Document:

exv10w2

Exhibit 10.2

BRANDYWINE REALTY TRUST

AMENDED AND RESTATED 1997 LONG-TERM INCENTIVE PLAN

RESTRICTED PERFORMANCE SHARE UNIT AND DIVIDEND EQUIVALENT RIGHTS

AWARD AGREEMENT

ISSUED PURSUANT TO THE

2009-2011 RESTRICTED PERFORMANCE SHARE UNIT PROGRAM

          This RESTRICTED PERFORMANCE SHARE UNIT AND DIVIDEND EQUIVALENT RIGHTS AWARD AGREEMENT (the
“Award Agreement”), dated as of the 1st day of April, 2009, is between Brandywine Realty Trust, a
Maryland real estate investment trust (the “Trust”), and
                                         
(the “Grantee”).

          WHEREAS, the Trust’s Compensation Committee (the “Committee”) established the Brandywine
Realty Trust 2009-2011 Restricted Performance Share Unit Program (the “Program”) under the
Brandywine Realty Trust Amended and Restated 1997 Long-Term Incentive Plan (the “Plan”);

          WHEREAS, the Plan provides for the award of “Performance Shares” (as defined in the Plan)
(which award is referred to as a “Restricted Performance Share Unit” or an “RSU” in the Program and
herein) to participants following the attainment of a designated corporate performance goal;

          WHEREAS, the Program treats dividend equivalent rights (“DERs” as defined the Program) as
additional Performance Shares;

          WHEREAS, the Program designates a corporate performance goal that determines if and the extent
to which Shares will become deliverable to a participant in the Program based on his or her
Restricted Performance Share Units;

          WHEREAS, the Grantee may defer delivery of his or her Shares (if deliverable) until a later
date and, if so deferred, the Grantee will be awarded additional DERs with respect to such Shares;
and

          WHEREAS, DERs awarded with respect to Restricted Performance Share Units and deferred Shares
will be expressed as a dollar amount, which will be applied to “purchase” additional Restricted
Performance Share Units and notional shares of the Trust, as applicable (on which DERs will also be
awarded), and will be settled in actual shares of the Trust (and in cash to the extent the
Grantee’s account holds a fractional Restricted Performance Share Unit or notional share);

          NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

     1. Potential Award of Shares

          (a) The Grantee is hereby awarded a number of initial “Base Units” (as defined in the Program)
equal to                      Restricted Performance Share Units. The Grantee’s Base Units will increase in
number pursuant to the “purchase” of additional Restricted Performance Share Units with DERs, as
described in subsections (b) and (e) below.

          (b) The Grantee is hereby awarded a DER with respect to each of his or her Base Units, as such
number of units may be increased from time to time pursuant to subsection (e) below. If the
Grantee makes a deferral election under Section 4(f) of the Program, the Grantee shall also be
awarded DERs with respect to each deferred Share.

 

 

          (c) The Trust hereby promises to deliver to the Grantee the number of Shares that Grantee
becomes entitled to under Section 4 of the Program (if any). Unless the Grantee elects to make a
deferral election pursuant to Section 4(f) of the Program, in which case Shares will be delivered
in accordance with such election, the Shares shall be delivered on (i) March 1, 2012 or (ii) in the
event of a “Change in Control” (as defined in the Program) prior to January 1, 2012, on the fifth
calendar day after the end of the “Measurement Period” (as defined in the Program) or (iii) in the
event of termination of a Participant covered in Section 4(c) of the Program, on or before the
thirtieth day after the date of termination of the Participant (as applicable, the “Delivery
Date”). This Award Agreement is in all respects limited and conditioned as hereinafter provided,
and is subject in all respects to the terms and conditions of the Program and the Plan now in
effect and as they may be amended from time to time; provided, that no amendment may adversely
affect an issued Award Agreement without the written consent of the affected Grantee. The terms
and conditions of the Program and the Plan are incorporated herein by reference, made a part
hereof, and shall control in the event of any conflict with any other terms of the Award Agreement.

          (d) If, on or prior to the last day of the Measurement Period, (i) the Grantee incurs a
Disability Termination, or (ii) the Grantee dies, then the Grantee (or the Grantee’s
beneficiary(ies), if applicable) shall be eligible to receive Shares (if any) under the Program as
if the Measurement Period ended on last day of the month in which termination or death occurred and
as though the Grantee had remained employed by the Employer through such date.

