Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”) dated as of February 15, 2018, is executed and entered into
by and between Stephen A. Wynn (“Executive”) and Wynn Resorts, Limited, a Nevada corporation (the “Company”), and, solely for purposes of Section 3, Wynn Resorts Holdings, LLC, a Nevada limited liability
company (“Holdings”). Throughout this Agreement, Executive and the Company may be referred to collectively as the “parties”. 

Recitals 

A.         Executive has been employed by the Company pursuant to the terms and
conditions of an Employment Agreement with the Company dated as of October 4, 2002, as amended (the “Employment Agreement”) and has served as a member of the Board of Directors (the “Board”) of the Company.
Executive and the Company mutually agree Executive’s last day of employment by the Company and last day of service as a member of the Board was February 6, 2018 (the “Separation Date”). 

B.         In order to effectuate a smooth transition of Executive’s
separation from the Company, Executive and the Company wish to enter into this Agreement to specify the terms of Executive’s termination of service with the Company. 

Agreement 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises contained below, it is agreed as follows:

 1.         Resignation. Executive hereby confirms that he resigned as
an employee, director and officer and chairman of the Board of the Company, including its subsidiaries and affiliates (and each of their respective boards of directors or other governing bodies) effective as of 5:00 p.m. Las Vegas Time on the
Separation Date. Executive further confirms that Executive will not be entitled to any severance payment or other compensation from the Company in connection with his resignation (including, without limitation, the Separation Payment (as defined in
the Employment Agreement) or any multiple thereof). Since the Separation Date, Executive has had and will continue to have no further employment duties or responsibilities to the Company and no further authority to act on its behalf. Effective as of
the Separation Date, the Employment Agreement shall be considered terminated and of no further force or effect. 

2.         Transition of Certain Benefits. The Company and Executive agree
that in order to effectuate a smooth transition of Executive’s separation from the Company, the Company agrees to the following: 

(a)        Villa Lease. During the period commencing on the Separation Date
and ending on June 1, 2018 or such earlier date on which Executive elects to terminate the Lease (as defined below) by providing not less than three (3) business days advance written notice to the Company (the earlier of such dates, the
“Lease End Date”), Executive shall have the right to continue to lease the property at Wynn Las Vegas currently used by Executive for his personal residence (the “Lease”), such Lease to be on the same terms and
conditions as in effect with respect thereto immediately prior to the Separation Date. Upon the Lease End Date, the lease agreement between Executive and the Company evidencing the Lease shall terminate, other than with respect to any terms thereof
which by the terms of such agreement survive. 

 (b)        Healthcare
Continuation. During the period commencing on the Separation Date and ending on December 31, 2018, the Company shall provide Executive with health insurance coverage for Executive and Executive’s dependents pursuant to the executive
health insurance plan(s) and arrangements(s) under which Executive was eligible to participate immediately prior to the Separation Date on the same terms and conditions in effect from time to time for the Company’s Chief Executive Officer and
eligible senior executive officers. 
 (c)        Administrative Support. To
allow for a smooth transition of Executive’s duties and responsibilities, during the period commencing on the Separation Date and ending on May 31, 2018, Executive shall continue to have the right to the personal use of an administrative
assistant and administrative support to be provided by the Company at its sole expense. 

3.         Termination of Surname Agreement and Assignment of Trademarks.
In the event that the Company ceases to use the WYNN name and trademark, it will provide written notice thereof to Executive (the “Termination Notice”), and Holdings shall assign all of its right, title, and interest in the WYNN
Mark to Executive in accordance with the terms of the Surname Rights Agreement dated as of August 6, 2004, by and between Executive and Holdings. Upon Executive’s receipt of the Termination Notice, the Surname Rights Agreement, dated as of
August 6, 2004, by and between Executive and Holdings shall automatically and without further action terminate and cease to be of any further force or effect in accordance with the terms and conditions thereof. 

4.         Accrued Obligations. The parties acknowledge and agree that the
Company has paid or shall, on or as promptly as practicable following the Separation Date, pay Executive all wages and salary earned, including any accrued, but unused or unpaid vacation pay, business expenses and other benefits, if any, to which
Executive was entitled during employment, through the Separation Date. Executive shall provide the Company with final expense report(s) and the Company shall reimburse Executive for such expenses in accordance with the applicable Company policy in
effect with respect to Executive as of the Separation Date. Notwithstanding the foregoing, Executive acknowledges and agrees that he shall not be entitled to any annual bonus from the Company for the fiscal year 2018 or any severance payment or
other compensation from the Company in connection with his resignation (including, without limitation, the Separation Payment (as defined in the Employment Agreement) or any multiple thereof). 

5.         Section 409A. The payments made under this Agreement are
intended to comply with, or be exempt from, section 409A of the Code, and applicable guidance issued thereunder (“Section 409A”). Amounts provided under this Agreement will be interpreted and construed consistent
with such intent. To the extent that any reimbursements provided to Executive under this Agreement are deemed to constitute compensation to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would
apply, such reimbursements shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s
lifetime (or during a 

  
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shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any
other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to
liquidation or exchange for another benefit. 
 6.         No
Assignment. This Agreement shall not be assignable by Executive or by the Company without Executive’s consent. 

