Document:

Amendment No. 3 to the 2008 Restricted Share Plan for Non-Employee Trustees

 Exhibit 10.48 
 AMENDMENT NO. 3 
 TO THE 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 
 2008 RESTRICTED SHARE PLAN FOR NON-EMPLOYEE TRUSTEES 
 WHEREAS, Pennsylvania Real
Estate Investment Trust (“PREIT”) established the Pennsylvania Real Estate Investment Trust Restricted Share Plan for Non-Employee Trustees (the “Plan”) to provide originally for automatic grants to each of its Non-Employee
Trustees of 1,000 restricted shares of beneficial interest in PREIT (“Restricted Shares”), commencing January 30, 2009; and 
 WHEREAS, the Board of Trustees of PREIT (the “Board”), at its May 29, 2008 meeting, authorized the amendment of the Plan to provide that annual awards for each Non-Employee Trustee would be
equal in value to $55,000, which amendment is represented by the resolutions adopted on that date; and 
 WHEREAS, as a result
of a decrease in the value of PREIT common shares prior to any award under the Plan as so amended, the Plan was automatically suspended due to an insufficient number of shares subject thereto; and 

WHEREAS, the Board, at its May 28, 2009 meeting, rescinded the amendment referred to above and authorized Amendment No. 2 to
the Plan to provide for automatic grants to each Non-Employee Trustee of 2,000 Restricted Shares; and 
 WHEREAS, the Board, at
its June 2, 2011 meeting, authorized annual awards of Restricted Shares for each Non-Employee Trustee equal in value to $55,000, which may be sourced from the Plan and from the PREIT’s Amended and Restated 2003 Equity Incentive Plan; and

 WHEREAS, there are currently eight Non-Employee Trustees, and there are only 13,000 shares remaining under the Plan, and
Section 9(b) of the Plan provides that the Plan shall be suspended automatically if there is not a sufficient number of shares remaining to grant the Restricted Shares as provided under the Plan; and 

WHEREAS, pursuant to Section 9(a) of the Plan, the Board of Trustees of PREIT may amend the Plan, subject to certain inapplicable
limitations, at any time; and 
 WHEREAS, the Board, at its December 15, 2011 meeting, authorized and approved the
amendment of the Plan so as to enable all 13,000 remaining shares available under the Plan to be awarded and for Section 9(b) to be deleted; 

 NOW THEREFORE, effective as of December 15, 2011, Section 7(a) and
Section 9(b) of the Plan are hereby amended to read in their entirety as follows: 
 7. Grants 

 

	 	    (a)	Automatic Grant of Restricted Shares. As of May 28, 2009 and, thereafter, as of the first business day following the Annual Meeting of Shareholders of the
Trust (or, if Shares do not trade on such business day, then as of the first trading day thereafter), 2,000 Restricted Shares shall be issued automatically to each Non-Employee Trustee for no payment, provided that, notwithstanding anything else set
forth in this Plan to the contrary, if there is an insufficient number of Restricted Shares remaining available hereunder to enable the issuance of 2,000 Restricted Shares to each Non-Employee Trustee, then the number of remaining Restricted Shares
shall be divided ratably among the number of Non-Employee Trustees designated to receive such Restricted Shares, or shall be divided in such manner as shall generally be consistent with the purposes of the Plan, and shall be issued automatically to
each such Non-Employee Trustee. 

*                *      
          * 
 9. Amendment or Termination of the Plan; Amendment of
Restricted Share Agreement 
  

	 	    (b)	[Removed and reserved.] 

*                *      
          * 
 Except for the amendments hereinabove set forth, the terms of
the Plan are reconfirmed. The foregoing amendments are not intended, and shall not be construed, to alter the terms of the Restricted Share grants made under the Plan in 2008, 2009, 2010 or 2011. 

IN WITNESS WHEREOF, the Trust has caused these presents to be duly executed as of December 15, 2011. 

