Document:

First Amendment to Amended, Restated and Consolidated Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT 
 THIS
FIRST AMENDMENT TO AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT (this “Amendment”) dated as of June 29, 2011, by and among PREIT ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”) and PREIT-RUBIN, INC., a
Pennsylvania corporation (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR GALLERY I LIMITED PARTNERSHIP, a Pennsylvania limited partnership (“PR
Gallery”), KEYSTONE PHILADELPHIA PROPERTIES, L.P., a Pennsylvania limited partnership (“Keystone”; together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery
Borrower”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the “Parent”), each of the LENDERS (as defined below) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Administrative Agent”). 

WHEREAS, the Borrower, the Parent, each of the financial institutions initially a signatory thereto together with their assignees
pursuant to Section 11.6.(c) (the “Lenders”), and the Administrative Agent have entered into that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended and in effect immediately prior
to the date hereof, the “Credit Agreement”); 
 WHEREAS, pursuant to the terms of the Credit Agreement, the Lenders
made available to the Borrower a revolving credit facility in the amount of $150,000,000 and Term Loans A in the aggregate principal amount of $436,025,000 and to the Gallery Borrower Gallery Term Loans in the aggregate principal amount of
$83,975,000; 
 WHEREAS, the Borrower has requested an increase in the revolving credit facility from $150,000,000 to
$250,000,000; 
 WHEREAS, the Borrower has made prepayments of Term Loans A, and, as of the date hereof, the aggregate
outstanding principal balance of the Term Loans A is $256,025,000, 
 WHEREAS, the Borrower intends to borrow Revolving Loans on
the date hereof to further prepay the Term Loans A in the amount of $100,000,000; 
 WHEREAS, the Borrower and the Gallery
Borrower have requested that the Lenders waive the notice requirements set forth in Section 2.13. and each of the conditions set forth in Section 2.13.(a) through (e) of the Credit Agreement, to allow the Borrower and the Gallery
Borrower to exercise, as of the date hereof, their right to extend the Termination Date from March 11, 2013 to March 10, 2014; 
 WHEREAS, the Borrower has requested that the Administrative Agent and Lenders release New River Valley Mall Property as a Collateral Property; and 

 WHEREAS, the Borrower, the Parent, the Lenders and the Administrative Agent desire to
release the New River Valley Mall Property as a Collateral Property, extend the Termination Date, and amend certain provisions of the Credit Agreement on the terms and conditions contained herein; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows: 
 Section 1. Definitions. Capitalized terms used in this Amendment and
not otherwise defined herein shall have the respective meanings given such terms in the Credit Agreement. 
 Section 2.
Release. Subject to Section 5 of this Amendment, the Administrative Agent and each Lender hereby release the New River Valley Mall Property as a Collateral Property and, therefore, release all Liens encumbering the New River Valley Mall
Property and the Collateral related thereto securing the Obligations and the Gallery Obligations. 
 Section 3.
Extension of Termination Date. Subject to Section 5 of this Amendment, each Lender hereby waives the notice requirements set forth in Section 2.13. of the Credit Agreement and each of the conditions set forth in Section 2.13(a)
through (e) of the Credit Agreement and consents to the Borrower’s and the Gallery Borrower’s exercising their right, and the Borrower and the Gallery Borrower hereby exercise their right, to extend the Termination Date by one year
from March 11, 2013 to March 10, 2014, as contemplated by such Section 2.13.; provided, that, in lieu of the Fees payable under Section 3.5.(d) of the Credit Agreement, the Borrower and the Gallery Borrower shall pay the
amendment fee set forth in Section 11. of this Amendment. 

  
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 Section 4. Specific Amendments to Credit Agreement. Subject to Section 5,
the parties hereto agree that the Credit Agreement is amended as follows: 
 (a) The Credit Agreement is amended by restating
the definitions of “Applicable Margin”, “Base Value”, “Base Value Proportionate Share”, “Facility Debt Yield”, “Net Cash Proceeds”, “Release Price”, “Requisite Lenders” and
“Termination Date” set forth in Section 1.1. to the Credit Agreement in their entireties as follows: 
 “Applicable Margin” means, unless the Optional Amendment Effective Date has occurred, the percentage rate set forth below in Table I, or if the Optional Amendment Effective Date has
occurred, the percentage rate set forth below in Table II, in each case, corresponding to the ratio of Total Liabilities to Gross Asset Value as determined from time to time in accordance with Section 8.1.(b) in effect at such time: 

Table I 

(Before Optional Amendment Effective Date) 
  

							
	 Level
	  	 Ratio of Total Liabilities to Gross Asset Value
	  	 Applicable
Margin
	 
	 1
	  	Less than 0.500 to 1.00	  	 	2.75	% 
	 2
	  	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	  	 	3.00	% 
	 3
	  	Equal to or greater than 0.550 to 1.00 but less than 0.600 to 1.00	  	 	3.25	% 
	 4
	  	Equal to or greater than 0.600 to 1.00 but less than 0.650 to 1.00	  	 	3.50	% 
	 5
	  	Equal to or greater than 0.650	  	 	4.00	% 

 Table II 
 (After Optional Amendment Effective Date) 
  

							
	 Level
	  	 Ratio of Total Liabilities to Gross Asset Value
	  	 Applicable
Margin
	 
	 1
	  	Less than 0.500 to 1.00	  	 	2.00	% 
	 2
	  	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	  	 	2.50	% 
	 3
	  	Equal to or greater than 0.550 to 1.00 but less than 0.600 to 1.00	  	 	2.75	% 
	 4
	  	Equal to or greater than 0.600	  	 	3.00	% 

 The Applicable Margin for Loans shall be determined by the Administrative Agent from time to time, based
on the ratio of Total Liabilities to Gross Asset Value as set forth in the Compliance Certificate most recently delivered by the 

  
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Borrower pursuant to Section 7.1.(a)(iii). Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which
the Parent delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 7.1.(a)(iii). If the Parent fails to deliver a Compliance Certificate pursuant to Section 7.1.(a)(iii), the Applicable Margin shall
equal the percentage corresponding to Level 5 of Table I if the Optional Amendment Effective Date has not occurred or Level 4 of Table II if the Optional Amendment Effective Date has occurred until the first day of the calendar month immediately
following the month that the required Compliance Certificate is delivered. Notwithstanding the foregoing, for the period from the First Amendment Effective Date through but excluding the date on which the Administrative Agent first determines the
Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 5 of Table I. Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition. The provisions of
this definition shall be subject to Section 2.4.(c). 
 “Base Value” means, with respect to
each Collateral Property (and any pad, outparcel or other portion thereof), the amount set forth in an attachment to the Base Value Agreement corresponding to such Collateral Property (or any pad, outparcel or other portion thereof) as such
attachment is updated pursuant to Section 2.13.(d) and/or Section 3.11.(b) in connection with any Substitution. For purposes of this definition, if a pad, outparcel or other portion of any Collateral Property is released in accordance with
Section 3.12., the Base Value of such Collateral Property will be reduced by the Release Price paid in connection with the release of such pad, outparcel or other portion. 

“Base Value Proportionate Share” means with respect to a Collateral Property, the ratio (expressed as a
percentage) of (a) the Base Value of such Collateral Property to (b) the aggregate amount of the Base Values of all Collateral Properties. 
 “Facility Debt Yield” means, at any time of determination, the ratio (expressed as a percentage) of (a) the aggregate NOI of the Collateral Properties for the period of 4 consecutive
fiscal quarters most recently ended for which internal financial statements for the Collateral Properties are available divided by (b) the sum of the aggregate outstanding principal amount of the Loans and Letter of Credit Liabilities at the
time of such determination. 
 “Net Cash Proceeds” means, with respect to a Person, in the case
of a Disposition, the aggregate amount of all cash received (including without limitation, all cash payments received by way of deferred payment of principal or interest pursuant to a note or installment receivable or otherwise, but only as and when
received) by such Person in connection with such Disposition net of (i) the amount of any out-of-pocket legal fees, title and recording tax expenses, 

  
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commissions and other customary fees and expenses actually incurred by or on behalf of such Person in connection therewith and paid or payable to a Person other than an Affiliate of such Person,
(ii) any income taxes reasonably estimated in good faith by such Person to be payable by such Person in connection with such Disposition (after taking into account any available tax credits or deductions and any tax sharing arrangements) and
other taxes thereon to the extent such other taxes are actually paid by such Person, and (iii) any repayments by such Person of Secured Indebtedness (other than Indebtedness under any of the Loan Documents but in the case of a Collateral
Property, or pad, outparcel or other portion thereof (other than an Option Parcel), net of the Release Price paid under Section 3.12.) to the extent that such Secured Indebtedness is secured by a Lien on the Property or any parcel of
undeveloped real estate that is the subject of such Disposition. 
 “Release Price” means
(a) with respect to the Release of a Collateral Property, the product derived by multiplying (i) 110% (or 120% if following such Release, there will be fewer than 10 Collateral Properties) times (ii) the Base Value
Proportionate Share of such Collateral Property times (iii) an amount equal to the Revolving Commitments plus the aggregate outstanding principal amount of the Term Loans, (b) with respect to a Release of a pad, outparcel or other
portion (other than an Option Parcel) at a Collateral Property, the product derived by multiplying (i) the Release Price of such Collateral Property (as determined in accordance with the immediately preceding clause (a)) times (ii) the
ratio, expressed as a percentage, of the Pad Value of such pad, outparcel or other portion to the Base Value of the associated Collateral Property, and (c) with respect to a Release of an Option Parcel, an amount equal to the Net Cash Proceeds
received in connection with the Disposition of such Option Parcel. 
 “Requisite Lenders” means,
as of any date, (a) Lenders (which shall include the Lender then acting as the Administrative Agent) having at least 66-2/3% of the aggregate amount of the Revolving Commitments and the outstanding Term Loans of all Lenders, or (b) if the
Revolving Commitments have been terminated or reduced to zero, Lenders holding at least 66-2/3% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; provided that (i) in determining such percentage at any
given time, all then existing Defaulting Lenders will be disregarded and excluded, and the Revolving Commitment Percentages, Revolving Loans, Term Loans, and Letter of Credit Liabilities, as applicable, of the Lenders shall be redetermined, for
voting purposes only, to exclude the Revolving Commitment, Revolving Loans, Term Loans and Letter of Credit Liability, as applicable, of such Defaulting Lender, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are
party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. For purposes of this definition, a Lender shall be deemed to hold a Letter of Credit Liability to the extent such Lender has acquired a
participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 

  
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 “Termination Date” means March 10, 2014, or such later
date to which such date may be extended in accordance with Section 2.13. 
 (b) The Credit Agreement is amended by adding
the definitions of “First Amendment Effective Date”, “Maximum Loan Availability”, “Optional Amendment Effective Date” and “Pro Rata Share” to Section 1.1. thereof in the appropriate alphabetical location.

 “First Amendment Effective Date” means June 29, 2011. 

“Maximum Loan Availability” means, at any time of determination, an amount, which if deemed to be the
denominator of Facility Debt Yield, would produce a Facility Debt Yield equal to or greater than (x) 9.75%, unless the Optional Amendment Effective Date has occurred, or, pursuant to Section 2.13., the Borrower and the Gallery Borrower
have exercised their right to extend the Termination Date or, pursuant to Section 2.21., the Borrower has exercised its right to increase the Revolving Commitments, (y) 10.50%, if the Optional Amendment Effective Date has occurred and
neither of the events described in the immediately following clause (z) has occurred, or (z) 11.0%, if either pursuant to Section 2.13., the Borrower and the Gallery Borrower have exercised their right to extend the Termination Date
or, pursuant to Section 2.21., the Borrower has exercised its right to increase the Revolving Commitments. 

