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<CONFORMED-NAME>BRANDYWINE REALTY TRUST
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<IRS-NUMBER>232413352
<STATE-OF-INCORPORATION>MD
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<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BLVD
<STREET2>STE 100
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>TWO GREENTREE CENTRE
<STREET2>SUITE 100
<CITY>MARLTON
<STATE>NJ
<ZIP>08053
</MAIL-ADDRESS>
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<FORMER-CONFORMED-NAME>LINPRO SPECIFIED PROPERTIES
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<TITLE>Prepared and filed by St Ives Financials</TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=4>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Pursuant To Section 13 or 15(d)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>of the Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Date
  of Report (Date of earliest event reported): August 28, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font size=5><b>B<small>RANDYWINE</small> R<small>EALTY</small> T<small>RUST</small></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of issuer as specified in charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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        <td width="50">&nbsp;</td>
                    <td align=center valign=top width="280"><b><font size=2>Maryland</font></b><br>
<font size=2>(State or Other</font><br>
<font size=2>Jurisdiction</font><br>
<font size=2>of Incorporation or</font><br>
<font size=2>Organization)</font><br></td>
        <td align=center valign=top   width="280"><b><font size=2>1-9106</font></b><br>
            <font size=2>(Commission</font><br>
<font size=2>file</font><br>
<font size=2>number)</font><br>
<font size=2>&nbsp;</font><br></td>
        <td align=center valign=top  width="280"><b><font size=2>23-2413352</font></b><br>
            <font size=2>(I.R.S. Employer</font><br>
<font size=2>Identification</font><br>
<font size=2>Number)</font><br>
<font size=2>&nbsp;</font><br></td>
        <td width="50">&nbsp;</td></tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>555 East Lancaster Avenue, Suite 100</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Radnor, Pennsylvania 19087</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of principal executive offices)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>(610) 325-5600</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Item 1.01</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Entry into a Material Definitive Agreement.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>On August 28, 2006, the Compensation Committee of our Board of Trustees adopted a long-term incentive compensation program (which we refer to as the outperformance program). We will make payments (in the form of common shares) to executive-participants under the outperformance program only if our total shareholder return exceeds percentage hurdles established under the outperformance program. The dollar value of any payments will depend on the extent to which our performance exceeds the hurdles. We describe the outperformance program below and have attached a copy of the outperformance program as an exhibit to this Current Report. We established the outperformance program under our Amended and Restated 1997 Long-Term Incentive Plan (which we refer to below as the 1997 Plan), most recently approved by our shareholders on May 2, 2005. We attached a complete copy of the 1997 Plan as an exhibit to
our Quarterly Report on Form 10-Q for the quarter ended March 31, 2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Our Compensation Committee adopted the outperformance program following extensive analysis of long-term, performance-based, executive compensation programs. In its analysis, the Compensation Committee considered data and recommendations of an independent compensation consulting firm, alternative approaches to compensation both within and outside of the REIT industry and our current short and long-term compensation arrangements. The Compensation Committee believes that the outperformance program will enhance our compensation goals. These goals include: (1) attracting best-in-class talent, (2) retaining our key leaders, (3) providing incentives for future performance and (4) aligning the long-term interests of our executives with the interests of our shareholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>In brief, if our total shareholder return (share price appreciation plus cash dividends) during a three-year measurement period exceeds either of two hurdles (with one hurdle keyed to the greater of a fixed percentage and an industry-based index, and the other hurdle keyed to a fixed percentage), then we will fund an incentive compensation pool in accordance with a formula and make pay-outs from the compensation pool in the form of vested and &#147;restricted&#148; common shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>We explain the outperformance program through the following questions and answers and encourage you to review the complete outperformance program.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>1. </font><i><font size=2>How will the dollar value of the compensation pool be determined?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>The dollar value of the compensation pool will depend on the extent to which our total shareholder return between August 1, 2006 and July 31, 2009 exceeds either or both of two hurdles, with the three-year measurement period subject to early termination, and the hurdles subject to pro rata adjustment, if we undergo a change of control prior to July 31, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>One
  hurdle (which we refer to below as the &#147;combined&#148; hurdle) will be
  met if our total shareholder return over the three-year measurement period exceeds
  the greater of 27% or 100% of the Morgan Stanley REIT Index (the &#147;Index&#148;)
  return during the measurement period. The amount that we would fund into the
  compensation pool if our total shareholder return exceeds the combined hurdle
  would be derived from a formula that reflects the excess of our total shareholder
  return over the higher component in the combined hurdle and would be limited
  to $41,250,000, representing 75% of the outperformance program, plus dividend
  equivalents.</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>The
  other hurdle (which we refer to below as the &#147;single&#148; hurdle) will
  be met if our total shareholder return over the three-year measurement period
  exceeds 30%. The amount that we would fund into the compensation pool if our
  total shareholder return exceeds the single hurdle would also be derived from
  a formula that reflects the excess of our total shareholder return over the
  hurdle and would be limited to $13,750,000, representing 25% of the outperformance