PENNSYLVANIA REAL ESTATE 
 INVESTMENT TRUST 
 By: /s/ Bruce
Goldman                                       
              

  
 -2-EX-10.I

 Exhibit 10i 
 MATERION CORPORATION and SUBSIDIARIES 
 MANAGEMENT INCENTIVE PLAN

 2012 PLAN YEAR 
 I. INTRODUCTION 
 The Management Incentive Plan (“the
Plan”) provides incentive compensation to eligible employees based principally on annual financial performance. Plan awards have a significant portion based on Company and/or Business Unit performance (“financial performance”), a
component that recognizes individual and combined contributions toward personal/team objectives (“Personal/Team Performance”), and, for some participants, a “relative” company peer group financial measure. 

II. DEFINITIONS 
 Plan Year:

 The fiscal year for which the Company’s Business Unit performance, and any Plan awards are calculated. 

Business Unit Performance: 
 The Executive Staff will designate the Business Units/Subsidiaries that are eligible for participation in the Plan for the Plan Year. 

Each business unit has defined financial performance measures, which have in turn been approved by the Compensation Committee of the
Board and/or the Executive Staff. These measures are expressed as a Minimum, Target and Maximum. Plan Awards include a “Financial Performance Component” based on the Business Unit performance. 

Personal/Team Performance: 
 An assessment is made of an individual’s achievements and his/her contributions to work/project teams during the Plan Year. This assessment is expressed as a percentage of base compensation. The
“Personal/Team Performance” component is distinct from the “Financial Performance” component. 
 Operating Profit
(“OP”): 
 Profit or loss, before interest and taxes, and for domestic and international operations. Operating
Profit will include any special write-off or accounting charge and accrued performance or incentive compensation. 
 Peer Group Return on
Invested Capital (ROIC) 
 The publicly available return on invested capital change for those peer group companies included
in the Company’s self-declared peer group in comparison to the Company. Due to the delays in reported information, the measurement period will include the fourth quarter of the prior year as well as the first three quarters of the current plan
year. This “relative” company peer group financial measure is an independent measure and is not influenced by any other financial performance measure set by the Company for the plan year. 

 Management Incentive Plan 

page 2 of 4 
 Working Capital:

 This is a monthly calculation based on Business Unit/Subsidiary worldwide accounts receivable and FIFO inventory divided
by annualized worldwide sales (current month plus prior two months annualized). The result being working capital as a percent of sales. At the end of the year the average of the twelve monthly, annualized sales numbers and twelve monthly working
capital numbers (A/R and inventory) are calculated and a percent to sales is calculated based on the averages for the twelve periods. This twelve-month average is the basis for the incentive metric for working capital management. 

Other Metrics: 
 From
time to time, other metrics will be adopted that are aligned with a Business Unit’s strategy and market challenges. These metrics will be defined and tracked by the corporate accounting department, subject to approval by the Executive Staff.

 Base Compensation: 
 The
participant’s annual base salary in effect on September 30 of the Plan Year. 
 III. PARTICIPATION 

At the beginning of the Plan Year, the Executive Staff will identify exempt, salaried employees whose responsibilities affect progress on
critical issues facing the Company. Those individuals selected by the Executive Staff will be notified of their participation in the Plan, their performance compensation grade and performance compensation opportunity, and their applicable Business
Unit designation. 
 Following the beginning of the Plan Year, the Executive Staff may admit new hires or individuals who are
promoted or assigned additional and significant responsibilities. The Executive Staff may also alter performance compensation grade assignments to reflect changed responsibilities of participants during the Plan Year. 

An employee who replaces or otherwise assumes the job functions or role of an employee, does not automatically assume the plan
participation that had applied to the incumbent. Rather, participation by the new or replacing employee must be individually considered and approved. 
 Participants who are newly employed before April 1 of the Plan year are eligible for full participation. Participants who are newly employed on or after April 1 and before July 1 are
eligible for half of any award available for Personal/Team and Financial (Business Unit and/or Company) performance. 
 Awards
for participants who transfer from the Exempt Salaried Performance Compensation Plan to the Management Incentive Plan will be pro-rated to the beginning of the month following the employee’s transfer to the Management Incentive Plan. Their
eligibility under the Exempt Salaried Performance Compensation Plan ceases for the Plan Year. 
 Changes in performance compensation grade
assignments will result in prorated participation in awards. 

