Document:

Exhibit 4.5

This
Warrant and the Securities issuable upon exercise of this Warrant have not been
registered under the Securities Act of 1933 (the “Securities Act”) or under any
state securities or “Blue Sky” laws (“Blue Sky Laws”). No transfer, sale, assign­ment,
pledge, hypothecation or other disposition of this Warrant or the Securities
issuable upon exercise of this Warrant or any interest therein may be made
except (a) pursuant to an effective registration statement under the
Securities Act and any applicable Blue Sky Laws or (b) if the Company has been
furnished with an opinion of counsel for the holder, which opinion and counsel
shall be reasonably satisfactory to the Company, to the effect that no
registration is required because of the availability of an exemption from
registration under the Securities Act and applicable Blue Sky laws.

WARRANT

To Purchase              
Shares of Common Stock

of

BALLISTIC
RECOVERY SYSTEMS, INC.

EXERCISABLE ON OR BEFORE,
AND VOID AFTER

5:00 P.M.
MINNEAPOLIS TIME ON                 ,
200  

THIS
CERTIFIES THAT, for good and valuable consideration,                           
(the “Holder”), or registered assigns,  is entitled to subscribe for and purchase from
Ballistic Recovery Systems, Inc., a Minnesota corporation (the “Company”), at
any time after                       ,
200  , to and including                           ,
20  , [THREE YEARS]                           
(               )
fully paid and non-assessable shares of the Common Stock of the Company at the
price of $2.00 per share (the “Warrant Exercise Price”), subject to the
anti-dilution provisions of this Warrant.

The
shares that may be acquired upon exercise of this Warrant are referred to herein
as the “Warrant Shares.”  The term “Common
Stock” means the common stock, par value $.01 per share, of the Company, and
shall also include any capital stock of any class of the Company hereafter
authorized which shall not be limited to a fixed sum or percentage in respect
of the rights of the holders thereof to participate in dividends or in the
distribution of assets upon the voluntary or involuntary liquidation, dissolu­tion,
or winding up of the Company. The term “Convertible Securities” means any stock
or other securities convertible into, or exchangeable for, Common Stock.

This
Warrant is subject to the following provisions, terms and conditions:

 

1.             Exercise; Transferability.

(a)           The rights represented by this
Warrant may be exercised by the Holder hereof, in whole or in part (but not as
to a fractional share of Common Stock), by written notice of exercise (in the
form attached hereto) delivered to the Company at the principal office of the
Company prior to the expiration of this Warrant and accompanied or preceded by
the surrender of this Warrant along with a check in payment of the Warrant
Exercise Price for such shares.

(b)           This Warrant may not be sold,
assigned, hypothecated, or otherwise transferred, other than by will or
pursuant to the operation of law, except in a transaction in compliance with
the provisions of Section 7 hereof.

2.             Exchange and Replacement.
Subject to Sections 1 and 7 hereof, this Warrant is exchangeable upon the
surrender hereof by the Holder to the Company at its office for new Warrants of
like tenor and date representing in the aggregate the right to purchase the
number of Warrant Shares purchasable hereunder, each of such new Warrants to
represent the right to purchase such number of Warrant Shares (not to exceed the
aggregate total number purchasable hereunder) as shall be designated by the
Holder at the time of such surrender. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction, or mutilation of
this Warrant, and, in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon surrender and cancellation of
this Warrant, if mutilated, the Company will make and deliver a new Warrant of
like tenor, in lieu of this Warrant.  This Warrant shall be promptly canceled by the
Company upon the surrender hereof in connection with any exchange or
replacement. The Company shall pay all expenses, taxes (other than stock
transfer taxes), and other charges payable in connection with the preparation,
execution, and delivery of Warrants pursuant to this Section 2.

3.             Issuance
of the Warrant Shares.

(a)           The Company agrees that the shares of
Common Stock purchased upon exercise of this Warrant shall be and are deemed to
be issued to the Holder as of the close of business on the date on which this
Warrant shall have been surrendered and the payment made for such Warrant
Shares as aforesaid. Subject to the provisions of paragraph (b) of this
Section 3, certificates for the Warrant Shares so purchased shall be
delivered to the Holder within a reasonable time, not exceeding fifteen (15)
days after the rights represented by this Warrant shall have been so exercised,
and, unless this Warrant has expired, a new Warrant representing the right to
purchase the number of Warrant Shares, if any, with respect to which this
Warrant shall not then have been exercised shall also be delivered to the
Holder within such time.

(b)           Notwithstanding the foregoing,
however, the Company shall not be required to deliver any certificate for
Warrant Shares upon exercise of this Warrant except in accordance with
exemptions from the applicable securities registration requirements or

 

registrations
under applicable securities laws. Nothing herein, however, shall obligate the
Company to effect registrations under federal or state securities laws, except
as provided in Section 9. If registrations are not in effect and if
exemptions are not available when the Holder seeks to exercise the Warrant, the
Warrant exercise period will be extended, if need be, to prevent the Warrant
from expiring, until such time as either registrations become effective or
exemptions are availa­ble, and the Warrant shall then remain exercisable for a
period of at least 30 calendar days from the date the Company delivers to the
Holder written notice of the availability of such registrations or exemptions.
The Holder agrees to execute such documents and make such representations,
warranties, and agreements as may be required solely to comply with the
exemptions relied upon by the Company, or the registrations made, for the
issuance of the Warrant Shares.

4.             Covenants of the Company.
The Company covenants and agrees that all Warrant Shares will, upon issuance,
be duly authorized and issued, fully paid, non-assessable and free from all
taxes, liens and charges with respect to the issue thereof. The Company further
covenants and agrees that during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized
and reserved for the purpose of issue or transfer upon exercise of the
subscription rights evidenced by this Warrant a sufficient number of shares of
Common Stock to provide for the exercise of the rights represented by this
Warrant.

5.             Anti-Dilution Adjustments.
The provisions of this Warrant are subject to adjustment as provided in this
Section 5.

(a)           The Warrant Exercise Price shall be
adjusted from time to time such that in case the Company shall hereafter:

(i)            pay any dividends on any class of
stock of the Company payable in Common Stock or securities convertible into
Common Stock;

(ii)           subdivide its then outstanding shares
of Common Stock into a greater number of shares; or

(iii)          combine outstanding shares of Common
Stock, by reclassification or otherwise;

then, in any such
event, the Warrant Exercise Price in effect immediately prior to such event
shall (until adjusted again pursuant hereto) be adjusted immediately after such
event to a price (calculated to the nearest full cent) determined by dividing
(A) the number of shares of Common Stock outstanding immediately prior to
such event, multiplied by the then existing Warrant Exercise Price, by
(B) the total number of shares of Common Stock outstanding immediately
after such event (including in each case the maximum number of shares of Common
Stock issuable in respect of any securities convertible into Common Stock), and
the resulting quotient shall be the adjusted Warrant Exercise Price per share.
An adjustment made pursuant to this Subsection shall become effective
immediately after the record date in the case of a dividend or distribution and
shall become effective immediately after the effective date in the case of a
subdivision, combina­tion or reclassification. If, as a result of an adjustment
made pursuant to this 

 

Subsection, the
Holder of any Warrant thereafter surrendered for exercise shall become entitled
to receive shares of two or more classes of capital stock or shares of Common
Stock and other capital stock of the Company, the Board of Directors (whose
determination shall be conclusive) shall determine the allocation of the
adjusted Warrant Exercise Price between or among shares of such classes of
capital stock or shares of Common Stock and other capital stock. All
calculations under this Subsection shall be made to the nearest cent or to the
nearest 1/100 of a share, as the case may be. In the event that at any time as
a result of an adjustment made pursuant to this Sub­section, the holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive
any shares of the Company other than shares of Common Stock, thereafter the
Warrant Exercise Price of such other shares so receivable upon exercise of any
Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to
Common Stock contained in this Section.

(b)           Upon each adjustment of the Warrant
Exercise Price pursuant to Section 5(a) above, the Holder of each Warrant
shall thereafter (until another such adjustment) be entitled to purchase at the
adjusted Warrant Exercise Price the number of shares, calculated to the nearest
full share, obtained by multiplying the number of shares specified in such
Warrant (as adjusted as a result of all adjustments in the Warrant Exercise
Price in effect prior to such adjustment) by the Warrant Exercise Price in
effect prior to such adjustment and dividing the product so obtained by the
adjusted Warrant Exercise Price.

(c)           In case of any consolidation or
merger to which the Company is a party other than a merger or consolidation in
which the Company is the continuing corporation, or in case of any sale or
conveyance to another corporation of the property of the Company as an entirety
or substantially as an entirety, or in the case of any statutory exchange of
securities with another corporation (including any exchange effected in
connection with a merger of a third corporation into the Company), there shall
be no adjustment under Section 5(a) above but the Holder of each Warrant
then outstanding shall have the right thereafter to convert such Warrant into
the kind and amount of shares of stock and other securities and property which
he would have owned or have been entitled to receive immediately after such
consolidation, merger, statutory exchange, sale, or conveyance had such Warrant
been converted immediately prior to the effective date of such consolidation,
merger, statutory exchange, sale, or conveyance and in any such case, if
necessary, appropriate adjustment shall be made in the application of the
provisions set forth in this Section with respect to the rights and interests
thereafter of any Holders of the Warrant, to the end that the provisions set
forth in this Section shall thereafter correspondingly be made applicable, as
nearly as may reasonably be, in relation to any shares of stock and other
securities and property thereafter deliverable on the exercise of the Warrant.
The provisions of this Subsection shall similarly apply to successive consolidations,
mergers, statutory exchanges, sales or conveyances.