7.         Cooperation. 

(a)        Executive agrees to provide reasonable cooperation and assistance to the
Company in connection with the defense, prosecution or investigation relating to any private litigation or arbitration, and to the Board of Directors of the Company (or any committee thereof) in connection with any investigation by the Company, in
each case involving the Company or its subsidiaries or affiliates, including testifying in any proceeding, to the extent such litigation, arbitration or investigation relates to services performed by Executive, pertinent knowledge possessed by
Executive, or any act or omission by Executive, and with respect thereto, Executive shall have the right, at his own expense, to retain and have present independent legal counsel that represents Executive only. In requesting such services, the
Company will consider other commitments that Executive may have at the time of the request, and Executive’s availability and obligations under this Section 7 shall in all instances reasonably be subject to Executive’s other
commitments. The Company agrees to reimburse Executive for any reasonable, out-of-pocket expenses incurred in connection with Executive’s performance of obligations
pursuant to this Section for which Executive has obtained prior approval from the Company, and in the event that the services performed by Executive at the request of the Company pursuant to this Section require a material and ongoing time
commitment by Executive, the parties will in good faith negotiate the amount of compensation to be paid by the Company to Executive with respect to such services. 

(b)        The parties agree that the Company and Executive shall work together in
good faith to determine a mutually acceptable approach to handling end of employment related matters, including but not limited to, the method, content and timing of the announcement and other communications to Company clients, employees,
franchisees, lenders, business partners and other stakeholders, or other third parties, through any form of media, regarding Executive’s departure. 

8.         Non-Compete Covenant.
Executive hereby covenants and agrees that, during the period commencing on the Separation Date and ending on the second anniversary of the Separation Date, Executive shall not directly or indirectly, either as a principal, agent, employee,
employer, consultant, partner, member or manager of a limited liability company, shareholder of a closely held corporation, or shareholder in excess of two percent (2%) of a publicly traded corporation (other than the Company), corporate officer or
director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any gaming business that is in competition in any manner whatsoever with the principal business activity of the Company or
its subsidiaries, in or about any market in which the Company or its subsidiaries have gaming operations or the Commonwealth of Massachusetts. Executive hereby further covenants and agrees that the restrictive covenant contained in this
Section 8 is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company, imposes no undue hardship on Executive, and is not injurious to the public. 

  
 3 

 9.         Registration
Rights. The Company and Executive shall enter into a customary registration rights agreement providing Executive with six demand registration rights, six piggyback registration rights and the right to require the Company to file and maintain the
effectiveness of a shelf registration statement with respect to the shares of the Company owned by Executive or which Executive has a right to acquire. The registration rights agreement will include, among other things, customary blackout period
provisions during which registrations of shares, and sales pursuant to registration statements, shall be suspended. The registration rights agreement will provide that the Company will use reasonable best efforts to register all such shares on a
shelf registration statement on Form S-3 (or, if the Company is not eligible to use Form S-3, Form S-1) as soon as reasonably
practicable after the date of the registration rights agreement. The registration rights agreement also will provide that Executive may not sell more than one-third of the shares of common stock of the Company
he holds as of the date of the registration rights agreement pursuant to a registration statement in any quarter after the date of such agreement, and that the Company may select the underwriter for any underwritten offering pursuant to such
registration statement. Executive shall reimburse the Company for the reasonable expenses incurred by the Company and directly attributable to the registrations of shares executed pursuant to the registration rights agreement. 

10.        Truthful
Testimony; Notice of Request for Testimony. Nothing in this Agreement is intended to or shall preclude either party from providing testimony that such party reasonably and in good faith believes to be truthful in response to a valid subpoena,
court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated
testimony and at least ten (10) days prior to providing such testimony (or, if such notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the
subpoena, court order or similar legal process. Moreover, nothing in this Agreement shall be construed or applied so as to limit any person from providing candid statements that such party reasonably and in good faith believes to be truthful to any
governmental or regulatory body or any self-regulatory organization. 

11.        Counterparts. This Agreement may be executed in counterparts, which
taken together form one legal instrument. Multiple signature pages and signatures delivered via scanned-in PDF copy or facsimile will all constitute originals and together will constitute one and the same
instrument. 
 12.        Binding Agreement. This Agreement shall be binding
upon, and inure to the benefit of, each party and its and his heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of the Company. 

13.        Severability. The provisions of this Agreement are severable, and if
any part of it is found to be unlawful or unenforceable, the other provisions of this Agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law. 

