Document:

Amendment to Employment Agreement

 Exhibit 10.10 
 SECOND AMENDMENT 
 TO 
 TERMS OF EMPLOYMENT AND SEVERANCE AGREEMENT 
 This Second Amendment (the
“Amendment”) is dated effective June 1, 2007 and further amends the Terms of Employment and Severance Agreement by and between Umpqua Holdings Corporation (“Umpqua”) and Daniel A. Sullivan
(“Officer”) dated as of September 15, 2003 and as amended by that certain Amendment to Terms of Employment and Severance Agreement dated January 5, 2005 (the “Employment Agreement”). 
 RECITALS 
 A. The Employment Agreement
provides that Officer shall be employed as Executive Vice President of Umpqua and perform such duties as designated by Umpqua’s Chief Executive Officer or Board of Directors. 
 B. Officer has also served as Umpqua’s Chief Financial Officer. 
 C. Officer and Umpqua desire to amend the Employment Agreement to reflect changes in Officer’s compensation and duties. 
 AGREEMENT 
 The parties agree as follows: 
 1. AMENDMENT TO DURATION OF AGREEMENT. Section 1 of the Employment Agreement is amended to provide that the Agreement shall expire on
September 15, 2009. 
 2. AMENDMENT TO POSITION. Section 4.1 of the Employment Agreement is amended to read as follows:

 “4.1 Position. Officer shall be employed as Executive Vice President of Strategic Initiatives, and will perform such duties as
may be designated by his direct supervisor (the “Supervisor”) or by Umpqua’s Chief Executive Officer.” 
 3. AMENDMENT
TO BASE SALARY. Effective June 1, 2007, the “Base Salary” set forth in Section 5 of the Employment Agreement is amended from $16,332 per month ($195,984 on annualized basis) to $16,666.67 per month ($200,000 on an annualized
basis). 
 4. SEVERANCE BENEFIT. Section 9 of the Employment Agreement is replaced in its entirety with the following:

 “9. SEVERANCE BENEFIT. In the event of Termination Without Cause or Termination for Good Reason, in addition to receiving
Earned Compensation, Officer will receive a severance benefit equal to the greater of: (i) $212,436, (ii) nine months Base Salary, based on Officer’s Base Salary immediately prior to termination or (iii) two weeks salary for
every year of employment with Umpqua (the “Severance Benefit”). Subject to Section 12.3 below, the Severance Benefit shall be paid in equal installments over nine months, starting on the next regular payday following termination.
Receipt of the Severance Benefit is conditioned on Officer having executed the Separation Agreement in substantially the form attached hereto as Exhibit A and the revocation 

  

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period having expired without Officer having revoked the Separation Agreement. Receipt and continued receipt of the Severance Benefit is further conditioned
on Officer not being in violation of any material term of this Agreement or in violation of any material term of the Separation Agreement. Officer shall not be required to mitigate the amount of any payments under this Section (whether by seeking
new employment or otherwise) and no such payment shall be reduced by earnings that Officer may receive from any other source.” 
 5.
CHANGE IN CONTROL. Section 10 of the Employment Agreement is replaced in its entirety with the following: 
 “10. CHANGE
IN CONTROL BENEFIT. After announcement of a proposed Change in Control and for a period continuing for one year following a Change in Control, in the event of Termination Without Cause, Termination For Good Reason, or Officer’s resignation
within 30 days after reassignment to a position that is not substantially equivalent, instead of receiving the Severance Benefit set forth in Section 9 above, Officer shall be entitled to receive the greater of: (i) $812,768 or
(ii) two years Base Salary, based on Officer’s Base Salary immediately prior to the termination of employment as well as 200% of the bonus Officer received in the previous year (the aforementioned amount are referred to as the “Change
in Control Benefit”). Receipt of the Change in Control Benefit is conditioned on Officer having executed the Separation Agreement in substantially the form attached hereto as Exhibit A and the revocation period having expired without
Officer having revoked the Separation Agreement. The Change in Control Benefit shall be paid in equal installments over 24 months, starting on the next regular payday following termination. Receipt of the Change in Control Benefit is conditioned on
Officer not being in violation of any material term of this Agreement, including but not limited to the provisions of Sections 13 through 16, or of the Separation Agreement.” 
 6. GOOD REASON. Officer and Umpqua agree that the changes contemplated by this Amendment including without limitation the change in Base Salary
($200,000) and position have been accepted by Officer and shall not constitute “Good Reason” for Officer’s resignation of employment under Sections 6.3 and 7.2 of the Employment Agreement. 
 7. ADVICE OF COUNSEL. Officer acknowledges that, in executing this Amendment, Officer has had the opportunity to seek the advice of independent
legal counsel, and has read and understood all of the terms and provisions of this Amendment. This Amendment shall not be construed against any party by reason of the drafting or preparation hereof. 
 8. EFFECT OF AMENDMENT. Except as specifically set forth herein, the Employment Agreement as previously executed shall continue in full force and
effect as written. 
 9. DEFINED TERMS. Capitalized terms not otherwise defined in this Amendment have the meanings set forth in the
Employment Agreement. 
  