          (e) DERs awarded with respect to Restricted Performance Share Units will be expressed as a
specific dollar amount equal in value to the amount of dividends paid on an actual Share on a
specific date (the “Dividend Date”) during the Measurement Period, multiplied by the Grantee’s Base
Units as of the Dividend Date. The Committee will apply the dollar amount to “purchase” full and
fractional Restricted Performance Share Units at “Share Value” (as defined in the Program), which
will be subject to Section 4(a) of the Program, and on which DERs thereafter will also be awarded.
The Grantee’s additional Restricted Performance Share Units will be replaced by issued Shares (and
by cash, to the extent the Grantee holds a fractional Restricted Performance Share Unit) and
delivered to the Grantee (if at all) in accordance with Section 4 of the Program.

          DERs awarded with respect to deferred Shares will also be expressed as a specific dollar
amount equal in value to the amount of dividends paid on an actual Share on a Dividend Date during
the deferral period, multiplied by the number of Shares still deferred by the Grantee as of the
Dividend Date. The Committee will apply the dollar amount to “purchase” full and fractional
notional shares at the closing price on the Dividend Date, on which DERs thereafter will also be
awarded. The Grantee’s notional shares will be recorded in a bookkeeping account, and will be 100%
vested. The Grantee’s notional shares will be replaced by issued Shares (and by cash, to the
extent the Grantee holds a fractional notional share) and delivered to the Grantee (if at all) in
accordance with Section 4 of the Program.

     2. Share Certificates. Certificates for Shares delivered pursuant to the Program
shall be registered in the Grantee’s name (or, if the Grantee so requests, in the name of the
Grantee and the Grantee’s spouse, jointly with right of survivorship).

     3. Transferability. The Grantee may not, except by will or by the laws of descent and
distribution, assign or transfer his or her Restricted Performance Share Units or notional Shares.
The Grantee may assign or transfer, in whole or in part, Shares delivered hereunder pursuant to the
Program.

     4. Withholding of Taxes. The obligation of the Trust to deliver Shares shall be
subject to applicable federal, state and local tax withholding requirements. If the amount
includible in the Grantee’s income as a result of the delivery of Shares is subject to the
withholding requirements of applicable tax law, the Grantee, subject to the provisions of the Plan
and such withholding rules as may be applicable (the “Withholding Rules”), may satisfy the
withholding tax, in whole or in part, by electing to have the Trust withhold Shares (or by
returning Shares to the Trust) pursuant to the Withholding Rules. Such Shares shall be valued, for
this purpose, at their “Fair Market Value” (as defined in the Plan) on the Delivery Date Such
election must be made in compliance with and subject to the Withholding Rules, and the Trust may
not withhold Shares in excess of that number necessary to satisfy the minimum federal, state and
local income tax and Social Security (“FICA”) withholding requirements. Notwithstanding the
foregoing, the Trust may limit the number of Shares withheld to the extent necessary to avoid
adverse accounting consequences.

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     5. Share Ownership Requirements. For purposes of the share ownership requirements of
the Trust’s governance guidelines, the Shares issued to the Grantee under the Program shall be
treated as though they were restricted shares that became vested upon issuance. However, any share
ownership requirement that results from this provision shall immediately lapse upon the Grantee’s
termination of employment with the Employer.

     6. Governing Law. This Award Agreement shall be construed in accordance with, and its
interpretation shall be governed by, applicable federal law and otherwise by the laws of the State
of Maryland (without reference to the principles of the conflict of laws).

          IN WITNESS WHEREOF, the Trust has caused this Award Agreement to be duly executed by its duly
authorized officer and the Grantee has hereunto set his or her hand all as of the day and year
first above written.

	 	 	 	 	 
	 	BRANDYWINE REALTY TRUST

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 	Grantee 	 
	 

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Exhibit 10.3

General Form

BRANDYWINE REALTY TRUST

INCENTIVE STOCK OPTION

          This is an Incentive Stock Option Award (the “Award”) from Brandywine Realty Trust, a
Maryland real estate investment trust (the “Company”), to                      (“Optionee”)
and is dated April 1, 2009 (the “Date of Grant”). 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) “Board” means the Board of Trustees of the Company, as constituted from time to
time.

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

               (c) “Change of Control” means a “Change of Control” as defined in the Plan; provided
that if the Change in Control arises from a transaction described in clause (ii)(A) of the
definition of “Change in Control” in the Plan, then a Change of Control shall occur hereunder on
the date of the closing or effectiveness of such transaction.

