Document:

exv10w1

 

Exhibit 10.1

BRANDYWINE REALTY TRUST

PERFORMANCE SHARE AWARD

          This is a Performance Share Award dated as of February 9, 2007 (the “Date of Grant”), from
Brandywine Realty Trust, a Maryland real estate investment trust (the “Company”) to Gerard H.
Sweeney (“Grantee”). Terms used herein as defined terms and not defined herein have the meanings
assigned to them in the Brandywine Realty Trust Amended and Restated 1997 Long-Term Incentive
Plan, as amended from time to time (the “Plan”).

          1. Definitions. As used herein:

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

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

               (c) “Cause” means “Cause” as defined in the Employment Agreement or the Plan.

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

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

               (f) “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.

               (g) “Date of Grant” has the meaning shown above.

               (h) “Deferred Compensation Plan” means the Brandywine Realty Trust Executive Deferred
Compensation Plan, as in effect from time to time.

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

               (j) “Employer” means the Company or the Subsidiary for which Grantee is performing
services on the applicable Vesting Date.

               (k) “Employment Agreement” means the Amended and Restated Employment Agreement between
Grantee and the Company, dated as of February 9, 2007, as amended from time to time, or any
subsequent employment agreement between Grantee and the Company as in effect at the time of
determination.

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

 

 

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

               (n) “Performance Shares” means the 65,360 Shares which are subject to vesting and
forfeiture in accordance with the terms of this Award.

               (o) “Resignation for Good Reason” means “Resignation for Good Reason” as defined in
the Employment Agreement.

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

               (q) “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.

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

               (s) “Vesting Date” means the date(s) on which Grantee vests in all or a portion of the
Performance Shares, as provided in Paragraph 3.

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

          3. Vesting of Performance Shares.

               (a) Subject to the terms and conditions set forth herein and in the Plan, Grantee shall vest
in the Performance Shares on the Vesting Dates set forth in Paragraph 3(b), and as of each Vesting
Date, shall be entitled to the delivery of Shares with respect to such Performance Shares, provided
that either (i) on the Vesting Date, Grantee is, and has from the Date of Grant continuously been,
an employee of the company or a Subsidiary during the Performance period, or (ii) Grantee’s
termination of employment before the Vesting Date occurred because of Grantee’s death or
Disability.

               (b) Subject to Paragraphs 3(a) and 3(c), a Vesting Date for Performance Shares subject to the
Award shall occur in accordance with the following schedule:

	 	(i)	 	One-seventh of the Performance
Shares will vest on March 15, 2008;
	 
	 	(ii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2009;

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	 	(iii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2010;
	 
	 	(iv)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2011;
	 
	 	(v)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2012;
	 
	 	(vi)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2013; and
	 
	 	(vii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2014.

               (c) Notwithstanding Paragraphs 3(a) and 3(b), a Vesting Date for all Performance Shares shall
occur upon the occurrence of any of the following events, and the Performance Shares, to the extent
not previously vested, shall thereupon vest in full:

	 	(i)	 	A Change of Control, provided
that (A) as of the date of the Change of Control, Grantee is,
and has from the Date of Grant continuously been, an employee of
the Company or a Subsidiary or (B) Grantee’s termination of
employment before the date of the Change of Control occurred
because of Grantee’s death or Disability;
	 
	 	(ii)	 	The purchase of any common share
of beneficial interest of the Company pursuant to a tender or
exchange offer other than an offer by the Company, provided that
(A) as of the date of such purchase, Grantee is, and has from
the Date of Grant, continuously been, an employee of Company or
a Subsidiary or (B) Grantee’s termination of employment before
the date of such purchase occurred because of Grantee’s death or
Disability;
	 
	 	(iii)	 	Termination of the Grantee’s
employment by the Employer without Cause; or
	 
	 	(iv)	 	The Grantee’s resignation from
the Employer if such resignation is a Resignation for Good
Reason.