“Optional Amendment Effective Date” means the date on which the following conditions shall have been
fulfilled: (a) the ratio of (i) Total Liabilities of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value of the Parent and its Subsidiaries determined on a consolidated basis, set forth in the
Compliance Certificates delivered by the Borrower pursuant to Section 7.1(a)(iii) shall have been less than 0.65 to 1.00 for two consecutive fiscal quarters, (b) the Borrower shall have delivered a notice to the Administrative Agent in the
form attached hereto as Exhibit T (the “Amendment Notice”) notifying the Administrative Agent that it is electing to make effective all terms and conditions of the Credit Agreement that are applicable on and after, or upon or after the
occurrence of, the Optional Amendment Effective Date, (c) no Default or Event of Default shall be in existence on the date of delivery of the Amendment Notice, and (d) the representations and warranties made or deemed made by the Borrower
or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct as of the date of delivery of the Amendment Notice except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 

  
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 “Pro Rata Share” means, as to each Lender, the ratio,
expressed as a percentage of (a) the sum of (i) the amount of such Lender’s Revolving Commitment plus (ii) the amount of such Lender’s outstanding Term Loans to (b) the sum of (i) the aggregate amount of the
Revolving Commitments of all Lenders plus (ii) the aggregate amount of all outstanding Term Loans; provided, however, that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Pro Rata
Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Revolving Loans, Term Loans, and Letter of Credit Liabilities owing to such Lender as of such date to
(B) the sum of the aggregate unpaid principal amount of all outstanding Revolving Loans, Term Loans and Letter of Credit Liabilities of all Lenders as of such date. 
 (c) The Credit Agreement is amended by deleting the definitions of “Capital Event”, “Capital Event Tax Distributions”, “Cherry Hill Mall Property”, “Maximum Revolving
Credit Availability”, “Minimum Release Price”, “Recovery Event”, “Refinance”, “Refinance Event”, “Remaining Capital Event Proceeds” and “Revolving Loan Availability” from
Section 1.1. thereof. 
 (d) The Credit Agreement is amended by restating Sections 2.8.(b)(i) through (iii) in
their entireties as follows: 
 (i) Commitment Overadvance. If at any time the aggregate principal amount
of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately pay to the Administrative Agent for the account of
the Lenders the amount of such excess. Such payment shall be applied to pay the principal outstanding on the Revolving Loans and any unpaid Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are
outstanding at such time the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations as and when due. 

(ii) Maximum Loan Availability Overadvance. If at any time, the aggregate principal amount of all outstanding
Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Maximum Loan Availability, then no later than 45 days after such date, the Borrower shall pay to the Administrative Agent for the account of the Lenders an
aggregate principal amount of Revolving Loans sufficient to eliminate such excess; provided, however, if the excess exceeds the amount required to pay down the principal of the Revolving Loans to zero, the Borrower and the Gallery Borrower, as
applicable, shall pay, in the indicated priority, the following amounts sufficient to eliminate such excess: (A) outstanding principal amount of the Term Loans A, and (B) outstanding principal amount of Gallery Term Loans. 

  
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 (iii) Intentionally Omitted. 

(e) The Credit Agreement is amended by restating Section 2.13. in its entirety as follows: 

Section 2.13. Extension of Termination Date. 

After the occurrence of the Optional Amendment Effective Date, the Borrower and the Gallery Borrower shall have the right,
exercisable one time, to extend the Termination Date by one year. The Borrower and the Gallery Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the
current Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall forward to each Lender a copy of the Extension Request received by the Administrative Agent promptly upon receipt
thereof. Subject to satisfaction of the following conditions, the Termination Date shall be extended for one year: 
 (a) on the date of delivery of the Extension Request and on the date that would otherwise be the Termination Date, (i) no Default or Event of Default shall exist, and (ii) the representations
and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such extension with the same
force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and
as of such earlier date)) and except for changes in factual circumstances not prohibited under the Loan Documents, 
 (b) on the date that would otherwise be the Termination Date, the Corporate Debt Yield shall equal or exceed 10.25%; 

(c) the Borrower shall have delivered to the Administrative Agent a certificate of the chief financial officer of the
Parent certifying in his or her capacity as chief financial officer the matters referred to in the immediately preceding clauses (a)(i) and (ii) and accompanied by reasonably detailed calculations establishing satisfaction of the condition set
forth in the immediately preceding clause (b); 
 (d) the Administrative Agent shall have obtained Appraisals of
each Collateral Property as contemplated in Section 3.13(c) and, in consultation with the Borrower, have established a value for each 

  
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Collateral Property to be provided on the schedule attached to the Base Value Agreement as the “Base Value” of such Collateral Property and update such schedule accordingly; and

 (e) the Borrower and the Gallery Borrower shall have paid the Fees payable under Section 3.5.(d).

 Subject to Section 2.8.(a), the Borrower may repay the aggregate principal amount of the Revolving Loans and Term Loans A
(or the Gallery Term Loans if the Term Loans A have been paid in full) in an amount sufficient to satisfy the conditions set forth in subsection (b) of this Section 2.13. 

(f) The Credit Agreement is amended by restating Section 2.15 in its entirety as follows: 

Section 2.15. Intentionally Omitted. 
 (g) The Credit Agreement is amended by restating Section 2.19 in its entirety as follows: 
 Notwithstanding any other term of this Agreement or any other Loan Document, (a) no Lender shall be required to make any Revolving Loan, and the Issuing Bank shall not be required to issue a Letter
of Credit, and no reduction of the Revolving Commitments pursuant to Section 2.14. shall take effect, if immediately after the making of such Revolving Loan or issuance of such Letter of Credit or such reduction of the Revolving Commitments:

 (a) the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of
all Letter of Credit Liabilities, would exceed the aggregate amount of the Revolving Commitments at such time; or 
 (b) the aggregate principal amount of all outstanding Loans, together with aggregate amount of all Letter of Credit Liabilities, would exceed the Maximum Loan Availability at such time. 

(h) The Credit Agreement is amended by adding the following Section 2.21 immediately after Section 2.20: 

Section 2.21. Increase in Revolving Commitments. 

After the occurrence of the Optional Amendment Effective Date, the Borrower shall have the right to request increases in
the aggregate amount of the Revolving Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate
amount of the Revolving Commitments 

  
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shall not exceed $350,000,000. Each such increase in the Revolving Commitments must be an aggregate minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof. The
Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Revolving Commitments, including decisions, subject to the Borrower’s approval (which approval shall not be
unreasonably withheld or delayed), as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the
Revolving Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment or provide a new Revolving
Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Revolving
Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, on the date it increases its Revolving Commitment) (and as a condition thereto) purchase from the other Lenders its Commitment Percentage
(determined with respect to the Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding Revolving Loans, by making available to the Administrative Agent for the account of
such other Lenders, in same day funds, an amount equal to the sum of (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the aggregate amount of payments previously
made by the other Revolving Lenders under Section 2.3.(j) that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The
Borrower shall pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under Section 4.4. as a result of the prepayment of any such Revolving Loans. Effecting the increase of the Revolving Commitments under this Section
is subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower or any other Loan
Party in any Loan Document to which such Loan Party is a party shall be true and correct on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents, and (z) the Administrative Agent shall have received
each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate, partnership,
or other necessary action taken by the Borrower to authorize such increase and (B) all corporate, partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such

  
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increase; and (ii) at the request of the Administrative Agent, an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering
such matters as reasonably requested by the Administrative Agent; and (iii) new Revolving Notes executed by the Borrower, payable to any new Revolving Lenders and replacement Revolving Notes executed by the Borrower, payable to any existing
Revolving Lenders increasing their Revolving Commitments, in the amount of such Revolving Lender’s Revolving Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Revolving Commitments. In
connection with any increase in the aggregate amount of the Revolving Commitments pursuant to this Section 2.21. any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably
request. 
 (i) The Credit Agreement is amended by deleting all references to 0.50% in Section 3.5.(d) and replacing such
references with references to 0.25%. 
 (j) The Credit Agreement is amended by restating the first sentence of
Section 3.10(a) in its entirety as follows: 
 All payments by the Borrower and the Gallery Borrower of principal of, and
interest on, the Loans, all other Obligations and all other Gallery Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions,
withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the
Administrative Agent, the Issuing Bank or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the Administrative Agent, the Issuing Bank or such Lender pursuant to or in respect of
this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by the Issuing Bank’s or any Lender’s assets, net income, receipts or branch profits (iv) any taxes arising after the Agreement Date solely as a
result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto and (v) any taxes imposed by Sections 1471 through Section 1474 of the Internal Revenue Code (including any
official interpretations thereof, collectively “FATCA”) on any “withholdable payment” payable to such recipient as a result of the failure of such recipient to satisfy the applicable requirements as set forth in FATCA after
December 31, 2012 (such non-excluded items being collectively called “Taxes”). 
 (k) The Credit Agreement is
amended by deleting the parenthetical “(other than the New River Valley Mall Property)” from Section 3.11(a). 

  
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 (l) The Credit Agreement is amended by restating Section 3.12(a)(v)(B) in its entirety
as follows: 
 (B) a Release of a Gallery Property or any pad, outparcel or other portion thereof, (1) the
Borrower or the Gallery Borrower, as applicable, shall have paid all accrued and unpaid expenses owing by the Borrower or the Gallery Borrower to the Administrative Agent as of the date of such Release, (2) the Borrower or the Gallery Borrower,
as applicable, shall have paid all accrued Fees owing by the Borrower or the Gallery Borrower as of the date of such Release, (3) the Gallery Borrower, shall have paid all interest owing on the Gallery Loans as of the date of such Release, and
(4) the Gallery Borrower shall have paid the applicable Release Price which shall be applied first to payment of the outstanding principal balance of the Gallery Term Loans until paid in full; and 

(m) The Credit Agreement is amended by restating the last paragraph of Section 3.12.(a) beginning with the phrase
“Notwithstanding the foregoing” in its entirety as follows : 
 Notwithstanding the foregoing, if the condition set
forth in the immediately preceding clause (ii) cannot be satisfied at the time of such requested Release, satisfaction of such condition may be waived by the (x) Administrative Agent in its sole discretion, if after giving pro forma effect
to such Release the Facility Debt Yield will be equal to or greater than 11.00%, or (y) Requisite Lenders, if after giving pro forma effect to such Release the Facility Debt Yield will be less than 11.0%. 

(n) The Credit Agreement is amended by deleting the word “shall” in Section 3.13(b) and replacing it with the word
“may”. 
 (o) The Credit Agreement is amended by adding the following subsection (c) after subsection (b) of
Section 3.13: 
 (c) After the Borrower and the Gallery Borrower give notice that they are electing to
exercise their right to extend the Termination Date pursuant to Section 2.13., Administrative Agent shall obtain an Appraisal for each Collateral Property, at the Borrower’s cost and expense. 

(p) The Credit Agreement is amended by restating Section 6.1(z) in its entirety as follows: 

(z) Security Interests. Each of the Security Documents (other than the Security Instrument encumbering the Gallery
Properties and the Collateral related thereto) creates, as security for the Obligations, the Gallery Obligations and the Specified Derivatives Obligations, a valid and enforceable Lien on all of the Collateral, superior to and prior to the rights of
all third Persons and subject to no other Liens (except for Permitted Liens), in favor of the Administrative Agent for its benefit and the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider. The Security Instrument
encumbering the Gallery 

  
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Properties and the Collateral related thereto creates, as security for the Gallery Obligations, a valid and enforceable Lien on both of the Gallery Properties, superior to and prior to the rights
of all third Persons and subject to no other Liens (except for Permitted Liens), in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 
 (q) The Credit Agreement is amended by restating Section 7.9.(a) in its entirety as follows: 
 (a) Loans and Letters of Credit. The Borrower will use the proceeds of Revolving Loans and the Term Loans A, together with the proceeds of the Gallery Term Loans, (i) to finance, on the
Effective Date, the repayment of all indebtedness, liabilities and obligations owing by the Loan Parties under the Existing Credit Agreement and the Existing Term Loan Agreement, (ii) for the payment of development or redevelopment costs, and
(iii) for working capital and general corporate purposes of the Parent, the Borrower and the Borrower’s Subsidiaries. The Borrower shall only use Letters of Credit for the same purposes for which it may use proceeds of Loans. The Gallery
Borrower will only use the proceeds of the Gallery Term Loans to finance, on the Effective Date, the repayment of all indebtedness, liabilities and obligations owing by the Loan Parties under the Existing Credit Agreement and the Existing Term Loan
Agreement. 
 (r) The Credit Agreement is amended by deleting the last sentence of Section 7.17., which begins with the
phrase, “Notwithstanding anything to the contrary in this Section 7.17.” in its entirety.” 
 (s) The Credit
Agreement is amended by restating Section 8.1(b) in its entirety as follows: 
 (b) Ratio of Total
Liabilities to Gross Asset Value. The Parent shall not permit the ratio of (i) Total Liabilities of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value of the Parent and its Subsidiaries
determined on a consolidated basis, to exceed at any time, (x) 0.70 to 1.00, prior to the Optional Amendment Effective Date, or (y) 0.65 to 1.00 on and at all times after the Optional Amendment Effective Date. 

(t) The Credit Agreement is amended by restating Section 8.1.(c) in its entirety as follows: 

(c) Ratio of EBITDA to Interest Expense. The Parent shall not permit the ratio of (i) EBITDA of the Parent and
its Subsidiaries determined on a consolidated basis for the period of four consecutive fiscal quarters most recently ended to (ii) Interest Expense of the Parent and its Subsidiaries determined on a consolidated basis for such period, to be
less than (x) 1.60 to 1.00 for any such period, prior to the Optional Amendment Effective Date or (y) 1.65 to 1.00 for any such period, on and after the Optional Amendment Effective Date. 