               (d) “Closing” means the closing of the acquisition and sale of the Shares as described
in, and subject to the provisions of, Paragraph 8 hereof.

               (e) “Closing Date” means the date of the Closing.

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

               (g) “Common Share” means a common share of beneficial interest, $.01 par value per
share, of the Company.

               (h) “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.

               (i) “Date of Exercise” means the date on which the notice required by Paragraph 5
hereof is given.

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

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

 

 

               (l) “Expiration Date” means the earliest of the following:

	 	(i)	 	If the Optionee terminates
employment with the Company for any reason other than death,
Disability or for Cause, 5:00 p.m. on the date 90 days following
such termination of employment;
	 
	 	(ii)	 	If the Optionee terminates
employment with the Company because of death or Disability, 5:00
p.m. on the first anniversary of the date the Optionee
terminates employment because of death or Disability;
	 
	 	(iii)	 	If the Optionee terminates
employment with the Company for Cause, 5:00 p.m. on the date of
such termination of employment;
	 
	 	(iv)	 	The close of business on the date
of a Change of Control;
	 
	 	(v)	 	5:00 p.m. on the day before the
tenth anniversary of the Date of Grant.

               (m) “Fair Market Value” means the Fair Market Value of a Share, as determined pursuant
to the Plan.

               (n) “Option” means the option to purchase Shares hereby granted.

               (o) “Option Price” means $2.91 per Share. In the event of any recapitalization, Share
distribution or dividend, Share split or combination, the Option Price shall be equitably and
proportionally adjusted. The Option Price shall also be subject to adjustment pursuant to Section
3(c) of the Plan if, as and to the extent determined by the Committee in its sole discretion.

               (p) “Shares” means the
                    
Common Shares which are the subject of the Option
hereby granted. In the event of any recapitalization, Share distribution or dividend, Share split
or combination, the number of Shares that remain subject to the Option shall be equitably and
proportionally adjusted if, as and to the extent determined by the Committee in its sole
discretion. The number of Shares that remain subject to the Option shall also be subject to
adjustment pursuant to Section 3(c) of the Plan if, as and to the extent determined by the
Committee in its sole discretion.

               (q) “Subsidiary” means, with respect to the Company, a subsidiary company, whether now
or hereafter existing, as defined in section 424(f) of the Code.

          2. Grant of Option. Subject to the terms and conditions set forth herein and in the
Plan, the Company hereby grants to the Optionee the Option to purchase any or all of the Shares.

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          3. Time of Exercise of Options.

               (a) Subject to Paragraph 3(b), the Option may be exercised on or after the third anniversary
of the Date of Grant, and shall remain exercisable until the Expiration Date, when the right to
exercise shall terminate absolutely. Notwithstanding the foregoing, no Shares subject to the
Option shall first become exercisable following the Optionee’s termination of employment.

               (b) Notwithstanding Paragraph 3(a), the Option shall become fully exercisable upon the
earliest of (i) the occurrence of a Change of Control, (ii) the death of the Optionee or (iii) the
Disability of the Optionee. In addition, notwithstanding anything to the contrary set forth in the
Plan, upon or in anticipation of any Change in Control, the Committee may, in its sole and absolute
discretion and without the need for the consent of the Optionee, take one or more of the following
actions contingent upon the occurrence of that Change in Control: (i) cause the Option to become
fully vested and immediately exercisable for a reasonable period in advance of the Change in
Control and, to the extent not exercised prior to that Change in Control, cancel the Option upon
closing of the Change in Control; (ii) cancel the Option, in whole or in part, in exchange for a
substitute option in a manner consistent with the requirements of Treas. Reg. §1.424-1(a) or any
successor rule or regulation (notwithstanding the fact that the original Option was not intended to
satisfy the requirements for treatment as an Incentive Stock Option); or (iii) cancel the Option,
in whole or in part, in exchange for cash and/or other substitute consideration with a value equal
to (A) the number of Shares subject to the Option, multiplied by (B) the difference, if any,
between the Fair Market Value per Share on the date of the Change in Control and the Option Price;
provided, that if the Fair Market Value per Share on the date of the Change in Control does not
exceed the Option Price of the Option, the Committee may cancel the Option without any payment of
consideration therefor. In the discretion of the Committee, any cash or substitute consideration
payable upon cancellation of the Option may be subjected to earn-out, escrow, holdback or similar
arrangements, to the extent such arrangements are applicable to any consideration paid to
shareholders in connection with the Change in Control.