  
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 14.        Entire Agreement/Survival;
Modifications. Executive acknowledges that no promises or representations other than those set forth in this Agreement have been made to Executive to induce Executive to sign this Agreement, and that Executive only has relied on promises
expressly stated herein. This Agreement sets forth the entire understanding between Executive and the Company and supersedes any prior agreements or understandings, express or implied, pertaining to the terms of Executive’s employment with the
Company and the termination of the employment relationship, including the Employment Agreement. For the avoidance of doubt, the parties acknowledge and agree that except as expressly provided herein, all agreements between Executive and the Company
shall survive and remain in full force and effect in accordance with their terms. The provisions of this Agreement shall survive the Separation Date and the termination of Executive’s employment. No amendments or modifications to this Agreement
shall be binding unless made in a writing specifically referencing this Agreement and signed by Executive and the Company. 

15.        Notices. Any notice to be given pursuant to this Agreement by either
party to the other may be effected either by personal delivery in writing or by mail, registered or certified, postage prepaid, with return receipt requested, or facsimile. Notice by mail shall be sent concurrently with any facsimile notice. Notices
shall be addressed to the parties at the address specified below, but each party may change its address by written notice in accordance with this Section. Notices delivered personally shall be deemed communicated as of actual receipt; facsimile
notices (with a concurrent mailing) shall be deemed communicated three (3) days after mailing. 
 To Executive:
at Executive’s most recent address on the books and records of the Company. 
 To the Company: 

Wynn Resorts, Limited 

3131 Las Vegas Boulevard South 

Las Vegas, Nevada 89109 

Attention: Kim Sinatra – Executive Vice President and General Counsel 

16.        Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the internal laws of the State of Nevada, without regard to its conflict of laws provisions. The language of this Agreement shall not be construed for or against any particular party. The headings used herein are for
reference only and shall not affect the construction of this Agreement. 

17.        Waiver. The failure by either party to insist upon strict
compliance with any term or provision of this Agreement shall not operate or be construed as a waiver of such term or provision. The waiver by either party of a breach of any term or provision of this Agreement must be in writing signed by such
party in order to be binding and, further, shall not operate or be construed as a waiver of a subsequent breach of the same provision by any party or of the breach of any other term or provision of this Agreement. 

[Remainder of page intentionally left blank.] 

  
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 The parties have executed this Agreement as of the dates indicated below. 

 

					
	Dated: February 15, 2018	  		  	WYNN RESORTS, LIMITED, the “Company”
			
		  		  	By: /s/ Matt Maddox                
		  		  	Name: Matthew Maddox
		  		  	Title: Chief Executive Officer
			
	Dated: February 15, 2018	  		  	Solely for purposes of Section 3 of the Agreement, WYNN RESORTS HOLDINGS, LLC, “Holdings”
			
		  		  	By: WYNN RESORTS, LIMITED,
		  		  	Its: Sole Member
			
		  		  	By: /s/ Matt Maddox                
		  		  	Name: Matthew Maddox
		  		  	Title: Chief Executive Officer
			
	Dated: February 15, 2018	  		  	Stephen A. Wynn, “Executive”
			
		  		  	/s/ Stephen A. Wynn                      

  
 [Signature Page to Separation
Agreement]Exhibit

Exhibit 10.49

SEPARATION OF EMPLOYMENT AGREEMENT
This SEPARATION OF EMPLOYMENT AGREEMENT (the “Agreement”) is made this 21st day of December 2017, by and between PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (“PREIT” or the “Company”), and BRUCE GOLDMAN (“Executive”).  PREIT and Executive shall be referred to herein as the “Parties” or each separately as a “Party.”
WHEREAS, Executive is employed as Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer of PREIT pursuant to the Amended and Restated Employment Agreement between PREIT and Executive, effective as of December 30, 2008 (the “Employment Agreement”); 
WHEREAS, the Parties desire to terminate Executive’s employment;
WHEREAS, the Parties confirm that Sections 4.1-4.7 of Executive’s Employment Agreement are not applicable and the provisions herein shall control; and
WHEREAS, the Parties desire to set forth the terms and conditions related to the termination of their employment relationship.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

		
	1.
	General Terms of Termination.  Regardless of whether Executive signs this Agreement:

a)Executive’s last day of employment will be January 9, 2018 (the “Separation Date”).  Effective on the Separation Date, Executive hereby resigns from his position as General Counsel and all other positions with the Company, PREIT ASSOCIATES, LP., a Pennsylvania limited partnership (“Associates”), PREIT SERVICES, LLC, a Pennsylvania limited liability company (“Services”), PREIT-RUBIN, INC. (“PREIT-RUBIN”), and/or any of their direct or indirect parents, subsidiaries, related or affiliated companies (“Affiliates”), or with any other entity with respect to which Company has requested Executive to perform services.  Upon request by Company, Executive shall execute all additional documents and take all additional actions necessary to effectuate or memorialize such resignations.  The Parties agree that, on the Separation Date, Executive shall experience a separation from service as such term is described in the Internal Revenue Code Section 409A and the Treasury regulations thereunder.
b)Executive will be paid for all time worked up to and including Executive’s last day of employment.  
c)The Company will make a contribution of $25,000 on January 1, 2018 to Executive’s supplemental retirement plan account (“SRPA”), pursuant to Section 3.7 of Executive’s Employment Agreement.