(d)           Upon any adjustment of the Warrant
Exercise Price, then and in each such case, the Company shall give written
notice thereof, by First-class mail, postage prepaid, addressed to the Holder as
shown on the books of the Company, which notice shall state the Warrant
Exercise Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares of Common Stock purchasable at such price upon the
exercise of this Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.

 

6.             No Voting Rights. This
Warrant shall not entitle the Holder to any voting rights or other rights as a
shareholder of the Company.

7.             Notice
of Transfer of Warrant or Resale of the Warrant Shares.

(a)           Subject to the sale, assignment,
hypothecation, or other transfer restrictions set forth in Section 1
hereof, the Holder, by acceptance hereof, agrees to give written notice to the
Company before transferring this Warrant or transferring any Warrant Shares of
such Holder’s intention to do so, describing briefly the manner of any proposed
transfer. Promptly upon receiving such written notice, the Company shall
present copies thereof to the Company’s counsel and to counsel to the original
purchaser of this Warrant. If in the opinion of each such counsel the proposed
transfer may be effected without registra­tion or qualification (under any
federal or state securities laws), the Company, as promptly as practicable,
shall notify the Holder of such opinion, whereupon the Holder shall be entitled
to transfer this Warrant or to dispose of Warrant Shares received upon the
previous exercise of this Warrant, all in accordance with the terms of the
notice delivered by the Holder to the Company; provided that an appropriate
legend may be endorsed on this Warrant or the certificates for such Warrant
Shares respecting restrictions upon transfer thereof necessary or advisable in
the opinion of counsel and satisfactory to the Company to prevent further
transfers which would be in violation of Section 5 of the Securities Act
of 1933, as amended (the “1933 Act”) and applicable state securities laws; and
provided further that the prospective transferee or purchaser shall execute
such documents and make such representations, warranties, and agree­ments as
may be required solely to comply with the exemptions relied upon by the Company
for the transfer or disposition of the Warrant or Warrant Shares.

(b)           If in the opinion of either of the
counsel referred to in this Section 7, the proposed transfer or
disposition of this Warrant or such Warrant Shares described in the written
notice given pursuant to this Section 7 may not be effected without
registration or qualification of this Warrant or such Warrant Shares the
Company shall promptly give written notice thereof to the Holder, and the
Holder will limit its activities in respect to such transfer or disposition as,
in the opinion of both such counsel, are permitted by law.

8.             Fractional
Shares.

(a)           Fractional shares shall not be issued
upon the exercise of this Warrant, but in any case where the holder would,
except for the provisions of this Section, be entitled under the terms hereof
to receive a fractional share, the Company shall, upon the exercise of this
Warrant for the largest number of whole shares then called for, pay a sum in
cash equal to the sum of (a) the excess, if any, of the Fair Market Value
of such fractional share over the proportional part of the Warrant Exercise
Price represented by such fractional share, plus (b) the proportional part
of the Warrant Exercise Price represented by such fractional share.

(b)           For purposes of this Section, the
term “Fair Market Value” with respect to shares of Common Stock as of a
particular date (the “Determination Date”) shall mean:

(i)            If the Company’s Common Stock is
traded on an exchange or is quoted on The Nasdaq National Market, then the
average closing or last sale prices,

 

respectively, reported for the ten (10) business days
immediately preceding the Determination Date;

(ii)           If the Company’s Common Stock is not
traded on an exchange or on The Nasdaq National Market but is traded on The
Nasdaq Small-Cap Market or the local over-the-counter market, then the average
closing bid and asked prices reported for the ten (10) business days
immediately preceding the Determination Date; and

(iii)          If the Company’s Common Stock is not
traded on an exchange, on The Nasdaq National Market, The Nasdaq Small-Cap
Market or on the local over-the-counter market, then the fair market value of
Common Stock as determined in good faith by the Board of Directors of the
Company.

9.             Registration
Rights.

(a)           Required
Registration.  Pursuant to a
Registration Rights Agreement of even date herewith, the Company shall include
the Warrant Shares in the Registration Statement that it is required to file
within forty-five (45) days of the final closing of the private offering,
pursuant to which this Warrant was issued.   

(b)           Piggyback Registration. If the
Company at any time within two (2) years after complete exercise of this
Warrant, but no more than seven (7) years from the date of this Warrant,
proposes to register under the 1933 Act (except by a Form S-4 or
Form S-8 Registration Statement or any successor forms thereto) or qualify
for a public distribution under Section 3(b) of the 1933 Act, any of its
securities, it will give written notice to all Holders of this Warrant, any
Warrants issued pursuant to Section 2 and/or Section 3(a) hereof, and
any Warrant Shares of its intention to do so and, on the written request of any
such Holder given within twenty (20) days after receipt of any such notice
(which request shall specify the Warrant Shares intended to be sold or disposed
of by such Holder and describe the nature of any proposed sale or other
disposition thereof), the Company will use its best efforts to cause all such
Warrant Shares, the Holders of which shall have requested the registration or
qualification thereof, to be included in such registration statement proposed
to be filed by the Company; provided, however, that if a greater number of
Warrant Shares is offered for participation in the proposed offering than in
the reasonable opinion of the managing underwriter of the proposed offering (which
opinion shall be in writing and delivered to the Holders) can be accommodated
without adversely affecting the proposed offering, then the amount of Warrant
Shares proposed to be offered by such Holders for registration, as well as the
number of securities of any other selling shareholders participating in the
registration, shall not be included or shall be proportionately reduced to a
number deemed satisfactory by the managing underwriter. With respect to each
inclusion of securities in a registration statement pursuant to this
Section 9(a), the selling Holders shall pay the fees and disbursements of
special counsel and accountants for the selling Holders, and underwriting
discounts or commissions and transfer taxes applicable to the selling Holders’
shares, and the Company shall pay all other costs and expenses of the
registration, including but not limited to all registration, filing and NASD
fees, printing expenses, fees and disbursements of counsel and accountants for
the Company, all internal expenses, and legal fees and disbursements and other
expenses of complying with state securities laws of any jurisdictions in which
the securities to be offered are to be registered or qualified. The Company
need not maintain the effectiveness of any

 

such registration,
qualification, notification or approval, whether or not at the request of the
Holders, more than six (6) months following the effective date thereof.

(c)           Indemnification. The Company
hereby indemnifies each of the Holders of this Warrant and of any Warrant
Shares, and the officers and directors, if any, who control such Holders,
within the meaning of Section 15 of the 1933 Act, against all losses,
claims, damages, and liabilities caused by (1) any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (and as amended or supplemented if the Company shall
have furnished any amendments thereof or supplements thereto), any Preliminary
Prospectus (not corrected in the final, amended or supplemented prospectus
furnished to such Holders for distribution) or any state securities law
filings; (2) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading except insofar as such losses, claims, damages, or liabilities
are caused by any untrue statement or omission contained in information
furnished in writing to the Company by such Holder expressly for use therein;
and each such Holder by its acceptance hereof severally agrees that it will
indemnify and hold harmless the Company, each of its officers who signs such
Registration Statement, and each person, if any, who controls the Company,
within the meaning of Section 15 of the 1933 Act, with respect to losses,
claims, damages, or liabilities which are caused by any untrue statement or
omission contained in information furnished in writing to the Company by such
Holder expressly for use therein.

(d)           Cooperation. Upon the exercise
of registration rights pursuant hereto, each holder agrees to supply the
Company with such information as may be required by the Company to register or
qualify the shares to be registered.

10.           Additional
Right to Convert Warrant.

(a)           The holder of this Warrant shall have
the right to require the Company to convert this Warrant (the “Conversion Right”)
at any time after it is exercisable, but prior to its expiration into shares of
Common Stock as provided for in this Section 10. Upon exercise of the
Conversion Right, the Company shall deliver to the holder (without payment by
the holder of any Warrant Exercise Price) that number of shares of Company
Common Stock equal to the quotient obtained by dividing (i) the value of
the Warrant at the time the Conversion Right is exercised (determined by
subtracting the aggregate Warrant Exercise Price for the Warrant Shares in
effect immediately prior to the exercise of the Conversion Right from the
aggregate Fair Market Value for the Warrant Shares immediately prior to the
exercise of the Conversion Right) by (ii) the Fair Market Value of one
share of Common Stock immediately prior to the exercise of the Conversion
Right.

(b)           The Conversion Right may be exercised
by the holder, at any time or from time to time, prior to its expiration, on
any business day by delivering a written notice in the form attached hereto
(the “Conversion Notice”) to the Company at the offices of the Company
exercising the Conversion Right and specifying (i) the total number of
shares of Common Stock the Holder will purchase pursuant to such conversion and
(ii) a place and date not less than one or more than 20 business days from
the date of the Conversion Notice for the closing of such purchase.

 

(c)           At any closing under
Section 10(b) hereof, (i) the Holder will surrender the Warrant, (ii)
the Company will deliver to the Holder a certificate or certificates for the
number of shares of Common Stock issuable upon such conversion, together with
cash, in lieu of any fraction of a share, and (iii) the Company will
deliver to the Holder a new warrant representing the number of shares, if any,
with respect to which the Warrant shall not have been exercised.

(d)           For purposes of this section, “Fair
Market Value” of a share of Common Stock as of a particular date shall be
determined as provided in Section 8(b) above.

IN WITNESS WHEREOF, <ISSUER> has caused this
Warrant to be signed by its duly authorized officer and this Warrant to be
dated                      ,
200   .

	
  

  	
  BALLISTIC
  RECOVERY SYSTEMS, INC.