  
 -13-

 (u) The Credit Agreement is amended by restating Section 8.1.(d) in its entirety as
follows: 
 (d) Ratio of Adjusted EBITDA to Fixed Charges. The Parent shall not permit the ratio of
(i) Adjusted EBITDA of the Parent and its Subsidiaries determined on a consolidated basis for the period of four consecutive fiscal quarters most recently ended to (ii) Fixed Charges of the Parent and its Subsidiaries determined on a
consolidated basis for such period, to be less than (x) 1.35 to 1.00, prior to the Optional Amendment Effective Date or (y) 1.40 to 1.00, on and after the Optional Amendment Effective Date. 

(v) The Credit Agreement is amended by restating Section 8.1.(e)(i) in its entirety as follows: 

 

	 	(e)	Permitted Investments. 

 (i) The Parent and the Borrower shall not make any Investment in or otherwise own, and shall not permit any Subsidiary to make any Investment in or otherwise own, the following items which would cause the
aggregate value of such holdings of the Parent, the Borrower and its Subsidiaries to exceed the following percentages of Gross Asset Value: 
 (A) unimproved real estate and predevelopment costs such that the aggregate value of all such unimproved real estate and predevelopment costs, calculated on the basis of cost, exceeds 5.0% of Gross Asset
Value; 
 (B) Investments in Persons (other than Investments in Subsidiaries, Consolidated Affiliates and
Unconsolidated Affiliates) such that the aggregate value of such Investment calculated on the basis of cost exceeds 5.0% of Gross Asset Value; 
 (C) Mortgages in favor of the Parent, the Borrower or any other Subsidiary, such that the aggregate amount of Indebtedness secured by such Mortgages exceeds 5.0% of Gross Asset Value (excluding any
Mortgage encumbering any Property owned by a Subsidiary the accounts of which are required to be consolidated with those of the Parent under GAAP); and 
 (D) Investments in Consolidation Exempt Entities such that the aggregate value of such Investments (other than the Parent’s Investment in PREIT) calculated on the basis of cost, exceeds 20.0% of
Gross Asset Value. 

  
 -14-

 In addition to the foregoing limitations, (x) the aggregate value of the Investments
and the other items subject to the limitations in the preceding clauses (A) through (C) shall not exceed 10.0% of Gross Asset Value and (y) the amount of Gross Asset Value attributable to any one Property shall not exceed 15.0% of
Gross Asset Value at any time. 
 (w) The Credit Agreement is amended by restating Section 8.1.(f) in its entirety as
follows: 
 (f) Properties under Development or Redevelopment. The Parent and the Borrower shall not
permit the aggregate amount of Total Budgeted Cost Until Stabilization with respect to all Projects Under Development owned by the Parent, the Borrower, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate to exceed at any
time, (x) 10.0% (or up to 12.0% with the Administrative Agent’s approval) of Gross Asset Value, prior to the Optional Amendment Effective Date, or (y) 15.0% of Gross Asset Value, on and after the Optional Amendment Effective Date. For
purposes of this subsection, Total Budgeted Cost Until Stabilization with respect to any Project Under Development owned by a Consolidation Exempt Entity of the Parent shall equal the greater of (i) the product of (x) the Parent’s
Investment Share in such Consolidation Exempt Entity and (y) the Total Budgeted Cost Until Stabilization for such Property and (ii) the Parent’s Recourse Share of all Indebtedness of such Consolidation Exempt Entity incurred solely to
finance the Total Budgeted Cost Until Stabilization for such Property. 
 (x) The Credit Agreement is amended by restating
Section 8.1.(h) in its entirety as follows: 
 (h) Corporate Debt Yield. The Parent shall not permit
the Corporate Debt Yield to be less than the percentage set forth below corresponding to each period set forth below at any time during such period. 
  

					
	 Period
	  	Corporate Debt Yield	 
	 From the Effective Date to and including March 30, 2012
	  	 	9.50	% 
	 From March 31, 2012 to and including March 30, 2013
	  	 	9.75	% 
	 From March 31, 2013 and at all times thereafter
	  	 	10.0	% 

  
 -15-

 Notwithstanding anything to the contrary set forth in the table above, if pursuant to
Section 2.13., the Borrower and the Gallery Borrower exercise their right to extend the Termination Date, then from the date that would have been the Termination Date without giving effect to such extension and at all times thereafter, the
Parent shall not permit the Corporate Debt Yield to be less than 10.25%. 
 (y) The Credit Agreement is amended by restating
Section 8.2 in its entirety as follows: 
 Section 8.2. Restricted Payments. 

The Parent and the Borrower will not declare or make, or permit any other Subsidiary to declare or make any Restricted
Payment; provided, however that the Parent, the Borrower and their respective Subsidiaries may declare and make the following Restricted Payments so long as no Default or Event of Default would result therefrom: 

(a) PREIT may declare and pay cash dividends to the Parent and other holders of limited partnership interests in PREIT in
any fiscal year of the Parent to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders with respect to such period, in an aggregate amount not to exceed the greater of (i) 95.0%
of Funds From Operations of the Parent and its Subsidiaries for such period and (ii) 110.0% of the Parent’s REIT Taxable Income for such period unless necessary for the Parent to remain in compliance with Section 7.13.; 

(b) the Parent may acquire limited partnership interests in PREIT for common stock of the Parent, and the Parent and PREIT
may acquire limited partnership interests in PREIT for cash in an amount not to exceed $250,000 in the aggregate in any calendar year for such limited partnership acquisitions made by the Parent and PREIT; 

(c) subject to Section 2.8.(b)(iii), the Parent, Borrower and their Subsidiaries may make cash distributions to their
respective shareholders to avoid any liability for taxes imposed under Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue Code; 
 (d) Subsidiaries may make Restricted Payments to the Parent, the Borrower or any other Subsidiary; and 
 (e) the Parent may make cash payments to repurchase outstanding Equity Interests of the Parent. 

  
 -16-

 Notwithstanding the foregoing, but subject to the following sentence, if a Default or Event
of Default exists, the Parent and the Borrower shall not, and shall not permit any other Subsidiary to, make any Restricted Payments to any Person whatsoever other than cash dividends from Subsidiaries (directly or indirectly through intermediate
Subsidiaries) to PREIT and from PREIT to the Parent and other holders of limited partnership interests in PREIT in any year to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders
with respect to such period, in an aggregate amount not to exceed the amount required to be distributed for the Parent to remain in compliance with Section 7.13. Notwithstanding the foregoing, if a Default or Event of Default specified in
Section 9.1.(a), Section 9.1.(e) or Section 9.1.(f) shall have occurred and be continuing, or if as a result of the occurrence of any other Event of Default the Obligations have been accelerated pursuant to Section 9.2.(a), the
Parent and the Borrower shall not, and shall not permit any other Subsidiary to, make any Restricted Payments to any Person whatsoever other than to the Borrower or any Subsidiary. 

(z) The Credit Agreement is amended by restating Section 8.3 in its entirety as follows: 

Section 8.3. Liens. 
 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, create, assume, incur, permit or suffer to exist any Lien (i) on any Collateral Property
or any other Collateral related thereto except for Permitted Liens, or (ii) on any direct or indirect Equity Interests owned by the Parent, the Borrower, any other Loan Party or any other Subsidiary in any Person owning a Collateral Property or
any other Collateral except for Permitted Liens of the types referred to in clauses (a) and (e) of the definition of Permitted Liens. 
 (aa) The Credit Agreement is amended by restating Section 9.1(n) in its entirety as follows: 
 (n) Intentionally Omitted. 
 (bb) The Credit Agreement is amended by
deleting all references to “Commitment Percentage” in Sections 10.5., 10.6, and 10.9 of the Credit Agreement and replacing such references with references to “Pro Rata Share”. 

(cc) The Credit Agreement is amended by restating Section 11.7(b)(v) in its entirety as follows: 

(v) change the “Commitment Percentages” or the “Pro Rata Shares” (excluding any change as a result of an assignment
of Commitments permitted under Section 11.6. or an increase in Revolving Commitments effected under Section 2.21); 

  
 -17-

 (dd) The Credit Agreement is amended by deleting Section 11.20. in its entirety.

 (ee) The Credit Agreement is amended by restating the “Revolving Commitments” on Schedule 1 attached to the Credit
Agreement in its entirety as follows: 
  

					
	 Lender
	  	Commitment Amount	 
		
	 Wells Fargo Bank, National Association
	  	$	77,733,780.10	  
	 Eurohypo AG, New York Branch
	  	$	28,917,910.45	  
	 U.S. Bank National Association
	  	$	27,985,074.62	  
	 Bank of America, N.A.
	  	$	16,791,044.78	  
	 Manufacturers and Traders Trust Company
	  	$	16,791,044.78	  
	 TD Bank, N.A.
	  	$	14,925,373.12	  
	 PNC Bank National Association, Successor to National City Bank
	  	$	12,686,567.17	  
	 Citicorp North America, Inc.
	  	$	11,879,378.61	  
	 Union Bank, N.A.
	  	$	11,194,029.85	  
	 JPMorgan Chase Bank, N.A.
	  	$	10,946,542.81	  
	 Wilmington Trust FSB
	  	$	10,820,895.53	  
	 Firstrust Bank
	  	$	5,597,014.93	  
	 Sovereign Bank
	  	$	3,731,343.26	  
		  	 	 	 
		
	 TOTAL
	  	$	250,000,000	  
		  	 	 	 

 (ff) The Credit Agreement is amended by deleting Schedule 1.1(A) attached to the Credit Agreement and
substituting in its place the Schedule 1.1(A) attached to this Amendment. 
 (gg) The Credit Agreement is amended by attaching
to the Credit Agreement the Exhibit T attached hereto. 
 Section 5. Conditions Precedent. The effectiveness of this
Amendment, including without limitation, Sections 2, 3 and 4, is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent: 

(a) a counterpart of this Amendment duly executed by the Borrower, the Parent and all of the Lenders; 

(b) a Notice of Revolving Loan Borrowing in the amount of $100,000,000, specifying that the proceeds of such Revolving Loans are to be
used, and making such proceeds available to the Administrative Agent, to prepay the Term Loans A in an amount equal to $100,000,000; 

  
 -18-

 (c) replacement Revolving Notes in an amount equal to each Lender’s Revolving
Commitment at the time of the effectiveness of the amendments set forth in Section 4. of this Amendment; 
 (d) payment of
the amendment fee set forth in Section 11. of this Amendment; 
 (e) the Reaffirmation of Obligations attached to this
Amendment as Exhibit A duly executed by each existing Guarantor; 
 (f) an opinion of counsel to the Parent, the Borrower, the
Gallery Borrower and the Guarantors, addressed to the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers in form and substance satisfactory to the Administrative Agent; 

(g) items required pursuant to Section 7.1.(a)(x) of the Credit Agreement, updated for the second, third and fourth quarters of the
fiscal year ending 2011; 
 (h) a certificate of the chief financial officer of the Parent certifying in his or her capacity as
chief financial officer that (i) no Default or Event of Default exists on the First Amendment Effective Date, and (d) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to
which such Loan Party is a party are true and correct on the First Amendment Effective Date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents; 
 (i) payment of the Fees payable under Section 3.5.(b) of the Credit Agreement that have accrued and are unpaid to and as of the First Amendment Effective Date; 

(j) payment of fees and expenses of counsel to the Administrative Agent, including those reflected on all invoices existing prior to the
date of this Amendment; and 
 (k) such other documents, instruments and agreements as the Administrative Agent may reasonably
request. 
 Section 6. Waiver of Prepayment Notices. Each Lender waives the requirement that the Borrower have
provided 3 Business Days’ prior notice for prepayment of Term Loans A on the First Amendment Effective Date and for any prepayment of Revolving Loans made on or prior to July 1, 2011. 

  
 -19-

 Section 7. Representations. Each Borrower and the Parent represent and warrant
to the Administrative Agent and the Lenders that: 
 (a) Authorization. The Parent, each Borrower and each other Loan
Party each has the right and power, and has taken all necessary action to authorize the execution and delivery of this Amendment and to perform its obligations thereunder and under the Credit Agreement, as amended by this Amendment, in accordance
with their respective terms. This Amendment has been duly executed and delivered by a duly authorized signatory of the Parent and each Borrower or a general partner of such Borrower, as applicable, and both this Amendment and the Credit Agreement,
as amended by this Amendment, are legal, valid and binding obligations of the Parent, each Borrower and each other Loan Party and are enforceable against such Persons in accordance with their respective terms except as the enforceability thereof may
be limited by bankruptcy, insolvency, fraudulent conveyance and other similar laws affecting creditors rights generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal)
contained herein or in the Credit Agreement may be limited by equitable principles generally. 
 (b) Compliance with Laws,
etc. The execution, delivery and performance of this Amendment and the other Loan Documents to which any Loan Party is a party do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval
(other than those already obtained, if any) or violate any Applicable Law relating to any Loan Party or any Subsidiary; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party or
any other Subsidiary, or any indenture, agreement or other instrument to which any Loan Party or any Subsidiary is a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party or any other Subsidiary other than in favor of the Administrative Agent for the benefit of the Lenders. 