  program, plus dividend equivalents.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>To determine the amount that we would fund into the compensation pool, we would first calculate the &#147;excess value&#148; attributable to the excess of our total shareholder return over one or both of the hurdles. If our total shareholder return does not exceed either hurdle then no credit will be made to the compensation pool on account of such hurdle. After we have calculated the excess value, we would then allocate 5% of the excess value to the compensation pool (i.e., credit an amount into the compensation pool equal to 5% of the excess value). If our total shareholder return exceeds 36%, then up to an additional 3% of the value in excess of 36% may be added to the pool.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2. </font><i><font size=2>Is there a maximum amount that may be paid under the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Yes. The maximum amount payable under the outperformance program is limited to $55.0 million, plus dividend equivalents. No more than $41,250,000, plus dividend equivalents, may be payable on account of the portion of the program that is based on the combined hurdle, and no more than $13,750,000, plus dividend equivalents, may be payable on account of the portion of the program that is based on the single hurdle.</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3. </font><i><font size=2>How will we make payments under the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Payments under the outperformance program will be made in common shares. Twenty percent (20%) of the common shares issued to each award recipient will be fully vested on the date of issuance, and the remaining eighty percent (80%) will vest in two equal annual installments on each of the first and second anniversaries of the issuance date, subject to accelerated vesting upon a change of control. The holder of unvested common shares will be entitled to vote, and receive dividends on, the issued common shares prior to the vesting of the shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>4. W</font><i><font size=2>ill award recipients be paid dividend equivalents</font></i><font size=2> </font><i><font size=2>prior to any payments under the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>No. However, upon issuance of common shares to participants at the end of the measurement period, we will pay to the participants (through the issuance of common shares) an amount equal to the amount of dividends that would have been paid on such shares had such shares been outstanding and held by such participants during the measurement period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>5. </font><i><font size=2>Under what circumstances would the measurement period terminate early?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>The
  measurement period would terminate prior to July 31, 2009 if we are acquired
  or otherwise undergo a &#147;change of control.&#148; In such event, the hurdles
  would be adjusted downward proportionately based upon the number of months that
  elapsed within the measurement period prior to the change of control. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>In
     the event that we achieve a total shareholder return for at least three
    hundred
  sixty (360) consecutive calendar days during the measurement period such that
     the compensation pool would have been funded at the aggregate maximum amount

  of $55 million if each day in such three hundred sixty (360) day period had
     been the end of the measurement period, then each participant will be entitled

  to receive common shares that have a value equal to the product of such participant&#146;s
   award percentage multiplied by $27.5 million, and the maximum amount that
  we
  would thereafter be obligated to fund into the compensation pool at the end
   of the measurement period would be reduced on account of such &#147;early&#148;
  achievement. In the event acceleration occurs, the remaining maximum available
   amount that may be earned under the combined hurdle would be $20,625,000,
  plus
  dividend equivalents, and the remaining maximum available amount under the
  single hurdle would be $6,875,000, plus dividend equivalents. Notwithstanding
  a participant&#146;s entitlement to common shares on account of such &#147;early&#148;
  achievement, we would not issue the shares to the participant until July 31,
   2009 (or the date of a change of control) and the issuance of the common shares

  would be subject to the same vesting schedule that would apply in the absence
   of such early achievement.</font></p>

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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>6. </font><i><font size=2>What happens if an award recipient dies or becomes disabled?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Upon termination of an award recipient&#146;s employment with us due to death or disability, the recipient&#146;s award will vest in full and the recipient or the recipient&#146;s legal representative will be entitled to payment on account of the award on the same terms as if the recipient had not died or become disabled.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>7. </font><i><font size=2>Who administers the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>The outperformance program will be administered by our Compensation Committee. The Compensation Committee is comprised exclusively of independent, non-management Trustees.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>8. </font><i><font size=2>Who may receive awards under the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Only our employees are eligible to receive awards under the outperformance program. The Compensation Committee will determine award recipients and their respective percentages of the compensation pool</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>9. </font><i><font size=2>Have awards been granted under the outperformance program?</font></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Yes. Upon adoption of the outperformance program, the Compensation Committee allocated an aggregate of 89.9% of the compensation pool, including 30% to Gerard H. Sweeney, our President and Chief Executive Officer. The percentages allocated to each of our other executive officers are presented in the following table. The Compensation Committee retains authority to allocate the balance of the compensation pool and to re-allocate any awards that recipients may forfeit.</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><b><font size=2>Name of Additional Executive</font></b><br> <b><font size=2>Officer Award Recipients</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td width="38%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><b><font size=2>Allocation Percentage</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Brad A. Molotsky</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>4.5</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
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        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>George D. Sowa</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>4.5</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