               (d) To the extent provided under the Deferred Compensation Plan, Grantee may elect to defer
receipt of Shares issuable with respect to Performance Shares. To the extent Grantee has elected
to defer the receipt of such Shares, such Shares shall be delivered at the time or times designated
pursuant to the Deferred Compensation Plan.

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          4. Forfeiture of Performance Shares.

               (a) Subject to the terms and conditions set forth herein, if Grantee terminates employment
with the Company and all Subsidiaries prior to the Vesting Date for a Performance Share for reasons
other than as described in Paragraph 3(c)(iii) or (iv) Grantee shall forfeit any such Performance
Share which has not vested as of such termination of employment, provided that Grantee shall not,
on account of such termination, forfeit Performance Shares which have not vested as of Grantee’s
termination of employment with the Employer because of death or Disability. Upon a forfeiture of
the Performance Shares as provided in this Paragraph 4, the Performance Shares shall be deemed
canceled.

               (b) The provisions of this Paragraph 4 shall not apply to Performance Shares as to which a
Vesting Date has occurred.

          5. Rights of Grantee. During the Performance Period, with respect to the Performance
Shares, Grantee shall have the right to receive a cash payment equal to the value of any
distributions or dividends payable with respect to Shares.

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

Brandywine Realty Trust

555 East Lancaster Avenue

Suite 100

Radnor, PA 19087

Attention: Chief Executive 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 personnel files. 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.

          7. Securities Laws. The Committee may from time to time impose any conditions on the
Performance 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.

          8. 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 Performance Shares have vested. Except to the extent that Grantee has elected to
defer the delivery of Shares under the Deferred Compensation Plan, within ten (10) business days of
a Vesting Date, the Company shall, without payment from Grantee, deliver to Grantee a certificate
for a number of Shares equal to the number of vested Performance Shares without any legend or
restrictions, except for such restrictions as may be imposed by the Committee, in its sole
judgment, under Paragraph 7, provided that no certificates for Shares will be delivered to Grantee
until appropriate arrangements have been made with Employer for the withholding of any taxes which
may be due with respect to such Shares. The Company is authorized to withhold from any cash
remuneration then or thereafter payable to Grantee an amount sufficient to cover required tax
withholdings and is further authorized to cancel a number

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of Shares for which the restrictions have lapsed having an aggregate Fair Market Value equal
to the required tax withholdings. 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.

          9. Award Not to Affect Employment. The Award granted hereunder shall not confer upon
Grantee any right to continue in the employment of the Company or any Subsidiary.

          10. 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 personnel 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: 	 	 
	 	 	 	 
	 

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Exhibit 10.2

Deferrable Form

BRANDYWINE REALTY TRUST

PERFORMANCE SHARE AWARD

          This is a Performance Share Award dated as of February 9, 2007 (“Date of Grant”) 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 Performance Shares hereby granted.

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

               (c) “Cause” means “Cause” as defined in the Plan.

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

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

               (f) “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.

               (g) “Date of Grant” has the meaning shown above.

               (h) “Deferred Compensation Plan” means the Brandywine Realty Trust            Executive
Deferred Compensation Plan, as in effect from time to time.

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

               (j) “Employer” means the Company or the Subsidiary for which Grantee is performing
services on the applicable Vesting Date.

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

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

 

 

               (m) “Performance Shares” means the ________ Shares which are subject to vesting and
forfeiture in accordance with the terms of this Award.

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

               (o) “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.

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

               (q) “Vesting Date” means the date(s) on which Grantee vests in all or a portion of the
Performance Shares, as provided in Paragraph 3.

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

          3. Vesting of Performance Shares.

               (a) Subject to the terms and conditions set forth herein and in the Plan, Grantee shall vest
in the Performance Shares on the Vesting Dates set forth in Paragraph 3(b), and as of each Vesting
Date, shall be entitled to the delivery of Shares with respect to such Performance Shares; provided
that either (i) on the Vesting Date, Grantee is, and has from the Date of Grant continuously been,
an employee of the Company or a Subsidiary during the Performance Period, or (ii) Grantee’s
termination of employment before the Vesting Date occurred because of Grantee’s death or
Disability.