  
	
   

  	
  By

  	
   

  
	
   

  	
  Its

  	
   

  

 

 

SUBSCRIPTION FORM

(To be signed upon exercise of Warrant)

The
undersigned, the holder of the within Warrant, hereby irrevocably elects to
exercise the purchase right represented by such Warrant for, and to purchase
thereunder,                         
                                
of the shares of Common Stock of BALLISTIC RECOVERY SYSTEMS, INC to which such
Warrant relates and herewith makes payment of $                           
therefor in cash or by certified check and requests that the certificate for
such shares be issued in the name of, and be delivered to,                                     ,
the address for which is set forth below the signature of the undersigned.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
  (Name)

  
	
   

  	
   

  
	
   

  	
  (Address)

  
	
   

  	
   

  
	
   

  	
  Social Security
  or Tax Ident. No.

  

 

CONVERSION NOTICE

(To be signed upon exercise of Warrant pursuant to Section 10)

The
undersigned hereby irrevocably elects to exercise the conversion right provided
in Section 10 of the within Warrant for, and to acquire thereunder,                                      
shares of Common Stock. If said number of shares shall not be all the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of said undersigned for the balance remaining of the shares purchasable
thereunder rounded up to the next higher number of shares.

Please
issue a certificate or certificates for such Common Stock in the name of:                     
                                                       .

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
  (Name)

  
	
   

  	
   

  
	
   

  	
  (Address)

  
	
   

  	
   

  
	
   

  	
  Social Security
  or Tax Ident. No.

  

 

 

ASSIGNMENT FORM

(To be signed upon authorized transfer of Warrant)

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto                                               
the right to purchase                          
shares of Common Stock of <ISSUER> to which the within Warrant relates
and appoints                                
attorney, to transfer said right on the books of                                             
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
  (Name)

  
	
   

  	
   

  
	
   

  	
  (Address)

  
	
   

  	
   

  
	
   

  	
  Social Security
  or Tax Ident. No.Prepared and Filed by St Ives Financial

BRANDYWINE REALTY TRUST

AMENDED AND RESTATED 

EXECUTIVE DEFERRED COMPENSATION PLAN

(Adopted on December 19, 2006 and effective January 1, 2006)

 

 

ARTICLE 1

PURPOSE

The Board of Trustees of Brandywine Realty Trust (the “Board”) adopted the Brandywine Realty Trust Executive Deferred Compensation Plan (the “Plan”), effective January 1, 2005 (the “Effective Date”). Effective March 31, 2006 (the “Transfer Date”), all of the assets, liabilities and obligations under the Prentiss Properties Executive Choice Share Deferral Plan, the Prentiss Properties Executive Choice Deferred Compensation Plan, the Prentiss Properties Executive Choice Deferred Compensation Plan for Trustees and the Prentiss
Properties Executive Choice Share Deferral Plan for Trustees, were assumed by the Plan, and such Prior Plans were terminated. This amendment and restatement, effective January 1, 2006 (the “Restatement Date”), also includes certain other changes with respect to eligibility, share-based grants and diversification rights, dividend allocations and other design and compliance changes.

Prior to the Effective Date, the Pre-2005 Brandywine Realty Trust Executive Deferred Compensation Plan (the “Pre-2005 EDCP”) was in effect. In order to preserve the favorable tax treatment available to deferrals under the Pre-2005 EDCP due to the American Jobs Creation Act of 2004, the regulations and Internal Revenue guidance issued thereunder (collectively, the “AJCA”), the Board froze the Pre-2005 EDCP with respect to amounts earned and vested on and after the Effective Date. Amounts earned and vested prior to the Effective Date are and will remain subject to the terms of the Pre-2005 EDCP.

All amounts earned and vested on and after the Effective Date are subject to the terms of the Plan. The Plan retains many of the attributes of the Pre-2005 EDCP, but is modified so as to achieve compliance with the requirements of the AJCA. The Board reserves the right to amend the Plan, either retroactively or prospectively, in whatever respect is required to achieve compliance with the requirements of the AJCA.

-2-

ARTICLE 2

DEFINITIONS

“Additional Company Contributions” are contributions credited to the Participant’s Retirement Distribution Account by the Company pursuant to Section 4.6.

“Affiliate” means:  (a) any firm, partnership, or corporation that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with Brandywine Realty Trust; (b) any other organization similarly related to Brandywine Realty Trust that is designated as such by the Board; and (c) any other entity 50% or more of the economic interests in which are owned, directly or indirectly, by Brandywine Realty Trust.

“Beneficiary” means the person or persons designated as such in accordance with Section 11.4.

“Board” means the Board of Trustees of Brandywine Realty Trust.

“Board Remuneration” means for any Trustee, for any Plan Year, the annual retainer and Board meeting fees; provided that committee fees and informal Board discussion fees shall not be “Board Remuneration;” provided further that such remuneration shall not be eligible for Matching Contributions, Profit Sharing Contributions, Supplemental Profit Sharing Contributions or Additional Company Contributions.

“Change of Control” means a “Change in Control Event,” as defined in the AJCA, with respect to Brandywine Realty Trust.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Brandywine Realty Trust Plan Committee, which shall consist of at least one person, the member(s) of which shall be designated from time to time by the President and Chief Executive Officer of Brandywine Realty Trust and which may include the President and Chief Executive Officer.

“Company” means Brandywine Realty Trust and each such subsidiary, division or Affiliate as may from time to time participate in the Plan by or pursuant to authorization of the Board.

“Compensation” means, for any Eligible Employee, for any Plan Year, the Participant’s total taxable income received from the Company with respect to such Plan Year, including, but not limited to, base earnings, regular bonuses, commissions and overtime, plus pre-tax contributions and elective contributions that are not includible in gross income under section 125, 402(a)(8) or 402(h) of the Code, and excluding income recognized in connection with share-related options and payments, reimbursements and other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation and welfare benefits, as determined pursuant to guidelines established and revised by the Plan Administrator from time to time and communicated to Eligible Employees.

-3-

“Compensation Deferral” means that portion of Compensation or Board Remuneration as to which a Participant has made an annual election to defer receipt until the date specified under the In-Service Distribution Option, the Retirement Distribution Option, the Flexible Distribution Option or the Deferred Board Remuneration Option, as applicable.

“Compensation Limit” means the compensation limit of section 401(a)(17) of the Code, as in effect on the first day of the Plan Year.

“Deferred Board Remuneration Account” means the Account maintained for a Participant to which Compensation Deferrals are credited pursuant to the Deferred Board Remuneration Option.

“Deferred Board Remuneration Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.3.

“Disability” means a disability of an Employee or Trustee which renders such Employee or Trustee unable to perform the full extent of his duties and responsibilities by reason of his illness or incapacity which entitles that Employee or Trustee to receive Social Security Disability Income under the Social Security Act, as amended, and the regulations promulgated thereunder.

“Disabled” means having a Disability. The determination of whether a Participant is Disabled shall be made by the Plan Administrator, whose determination shall be conclusive; provided that,

(a) if a Participant is bound by the terms of an employment agreement between the Participant and the Employer, whether the Participant is “Disabled” for purposes of the Plan shall be determined in accordance with the procedures set forth in said employment agreement, if such procedures are therein provided; and

(b) a Participant bound by such an employment agreement shall not be determined to be Disabled under the Plan any earlier than he would be determined to be disabled under his employment agreement; provided that, a Participant may not be determined to be Disabled unless such Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of disability of not less than 12 months.

“Distribution Date” means the date determined in accordance with the rules and procedures established by the Plan Administrator.

“Distribution Option” means the four distribution options which are available under the Plan, consisting of the Retirement Distribution Option, the In-Service Distribution Option, the Flexible Distribution Option and the Deferred Board Remuneration Option.

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“Distribution Option Account(s)” means, with respect to a Participant, the Retirement Distribution Account, the In-Service Distribution Account, the Flexible Distribution Account and/or the Deferred Board Remuneration Account established on the books of account of the Company, pursuant to Section 5.1.

“Earnings Crediting Options” means the deemed investment options selected by the Participant from time to time pursuant to which deemed earnings are credited to the Participant’s Distribution Option Accounts.

“Effective Date” means January 1, 2005.

“Eligible Employee” means (1) an Employee who is a member of a group of selected management and/or highly compensated Employees of the Company and who is designated by the Plan Administrator as eligible to participate in the Plan, or (2) each Employee who, as of the Transfer Date, was eligible to participate in a Prior Plan.

“Employee” means any individual employed by the Company on a regular, full-time basis (in accordance with the personnel policies and practices of the Company), including citizens of the United States employed outside of their home country and resident aliens employed in the United States; provided, however, that to qualify as an “Employee” for purposes of the Plan, the individual must be a member of a group of “key management or other highly compensated employees” within the meaning of Sections 201, 301 and 401 of the Employee Retirement Income Security Act of 1974, as amended; provided further, that the following
individuals shall not be “Employees:”  (1) individuals who are not classified by the Company as its employees, even if they are retroactively recharacterized as employees by a third party or the Company; (2) individuals for whom the Company does not report wages on Form W-2 or who are not on an employee payroll of the Company; or (3) individuals who have entered into an agreement with the Company which excludes them from participation in employee benefit plans of the Company (whether or not they are treated or classified as employees for certain specified purposes that do not include eligibility in the Plan).

“Employer” means Brandywine Realty Trust and its Affiliates.

“Employer Stock Fund” means a hypothetical investment fund consisting entirely of Shares.

“Enrollment Agreement” means the authorization form which an Eligible Employee or Trustee files with the Plan Administrator to participate in the Plan.

“Excess Bonus” means that portion of a Compensation Deferral as defined in Section 4.6.

“Flexible
  Distribution Account” means the
  account maintained for a Participant to which Share Awards, Performance-Based
  Compensation and Compensation Deferrals are credited pursuant to the Flexible
  Distribution Option; provided that, a Participant may designate up to five Flexible
  Distribution Accounts (i.e., Flexible Distribution Accounts #1, #2, #3, #4 and
  #5) with different specified payment dates.