          4. Payment for Shares. Full payment for Shares purchased upon the exercise of an
Option may be made in cash. In addition, this Option may be exercised through means of a “net
settlement,” whereby the Option Price will be satisfied by cancellation of the Company’s obligation
to issue a number of Common Shares otherwise issuable upon such exercise, which number of Common
Shares will be equal to: (A) the total Option Price payable to acquire the number of Shares as to
which the Option is then being exercised divided by (B) the then current Fair Market Value per
Common Share. The number of Shares actually issuable upon such exercise will then be equal to the
difference between the number of Shares as to which the Option is then being exercised and the
number of Shares described in the preceding sentence. Without limiting the foregoing, payment for
Shares purchased upon the exercise of an Option may, at the election of the Optionee and as the
Committee may, in its discretion, approve, by surrendering Common Shares with an aggregate Fair
Market Value equal to the aggregate Option Price.

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          5. Manner of Exercise. The Option shall be exercised by giving written notice of
exercise to:

Brandywine Realty Trust

555 East Lancaster Avenue

Suite 100

Radnor, PA 19087

Attention: General Counsel

All notices under this agreement shall be deemed to have been given when hand-delivered, telecopied
or transmitted electronically and shall be irrevocable once given.

          6. Nontransferability of Option. The Option may not be transferred or assigned by the
Optionee otherwise than by will or by the laws of descent and distribution, and all Options shall
be exercisable, during the Optionee’s lifetime, only by the Optionee, or, in the event of his
Disability, by his personal representative; and any attempt at assignment or transfer contrary to
the provisions of the Plan or the levy of any execution, attachment or similar process upon the
Option shall be null and void and without effect. Any exercise of the Option by a person other
than the Optionee shall be accompanied by appropriate proofs of the right of such person to
exercise the Option.

          7. Securities Laws. The Committee may from time to time impose any conditions on the
exercise of the Option as it deems necessary or appropriate to comply with the then-existing
requirements of the Securities Act of 1933, as amended, or of the Securities Exchange Act of 1934,
as amended, including Rule 16b-3 (or any similar rule) of the Securities and Exchange Commission.
If the listing, registration or qualification of Shares issuable on the exercise of the Option upon
any securities exchange or under any federal or state law, or the consent or approval of any
governmental regulatory body is necessary as a condition of or in connection with the purchase of
such Shares, the Company shall not be obligated to issue or deliver the certificates (if any)
representing the Shares otherwise issuable on the exercise of the Option unless and until such
listing, registration, qualification, consent or approval shall have been effected or obtained. If
registration is considered unnecessary by the Company or its counsel, the Company may cause a
legend to be placed on such Shares calling attention to the fact that they have been acquired for
investment and have not been registered.

          8. Issuance of Certificate at Closing; Payment of Cash. Subject to the provisions of
this Paragraph 8, the Closing Date shall occur as promptly as is feasible after the exercise of the
Option. Subject to the provisions of Paragraphs 7 and 9 hereof, a certificate for the Shares
issuable on the exercise of the Option shall be delivered to the Optionee or to his personal
representative, heir or legatee at the Closing, provided that no certificates for Shares
will be delivered to the Optionee or to his personal representative, heir or legatee unless the
Option Price has been paid in full and provided further that the Company may elect to
provide for the issuance and delivery of the Shares via book entry or in uncertificated form.

          9. Rights Prior to Exercise. The Optionee shall not have any right as a shareholder
with respect to any Shares subject to his Options until the Option shall have been exercised in
accordance with the terms of the Plan and this Award and the Optionee shall have

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paid the full purchase price for the number of Shares in respect of which the Option was
exercised, provided that in the event that the Optionee’s employment with the Company is
terminated for Cause, upon a determination by the Committee, the Optionee shall automatically
forfeit all Shares otherwise subject to delivery upon exercise of an Option but for which the
Company has not yet delivered the Share certificates or issued the Shares via book entry or in
uncertificated form, upon refund by the Company of the Option Price.

          10. Status of Option; Interpretation. The Option is intended to qualify as an
incentive stock option within the meaning of section 422 of the Code. The interpretation and
construction of any provision of this Option or the Plan made by the Committee shall be final and
conclusive and, insofar as possible, shall be consistent with the intention expressed in this
Paragraph 10.