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<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Robert K. Wiberg</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>4.5</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
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<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Michael J. Cooper</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
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<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Daniel K. Cushing</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
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        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>H. Jeffrey DeVuono</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Christopher M. Hipps</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Gregory S. Imhoff</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Timothy M. Martin</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>William D. Redd</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Anthony S. Rimikis</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>David Ryder</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Philip M. Schenkel</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>3.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>Other Recipients as a Group</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>12.4</font></p> </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>%</font></p> </td> </tr></table>
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<p align="center"><Font size="2" face="serif">-5-</font></p>

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    <tr>

        <td width="10%" valign=top style='padding:12.0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Item 8.01</font></b></p> </td>

        <td valign=top style='padding:12.0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Other Information</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>As
  we indicated in a Form 8-K that we filed in February 2006, our Board authorized
  the sale of an approximately 141,724 square foot office building located at
  101 Paragon Drive in Montvale, New Jersey in which we held a fifty percent economic
  interest. The remaining interest in this property was held by one of our Trustees,
  Donald E. Axinn. As indicated in the February Form 8-K, closing of this sale
  was scheduled to occur in August 2006. On August 31, 2006, the sale was completed
  on terms consistent with those described in the February Form 8-K.</font></p>



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    <tr>
      <td width="10%" valign=top style='padding:12.0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1><b>&nbsp;</b></font><b><font size=2>Item
          9.01.</font></b></p>
      </td>
      <td valign=top style='padding:12.0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2><b>Financial
          Statements and Exhibits</b></font></p>

      </td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr>
      <td width="40" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Exhibits</font></p>
      </td>
      <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>&nbsp;<u></u></p>
      </td>
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      </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'>&nbsp; </td>
    </tr>
    <tr style='height:3.6pt;'>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'> </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'></td>
    </tr>
    <tr>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;' width="40">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>10.1</font></p>
      </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>2006
          Long-Term Outperformance Compensation Program</font></p>
      </td>
    </tr>
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<p align="center"><Font size="2" face="serif">-6-</font></p>

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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font size=2>Signatures</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="49%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td width="2%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>B<small>RANDYWINE</small> R<small>EALTY</small> T<small>RUST</small></font></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><br>
          <font size=2>Date: September 1, 2006</font></p>
      </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom style='padding:0pt 0pt 0pt 0pt;' width="2%">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>By:&nbsp;</font></p>
      </td>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><br> <font size=2>/s/ Gerard H. Sweeney</font></p> </td> </tr>
    <tr>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
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        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Gerard H. Sweeney</font><br> <font size=2>President and Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:center;'><font SIZE=2>EXHIBIT INDEX</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><b><font size=2>Exhibit</font></b>
          <b><font size=2>No.</font></b></p>
      </td>
      <td width="2%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>&nbsp;</td>
      <td width="85%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><b><font size=2>Description</font></b></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font size=2>10.1</font></p>
      </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>&nbsp;</td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>2006
          Long-Term Outperformance Compensation Program</font></p>
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<DESCRIPTION>EXHIBIT 10.1
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=2>Brandywine Realty Trust</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>2006 Long-Term Outperformance Compensation Program</font></b></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font SIZE=2>ARTICLE I</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>GENERAL</font></B></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>1.1. </font><b><font size=2>Background</font></b><font size=2>. The Board of Trustees (the &#147;Board&#148;) of Brandywine Realty Trust (the &#147;Company&#148;) has adopted, and the holders of the Company&#146;s common shares of beneficial interest (&#147;Common Shares&#148;) have approved, the Brandywine Realty Trust Amended and Restated 1997 Long-Term Incentive Plan (as amended or supplemented from time to time, the &#147;Plan&#148;). The Compensation Committee (the &#147;Committee&#148;) of the Board has adopted this 2006 Long-Term Outperformance Compensation Program (this &#147;Program&#148;) pursuant to its authority to administer and make awards under the Plan. Under and subject to the terms and conditions of this Program and the Plan, the Committee will grant awards (each, an &#147;Award&#148;) to selected employees of the Company and its Subsidiaries (as defined in the Plan).