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“Flexible Distribution Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.4.

“In-Service Distribution Account” means the account maintained for a Participant to which Compensation Deferrals are credited pursuant to the In-Service Distribution Option.

“In-Service Distribution Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.2.

“Matching Contributions” are contributions credited to the Participant’s Retirement Distribution Account by the Company pursuant to Section 4.3.

“Offeree” means an individual designated by the Plan Administrator who has received a written offer of employment from the Company and would be an Eligible Employee upon commencement of employment with the Company.

“Participant” means an Eligible Employee or Trustee who has filed a completed and executed Enrollment Agreement with the Plan Administrator or its designee and is participating in the Plan in accordance with the provisions of Article 4. In the event of the death or incompetency of a Participant, the term shall mean his personal representative or guardian. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant’s Distribution Option Account(s).

“Performance-Based Compensation” means, for any Eligible Employee, Compensation or a Share Award that constitutes “performance-based compensation” within the meaning of Q&A 22 of IRS Notice 2005-1, or such other guidance under the AJCA, that is payable with respect to a Performance Period, as determined by the Plan Administrator.

“Performance Period” means a period of at least 12 months during which a Participant may earn Performance-Based Compensation.

“Plan” means the Brandywine Realty Trust Executive Deferred Compensation Plan, as amended from time to time.

“Plan Administrator” means the Committee.

“Plan Year” means the 12-month period beginning on each January 1 and ending on the following December 31.

“Prior Plan” means each of (1) the Prentiss Properties Executive Choice Share Deferral Plan, (2) the Prentiss Properties Executive Choice Deferred Compensation Plan, (3) the  Prentiss Properties Executive Choice Deferred Compensation Plan for Trustees, and (4) the Prentiss Properties Executive Choice Share Deferral Plan for Trustees and such other legacy deferred compensation arrangements as are designated as a Prior Plan by the Plan Administrator. 

“Prior Plan Sub-Account” means the portion of an Eligible Employee’s Account attributable to amounts rolled over to the Plan from a Prior Plan as described in Section 4.1(e).

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“Profit Sharing Contributions” are contributions credited to the Participant’s Retirement Distribution Account by the Company, based on a percentage, as determined each year by the Company, of the Participant’s Compensation in excess of the Compensation Limit. To the extent that a contribution is not deemed to be a Profit Sharing Contribution, it will be considered Compensation classified as a bonus for purposes of the Plan.

“Re-Deferral Election” means an election to change the form and commencement date of payment with respect to all or a portion of a Distribution Option Account by filing an election change consistent with the requirements of the AJCA. The Plan Administrator reserves the right to and discretion to reject and disallow a Re-Deferral Election for any reason and at any time. A Re-Deferral Election as to a Distribution Option Account:  (1) may not accelerate the first or last scheduled payment date with respect to such Distribution Option Account; (2) will not be effective as to any payment from such Distribution Option Account scheduled to be made within 12 months of the Re-Deferral Election; and (3) other than a Re-Deferral Election made in connection with a Participant becoming Disabled or
dying, the first payment to which such Re-Deferral Election applies must be deferred by at least five (5) years from the originally scheduled payment date. A change to the form and commencement date of payment pursuant to Section 7.6 shall not be deemed a Re-Deferral Election.

“Retirement” means the termination of the Participant’s Service with the Employer (for reasons other than death) at or after age 55.

“Retirement Distribution Account” means the Account maintained for a Participant to which Share Awards, Performance-Based Compensation, Compensation Deferrals, Matching Contributions, Additional Company Contributions, Profit Sharing Contributions, and Supplemental Profit Sharing Contributions are credited pursuant to the Retirement Distribution Option.

“Retirement Distribution Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.1.

“Service” means the period of time during which an employment relationship exists between an Employee and the Company, including any period during which the Employee is on an approved leave of absence, whether paid or unpaid. “Service” also includes employment with an Affiliate if an Employee transfers directly between the Company and the Affiliate.

“Share” means a common share of beneficial interest, $.01 par value per share, of Brandywine Realty Trust.

“Share Award” means Shares subject to an award under the terms of the Brandywine Realty Trust Amended and Restated 1997 Long-Term Incentive Plan (as amended from time to time) (including the Brandywine Realty Trust 2006 Long-Term Outperformance Compensation Program (as amended from time to time)), or any other equity based compensation plan, program or arrangement sponsored by the Company, as determined by the Plan Administrator.

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“Supplemental Profit Sharing Contributions” are contributions credited to the Retirement Distribution Account of certain Participants by the Company pursuant to Section 4.5.

“Termination Date” means the date of termination of a Participant’s Service with the Employer, determined without reference to any compensation continuing arrangement or severance benefit arrangement that may be applicable.

“Trustee” means a member of the Board who receives remuneration payable for services as a member of the Board.

“Unforeseeable Emergency” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

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ARTICLE 3

ADMINISTRATION OF THE PLAN AND DISCRETION

3.1. The Committee, as Plan Administrator, shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper administration of the Plan and to make any other determinations and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan. All action taken by the Plan Administrator arising out of, or in connection with, the administration of the Plan or any rules adopted thereunder, shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon the Company, the Board, all Employees and Trustees, all Beneficiaries and all persons and entities having an interest therein. The Committee, may, however, delegate to any person or entity any of its powers or duties under the Plan. To the extent
of any such delegation, the delegate shall become the Plan Administrator responsible for administration of the Plan, and references to the Plan Administrator shall apply instead to the delegate. Any action by the Committee assigning any of its responsibilities to specific persons who are all trustees, officers, or employees of the Company shall not constitute delegation of the Committee’s responsibility but rather shall be treated as the manner in which the Committee has determined internally to discharge such responsibility.

3.2. The Plan Administrator shall serve without compensation for its services unless otherwise determined by the Board. All expenses of administering the Plan shall be paid by the Company.

3.3. The Company shall indemnify and hold harmless the Plan Administrator from any and all claims, losses, damages, expenses (including counsel fees) and liability (including any amounts paid in settlement of any claim or any other matter with the consent of the Board) arising from any act or omission of such member, except when the same is due to gross negligence or willful misconduct.

3.4. Any decisions, actions or interpretations to be made under the Plan by the Company, the Board or the Plan Administrator shall be made in its respective sole discretion, not as a fiduciary and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan.

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ARTICLE 4

PARTICIPATION

4.1. Election to Participate.

(a)
  Timing of Election to Participate. Any Eligible Employee or Trustee may
  enroll in the Plan effective as of the first day of a Plan Year by filing a
  completed and fully executed Enrollment Agreement with the Plan Administrator
  by a date set by the Plan Administrator.

(i)
  Base Salary/Board Remuneration. With respect to the deferral of Compensation
  that is classified by the Company as base salary or the deferral of Board Remuneration,
  an executed Enrollment Agreement must be filed by December 31 of the Plan
  Year preceding the Plan Year in which such base salary or Board Remuneration
  is to be earned, or such earlier time as may be established by the Plan Administrator.

(ii) Bonus.

(A) With respect to the deferral of Compensation that is classified by the Company as bonus, an executed Enrollment Agreement must be filed by December 31 of the Plan Year preceding the Plan Year in which such bonus is earned, or such earlier time as may be established by the Plan Administrator.

(B) The Board may, as a condition of a bonus award, require that it be deferred under the Plan and may prescribe vesting and investment provisions with respect to such award, and may establish separate deadlines by which Enrollment Agreements may be filed with respect to such an award.

(iii)
  Performance-Based Compensation. With respect to the deferral of Performance-Based
  Compensation, an executed Enrollment Agreement must be filed no later than six
  months prior to the end of the Performance Period during which such Performance-Based
  Compensation is earned, subject to such other administrative rules, procedures
  and earlier deadlines as may be set by the Plan Administrator and communicated
  with reasonable advance notice to Eligible Employees. 

(iv)
  Share Awards. With respect to the deferral of a Share Award that does
  not qualify as Performance-Based Compensation, an executed Enrollment Agreement
  must be filed no later than 30 days following the date such Share Award is granted,
  and in no event later than twelve months before the first scheduled vesting
  date of such Share Award, subject to such other administrative rules, procedures
  and earlier deadlines as may be set by the Plan Administrator and communicated
  with reasonable advance notice to Eligible Employees.

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(v)
  Revocation of Election. Elections to defer Compensation, Performance-Based
  Compensation, Share Awards and Board Remuneration earned after December 31,
  2005 are irrevocable at the end of the election period established by the Plan
  Administrator, provided that, the Plan Administrator in its sole discretion,
  may accept revocations of elections up to December 31 of the calendar year in
  which the Participant files a deferral election.

(b)
  Amount of Deferral. Pursuant to said Enrollment Agreement, the Eligible
  Employee or Trustee shall irrevocably elect the percentages by which (as a result
  of payroll deduction) an amount equal to any whole percentage of the Participant’s
  Compensation, Performance-Based Compensation, Share Award or Board Remuneration
  will be deferred. Up to 85 percent (85%) of base salary, 100 percent (100%)
  of bonus, 100 percent (100%) of Performance-Based Compensation, 100 percent
  (100%) of a Share Award, and one hundred percent (100%) of Board Remuneration
  may be deferred; provided however, that deferrals will be made after required
  non-deferrable payroll tax deductions and any deductions elected by the Participant
  (including, but not limited to, deductions for payment of health insurance premiums).
  The Plan Administrator may establish minimum amounts that may be deferred under
  this Section 4.1 and may change such standards from time to time. Any such limit
  shall be communicated by the Plan Administrator to the Participants prior to
  the commencement of a Plan Year.