          11. Option Not to Affect Employment. The Option granted hereunder shall not confer
upon the Optionee any right to continue in the employment of the Company or any Subsidiary.

          12. Miscellaneous.

               (a) The address for the Optionee to which notice, demands and other communications to be given
or delivered under or by reason of the provisions hereof shall be the address contained 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 the State of
Maryland.

          13. Withholding of Taxes. Whenever the Company proposes or is required to deliver or
transfer Shares in connection with the exercise of the Option, the Company shall have the right to
(a) require the Optionee to remit to the Company an amount in cash or Common Shares (valued at the
then current Fair Market Value) sufficient to satisfy any federal, state and/or local withholding
tax requirements prior to the delivery or transfer of any certificate or certificates for such
Shares or (b) take whatever action it deems necessary to protect its interests with respect to tax
liabilities.

          14. Notice of Sale. The Optionee agrees to promptly notify the Company if the
Optionee disposes of Shares acquired on the exercise of the Option on or before the first
anniversary of the date of exercise as of which the Optionee acquired such Shares. For this
purpose, a disposition includes a sale, exchange, gift or other transfer of legal title to such
Common Shares, other than (a) a transfer following the Optionee’s death to an estate or a transfer
by bequest or inheritance, (b) a pledge or hypothecation or (c) a transfer of ownership into
ownership of the Optionee and another person jointly with right of survivorship.

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          IN WITNESS WHEREOF, the Company has granted this Award on the day and year first above
written.

	 	 	 	 	 
	 	BRANDYWINE REALTY TRUST

 	 
	 	BY:  	 	 
	 	 	TITLE: 	 	 
	 

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Form for CEO/CFO

BRANDYWINE REALTY TRUST

INCENTIVE OPTION

          This is an Incentive Stock Option Award (the “Award”) from Brandywine Realty Trust, a
Maryland real estate investment trust (the “Company”), to [Gerard H. Sweeney] [Howard M.
Sipzner] (“Optionee”) and is dated April 1, 2009 (the “Date of Grant”). 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) “Board” means the Board of Trustees of the Company, as constituted from time to
time.

               (b) “Cause” means “Cause” as defined in the Employment Agreement.

               (c) “Change of Control” means a “Change of Control” as defined in the Plan; provided
that if the Change in Control arises from a transaction described in clause (ii)(A) of the
definition of “Change in Control” in the Plan, then a Change of Control shall occur hereunder on
the date of the closing or effectiveness of such transaction.

               (d) “Closing” means the closing of the acquisition and sale of the Shares as described
in, and subject to the provisions of, Paragraph 8 hereof.

               (e) “Closing Date” means the date of the Closing.

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

               (g) “Common Share” means a common share of beneficial interest, $.01 par value per
share, of the Company.

               (h) “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.

               (i) “Date of Exercise” means the date on which the notice required by Paragraph 5
hereof is given.

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

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

 

 

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

               (m) “Expiration Date” means the earliest of the following:

	 	(i)	 	If the Optionee terminates
employment with the Company for any reason other than death,
Disability or for Cause, 5:00 p.m. on the date 90 days following
such termination of employment;
	 
	 	(ii)	 	If the Optionee terminates
employment with the Company because of death or Disability, 5:00
p.m. on the first anniversary of the date the Optionee
terminates employment because of death or Disability;
	 
	 	(iii)	 	If the Optionee terminates
employment with the Company for Cause, 5:00 p.m. on the date of
such termination of employment;
	 
	 	(iv)	 	The close of business on the date
of a Change of Control;
	 
	 	(v)	 	5:00 p.m. on the day before the
tenth anniversary of the Date of Grant.

               (n) “Fair Market Value” means the Fair Market Value of a Share, as determined pursuant
to the Plan.

               (o) “Option” means the option to purchase Shares hereby granted.

               (p) “Option Price” means $2.91 per Share. In the event of any recapitalization, Share
distribution or dividend, Share split or combination, the Option Price shall be equitably and
proportionally adjusted. The Option Price shall also be subject to adjustment pursuant to Section
3(c) of the Plan if, as and to the extent determined by the Committee in its sole discretion.

               (q) “Resignation for Good Reason” means [“Resignation for Good Reason”] [resignation
for Good Reason] as defined in the Employment Agreement.

