Document:

PG&E Corp. 2010 Executive Stock Ownership Guidelines

 Exhibit 10.3 
 PG&E CORPORATION 
 2010 EXECUTIVE STOCK OWNERSHIP GUIDELINES

 (As adopted effective January 1, 2011) 

 

	1.	Description. The 2010 Executive Stock Ownership Guidelines (“Guidelines”) was approved by the Compensation Committee of the PG&E Corporation Board
of Directors effective January 1, 2011. The Guidelines are an important element of the Committee’s compensation policy of aligning executive interests with those of the Corporation’s shareholders. The Guidelines are administered by
the PG&E Corporation Senior Human Resources Officer. 

  

	2.	Ownership Targets. The applicable total stock ownership targets (“Target”) are: 

 

					
	 Officer Band
	 	 Position
	 	 Total Stock

Ownership Target

			
	 1
	 	Chairman, CEO and President, PG&E Corporation	 	6× base salary
			
	 2
	 	 President, Pacific Gas
 and Electric Company
 SVP and Chief Operating Officer

SVP and Chief Financial Officer
 SVP, Corporate Strategy
 and Development

SVP and General Counsel
	 	3× base salary
			
	 3
	 	SVPs of PG&E Corporation and Pacific Gas and Electric Company (Utility)	 	1.5× base salary

Conformance with the applicable Targets will be determined as of December 31 of each calendar year (“Measurement Date”).
Targets will be based on base salary in effect on the Measurement Date. 
  

	3.	Retention Ratio. Under the Guidelines, Officers are expected to hold 50 percent of their net shares realized from options exercises or stock or stock unit
vesting, after withholding for the exercise price and taxes, until the applicable Target is met. 

  

	4.	 Calculation of Stock Ownership Levels. The value of the stock or stock equivalents owned by the Eligible Executive, as of the Measurement Date,
is based on the average closing price of PG&E Corporation common stock as traded on the New 

	 	 
York Stock Exchange for the last thirty (30) trading days of the year, (“Measurement Value”). 

 

	 	a)	The value of stock beneficially owned by the Eligible Executive is determined by multiplying the number of shares owned beneficially on the Measurement Date times the
Measurement Value. 

  

	 	b)	The value of PG&E Corporation phantom stock units credited to the Eligible Executive’s account in the PG&E Corporation Supplemental Retirement Savings Plan
(“SRSP”) is determined by multiplying the number of phantom stock units in the Eligible Executive’s SRSP account on the Measurement Date times the Measurement Value. 

 

	 	c)	The value of stock held in the PG&E Corporation stock fund of any defined contribution plan maintained by PG&E Corporation or any of its subsidiaries is
determined by multiplying the number of shares in such fund on the Measurement Date times the Measurement Value. 

  

	 	d)	The value of unvested restricted stock and/or restricted stock units held by an Eligible Executive is determined by multiplying the number of shares that the Eligible
Executive would be entitled to receive if the Eligible Executive voluntarily terminated his or her employment on the Measurement Date. 

  
 2Exhibit 10.30

  
 WASHINGTON REAL ESTATE
INVESTMENT TRUST 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 

(As Amended and Restated, Effective October 27, 2010) 

  
 TABLE OF
CONTENTS 
  
  

