Document:

Exhibit 10.6

Exhibit
10.6 

Loan
No. 1011175-0 

 

 

Wells
Fargo Bank, National Association 

550
South Tryon Street 

Charlotte,
North Carolina 28202 

November 12,
2014 

PREIT
Associates, L.P. 

200
South Broad Street 

Philadelphia,
PA 19102 

Attention:
Andrew Ioannou 

Dear
Sir: 

Reference
is made to that certain Seven-Year Term Loan Agreement dated as of
January 8, 2014 (as amended and in effect prior to the date hereof, the
“Term Loan Agreement”), by and among PREIT ASSOCIATES, LP, a limited partnership
formed under the laws of the State of Delaware (the “PREIT”), PREIT-RUBIN, INC.,
a c corporation formed under the laws of the State of Delaware (“PREIT-RUBIN”),
and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a business trust formed under the
laws of the State of Pennsylvania (the “Parent”; together with PREIT and
PREIT-RUBIN, each individually a “Borrower” and collectively, the “Borrowers”),
each of the financial institutions that are from time to time party thereto (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 have the meanings given to such terms in the
Term Loan Agreement. 

The
Borrowers and the Administrative Agent have identified a mistake in the
reference to the date “January 8, 2015” in the last sentence of
Section 2.1.(a) of the Term Loan Agreement because it is inconsistent with
the date referenced in clause (a) of the defined term “Commitment
Termination Date”, as such defined term was amended by that certain First
 Amendment to Five-Year Term Loan Agreement dated November 7, 2014, among
the Borrowers, the Lenders and the Administrative Agent. Pursuant to
Section 11.7.(d) of the Term Loan Agreement, the Borrowers and the
Administrative Agent desire to amend the last sentence of Section 2.1.(a)
of the Term Loan Agreement to correct the mistake and inconsistency and to
reflect accurately the correct date. By signing a counterpart of this letter
agreement, each of the Borrowers and the Administrative Agent agrees that,
effective as of November 7, 2014, the Term Loan Agreement is amended by
deleting the reference to “January 8, 2015”, in the last sentence of
Section 2.1.(a) and substituting in its place a reference to “the
Commitment Termination Date”. 

Except
as set forth above, all terms and conditions of the Term Loan Agreement and the
other Loan Documents shall remain in full force and effect. Each Borrower
acknowledges and agrees that except as set forth above, this letter agreement
shall not be construed to be a waiver or amendment of any of the other terms and
 conditions of the Term Loan Agreement or any other Loan Documents. 

Each
Borrower further acknowledges that this letter agreement is a Loan Document and
that each reference to the Term Loan Agreement in any of the Loan Documents
(including the Term Loan Agreement) shall be deemed to be a reference to the
Term Loan Agreement, as amended by this letter agreement. 

Loan
No. 1011175-0 

This
letter agreement may be executed in any number of counterparts (which may be
effectively delivered by facsimile, in portable document format (“PDF”) or other
similar electronic means) and 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. 

 

					
	Very truly yours,
	
	WELLS FARGO BANK, NATIONAL
  ASSOCIATION,
	as Administrative Agent
		
	By:	 	
      /s/
      D. Bryan Gregory

		 	Name:	 	D. Bryan Gregory
		 	Title:	 	Director

 

					
	Acknowledged and agreed this November 12,
    2014
	
	PREIT ASSOCIATES, L.P.
	
	By: Pennsylvania Real Estate Investment
      Trust, its general partner
		
	By:	 	
      /s/
      Andrew M. Ioannou

		 	Name:	 	ANDREW M. IOANNOU
		 	Title:	 	
      SENIOR
      VICE PRESIDENT,

      CAPITAL
      MARKETS & TREASURER

	
	PREIT-RUBIN, INC.
		