               (r) “Shares” means the                      Common Shares which are the subject of the Option
hereby granted. In the event of any recapitalization, Share distribution or dividend, Share split
or combination, the number of Shares that remain subject to the Option shall be equitably and
proportionally adjusted. The number of Shares that remain subject to the Option shall also be
subject to adjustment pursuant to Section 3(c) of the Plan.

               (s) “Subsidiary” means, with respect to the Company, a subsidiary company, whether now
or hereafter existing, as defined in section 424(f) of the Code.

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          2. Grant of Option. Subject to the terms and conditions set forth herein and in the
Plan, the Company hereby grants to the Optionee the Option to purchase any or all of the Shares.

          3. Time of Exercise of Options.

               (a) Subject to Paragraph 3(b), the Option may be exercised after such time or times as set
forth below, and shall remain exercisable until the Expiration Date, when the right to exercise
shall terminate absolutely. No Shares subject to the Option shall first become exercisable
following the Optionee’s termination of employment.

               (b) Notwithstanding Paragraph 3(a), the Option shall become fully exercisable upon the
earliest of (i) the occurrence of a Change of Control, (ii) the death of the Optionee, (iii) the
Disability of the Optionee or (iv) termination of the Optionee’s employment with the Company
without Cause or resignation of the Optionee employment with the Company that is a [Resignation for
Good Reason] [resignation for Good Reason]. In addition, notwithstanding anything to the contrary
set forth in the Plan, upon or in anticipation of any Change in Control, the Committee may, in its
sole and absolute discretion and without the need for the consent of the Optionee, take one or more
of the following actions contingent upon the occurrence of that Change in Control: (i) cause the
Option to become fully vested and immediately exercisable for a reasonable period in advance of the
Change in Control and, to the extent not exercised prior to that Change in Control, cancel the
Option upon closing of the Change in Control; (ii) cancel the Option, in whole or in part, in
exchange for a substitute option in a manner consistent with the requirements of Treas. Reg.
§1.424-1(a) or any successor rule or regulation (notwithstanding the fact that the original Option
was not intended to satisfy the requirements for treatment as an Incentive Stock Option); or (iii)
cancel the Option, in whole or in part, in exchange for cash and/or other substitute consideration
with a value equal to (A) the number of Shares subject to the Option, multiplied by (B) the
difference, if any, between the Fair Market Value per Share on the date of the Change in Control
and the Option Price; provided, that if the Fair Market Value per Share on the date of the Change
in Control does not exceed the Option Price of the Option, the Committee may cancel the Option
without any payment of consideration therefor. In the discretion of the Committee, any cash or
substitute consideration payable upon cancellation of the Option may be subjected to earn-out,
escrow, holdback or similar arrangements, to the extent such arrangements are applicable to any
consideration paid to shareholders in connection with the Change in Control.

          4. Payment for Shares. Full payment for Shares purchased upon the exercise of an
Option may be made in cash. In addition, this Option may be exercised through means of a “net
settlement,” whereby the Option Price will be satisfied by cancellation of the Company’s obligation
to issue a number of Common Shares otherwise issuable upon such exercise, which number of Common
Shares will be equal to: (A) the total Option Price payable to acquire the number of Shares as to
which the Option is then being exercised divided by (B) the then current Fair Market Value per
Common Share. The number of Shares actually issuable upon such exercise will then be equal to the
difference between the number of Shares as to which the Option is then being exercised and the
number of Shares described in the preceding sentence. Without limiting the foregoing, payment for
Shares purchased upon the exercise of an Option may, at the election of the Optionee and as the
Committee may, in its discretion, approve, by

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surrendering Common Shares with an aggregate Fair Market Value equal to the aggregate Option
Price.

          5. Manner of Exercise. The Option shall be exercised by giving written notice of
exercise to:

Brandywine Realty Trust

555 East Lancaster Avenue

Suite 100

Radnor, PA 19087

Attention: General Counsel

All notices under this agreement shall be deemed to have been given when hand-delivered, telecopied
or transmitted electronically and shall be irrevocable once given.

          6. Nontransferability of Option. The Option may not be transferred or assigned by the
Optionee otherwise than by will or by the laws of descent and distribution, and all Options shall
be exercisable, during the Optionee’s lifetime, only by the Optionee, or, in the event of his
Disability, by his personal representative; and any attempt at assignment or transfer contrary to
the provisions of the Plan or the levy of any execution, attachment or similar process upon the
Option shall be null and void and without effect. Any exercise of the Option by a person other
than the Optionee shall be accompanied by appropriate proofs of the right of such person to
exercise the Option.

