Document:

exv10w2

 

Exhibit 10.2

Brandywine Realty Trust

Performance Share Award

          This is a Performance Share Award dated as of April 8, 2008 (“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 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 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 Date set forth in Paragraph 3(b) and as of the Vesting
Date set forth in Paragraph 3(b) 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 on April 8, 2011.

               (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:

Brandywine Realty Trust

555 E. Lancaster Ave., Suite 100

Radnor, PA 19087

Attention: General Counsel

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 for the Performance Shares, deliver
to Grantee a certificate for the 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.

[THIS SPACE INTENTIONALLY LEFT BLANK]

 

 

               (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.

	 	 	 	 	 
	 	BRANDYWINE REALTY TRUST

 	 
	 	BY:  	 	 
	 	 	Gerard H. Sweeney 	 
	 	 	President and Chief Executive Officer 	 
	 

Accepted:

	 	 	 
	 

[GRANTEE]

	 	 

 

			
	**	 	This form is being filed pursuant to a compensation arrangement.exv10w3

 

Exhibit 10.3

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                                         
(“Optionee”) and is dated April 8, 2008 (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 “Change of Control” as defined in the Plan.

               (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 $20.61 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.

          
     (q) “Resignation for Good Reason”
means 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.

          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:

	 	(i)	 	The Option may be exercised
for one-third of the Shares subject to the Option on or after
the first anniversary of the Date of Grant.
	 
	 	(ii)	 	The Option may be exercised
for an additional one-third of the Shares subject to the
Option on or after the second anniversary of the Date of
Grant.
	 
	 	(iii)	 	The Option may be
exercised for an additional one-third of the Shares subject
to the Option on or after the third anniversary of the Date
of Grant.

Notwithstanding the foregoing, the number of Shares available for exercise as determined under this
Paragraph 3 shall be rounded down to the nearest whole Share. 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. 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.

          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 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.

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

	 	 	 	 	 	 	 
	 	 	BRANDYWINE REALTY TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	BY:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	TITLE:	 	 	 	 
	 

	 	 	 	 

	 	 

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]