							
	  	  	 	  	Page	 
	 ARTICLE 1
	  	 PURPOSE; EFFECTIVE DATE
	  	 	1	  
			
	 1.1
	  	Purpose	  	 	1	  
			
	 ARTICLE 2
	  	 DEFINITIONS
	  	 	1	  
			
	 2.1
	  	Account	  	 	1	  
			
	 2.2
	  	Beneficiary	  	 	1	  
			
	 2.3
	  	Board	  	 	1	  
			
	 2.4
	  	Change in Control	  	 	2	  
			
	 2.5
	  	Committee	  	 	2	  
			
	 2.6
	  	Company	  	 	2	  
			
	 2.7
	  	Deferral Commitment	  	 	2	  
			
	 2.8
	  	Deferral Period	  	 	3	  
			
	 2.9
	  	Determination Date	  	 	3	  
			
	 2.10
	  	Director	  	 	3	  
			
	 2.11
	  	Earnings	  	 	3	  
			
	 2.12
	  	Fees	  	 	3	  
			
	 2.13
	  	Form of Payment Designation	  	 	3	  
			
	 2.14
	  	Participant	  	 	4	  
			
	 2.15
	  	Plan	  	 	4	  
			
	 2.16
	  	Plan Benefit	  	 	4	  
			
	 2.17
	  	Plan Year	  	 	4	  
			
	 2.18
	  	Retirement	  	 	4	  
			
	 2.19
	  	RSU	  	 	4	  
			
	 2.20
	  	Separation from Service	  	 	4	  
			
	 2.21
	  	Share	  	 	4	  
			
	 2.22
	  	Stock Award	  	 	4	  
			
	 ARTICLE 3
	  	 PARTICIPATION AND DEFERRAL COMMITMENTS
	  	 	5	  
			
	 3.1
	  	Eligibility and Participation	  	 	5	  
			
	 3.2
	  	Form of Deferral	  	 	5	  

  
 i 

  

							
			
	 3.3
	  	Commitment Limited by Termination	  	 	6	  
			
	 3.4
	  	Modification of Deferral Commitment	  	 	6	  
			
	 ARTICLE 4
	  	 DEFERRED COMPENSATION ACCOUNT
	  	 	6	  
			
	 4.1
	  	Account	  	 	6	  
			
	 4.2
	  	Determination of Accounts	  	 	6	  
			
	 4.3
	  	Vesting of Accounts and RSUs	  	 	6	  
			
	 4.4
	  	Statement of Accounts and RSUs	  	 	7	  
			
	 ARTICLE 5
	  	 PLAN BENEFITS
	  	 	7	  
			
	 5.1
	  	Benefits Upon Termination/Separation from Service	  	 	7	  
			
	 5.2
	  	Death Benefit	  	 	7	  
			
	 5.3
	  	Form of Payment	  	 	7	  
			
	 5.4
	  	Valuation and Settlement	  	 	8	  
			
	 5.5
	  	Payment to Guardian	  	 	8	  
			
	 ARTICLE 6
	  	 BENEFICIARY DESIGNATION
	  	 	9	  
			
	 6.1
	  	Beneficiary Designation	  	 	9	  
			
	 6.2
	  	Changing Beneficiary	  	 	9	  
			
	 6.3
	  	No Beneficiary Designation	  	 	9	  
			
	 6.4
	  	Effect of Payment	  	 	9	  
			
	 ARTICLE 7
	  	 ADMINISTRATION
	  	 	10	  
			
	 7.1
	  	Committee; Duties	  	 	10	  
			
	 7.2
	  	Agents	  	 	10	  
			
	 7.3
	  	Binding Effect of Decisions	  	 	10	  
			
	 7.4
	  	Indemnity of Committee	  	 	10	  
			
	 7.5
	  	Election of Committee After Change in Control	  	 	10	  
			
	 ARTICLE 8
	  	 CLAIMS PROCEDURE
	  	 	11	  
			
	 8.1
	  	Claim	  	 	11	  
			
	 8.2
	  	Denial of Claim	  	 	11	  
			
	 8.3
	  	Review of Claim	  	 	11	  
			
	 8.4
	  	Final Decision	  	 	11	  
			
	 ARTICLE 9
	  	 AMENDMENT AND TERMINATION OF PLAN
	  	 	12	  
			
	 9.1
	  	Amendment	  	 	12	  
			
	 9.2
	  	Company’s Right to Terminate	  	 	12	  

							
			
	 ARTICLE 10
	  	 MISCELLANEOUS
	  	 	13	  
			
	 10.1
	  	Unfunded Plan	  	 	13	  
			
	 10.2
	  	Company Obligation	  	 	13	  
			
	 10.3
	  	Unsecured General Creditor	  	 	13	  
			
	 10.4
	  	Trust Fund	  	 	13	  
			
	 10.5
	  	Nonassignability	  	 	14	  
			
	 10.6
	  	Not a Contract of Employment	  	 	14	  
			
	 10.7
	  	Protective Provisions	  	 	14	  
			
	 10.8
	  	Governing Law	  	 	14	  
			
	 10.9
	  	Validity	  	 	14	  
			
	 10.10
	  	Notice	  	 	14	  
			
	 10.11
	  	Successors	  	 	15	  
			
	 10.12
	  	Section 409A of the Code	  	 	15	  

  
 WASHINGTON REAL
ESTATE INVESTMENT TRUST 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 

(AS AMENDED AND RESTATED) 
 ARTICLE 1 
 PURPOSE; EFFECTIVE DATE 

1.1 Purpose 
 The purpose of this restated Deferred Compensation Plan for Directors is to provide current tax planning opportunities to Board Members of the Company. 