(c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately
after giving effect to this Amendment. 
 Section 8. Reaffirmation of Representations. The Parent and each Borrower
hereby represents, repeats and reaffirms all representations and warranties made by such Person to the Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents to which such Person is, immediately following the
effectiveness of this Amendment, a party on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 

Section 9. Confirmation and Reaffirmation. By its execution on the respective signature lines provided below, as of the
Amendment Effective Date, each of the Borrowers and Gallery Borrowers hereby confirms and ratifies all of its obligations and the Liens granted by it under any Security Agreement or Security Instrument to which it is a party and all of its
obligations under any Environmental Indemnity Agreement to which it is a party. 

  
 -20-

 Section 10. Certain References. Each reference to the Credit Agreement in any of
the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment. 
 Section 11.
Amendment Fee. In consideration of the Lenders’ amending the Credit Agreement as provided herein and in lieu of the Fees otherwise payable Section 3.5.(d) of the Credit Agreement as in effect immediately prior to the effectiveness
of the amendments set forth in Section 4. of this Amendment, (x) the Borrower agrees to pay to the Administrative Agent for the account of each Lender an amendment fee equal to 0.50% of the sum of (i) the amount of such Lender’s
Revolving Commitment plus (ii) the outstanding principal balance of such Lender’s Term Loan A (after giving effect to the amendments set forth in Section 4.(ee) of this Amendment and prepayment of the Term Loans A made on the First
Amendment Effective Date) and (y) the Gallery Borrower agrees to pay to the Administrative Agent for the account of each Lender an amendment fee equal to 0.50% of the outstanding principal balance of such Lender’s Gallery Term
Loan.
 Section 12. Expenses. Each Borrower hereby, jointly and severally, agrees to reimburse the Administrative
Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and
delivered in connection herewith. 
 Section 13. Benefits. This Amendment shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns. 
 Section 14. GOVERNING LAW. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 

Section 15. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan
Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein. 
 Section 16. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors
and assigns. 
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended, Restated
and Consolidated Credit Agreement to be executed as of the date first above written. 
  

							
	BORROWER:
	
	 PREIT ASSOCIATES, L.P.

		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer
	
	PREIT-RUBIN, INC.
			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer
	
	PARENT:
	
	 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer

  
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 [Signature Page to First Amendment to Amended, Restated and Consolidated Credit Agreement
with 
 PREIT Associates, L.P. et al.] 

 

							
	GALLERY BORROWER:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer
	
	PREIT-RUBIN, INC.
			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer
	
	PR GALLERY I LIMITED PARTNERSHIP
		
	By:	 	PR Gallery I LLC, sole general partner
		 	By:	 	PREIT Associates, L.P., sole member
		 		 	By:	 	Pennsylvania Real Estate Investment Trust,
		 		 		 	its general partner
			
		 	By:	 	         /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer

  
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 with PREIT Associates, L.P. et al.] 

 

							
	GALLERY BORROWER, CONTINUED:
	
	KEYSTONE PHILADELPHIA PROPERTIES, L.P.
		
	By:	 	Keystone Philadelphia Properties, LLC, general partner
		 	By:	 	PR Gallery II LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
				
		 		 	By:	 	Pennsylvania Real Estate Investment Trust,
		 		 		 	its general partner
				
		 		 	By:	 	     /s/ Andrew Ioannou

		 		 	Name:	 	Andrew Ioannou
		 		 	Title:	 	SVP, Capital Markets & Treasurer

  
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 with PREIT Associates, L.P. et al.] 

 

					
	AGENT AND LENDERS:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Bank and as a Lender

		
	By:	 	     /s/ Stephen F. Gray

		 	Name:	 	Stephen F. Gray
		 	Title:	 	Vice President

  
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	EUROHYPO AG, NEW YORK BRANCH
		
	By:	 	     /s/ Mark A. Fisher

		 	Name:	 	Mark A. Fisher
		 	Title:	 	Executive Director
		
	By:	 	     /s/ John Hayes

		 	Name:	 	John Hayes
		 	Title:	 	Director

  
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	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	     /s/ Renee Lewis

		 	Name:	 	Renee Lewis
		 	Title:	 	Senior Vice President

  
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	BANK OF AMERICA, N.A.
		
	By:	 	     /s/ Robert J. Epstein

		 	Name:	 	Robert J. Epstein
		 	Title:	 	Sr. Vice President

  
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	MANUFACTURERS & TRADERS TRUST COMPANY
		
	By:	 	     /s/ Bernard T. Shields

		 	Name:	 	Bernard T. Shields
		 	Title:	 	Vice President

  
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	TD BANK, N.A.
		
	By:	 	     /s/ Darrin G. Girton

		 	Name:	 	Darrin G. Girton
		 	Title:	 	Vice President

  
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	 PNC BANK NATIONAL ASSOCIATION, Successor to National City Bank

		
	By:	 	     /s/ Shari L. Reams-Henofer

		 	Name:	 	Shari L. Reams-Henofer
		 	Title:	 	Senior Vice President

  
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	CITICORP NORTH AMERICA, INC.
		
	By:	 	     /s/ John G. Rowland

		 	Name:	 	John G. Rowland
		 	Title:	 	Director

  
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	UNION BANK, N.A.
		
	By:	 	     /s/ Andrew Romanosky

		 	Name:	 	Andrew Romanosky
		 	Title:	 	Vice President

  
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	JPMORGAN CHASE BANK, N.A.
		
	By:	 	     /s/ Marc Costantino

		 	Name:	 	Marc Costantino
		 	Title:	 	Executive Director

  
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	WILMINGTON TRUST FSB
		
	By:	 	     /s/ Michael L. Post

		 	Name:	 	Michael L. Post
		 	Title:	 	Vice President

  
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	FIRSTRUST BANK
		
	By:	 	     /s/ Bruce A. Gillespie

		 	Name:	 	Bruce A. Gillespie
		 	Title:	 	Senior Vice President

  
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	SOVEREIGN BANK
		
	By:	 	     /s/ Kimberly A. Ludtke

		 	Name:	 	Kimberly A. Ludtke
		 	Title:	 	Senior Vice President

  
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 Schedule 1.1.(A) – Collateral Property 

PROPERTY 
  

	
	Chambersburg Mall, 864 Chambersburg Mall, Chambersburg, Pennsylvania 17202
	
	Commons at Magnolia, 2701 David McLeod Blvd., Florence, South Carolina 29501
	
	Crossroads Mall, 2 Crossroads Mall, Mount Hope, West Virginia 25880
	
	Gadsden Mall, 1001 Rainbow Drive, Suite 51, Gadsden, Alabama 35901
	
	Gallery at Market East I, Ninth & Market Street, Philadelphia, Pennsylvania 19107
	
	Gallery at Market East II, Tenth & Market Street, Philadelphia, Pennsylvania 19107
	
	Nittany Mall, 2901 East College Ave, State College, Pennsylvania 16801
	
	North Hanover Mall, 1155 Carlisle Street, Suite 18, Hanover, Pennsylvania 17331
	
	Orlando Fashion Square, 3201 East Colonial Drive, Orlando, Florida 32803
	
	P&S Office Building, 741 Forrest Avenue, Gadsden, Alabama 35901
	
	Palmer Park Mall, 123 Palmer Park Mall, Easton, Pennsylvania 18045
	
	Phillipsburg Mall, 1200 Highway 22, East Phillipsburg, New Jersey 08865
	
	Plaza at Magnolia, 3007A and 3007B Radio Drive, Florence, South Carolina 29501
	
	Plymouth Meeting Mall, 500 Germantown Pike, Plymouth Meeting, Pennsylvania 19462
	
	South Mall, 3300 Lehigh Street, Allentown, Pennsylvania 18103
	
	Uniontown Mall, 1368 Mall Run Road, Uniontown, Pennsylvania 15401
	
	Voorhees Town Center, 2120 Voorhees Town Center, Voorhees, New Jersey 08043
	
	Washington Crown Center, 1500 W. Chestnut Street, Washington, Pennsylvania 15301
	
	Westgate Anchor Pad, 2524 Schoenersville Road, Bethlehem, Pennsylvania 18017
	
	Wiregrass Commons 900 Commons Drive, Suite 414 Dothan, Alabama 36303-2281

 EXHIBIT T 
 FORM OF NOTICE TO EFFECT OCCURRENCE OF OPTIONAL AMENDMENT EFFECTIVE DATE 

                    
    , 20     
 Wells Fargo Bank, National Association, 

as Administrative Agent 
 1753
Pinnacle Drive 
 5th Floor, South Tower 
 McLean, Virginia 22102 
 Attn: Stephen F. Gray 

Ladies and Gentlemen: 

Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a
“Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership
(“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the
financial institutions party thereto and their assignees under Section 11.6(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties
thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Because the ratio of (i) Total Liabilities of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value of the Parent and its Subsidiaries determined on a
consolidated basis, set forth in the Compliance Certificates delivered by the Parent pursuant to Section 7.1(a)(iii) has been less than 0.65 to 1.00 for two consecutive fiscal quarters, the Borrowers hereby notify the Administrative Agent that
they elect to make effective as of the date hereof all terms and conditions of the Credit Agreement that are applicable on and after, or upon or after the occurrence of, the Optional Amendment Effective Date. 

Each Borrower and each Gallery Borrower certify to the Administrative Agent and the Lenders that as of the date hereof, no Default or
Event of Default has occurred and is continuing, and (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true
and correct with the same force and effect as if made on and as of such date except to the 

 
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such
earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Notice as of the
date first written above. 
  

							
	BORROWER:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
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	GALLERY BORROWER:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	PR GALLERY I LIMITED PARTNERSHIP
		
	By:	 	PR Gallery I LLC, sole general partner
		 	By:	 	PREIT Associates, L.P., sole member
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  
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	GALLERY BORROWER, CONTINUED:
	
	KEYSTONE PHILADELPHIA PROPERTIES, L.P.
		
	By:	 	Keystone Philadelphia Properties, LLC, general partner
		 	By:	 	PR Gallery II LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
			
		 		 	By: Pennsylvania Real Estate Investment Trust,
		 		 	its general partner
				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 Exhibit A 
 FORM OF REAFFIRMATION OF OBLIGATIONS 
 Each of the undersigned (each a
“Guarantor” and collectively the “Guarantors”) hereby (a) reaffirms its continuing obligations owing under the Amended and Restated Guaranty dated as of March 11, 2010, executed and delivered by the Guarantors (the
“Guaranty”), (b) confirms and ratifies all of its obligations and the Liens granted by it under any Security Agreement or Security Instrument to which it is a party, (c) confirms and ratifies all of its obligations under any
Environmental Indemnity Agreement to which it is a party and (d) agrees that the First Amendment to Amended, Restated and Consolidated Credit Agreement dated the date hereof (the “Amendment”) amending the Amended, Restated and
Consolidated Credit Agreement dated as of March 11, 2010 by and among PREIT ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”) and PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”; together with PREIT,
each individually, a “Borrower” and collectively, the “Borrower”), PR GALLERY I LIMITED PARTNERSHIP, a Pennsylvania limited partnership (“PR Gallery”), KEYSTONE PHILADELPHIA PROPERTIES, L.P., a Pennsylvania limited
partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania
business trust (the “Parent”), the financial institutions signatory thereto (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and the other parties thereto (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), and the transactions contemplated by the Amendment, do not in any way affect the validity and enforceability of the Guaranty, any
Environmental Indemnity Agreement, any Security Agreement or Security Instrument to which it is a party or reduce, impair or discharge the obligations of, or Liens granted by, such Guarantor thereunder. 

Each of the Guarantors represents and warrants to the Agent and the Lenders that the execution, delivery, and performance of this
Reaffirmation of Obligations has been authorized by all requisite action on the part of such Guarantor and will not violate such Guarantor’s organizational or governing document. 

Each of the Guarantors further agrees that references to the Credit Agreement contained in any Loan Document (as defined in the Credit
Agreement) shall be deemed to be references to the Credit Agreement, as amended by the Amendment. 
 This Reaffirmation of
Obligations shall be construed in accordance with and be governed by the laws (without giving effect to the conflict of law principles thereof) of the Commonwealth of Pennsylvania. 

  
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 IN WITNESS WHEREOF, each of the undersigned have duly executed and delivered this
Reaffirmation of Obligations as of June         , 2011. 
  

