performs his day-to-day responsibilities at the time of
the Change of Control by more than thirty (30) miles.

g. “Plan” means the Company’s 1997 Long-Term Incentive Plan, as amended.

h. “Subsidiary” means, in respect of the Company or parent, a subsidiary company, whether now or
hereafter existing, as defined in Sections 424(f) and (g) of the Code, and any other entity 50% or
more of the economic interests in which are owned, directly or indirectly, by the Company.

i. Tax Withholding, Etc. All compensation payable under this Agreement shall be subject to
customary withholding taxes and other employment taxes as required with respect to compensation
paid by an employer to an employee and the amount of compensation payable hereunder shall be
reduced appropriately to reflect the amount of any required withholding. The Company shall have no
obligation to make any payments to the Executive or make the Executive whole for the amount of any
required taxes.

5. Miscellaneous.

a. Controlling Law. This Agreement, and all questions relating to its validity, interpretation,
performance and enforcement, shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania.

b. Entire Agreement. This Agreement contains the entire understanding among the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and understandings,
inducements or conditions, express or implied, oral or written, except as herein contained. This
Agreement may not be modified or amended other than by an agreement in writing.

c. Liability of Trustees, etc. No recourse shall be had for any obligation of the Company
hereunder, or for any claim based thereon or otherwise in respect thereof, against any past,
present or future trustee, shareholder, officer or employee of the Company, whether by virtue of
any statute

 

 

or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being expressly waived and released by Executive.

 

 

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

	 	 	 	 	 
	 	BRANDYWINE REALTY TRUST

 	 
	 	By:  	 	 
	 	 	Gerard H. Sweeney 	 
	 	 	President and Chief Executive Officer 	 
	 

Robert K. Wiberg                                             

-6-

** This form is being filed pursuant to a compensation arrangement.

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