	By:	 	
      /s/
      Andrew M. Ioannou

		 	Name:	 	ANDREW M. IOANNOU
		 	Title:	 	
      SENIOR
      VICE PRESIDENT,

      CAPITAL
      MARKETS & TREASURER

	
	PENNSYLVANIA REAL ESTATE INVESTMENT
  TRUST
		
	By:	 	
      /s/
      Andrew M. Ioannou

		 	Name:	 	ANDREW M. IOANNOU
		 	Title:	 	
      SENIOR
      VICE PRESIDENT,

      CAPITAL
      MARKETS &
 TREASURERExhibit 10.27

Exhibit
10.27 

SEPARATION
OF EMPLOYMENT AGREEMENT 

This
SEPARATION OF EMPLOYMENT AGREEMENT (the “Agreement”) is made this 23rd day of
December 2019, by and between PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a
Pennsylvania business trust (“PREIT” or the “Company”), and PREIT SERVICES, LLC,
a Pennsylvania limited liability company (“Services”) and ROBERT MCCADDEN
(“Executive”). PREIT and Executive shall be referred to herein as the “Parties”
or each separately as a “Party.” 

WHEREAS,
Executive is employed as Chief Financial Officer of PREIT pursuant to the
Amended and Restated Employment Agreement between PREIT and Executive, effective
as of December 30, 2008 together with the May 6, 2009 Amendment to the
Agreement (collectively the “Employment Agreement”); 

WHEREAS,
on September 12, 2019, PREIT provided Executive with a notice of
termination without cause that terminated Executive’s employment under the
Employment Agreement effective as of December 31, 2019; 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 shall be December 31, 2019 or such
earlier date as the Parties agree to as the separation date (the “Separation
Date”). Effective on the Separation Date, Executive hereby resigns from his
position as Chief Financial Officer and all or any other positions with the
Company, PREIT ASSOCIATES, LP., a Pennsylvania limited partnership
 (“Associates”), 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 Section 409A of the Internal Revenue Code, (the
“Code”) and the Treasury regulations thereunder. 

(b)
Executive shall be paid for (i) all time worked up to and including the
Separation Date, (ii) all paid time off days accrued but unused as of the
Separation Date, and (iii) all otherwise unreimbursed business expenses
incurred in accordance with Company’s regular policies prior to the Separation
Date, in each case in the next regular payroll period following the Separation
Date. 

(c)
The Company shall pay to Executive all amounts credited to Executive’s
supplemental retirement plan account, as referenced in Section 3.7 of the
Employment Agreement, and the Parties’ Nonqualified Supplemental Executive
Retirement Agreement (as Amended and Restated Effective January 1, 2009)
(“Retirement Agreement”) at the time(s) therein specified (taking into account
the delay required by Treas. Reg. § 1.409A-3(i)(2) for a portion of those
payments). 

(d)
Executive’s eligibility to participate in Company sponsored health, vision, and
dental insurance as an employee of the Company shall end effective at the end of
the month of Executive’s Separation Date. However, Executive shall be eligible
to continue to participate in the Company’s sponsored benefit plans in
accordance with the 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 shall
provide Executive with certain other health insurance benefits and shall pay
Executive’s COBRA costs, as described below in Paragraph 2(c). 

(e)
Executive’s eligibility to participate in the Company’s other group insurance
programs (for example, life, disability, and accidental death and dismemberment
coverage) shall end effective on the Separation Date. 

(f)
Executive’s eligibility to make salary deferrals and to receive allocations of
Company non-elective contributions
shall end effective on the Separation Date. Executive is required to comply with
Paragraphs 6 and 7 below. 

(g)
Executive acknowledges and agrees that he will not be entitled to any 2019
annual bonus. 

2.
If Executive Signs the Agreement. If Executive signs this Agreement, and
as consideration for the termination of his employment: 

(a)
On the later of (i) the 8th day after Executive signs
this Agreement and the attached Release and Waiver of Claims, or
(ii) January 15, 2020 (the “Payment Date”), Services will pay
Executive two (2) times Executive’s current base salary discounted from the
dates that the base salary would have been payable in accordance with the
Company’s regular payroll practices, which amount the Parties agree is $991,425.