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
	PREIT – RUBIN, INC.
	PREIT – RUBIN OP, INC.
	PR GC INC.
	PR LYCOMING SERVICE ASSOCIATES
	PR SERVICES CORPORATION
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President
	
	1150 PLYMOUTH ASSOCIATES, INC.
	EXTON LICENSE, INC.
	CAPITAL CITY BEVERAGE ENTERPRISES, INC.
		
	By:	 	  

	Name:	 	Joseph Coradino
	Title:	 	Treasurer
	
	PREIT PROTECTIVE TRUST 1, by its duly authorized Trustee
		 	By: PREIT – RUBIN, Inc., Trustee
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President
	
	PREIT TRS, INC.
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	President
	
	ECHELON BEVERAGE LLC
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Manager

  
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	BEVERAGE TWO, LLC
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Manager
	
	PR PALMER PARK MALL LIMITED PARTNERSHIP, a Pennsylvania limited partnership
		 	By: PR Palmer Park, L.P., its sole general partner
		 	 By: PR Palmer Park Trust,

		 	 its sole general partner

		
	By:	 	  

	Name:	 	Andrew Ioannou
	Title:	 	Trustee
	
	PR PALMER PARK, L.P., a Pennsylvania limited partnership
		 	By: PR Palmer Park Trust,
		 	its sole general partner
		
	By:	 	  

	Name:	 	Andrew Ioannou
	Title:	 	Trustee
	
	PR PALMER PARK TRUST, a Pennsylvania business trust, by its duly authorized Trustee
		
	By:	 	  

	Name:	 	Andrew Ioannou
	Title:	 	Trustee
	
	PR WASHINTON CROWN LIMITED PARTNERSHIP, a Pennsylvania limited partnership
		 	By: PR Washington Crown LLC,
		 	its sole general partner
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Director

  
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	PR WASHINGTON CROWN LLC,
	a Delaware limited liability company, by its duly authorized Director
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Director
	
	PR WC LLC, a Delaware limited liability company, by its duly authorized Director
		
	By:	 	  

		 	Name:	 	Bruce Goldman
		 	Title:	 	Director

  
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	PR FLORENCE LLC	 		 	PR FINANCING LIMITED PARTNERSHIP,
	 By: PREIT Associates, L.P., sole member
	 		 	 By: PR Financing I LLC, general partner

	PR GALLERY I LIMITED PARTNERSHIP	 		 	 By: PREIT Associates, L.P., member

	 By: PR Gallery I LLC, sole general partner
	 		 	 By: PR Financing II, LLC, member

	        By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Associates, L.P.

	PR GALLERY I LLC	 		 	PR FIN DELAWARE, LLC
	 By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Associates, L.P., sole member

	PR PLYMOUTH MEETING LIMITED	 		 	PLYMOUTH GROUND ASSOCIATES LP
	PARTNERSHIP	 		 	 By: Plymouth Ground Associates LLC, sole

	 By: PR Plymouth Meeting LLC, sole general
	 		 	 general partner

	 Partner
	 		 	 By: PREIT Associates, L.P., sole member

	        By: PREIT Associates, L.P., sole member
	 		 	PLYMOUTH GROUND ASSOCIATES LLC
	PR PLYMOUTH MEETING LLC	 		 	 By: PREIT Associates, L.P., sole member

	 By: PREIT Associates, L.P., sole member
	 		 	PR CUMBERLAND OUTPARCEL LLC
	PR PLYMOUTH MEETING ASSOCIATES PC LP	 		 	 By: PREIT Associates, L.P., sole member

	 By: PR PM PC Associates LLC, sole general
	 		 	PREIT GADSDEN MALL LLC
	 partner
	 		 	 By: PREIT Associates, L.P., sole member

	        By: PREIT Services, LLC, non-member
	 		 	PREIT GADSDEN OFFICE LLC
	               manager
	 		 	 By: PREIT Associates, L.P., sole member

	               By: PREIT Associates, L.P., sole
	 		 	PR NEW GARDEN/CHESCO LIMITED
	                      member
	 		 	PARTNERSHIP
	PR EXTON LIMITED PARTNERSHIP	 		 	 By: PR New Garden/Chesco, LLC, sole general

	 By: PR Exton LLC, sole general partner
	 		 	 partner

	        By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Services, LLC, non-member

	PR EXTON LLC	 		 	        manager

	 By: PREIT Associates, L.P., sole member
	 		 	        By: PREIT Associates, L.P., sole

	PR ECHELON LIMITED PARTNERSHIP	 		 	               member

	 By: PR Echelon LLC, sole general partner
	 		 	PR NEW GARDEN/CHESCO HOLDINGS, L.P.
	        By: PREIT Associates, L.P., sole member
	 		 	 By: PR New Garden/Chesco Holdings, LLC,

	PR ECHELON LLC	 		 	        sole general partner

	 By: PREIT Associates, L.P., sole member
	 		 	        By: PREIT Associates, L.P., sole

	PR FINANCING I LLC	 		 	               member

	 By: PREIT Associates, L.P., member
	 		 	PR NEW GARDEN/CHESCO, LLC
	     and
	 		 	 By: PREIT Services, LLC, non-member

	        PR Financing II LLC, member
	 		 	 manager

	 By: PREIT Associates, L.P., sole
	 		 	        By: PREIT Associates, L.P., sole

	        member
	 		 	               member

	PR FINANCING II LLC	 		 	PR NEW GARDEN/CHESCO HOLDINGS, LLC
	 By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Associates, L.P., sole member

 

			
	By: Pennsylvania Real Estate Investment
	Trust, sole general partner
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

  
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	PR BVM, LLC	 		 	
	 By: PREIT Associates, L.P., sole member
	 		 	PR CROSSROADS II, LLC
	PR AEKI PLYMOUTH, L.P.	 		 	 By: PREIT Associates, L.P., sole member

	 By: PR AEKI Plymouth LLC, sole general
	 		 	PR VALLEY VIEW DOWNS LIMITED
	 partner
	 		 	PARTNERSHIP
	        By: PREIT Associates, L.P., sole member
	 		 	 By: PR Valley View Downs LLC, sole general

	PR AEKI PLYMOUTH LLC	 		 	 partner

	 By: PREIT Associates, L.P., sole member
	 		 	        By: PREIT Associates, L.P., sole member

	PREIT SERVICES, LLC	 		 	PR VALLEY VIEW DOWNS LLC
	 By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Associates, L.P., sole member

	PR NEW GARDEN LIMITED PARTNERSHIP	 		 	PR ORLANDO FASHION SQUARE LLC
	 By: PR New Garden LLC, sole general
	 		 	 By: PREIT Associates, L.P., sole member

	 partner
	 		 	PR NORTHEAST WHITAKER AVENUE, L.P.
	        By: PREIT Associates, L.P., sole member
	 		 	 By: PR Northeast Whitaker Avenue LLC, sole

	PR NEW GARDEN LLC	 		 	 general partner

	 By: PREIT Associates, L.P., sole member
	 		 	        By: PREIT Associates, L.P., sole member

	PR WESTGATE LIMITED PARTNERSHIP	 		 	PR NORTHEAST WHITAKER AVENUE LLC
	 By: PR Westgate LLC, sole general
	 		 	 By: PREIT Associates, L.P., sole member

	 Partner
	 		 	PR HOLDING SUB LIMITED PARTNERSHIP
	        By: PREIT Associates, L.P., sole member
	 		 	 By: PR Holding Sub LLC, sole general partner

	PR WESTGATE LLC	 		 	        By: PREIT Associates, L.P., sole member

	 By: PREIT Associates, L.P., sole member
	 		 	PR HOLDING SUB LLC
	PR WIREGRASS COMMONS LLC	 		 	 By: PREIT Associates, L.P., sole member

	 By: PREIT Associates, L.P., sole member
	 		 	PR ACQUISITION SUB LLC
	PR CROSSROADS I, LLC	 		 	 By: PREIT Associates, L.P., sole member

	 By: PREIT Associates, L.P., sole member
	 		 	

  

			
	By: Pennsylvania Real Estate Investment
	Trust, sole general partner
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

  
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	ECHELON TITLE LLC	 		 	KEYSTONE PHILADELPHIA PROPERTIES, L.P.
	 By: PR Echelon Limited Partnership, sole
	 		 	 By: Keystone Philadelphia Properties, LLC,

	 member
	 		 	 general partner

	        By: PR Echelon LLC, general partner
	 		 	        By: PR Gallery II, LLC, sole member

	               By: PREIT Associates, L.P., sole
	 		 	               By: PREIT Associates, L.P., sole

	               member
	 		 	               member

	PR SWEDES SQUARE LLC	 		 	KEYSTONE PHILADELPHIA PROPERTIES, LLC
	        By: PREIT Associates, L.P., sole member
	 		 	 By: PR Gallery II, LLC, sole member

	XGP LLC	 		 	        By: PREIT Associates, L.P., sole

	 By: PR Exton Limited Partnership, sole member
	 		 	        member

	               By: PR Exton LLC, general partner
	 		 	PR GALLERY II LIMITED PARTNERSHIP
	                      By: PREIT Associates,
L.P.,
	 		 	 By: PR Gallery II LLC, general partner

	                      sole member
	 		 	        By: PREIT Associates, L.P., sole member

	PR EXTON SQUARE PROPERTY L.P.	 		 	PR GALLERY II LLC
	 By: XGP LLC, general partner
	 		 	 By: PREIT Associates, L.P., sole member

	        By: PR Exton Limited Partnership, sole
	 		 	PR TP LLC
	        member
	 		 	 By: PREIT Associates, L.P., sole member

	               By: PR Exton LLC, general partner
	 		 	PR TP LP
	                      By: PREIT Associates,
L.P.,
	 		 	 By: PR TP LLC, general partner

	                      sole member
	 		 	               By: PREIT Associates, L.P., sole

	PR PM PC ASSOCIATES LP	 		 	               Member

	 By: PR PM PC Associates LLC, sole general
	 		 	PR PM PC ASSOCIATES LLC
	 partner
	 		 	 By: PREIT Services, LLC, non-member

	        By: PREIT Services, LLC, non-member
	 		 	 manager

	               manager
	 		 	        By: PREIT Associates, L.P., sole member

	               By: PREIT Associates, L.P.,
sole

                     
member
	 		 	

  

			
	By: Pennsylvania Real Estate Investment
	Trust, sole general partner
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

  
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	 ECHELON RESIDENTIAL UNIT OWNER LLC, a
 Delaware limited liability company
	 		 	 WG PARK – ANCHOR B, LLC, a Delaware limited
 liability company

	 By: Echelon Title LLC, sole member
	 		 	 By: PREIT Associates, L.P., sole member

	        By: PREIT Associates, L.P., sole member
	 		 	
			
	 WG PARK – ANCHOR B LP, a Delaware limited
 partnership
	 		 	 801 DEVELOPERS, LP, a Pennsylvania limited
 partnership

	 By: WG Park – Anchor B, LLC, sole general partner
	 		 	 By: 801 Developers GP, LLC, general partner

	        By: PREIT Associates, L.P., sole member
	 		 	        By: PREIT Associates, L.P., sole member

	 PR WIREGRASS ANCHOR LLC, a Delaware limited
 liability company
	 		 	 801 DEVELOPERS GP, LLC, a Pennsylvania limited
 liability company

	 By: PREIT Associates, L.P., sole member
	 		 	 By: PREIT Associates, L.P., sole member

			
	PR GAINESVILLE LIMITED PARTNERSHIP,	 		 	PR GV LP, a Delaware limited partnership
	 a Delaware limited partnership
	 		 	 By: PR GV LLC, sole general partner

	 By: PR Gainesville LLC, a Delaware limited
	 		 	        By: PREIT Associates, L.P., sole member

	             liability company, sole general partner
	 		 	
	        By: PREIT Associates, L.P., sole member
	 		 	
			
	 PR GAINESVILLE LLC, a Delaware limited
 liability company
	 		 	 PR GV LLC, a Delaware limited liability company
 By: PREIT Associates, L.P., sole member

	 By: PREIT Associates, L.P., sole member
	 		 	

  

			
	 By: Pennsylvania Real Estate Investment Trust,
 sole general partner

		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

  
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	PR NEW GARDEN RESIDENTIAL LIMITED PARTNERSHIP, a Pennsylvania limited partnership	 		 	PR MONROE OLD TRAIL, LLC, a Delaware limited liability company
	 By: PR New Garden Residential LLC, sole general partner
	 		 	
			
	PLYMOUTH LICENSE III, LLC, a Pennsylvania limited liability company	 		 	PR MONROE OLD TRAIL HOLDINGS, L.P., a Pennsylvania limited partnership
		 		 	 By: PR Monroe Old Trail Holdings, LLC, its

sole general partner

			
	PLYMOUTH LICENSE IV, LLC, a Pennsylvania limited liability company	 		 	PR MONROE OLD TRAIL LIMITED PARTNERSHIP, a Pennsylvania limited partnership
		 		 	 By: PR Monroe Old Trail, LLC, its sole
 general partner