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 10. SEPARATION AGREEMENT. The form of Separation Agreement attached hereto as Exhibit A is
made part of the Employment Agreement. 
 “UMPQUA” 
 Umpqua Holdings Corporation 
  

			
	
		
	By:	 	__________________________________
		
		 	_______________________, __________

  

			
	“OFFICER”
	
	 
	Daniel A. Sullivan

  

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 EXHIBIT A 
 EMPLOYMENT SEPARATION AGREEMENT AND RELEASE OF CLAIMS 
 This is a confidential agreement (this
“Separation Agreement”) between you,                     , and us, Umpqua Holdings Corporation. This Separation Agreement is dated
for reference purposes             , 20    , which is the date we delivered this Separation Agreement to you for your consideration. For purposes of this
Separation Agreement Umpqua Holdings Corporation together with each of its subsidiaries or affiliates is referred to as “Umpqua.” 
 1. Termination of Employment. Your employment terminates [or was terminated] on             , 20     (the “Separation Date”).

 2. Payments. In exchange for your agreeing to the release of claims and other terms in this Separation Agreement, we will pay you
the Severance Benefit specified in Section 9 or the Change in Control Benefit specified in Section 10, as appropriate, of the Agreement between you and Umpqua dated
                    (the “Employment Agreement”) on the dates provided therein (or on such other date or dates as may be mutually
agreed upon by you and Umpqua or our successor). Such provisions of the Employment Agreement are incorporated herein by reference. You acknowledge that we are not obligated to make these payments to you unless you comply with the noncompetition
provision in Section 14 of the Employment Agreement, which is incorporated herein by reference and otherwise comply with the material terms of the Employment Agreement and of this Separation Agreement. 
 3. COBRA Continuation Coverage. Your normal employee participation in Umpqua’s group health coverage will terminate on the Separation Date.
Continuation of group health coverage thereafter will be made available to you and your dependents pursuant to federal law (COBRA). Continuation of group health coverage after the Separation Date is entirely at your expense, as provided under COBRA.

 4. Termination of Benefits. Except as provided in Section 3 above, your participation in all employee benefit plans and
programs ended on the Separation Date. Your rights under any pension benefit or other plans in which you may have participated will be determined in accordance with the written plan documents governing those plans. 
 5. Full Payment. You acknowledge having received full payment of all compensation of any kind (including wages, salary, vacation, sick leave,
commissions, bonuses and incentive compensation) that you earned as a result of your employment by us. 
 6. No Further Compensation.
Any and all agreements to pay you bonuses or other incentive compensation are terminated. You understand and agree that you have no right to receive any further payments for bonuses or other incentive compensation. We owe no further compensation
or benefits of any kind, except as described in Section 2 above. 
 7. Release of Claims. 
 (a) You hereby release (i) Umpqua and its subsidiaries, affiliates, and benefit plans, (ii) each of Umpqua’s past and present shareholders,
officers, directors, agents, employees, representatives, administrators, fiduciaries and attorneys, and (iii) the predecessors, successors, transferees and assigns of each of the persons and entities described in this sentence, from any and all
claims of any kind, known or unknown, that arose on or before the date you signed this Separation Agreement. 
  