(c)
  Accounts to Which Amounts Credited. Pursuant to said Enrollment Agreement,
  the Eligible Employee shall elect the Distribution Option Accounts to which
  such amounts will be credited, and shall provide such other information as the
  Plan Administrator shall require. Board Remuneration will only be credited to
  the Deferred Board Remuneration Account. 

(d)
  Form of Distribution from Accounts. The first Enrollment Agreement filed
  by an Eligible Employee must set forth the Participant’s election as to
  the time and manner of distribution from the In-Service Distribution Account
  and Flexible Distribution Account, as appropriate. The first Enrollment Agreement
  filed by an Eligible Employee must set forth the time and manner of distribution
  with respect to amounts credited to the Retirement Distribution Account. Subsequent
  Enrollment Agreements must also set forth the Participant’s election as
  to the time and form of distribution from each additional Flexible Distribution
  Account and In-Service Distribution Account first established pursuant to such
  Enrollment Agreement; provided, however, that no deferral election amounts will
  be creditable to the In-Service Distribution Account for amounts deferred on
  and after January 1, 2007. The first Enrollment Agreement filed by a Trustee
  must set forth the manner of distribution with respect to amounts credited to
  the Deferred Board Remuneration Account. Notwithstanding the foregoing, the
  manner of distribution for all amounts invested in the Employer Stock Fund as
  of April 1, 2007, and all amounts attributable to a deferral election effective
  on and after January 1, 2007 and invested in the Employer Stock Fund, shall
  be in the form of Shares (and cash for fractional Shares).

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(e)
  Prior Plan Accounts. Notwithstanding anything herein to the contrary,
  the balance of each Prior Plan Sub-Account as of the Transfer Date shall include
  the portion of such Prior Plan Participant’s account under the Prior Plan
  that was rolled over into the Plan as of the Transfer Date. Amounts rolled over
  from the Prior Plan to the Plan shall be deemed invested in the Earnings Crediting
  Option as determined by the Plan Administrator as the appropriate successor
  investment fund on the date those amounts are credited to the Prior Plan Sub-Account,
  based on the deemed investment of such amounts under the applicable Prior Plan
  immediately prior to the Transfer Date. Amounts in a Prior Plan Sub-Account
  shall be distributed to the Participant in accordance with the election or elections
  the Eligible Employee has made under the applicable Prior Plan with respect
  to such amounts.

4.2. Special Rules for Filing of Elections. 

(a)
  New Hires and Offerees. The Plan Administrator may, in its discretion,
  permit an Employee or Offeree who becomes an Eligible Employee to enroll in
  the Plan for the Plan Year in which the Employee or Offeree became an Eligible
  Employee, or a subsequent Plan Year, by filing a completed and fully executed
  Enrollment Agreement, in accordance with Section 4.1, prior to or as soon as
  practicable after the date the Employee or Offeree becomes an Eligible Employee
  but, in any event, not later than 30 days after such date. Notwithstanding the
  foregoing, however, any election by an Eligible Employee to defer Share Awards,
  Compensation and Performance-Based Compensation pursuant to this Section 4.2(a)
  shall apply only to Share Awards, Compensation and Performance-Based Compensation
  earned by or awarded to the Eligible Employee after the date on which such Enrollment
  Agreement is filed.

(b)
  Promotions. The Plan Administrator may, in its discretion, permit an
  Employee who first becomes an Eligible Employee after the beginning of a Plan
  Year due to a promotion, to enroll in the Plan for that Plan Year by filing
  a completed and fully executed Enrollment Agreement, in accordance with Section
  4.1, as soon as practicable following the date the Employee becomes an Eligible
  Employee but, in any event, not later than 30 days after such date. Notwithstanding
  the foregoing, however, any election by an Eligible Employee to defer Share
  Awards, Compensation and Performance-Based Compensation pursuant to this Section
  4.2(b) shall apply only to Share Awards, Compensation and Performance-Based
  Compensation earned by or awarded to the Eligible Employee after the date on
  which such Enrollment Agreement is filed.

(c)
  New Trustees. A Trustee whose election as a member of the Board first
  becomes effective in a Plan Year may enroll in the Plan for that Plan Year by
  filing a completed and fully executed Enrollment Agreement, in accordance with
  Section 4.1, as soon as practicable following the effective date of such Trustee’s
  election but, in any event, not later than 30 days after the effective date
  of such election. Notwithstanding the foregoing, however, any election by a
  Trustee to defer Board Remuneration pursuant to this Section 4.2 shall apply
  only to such Board Remuneration earned by the Trustee after the date on which
  such Enrollment Agreement is filed. 

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4.3. Matching Contributions. 

(a) If:  (1) the dollar amount of the matching contributions under the Brandywine Realty Trust 401(k) Profit Sharing Plan for the Plan Year was limited due to the application of the provisions of Section 401(m) of the Code; (2) the percentage of the Participant’s Compensation that could be deferred under the Brandywine Realty Trust 401(k) Profit Sharing Plan was limited to an amount less than 10% (or such other percentage that may become effective after the Effective Date) because of other Code limitations; or (3) to the extent that a Participant’s compensation for purposes of the Brandywine Realty Trust 401(k) Profit Sharing Plan is reduced to an amount that is below the Compensation Limit in any Plan Year by reason of deferrals made under this Plan (regardless of whether, prior to reduction, it was in excess of such limitation), a Matching Contribution shall be
contributed under the Plan equal to the amount of matching contributions that would have been made to the Brandywine Realty Trust 401(k) Profit Sharing Plan but for such limitations, but only if and to the extent the Participant has deferred additional amounts of Compensation to the Plan at least equal to the amount that would have been required to have been deferred under the Brandywine Realty Trust 401(k) Profit Sharing Plan in order to support such additional matching contributions in the absence of such limitations.

(b) In its discretion, the Company may make Matching Contributions, which, if made, shall be credited to a Participant’s Retirement Distribution Account. equal to the matching contributions which would have been made on behalf of the Participant under the Brandywine Realty Trust 401(k) Profit Sharing Plan but for statutory limitations. Generally, the Matching Contribution shall be equal to the “matching percentage” (30%, as of the Effective Date) set forth in the Brandywine Realty Trust 401(k) Profit Sharing Plan, multiplied by a specified percentage (10%, as of the Effective Date) of the Participant’s Compensation in excess of the Compensation Limit that is deferred under Section 4.1 or 4.2(a) or (b), as applicable.

4.4. Profit Sharing Contributions. The Company shall credit to each Participant’s Retirement Distribution Account a Profit Sharing Contribution. Profit Sharing Contributions will be credited as frequently as determined by the Plan Administrator.

4.5. Supplemental Profit Sharing Contributions. To the extent that a Participant’s compensation for purposes of the Brandywine Realty Trust 401(k) Profit Sharing Plan is reduced to an amount that is below the Compensation Limit in any Plan Year by reason of deferrals made under this Plan (regardless of whether, prior to reduction, it was in excess of such limitation), a Supplemental Profit Sharing Contribution will be credited to the Retirement Distribution Account of such Participant, at least annually, equal to the specified profit sharing percentage for the applicable Plan Year, multiplied by the excess, if any, of (a) the lesser of (i) the Participant’s Compensation or (ii) the Compensation Limit over (b) the amount of the Participant’s compensation that is taken into account under
the Brandywine Realty Trust 401(k) Profit Sharing Plan.

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4.6. Additional Company Contributions.

(a) If, pursuant to Section 4.1 or 4.2, a Participant (other than a Participant who is a Trustee) elects to defer receipt of 25% of his annual bonus (if any), which may or may not qualify as Performance-Based Compensation, and deems that such deferral be invested in the Employer Stock Fund, then, with respect to any part of such bonus in excess of 25% that is deferred and invested in the Employer Stock Fund (“Excess Bonus”), an Additional Company Contribution equal to a specified percentage (15% as of the Effective Date) of the Excess Bonus shall be contributed to such Participant’s Retirement Distribution Account and deemed invested in the Employer Stock Fund. Notwithstanding the preceding provisions of this Section 4.6(a), if the Committee determines in its sole discretion that a Participant has met the Brandywine Realty Trust target shareholding requirements,
to the extent that such a Participant elects to defer receipt of his annual bonus and deems that such deferral be invested in the Employer Stock Fund, which deferral shall also be referred to as “Excess Bonus” for purposes of the Plan, an Additional Company Contribution equal to a specified percentage (15% as of the Effective Date) of such Excess Bonus shall be contributed to such Participant’s Retirement Distribution Account and deemed invested in the Employer Stock Fund.

(b)
  The Excess Bonus and associated Additional Company Contribution shall not be
  subject to Participant investment direction for two years from the date of crediting;
  provided, however, that Excess Bonus and associated Additional Company Contributions
  shall not be subject to Participant investment direction on and after April
  1, 2007. Prior to April 1, 2007, if, prior to the expiration of two years from
  the date on which the Excess Bonus and Additional Company Contribution are credited,
  (1) the Participant directs that all or a portion of the Excess Bonus or the
  associated Additional Company Contribution be deemed invested in an Earnings
  Crediting Option other than the Employer Stock Fund or (2) the Participant receives
  a distribution pursuant to Article 10, any portion of which consists of all
  or a portion of such Excess Bonus or Additional Company Contribution, then the
  Participant shall forfeit all of such Additional Company Contribution.