Exhibit 10.49

d)The Company will pay to Executive all amounts credited to Executive’s SRPA pursuant to Section 3.7 of Executive’s Employment Agreement and the Parties’ Nonqualified Supplemental Executive Retirement Agreement (As Amended and Restated Effective January 1, 2009) subject to any restrictions on payment pursuant to Section 409A of the Code and the regulations thereunder; 
e)Executive’s eligibility to participate in Company sponsored health, vision, and dental insurance as an employee of the Company will end effective January 31, 2018.  However, Executive will be eligible to continue to participate in this insurance in accordance with a federal law called the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), subject to COBRA’s terms, conditions and restrictions.  However, if Executive signs this Agreement, the Company will provide Executive with certain other health insurance benefits and will pay Executive’s COBRA costs, as described below in Paragraphs 2(a) - (c).
f)Executive’s eligibility to participate in the Company’s other group insurance programs (for example, life, disability, and accidental death and dismemberment coverage) will end effective on the Separation Date.  
g)Executive’s eligibility to participate in the Company-sponsored 401(k) plan will end effective on the Separation Date.  
h)Executive is required to comply with Paragraphs 6 and 7 below.
		
	2.
	If Executive Signs the Agreement.  If Executive signs this Agreement:

a)The Company will pay Executive a bonus for 2017 (the “2017 Bonus”), pursuant to Section 3.2 and Schedule 3.2 of Executive’s Employment Agreement. The 2017 Bonus is payable to Executive in the ordinary course (i.e., after the Company has filed its 10-K and the Company’s Compensation Committee has agreed to the final amounts due to Executive), but in any case, the 2017 Bonus will be paid to Executive no later than March 15, 2018. Executive agrees that he would not be entitled to the 2017 Bonus, but for his agreement to and execution of this Agreement, given that he will not be employed by Company on the date the 2017 Bonus will be paid to Executive.  
b)For a period of six (6) months following the Separation Date, Executive (and Executive’s spouse and eligible dependents, as applicable) will be entitled to continue to participate in the Company’s group medical, vision, and dental plans at the Company’s expense. If Executive timely and properly elects to continue Executive’s group health and dental benefits following the continuation period set forth under COBRA, the Company will pay on Executive’s behalf the monthly COBRA premium for a period of 18 months (the “Continuation Period”), provided that in the event the Company is unable to make such payments for any reason, the Company will make such monthly payments directly to Executive and Executive will be responsible for making such payments as necessary to maintain Executive’s COBRA continuation coverage.  If required in order to avoid the adverse tax consequences of Section 105(h) of the Internal Revenue Code, such payments will be treated as taxable income to Executive and Executive will receive an additional amount for any tax obligations Executive incurs as a result of such payments. Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premium will cease immediately if the Company determines in its discretion that such payment would result in the Company being in violation of, or incurring any fine, penalty, or excise tax under, applicable law (including, without limitation, the Patient Protection and Affordable Care Act or guidance issued thereunder), in which case the Company will make a monthly payment to Executive during the remainder of such COBRA Continuation Period of the amount(s) that it would have otherwise paid on Executive’s behalf under such plans, plus an additional amount to pay for the taxes Executive incurs on such payments. Following the Continuation Period, Executive’s continued participation in the Company’s group health, vision, 

Exhibit 10.49

and dental coverage pursuant to COBRA or otherwise, as applicable, shall be at Executive’s sole expense. 
c)In the event Company’s provision of post-separation medical benefit coverage (and Executive’s spouse and eligible dependents, as applicable) would cause Company or Executive to experience adverse tax consequences, Company, at either Party’s option, but after first seeking a negotiated resolution, may provide Executive with the after-tax economic equivalent of such benefit for any designated period (the “Medical Benefit Equivalent”).  The economic equivalent of any benefit forgone shall be deemed to be the cost that would be incurred by Executive in obtaining competitively-priced coverage from a reputable insurance provider equivalent to the coverage that otherwise would be provided to Executive and his spouse, as applicable, by Company under this Agreement.
d)The Parties agree and confirm that, as of the date of this Agreement, Executive owns 25,988 shares of beneficial interest in PREIT, previously granted by PREIT as restricted shares (the “Restricted Shares”).  All such Restricted Shares held by Executive shall immediately vest upon the full execution of this Agreement.
e)The Parties agree and confirm that, as of the date of this Agreement, Executive has been issued [awarded] an aggregate of 40,961 unvested Restricted Share Units in PREIT (the “RSU’s), subject to the provisions of the applicable Restricted Share Unit Programs (the “RSU Programs”) for each of the three year periods ending December 31, 2017, 2018 and 2019.  Upon the full execution of this Agreement, Executive’s participation in each of the RSU Programs shall terminate and all such unvested RSU’s shall be forfeited. 
f)Executive will be granted ownership of his Company-issued IPhone and IPad, subject to Executive’s compliance with arrangements to remove all information belonging to the Company, Associates, Services, PREIT-RUBIN, and the Affiliates, in the ordinary course. 
3.Employment Agreement.  The Parties confirm that Sections 4.1-4.7 of Executive’s Employment Agreement are not applicable and the provisions herein shall control; however, the Parties confirm that Executive’s Employment Agreement shall survive the termination of Executive’s employment with the Company and Executive agrees that he will continue to be bound by such terms after his termination to the extent that such terms are not inconsistent with this Agreement.
4.Release and Waiver of Claims.  Attached hereto, as Exhibit A, is a copy of the Release and Waiver of Claims that Executive is required to sign on or about the Separation Date and which Executive agrees he will sign in exchange for payment of one year of severance that is equal to $391,000 less the amount of all lawful deductions, including applicable local, state, FICA and Federal income taxes, payable on January 2, 2019.

