Document:

exv10w1

 

EXHIBIT 10.1

Confidential Severance Agreement and General Release

          PHOENIX FOOTWEAR GROUP, INC. (“Company”) and RICHARD E. WHITE (“Employee”) hereby agree to end
their employment relationship on the following basis:

     1. Employee has submitted his voluntary resignation from all positions with the Company
effective June 30, 2006, and the Board effective May 10, 2006. He will be paid his normal salary
through that date, and any earned but unused vacation (160 hours), both to be paid in full by June
30, 2006, whether or not Employee signs this Agreement. In the meantime, Employee will cooperate
fully with an amicable and professional transition of responsibilities and perform any duties
required or actions requested by the Company. In addition, Employee will by June 2, 2006, return
to the Company all files, records, credit cards, keys, equipment, and any other Company property or
documents maintained by him for the Company’s use or benefit.

     2. Employee represents that he is resigning voluntarily and is signing this Agreement
voluntarily and with a full understanding of and agreement with its terms.

     3. In reliance on such voluntary resignation and representations and releases in this
Agreement, the Company will provide him with the following additional pay and benefits:

	 	a.	 	Employee’s current salary of $41,666.67 per month, less
legally required deductions, payable on the Company’s normal pay dates to and
including November 30, 2007.
	 
	 	b.	 	If Employee exercises his COBRA rights in a timely manner,
the Company will continue to pay its share of such premiums, on the same terms
and conditions applicable to other Officers, through November 30, 2007. If
Employee exercises his conversion rights to maintain his current life and
disability plans, and such plans accept such conversion, the Company will pay
the premiums for continuation of such plans through November 30, 2007. If any
such plan cannot be continued in such manner, the Company will pay the
premiums for a reasonably comparable plan through November 30, 2007.
	 
	 	c.	 	If Employee incurs actual out-of-pocket relocation expenses
to move himself and his family out of Southern California during the six
months after the effective date of this agreement which are not reimbursed by
another party or employer, the Company after reasonable verification will
reimburse such expenses up to $25,000.
	 
	 	d.	 	If Employee incurs an actual out-of-pocket mortgage penalty
expense from his present mortgage holder regarding his present

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	 	 	 	home in Rancho Santa Fe, the Company after reasonable verification by
Employee and the mortgage company will reimburse such expenses up to
$25,000.

	 	e.	 	Employee may take the laptop and docking station in his
office that he has been using after a Company official removes any Company
proprietary information.
	 
	 	f.	 	Employee may retain the cell phone he has been using but will
pay all charges incurred after May 12, 2006 and promptly transfer it to a new
account in his name.
	 
	 	g.	 	Employee will retain access to his Company email address
through June 30, 2006 and the Company will provide an auto reply feature if
feasible for a reasonable time to advise emailers of his new contact
information.

Employee agrees that he is not entitled to receive, and will not claim, any right, benefit, or
compensation other than what is expressly set forth in this paragraph, and hereby expressly waives
any claim to any compensation, benefit, or payment which is not expressly referenced in this
paragraph, other than his right to exercise any options he presently has in accordance with the
terms of the applicable grant and the stock option plan and any rights he has under the Company’s
401k plan based on his June 30, 2006 resignation date. However, Employee hereby agrees that in
exchange for other benefits in this Agreement, he has waived any right under Section 4(c) of his
Employment Agreement or otherwise to be awarded any options to purchase additional shares of
Company stock.

     4. In exchange for the pay and benefits provided in paragraph 3, Employee promises:

	 	a.	 	to keep this Agreement and its contents in complete
confidence and not to disclose the fact or terms of this Agreement or the fact
or amount of these additional payments to any person, including any past,
present, or prospective employee of the Company.
	 
	 	b.	 	not to disparage the Company or its products, services,
employees, or management.
	 
	 	c.	 	not to use or disclose any confidential information, trade
secrets, or financial, personnel, or client information which he learned while
employed by the Company.
	 
	 	d.	 	not to, during the 12 months after the effective date of this
Agreement, in any way, directly or indirectly, for himself or for any other
person, firm, corporation, partnership, association or other entity, attempt
to employ or enter into any contractual

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	 	 	 	arrangement with any employee or former employee of the Company or any of
its direct or indirect subsidiaries, unless such employee or former
employee has not been employed by such entity for a period in excess of
six months.

	 	e.	 	not to, during the 12 months after the effective date of this
Agreement, in any way, directly or indirectly, solicit to any persons or
entities which are or were customers of the Company during any portion of the
severance period or the 12 months preceding termination any products which are
similar to products which the Company is selling or has sold at any time
during the severance period.
	 
	 	f.	 	to reasonably cooperate with the Company with regard to any
legal, regulatory, or other matters which relate to the time he was employed
by the Company.

If Employee breaches any of the promises in this Agreement, the Company may stop any payments or
benefits otherwise owing under paragraph 3 and may seek additional relief or remedy under
paragraph 9 hereof.

     5. The Company’s Board of Directors agrees that it will not disparage employee’s performance
of his job. The Company’s public announcement of his resignation will be consistent with the
attached Exhibit A.