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ARTICLE 5

DISTRIBUTION OPTION ACCOUNTS

5.1. Distribution Option Accounts. The Plan Administrator shall establish and maintain separate Distribution Option Accounts with respect to a Participant. A Participant’s Distribution Option Accounts shall consist of the Retirement Distribution Account, one or more In-Service Distribution Accounts, one or more Flexible Distribution Accounts and/or a Deferred Board Remuneration Account, as applicable. The amount of Compensation, Performance-Based Compensation and Board Remuneration, and Shares subject to a Share Award, deferred pursuant to Section 4.1 or Section 4.2 shall be credited by the Company to the Participant’s Distribution Option Accounts, in accordance with the Distribution Option irrevocably elected by the Participant in the Enrollment Agreement, as soon as reasonably practicable
following the close of the payroll period, bonus payment date, or, in the case of Trustees, the regularly scheduled payment date, or, in the case of Share Awards, the vesting date, for which the deferred Compensation, Performance-Based Compensation, Board Remuneration and Share Awards would otherwise be payable or vested, as determined by the Plan Administrator in its sole discretion. Any amount once taken into account as Compensation, Performance-Based Compensation or Board Remuneration for purposes of this Plan shall not be taken into account thereafter. Matching Contributions, Additional Company Contributions, Profit Sharing Contributions, and Supplemental Profit Sharing Contributions, when credited, as determined by the Plan Administrator in its sole discretion, are credited only to the Retirement Distribution Account. The Participant’s Distribution Option Accounts shall be reduced by the amount of payments or Share distributions made by the Company to the Participant or the
Participant’s Beneficiary pursuant to this Plan.

5.2. Earnings on Distribution Option Accounts.

(a) General. A Participant’s Distribution Option Accounts shall be credited with earnings in accordance with the Earnings Crediting Options elected by the Participant from time to time. Participants may allocate their Retirement Distribution Account, each of their In-Service Distribution Accounts, each of their Flexible Distribution Accounts and/or their Deferred Board Remuneration Account among the Earnings Crediting Options available under the Plan only in whole percentages of not less than five percent (5%); provided, however, that the portion of a Participant’s Distribution Option Account that is attributable to a Share Award shall only be invested in the Employer Stock Fund. The Company reserves the right, on a prospective basis, to add or delete Earnings Crediting Options.

(b) Investment Options. 

(i) Investment Performance. The deemed rate of return, positive or negative, credited under each Earnings Crediting Option is based upon the actual investment performance of (A) the Employer Stock Fund, (B) the corresponding investment portfolios of the EQ Advisers Trust, open-end investment management companies under the Investment Company Act of 1940, as amended from time to time, or (C) such other investment fund(s) as the Company may designate from time to time, and shall equal the total return of such investment fund net of asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance contract charges.

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(ii) Dividends. Dividends creditable to deferral amounts and Share Awards invested in the Employer Stock Fund shall be treated as a separate arrangement subject to the provisions of Appendix A.

5.3. Earnings Crediting Options. Notwithstanding that the rates of return credited to Participants’ Distribution Option Accounts under the Earnings Crediting Options are based upon the actual performance of the investment options specified in Section 5.2, or such other investment funds as the Company may designate, the Company shall not be obligated to invest any Compensation, Performance-Based Compensation or Board Remuneration deferred by Participants under this Plan, Matching Contributions, Additional Company Contributions, Profit Sharing Contributions, Supplemental Profit Sharing Contributions, or any other amounts, in such portfolios or in any other investment funds.

5.4. Changes in Earnings Crediting Options. 

(a) General. Except as otherwise provided in Section 5.4(b) below, a Participant may change the Earnings Crediting Options to which his Distribution Option Accounts are deemed to be allocated subject to such rules as may be determined by the Plan Administrator, provided that except as the Plan Administrator may otherwise determine in light of legal restrictions on changes, the frequency of permitted changes shall not be less than four times per Plan Year. Each such change may include (a) reallocation of the Participant’s existing Accounts in whole percentages of not less than five percent (5%), and/or (b) change in investment allocation of amounts to be credited to the Participant’s Accounts in the future, as the Participant may elect. The effect of a Participant’s change in Earnings
Crediting Options shall be reflected in the Participant’s Accounts as soon as reasonably practicable following the Plan Administrator’s receipt of notice of such change, as determined by the Plan Administrator in its sole discretion.

(b) Employer Stock Fund Changes. For deferral elections effective on and after January 1, 2007, amounts or Share Awards deferred and invested in the Employer Stock Fund may not be reallocated to any other Earnings Crediting Option and shall instead remain invested in the Employer Stock Fund until distributed. For amounts deferred prior to January 1, 2007, (i) a Participant may change the Earnings Crediting Option to which the portions of his Distribution Option Accounts are invested in the Employer Stock Fund subject to such rules as may be determined by the Plan Administrator, (ii) provided that such reallocation election is received on or prior to March 31, 2007, and (iii) further provided that such deferral amounts that remain invested in the Employer Stock Fund as of April 1, 2007 may not be
reallocated thereafter to any other Earnings Crediting Option and shall instead remain invested in the Employer Stock Fund until distributed.

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5.5. Valuation of Accounts. Except as otherwise provided in Section 5.7, the value of a Participant’s Distribution Option Accounts as of any date shall equal the amounts theretofore credited to such Accounts, including any earnings (positive or negative) deemed to be earned on such Accounts in accordance with Section 5.2 and Section 5.4 through the day preceding such date, less the amounts theretofore deducted from such Accounts.

5.6. Statement of Accounts. The Plan Administrator shall provide to each Participant, not less frequently than quarterly, a statement in such form as the Plan Administrator deems desirable for setting forth the balance standing to the credit of each Participant in each of his Distribution Option Accounts.

5.7. Distributions from Accounts. Any distribution made to or on behalf of a Participant from one or more of his Distribution Option Accounts in an amount which is less than the entire balance of any such Account shall be made pro rata from each of the Earnings Crediting Options to which such Account is then allocated. For purposes of any provision of the Plan relating to distribution of benefits to Participants or Beneficiaries, the value of a Participant’s Distribution Option Accounts shall be determined as of a date as soon as reasonably practicable preceding the distribution date, as determined by the Plan Administrator in its sole discretion. In the case of any benefit payable in the form of a cash lump sum, the value of a Participant’s Distribution Option Accounts, as determined
pursuant to this Section 5.7, shall be distributed. In the case of any benefit payable in the form of annual installments, as of any payment date, the amount of each installment payment shall be determined as the quotient of (a) the value of the Participant’s Distribution Option Account subject to distribution, as determined pursuant to this Section 5.7, divided by (b) the number of remaining annual installments immediately preceding the payment date. In the case of any benefit attributable to a deferral that was effective on or after January 1, 2007, or in the case of any benefit attributable to a deferral effective prior to January 1, 2007 and invested in the Employer Stock Fund as of April 1, 2007, such benefit shall only be payable in the form of Shares (and cash for fractional Shares).

5.8. Small Benefit Cash-Out. If a Participant or Beneficiary becomes eligible for a distribution in accordance with the provisions of Sections 7.1(b), 7.2(b), 7.4(c), 8.1 or 9.1, relating to payments following termination of Service, Disability or death, the Plan Administrator reserves the right to cash out such Participant or Beneficiary as soon as administratively practicable (but not later than required by the AJCA) following such Participant’s termination of Service, Disability or death, if the value of the Participant’s Distribution Option Accounts does not exceed $10,000, or such higher amount as may be permitted under the AJCA. 

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ARTICLE 6

DISTRIBUTION OPTIONS

6.1. Election of Distribution Option. In the first completed and fully executed Enrollment Agreement filed with the Plan Administrator, a Participant shall elect the time and manner of payment in accordance with Section 4.1(d). Annually, the Participant shall allocate his or her deferrals between the Distribution Options in increments of ten percent (10%); provided that, deferrals of Board Remuneration shall automatically be allocated to the Deferred Board Remuneration Account.

6.2. Retirement Distribution Option. Subject to Section 7.1, distribution of the Participant’s Retirement Distribution Account, if any, shall commence not earlier than the thirteenth month following the Participant’s Retirement.

6.3. In-Service Distribution Option. Subject to Section 7.2, the Participant’s In-Service Distribution Account shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Account was established. A Participant shall not be entitled to allocate any deferrals to an In-Service Distribution Account for the two Plan Years preceding the Plan Year which includes the date on which such Account is to be distributed and such additional deferrals shall instead be allocated to the Retirement Distribution Account. Notwithstanding the foregoing, for deferral elections effective on and after January 1, 2007, a Participant shall not be entitled to allocate any deferrals to an In-Service Distribution Account.

6.4. Deferred Board Remuneration Option. Subject to Section 7.3, distribution of the Participant’s Deferred Board Remuneration Account, if any, shall commence following the Participant’s termination of service as a Trustee.

6.5. Flexible Distribution Option. Subject to Section 7.4, each of the Participant’s Flexible Distribution Accounts shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established; provided, however, such distribution shall not be prior to the third Plan Year beginning after the Plan Year in which the first deferral election is made with regard to that Flexible Distribution Account.

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ARTICLE 7

BENEFITS TO PARTICIPANTS

7.1. Benefits Under the Retirement Distribution Option. Benefits under the Retirement Distribution Option shall be paid to a Participant as follows:

(a) Benefits Upon Retirement.

(i) General. In the case of a Participant whose Service with the Employer terminates on account of his Retirement, the Participant’s Retirement Distribution Account shall be distributed in one of the following methods, as elected by the Participant in writing either in the Enrollment Agreement or in a separate election made in accordance with Section 7.1(b): (x) in a lump sum; (y) in annual installments over 5, 10, 15 or 20 years; or (z) by any other formula that is mathematically derived and is acceptable to the Plan Administrator.