Exhibit 10.49

5.References. Executive agrees that Executive will direct any and all prospective employers seeking a reference to contact only persons employed in the Company’s Human Resources Department.  The Human Resources Department shall provide a neutral reference only, stating dates of employment and position held.  However, if Executive supplies the potential employer with Executive’s base salary at the time of termination, the Company will confirm or deny the accuracy of the statement which Executive provides to them.  
6.Prohibition on Executive Using or Disclosing Certain Information.  At no time shall Executive directly or indirectly use, publish, or otherwise disclose or divulge to any third party without the express authorization of the Company, any confidential information of the Company, Associates, Services, PREIT-RUBIN, or the Affiliates, including, without limitation, trade secrets, private or confidential information, investment technology, programs, or products of the Company, Associates, Services, PREIT-RUBIN, or the Affiliates, any information concerning, referring, or relating to customers, vendors, services, products, processes, client lists, client files, prospect lists, transaction lists, shareholder information, contract forms, marketing information, books, records, files, pricing policies, business plans, records, any technical or financial information or data, or other information.  This also includes any business, financial, or personal information or data relating to the computers, files, e-mails, databases, or other information belonging to, maintained, received or prepared by any of the Company’s, Associates’, Services’, PREIT-RUBIN’s, or the Affiliates’, officers, owners, or employees, no matter where such information is maintained or stored.  After Executive’s Separation Date, Executive agrees that Executive will not, directly or indirectly, access, retrieve, view, or use in any manner any of the Company’s, Associates’, Services’, PREIT-RUBIN’s, or the Affiliates’ computers, databases, e-mail, files, or other Company, Associates, Services, PREIT-RUBIN’s, or Affiliates information for any purpose.  This restriction is subject to and limited by Executive’s retained rights in Paragraph 10 below.
7.Company Property and Documents. Executive must return to the Company’s Human Resources Department, retaining no copies, (i) all Company, Associates, Services, PREIT-RUBIN, and Affiliates property (including, but not limited to, office, desk or file cabinet keys, Company identification/pass cards, Company-provided credit cards and Company equipment, such as computers and prints outs) and (ii) all Company, Associates, Services, PREIT-RUBIN, and Affiliates documents (including, but not limited to, all hard copy, electronic and other files, forms, lists, charts, photographs, correspondence, computer records, programs, notes, memos, disks, DVDs, etc.)  Executive also must download all electronically stored information (including but not limited to emails) related to the Company, Associates, Services, PREIT-RUBIN, and/or the Affiliates from any personal computer and/or other storage devices or equipment or personal email accounts and return all downloaded  material or otherwise electronically stored information and completely remove all such electronically stored information from the hard drive of such personal computer and/or all other storage devices or personal email accounts and certify, in writing, to the Company’s Human Resources Department that Executive has done so.  