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 (b) The claims you are releasing include, without limitation, claims of wrongful termination, claims of
constructive discharge, claims arising out of employment agreements, representations or policies related to your employment, claims arising under federal, state or local laws or ordinances prohibiting discrimination or harassment or requiring
accommodation on the basis of age, race, color, national origin, religion, sex, disability, marital status, sexual orientation or any other status, claims of failure to accommodate a disability or religious practice, claims for violation of public
policy, claims of retaliation, claims of failure to assist you in applying for future position openings, claims of failure to hire you for future position openings, claims for wages or compensation of any kind (including overtime claims), claims of
tortious interference with contract or expectancy, claims of fraud or negligent misrepresentation, claims of breach of privacy, defamation claims, claims of intentional or negligent infliction of emotional distress, claims of unfair labor practices,
claims arising out of any claimed right to stock or stock options, claims for attorneys’ fees or costs, and any other claims that are based on any legal obligations that arise out of or are related to your employment relationship with us.

 (c) You specifically waive any rights or claims that you may have under the Oregon Civil Rights and Unlawful Employment Practices Statutes
(ORS Chapter 659), the Oregon Wage and Hour Laws (ORS Chapter 652), the Civil Rights Act of 1964 (including Title VII of that Act), the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967 (ADEA), the Americans with
Disabilities Act of 1990 (ADA), the Fair Labor Standards Act of 1938 (FLSA), the Family and Medical Leave Act of 1993 (FMLA), the Worker Adjustment and Retraining Notification Act (WARN), the Employee Retirement Income Security Act of 1974 (ERISA),
the National Labor Relations Act (NLRA), and all similar federal, state and local laws. 
 (d) You agree not to seek any personal recovery
(of money damages, injunctive relief or otherwise) for the claims you are releasing in this Separation Agreement, either through any complaint to any governmental agency or otherwise. You agree never to start any lawsuit or arbitration asserting any
of the claims you are releasing in this Separation Agreement. You represent and warrant that you have not initiated any complaint, charge, lawsuit or arbitration involving any of the claims you are releasing in this Separation Agreement. Should you
apply for future employment with Umpqua, Umpqua has no obligation to consider you for future employment. 
 (e) You represent and warrant
that you have all necessary authority to enter into this Separation Agreement (including, if you are married, on behalf of your marital community) and that you have not transferred any interest in any claims to your spouse or to any third party.

 (f) This Separation Agreement does not affect your rights, if any, to receive pension plan benefits, medical plan benefits, unemployment
compensation benefits or workers’ compensation benefits. This Separation Agreement also does not affect your rights, if any, under agreements, bylaw provisions, insurance or otherwise, to be indemnified, defended or held harmless in connection
with claims that may be asserted against you by third parties. 
 (g) You understand that you are releasing potentially unknown claims, and
that you have limited knowledge with respect to some of the claims being released. You acknowledge that there is a risk that, after signing this Separation Agreement, you may learn information that might have affected your decision to enter into
this Separation Agreement. You assume this risk and all other risks of any mistake in entering into this Separation Agreement. You agree that this release is fairly and knowingly made. 
 (h) You are giving up all rights and claims of any kind, known or unknown, except for the rights specifically given to you in this Separation Agreement.

  

