<SEC-DOCUMENT>0000950123-11-053329.txt : 20110524
<SEC-HEADER>0000950123-11-053329.hdr.sgml : 20110524
<ACCEPTANCE-DATETIME>20110524093522
ACCESSION NUMBER:		0000950123-11-053329
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110524
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110524
DATE AS OF CHANGE:		20110524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE REALTY TRUST
		CENTRAL INDEX KEY:			0000790816
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232413352
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09106
		FILM NUMBER:		11866970

	BUSINESS ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINPRO SPECIFIED PROPERTIES
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE OPERATING PARTNERSHIP, L.P.
		CENTRAL INDEX KEY:			0001060386
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232862640
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24407
		FILM NUMBER:		11866971

	BUSINESS ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRANDYWINE OPERATING PARTNERSHIP LP /PA
		DATE OF NAME CHANGE:	19980428
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c17839e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-size: 10pt">
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May 24, 2011</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Brandywine Realty Trust<BR>Brandywine Operating Partnership, L.P.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>001-9106</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>23-2413352</B></TD>
</TR>
<TR valign="top">
    <TD><B>(Brandywine Realty Trust)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>




<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>000-24407</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>23-2862640</B></TD>
</TR>
<TR valign="top">
    <TD><B>(Brandywine Operating Partnership, L.P.)</B></TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>


<TR valign="top">
    <TD>(State or Other Jurisdiction of <BR>Incorporation or Organization)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



</TABLE>


<P align="center" style="font-size: 10pt"><B>555 East Lancaster Avenue, Suite 100<BR>
Radnor, PA 19087</B><BR>
(Address of principal executive offices)

<P align="center" style="font-size: 10pt"><B>(610) 325-5600</B><BR>
(Registrant&#146;s telephone number, including area code)








<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</B>


<P align="left" style="font-size: 10pt">As discussed in our 2011 Proxy Statement, the compensation of our President and Chief Executive Officer, Gerard H.
Sweeney, includes options exercisable for 189,701 common shares with an $11.89 per share exercise price (equal to the
closing price of our common shares on the March&nbsp;2, 2011 award date). As granted, these options vest in three equal
annual installments, subject to earlier vesting upon death, disability, qualifying retirement or a change of control.
On May&nbsp;24, 2011, with the full support of Mr.&nbsp;Sweeney, our Compensation Committee modified these options in respect of
101,437 shares to add additional vesting conditions linked to our total shareholder return. The modified portion of
the options will vest in whole or in part only if our total shareholder return achieves specified targets, subject to
vesting upon death, disability, qualifying retirement or a change of control. We have attached as Exhibit&nbsp;10.1 to this
Form 8-K a copy of the letter agreement that provides for the modification.


<P align="left" style="font-size: 10pt">Consistent with its pay-for-performance philosophy, our Compensation Committee will implement performance vesting
requirements on at least 50% of the long-term equity-based compensation (measured by reference to underlying shares)
awarded in 2012 for the Company&#146;s named executive officers, in the aggregate.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">Exhibit&nbsp;10.1 Letter agreement modifying options of President and Chief Executive Officer.

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

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<P align="center" style="font-size: 10pt"><B>Signatures</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS">Brandywine Realty Trust</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Howard M. Sipzner</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Howard M. Sipzner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS">Brandywine Operating Partnership, its sole</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">General Partner</FONT>
</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Howard M. Sipzner</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Howard M. Sipzner&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
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</DIV>


<P align="left" style="font-size: 10pt">Date: May&nbsp;24, 2011


<P align="center" style="font-size: 10pt">&nbsp;

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c17839exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.1</B>



<P align="center" style="font-size: 10pt">May&nbsp;24, 2011


<P align="left" style="font-size: 10pt">Gerard H. Sweeney
<BR>
President and Chief Executive Officer
<BR>
Brandywine Realty Trust
<BR>
555 East Lancaster Avenue, Suite&nbsp;100
<BR>
Radnor, PA 19087


<P align="left" style="font-size: 10pt">Dear Mr.&nbsp;Sweeney:


<P align="left" style="font-size: 10pt; text-indent: 7%">We refer to the Non-Qualified Option awarded to you on March&nbsp;2, 2011 (the &#147;<U>Option</U>&#148;) that is exercisable
for an aggregate of 181,291 Common Shares at an exercise price per share of $11.89. Terms used in this letter
agreement as defined terms and not defined herein shall have the meanings given to them in the Option.


<P align="left" style="font-size: 10pt; text-indent: 7%">We have agreed that, in addition to the vesting conditions set forth in Section&nbsp;3 of the Option, the additional
vesting conditions set forth in this letter agreement shall apply with respect to an aggregate of 101,437 Shares
subject to the Option (such Shares, the &#147;<U>Restricted Shares</U>&#148;). These additional vesting conditions shall apply
and cease to apply to the Restricted Shares as follows:


<P align="left" style="font-size: 10pt; text-indent: 4%">1.&nbsp;On the first anniversary of the Date of Grant, the Company shall compute its total shareholder return (i.e.,
share price appreciation plus dividends declared) (&#147;<U>TSR</U>&#148;) for the one-year period from the Date of Grant. If
the Company&#146;s TSR equals or exceeds the median of the TSRs of the 15 companies in the peer group set forth in the
Company&#146;s 2011 Proxy Statement (adjusted by the Compensation Committee should any of such companies cease to exist as
publicly-traded companies) for this same period, then one-third (i.e., 33,812) of the Restricted Shares shall cease to
be subject to the additional vesting conditions.


<P align="left" style="font-size: 10pt; text-indent: 4%">2.&nbsp;On the second anniversary of the Date of Grant, the Company shall compute its TSR for the two-year period from
the Date of Grant. If the Company&#146;s TSR for this period equals or exceeds the median of the TSRs of the Company&#146;s
above-referenced peer group for this same period, then two-thirds of the Restricted Shares (including Restricted
Shares, if any, on which the additional vesting conditions lapsed pursuant to paragraph 1) shall cease to be subject to
the additional vesting conditions.


<P align="left" style="font-size: 10pt; text-indent: 4%">3.&nbsp;On the third anniversary of the Date of Grant, the Company shall compute its TSR for the three-year period from
the Date of Grant. If the Company&#146;s TSR for this period equals or exceeds the median of the TSRs of the Company&#146;s
above-referenced peer group for this same period, then all of the Restricted Shares shall cease to be subject to the
additional vesting conditions.


<P align="left" style="font-size: 10pt; text-indent: 4%">4.&nbsp;Notwithstanding the foregoing, the additional vesting conditions shall lapse upon the earliest of the
occurrence of a Change of Control or your Retirement, death or Disability.

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<P align="left" style="font-size: 10pt">Gerard H. Sweeney
<BR>
May&nbsp;23, 2011
<BR>
Page 2


<P align="left" style="font-size: 10pt; text-indent: 4%">5.&nbsp;If the additional vesting conditions shall not have ceased to apply with respect to Restricted Shares in
accordance with one of the preceding paragraphs at or before the third anniversary of the Date of Grant then the Option
shall not be exercisable with respect to those Restricted Shares as to which the additional vesting conditions shall
not have ceased to apply.



<P align="left" style="margin-left:46%; font-size: 10pt">Very truly yours,



<P align="left" style="margin-left:46%; font-size: 10pt">BRANDYWINE REALTY TRUST



<P align="left" style="margin-left:46%; font-size: 10pt">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Title: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>


<P align="left" style="font-size: 10pt">Accepted:


<P align="left" style="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Gerard H. Sweeney


<P align="center" style="font-size: 10pt">&nbsp;

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