Document:

Form of Annual Incentive Compensation Opportunity Award-Senior Vice President

 Exhibit 10.8 
 [TEMPLATE USED FOR SENIOR VICE PRESIDENT] 
 Pennsylvania Real Estate Investment Trust

 2008 Incentive Compensation Opportunity Award 
 for Jonathen Bell, 
 Senior Vice President 
  

													
	 	  	2008 Incentive Opportunity2	 
	  	 2008 Incentive Range3 - % of
Salary
	 
	  	 Threshold4
	  	 Target4
	  	Outperformance4	 
	  	        %	  	        %	  	        	%
				
	 	  	 	  	 	  	 Performance Measurement
Allocation5
	 
	 2008 Base Salary1

	  	$	            	  		  		  		  		
	 	  	 	  	 	  	 Corporate
	  	 	  	Individual	 
		  			  		  	        %	  		  	        	%
			
	 	  	 	  	 CORPORATE –    %
	 
	  	 Measure6
	  	 Threshold8
	  	 Target8
	  	Outperformance8	 
	  	FFO Per Share7	  	$         	  	$         	  	$         	 
	  	TOTAL 2008 CORPORATE OPPORTUNITY	  	$         	  	$         	  	$         	 
	  	 	  	 INDIVIDUAL –    %
	 
	  	 Measure
	  	 Threshold
	  	 Target
	  	Outperformance	 
	  	KPIs9	  	KPIs	  	KPIs	  	KPIs	 
	  	TOTAL 2008 INDIVIDUAL OPPORTUNITY	  	$         	  	$         	  	$         	 
	  	TOTAL 2008 INCENTIVE OPPORTUNITY:*	  	$         	  	$         	  	$         	 

  

	*	The amount payable under this award will be paid in cash during the period January 1, 2009 through March 15, 2009. 

 The Grantee has read and understands this award, including the endnotes which describe the terms of the award, and agrees to be bound by such terms. Further, the Grantee
agrees that any amount awarded and paid to the Grantee under this award shall be subject to PREIT’s “Recoupment Policy” as in effect on the date the Committee granted this award, and as such policy is subsequently amended. 

IN WITNESS WHEREOF, PREIT has caused this 2008 Incentive Compensation Opportunity Award to be duly executed by its duly authorized officer and the Grantee has
hereunto set his hand on                          , 2008. 
  

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

	
	  