			
	PR NEW GARDEN RESIDENTIAL LLC, a Delaware limited liability company	 		 	PR MONROE OLD TRAIL HOLDINGS, LLC, a Delaware limited liability company
			
	801–GALLERY OFFICE GP, LLC, a Pennsylvania limited liability company	 		 	PR OUTDOOR, LLC, a Delaware limited liability company
	        By: 801-Gallery Associates, L.P., its sole

              member
	 		 	
	               By: 801-Gallery GP,
LLC,

                     its general
partner
	 		 	
	801-GALLERY OFFICE ASSOCIATES, L.P., a Pennsylvania limited partnership	 		 	PR OUTDOOR, L.P., a Pennsylvania limited partnership
	 By: 801-Gallery Office, GP, LLC, its general

       partner
	 		 	 By: PR Outdoor, LLC, its general partner

	        By: 801-Gallery Associates, L.P., its sole

              member
	 		 	
	               By: 801-Gallery GP,
LLC,

                     its general
partner
	 		 	
	801-GALLERY C-3 ASSOCIATES, L.P., a Pennsylvania limited partnership	 		 	801-GALLERY C-3 GP, LLC, a Pennsylvania limited liability company
	 By: 801-Gallery C-3 GP, LLC, its general partner
	 		 	                 By: 801-Gallery Associates, L.P., its
sole

	        By: 801-Gallery Associates, L.P., its sole
	 		 	
                       Member

	               member
	 		 	                        By:
801-Gallery GP, LLC,

	               By: 801-Gallery GP, LLC,
	 		 	
                            
  its general partner

	                      its general
partner
	 		 	

  

			
	By: PREIT – RUBIN, Inc., sole member
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

  
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	PREIT CAPITAL ADVISORS, LP, a Pennsylvania limited partnership	 		 	PR ADVISORS GP, LLC, a Delaware limited liability company
	 By: PR Advisors GP, LLC, its general partner
	 		 	
			
	PR MONROE UNIT ONE LIMITED PARTNERSHIP, a Pennsylvania limited partnership	 		 	PR MONROE UNIT ONE HOLDINGS, L.P., a Pennsylvania limited partnership
	 By: PR Monroe Unit One GP, LLC, its general partner
	 		 	 By: PR Monroe Unit One GP, LLC, its general partner

			
	PR MONROE UNIT ONE GP, LLC, a Delaware limited liability company	 		 	PR MONROE UNIT 10C LIMITED PARTNERSHIP, a Pennsylvania limited partnership
		 		 	 By: PR Monroe Unit 10C GP, LLC, its general partner

			
	PR MONROE UNIT 10C HOLDINGS, L.P., a Pennsylvania limited partnership	 		 	PR MONROE UNIT 4B LIMITED PARTNERSHIP, a Pennsylvania limited partnership
	 By: PR Monroe Unit 10C GP, LLC, its general partner
	 		 	 By: PR Monroe Unit 4B GP, LLC, its general partner

			
	PR MONROE UNIT 10C GP, LLC, a Delaware limited liability company	 		 	PR MONROE UNIT 4B HOLDINGS, L.P., a Pennsylvania limited partnership
		 		 	 By: PR Monroe Unit 4B GP, LLC, its general partner

			
	PR MONROE UNIT 4B GP, LLC, a Delaware limited liability company	 		 	PR RADIO DRIVE LLC, a South Carolina limited liability company

  

			
	By: PREIT – RUBIN, Inc., sole member
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

					
	PR PITNEY LOT 3 LIMITED PARTNERSHIP, a Pennsylvania limited partnership	 		 	PR PITNEY LOT 3 GP, LLC, a Delaware limited liability company
	 By: PR Pitney Lot 3 GP, LLC, its general partner
	 		 	
			
	PR PITNEY LOT 3 HOLDINGS, L.P., a Pennsylvania limited partnership	 		 	PR PITNEY LOT 4 HOLDINGS, L.P., a Pennsylvania limited partnership
	 By: PR Pitney Lot 3 GP, LLC, its general partner
	 		 	 By: PR Pitney Lot 4 GP, LLC, its general partner

			
	PR PITNEY LOT 4 LIMITED PARTNERSHIP, a Pennsylvania limited partnership	 		 	PR PITNEY LOT 4 GP, LLC, a Delaware limited liability company
	 By: PR Pitney Lot 4 GP, LLC, its general partner
	 		 	
			
	PR SUNRISE OUTPARCEL 2, LLC, a New Jersey limited liability company	 		 	PR SUNRISE OUTPARCEL 1, LLC, a New Jersey limited liability company

  

			
	By: PREIT – RUBIN, Inc., sole member
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President

 
			
	PREIT CDE LLC, a Pennsylvania limited liability company
		
	By:	 	PREIT – RUBIN, Inc., member
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President
		
	By:	 	PREIT Associates, L.P., member
	By:	 	Pennsylvania Real Estate Investment Trust, sole general partner
		
	By:	 	  

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice PresidentLeapFrog Enterprises, Inc. 2011 Equity Incentive Plan

 Exhibit 10.1 
 LEAPFROG ENTERPRISES, INC. 
 2011 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MARCH 17, 2011 
 APPROVED BY THE
STOCKHOLDERS: JUNE 2, 2011 
 TERMINATION DATE:
MARCH 16, 2021 
 1. GENERAL. 

(a) Successor to and Continuation of Prior Plan. The Plan is intended as the successor to and continuation of the LeapFrog
Enterprises, Inc. 2002 Equity Incentive Plan (the “Prior Plan”). Following the Effective Date, no additional stock awards shall be granted under the Prior Plan. Any shares remaining available for issuance pursuant to the
exercise of options or issuance or settlement of stock awards under the Prior Plan as of the Effective Date (the “Prior Plan’s Available Reserve”) shall become available for issuance pursuant to Stock Awards granted
hereunder. From and after the Effective Date, all outstanding stock awards granted under the Prior Plan shall remain subject to the terms of the Prior Plan; provided, however, any shares subject to outstanding stock awards granted under the
Prior Plan that expire or terminate for any reason prior to exercise or settlement or are forfeited because of the failure to meet a contingency or condition required to vest such shares or are reacquired or withheld by the Company to satisfy a tax
withholding obligation or as consideration for the exercise of an Option (the “Returning Shares”) shall become available for issuance pursuant to Awards granted hereunder. All Awards granted on or after the Effective Date of
this Plan shall be subject to the terms of this Plan. 
 (b) Eligible Award Recipients. The persons eligible to receive
Awards are Employees, Directors and Consultants. 
 (c) Available Awards. The Plan provides for the grant of the
following Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards,
(vii) Performance Cash Awards, and (viii) Other Stock Awards. 
 (d) Purpose. The Company, by means of the
Plan, seeks to secure and retain the services of the group of persons eligible to receive Awards as set forth in Section 1(b), to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and
to provide a means by which such eligible recipients may be given an opportunity to benefit from increases in value of the Class A Common Stock through the granting of Awards. 
 2. ADMINISTRATION. 
 (a) Administration by Board. The
Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in Section 2(c). 

  
 1 

 (b) Powers of Board. The Board shall have the power, subject to, and within the
limitations of, the express provisions of the Plan: 
 (i) To determine from time to time (A) which of the persons
eligible under the Plan shall be granted Awards; (B) when and how each Award shall be granted; (C) what type or combination of types of Award shall be granted; (D) the provisions of each Award granted (which need not be identical),
including the time or times when a person shall be permitted to receive cash or Class A Common Stock pursuant to a Stock Award; (E) the number of shares of Class A Common Stock with respect to which a Stock Award shall be granted to
each such person; and (F) the Fair Market Value applicable to a Stock Award. 
 (ii) To construe and interpret the
Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award
Agreement or in the written terms of a Performance Cash Award, in a manner and to the extent it shall deem necessary or expedient to make the Plan or Award fully effective. 
 (iii) To settle all controversies regarding the Plan and Awards granted under it. 
 (iv) To accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in
the Award stating the time at which it may first be exercised or the time during which it will vest. 
 (v) To suspend or
terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant. 

(vi) To amend the Plan in any respect the Board deems necessary or advisable. However, except as provided in Section 9(a)
relating to Capitalization Adjustments, to the extent required by applicable law or listing requirements, stockholder approval shall be required for any amendment of the Plan that either (A) materially increases the number of shares of
Class A Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan or
materially reduces the price at which shares of Class A Common Stock may be issued or purchased under the Plan, (D) materially extends the term of the Plan, or (E) expands the types of Awards available for issuance under the Plan.
Except as provided above, rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such Participant
consents in writing. 
 (vii) To submit any amendment to the Plan for stockholder approval, including, but not limited
to, amendments to the Plan intended to satisfy the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to Covered
Employees, (B) Section 422 of the Code regarding incentive stock options or (C) Rule 16b-3. 

  
 2 

 (viii) To approve forms of Award Agreements for use under the Plan and to amend the
terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board
discretion; provided however, that except with respect to amendments that disqualify or impair the status of an Incentive Stock Option, a Participant’s rights under any Award shall not be impaired by any such amendment unless
(A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any, the Board may amend the terms of any one
or more Awards without the affected Participant’s consent if necessary to maintain the qualified status of the Award as an Incentive Stock Option or to bring the Award into compliance with Section 409A of the Code. 

(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 
 (x) To adopt such
procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States. 

(c) Delegation to Committee. 
 (i) General. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee shall have,
in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the
Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time
to time by the Board. The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and
may, at any time, revest in the Board some or all of the powers previously delegated. 
 (ii) Section 162(m) and Rule
16b-3 Compliance. The Committee may consist solely of two or more Outside Directors, in accordance with Section 162(m) of the Code, or solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. 

(d) Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the
following (i) designate Employees who are providing Continuous Service to the Company or any of its Subsidiaries who are not Officers to be recipients of Options and Stock Appreciation Rights (and, to the extent permitted by applicable law,
other Stock Awards) and the terms thereof, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation shall
specify the total number of 

  
 3 

 
shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Notwithstanding the foregoing, the
Board may not delegate authority to an Officer to determine the Fair Market Value pursuant to Section 13(w)(iii) below. 

(e) Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall
not be subject to review by any person and shall be final, binding and conclusive on all persons. 
 (f) Cancellation and
Re-Grant of Stock Awards. Neither the Board nor any Committee shall have the authority to: (i) reduce the exercise price of any outstanding Options or Stock Appreciation Rights under the Plan, or (ii) cancel any outstanding Options or
Stock Appreciation Rights that have an exercise price or strike price greater than the current Fair Market Value of the Class A Common Stock in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have
approved such an action within twelve (12) months prior to such an event. Notwithstanding the foregoing, the Board or Committee shall have the authority, without the approval of the Company’s stockholders, to cancel outstanding Options or
Stock Appreciation Rights that have an exercise price or strike price greater than the current Fair Market Value of the Class A Common Stock in exchange only for a nominal cash payment of consideration as necessary to effect a cancellation of
the Award, provided that such cancellation is not treated as a repricing under United States generally accepted accounting principles. 
 3.
SHARES SUBJECT TO THE PLAN. 
 (a) Share
Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Class A Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date shall not exceed sixteen
million five hundred fifty-nine thousand nine hundred seventy-five (16,559,975) shares (the “Share Reserve”), which number is the sum of (i) the number of shares subject to the Prior Plan’s Available Reserve,
(ii) an additional 6,000,000 new shares, plus (iii) an additional number of shares in an amount not to exceed 6,376,278 shares (which number consists of the Returning Shares, if any, as such shares become available from time to time). The
number of shares available for issuance under the Plan shall be reduced by: (i) one (1) share for each share of Class A Common Stock issued pursuant to an Option granted under Section 5 or a Stock Appreciation Right granted under
Section 5; and (ii) two (2) shares for each share of Class A Common Stock issued pursuant to a restricted stock award under Section 6(a), a Restricted Stock Unit Award under Section 6(b), a Performance Stock Award under
Section 6(c) or Other Stock Awards granted under Section 6(d). For clarity, the number of shares reserved for issuance in this Section 3(a) is a limitation on the number of shares of the Class A Common Stock that may be issued
pursuant to the Plan and does not limit the granting of Stock Awards except as provided in Section 7(a). Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, NASDAQ Listing Rule 5635(c) or, if
applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance shall not reduce the number of shares available for issuance under the Plan. Furthermore, if a Stock Award
or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock),

  
 4 

 
such expiration, termination or settlement shall not reduce (or otherwise offset) the number of shares of Class A Common Stock that may be available for issuance under the Plan. 