Payment, if any, on account of Awards will be made in Common Shares. Each Award shall be evidenced by a written agreement (an &#147;Award Agreement&#148;) between the Company and the employee to whom the Award is made.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>1.2. </font><b><font size=2>Administration</font></b><font size=2>. This Program and the Awards shall be administered by the Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>1.3. </font><b><font size=2>Definitions</font></b><font size=2>. Capitalized terms used herein without definition shall have the meanings given to those terms in the Plan. In addition, as used herein:</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Additional Share Value&#148;</font></b><font size=2> means (i) with respect to an Additional Share that is issued in an underwritten public offering, the per share public offering price (computed before reduction for any underwriting discounts or commissions) and (ii) with respect to an Additional Share that is not issued in an underwritten public offering, the Common Share Price as of the date of issuance of such Additional Share.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Additional Shares&#148; </font></b><font size=2>means the sum of Common Shares and Units (other than Units issued to the Company) issued after the Measurement Period Commencement Date and on or before the Measurement Period Ending Date, but only if issued (a) in a capital raising transaction (whether or not registered under the Securities Act), (b) in exchange for assets or (c) in the acquisition of another entity, and excluding (i) Common Shares issued upon exercise of share options awarded to employees or trustees of the Company in exchange for services and (ii) Common shares awarded to employees or trustees of the Company in exchange for services.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Award&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Award Agreement&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Award Percentage&#148;</font></b><font size=2> means, with respect to a Participant, the percentage of the Outperformance Amount allocated to such Participant by the Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Award Shares&#148;</font></b><font size=2> has the meaning set forth in Section 2.1.</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Award Value&#148;</font></b><font size=2> means, with respect to a Participant, the Outperformance Amount multiplied by such Participant&#146;s Award Percentage.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Baseline Tier 1 Outperformance Amount I&#148;</font></b><font size=2> means the sum of (a) the Initial Share Value, (b) the Additional Share Value for each Additional Share, (c) the Tier 1 Baseline Initial Share Value I and (d) the Tier 1 Baseline Additional Share Value I for each Additional Share.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Baseline Tier 1 Outperformance Amount II&#148;</font></b><font size=2> means the sum of (a) the Initial Share Value, (b) the Additional Share Value for each Additional Share, (c) the Tier 1 Baseline Initial Share Value II and (d) the Tier 1 Baseline Additional Share Value II for each Additional Share.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Baseline Tier 2 Outperformance Amount I&#148;</font></b><font size=2> means the sum of (a) the Initial Share Value, (b) the Additional Share Value for each Additional Share, (c) the Tier 2 Baseline Initial Share Value I and (d) the Tier 2 Baseline Additional Share Value I for each Additional Share.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Baseline Tier 2 Outperformance Amount II&#148;</font></b><font size=2> means the sum of (a) the Initial Share Value, (b) the Additional Share Value for each Additional Share, (c) the Tier 2 Baseline Initial Share Value II and (d) the Tier 2 Baseline Additional Share Value II for each Additional Share.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Board&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Change of Control&#148;</font></b><font size=2> has the meaning given to it in the Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Committee&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Common Share Price&#148;</font></b><font size=2> means, as of a particular date, the average of the Fair Market Values of one Common Share for the thirty (30) trading days ending on, and including, such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date).</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Common Shares&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Company&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Dividend Equivalent Payment&#148;</font></b><font size=2> has the meaning set forth in Section 2.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Dividend Value&#148; </font></b><font size=2>means the aggregate amount of dividends and distributions declared or paid by the Company on one Common Share in the Measurement Period (excluding dividends and distributions, if any, paid in the form of additional Common Shares). The Dividend Value shall be calculated with respect to a Common Share that is outstanding during the entirety of the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Employment Agreement&#148;</font></b><font size=2> means the employment agreement, as the same may be amended or restated from time to time, between the Company and Gerard H. Sweeney.</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Fair Market Value&#148;</font></b><font size=2> has the meaning given to it in the Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Fraction&#148;</font></b><font size=2> means, as of a particular date, the number of whole calendar months that have elapsed since the Measurement Period Commencement Date divided by thirty six (36). For example, at December 15, 2006, the Fraction would be 4/36.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;GP Shares Amount&#148;</font></b><font size=2> has the meaning given to it in the Partnership Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Index Return&#148;</font></b><font size=2> means 100% of the Morgan Stanley REIT Index&#146;s total return (expressed as a percentage) during the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Initial Share Value&#148;</font></b><font size=2> means the product of the Initial Shares and the Starting Common Share Price.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Initial Shares&#148;</font></b><font size=2> means the Total Shares less the Additional Shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Interim Vesting Date&#148;</font></b><font size=2> means the last day of a three hundred sixty (360) consecutive calendar day period during which, on each day in that period, the Outperformance Amount would have equaled or exceeded $55,000,000 if each day in that period were the Measurement Period Ending Date.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Measurement Period&#148;</font></b><font size=2> means the period that commences on (and that includes) the Measurement Period Commencement Date and that ends on (and that includes) the Measurement Period Ending Date.