1.2 Effective Date 
 The Plan was originally effective as of December 1, 2000. The Plan, as amended and restated, is effective October 27, 2010. 

ARTICLE 2 

DEFINITIONS 
 For the purposes of this Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise: 

2.1 Account 
 “Account” means the account maintained by the Company to measure and determine the amounts to be paid to a Participant under the Plan. The maintenance of these Accounts is for recordkeeping
purposes only and shall not require any segregation of assets. 
 2.2 Beneficiary 

“Beneficiary” means the person, persons or entity as designated by the Participant, entitled under Article VI to receive any
Plan Benefits payable after the Participant’s death. 
 2.3 Board 

“Board” means the Board of Directors of the Company. 

  
 2.4 Change in
Control 
 “Change in Control” means an occasion upon which (i) any ‘person’ (as such term is used
in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as now in effect or as hereafter amended (‘Exchange Act’)) other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
a corporation controlled by the Company, acquires (either directly and/or through becoming the ‘beneficial owner’ (as defined in Rule 13d-3 under the Exchange Act)), directly or indirectly, securities of the Company representing 40% or
more of the combined voting power of the Company’s then outstanding securities (or has acquired securities representing 40% or more of the combined voting power of the Company’s then outstanding securities during the 12-month period ending
on the date of the most recent acquisition of Company securities by such person); or (ii) during any period of twelve (12) consecutive months (not including any period prior to the adoption of this Plan), individuals who at the beginning
of such period constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clauses (i) or (iii) of this Paragraph) whose
election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or (iii) any of (a) the Company consummates a merger, consolidation, reorganization, recapitalization or statutory share exchange (a
‘Business Combination’), other than a Business Combination which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the combined voting power and at least 50% of the combined total fair market value of the securities of the Company or such surviving entity outstanding immediately after such Business
Combination, (b) the Company’s shareholders approve a plan of complete liquidation of the Company, or (c) the Company completes the sale or other disposition of all or substantially all of its assets in one or a series of
transactions.” 
 2.5 Committee 
 “Committee” means the committee appointed by the Board to administer the Plan pursuant to Article VII. The initial Committee so designated by the Board shall be the Administrative Committee.

 2.6 Company 
 “Company” means Washington Real Estate Investment Trust, a Maryland corporation, and directly or indirectly affiliated subsidiary corporations, any other affiliate designated by the Board, or
any successor to the business thereof. 
 2.7 Deferral Commitment 

“Deferral Commitment” means a commitment made by a Participant to defer a percentage of Fees pursuant to Article III or to defer
a percentage of an annual Stock Award pursuant to Article III. The Deferral Commitment shall apply to each installment of Fees 

  
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otherwise payable to a Participant and to each grant of an annual Stock Award otherwise payable to a Participant. A Deferral Commitment shall remain in effect until amended or revoked as provided
under Section 3.2. 
 2.8 Deferral Period 
 “Deferral Period” means each calendar year. The initial Deferral Period, however, shall be January 1, 2001 through and including December 31, 2001. 