(ii) Time of Payment. Any benefit payable in accordance with this paragraph shall be paid or commence, as elected by the Participant in accordance with this Section 7.1, at any time following Retirement, but not earlier than the thirteenth month following the Participant’s Retirement. The valuation and timing of payments shall be subject to administrative processes prescribed by the Plan Administrator.

(iii) Default Form and Time of Payment. Unless elected otherwise in accordance with Section 7.1(a), the default form of payment of a Participant’s Retirement Distribution Account shall be a lump sum (including Shares for applicable amounts under the Employer Stock Fund) paid on the Distribution Date next following the thirteenth month following the Participant’s Retirement.

(b) Benefits Upon Termination of Employment. If a Participant’s Service with the Employer terminates prior to the earliest date on which the Participant is eligible for Retirement (other than due to death or becoming Disabled), the Participant’s Retirement Distribution Account will be distributed in a lump sum (including Shares for applicable amounts under the Employer Stock Fund) at the earliest Distribution Date that is not earlier than the thirteenth month following the Participant’s Termination Date. Within the 30-day period following the Participant’s Termination Date, the Participant may elect to change the form and commencement date of payment of the Participant’s Retirement Distribution Account by making a Re-Deferral Election. Limitations on the form and commencement
date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

(c) Changes in Distribution Elections. A Participant may elect to change the form and commencement date of payment of the Participant’s Retirement Distribution Account by filing a Re-Deferral Election. Effective after December 31, 2006, a Participant may continue to elect to re-defer receipt of his Retirement Distribution Account that was the subject of an earlier Re-Deferral Election by submitting a new Re-Deferral Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion

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(d) Forfeiture. If a Participant terminates Service, other than due to Retirement, Disability or death, prior to being credited with five (5) years of service, as determined pursuant to the terms of the Brandywine Realty Trust 401(k) Profit Sharing Plan, all or a portion of the Participant’s Retirement Distribution Account attributable to Matching Contributions, and, on and after December 19, 2006, Supplemental Profit Sharing Contributions, shall be forfeited, as follows:

 

  	
        Termination
          Prior to

          Completion of Year

      	
         

      	
        Portion
          Forfeited

      
	
        

      	 	
        

      
	
        1

      	
         

      	
        100%

      
	
        2

      	
         

      	
          80%

      
	
        3

      	
         

      	
          50%

      

7.2. Benefits Under the In-Service Distribution Option. Benefits under the In-Service Distribution Option shall be paid to a Participant as follows:

(a) In-Service Distributions. In the case of a Participant who continues in Service with the Employer, the Participant’s In-Service Distribution Account shall be paid to the Participant commencing in, but not later than January 31 of the Plan Year irrevocably elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Account was established, which may be no earlier than the third Plan Year following the end of the last Plan Year in which deferrals are to be credited to the In-Service Distribution Account, in one lump sum or in annual installments payable over 2, 3, 4, or 5 years.

(i) Any lump sum benefit payable in accordance with this paragraph shall be paid in, but not later than January 31 of, the Plan Year elected by the Participant in accordance with Section 6.3

(ii) Annual installment payments, if any, shall commence in, but not later than January 31 of, the Plan Year elected by the Participant in accordance with Section 6.3.

(b) Benefits Upon Termination of Employment. In the case of a Participant whose Service with the Employer terminates before the calendar year in which the Participant’s In-Service Distribution Account would otherwise be distributed, other than on account of becoming Disabled or by reason of death, notwithstanding any prior election in accordance with Section 7.2(a) or (c), such In-Service Distribution Account shall be distributed in a lump sum (including Shares for applicable amounts under the Employer Stock Fund) at the earliest Distribution Date that is not earlier than the thirteenth month following the Participant’s Termination Date. No later than 30 days following such Participant’s Termination Date, the Participant may elect to change the form and commencement date of payment of
the Participant’s In-Service Distribution Account by making a Re-Deferral Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

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(c) Effective after December 31, 2006, a Participant may continue to elect to re-defer receipt of any of his In-Service Distribution Account that was the subject of an earlier Re-Deferral Election by submitting a new Re-Deferral Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

7.3. Benefits Under the Deferred Board Remuneration Option. 

(a) In General.

(i) Form of Payment. Benefits under the Deferred Board Remuneration Option shall be paid to a Participant following his termination of service as a Trustee. The Deferred Board Remuneration Account shall be distributed in one of the following methods, as elected by the Participant in writing in the Enrollment Agreement: (x) in a lump sum; (y) in annual installments over 5, 10, 15 or 20 years; or (z) by any other formula that is mathematically derived and is acceptable to the Plan Administrator. 

(ii) Time of Payment. Any benefit payable in accordance with this paragraph shall be paid or commence, as elected by the Participant in accordance with this Section 7.3, at any time following the Participant’s termination of service as a Trustee, but not earlier than the thirteenth month following such termination of service. The valuation and timing of payments shall be subject to administrative processes prescribed by the Plan Administrator.

(iii) Default Form and Time of Payment. Unless elected otherwise in accordance with this Section 7.3(a), the default form of payment of a Participant’s Deferred Board Remuneration Account shall be a lump sum (including Shares for applicable amounts under the Employer Stock Fund) paid on the Distribution Date next following the thirteenth month following the Participant’s termination of service as a Trustee.

(b) Changes in Distribution Elections. A Participant may elect to change the form and commencement date of payment of the Participant’s Deferred Board Remuneration Account, consistent with Section 7.3(a), by filing a Re-Deferral Election within the 30-day period following the Participant’s termination of service as a Trustee. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

7.4. Benefits Under the Flexible Distribution Account. Benefits under the Flexible Distribution Option shall be paid to a Participant as follows:

(a) In General. Each of the Participant’s Flexible Distribution Accounts shall be distributed in one lump sum (including Shares for applicable amounts under the Employer Stock Fund) not later than January 31 of the Plan Year irrevocably elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established. 

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(b) Changes in Distribution Elections. A Participant may elect to change the form and commencement date of payment of any of the Participant’s Flexible Distribution Accounts by filing a Re-Deferral Election not later than January 31 of the Plan Year preceding the Plan Year in which the originally elected payment commencement date occurs. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

(c) Benefits Upon Termination of Employment. In the case of a Participant whose Service with the Employer terminates prior to the date on which any of the Participant’s Flexible Distribution Accounts would otherwise be distributed, other than on account of death, distribution shall be made at the time elected by the Participant prior to his Termination Date; provided, however, that the Participant (or his Beneficiary(ies) in the event of the Participant’s death) may elect to change the form and commencement date of payment of any of the Participant’s Flexible Distribution Accounts by making a Re-Deferral Election. The Participant may elect to change the form and commencement date of payment of any of the Participant’s Flexible Distribution Accounts by making a Re-Deferral
Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion; provided that, the Company reserves the right to override the Participant’s election and distribute any of the Participant’s Flexible Distribution Accounts in a lump sum not earlier than 13 months following the Termination Date.

7.5 Special Rule for Deferral Elections Made Prior to January 1, 2005. If a Participant filed an Enrollment Agreement under the Pre-2005 EDCP in 2003 to defer Compensation classified by the Company as bonus that, if paid, will be paid in 2005, then to the extent that such Participant becomes entitled to any such bonus in 2005 and all or any portion of the payment of such bonus is deferred pursuant to such prior election, such bonus deferrals will be credited under and subject to the terms of the Plan. Prior to March 15, 2005, the Participant may elect to modify the amount of such bonus deferrals, and may also elect to modify the allocation of such bonus deferrals by specifying that a greater or lesser percentage of such bonus deferrals be credited to the In-Service Distribution Account or the
Retirement Distribution Account, as the case may be. Furthermore, such bonus deferrals, if any, will be paid in the time and form elected by such Participant in the first Enrollment Agreement filed under the Plan prior to March 15, 2005.

7.6. Change in Time and Form of Election Pursuant to Special AJCA Transition Rules. 

(a) To the extent provided by the Plan Administrator, a Participant may, during the period extending from January 1, 2006 to December 31, 2006, with respect to all or any portion of his Distribution Option Accounts that is scheduled to be paid after December 31, 2006 (but not including any Prior Plan Sub-Accounts), and with respect to all or any portion of his deferrals under the Pre-2005 EDCP that is scheduled to be paid after December 31, 2006, make new payment elections (which shall not be considered Re-Deferral Elections) as to the form and timing of payment of such amounts as may be permitted under this Plan, provided that (A) following the completion of such new payment election, amounts previously credited under the Pre-2005 EDCP shall not be treated as subject to the Pre-2005 EDCP, but instead shall be treated as a deferral under this Plan, subject to the rules of the
Plan as in effect as of the Restatement Date, and (B) no portion of the benefit subject to such an election shall be payable before January 1, 2007.

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(b) To the extent provided by the Plan Administrator, a Participant may, during the period extending from January 1, 2007 to December 31, 2007, with respect to all or any portion of his deferrals under this Plan that is scheduled to be paid after December 31, 2007 (but not including any Prior Plan Sub-Accounts), and with respect to all or any portion of his deferrals under the Pre-2005 EDCP that is scheduled to be paid after December 31, 2007, make new payment elections (which shall not be considered Re-Deferral Elections) as to the form and timing of payment of such amounts as may be permitted under this Plan, provided that (A) following the completion of such new payment election, amounts previously credited under the Pre-2005 EDCP shall not be treated as subject to the Pre-2005 EDCP, but instead shall be treated as a deferral under this Plan, subject to the rules of the Plan
as in effect as of the Restatement Date, and (B) no portion of the benefit subject to such an election shall be payable before January 1, 2008.