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Measurement Period Commencement Date&#148;</font></b><font size=2> means August 1, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Measurement Period Ending Date&#148; </font></b><font size=2>means the earliest of (a) July 31, 2009 and (b) the date upon which a Change of Control shall occur.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Operating Partnership&#148;</font></b><font size=2> means Brandywine Operating Partnership, L.P.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Outperformance Amount&#148; </font></b><font size=2>means the sum of (a) Outperformance Amount I and (b) Outperformance Amount II.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Outperformance Amount I&#148;</font></b><font size=2> means the sum of (a) the Tier 1 Outperformance Amount I and (b) the Tier 2 Outperformance Amount I, but in no event shall the Outperformance Amount I exceed $13,750,000 and the Outperformance Amount I shall be zero if the Total Return does not exceed the Baseline Tier 1 Outperformance Amount I.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Outperformance Amount II&#148;</font></b><font size=2> means the sum of (a) the Tier 1 Outperformance Amount II and (b) the Tier 2 Outperformance Amount II, but in no event shall the Outperformance Amount II exceed $41,250,000 and the Outperformance Amount II shall be zero if the Total Return does not exceed the Baseline Tier 1 Outperformance Amount II.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Outperformance Threshold I&#148;</font></b><font size=2> means thirty percent (30%); provided that if the Measurement Period Ending Date occurs prior to July 31, 2009 as a result of a Change of Control, then the Outperformance Threshold I shall equal thirty percent (30%) multiplied by the Fraction.</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Outperformance Threshold II&#148;</font></b><font size=2> means the greater of (i) 100% of the Index Return and (ii) twenty seven percent (27%); provided that if the Measurement Period Ending Date occurs prior to July 31, 2009 as a result of a Change of Control, then Outperformance Threshold II means the greater of (a) 100% of the Index Return or (b) the product of (</font><i><font size=2>x</font></i><font size=2>) twenty seven percent (27%) and (</font><i><font size=2>y</font></i><font size=2>) the Fraction.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Participant&#148; </font></b><font size=2>means an employee of the Company or a Subsidiary selected by the Committee to participate in the Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Partnership Agreement&#148;</font></b><font size=2> means the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended from time to time.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Plan&#148;</font></b><font size=2> has the meaning assigned to it in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Program&#148;</font></b><font size=2> has the meaning set forth in Section 1.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Redeemed Shares&#148;</font></b><font size=2> means the Common Shares repurchased by the Company during the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Restricted Share&#148;</font></b><font size=2> has the meaning given to it in the Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Securities Act&#148;</font></b><font size=2> means the Securities Act of 1933.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Starting Common Share Price&#148;</font></b><font size=2> means $31.22.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Subsidiary&#148;</font></b><font size=2> has the meaning given to it in the Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Baseline Additional Share Value I&#148;</font></b><font size=2> means, for each Additional Share, the Additional Share Value multiplied by the Outperformance Threshold I, provided that for purposes of this definition, the Outperformance Threshold I shall be adjusted to take into account the number of days such Additional Share was issued and outstanding during the Measurement Period by multiplying the Outperformance Threshold I by a fraction, the numerator of which is the number of days during the Measurement Period that such Additional Share was issued and outstanding and the denominator of which is the number of days in the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Baseline Additional Share Value II&#148;</font></b><font size=2> means, for each Additional Share, the Additional Share Value multiplied by the Outperformance Threshold II, provided that for purposes of this definition, the Outperformance Threshold II shall be adjusted to take into account the number of days such Additional Share was issued and outstanding during the Measurement Period by multiplying the Outperformance Threshold II by a fraction, the numerator of which is the number of days during the Measurement Period that such Additional Share was issued and outstanding and the denominator of which is the number of days in the Measurement Period.</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Baseline Initial Share Value I&#148;</font></b><font size=2> means the Initial Share Value multiplied by the Outperformance Threshold I.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Baseline Initial Share Value II&#148;</font></b><font size=2> means the Initial Share Value multiplied by the Outperformance Threshold II.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Outperformance Amount I&#148;</font></b><font size=2> means the product of (a) the difference, but not less than zero, between (</font><i><font size=2>x</font></i><font size=2>) the Total Return and (</font><i><font size=2>y</font></i><font size=2>) the Baseline Tier 1 Outperformance Amount I and (b) five percent (5%).</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 1 Outperformance Amount II&#148;</font></b><font size=2> means the product of (a) the difference, but not less than zero, between (</font><i><font size=2>x</font></i><font size=2>) the Total Return and (</font><i><font size=2>y</font></i><font size=2>) the Baseline Tier 1 Outperformance Amount II and (b) five percent (5%).</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Baseline Additional Share Value I&#148;</font></b><font size=2> means, for each Additional Share, the Additional Share Value multiplied by the product of (a) the Outperformance Threshold I and (b) 1.2; provided that for purposes of this definition, the Outperformance Threshold I shall be adjusted to take into account the number of days such Additional Share was issued and outstanding during the Measurement Period by multiplying the Outperformance Threshold I by a fraction, the numerator of which is the number of days during the Measurement Period that such Additional Share was issued and outstanding and the denominator of which is the number of days in the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Baseline Additional Share Value II&#148;</font></b><font size=2> means, for each Additional Share, the Additional Share Value multiplied by the greater of (a) the product of (</font><i><font size=2>x</font></i><font size=2>) Outperformance Threshold I and (</font><i><font size=2>y</font></i><font size=2>) 1.2 and (b) Outperformance Threshold II, provided that for purposes of this definition, the Outperformance Threshold I or Outperformance Threshold II shall be adjusted to take into account the number of days such Additional Share was issued and outstanding during the Measurement Period by multiplying the Outperformance Threshold I or Outperformance Threshold II by a fraction, the numerator of which is the number of days during the Measurement Period that such Additional Share was issued and outstanding and the denominator of which is the number of days in the Measurement Period.