2.9 Determination Date 
 “Determination Date” means the last day of each calendar month. 

2.10 Director 
 “Director” means a member of the Board of Washington Real Estate Investment Trust. 
 2.11 Earnings 
 “Earnings” means, with respect to the portion of a
Director’s Account associated with Fees deferred pursuant to Article III, a rate of interest. The rate shall be the yield on 10-year U.S. Treasury Securities as of January 1 of the Plan Year. Such rate may be changed to any other rate
approved by the Board as of any subsequent January 1. With respect to an annual Stock Award which has been deferred and converted into RSUs pursuant to Article III, ‘Earnings’ means an amount of cash equivalent to the aggregate amount
of dividends as of the date such dividends are declared which would have been paid on a number of Shares equal to the number of whole RSUs outstanding during the time period in question. Such cash equivalent amount shall be credited to the Account
as of the date on which corresponding dividends are paid on actual Shares. The balance of each Participant’s Account attributable to dividends credited to such Account under this Section 2.11 shall in turn be credited with Earnings in
future calendar quarters in the same manner as Earnings are credited to fees, as of the last day of each calendar quarter and at such other times as the Committee may determine in its discretion. 

2.12 Fees 

“Fees” means the Directors’ fees otherwise payable to the Participant by the Company. 

2.13 Form of Payment Designation 
 “Form of Payment Designation” means the form prescribed by the Committee and completed by the Participant, indicating the chosen form of payment for benefits payable under this Plan, as elected
by the Participant. 

  
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 2.14 Participant

 “Participant” means any Director who is eligible, pursuant to Section 3.1, to participate in this Plan, and
who has elected to defer Fees or an annual Stock Award under this Plan. 
 2.15 Plan 

“Plan” means this Deferred Compensation Plan for Directors as amended from time to time. 

2.16 Plan Benefit 
 “Plan Benefit” means the benefit payable to the Participant as calculated in Article V. 
 2.17 Plan Year 
 “Plan Year” means the consecutive twelve
(12) month period ending on each December 31. 
 2.18 Retirement 

“Retirement” means termination of Directors’ duties with the Trust on the date the Participant attains age seventy (70).

 2.19 RSU 
 “RSU” means a Restricted Share Unit, [issued under the authority of the Share Grant Plan, or any successor of such plan,] which has a value equal to the value of one Share. 

2.20 Separation from Service 
 “Separation from Service” means the definition set forth in Treas. Reg. § 1.409A-1(h). 
 2.21 Share 
 “Share” means a share of beneficial interest in WRIT
that is publicly traded on the New York Stock Exchange. 
 2.22 Stock Award 

“Stock Award” means the annual award which is otherwise paid to a Director in December by the Company. 

  
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 ARTICLE 3

 PARTICIPATION AND DEFERRAL COMMITMENTS 
 3.1 Eligibility and Participation. 
 (a) Eligibility. Eligibility to
participate in the Plan shall be limited to individuals who are Directors. 
 (b) Participation. A
Director’s participation in the Plan shall be effective upon election to the Board of Directors of the Company and completion and submission of a Deferral Commitment and a Form of Payment Designation to the Committee by the thirtieth (30th) day of the second (2nd) month immediately preceding the
beginning of the Deferral Period. Such Deferral Commitment and Form of Payment Designation shall remain in effect with respect to each succeeding Deferral Period, until such time as another Deferral Commitment is filed with the Committee as
described in Section 3.2(b) below. 
 (c) Part-Year Participation. When an individual first becomes eligible to
participate during a Deferral Period, a Deferral Commitment may be submitted to the Committee within thirty (30) days after the Committee notifies the individual of eligibility to participate. Such Deferral Commitment will be effective only
with regard to Fees earned following submission of the Deferral Commitment to the Committee. 
 3.2 Form of Deferral

 A Participant may elect a Deferral Commitment as follows: 

(a) Form of Deferral Commitment. A Deferral Commitment may apply to each installment of Fees otherwise payable by the Company to a
Participant during the Deferral Period. The Deferral Commitment may provide that all or any portion of such deferred Fees be credited to the Participant’s Account. In addition, and if so elected by the Participant, a Deferral Commitment may
also cause a designated percentage or flat dollar amount of Fees and/or a designated percentage or flat dollar amount of the annual Stock Award, which would otherwise have been paid to the Participant in December by the Company, to be converted into
RSUs having a fair market value equal to the value of the number of whole Shares which the Participant has elected to so convert. Any excess amount representing the value of less than a whole Share shall be credited to the Participant’s Account
and treated in the same manner as a deferred Fee for all purposes of this Plan. 
 (b) Period of Commitment. Once a
Participant has made a Deferral Commitment, that Commitment shall remain in effect for that Deferral Period and shall remain in effect for all future Deferral Periods unless revoked or amended in writing by the Participant and delivered to the
Committee no later than November 30 of the year preceding the Deferral Period for which it is in intended to be effective. 