          7. Securities Laws. The Committee may from time to time impose any conditions on the
exercise of the Option as it deems necessary or appropriate to comply with the then-existing
requirements of the Securities Act of 1933, as amended, or of the Securities Exchange Act of 1934,
as amended, including Rule 16b-3 (or any similar rule) of the Securities and Exchange Commission.
If the listing, registration or qualification of Shares issuable on the exercise of the Option upon
any securities exchange or under any federal or state law, or the consent or approval of any
governmental regulatory body is necessary as a condition of or in connection with the purchase of
such Shares, the Company shall not be obligated to issue or deliver the certificates (if any)
representing the Shares otherwise issuable on the exercise of the Option unless and until such
listing, registration, qualification, consent or approval shall have been effected or obtained. If
registration is considered unnecessary by the Company or its counsel, the Company may cause a
legend to be placed on such Shares calling attention to the fact that they have been acquired for
investment and have not been registered.

          8. Issuance of Certificate at Closing; Payment of Cash. Subject to the provisions of
this Paragraph 8, the Closing Date shall occur as promptly as is feasible after the exercise of the
Option. Subject to the provisions of Paragraphs 7 and 9 hereof, a certificate for the Shares
issuable on the exercise of the Option shall be delivered to the Optionee or to his personal
representative, heir or legatee at the Closing, provided that no certificates for Shares
will be delivered to the Optionee or to his personal representative, heir or legatee unless the
Option Price has been paid in full and provided further that the Company may elect to
provide for the issuance and delivery of the Shares via book entry or in uncertificated form.

-4-

 

          9. Rights Prior to Exercise. The Optionee shall not have any right as a shareholder
with respect to any Shares subject to his Options until the Option shall have been exercised in
accordance with the terms of the Plan and this Award and the Optionee shall have paid the full
purchase price for the number of Shares in respect of which the Option was exercised, provided
that in the event that the Optionee’s employment with the Company is terminated for Cause, upon
a determination by the Committee, the Optionee shall automatically forfeit all Shares otherwise
subject to delivery upon exercise of an Option but for which the Company has not yet delivered the
Share certificates or issued the Shares via book entry or in uncertificated form, upon refund by
the Company of the Option Price.

          10. Status of Option; Interpretation. The Option is intended to qualify as an
incentive stock option within the meaning of section 422 of the Code. The interpretation and
construction of any provision of this Option or the Plan made by the Committee shall be final and
conclusive and, insofar as possible, shall be consistent with the intention expressed in this
Paragraph 10.

          11. Option Not to Affect Employment. The Option granted hereunder shall not confer
upon the Optionee any right to continue in the employment of the Company or any Subsidiary.

          12. Miscellaneous.

               (a) The address for the Optionee to which notice, demands and other communications to be given
or delivered under or by reason of the provisions hereof shall be the address contained 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 the State of
Maryland.

          13. Withholding of Taxes. Whenever the Company proposes or is required to deliver or
transfer Shares in connection with the exercise of the Option, the Company shall have the right to
(a) require the Optionee to remit to the Company an amount in cash or Common Shares (valued at the
then current Fair Market Value) sufficient to satisfy any federal, state and/or local withholding
tax requirements prior to the delivery or transfer of any certificate or certificates for such
Shares or (b) take whatever action it deems necessary to protect its interests with respect to tax
liabilities.

          14. Notice of Sale. The Optionee agrees to promptly notify the Company if the
Optionee disposes of Shares acquired on the exercise of the Option on or before the first
anniversary of the date of exercise as of which the Optionee acquired such Shares. For this
purpose, a disposition includes a sale, exchange, gift or other transfer of legal title to such
Common Shares, other than (a) a transfer following the Optionee’s death to an estate or a transfer
by bequest or inheritance, (b) a pledge or hypothecation or (c) a transfer of ownership into
ownership of the Optionee and another person jointly with right of survivorship.

-5-

 

          IN WITNESS WHEREOF, the Company has granted this Award on the day and year first above
written.

	 	 	 	 	 
	 	BRANDYWINE REALTY TRUST

 	 
	 	BY:  	 	 
	 	 	TITLE: 	 	 
	 

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