     6. Employee does hereby, for himself and his heirs, successors and assigns, release, acquit
and forever discharge the Company, and its officers, directors, managers, employees,
representatives, agents or attorneys, fiduciaries or benefit plans, related entities, affiliates,
successors, and assigns (the Released Parties), of and from any and all claims, actions, charges,
complaints, causes of action, rights, demands, debts, damages, or accountings of whatever nature,
known or unknown, which he or his heirs may have against such persons or entities based on any
actions or events which occurred prior to the effective date of this Agreement, including but not
limited to those related to, or arising from, Employee’s employment with the Company or his
termination thereof.

     In exchange for material portions of the additional pay and benefits provided in paragraph 3
and in accordance with the Older Workers Benefit Protection Act, Employee hereby knowingly and
voluntarily waives and releases all rights and claims, known and unknown, arising under the Age
Discrimination In Employment Act of 1967, as amended, which he might otherwise have had against the
Released Parties regarding any act or omission which occurred on or before the effective date of
this Agreement.

     7. It is further understood and agreed that as a condition of this Settlement, all rights
under Section 1542 of the Civil Code of the State of California are expressly waived by Employee.
Such Section reads as follows:

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“A General Release does not extend to claims which a creditor does
not know or suspect to exist in his favor at the time of executing
the Release, which if known by him must have materially affected
his settlement with the debtor.”

     8. This Agreement contains all of the terms, promises, representations, and understandings
made between the parties and supersedes any previous representations, understandings, or
agreements, except for (a) Section 5 of Employee’s June 15, 2004 Employment Agreement, and (b) the
Stock Option Plan, both of which continue in full force and effect.

     9. Employee is hereby advised (a) to consult with an attorney prior to signing this Agreement
and (b) that he has 21 days in which to consider and accept this Agreement by signing this
Agreement, which should then be promptly returned to the Company’s Board of Directors Member Fred
Port. In addition, Employee has a period of 7 days following his signing of this Agreement in
which he may revoke the Agreement. If Employee does not advise the Company (by a writing received
by Fred Port within such 7 day period) of his intent to revoke the Agreement, the Agreement will
become effective and enforceable upon the expiration of the 7 days.

     10. Any dispute regarding the validity or terms of this Agreement or any aspects of his
employment or its termination and any other disputes between these parties shall be resolved by an
arbitrator selected in accordance with the employment rules of JAMS in San Diego County, California
as the exclusive remedy for any such dispute, and in lieu of any court action, which is hereby
waived. The only exception is a claim by either party for injunctive relief pending arbitration.

	 	 	 	 	 	 	 	 	 	 	 
	PHOENIX FOOTWEAR GROUP, INC.	 	 	 	RICHARD E. WHITE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ James R. Riedman
	 	 	 	By:
	 	/s/ Richard E. White	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date Signed:	 	 	 	Date Signed	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	May 10, 2006	 	 	 	May 10, 2006	 	 

-4-Prepared and filed by St Ives Financial

 

	Exhibit 10.33

FORM OF

BRANDYWINE REALTY TRUST

RESTRICTED SHARE AWARD

This is a Restricted Share Award dated as of May 2, 2006, from Brandywine Realty Trust, a Maryland real estate investment trust (the “Company”) to ____________ (“Grantee”).  Terms used herein as defined terms and not defined herein have the meanings
assigned to them in the Brandywine Realty Trust 1997 Long-Term Incentive Plan, as amended from time to time (the “Plan”).

1. Definitions.  As used herein:

(a) “Award” means the award of Restricted Shares hereby granted.

(b) “Board” means the Board of Trustees of the Company, as constituted from time to time.

(c) “Change of Control” means “Change of Control” as defined in the Plan.

(d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

(e) “Committee” means the Committee appointed by the Board in accordance with Section 2 of the Plan, if one is appointed and in existence at the time of reference.  If no Committee has been appointed pursuant to Section 2, or if such a Committee is
not in existence at the time of reference, “Committee” means the Board.

(f) “Date of Grant” means May 2, 2006, the date on which the Company awarded the Restricted Shares.

(g) “Disability” means “Disability” as defined in the Plan.

(h) “Fair Market Value” means “Fair Market Value” as defined in the Plan.

(i) “Restricted Period” means, with respect to each Restricted Share, the period beginning on the Date of Grant and ending on the applicable Vesting Date for such Restricted Share.

(j) “Restricted Shares” means the 1,447 Shares which are subject to vesting and forfeiture in accordance with the terms of this Award.

(k) “Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, as in effect from time to time.

 

(l) “Share” means a common share of beneficial interest, $.01 par value per share, of the Company, subject to substitution or adjustment as provided in Section 3(c) of the Plan.

(m) “Trustee” means a member of the Board.

(n) “Vesting Date” means the date on which the restrictions imposed under Paragraph 3 on a Restricted Share lapse, as provided in Paragraph 4.