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Baseline Initial Share Value I&#148;</font></b><font size=2> means the Initial Share Value multiplied by the product of (a) the Outperformance Threshold I and (b) 1.2.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Baseline Initial Share Value II&#148;</font></b><font size=2> means the Initial Share Value multiplied by the greater of (a) the product of (</font><i><font size=2>x</font></i><font size=2>) Outperformance Threshold I and (</font><i><font size=2>y</font></i><font size=2>) 1.2 and (b) Outperformance Threshold II.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Outperformance Amount I&#148; </font></b><font size=2>means the product of (a) the difference, but not below zero, between (</font><i><font size=2>x</font></i><font size=2>) the Total Return and (</font><i><font size=2>y</font></i><font size=2>) the Baseline Tier 2 Outperformance Amount I and (b) three percent (3%).</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Tier 2 Outperformance Amount II&#148; </font></b><font size=2>means the product of (a) the difference, but not below zero, between (</font><i><font size=2>x</font></i><font size=2>) the Total Return and (</font><i><font size=2>y</font></i><font size=2>) the Baseline Tier 2 Outperformance Amount II and (b) three percent (3%).</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Total Return&#148;</font></b><font size=2> means the sum of (a) the product of (</font><i><font size=2>x</font></i><font size=2>) Total Shares and (</font><i><font size=2>y</font></i><font size=2>) the Common Share Price as of the Measurement Period Ending Date, (b) the product of (</font><i><font size=2>x</font></i><font size=2>) the Initial Shares and (</font><i><font size=2>y</font></i><font size=2>) the Dividend Value and (c) the total dividends and other distributions declared on Additional Shares between the Measurement Period Commencement Date and the Measurement Period Ending Date (excluding dividends and distributions declared in the form of Common Shares and Units).</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Total Shares&#148;</font></b><font size=2> means the sum of (a) the number of Common Shares outstanding on the Measurement Period Ending Date, (b) the number of Redeemed Shares and (c) the product of the number of Units (other than Units owned by the Company) outstanding on the Measurement Period Ending Date multiplied by the GP Shares Amount on such Date.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><b><font size=2>&#147;Units&#148;</font></b><font size=2> means all Class A Units and other Partnership Units (as defined in the Partnership Agreement) with economic attributes substantially similar to Class A Units, as determined by the Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font SIZE=2>ARTICLE II</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>OUTPERFORMANCE AWARDS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2.1. </font><b><font size=2>Awards</font></b><font size=2>.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.1.1. Award Grant. The Committee may grant Awards from time to time. Each Award shall entitle the Participant to whom the Award is granted to that number of Common Shares (if any), calculated as of the Measurement Period Ending Date, equal to the quotient that results by dividing the Participant&#146;s Award Value (if any) by the Common Share Price on the Measurement Period Ending Date (with fractional Common Shares rounded up to the nearest whole number). Payments on account of each Award will be made in Common Shares (&#147;Award Shares&#148;) and will be made as soon as reasonably practicable following the Measurement Period Ending Date and the Award Shares will be subject to vesting as provided in Section 2.2.1 below; provided that if as of the Measurement Period Ending Date an insufficient number of Common Shares remains available for issuance under the Plan to provide for payment in
full of Awards, then the amount of Award Shares issued to each Participant shall be reduced, pro rata based on each Participant&#146;s entitlement to Award Shares, and no payments will be made on account of the remaining portion of the Award Value; provided that the Committee may, in its sole discretion, authorize the issuance of Common Shares in lieu of such pro rata reduction under another employee benefit plan maintained by the Company that permits such issuance if such issuance complies with law and rules of the New York Stock Exchange.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.1.2. Dividend Equivalent Payments. At the time that the Company makes a payment on account of each Award to a Participant, the Company shall also make an additional payment (a &#147;Dividend Equivalent Payment&#148;) to the Participant in an amount equal to the product obtained by multiplying the Dividend Value by the number of Award Shares issuable to the Participant in payment of the Award. Payments on account of the Dividend Equivalent Payment will be made in Common Shares, and the number of Common Shares, if any, issued in satisfaction of such Dividend Equivalent Payment shall equal the quotient that results from dividing the amount of the Dividend Equivalent Payment by the Common Share Price on the Measurement Period Ending Date (with fractional Common Shares rounded up to the nearest whole number). Common Shares issued in payment of all or a part of the Dividend Equivalent Payment
shall not be subject to vesting or risk of forfeiture. If as of the time the Company is to make Dividend Equivalent Payments an insufficient number of Common Shares remains available for issuance under the Plan to provide for payment in full of the Dividend Equivalent Payments, then the amount of Common Shares issued to each Participant on account of Dividend Equivalent Payments shall be reduced, pro rata based on each Participant&#146;s entitlement to Dividend Equivalent Payments, and no payments will be made on account of the remaining portion of the Dividend Equivalent Payments; provided that the Committee may, in its sole discretion, authorize the issuance of Common Shares in lieu of such pro rata reduction under another employee benefit plan maintained by the Company that permits such issuance if such issuance complies with law and rules of the New York Stock Exchange. No Dividend Equivalent Payment will made if a pro rata reduction of Award Shares has been made under Section
2.1.1.</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.1.3.