  
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 3.3 Commitment
Limited by Termination 
 If a Participant terminates from the Board of the Company prior to the end of the Deferral Period,
the Deferral Period shall end as of the date of termination. 
 3.4 Modification of Deferral Commitment 

A Deferral Commitment shall be irrevocable by the Participant during a Deferral Period. 

ARTICLE 4 

DEFERRED COMPENSATION ACCOUNT 
 4.1 Account 
 For recordkeeping purposes only, an Account shall be
maintained for each Participant and shall be subject to periodic credits and adjustments as described herein. The Account shall be a book-keeping device utilized for the sole purpose of determining the benefits payable under the Plan and shall not
constitute a separate fund of assets. 
 4.2 Determination of Accounts 

Each Account as of each Determination Date shall consist of the balance of the Account as of the immediately preceding Determination Date,
adjusted as follows: 
 (a) New Deferrals. The Account shall be increased by any deferred Fees credited since such
Determination Date, any amount treated as a divided equivalent amount under Section 2.11 and any amount reflecting a portion of a deferred Fee or Stock Award that was not converted into a RSU under Section 3.2(a). RSUs issued to a
Participant shall be recorded in the Plan’s files but shall not be treated as an addition to a Participant’s Account. 

(b) Distributions. The Account shall be reduced by any benefits distributed to the Participant since such immediately preceding
Determination Date. 
 (c) Earnings. The Account shall be increased by the Earnings on the average daily balance in the
Account since such immediately preceding Determination Date. 
 4.3 Vesting of Accounts and RSUs 

A Participant shall be one hundred percent (100%) vested at all times in the amount of Fees elected to be deferred under this Plan
and Earnings thereon credited to the Participant’s Account, in all RSUs issued to the Participant and in any associated dividends deemed attributable to such RSUs (which dividends shall also be credited to the Participant’s Account).

  
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 4.4 Statement of
Accounts and RSUs 
 The Committee shall give to each Participant a statement showing the balances in the Participant’s
Account and the outstanding number of RSUs both on an annual basis and at such times as may be determined by the Committee. 

ARTICLE 5 

PLAN BENEFITS 
 5.1 Benefits Upon Termination/Separation from Service 
 If a Participant
terminates as a Director for the Board of the Company and (with respect to any portion of a Participant’s Account which is subject to Section 409A) incurs a Separation from Service for any reason other than death, the Company shall pay the
Participant benefits equal to the full balance in the Participant’s Account and all outstanding RSUs. 
 5.2 Death
Benefit 
 Upon the death of the Participant, the Company shall pay to the Participant’s Beneficiary an amount
determined as follows: 
 (a) If the Participant dies prior to termination as a Director for the Board of the Company (including
Retirement), the amount payable under this paragraph shall be in lieu of any other benefit payment under this Plan and shall equal the Participant’s Account and all outstanding RSUs. 

(b) If the Participant dies after termination or Retirement as a Director for the Board of the Company, the amount payable shall be equal
to the remaining unpaid balance of the Participant’s Account and all outstanding RSUs. 
 5.3 Form of Payment

 Retirement, termination and death benefits, both benefits attributable to a Participant’s Account as well as benefits
attributable to a Participant’s RSUs, shall be paid in the form of benefit as provided below, specified by the Participant in the Form of Payment Designation unless the benefit is based on a “small account” as defined in Subsection
(c) below. Payments shall commence no later than sixty (60) days after all information necessary to calculate the benefit amount has been received by the Company following the date of Retirement, termination, or death. The Form of Payment
Designation selected in (a) or (b) below shall be for the entire Account as well as all RSUs. If upon termination or Retirement, the Participant’s most recent election as to the form of payment was made within one (1) year of
such termination or Retirement, then the prior election shall be used to determine the form of payment. The forms of benefit payment associated with the Account and RSUs are: 
 (a) A lump-sum amount which is equal to (i) the Account and (ii) all RSUs issued to the Participant; or 

  
 -7-

  
 (b) Equal annual
installments which are equal to (i) the Account and (ii) all RSUs, both amortized over a period of up to five (5), ten (10), fifteen (15) or twenty (20) years. 