               (b) Subject to Paragraphs 3(a) and 3(c), a Vesting Date for Performance Shares subject to the
Award shall occur in accordance with the following schedule:

	 	(i)	 	One-seventh of the Performance
Shares will vest on March 15, 2008;
	 
	 	(ii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2009;
	 
	 	(iii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2010;
	 
	 	(iv)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2011;
	 
	 	(v)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2012;

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	 	(vi)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2013; and
	 
	 	(vii)	 	An additional one-seventh of the
Performance Shares will vest on January 15, 2014.

               (c) Notwithstanding Paragraphs 3(a) and 3(b):

	 	(i)	 	a Vesting Date for all
Performance Shares shall occur upon the occurrence of a Change
of Control, and the Performance Shares, to the extent not
previously vested, shall thereupon vest in full, provided that:

	 	(A)	 	as of the date of
the Change of Control, Grantee is, and has from the Date
of Grant continuously been, an employee of the Company
or a Subsidiary or
	 
	 	(B)	 	Grantee’s
termination of employment before the date of the Change
of Control occurred because of Grantee’s death or
Disability.

	 	(ii)	 	To the extent provided under the
Deferred Compensation Plan, Grantee may elect to defer the
receipt of Shares issuable with respect to Performance Shares.
To the extent Grantee has elected to defer the receipt of such
Shares, such Shares shall be delivered at the time or times
designated pursuant to the Deferred Compensation Plan.

          4. Forfeiture of Performance Shares.

               (a) Subject to the terms and conditions set forth herein, if Grantee terminates employment
with the Company and all Subsidiaries prior to the Vesting Date for a Performance Share for reasons
other than death or Disability, Grantee shall forfeit any such Performance Share which has not
vested as of such termination of employment. Grantee shall not forfeit Performance Shares which
have not vested as of Grantee’s termination of employment with the Employer because of death or
Disability.

               Upon a forfeiture of the Performance Shares as provided in this Paragraph 4, the Performance
Shares shall be deemed canceled.

               (b) The provisions of this Paragraph 4 shall not apply to Performance Shares as to which a
Vesting Date has occurred.

          5. Rights of Grantee. During the Performance Period, with respect to the Performance
Shares, Grantee shall have the right to receive a cash payment equal to the value of any
distributions or dividends payable with respect to Shares.

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

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Brandywine Realty Trust

555 E. Lancaster Ave., Suite 100

Radnor, PA 19087

Attention: Chief Executive 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 personnel files. 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.

          7. Securities Laws. The Committee may from time to time impose any conditions on the
Performance 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.

          8. 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 Performance Shares have vested. Except to the extent that Grantee has elected to
defer the delivery of Shares under the Deferred Compensation Plan, within ten (10) business days of
a Vesting Date, the Company shall, without payment from Grantee, deliver to Grantee a certificate
for a number of Shares equal to the number of vested Performance Shares without any legend or
restrictions, except for such restrictions as may be imposed by the Committee, in its sole
judgment, under Paragraph 7, provided that no certificates for Shares will be delivered to Grantee
until appropriate arrangements have been made with Employer for the withholding of any taxes which
may be due with respect to such Shares. The Company is authorized to withhold from any cash
remuneration then or thereafter payable to Grantee an amount sufficient to cover required tax
withholdings and is further 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. 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.

          9. Award Not to Affect Employment. The Award granted hereunder shall not confer upon
Grantee any right to continue in the employment of the Company or any Subsidiary.

          10. 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 personnel records.

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               (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: 	 	 
	 	 	Gerard H. Sweeney 	 
	 	 	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	Accepted:

	[GRANTEE] 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

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