  Award Agreements. In addition to the vesting and forfeiture provisions applicable
  to all Awards, as provided in this Program, each Award may be subject to additional
  events of forfeiture and cancellation as and to the extent determined by the
  Committee and provided in the Award Agreement executed to evidence the Award.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.1.4. Cancellation of Awards; Re-Issuance. If and to the extent that an Award is cancelled, such Award shall be available for re-issuance in whole or in part to one or more new or existing Participants, in the sole discretion of the Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2.2. </font><b><font size=2>Vesting; Termination of Employment; Change of Control.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.2.1. Vesting. Except as otherwise set forth herein, 20% of a Participant&#146;s Award shall vest on the Measurement Period Ending Date; 40% of the Award shall vest on the first anniversary of the Measurement Period Ending Date; and the remaining 40% of the Award shall vest on the second anniversary of the Measurement Period Ending Date, provided that the Participant remains in continuous employment with the Company or a Subsidiary through each applicable vesting date.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.2.2.
  Termination of Employment. If, prior to the applicable vesting date specified
  in Section 2.2.1, a Participant&#146;s employment with the Company or a Subsidiary
  terminates for any reason other than the Participant&#146;s death or Disability,
  then the unvested portion of the Participant&#146;s Award shall be immediately
  cancelled and no Award Shares shall be distributed in respect thereof and any
  unvested Award Shares previously issued shall be forfeited and cancelled; provided,
  however, that in the case of the Company&#146;s President and Chief Executive
  Officer, if his employment terminates due to (a) a termination without Cause
  (as defined in his Employment Agreement) by the Company or a Subsidiary or (b)
  his Resignation for Good Reason (as defined in his Employment Agreement), then
  he shall be treated for all purposes of this Program as if he had remained employed
  by the Company through each applicable vesting date.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.2.3. Death; Disability. Notwithstanding any other provision herein but subject to the terms and conditions of the applicable Award Agreement, upon the date of a Participant&#146;s termination of employment with the Company due to the Participant&#146;s death or Disability, the Participant&#146;s Award shall immediately vest in full and the Participant or his or her legal representatives shall be entitled to be paid on account of the Award on the same terms and conditions set forth in this Program and the Plan as if the Participant&#146;s employment with the Company had not terminated.</font></p>



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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.2.4. Change of Control. Notwithstanding any other provision herein but subject to the terms and conditions of the applicable Award Agreement, on the date of a Change of Control (a) each Award shall immediately vest in full and (b) as soon as reasonably practicable following the Measurement Period Ending Date, each Participant will receive payment on account of his or her Award and Award Shares so issued shall be fully vested.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font size=2>2.2.5. Interim Vesting Date. Notwithstanding any other provision herein but subject to the terms and conditions of the applicable Award Agreement, in the event of an Interim Vesting Date, then each Participant shall be entitled to receive that number of Common Shares equal to the quotient that results by dividing (a) the product obtained by multiplying the Participant&#146;s Award Percentage by $27,500,000 by (b) the Common Share Price on the Interim Vesting Date (with fractional Common Shares rounded up to the nearest whole number); and from and after the Interim Vesting Date, the reference in the definition of Outperformance Amount I to &#147;$13,750,000&#148; shall be changed to &#147;$6,875, 000&#148; and the reference in the definition of Outperformance Amount II to &#147;$41,250,000&#148; shall be changed to &#147;$20,625, 000&#148;; provided, however, that the Common Shares to which
each Participant shall become entitled on an Interim Vesting Date shall not be issued to the Participant until the arrival of the Measurement Period Ending Date and the issuance of such Common Shares on the Measurement Period Ending Date shall be subject to the same vesting schedule and risk of forfeiture applicable to Common Shares provided for in Section 2.2.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2.3. </font><b><font size=2>Payments by Participants</font></b><font size=2>. No amount shall be payable to the Company by any Participant in respect of an Award.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2.4. </font><b><font size=2>Dividends. </font></b><font size=2>On and after the Measurement Period Ending Date, if the Company pays a cash dividend or distribution on Common Shares, the Company shall pay the same cash dividend or distribution on each issued and outstanding Award Share whether or not such Award Share has then vested (which dividend or distribution shall be non-refundable, notwithstanding any subsequent cancellation, if any, of Award Shares in respect of which such dividend or distribution was paid). Upon cancellation of any Award Shares, future payment of dividends or distributions with respect to such cancelled Award Shares will cease immediately.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>2.5. </font><b><font size=2>Deferral. </font></b><font size=2>On a date determined by a Participant, which date will be at least one year prior to the applicable vesting date for Award Shares, the Participant may irrevocably elect to defer payment on account of any or all of such Participant&#146;s Award Shares and any Dividend Equivalent Payments pursuant to the terms of a deferred compensation plan of the Company in effect from time to time (the &#147;Deferred Compensation Plan&#148;). Following deferral pursuant to this Section 2.5, the Award Shares and Common Shares issued in payment of Dividend Equivalent Payments subject to the deferral election shall be governed by the terms of the Deferred Compensation Plan (and amounts deferred into the Deferred Compensation Plan shall be in Common Share rather than in Common Share equivalents). The Company may eliminate this Section 2.5 or modify,