Earnings on the unpaid balance of the Account in connection with payments made on an installment basis shall be equal to the average rate
of Earnings which would have been applicable on the Account over the thirty-six (36) months immediately preceding the commencement of benefit payments. In the event that a Participant dies prior to receipt of all installments payable in
connection with an elected installment payment method, the Beneficiary of the remaining payments may request the Committee to accelerate the payment of some or all of the remaining installments. The Committee may consider any such request in its
sole discretion but shall not be bound to grant any such request. 
 (c) Small Account. If the aggregate value of (i) the
Participant’s Account and (ii) all RSUs issued to the Participant is under fifty thousand dollars ($50,000) on the Valuation Date as defined in Section 5.5, the benefit shall be paid in a lump sum. Notwithstanding the above and with
respect to distributions involving RSUs, Shares shall be distributed in an amount equal to the number of RSUs associated with such distributions. 
 5.4 Valuation and Settlement 
 The last day of the month in which the
Participant terminates, or dies shall be the Valuation Date. The amount of any lump sum payment and the initial amount of installments shall be based on the value of the Participant’s Account balance and RSUs on the Valuation Date. The date on
which a lump sum is paid or the date on which installments commence shall be the settlement date. The settlement date shall be no more than sixty-five (65) days after the Valuation Date. All payments shall be made as of the first (1st) day
of the month. 
 5.5 Payment to Guardian 
 If a Plan Benefit is otherwise payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of property, the Committee may direct payment to the guardian, legal
representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution. Such distribution
shall completely discharge the Committee and Company from all liability with respect to such benefit. 

  
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 ARTICLE 6

 BENEFICIARY DESIGNATION 
 6.1 Beneficiary Designation 
 Each Participant shall have the right, at any
time, to designate one (1) or more persons or entities as Beneficiary (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of Participant’s death prior to complete distribution of the
Participant’s Account balance. Each Beneficiary designation shall be in a written form prescribed by the Committee and shall be effective only when filed with the Committee during the Participant’s lifetime. 

6.2 Changing Beneficiary 
 Any Beneficiary designation may be changed by an unmarried Participant without the consent of the previously named Beneficiary by the filing of a new Beneficiary designation with the Committee. [A
married Participant’s Beneficiary designation may be changed by a Participant with the consent of the Participant’s spouse as provided for in Section 6.1 above, by the filing of a new Beneficiary designation with the Committee.
TBD with Client] The filing of a new designation shall cancel all designations previously filed. 
 6.3 No Beneficiary
Designation 
 If any Participant fails to designate a Beneficiary in the manner provided above, if the designation is void,
or if the Beneficiary designated by a deceased Participant dies before the Participant or before complete distribution of the Participant’s benefits, the Participant’s Beneficiary shall be the person in the first of the following classes
in which there is a survivor: 
 (a) The Participant’s surviving spouse; 

(b) The Participant’s children in equal shares, except that if any of the children predeceases the Participant but leaves issue
surviving, then such issue shall take, by right of representation, the share the deceased child would have taken if living; 

(c) The Participant’s estate. 
 6.4 Effect of Payment 
 Payment to the Beneficiary shall completely
discharge the Company’s obligations under this Plan. 

  
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 ARTICLE 7

 ADMINISTRATION 
 7.1 Committee; Duties 
 This Plan shall be administered by the Committee,
which shall consist of not less than three (3) persons appointed by the Board, except after a Change in Control as provided in Section 7.5 below. The Committee shall have the authority to make, amend, interpret and enforce all appropriate
rules and regulations for the administration of the Plan and decide or resolve any and all questions, including interpretations of the Plan, as may arise in such administration. A majority vote of the Committee members shall control any decision.
Members of the Committee may be Participants under this Plan. 
 7.2 Agents 

The Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to
time consult with counsel who may be counsel to the Company. 
 7.3 Binding Effect of Decisions 

The decision or action of the Committee with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 

7.4 Indemnity of Committee 
 The Company shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this
Plan on account of such member’s service on the Committee, except in the case of gross negligence or willful misconduct. 