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 8. No Admission of Liability. Neither this Separation Agreement nor the payments made under this
Separation Agreement are an admission of liability or wrongdoing by Umpqua. 
 9. Umpqua Materials. You represent and warrant that you
have, or no later than the Separation Date will have, returned all keys, credit cards, documents and other materials that belong to us, including but not limited to the Umpqua Property, as defined in Section 17 of the Employment Agreement,
which definition is incorporated herein by reference. 
 10. Nondisclosure Agreement. You will comply with the covenant regarding
confidential information in Section 17 of the Employment Agreement, which covenant is incorporated herein by reference. 
 11. No
Disparagement. You may not disparage Umpqua or Umpqua’s business or products, and may not encourage any third parties to sue Umpqua. 
 12. Cooperation Regarding Other Claims. If any claim is asserted by or against Umpqua as to which you have relevant knowledge, you will reasonably cooperate with us in the prosecution or defense of that claim, including by providing
truthful information and testimony as reasonably requested by us. 
 13. Noncompetition; Nonsolicitation; No interference. During the
Restriction Period, as defined in Section 15 of the Employment Agreement, you will comply with Sections 14, 15, and 16 of the Employment Agreement, incorporated herein by reference and Umpqua will have the right to enforce those provisions
under the terms of Section 18 of the Employment Agreement, incorporated herein by reference. After the Restriction Period, you will not, apart from good faith competition, interfere with Umpqua’s relationships with customers, employees,
vendors, or others. 
 14. Independent Legal Counsel. You are advised and encouraged to consult with an attorney before signing this
Separation Agreement. You acknowledge that you have had an adequate opportunity to do so. 
 15. Consideration Period. You have 21
days from the date this Separation Agreement is given to you to consider this Separation Agreement before signing it. You may use as much or as little of this 21-day period as you wish before signing. If you do not sign and return this Separation
Agreement within this 21-day period, you will not be eligible to receive the benefits described in this Separation Agreement. 
 16. Revocation Period and Effective Date. You have 7 calendar days after signing this
Separation Agreement to revoke it. To revoke this Separation Agreement after signing it, you must deliver a written notice of revocation to Umpqua’s Chief Executive Officer before the 7-day period expires. This Separation Agreement shall not
become effective until the 8th calendar day after you sign it. If you revoke this Separation Agreement it will not become effective or enforceable
and you will not be entitled to the benefits described in this Separation Agreement. 
 17. Governing Law. This Separation
Agreement is governed by the laws of the State of Oregon that apply to contracts executed and to be performed entirely within the State of Oregon. 
 18. Dispute Resolution. 
 (a) Except where such matters are deemed governed by ERISA or are the subject to Section 7
above, the parties agree to submit any dispute arising under this Separation Agreement to final, binding, private arbitration in Portland, Oregon. The disputes subject to arbitration include not only disputes involving the meaning or performance of
the Separation Agreement, but disputes about its negotiation, drafting, or execution. The dispute will be determined by a single arbitrator and governed by the then-existing rules of arbitration procedure in Multnomah County Circuit Court except as
set forth 

  

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herein. Instead of filing of a civil complaint in Multnomah County Circuit Court, a party will commence the arbitration process by noticing the other party.
The parties will choose an arbitrator who specializes in employment conflicts from the arbitration list for Multnomah County Circuit Court. If the parties are unable to agree on an arbitrator within ten (10) days of receipt of the list of
arbitrators, each party will select one attorney from the list, and those two attorneys shall select the arbitrator from the list (with each of the two selecting attorneys then concluding their services and each being compensated by the party
selecting each attorney, subject to recovery of such fees under subsection (b) of this Section). The arbitrator may charge his or her standard arbitration fees rather than the fees prescribed in the Multnomah County Circuit Court arbitration
procedures. The arbitrator will have full authority to determine all issues, including arbitrability, to award any remedy, including permanent injunctive relief, and to determine any request for attorneys’ fees, costs and expenses in accordance
with subsection (b) of this Section. There shall be no right of review in court. The arbitrator’s award may be reduced to final judgment or decree in Multnomah County Circuit Court. 
 (b) The prevailing party shall be awarded all costs and expenses of the proceeding, including, but not limited to, attorneys’ fees, filing and
service fees, witness fees, and arbitrators’ fees. If arbitration is commenced, the arbitrator will have full authority and complete discretion to determine the “prevailing party” and the amount of costs and expenses to be awarded.