Exhibit 10.49

8.Confidentiality; Required Disclosure.  Executive understands that Company, Associates, Services, PREIT-RUBIN, and the Affiliates shall disclose the nature and terms of this Agreement in satisfaction of its disclosure requirements under applicable securities laws.  In further consideration of the agreements of the Parties as set forth herein, neither Company nor Executive shall, prior to the date of such public disclosure by Company, communicate or disclose the terms of this Agreement to any persons with the exception of their attorneys, and accountants and/or tax advisors, or members of Executive’s immediate family, each of whom shall be informed of this confidentiality obligation and shall agree to be bound by its terms. This restriction is subject to and limited by the retained rights in Paragraph 10 below.
9.Non-Disparagement.  Neither Company nor Executive shall disparage each other to any third party, including internally within Company by general or mass communication, regarding the professional or personal reputation or character of the other, including the disparagement by Executive of Associates, Services, PREIT-RUBIN, and/or Affiliates and any of the Company’s Associates’, Services’ PREIT-RUBIN’s, or Affiliates’ respective officers, trustees, partners, directors, managers, shareholders, employees, attorneys, other agents or representatives.  Moreover, Executive shall not disparage or comment unfavorably upon the business properties, policies or prospects of Company, Associates, Services, PREIT-RUBIN, or Affiliates.  For purposes of the restriction applicable to Company, the restriction shall only apply to officers of PREIT at or above the level of Senior Vice President, for only so long as each is employed by PREIT, it being understood that Company cannot control statements of other PREIT employees or of any former employee. Notwithstanding the foregoing, nothing in this Section shall be deemed to prohibit Company or Executive from providing truthful testimony in response to any valid subpoena or as otherwise ordered by a court or required applicable law. This restriction is subject to and limited by the retained rights in Paragraph 10 below.
10.Retained Rights.  Nothing in this Agreement is intended to or shall be interpreted:  (i) to restrict or otherwise interfere with your obligation to testify truthfully in any forum; or (ii) to restrict or otherwise interfere with your right and/or obligation to contact, cooperate with or provide information to any government agency or commission.  Similarly, nothing in this Agreement is intended to or shall be interpreted to restrict (i) the obligation of any of the officers of Associates, Services, PREIT-RUBIN, or Affiliates to testify truthfully or (ii) the right and/or obligation of the officers of Associates, Services, PREIT-RUBIN, or Affiliates to provide information to a government agency or commission.
11.Indemnification.  
a)Executive shall indemnify and hold harmless Company, Associates, Services, PREIT-RUBIN, and Affiliates from and against all claims, losses, damages, liabilities, costs and other expenses incurred by or asserted against Company, Associates, Services, PREIT-RUBIN, and/or the Affiliates by reason of or resulting from a breach of this Agreement by Executive.  Company shall indemnify and hold harmless Executive from and against all claims, losses, damages, liabilities, costs and other expenses incurred by or asserted against Executive by reason of or resulting from a breach of this Agreement by Company.
b)For six (6) years after the Separation Date, Company shall indemnify, defend, and hold harmless, and provide advancement of expenses to Executive to the same extent he is indemnified or has the right to advancement of expenses as of the Separation Date, pursuant to the Company’s Trust Agreement, Bylaws and indemnification agreements, if any, in existence on the Separation Date with Executive for acts or omissions occurring at or prior to the Separation Date.

Exhibit 10.49

c)For six (6) years after the Separation Date, Company shall maintain directors’ and officers’ liability insurance, employment practices liability insurance and fiduciary liability insurance covering acts or omissions occurring on or prior to the Separation Date with respect to Executive on terms with respect to such coverage and amounts no less favorable to the insured than those of such current insurance coverages.  
12.Cooperation. Executive agrees to provide fair and reasonable cooperation in connection with transition matters and then going forward with such other matters as may reasonably require Executive’s assistance or input based on legal, regulatory, or accounting requirements or based on Executive’s personal knowledge of or involvement with particular matters during the course of his employment with Company. Company agrees to reimburse Executive for any reasonable and necessary expenses (not including attorneys’ fees) incurred in connection with such cooperation, subject to pre-approval by the Company, but Employee otherwise agrees to provide such cooperation without any charge to the Company. 
13.Attorney Consultation.  Executive hereby certifies that the Company has advised him to review this document with an attorney of his choosing, and that he has done so or freely chosen not to do so.
14.Notices. All notices hereunder shall be in writing and shall be sufficiently given if hand- delivered, sent by documented overnight delivery service or registered or certified mail, postage prepaid, return receipt requested, or by telegram, fax, or telecopy (confirmed by U.S. mail), receipt acknowledged, addressed as set forth below or to such other person and/or at such other address as may be furnished in writing by any Party hereto to the other.  Any such notice shall be deemed to have been given as of the date received, in the case of personal delivery, or on the date shown on the receipt or confirmation therefor, in all other cases.  Any and all service of process and any other notice in any action, suit, or proceeding shall be effective against any Party if given as provided in this Agreement; provided that nothing herein shall be deemed to affect the right of any Party to serve process in any other manner permitted by law.
(a)If to Company:
Pennsylvania Real Estate Investment Trust
200 South Broad Street, Third Floor
Philadelphia, PA 19102
Tel: (215) 875-0700
Fax: (215) 547-7311
Attention: Lisa M. Most
With a copy to:

Exhibit 10.49

Dilworth Paxson LLP
1500 Market Street
Suite 3500E
Philadelphia, PA 19103
Tel: (215) 575-7133
Fax: (215) 575-7200

Attention: Katharine V. Hartman, Esquire
(b)If to Executive:
Bruce Goldman
9 Baydon Way
Medford, NJ 08055
With a copy to:
Cozen O’Connor
1650 Market Street
Philadelphia, PA 19103
Tel: (215) 665-4159
Fax: (215) 665-2013
Attention: E. Gerald Riesenbach, Esquire

15.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania and without the aid of any canon, custom or rule of law requiring construction against the draftsperson.
16.Successors and Assigns.    This Agreement shall be an obligation of and inure to the benefit of Executive and the Company and their respective successors and assigns.
17.Company Guarantee.    The Company absolutely, unconditionally, irrevocably guarantees the full, complete and punctual performance and satisfaction of all of the obligations set forth in this Agreement, and the obligations set forth under this Agreement shall in no way be affected or impaired by reason of the voluntary or involuntary liquidation, dissolution, sale of all of substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement or composition or readjustment of, or other proceeding affecting Executive or the Company. 
18.No Admission of Liability.  This Agreement is not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation or of any duty (contractual or otherwise) owed by any Party to another, and this Agreement is made voluntarily to provide an amicable conclusion of Executive’s employment with Company, Associates, 