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ARTICLE 8

DISABILITY

8.1. In the event a Participant becomes Disabled, the Participant’s right to make any further deferrals under this Plan shall terminate as of the date the Participant terminates due to Disability. The Participant’s Distribution Option Accounts shall continue to be credited with earnings in accordance with Section 5.2 until such Accounts are fully distributed. Except as to any Distribution Option Account as to which distributions have already commenced, the Participant’s Distribution Option Accounts, notwithstanding any election to the contrary, shall be paid in a lump sum (including Shares for applicable amounts under the Employer Stock Fund) at the earliest Distribution Date that is not earlier than the thirteenth month following such Participant’s becoming Disabled. No later than 30 days following such Participant’s Disability, the Participant may
elect to change the form and commencement date of payment of the Participant’s Distribution Option Accounts by making a Re-Deferral Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion.

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ARTICLE 9

SURVIVOR BENEFITS

9.1. Death of Participant Prior to the Commencement of Benefits. In the event of a Participant’s death prior to the commencement of benefits in accordance with Article 7, payment of all Distribution Option Accounts shall be made in a lump sum (including Shares for applicable amounts under the Employer Stock Fund) at the earliest Distribution Date that is not earlier than the fourteenth month following the Participant’s death. No later than sixty days following such Participant’s death, the Beneficiary may elect to change the form and commencement date of payment of the Participant’s Distribution Option Accounts by making a Re-Deferral Election. Limitations on the form and commencement date under a Re-Deferral Election shall be determined by the Plan Administrator in its sole discretion. 

9.2. Death of Participant After Benefits Have Commenced. In the event a Participant who dies after annual installment benefits payable under Sections 7.1, 7.2 and/or 7.3 has commenced, but before the entire balance of such Distribution Option Accounts has been paid, any remaining annual installments shall continue to be paid to the Participant’s Beneficiary at such times and in such amounts as they would have been paid to the Participant had he survived. 

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ARTICLE 10

EMERGENCY BENEFIT

10.1. In the event that the Plan Administrator, upon written request of a Participant, determines, in its sole discretion, that the Participant has suffered an Unforeseeable Emergency, the Company shall pay to the Participant from the Participant’s Distribution Option Account, as soon as practicable following such determination, an amount necessary to meet such Unforeseeable Emergency, in a manner consistent with the AJCA, after deduction of any and all taxes as may be required pursuant to Section 11.10 (the “Emergency Benefit”). Emergency Benefits shall be paid first from the Participant’s In-Service Distribution Accounts, if any, to the extent the balance of one or more of such In-Service Distribution Accounts is sufficient to meet the emergency, in the order in which such
Accounts would otherwise be distributed to the Participant. If the distribution exhausts the In-Service Distribution Accounts, the Flexible Distribution Accounts may be accessed and, if necessary, the Retirement Distribution Account and Deferred Board Remuneration Account may be accessed. With respect to that portion of any Distribution Option Account which is distributed to a Participant as an Emergency Benefit in accordance with this Article 10, no further benefit shall be payable to the Participant under this Plan. Notwithstanding anything in this Plan to the contrary, a Participant who receives an Emergency Benefit in any Plan Year shall not be entitled to make any further deferrals for the remainder of such Plan Year.

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ARTICLE 11

MISCELLANEOUS

11.1. Amendment and Termination. The Plan may be amended, suspended, discontinued or terminated at any time by the Plan Administrator; provided, however, that no such amendment, suspension, discontinuance or termination shall reduce or in any manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Participant’s Accounts as of the effective date of such amendment, suspension, discontinuance or termination.

11.2. Change of Control.

(a) Notwithstanding Section 11.1, in the event of a Change of Control, Brandywine Realty Trust, or its successor, shall have the discretion, with respect to amounts standing to the credit of Participants’ Distribution Option Accounts, to modify and/or completely override Participants’ elections regarding the timing and/or form of distribution from such Distribution Option Accounts, including providing for a complete or partial distribution of all amounts due such Participants in the form of immediate lump sum payments. This Section 11.2(a) shall be applied consistent with and to the extent permitted by the AJCA. 

(b) In the event of a Change of Control in which Shares are converted into cash or equity, amounts deemed invested in the Employer Stock Fund as of such Change of Control shall be deemed to be converted in the same manner as Shares; provided if holders of Shares are given a choice between forms of consideration, the amounts deemed invested in the Employer Stock Fund as of such Change of Control shall be deemed converted into that form of consideration chosen by the majority of the holders of Shares.

11.3. Claims Procedure.

(a) Claim. A person who believes that he is being denied a benefit to which he is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Plan Administrator, setting forth the claim.

(b) Claim Decision. Upon receipt of a claim, the Plan Administrator shall advise the Claimant within ninety (90) days of receipt of the claim whether the claim is denied. If special circumstances require more than ninety (90) days for processing, the Claimant will be notified in writing within ninety (90) days of filing the claim that the Plan Administrator requires up to an additional ninety (90) days to reply. The notice will explain what special circumstances make an extension necessary and indicate the date a final decision is expected to be made.

If the Claimant does not receive a written denial notice or notice of an extension within ninety (90) days, the Claimant may consider the claim denied and may then request a review of denial of the claim, as described below.

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If the claim is denied in whole or in part, the Claimant shall be provided a written opinion, using language calculated to be understood by the Claimant, setting forth:

(i) The specific reason or reasons for such denial;

(ii) The specific reference to pertinent provisions of this Plan on which such denial is based;

(iii) A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or such information is necessary;

(iv) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and

(v) The time limits for requesting a review under subsection (c) and for review under subsection (d) hereof.

(c) Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Plan Administrator review its determination. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan Administrator. If the Claimant does not request a review of the initial determination within such sixty (60) day period, the Claimant shall be barred and estopped from challenging the determination.

(d) Review of Decision. Within sixty (60) days after the Plan Administrator’s receipt of a request for review, it will review the initial determination. After considering all materials presented by the Claimant, the Plan Administrator will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Plan Administrator will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.

11.4. Designation of Benefit. Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such Beneficiary. Any such designation, change or cancellation must be made in a form approved by the Plan Administrator and shall not be effective until received by the Plan Administrator, or its designee. If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid
in equal shares, unless the Participant has specifically designated otherwise.

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11.5. Limitation of Participant’s Right. Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in Service or to continue to serve as a Trustee, nor shall it interfere with the rights of the Company to terminate the employment of any Participant and/or to take any personnel action affecting any Participant without regard to the effect which such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed salary or other compensation to a Participant for the purposes of computing benefits to which the Participant may be entitled under any other arrangement established by the Employer for the benefit of its employees.

11.6. No Limitation on Company Actions. Nothing contained in the Plan shall be construed to prevent the Company from taking any action which is deemed by it to be appropriate or in its best interest. No Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action.

11.7. Obligations to Company. If a Participant becomes entitled to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Employer, then the Employer may offset such amount owed to it against the amount of benefits otherwise distributable. Such determination shall be made by the Plan Administrator.

11.8. Nonalienation of Benefits. Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s or Beneficiary’s interest under the Plan. The Company’s obligations under this Plan are not assignable or transferable, except to (a) any corporation or partnership which acquires all or substantially all of the Company’s assets or (b) any corporation or partnership into which the Company may be merged or consolidated. A Participant’s or Beneficiary’s interest under the Plan is not assignable or transferable pursuant to a domestic relations order. The provisions of the Plan shall inure to the benefit of each
Participant and the Participant’s Beneficiaries, heirs, executors, administrators or successors in interest.

11.9. Protective Provisions. Each Participant shall cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Company may deem necessary and taking such other relevant action as may be requested by the Company. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the then current balance of the Participant’s Distribution Option Accounts in accordance with his prior elections.

11.10. Taxes. The Company may make such provisions and take such action as it may deem appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his Beneficiary). Each Participant, however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.

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11.11. Unfunded Status of Plan. The Plan is an “unfunded” plan for tax and Employee Retirement Income Security Act purposes. This means that the value of a Participant’s Distribution Option Accounts is based on the value assigned to a hypothetical bookkeeping account, which is invested in hypothetical shares of investments funds available under the Plan. As the nature of the investment fund which forms the “index” or “meter” for the valuation of the bookkeeping account changes, the valuation of the bookkeeping account changes as well. The amount owed to a Participant is based on the value assigned to the bookkeeping account. Brandywine Realty Trust may decide to use a “rabbi trust” to anticipate its potential Plan liabilities, and it may attempt to have
Plan investments mirror the hypothetical investments deemed credited to the bookkeeping accounts. However, the liability to pay the benefits is Brandywine Realty Trusts’, and the assets of the rabbi trust are potentially available to satisfy the claims of non-participant creditors of Brandywine Realty Trust.

11.12. Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan.

11.13. Governing Law. The Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania, without reference to the principles of conflict of laws.

11.14. Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in the construction of the provisions of the Plan.

11.15. Gender, Singular and Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular.

11.16. Notice. Any notice or filing required or permitted to be given to the Plan Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to Brandywine Realty Trust, 401 Plymouth Road, Suite 500, Plymouth Meeting, PA 19462, Attention: Chief Accounting Officer, or to such other entity as the Plan Administrator may designate from time to time. Such notice shall be deemed given as to 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.

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APPENDIX A

DIVIDENDS

Dividends creditable to deferral amounts and Share Awards invested in the Employer Stock Fund on and after January 1, 2007 shall either be (A) paid in cash as soon as administratively practicable following the dividend payment date if the Participant has made a separate election under an Enrollment Agreement to receive such dividends in cash, or (B) credited to the Participant’s account and invested in an Earnings Crediting Option other than the Employer Stock Fund, as elected by the Participant. The Committee reserves the right, as to the Employer Stock Fund, to prescribe such other rules regarding the manner in which deemed dividends are invested or distributed. The dividend election opportunity, as described in this Appendix A, is intended to constitute a separate deferral arrangement within the meaning of the AJCA.

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