 (c) Notwithstanding any other provision of this Separation Agreement, an aggrieved party may seek a temporary restraining order or
preliminary injunction in Multnomah County Circuit Court to preserve the status quo during the arbitration proceeding, provided however, that the party seeking relief agrees that ultimate resolution of the dispute will still be determined through
arbitration and not through court process. The filing of the court action for injunctive relief shall not hinder or delay the arbitration process. 
 19. Saving Provision. If any part of this Separation Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Separation Agreement is held to be unenforceable as written, it shall be enforced to
the maximum extent allowed by applicable law. 
 20. Final and Complete Agreement. Except for the Employment Agreement to the
extent it is expressly incorporated herein by reference, this Separation Agreement is the final and complete expression of all agreements between us on all subjects and supersedes and replaces all prior discussions, representations, agreements,
policies and practices. You acknowledge you are not signing this Separation Agreement relying on anything not set out herein. 
  

			
	Umpqua Holdings Corporation
		
	By:	 	 
		
	Title:	 	 

 I, the undersigned, having been advised to consult with an attorney, hereby agree to be bound by this
Separation Agreement and confirm that I have read and understood each part of it. 
  

	
	 
	
	  

 Date 
  

 4Form of Restricted Share Award Agreement

 Exhibit 10.1 
 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 
 2003 EQUITY INCENTIVE PLAN 
 RESTRICTED SHARE AWARD AGREEMENT 
 [2008
Template for Awards to EVPs and Members of Office of the Chair] 
 This RESTRICTED
SHARE AWARD AGREEMENT (the “Award Agreement”), dated as of the 20th day of February, 2008 (the “Award Date”), is between
Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust (the “Trust”), and                      (the
“Grantee”), a “Key Employee,” as defined in the Pennsylvania Real Estate Investment Trust 2003 Equity Incentive Plan (the “Plan”). 
 WHEREAS, the Trust desires to award the Grantee shares of beneficial interest in the Trust (“Shares”) subject to certain restrictions as hereinafter provided, in accordance with the provisions of the Plan, a
copy of which is attached hereto (if not previously provided to the Grantee); 
 NOW THEREFORE, in consideration of the mutual covenants
hereinafter set forth and for other good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Award of Restricted Shares. The Trust hereby awards to the Grantee as of the Award Date
             Shares subject to the restrictions set forth in Paragraph 2 (“Restricted Shares”). This grant is in all respects limited and conditioned as hereinafter
provided, and is subject in all respects to the terms and conditions of the Plan now in effect and as it may be amended from time to time (but only to the extent that such amendments apply to outstanding grants of Restricted Shares). Such terms and
conditions are incorporated herein by reference, made a part hereof, and shall control in the event of any conflict with any other terms of this Award Agreement. 
 2. Vesting. The grantee shall vest in (i.e., have the right to sell, assign, transfer, pledge or otherwise encumber or dispose of) the Restricted Shares granted under the Award Agreement as indicated in
the schedule below. The “Committee” (as defined in the Plan) may at any time accelerate the time at which the restrictions on all or any part of the Restricted Shares will lapse. 

			
	 Date Restricted Shares
Become Vested
	    	 Number of Restricted Shares

	February 17, 2009	    	             Restricted Shares [25% of the total number of Shares granted under this Award
Agreement]
		
	February 16, 2010	    	an additional              Restricted Shares [25% of the total number of Shares granted under this Award Agreement]

		
	February 15, 2011	    	an additional              Restricted Shares [25% of the total number of Shares granted under this Award Agreement]

		
	February 15, 2012	    	an additional              Restricted Shares [25% of the total number of Shares granted under this Award Agreement]