	Grantee

 ENDNOTES 
 1 “2008
Base Salary” means your regular, basic compensation from Pennsylvania Real Estate Investment Trust (“PREIT”) and/or a PREIT affiliate for 2008, not including bonuses or other additional compensation, but including contributions made
by PREIT and/or a PREIT affiliate on your behalf, by salary reduction pursuant to your election, (i) to an arrangement described in section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) to a
“cafeteria plan” (as defined in section 125(d) of the Code), and (iii) for a “qualified transportation fringe” (as defined in section 132(f) of the Code). 
 2 “2008
Incentive Opportunity” means the opportunity to earn incentive compensation for 2008, up to         % of your Base Salary, in the event certain corporate and individual performances are achieved.
Corporate performance relates to PREIT’s cumulative performance with respect to one measure of its financial results for 2008, while individual performance relates to your performance within the scope of your responsibilities as an employee of
PREIT and/or a PREIT affiliate. 
 3 “2008 Incentive Range” means, depending on the level of corporate and
individual performance achieved (i.e., Threshold, Target or Outperformance), the percentage of your Base Salary that you may earn under this 2008 Incentive Compensation Opportunity Award. If the corporate performance is between the Threshold
level and the Target level, or between the Target level and the Outperformance level, the percentage will be interpolated accordingly. 
 4 With
respect to corporate performance, “Threshold” signifies a solid achievement, which is expected to have a reasonably high probability of achievement, but which may fall short of expectations. Threshold performance represents the level of
performance that has to be achieved before any of your potential 2008 Incentive Compensation is earned. The Executive Compensation and Human Resources Committee (the “Committee”) (after considering the recommendations of the senior
management of PREIT) will decide whether you have met what the senior management determines to be the “Threshold” level for purposes of your individual performance. If the Threshold performance level is achieved with respect to corporate
and individual performance, you will earn at least         % of your 2008 Base Salary as your 2008 Incentive Compensation allocated to such performances (see note 5). If the Threshold performance level
is not met with respect to corporate performance or your individual performance, you will not receive any 2008 Incentive Compensation allocated to such corporate performance or individual performance, as applicable. 
 With respect to corporate performance, “Target” generally signifies that the business objectives for the year, which are expected to have a reasonable
probability of achievement have been met. In many situations, this represents approximately the mid-range of the estimate for FFO Per Share publicly announced by PREIT at approximately the time that the earnings for the prior fiscal year are
publicly released by PREIT. The Committee (after considering the recommendations of the senior management of PREIT) will decide whether you have met what the senior management determines to be the “Target” level for purposes of your
individual performance. If the Target performance level is achieved with respect to corporate and individual performance, you will earn at least         % of your 2008 Base Salary as your 2008 Incentive
Compensation allocated to such performances (see note 5). 
 With respect to corporate performance, “Outperformance” signifies an outstanding
achievement, an extraordinary performance by industry standards, and which is expected to have a modest probability of achievement. The Committee (after considering the recommendations of the senior management of PREIT) will decide whether you have
met what the senior management determines to be the “Outperformance” level for purposes of your individual performance. If the Outperformance level is achieved with respect to corporate and individual performance, you will earn
        % of your 2008 Base Salary as your 2008 Incentive Compensation allocated to such performances (see note 5). 
 5
“Performance Measurement Allocation” means the percent by which your 2008 Incentive Compensation is allocated between corporate performance and your individual performance. For example, if your base salary is $100,000, and
        % of your 2008 Incentive Compensation is allocated to corporate performance and         % is allocated to your individual performance, you will
earn $             (        % of         % of $100,000) of your 2008 Incentive
Compensation if the Outperformance level of the corporate performance is achieved and $             (        % of
        % of $100,000) of your 2008 Incentive Compensation if the Outperformance level of your individual performance is achieved. 
 6 The
“Measure” is the business criterion on which corporate performance is based. 
 7 “FFO Per Share” means, with respect to each diluted share of beneficial interest in PREIT, “funds from operations” of PREIT, as reported to
the public by PREIT for 2008. 
  

 - 2 - 

 8 In the event of a Major Transaction, the Committee shall have the authority (i) to adjust the Threshold, Target and Outperformance levels set forth in this award and
(ii) to adjust the minimum FFO Per Share that is required in note 9 before any payment based on individual performance may be made. Such adjustment(s) may be made in such manner as the Committee deems appropriate in its sole discretion, subject
to the requirement that (i) the same adjustment to performance levels shall be made to the 2008 Incentive Compensation Opportunity Awards granted to all officers of PREIT and PREIT affiliates and (ii) the same adjustment to the minimum FFO
Per Share shall be made to all such awards granted to all such officers who are subject to such minimum. A Major Transaction shall include a sale or purchase of one or more properties by PREIT or a direct or indirect subsidiary of PREIT, the
issuance or repurchase of equity by PREIT or a direct or indirect subsidiary of PREIT, or a business combination involving PREIT or a direct or indirect subsidiary of PREIT. The Committee shall not be obligated to make any adjustment(s). If the
Committee elects to make an adjustment, it shall be free to take such factors into account as it deems appropriate under the circumstances in its sole discretion. Further, in the case of a Major Transaction that also constitutes a “Change
in Control” of PREIT (as defined in PREIT’s 2003 Equity Incentive Plan), the Committee shall have the authority, in its sole discretion, to accelerate the payment of your 2008 Incentive Compensation. 
 9 Individual
performance is determined by the Committee (after considering the recommendations of the senior management of PREIT) based on a review of the Key Performance Indicators (“KPIs”) applicable to you. Those KPIs will be set forth in your
department’s business plan for 2008. However, regardless of your individual performance, no 2008 Incentive Compensation based on your individual performance will be paid if FFO Per Share (see note 7) is less than
$             (subject to adjustment by the Committee – see note 8). 
  