2. Grant of Restricted Shares.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to Grantee the Restricted Shares.

3. Restrictions on Restricted Share.  Subject to the terms and conditions set forth herein and in the Plan, prior to the Vesting Date in respect of Restricted Shares, Grantee shall not be permitted to sell, transfer, pledge or assign such Restricted Shares.  Share
certificates evidencing Restricted Shares shall be held in custody by the Company until the restrictions thereon have lapsed.  Concurrently herewith, Grantee shall deliver to the Company a share power, endorsed in blank, relating to the Restricted Shares covered by the
Award.  During the Restricted Period, share certificates evidencing Restricted Shares shall bear a legend in substantially the following form:

 

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE BRANDYWINE REALTY TRUST 1997 LONG-TERM
INCENTIVE PLAN, AS AMENDED, AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND BRANDYWINE REALTY TRUST.  COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL
OFFICES OF BRANDYWINE REALTY TRUST AND WILL BE MADE AVAILABLE TO ANY SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY.

4. Lapse of Restrictions for Restricted Shares.

(a) Subject to the terms and conditions set forth herein and in the Plan, the restrictions set forth in Paragraph 3 on each Restricted Share that has not been forfeited as provided in Paragraph 5 shall lapse on the earlier of: (i) the applicable Vesting Date
in respect of such Restricted Share; (ii) Grantee’s termination of service as a Trustee before the applicable Vesting Date because of Grantee’s death or Disability; or (iii) upon the occurrence of a Change of Control.

(b) Subject to Paragraph 4(a), a Vesting Date for Restricted Shares subject to the Award shall occur in accordance with the following schedule:

(i)     One-third of the Restricted Shares will vest on May 2, 2007;

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(ii)    An additional one-third of the Restricted Shares will vest on May 2, 2008;

(iii)    An additional one-third of the Restricted Shares will vest on May 2, 2009.

5. Forfeiture of Restricted Shares.

(a) Subject to the terms and conditions set forth herein, if Grantee terminates service as a Trustee prior to the Vesting Date for a Restricted Share for reasons other than death or Disability or a Change of Control, Grantee shall forfeit any such Restricted
Share which has not vested as of such termination of service.  Upon a forfeiture of the Restricted Shares as provided in this Paragraph 5, the Restricted Shares shall be deemed canceled.

(b) The provisions of this Paragraph 5 shall not apply to Restricted Shares as to which the restrictions of Paragraph 3 have lapsed.

6. Rights of Grantee.  During the Restricted Period, with respect to the Restricted Shares, Grantee shall have all of the rights of a shareholder of the Company, including the right to vote the Restricted Shares and the right to receive any distributions or
dividends payable on Shares.

7. Notices.  Any notice to the Company under this Award shall be made to:

Brandywine Realty Trust

401 Plymouth Road

Suite 500

Plymouth Meeting, PA  19462

Attention:  Chief Financial Officer

or such other address as may be provided to Grantee by written notice.  Any notice to Grantee under this Award shall be made to Grantee at the address listed in the Company’s records. All notices under this Award shall be deemed to have been given when hand-delivered,
telecopied or delivered by first class mail, postage prepaid, and shall be irrevocable once given.

8. Securities Laws.  The Committee may from time to time impose any conditions on the Restricted Shares as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3, and that Shares are issued and resold in compliance
with the Securities Act of 1933, as amended.

9. Delivery of Shares.  Upon a Vesting Date, the Company shall notify Grantee (or Grantee’s legal representatives, estate or heirs, in the event of Grantee’s death before a Vesting Date) that the restrictions on the Restricted Shares have lapsed.  Within ten
(10) business days of a Vesting Date, the Company shall, without payment from Grantee for the Restricted Shares, deliver to Grantee a certificate for the Restricted Shares without any legend or restrictions, except for such restrictions as may be imposed by the Committee, in
its sole judgment, under Paragraph 8, provided that no certificates for Shares will be delivered to Grantee until appropriate arrangements have been made with Company for the withholding of taxes (if any) which may be due with respect to such Shares.  The Company is
authorized to cancel a number of Shares for which the restrictions have lapsed having an aggregate Fair Market Value equal to the required tax withholdings (if any).  The Company may condition delivery of certificates for Shares upon the prior receipt from Grantee of any
undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws.  The right to payment of any fractional Shares shall be satisfied in cash, measured by the product of the fractional amount times
the Fair Market Value of a Share on the Vesting Date, as determined by the Committee.

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10. Award Not to Create Board Entitlement.  The Award granted hereunder shall not confer upon Grantee any right to continue on the Board.

11. Miscellaneous.

(a) The address for Grantee to which notice, demands and other communications are to be given or delivered under or by reason of the provisions hereof shall be the Grantee’s address as reflected in the Company’s records.

(b) This Award and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed in accordance with the laws of Pennsylvania.

 

	 	 	 	BRANDYWINE REALTY TRUST	 
	 	 	 	 	 
	 	 	 	BY: ________________________________	 
	 	 	 	TITLE:  President and Chief Executive Officer	 
	Accepted:
	 	 	 	 
	________________________________
	 	 	 	 

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