7.5 Election of Committee After Change in Control 
 After a Change in Control, vacancies on the Committee shall be filled by majority vote of the remaining Committee members and Committee members may be removed only by such a vote. If no Committee members
remain, a new Committee shall be elected by majority vote of the Participants in the Plan immediately preceding such Change in Control. No amendment shall be made to Article VII or other Plan provisions regarding Committee authority with respect to
the Plan without prior approval by the Committee. 

  
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 ARTICLE 8

 CLAIMS PROCEDURE 
 8.1 Claim 
 Any person or entity claiming a benefit, requesting an
interpretation or ruling under the Plan (hereinafter referred to as “Claimant”), or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing as soon as practicable.

 8.2 Denial of Claim 
 If the claim or request is denied, the written notice of denial shall state: 
 (a)
The reasons for denial, with specific reference to the Plan provisions on which the denial is based; 
 (b) A description of any
additional material or information required and an explanation of why it is necessary; and 
 (c) An explanation of the
Plan’s claim review procedure. 
 8.3 Review of Claim 

Any Claimant whose claim or request is denied or who has not received a response within sixty (60) days may request a review by
notice given in writing to the Committee. Such request must be made within sixty (60) days after receipt by the Claimant of the written notice of denial, or in the event Claimant has not received a response sixty (60) days after receipt by
the Committee of Claimant’s claim or request. The claim or request shall be reviewed by the Committee which may, but shall not be required to, grant the Claimant a hearing. On review, the Claimant may have representation, examine pertinent
documents, and submit issues and comments in writing. 
 8.4 Final Decision 

The decision on review shall normally be made within sixty (60) days after the Committee’s receipt of Claimant’s claim or
request. If an extension of time is required for a hearing or other special circumstances, the Claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall be in writing and shall state the reasons
and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 

  
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 ARTICLE 9

 AMENDMENT AND TERMINATION OF PLAN 
 9.1 Amendment 
 The Board may at any time amend the Plan by written
instrument, notice of which is given to all Participants and to Beneficiaries receiving installment payments, subject to the following: 
 (a) Preservation of Account Balance. No amendment shall reduce the amount accrued in any Account or the outstanding amount of any RSUs to the date such notice of the amendment is given. 

(b) Changes in Earnings Rate. No amendment shall reduce, either prospectively or retroactively, the rate of Earnings to be credited to
the amount already accrued in a Participant’s Account and any Fees or other additions to be credited to the Account under Deferral Commitments already in effect on that date. 

The Board may also effectuate an amendment to the Plan through a written Board resolution which shall be viewed as part of this Plan. If
such resolution applies to fewer then all Participants and Beneficiaries, then only those Participants and Beneficiaries who are directly affected by such resolution need be given notice of such resolution. 

9.2 Company’s Right to Terminate 
 The Board may at any time partially or completely terminate the Plan if, in its judgment, the tax, accounting or other effects of the continuance of the Plan, or potential payments thereunder would not be
in the best interests of Company. 
 (a) Partial Termination. The Board may partially terminate the Plan by instructing the
Committee not to accept any additional Deferral Commitments. If such a partial termination occurs, the Plan shall continue to operate and be effective with regard to Deferral Commitments entered into prior to the effective date of such partial
termination. 
 (b) Complete Termination. The Board may completely terminate the Plan by instructing the Committee not to accept
any additional Deferral Commitments, and by terminating all ongoing Deferral Commitments. In the event of complete termination, the Plan shall cease to operate and Company shall pay out each Account. Payment shall be made as a lump sum or in equal
monthly installments, based on the Account balance, provided, however, that in the event of a complete termination of the Plan subsequent to a Change in Control, payment of the entire Account in a lump sum will be made no more than thirty
(30) days subsequent to the effective date of such complete termination. Notwithstanding the above, the payment of any portion of an Account which is subject to Section 409A may not be accelerated except in compliance with the provisions
of Treas. Reg. Section 1.409A-3(j)(4)(ix) or such other events and conditions which may be permitted in generally applicable guidelines published in the Internal Revenue Bulletin. The Board reserves any discretion to distribute benefits in
accordance with the requirements of such regulations and/or such guidelines 