 - 3 -Amendment to Employment Agreement

 Exhibit 10.9 
 EXECUTION COPY 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Amendment to Employment Agreement (this “Amendment”) is entered into between Pennsylvania Real Estate Investment Trust, a Pennsylvania
business trust (“Company”), and Jeffrey A. Linn (“Executive”), effective as of May 8, 2008. 
 BACKGROUND 
 Executive and Company are party to an Amended and Restated Employment Agreement, dated as of March 22, 2002 (as amended from time to time, the
“Employment Agreement”), which sets forth the terms and conditions of Executive’s employment with Company. Executive and Company wish to amend the terms of the Employment Agreement as set forth herein, and, hereafter, references to
the “Employment Agreement,” “Agreement,” “herein,” or words of like import in the Employment Agreement shall refer to the Employment Agreement as amended hereby or by any written subsequent amendment thereto.

 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and intending to be legally bound hereby, the
parties hereto agree as follows: 
 1. All capitalized terms used herein and not defined herein shall have the respective meanings assigned
to them in the Employment Agreement. 
 2. The fifth sentence of Section 3.1 of the Employment Agreement is amended to read, in its entirety,
as follows: 
 “No later than April 10 during any fiscal year during the Term, Company shall provide Executive with written notice of
his Base Salary, bonus plan eligibility and equity incentive awards, if any, for the current fiscal year.” 
 3. Section 4.1(d) of the
Employment Agreement is amended to read, in its entirety, as follows: 
 “(d) anything to the contrary in any other existing agreement
or plan notwithstanding, all outstanding restricted shares granted to Executive that (i) are subject to vesting solely based on the passage of time and Executive’s continued employment shall become immediately vested, and (ii) are subject to
vesting based upon the performance of the Company (however measured) shall remain restricted shares under the terms of the applicable restricted share award document (the “Award”) and shall vest or be forfeited in whole or in part under
the terms of such Award as if Employee’s employment had not terminated.” 

 4. Section 4.2(d) of the Employment Agreement is amended to read, in its entirety, as follows:

 “(d) anything to the contrary in any other existing agreement or plan notwithstanding, all outstanding restricted shares granted to
Executive that (i) are subject to vesting solely based on the passage of time and Executive’s continued employment shall become immediately vested, and (ii) are subject to vesting based upon the performance of the Company (however measured)
shall remain restricted shares under the terms of the applicable Award and shall vest or be forfeited in whole or in part under the terms of such Award as if Employee’s employment had not terminated.” 
 5. Section 4.4(a)(i) of the Employment Agreement is amended to insert the words “two times” immediately after “(y)” and immediately
prior to the subclause that begins “(A) Executive’s then current annual Base Salary.” 
 6. The reference to “30
days” in the first sentence of Section 4.7 of the Employment Agreement shall be replaced with “10 days.” 
 7. Except as
amended hereby, all terms and conditions as set forth in the Employment Agreement shall remain in full force and effect. 
 8. Company agrees
to pay all reasonable legal fees and expenses that Executive has incurred in the preparation and negotiation of this Amendment. 
 9. This
Amendment may be executed in a number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. 
 IN WITNESS WHEREOF, Executive and Company have caused this Amendment to be executed as of the date first above written on this 8th day of May, 2008. 
  

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	/s/ Bruce Goldman
	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President and General Counsel
	
	/s/ Jeffrey A. Linn
	Jeffrey A. Linn

  

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