(b) Reversion of Shares to the Share Reserve. If any shares of Class A Common Stock issued pursuant to a Stock Award are
forfeited back to the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited shall revert to and again become available for issuance under the Plan. Any
shares reacquired by the Company pursuant to Section 8(g) or as consideration for the exercise of an Option shall again become available for issuance under the Plan. To the extent there is issued a share of Class A Common Stock pursuant to
a Stock Award that counted as two (2) shares against the number of shares available for issuance under the Plan pursuant to Section 3(a) and such share of Class A Common Stock again becomes available for issuance under the Plan
pursuant to this Section 3(b), then the number of shares of Class A Common Stock available for issuance under the Plan shall increase by two (2) shares. 
 (c) Incentive Stock Option Limit. Notwithstanding anything to the contrary in this Section 3 and, subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the
aggregate maximum number of shares of Class A Common Stock that may be issued pursuant to the exercise of Incentive Stock Options shall be sixteen million five hundred fifty-nine thousand nine hundred seventy-five (16,559,975) shares of
Class A Common Stock. 
 (d) Section 162(m) Limitation on Annual Grants. Subject to the provisions of
Section 9(a) relating to Capitalization Adjustments, at such time as the Company may be subject to the applicable provisions of Section 162(m) of the Code, a maximum of Three Million Five Hundred Thousand (3,500,000) shares of
Class A Common Stock subject to Options, Stock Appreciation Rights and Other Stock Awards whose value is determined by reference to an increase over an exercise or strike price of at least one hundred percent (100%) of the Fair Market
Value on the date any such Stock Award is granted may be granted to any Participant during any calendar year. Notwithstanding the foregoing, if any additional Options, Stock Appreciation Rights or Other Stock Awards whose value is determined by
reference to an increase over an exercise or strike price of at least one hundred percent (100%) of the Fair Market Value on the date the Stock Award are granted to any Participant during any calendar year, compensation attributable to the
exercise of such additional Stock Awards shall not satisfy the requirements to be considered “qualified performance-based compensation” under Section 162(m) of the Code unless such additional Stock Award is approved by the
Company’s stockholders. 
 (e) Source of Shares. The stock issuable under the Plan shall be shares of authorized but
unissued or reacquired Class A Common Stock, including shares repurchased by the Company on the open market or otherwise. 
 4.
ELIGIBILITY. 
 (a) Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only
to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code). Stock Awards other than Incentive Stock Options may be granted to
Employees, Directors and Consultants; provided, 

  
 5 

 
however, Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company,
as such term is defined in Rule 405 promulgated under the Securities Act, unless the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code because the Stock Awards are granted
pursuant to a corporate transaction (such as a spin off transaction) or unless such Stock Awards comply with the distribution requirements of Section 409A of the Code. 
 (b) Ten Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of
the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant. 
 5. PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS. 

Each Option or SAR shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options
shall be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates shall be issued for shares of Class A Common Stock purchased on
exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, then the Option shall be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided,
however, that each Option Agreement or Stock Appreciation Right Agreement shall conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following
provisions: 
 (a) Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or
SAR shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement. 
 (b) Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise price (or strike price) of each Option or SAR shall be not less than one hundred
percent (100%) of the Fair Market Value of the Class A Common Stock subject to the Option or SAR on the date the Option or SAR is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise price (or strike
price) lower than one hundred percent (100%) of the Fair Market Value of the Class A Common Stock subject to the Option or SAR if such Option or SAR is granted pursuant to an assumption of or substitution for another option or stock
appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code. Each SAR will be denominated in shares of Class A Common Stock equivalents.

 (c) Purchase Price for Options. The purchase price of Class A Common Stock acquired pursuant to the exercise of
an Option shall be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board shall have the authority to grant Options that do not
permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) 

  
 6 

 
and to grant Options that require the consent of the Company to utilize a particular method of payment. The permitted methods of payment are as follows: 

(i) by cash, check, bank draft or money order payable to the Company; 

(ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of
the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds; 

(iii) by delivery to the Company (either by actual delivery or attestation) of shares of Class A Common Stock; 

(iv) if the option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will
reduce the number of shares of Class A Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company shall accept
a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided, further, that shares of Class A
Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price pursuant to the “net exercise,” (B) shares are
delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or 
 (v) in any other form of legal consideration that may be acceptable to the Board. 
 (d) Exercise and Payment of a SAR. To exercise any outstanding Stock Appreciation Right, the Participant must provide written notice of exercise to the Company in compliance with the provisions of
the Stock Appreciation Right Agreement evidencing such Stock Appreciation Right. The appreciation distribution payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal to the excess of (A) the aggregate
Fair Market Value (on the date of the exercise of the Stock Appreciation Right) of a number of shares of Class A Common Stock equal to the number of Class A Common Stock equivalents in which the Participant is vested under such Stock
Appreciation Right, and with respect to which the Participant is exercising the Stock Appreciation Right on such date, over (B) the strike price that will be determined by the Board at the time of grant of the Stock Appreciation Right. The
appreciation distribution in respect to a Stock Appreciation Right may be paid in Class A Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Stock
Appreciation Right Agreement evidencing such Stock Appreciation Right. 
 (e) Transferability of Options and SARs. The
Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board shall determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the
transferability of Options and SARs shall apply: 

  
 7 

 (i) Restrictions on Transfer. An Option or SAR shall not be transferable except by
will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Board may, in its sole discretion, permit transfer of the Option or SAR in a
manner that is not prohibited by applicable tax and securities laws upon the Participant’s request. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

(ii) Domestic Relations Orders. Notwithstanding the foregoing, an Option or SAR may be transferred pursuant to a domestic
relations order; provided, however, that if an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(iii) Beneficiary Designation. Notwithstanding the foregoing, the Participant may, by delivering written notice to the Company, in
a form provided by or otherwise satisfactory to the Company and any broker designated by the Company to effect Option exercises, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the
Option or SAR and receive the Class A Common Stock or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of the Participant’s estate shall be entitled to exercise the
Option or SAR and receive the Class A Common Stock or other consideration resulting from such exercise. 
 (f) Vesting
Generally. The total number of shares of Class A Common Stock subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms
and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary.
The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Class A Common Stock as to which an Option or SAR may be exercised. 

(g) Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between
the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause or upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the
Participant was entitled to exercise such Award as of the date of termination of Continuous Service) but only within such period of time ending on the earlier of (i) the date three (3) months following the termination of the
Participant’s Continuous Service (or such longer or shorter period specified in the applicable Award Agreement), or (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of
Continuous Service, the Participant does not exercise his or her Option or SAR within the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate. 

(h) Extension of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause or upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Class A Common Stock would violate the registration requirements under the
Securities Act, then the Option or SAR shall terminate on the earlier of (i) the expiration of a 

  
 8 

 
total period of three (3) months (that need not be consecutive) after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be
in violation of such registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award Agreement, if the
immediate sale of any Class A Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then
the Option or SAR shall terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the
Class A Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award
Agreement. 
 (i) Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other
agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was
entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve (12) months following such termination of Continuous Service (or
such longer or shorter period specified in the Award Agreement), or (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or
her Option or SAR within the time specified herein or in the Award Agreement (as applicable), the Option or SAR (as applicable) shall terminate. 
 (j) Death of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous
Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for
a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise
the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months following the date
of death (or such longer or shorter period specified in the Award Agreement), or (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not
exercised within the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate. 

(k) Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual
written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR shall terminate immediately upon such Participant’s termination of Continuous
Service, and the Participant shall be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service. 

  
 9 

 (l) Non-Exempt Employees. No Option or SAR, whether or not vested, granted to an
Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Class A Common Stock until at least six months following the date of grant of the Option or
SAR. Notwithstanding the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, (i) in the event of the Participant’s death or Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not
assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement or in another applicable agreement or in accordance
with the Company’s then current employment policies and guidelines), any such vested Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income
derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. 
 6. PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS.

 (a) Restricted Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain such
terms and conditions as the Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Class A Common Stock may be (i) held in book entry form subject to the
Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate shall be held in such form and manner as determined by the Board. The terms and conditions of
Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical; provided, however, that each Restricted Stock Award Agreement shall conform to
(through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 
 (i) Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an
Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii) Vesting. Shares of Class A Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture
to the Company in accordance with a vesting schedule to be determined by the Board. 
 (iii) Termination of
Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Class A Common Stock held by the
Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement. 
 (iv) Transferability. Rights to acquire shares of Class A Common Stock under the Restricted Stock Award Agreement shall be transferable by the Participant only upon such terms and conditions
as are set forth in the Restricted Stock Award Agreement, as the 

  
 10 

 
Board shall determine in its sole discretion, so long as Class A Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award
Agreement. 
 (v) Dividends. A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock
will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. 
 (b) Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The terms and
conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical; provided, however, that each Restricted Stock Unit Award
Agreement shall conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions: 
 (i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of
Class A Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Class A Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal
consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 
 (ii)
Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 

(iii) Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Class A Common Stock, their cash
equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 
 (iv) Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of
the shares of Class A Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. 
 (v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Class A Common Stock covered by a Restricted Stock Unit Award, as determined by the Board and contained
in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Class A Common Stock covered by the Restricted Stock Unit Award in such manner as determined
by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement to which
they relate. 
 (vi) Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable
Restricted Stock Unit Award Agreement, such portion of the 

  
 11 

 
Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

(c) Performance Awards. 
 (i) Performance Stock Awards. A Performance Stock Award is a Stock Award that may vest or may be exercised contingent upon the attainment during a Performance Period of certain Performance Goals. A
Performance Stock Award may, but need not, require the completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and
to what degree such Performance Goals have been attained shall be conclusively determined by the Committee, in its sole discretion. The maximum number of shares covered by an Award that may be granted to any Participant in a calendar year
attributable to Stock Awards described in this Section 6(c)(i) (whether the grant, vesting or exercise is contingent upon the attainment during a Performance Period of the Performance Goals) shall not exceed three million five hundred thousand
(3,500,000) shares of Class A Common Stock. The Board may provide for or, subject to such terms and conditions as the Board may specify, may permit a Participant to elect for, the payment of any Performance Stock Award to be deferred to a
specified date or event. In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board may determine that cash may be used in payment of Performance Stock Awards. 

(ii) Performance Cash Awards. A Performance Cash Award is a cash award that may be paid contingent upon the attainment during a
Performance Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the
Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained shall be conclusively determined by the Committee, in its sole discretion. In any calendar year,
the Committee may not grant a Performance Cash Award that has a maximum value that may be paid to any Participant in excess of one million dollars ($1,000,000). The Board may provide for or, subject to such terms and conditions as the Board may
specify, may permit a Participant to elect for, the payment of any Performance Cash Award to be deferred to a specified date or event. The Committee may specify the form of payment of Performance Cash Awards, which may be cash or other property, or
may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in part in cash or other property. 

(iii) Board Discretion. The Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon
attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period. 
 (iv) Section 162(m) Compliance. Unless otherwise permitted in compliance with the requirements of Section 162(m) of the Code with respect to an Award intended to qualify as
“performance-based compensation” thereunder, the Committee shall establish the Performance Goals applicable to, and the formula for calculating the amount payable under, the Award no later than the earlier of (a) the date ninety
(90) days after the commencement of the 

  
 12 

 
applicable Performance Period, or (b) the date on which twenty-five percent (25%) of the Performance Period has elapsed, and in either event at a time when the achievement of the
applicable Performance Goals remains substantially uncertain. Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall
certify the extent to which any Performance Goals and any other material terms under such Award have been satisfied (other than in cases where such relate solely to the increase in the value of the Class A Common Stock). Notwithstanding
satisfaction of any completion of any Performance Goals, to the extent specified at the time of grant of an Award to “covered employees” within the meaning of Section 162(m) of the Code, the number of shares of Class A Common
Stock, Options, cash or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such Performance Goals may be reduced by the Committee on the basis of such further considerations as the Committee, in its
sole discretion, shall determine. 
 (d) Other Stock Awards. Other forms of Stock Awards valued in whole or in part by
reference to, or otherwise based on, Class A Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value of the Class A Common
Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board shall have sole and
complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Class A Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock
Awards and all other terms and conditions of such Other Stock Awards. 
 7. COVENANTS OF THE
COMPANY. 
 (a) Availability of Shares. During the terms of the Stock Awards, the Company shall keep
available at all times the number of shares of Class A Common Stock reasonably required to satisfy such Stock Awards. 