 Notwithstanding the foregoing, all unvested Restricted Shares awarded to the Grantee shall become fully vested at
any earlier time set forth in the Grantee’s Employment Agreement with the Trust. 
 3. Restriction Provisions; Share
Certificates. The Trust’s transfer agent shall register the Grantee’s Restricted Shares in a book entry in the Grantee’s name, and shall include provisions in its records noting the restrictions on transfer on such Restricted
Shares that are set forth in this Award Agreement. The Restricted Shares shall remain subject to such restrictions until the Grantee becomes vested in the Restricted Shares. The Grantee, by executing this Agreement, irrevocably grants to the Trust a
power of attorney to direct the Trust’s transfer agent to transfer to the Trust any Restricted Shares that are forfeited pursuant to Paragraph 5 and any Shares used to satisfy the withholding requirements set forth in Paragraph 8. The Grantee
also agrees to execute any documents requested by the Trust in connection with such transfer to the Trust. As soon as practicable after the Restricted Shares become vested under Paragraph 2, such restriction provisions shall be removed, and the
Shares (net of any Shares used to satisfy the withholding requirements of Paragraph 8) shall be delivered to the Grantee in the form of certificates or in any other form permitted by the Trust. 
 4. Voting and Dividend Rights. The Grantee shall have voting rights on non-vested Restricted Shares and receive as compensation (subject to the
withholding of applicable taxes, except to the extent the Grantee has made the election described in Paragraph 6) an amount equal to the dividends that otherwise would have been payable to the Grantee had the Grantee been vested in such Restricted
Shares on the date of their original issuance. 
 5. Termination of Service. If the Grantee’s service with the Trust and all of
its “Subsidiary Entities” (as defined in the Plan) is terminated for any reason (including death or “Disability” (as defined in the Plan)), all unvested Restricted Shares held by the Grantee at the time of termination of service
shall either (i) be transferred to the Trust pursuant to the power of attorney described in Paragraph 3 without any further action by the Grantee, or (ii) become fully vested, whichever is provided in the Grantee’s Employment
Agreement with the Trust. 
  

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 6. Notice of Tax Election. If the Grantee makes an election under section 83(b) of the Internal
Revenue Code of 1986, as amended (the “Code”), for the immediate recognition of income attributable to the award of Restricted Shares, the Grantee shall inform the Trust in writing of such election within 10 days of the filing of such
election. The amount includible in the Grantee’s income as a result of an election under section 83(b) of the Code shall be subject to applicable federal, state and local tax withholding requirements and to such additional withholding rules
(the “Withholding Rules”) as may be applicable. Dividends paid on Restricted Shares for which the Grantee has made such an election shall not be treated as compensation subject to withholding, but rather as dividends on shares of a real
estate investment trust. 
 7. Transferability. The Grantee may not assign or transfer, in whole or in part, Restricted Shares subject
to the Award Agreement in which the Grantee is not vested. 
 8. Withholding of Taxes. The obligation of the Trust to deliver Shares
upon the vesting of Restricted Shares shall be subject to applicable federal, state and local tax withholding requirements. If the amount includible in the Grantee’s income as a result of the vesting of Restricted Shares is subject to the
withholding requirements of applicable tax law, the Grantee, subject to the provisions of the Plan and the Withholding Rules, may satisfy the withholding tax, in whole or in part, by electing to have the Trust withhold Shares (or by returning Shares
to the Trust) pursuant to the Withholding Rules. Such Shares shall be valued, for this purpose, at their “Fair Market Value” (as defined in the Plan) on the date the amount attributable to the vesting of the Restricted Shares is includible
in income by the Grantee under section 83 of the Code. Such election must be made in compliance with and subject to the Withholding Rules, and the Trust may not withhold Shares in excess of that number necessary to satisfy the minimum federal, state
and local income tax and Social Security (“FICA”) withholding requirements. Notwithstanding the foregoing, the Trust may limit the number of Shares withheld to the extent necessary to avoid adverse accounting consequences. 
 9. Recoupment Policy. The Grantee hereby agrees that any Shares delivered under this Award Agreement shall be subject to the Trust’s
“Recoupment Policy” as in effect on the date the Restricted Shares are granted under this Award Agreement, and as subsequently amended. 
 10. Governing Law. This Award Agreement shall be construed in accordance with, and its interpretation shall be governed by, applicable federal law and otherwise by the laws of the Commonwealth of Pennsylvania (without reference to
the principles of the conflict of laws). 
 IN WITNESS WHEREOF, the Trust has caused this Award Agreement to be duly executed by its duly
authorized officer and the Grantee has hereunto set his or her hand and seal, all as of the day and year first above written. 
  

			
	 PENNSYLVANIA REAL ESTATE
 INVESTMENT TRUST

		
	By:	 	  

		
		 	  

  

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