amend or terminate a Participant&#146;s deferral election pursuant to the Deferred Compensation Plan at any time, in its sole discretion, and in any event a Participant&#146;s entitlement to make a deferral election under this Section 2.5 shall be conditioned on inclusion in the Deferred Compensation Plan of provisions for the holding of Common Shares thereunder and agreement by the Participant not to transfer the Common Shares into another investment alternative thereunder and such additional conditions as the Committee may determine.</font></p>



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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font SIZE=2>ARTICLE III</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>MISCELLANEOUS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.1. </font><b><font size=2>Shareholder Rights</font></b><font size=2>. Prior to issuance of Award Shares, a Participant shall not have any rights as a shareholder (including, without limitation, voting rights) with respect to Award Shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.2. </font><b><font size=2>Restrictions on Transfer</font></b><font size=2>. Prior to the applicable vesting date specified in Section 2.2.1, no Participant shall assign, transfer, or otherwise encumber or dispose of any Award or Award Shares except as provided by will or the laws of descent and distribution; provided that this restriction on transfer shall not apply to Award Shares on or after a Change of Control.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.3. </font><b><font size=2>No Right to Continued Employment</font></b><font size=2>. Neither the Plan, this Program nor any Award Agreement shall be construed as giving a Participant the right to be retained in the employ or service of the Company or a Subsidiary, nor shall they interfere in any way with the right of the Company or a Subsidiary to modify the terms of, or terminate, a Participant&#146;s employment.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.4. </font><b><font size=2>Adjustments. </font></b><font size=2>Proportionate and equitable adjustment shall be made under this Program to reflect any split or combination of Common Shares or a reorganization or other change in entity structure affecting the common Shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.5. </font><b><font size=2>Amendments</font></b><font size=2>. The Committee may amend this Program or any Award Agreement at any time; provided, however, that any amendment or modification not otherwise contemplated by or provided for in the Plan or this Program which adversely affects a Participant shall require the written consent of such Participant.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.6. </font><b><font size=2>Incorporation of Plan</font></b><font size=2>. The provisions of the Plan are hereby incorporated by reference as if set forth herein.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.7. </font><b><font size=2>Restrictive Legends</font></b><font size=2>. The share certificates evidencing the Award Shares shall contain any restrictive or other legends that the Committee determines are necessary or appropriate.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.8. </font><b><font size=2>Withholding Taxes</font></b><font size=2>. Each Participant shall be required to remit any taxes the Company determines are due and payable with respect to an Award. A Participant may either pay the taxes due to the Company or request that Award Shares be withheld in an amount sufficient to cover the obligation based on the then Fair Market Value of such Award Shares. The Company may withhold the Award Shares (or require its transfer agent to withhold issuance of the share certificate for the Award Shares) until taxes have been satisfied. In no event may a Participant request or require the Company to make tax withholdings in excess of the statutory minimums (federal, state and local, including payroll taxes), and in no event may the Company make tax withholdings in excess of the statutory minimums (federal, state and local, including payroll taxes).</font></p>


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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.9. </font><b><font size=2>Governing Law</font></b><font size=2>. This Program and each Award Agreement shall be governed by the laws of the State of Maryland.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.10. </font><b><font size=2>Notices</font></b><font size=2>. Notices required or permitted to be made under this Program or any Award Agreement shall be sufficiently made if (a) sent by (i) registered or certified mail, (ii) a nationally recognized courier service or (iii) facsimile, and (b) addressed (x) to the Participant at his or her address as set forth in the books and records of the Company or (y) to the Company or the Committee at the principal office of the Company. Each Participant is required to notify the Company promptly of any change of his or her address.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font size=2>3.11. </font><b><font size=2>Binding on Successors</font></b><font size=2>. The terms and provisions of this Program, the Plan and any Award Agreement will be binding on any successor in interest to each Participant, whether such successor attains such status through inheritance, the laws of descent and distribution or otherwise.</font></p>



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