Exhibit 10.49

Services, PREIT-RUBIN, and/or the Affiliates.  This Agreement shall not be construed strictly for or against any of the Parties.
19.Interpretation of Agreement.  Nothing in this Agreement is intended to violate any law or shall be interpreted to violate any law.  If any paragraph or part or subpart of any paragraph in this Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or part or subpart of the paragraph as necessary to make it enforceable and the paragraph or part or subpart of the paragraph shall then be enforceable in its/their narrowed form.  Moreover, each paragraph or part or subpart of each paragraph in this Agreement is independent of and severable (separate) from each other.  In the event that any paragraph or part or subpart of any paragraph in this Agreement is determined to be legally invalid or unenforceable by a court and is not modified by a court to be enforceable, the affected paragraph or part or subpart of such paragraph shall be stricken from the Agreement, and the remaining paragraphs or parts or subparts of such paragraphs of this Agreement shall remain in full, force and effect.
20.Acknowledgment.  Executive acknowledges and agrees that, subsequent to the termination of Executive’s employment, Executive shall not be eligible for any payments from the Company, Associates, Services, PREIT-RUBIN, or Affiliates, or any benefits paid by the Company, Associates, Services, PREIT-RUBIN, or Affiliates, except as expressly set forth in this Agreement.  Executive also acknowledges and agrees that Executive has been paid for all time worked and has received all other compensation owed to Executive, except for any payments owed to Executive pursuant to Paragraph 1 which shall be paid to Executive regardless of whether Executive signs this Agreement.
21.Headings.  The headings contained in this Agreement are for convenience of reference only and are not intended, and shall not be construed, to modify, define, limit, or expand the intent of the parties as expressed in this Agreement, and they shall not affect the meaning or interpretation of this Agreement.
22.Days.  All references to a number of days throughout this Agreement refer to calendar days.
23.Entire Agreement.  This Agreement, together with the Employment Agreement and the Release and Waiver of Claims attached hereto, constitute the entire agreement of the Parties with respect to Executive’s termination of employment. 
24.Amendments.  Amendments and modifications to this Agreement shall not be effective unless they are in writing signed by Executive or a representative of Executive’s estate and a duly authorized representative of Company.

25.409A Compliance.  It is intended that this Agreement comply with the applicable provisions of Section 409A of the Code and the applicable Treasury regulations and related guidance with respect thereto.  To the extent that any payment under this Agreement is deemed to be deferred compensation subject to the requirements of Section 409A of the Code, this Agreement shall be interpreted and administered in a manner that complies with Section 409A of the Code and this Agreement shall be amended so that such payments shall be made in accordance with the requirements of Section 409A of the Code to the extent necessary to avoid noncompliance therewith. 

Exhibit 10.49

26.Legal Fees.  Company agrees to pay all reasonable legal fees and expenses that Executive has incurred in the preparation and negotiation of this Agreement.

 [REMAINDER OF PAGE INTENTIONALLY BLANK]

Exhibit 10.49

IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have executed the foregoing Agreement as of the date first written above.	
					
	Witness:
	/s/ Linda Goldman
	 
	 
	/s/ Bruce Goldman

	 
	 
	 
	 
	Bruce Goldman

	 
	 
	 
	 
	 

	Witness:
	/s/  Jonathen Bell
	 
	By:
	/s/ Robert F. McCadden

	 
	 
	 
	Name:
	Robert F. McCadden

	 
	 
	 
	Title:
	Executive Vice President & Chief Financial Officer

	 
	 
	 
	 
	 

[Signature Page for Separation of Employment Agreement]