 Management Incentive Plan 

Page 3 of 4 
 The
eligibility of employees hired or with changed job responsibilities after June 30 will not be considered until a possible, subsequent Plan Year. 
 Normally, employees who are participants in any other annual incentive, commission or performance compensation plan are not eligible. The Executive Staff may consider prorated participation under special
circumstances. 
 With two exceptions, participants must be employed on the last day of the Plan Year in order to be eligible
for any performance compensation award. For a participant who becomes eligible for and who elects a severance option under the Chronic Beryllium Disease Policy as amended, any award under the Plan will be prorated to the beginning of the month after
the employee exercises the severance option. The second exception pertains to either a death of the participant or a retirement (at age 65 or at age 55 or older with 10 years of service), in which case, any award will be prorated to the beginning of
the month following the employee’s retirement date. In no event will a prorated award be earned where the proration percent is 1/3 or less. 
 Eligible employees who have been on a leave of absence in excess of 13 weeks during the plan year will have their award reduced on a pro-rata basis to reflect their actual contribution. 

IV. PERFORMANCE COMPENSATION OPPORTUNITY FOR FINANCIAL PERFORMANCE 
 The Compensation Committee of the Board of Directors will establish Minimum, Target and Maximum levels for each financial measurement. 

The Executive Staff will assign participants to a specific Business Unit/Subsidiary for the performance compensation opportunity for
Financial Performance. 
 Below is a summary of the performance compensation opportunity for the Plan Year. 

 

					
	 Grade
	  	Financial Component	  	Personal Team
	 D
	  	20%	  	0-14%
	 E
	  	10%	  	0-14%

 Opportunity for participants in Grades A, B and C will be individualized as determined by the
Compensation Committee or the Executive Staff. 
 The “Financial Performance” component of awards (Business Unit,
Company, sub-unit, and/or other measurement), will begin once the Minimum level has been attained for Operating Profit. None of the other financial components will result in an award unless the Minimum level for Operating Profit has been met.
Performance, which reaches or exceeds the Maximum value of the measure, will result in awards at 200 percent of Target opportunity. Award amounts for levels of achievement between Minimum and Target and between Target and Maximum will be prorated
according to the level of achievement. 
 Financial awards will be prorated for transfers between units (Business Unit and/or
Company) according to the length of service by months in each unit during the Plan Year. 

 Management Incentive Plan 

page 4 of 4 
 V. PERFORMANCE
COMPENSATION OPPORTUNITY for PERSONAL/TEAM PERFORMANCE 
 An Operating Profit “threshold” may be established,
which must be achieved in order to make available a bonus opportunity to recognize the Personal/Team performance. If established, meeting this threshold would result in a Personal/Team opportunity payout. This threshold can be different than the
Minimum Operating Profit level necessary to create a Financial Performance opportunity. 
 No awards for Personal/Team performance will be paid
if a Threshold is established and is not met. 
 The “total pool” for Personal/Team performance of participants would
typically average about 10 percent of the base compensation of participants, if the Operating Profit metric meets or exceeds Target. Performance below Target could result in the total pool being reduced to a lesser amount. The Business Unit
Executive and the Executive Staff will decide allocation of the pool among eligible participants based on their performance throughout the plan year relative to achieving established goals and objectives. 

VI. PAYMENT 

Distribution of any performance compensation awards under the Plan to participants will be no later than March 15 of the year
following the Plan Year. 
 VIII. GENERAL PROVISIONS 
 The Executive Staff has authority to make administrative decisions in the interests of the Plan. 
 The Board of Directors, through its Compensation Committee, shall have final and conclusive authority for interpretation, application, and possible modification of this Plan or established targets. The
Board of Directors reserves the right to amend or terminate the Plan at any time. Subject to the preceding sentences, any determination by the Company’s independent accountants shall be final and conclusive as it relates to the calculation of
financial results. 
 This Plan is not a contract of employment.

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