(b) Securities Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over
the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Class A Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking shall not require the Company to register
under the Securities Act the Plan, any Stock Award or any Class A Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the
authority that counsel for the Company deems necessary for the lawful issuance and sale of Class A Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Class A Common Stock upon
exercise of such Stock Awards unless and until such authority is obtained. A Participant shall not be eligible for the grant of a Stock Award or the subsequent issuance of Class A Common Stock pursuant to the Stock Award if such grant or
issuance would be in violation of any applicable securities law. 
 (c) No Obligation to Notify or Minimize Taxes. The
Company shall have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such 

  
 13 

 
Stock Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Stock Award or a possible period in
which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award. 
 8. MISCELLANEOUS. 
 (a) Use of Proceeds from Sales of
Class A Common Stock. Proceeds from the sale of shares of Class A Common Stock pursuant to Stock Awards shall constitute general funds of the Company. 
 (b) Corporate Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant shall be deemed completed as of the date of such
corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the Participant. 

(c) Stockholder Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Class A Common Stock subject to such Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of the Stock Award pursuant to its terms, if applicable, and (ii) the issuance of the
Class A Common Stock subject to such Stock Award has been entered into the books and records of the Company. 
 (d) No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto shall confer upon any Participant any right to continue to
serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or
without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any
applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 
 (e) Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Class A Common Stock with respect to which Incentive
Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions thereof that exceed such limit
(according to the order in which they were granted) shall be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

(f) Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Class A Common
Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably

  
 14 

 
satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Class A Common Stock subject to the Stock Award for the
Participant’s own account and not with any present intention of selling or otherwise distributing the Class A Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, shall be inoperative if
(A) the issuance of the shares upon the exercise or acquisition of Class A Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any
particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on
stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Class A Common Stock. 

(g) Withholding Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion,
satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of
Class A Common Stock from the shares of Class A Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no shares of Class A Common Stock are withheld with a value
exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash from an Award
settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement. 

(h) Electronic Delivery. Any reference herein to a “written” agreement or document shall include any agreement or
document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 
 (i) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Class A Common Stock or the payment of cash, upon the exercise,
vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the
Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine
when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of
the Plan and in accordance with applicable law. 
 (j) Compliance with Section 409A. To the extent that the Board
determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Agreement 

  
 15 

 
evidencing such Award shall incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award
Agreements shall be interpreted in accordance with Section 409A of the Code. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Class A Common Stock are
publicly traded and a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment
of any amount shall be made upon a “separation from service” before a date that is six (6) months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without
regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death. 
 9. ADJUSTMENTS
UPON CHANGES IN STOCK; OTHER CORPORATE EVENTS. 
 (a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number of securities
subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the class(es) and maximum
number of securities that may be awarded to any person pursuant to Sections 3(d) and 6(c)(i) , and (iv) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board shall make such
adjustments, and its determination shall be final, binding and conclusive. 
 (b) Dissolution or Liquidation. Except as
otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Class A Common Stock not subject
to a forfeiture condition or the Company’s right of repurchase) shall terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Class A Common Stock subject to the Company’s repurchase rights
or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion,
cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed
but contingent on its completion. 
 (c) Corporate Transaction. The following provisions shall apply to Stock Awards in
the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board
at the time of grant of a Stock Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board shall take one or more of the following actions with respect to Stock Awards, contingent upon the
closing or completion of the Corporate Transaction: 
 (i) arrange for the surviving corporation or acquiring corporation
(or the surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to

  
 16 

 
acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction); 
 (ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Class A Common Stock issued pursuant to the Stock Award to the surviving corporation
or acquiring corporation (or the surviving or acquiring corporation’s parent company); 
 (iii) accelerate the
vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not
determine such a date, to the date that is five (5) days prior to the effective date of the Corporate Transaction), with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate
Transaction; 
 (iv) arrange for the lapse of any reacquisition or repurchase rights held by the Company with respect to
the Stock Award; 
 (v) cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not
exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; or 

(vi) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the
property the Participant would have received upon the exercise of the Stock Award, over (B) any exercise price payable by such holder in connection with such exercise. 
 The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants. 

(d) Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a
Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such
acceleration shall occur. 
 10. TERMINATION OR SUSPENSION OF THE
PLAN. 
 (a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless terminated
sooner by the Board, the Plan shall automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the stockholders of
the Company. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 
 (b) No
Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant. 

  
 17 

 11. EFFECTIVE DATE OF PLAN. 

This Plan shall become effective on the Effective Date. 
 12. CHOICE OF LAW. 
 The laws
of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules. 
 13. DEFINITIONS. As used in the Plan, the following definitions shall apply to the capitalized terms indicated below: 

(a) “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of
the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board shall have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing
definition. 
 (b) “Award” means a Stock Award or a Performance Cash Award. 

(c) “Award Agreement” means a written agreement between the Company and a Participant evidencing the terms
and conditions of an Award. 
 (d) “Board” means the Board of Directors of the Company.

 (e) “Capitalization Adjustment” means any change that is made in, or other events that occur
with respect to, the Class A Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring
transaction, as that term is used in Statement of Financial Accounting Standards No. 123 (revised). Notwithstanding the foregoing, the conversion of any convertible securities of the Company shall not be treated as a Capitalization Adjustment.

 (f) “Cause” shall have the meaning ascribed to such term in any written agreement between the
Participant and the Company defining such term and, in the absence of such agreement, such term shall mean, with respect to a Participant, the occurrence of any of the following events that has a material negative impact on the business or
reputation of the Company: (i) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii) such Participant’s intentional, material violation of any contract or
agreement between the Participant and the Company or of any statutory duty owed to the Company; (iii) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (iv) such
Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company, in its sole discretion. Any determination by the Company that
the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have no effect upon any 

  
 18 

 
determination of the rights or obligations of the Company or such Participant for any other purpose. 
 (g) “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following: 

(i) any Exchange Act Person (other than Larry Ellison, Michael Milken, Lowell Milken, or any combination of the foregoing) becomes
the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar
transaction. 
 (ii) there is consummated a merger, consolidation or similar transaction involving (directly or
indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting
securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent (50%) of the combined
outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such transaction; 
 (iii) the stockholders of the Company approve or the Board approves a plan of
complete dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company shall otherwise occur, except for a liquidation into a parent corporation; 

(iv) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the
combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease,
license or other disposition; or 
 Notwithstanding the foregoing or any other provision of this Plan, (A) the term Change
in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual
written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any
analogous term is set forth in such an individual written agreement, the foregoing definition shall apply. 
 (h)
“Class A Common Stock” means the Class A common stock of the Company. 
 (i)
“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

  
 19 

 (j) “Committee” means a committee of one or more Directors to
whom authority has been delegated by the Board in accordance with Section 2(c). 
 (k)
“Company” means LeapFrog Enterprises, Inc., a Delaware corporation. 
 (l)
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member
of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be considered a “Consultant” for purposes of the
Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to
such person. 
 (m) “Continuous Service” means that the Participant’s service with the
Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a
change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall not terminate a Participant’s Continuous
Service; provided, however, if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service shall be considered to
have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall
be considered interrupted in the case of (i) any leave of absence approved by the Board or Chief Executive Officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or
their successors. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written
terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. 
 (n)
“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i) a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the
consolidated assets of the Company and its Subsidiaries; 
 (ii) a sale or other disposition of at least ninety percent
(90%) of the outstanding securities of the Company; 
 (iii) a merger, consolidation or similar transaction
following which the Company is not the surviving corporation; or 
 (iv) a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the shares of Class A Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or

  
 20 

 
exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. 

(o) “Covered Employee” shall have the meaning provided in Section 162(m)(3) of the Code. 

(p) “Director” means a member of the Board. 

(q) “Disability” means, with respect to a Participant, the inability of such Participant to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve
(12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(r) “Effective Date” means the effective date of this Plan document, which is the date of the annual
meeting of stockholders of the Company held in 2011, provided this Plan is approved by the Company’s stockholders at such meeting. 
 (s) “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, shall not cause a
Director to be considered an “Employee” for purposes of the Plan. 
 (t) “Entity” means
a corporation, partnership, limited liability company, or other entity. 
 (u) “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (v)
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include
(i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner,
directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities. 

(w) “Fair Market Value” means, as of any date, the value of the Class A Common Stock determined as
follows: 
 (i) If the Class A Common Stock is listed on any established stock exchange or traded on any established
market, the Fair Market Value of a share of Class A Common Stock shall be the closing selling price for such stock as quoted on such exchange or market (or the 

  
 21 

 
exchange or market with the greatest volume of trading in the Class A Common Stock) on the date of determination or, if the day of determination is not a market trading day, the last market
trading day prior to the day of determination, as reported in a source the Board deems reliable. 
 (ii) Unless otherwise
provided by the Board, if there is no closing sales price for the Class A Common Stock on the date of determination, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

 (iii) In the absence of such markets for the Class A Common Stock, the Fair Market Value shall be determined by
the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code. 
 (x)
“Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 (y) “Non-Employee Director” means a Director who either (i) is not a current employee or
officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to
which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would
be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3. 
 (z) “Nonstatutory Stock Option” means any option
granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option. 
 (aa)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 
 (bb) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Class A Common Stock granted pursuant to the Plan. 

(cc) “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the
terms and conditions of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan. 

(dd) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option. 
 (ee) “Other Stock Award” means an award
based in whole or in part by reference to the Class A Common Stock which is granted pursuant to the terms and conditions of Section 6(d). 
 (ff) “Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other

  
 22 

 
Stock Award grant. Each Other Stock Award Agreement shall be subject to the terms and conditions of the Plan. 
 (gg) “Outside Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation” (within the meaning of
Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in
any capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code. 
 (hh) “Own,” “Owned,” “Owner,” “Ownership” A person or Entity shall be deemed to
“Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 
 (ii) “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock Award. 

(jj) “Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of
Section 6(c)(ii). 
 (kk) “Performance Criteria” means the one or more criteria that the
Board shall select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that shall be used to establish such Performance Goals may be based on any one of, or combination of, the following as
determined by the Board: (i) earnings (including earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization; (iv) total
stockholder return; (v) return on equity or average stockholder’s equity; (vi) return on assets, investment, or capital employed; (vii) stock price; (viii) margin (including gross margin); (ix) income (before or after
taxes); (x) operating income; (xi) operating income after taxes; (xii) pre-tax profit; (xiii) operating cash flow; (xiv) sales or revenue targets; (xv) increases in revenue or product revenue; (xvi) expenses and
cost reduction goals; (xvii) improvement in or attainment of working capital levels; (xiii) economic value added (or an equivalent metric); (xix) market share; (xx) cash flow; (xxi) cash flow per share; (xxii) share
price performance; (xxiii) debt reduction; (xxiv) implementation or completion of projects or processes; (xxv) customer satisfaction; (xxvi) stockholders’ equity; (xxvii) capital expenditures; (xxiii) debt levels;
(xxix) operating profit or net operating profit; (xxx) workforce diversity; (xxxi) growth of net income or operating income; (xxxii) billings; and (xxxiii) to the extent that an Award is not intended to comply with
Section 162(m) of the Code, other measures of performance selected by the Board. 
 (ll) “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more
business units, divisions, Affiliates, or business segments, and in either absolute terms or relative 

  
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to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the
Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board may make adjustments in the method of calculating the attainment of Performance Goals for a
Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects, as applicable, for non-U.S. dollar denominated Performance Goals; (3) to exclude the effects of
changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of any “extraordinary items” as determined under generally accepted
accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance
Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger,
consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular cash dividends; and (9) to exclude the effect of any other unusual, non-recurring gain
or loss or other extraordinary item. 
 (mm) “Performance Period” means the period of time
selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance Cash Award. Performance Periods may be
of varying and overlapping duration, at the sole discretion of the Board. 
 (nn) “Performance Stock
Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i). 
 (oo)
“Plan” means this LeapFrog Enterprises, Inc. 2011 Equity Incentive Plan. 
 (pp)
“Restricted Stock Award” means an award of shares of Class A Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 

(qq) “Restricted Stock Award Agreement” means a written agreement between the Company and a holder of a
Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

(rr) “Restricted Stock Unit Award” means a right to receive shares of Class A Common Stock which is
granted pursuant to the terms and conditions of Section 6(b). 
 (ss) “Restricted Stock Unit Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement shall be
subject to the terms and conditions of the Plan. 
 (tt) “Rule 16b-3” means Rule 16b-3
promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

  
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 (uu) “Securities Act” means the Securities Act of 1933, as
amended. 
 (vv) “Stock Appreciation Right” or “SAR” means a right to
receive the appreciation on Class A Common Stock that is granted pursuant to the terms and conditions of Section 5. 

(ww) “Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of a
Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement shall be subject to the terms and conditions of the Plan. 

(xx) “Stock Award” means any right to receive Class A Common Stock granted under the Plan, including
an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award. 

(yy) “Stock Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan. 
 (zz) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or
participation in profits or capital contribution) of more than fifty percent (50%). 
 (aaa) “Ten Percent
Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any
Affiliate. 

  
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