  
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 Earnings shall
continue to be credited on the unpaid balance in each Account. Earnings on the unpaid balance shall be equal to the average rate of Earnings which would have been applicable on the Account over the thirty-six (36) months immediately preceding
the partial or complete termination. 
 ARTICLE 10 

MISCELLANEOUS 
 10.1 Unfunded Plan 
 This Plan is an unfunded plan maintained primarily to
provide deferred compensation benefits for a select group of “management or highly-compensated employees” within the meaning. of Sections 201, 301 and 401 of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the Board may terminate the Plan and make no further benefit payments or remove certain employees as Participants if it is
determined by the United States Department of Labor, a court of competent jurisdiction, or an opinion of counsel that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA (as currently in effect or
hereafter amended) which is not so exempt. 
 10.2 Company Obligation 

The obligation to make benefit payments to any Participant under the Plan shall be an obligation solely of the Company. 

10.3 Unsecured General Creditor 
 Except as provided in Section 10.4, Participants and Beneficiaries shall be unsecured general creditors, with no secured or preferential right to any assets of Company or any other party for payment
of benefits under this Plan. Any property held by Company for the purpose of generating the cash flow for benefit payments shall remain its general, unpledged and unrestricted assets. Company’s obligation under the Plan shall be an unfunded and
unsecured promise to pay money in the future. 
 10.4 Trust Fund 

Company shall be responsible for the payment of all benefits provided under the Plan. At its discretion, Company may establish one
(1) or more Trusts, with such Trustees as the Board may approve, for the purpose of providing for the payment of such benefits. Although such a Trust shall be irrevocable, its assets shall be held for payment of all of Company’s general
creditors in the event of insolvency. To the extent any benefits provided under the Plan are paid from any such Trust, Company shall have no further obligation to pay them. If not paid from the Trust, such benefits shall remain the obligation of
Company. 

  
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 10.5
Nonassignability 
 Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be
unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other
person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 10.6 Not a Contract of Employment 
 This Plan shall not constitute a
contract of employment between Company and the Participant. Nothing in this Plan shall give a Participant the right to be retained in the service of Company or to interfere with the right of Company to discipline or discharge a Participant at any
time. 
 10.7 Protective Provisions 
 A Participant will cooperate with Company by furnishing any and all information requested by Company, in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as
Company may deem necessary and taking such other action as may be requested by Company. 
 10.8 Governing Law 

The provisions of this Plan shall be construed and interpreted according to the laws of the State of Maryland, except as preempted by
federal law. 
 10.9 Validity 
 If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as
if such illegal and invalid provision had never been inserted herein. 
 10.10 Notice 

Any notice required or permitted under the Plan shall be sufficient if in writing and hand delivered or sent by registered or certified
mail. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Mailed notice to the Committee shall be directed to the
Company’s address. Mailed notice to a Participant or Beneficiary shall be directed to the individual’s last known address in Company’s records. 

  
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 10.11 Successors

 The provisions of this Plan shall bind and inure to the benefit of Company and its successors and assigns. The term
successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Company, and successors of any such
corporation or other business entity. 
 10.12 Section 409A of the Code 

To the extent that such requirements are applicable, the Plan is intended to comply with the requirements of Section 409A and shall
be interpreted and administered in accordance with that intent. If any provision of the Plan would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. The nature of any
such amendment shall be determined by the Board. Notwithstanding the above, if the Participant qualifies as a “specified employee,” as defined in Treas. Reg. Section 1.409A-1(i), incurs a Separation from Service for any reason other
than death and becomes entitled to a distribution under the Plan, then to the extent required by Section 409A, no distribution otherwise payable to the Participant during the first six (6) months after the date of such Separation from
Service, shall be paid to the Participant until the date which is one day after the date which is six (6) months after the date of such separation from service (or, if earlier, the date of the Participant’s death). 

 

			
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ Laura M. Franklin

		 	Laura M. Franklin
		 	EVP and Corporate Secretary

			
		
	Dated:	 	 October 22, 2010

  
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