Exhibit 10.49

RELEASE AND WAIVER OF CLAIMS
This RELEASE AND WAIVER OF CLAIMS (“Release”) is entered into by Bruce Goldman (“Executive”) in connection with the termination of his employment relationship with PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (“PREIT” or the “Company”).
1.    Release of Claims.  Executive, for and in consideration of the payment to him of one year of severance that is equal to $391,000 less the amount of all lawful deductions, including applicable local, state, FICA and Federal income taxes, payable on January 2, 2019, does hereby confirm the severance of his employment with the Company effective on January 9, 2018 (the “Separation Date”), and Executive does hereby remise, release, waive, and forever discharge the Company, PREIT ASSOCIATES, LP., a Pennsylvania limited partnership (“Associates”), PREIT SERVICES, LLC, a Pennsylvania limited liability company (“Services”), PREIT-RUBIN, INC. (“PREIT-RUBIN”), and any of their direct or indirect parent, subsidiary, related or affiliated companies (“Affiliates”), or with any other entity with respect to which Company has requested Executive to perform services, and each of their respective current and former officers, trustees, partners, directors, managers, shareholders, employees, attorneys, and other agents, and all such entities’ and individuals’ respective successors and assigns, heirs, executors, administrators and representatives (hereinafter referred to collectively as the “Released Parties”) of and from any and all rights, obligations, promises, agreements, losses, controversies, claims, actions, causes of action, suits, debts, claims and demands, of any nature whatsoever, in law or in equity, whether known or unknown, asserted or unasserted, which Executive ever had, now has, or hereafter may have against any or all of the Released Parties relating to or arising out of Executive’s service as an officer, employee or manager of Company, Associates, Services, PREIT-RUBIN, or any Affiliate, Executive’s employment and any other business relationships with Company, Associates, Services, PREIT-RUBIN, or any Affiliate, the Amended and Restated Employment Agreement between PREIT and Executive, effective as of December 30, 2008 (the “Employment Agreement”), and/or Executive’s separation from employment with the Company, Associates, Services, PREIT-RUBIN, or any Affiliate, except for obligations of the Company, Associates, Services, PREIT-RUBIN, or any Affiliate, including payments, due to Executive under the Employment Agreement and/or the Separation of Employment Agreement but which have not been paid or completed on the date of this Release.  This Release includes, but is not limited to, any such claims arising under any federal, state or local statutes, ordinances or common law principles governing employment relations or regulating terms and conditions of employment, including, without limitation, the National Labor Relations Act of 1947, the Civil Rights Acts of 1866, 1871, 1964,  and 1991, the Equal Pay Act, the Age Discrimination in Employment Act of 1967, the Rehabilitation Act of 1973, the Bankruptcy Code, the Fair Credit Reporting Act, the Worker Adjustment and Retraining Notification Act, the Employee Retirement Income Security Act of 1974 (except as to vested benefits, which are expressly exempted from this release), the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Health Insurance Portability and Accountability Act of 1996, the Sarbanes-Oxley Act of 2002, the Pennsylvania Human Relations Act, the Pennsylvania Wage Payment and Collection Law, the Philadelphia Fair Practices Ordinance, and any other employee-protective law of any jurisdiction that may apply to the employment relationship between Executive and the Company, Associates, Services, PREIT-RUBIN, or any Affiliate, each as they may have been amended, as well as any claim for wrongful discharge, breach of contract or implied contact, breach of covenant of good 

Exhibit 10.49

faith and fair dealing, intentional or negligent infliction of emotional distress, negligence, misrepresentation, fraud, detrimental reliance, promissory estoppel, defamation, invasion of privacy, breach of laws governing safety in the workplace, loss of consortium, or tortious interference with business relations.
2.    Exceptions to Release of Claims.  Notwithstanding the foregoing, Executive does not release Company, Associates, Services, PREIT-RUBIN, or any Affiliate, from any obligations that it may have, or any rights or claims that Executive may have, arising (i) under the Separation of Employment Agreement, (ii) from events occurring after the Separation Date or the date on which Executive executes this Release, whichever is later, (iii) with respect to any continuing obligations of the Company, Associates, Services, PREIT-RUBIN, or any Affiliate or rights of the Executive under the Employment Agreement that survive the termination of his employment, (iv) with respect to unemployment compensation benefits which Executive may seek after the Separation Date (and Company agrees that it will not contest a claim by Executive for such unemployment compensation benefits), or (v) other claims which may not be waived by law.  
3.    Confidentiality.  Executive agrees to maintain the confidentiality of this Release and shall not communicate or disclose its terms, except to satisfy any disclosure requirements under applicable securities laws.
4.    Indemnification.  Executive shall indemnify and hold harmless Company, Associates, Services, PREIT-RUBIN, and Affiliates from any and all claims, losses, damages, liabilities, costs and other expenses incurred by Associates, Services, PREIT-RUBIN, or Affiliates resulting from a breach by Executive of the Separation of Employment Agreement and/or this Release.
5.    Review Period.  By signing below, Executive certifies that he has had a period of not less than twenty-one (21) calendar days to review this Release prior to signing it.  Executive has been permitted to use as much or as little of this twenty-one day period as he desires.  Any negotiations between counsel for the Parties as to the terms hereof shall not restart this period.
6.    Revocation Period.  Even if Executive enters into this Release, he shall have a period of seven (7) calendar days thereafter in which he may revoke it.  If he revokes it, this Release shall become null and void and have no legal effect and Executive shall not receive the severance payment described in this Release.  In order to timely revoke this Release, Executive must deliver notice to the Company, to the attention of Lisa M. Most, by hand delivery or facsimile, such that Ms. Most receives such notice not later than 5:00 pm on the close of business on the seventh business day after Executive has signed this Release.

Exhibit 10.49

IN WITNESS WHEREOF, and intending to be legally bound, the undersigned has executed this Release and Waiver of Claims on the 9th day of January, 2018.
	
						
	Witness:
	/s/ Linda Goldman
	 
	 
	/s/ Bruce Goldman
	(Seal)

	 
	 
	 
	 
	Bruce Goldman

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