(b)
On the Payment Date, Services will pay Executive two (2) times Executive’s
average bonus amount, which will be equal to the average of the percentages of
base salary paid to Executive as cash bonuses in the last three full calendar
years (2016, 2017 and 2018) multiplied by Executive’s base salary on the
Separation Date, and which the Parties agree is $993,196. 

(c)
On the Payment Date, Services will take steps to continue the Company’s group
medical, vision and dental plans for Executive (as well as Executive’s spouse
and eligible dependents, if applicable) for a period of eighteen
(18) months following the Separation Date, at the Services’ expense if
Executive timely and properly elects to continue Executive’s group medical,
vision and dental benefits under applicable federal law (commonly referred to as

 

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“COBRA”).
Employee will receive a separate notice concerning his rights to elect COBRA
coverage at the address listed above. Services will pay on Executive’s behalf
the monthly COBRA premium for the period of eighteen (18) months following
Executive’s Separation Date (the “Continuation Period”). In the event the
Services is unable to make such payments for any reason, the Services 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 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 Services’ payment of the monthly COBRA premium will cease
immediately if the Services determines in its discretion that such payment would
result in the Services 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
Services 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, and
dental coverage pursuant to COBRA or otherwise, as applicable, shall be at
Executive’s sole expense. In the event Services cannot provide such continuation
coverage under such plans, programs and/or arrangements, either directly or
through COBRA, at any time on or prior through the end of the Continuation
Period, Services shall reimburse Executive for any premiums he pays to obtain
equivalent coverage (or if equivalent coverage is not available, substantially
equivalent or comparable coverage) through the end of the Continuation Period,
provided that (i) the premiums paid are competitive with premiums that
would be charged by other providers for equivalent coverage (or if equivalent
 coverage is not available, substantially equivalent or comparable coverage),
and (ii) Executive submits proof of payment of such premiums no later than
120 days from the date he makes such payments. 

(d)
If Employee becomes employed prior to the end of the Continuation Period and
receives comparable health benefits coverage, Services’ obligation to pay the
COBRA premiums, as set forth above, will cease. Employee agrees that he will
promptly notify the Company’s Human Resources if he becomes employed prior to
the end of the Continuation Period and is receiving comparable health benefits
so that the Company can take prompt steps to terminate Employee’s health
coverage under COBRA. 

(e)
The Parties agree and confirm that as of the date of this Agreement, Executive
holds 99,870 of time-based unvested shares of restricted shares in PREIT
(“Restricted Shares”). All such Restricted Shares are hereby immediately
forfeited to Company and, in exchange therefor, Services will pay Executive
$537,300 (the “RS Payment”) on or prior to December 31, 2019; provided,
however, that if Executive revokes or fails to timely execute the attached
Release and Waiver of Claims, Executive will be obligated to repay the gross
amount of the RS Payment to Services not later than January 31, 2020. 

(f)
The Parties agree and confirm that, as of the date of this Agreement, Executive
holds 158,150 performance-vested restricted share units and 75,755
outperformance units issued by PREIT (collectively, the “RSUs”). All such RSUs
are hereby immediately forfeited to Company and, in exchange therefor, the
Services will pay Executive $830,700 on the Payment Date. 

 

-3-

(g)
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. 

(h)
Services will pay the reasonable legal fees incurred by Executive in connection
with the documentation of this Agreement promptly following his delivery of
invoices evidencing those fees. 

3.
Employment Agreement. The Parties confirm that the post-employment
restrictions and obligations placed on Executive in Section 6.3 of the
Employment Agreement shall survive the termination of Executive’s employment
with the Company and its Affiliates and Executive agrees that he shall continue
to be bound by such terms after his separation 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 within
21 days following the Separation Date and which Executive agrees he shall sign
in exchange for the consideration set forth in Section 2 above. 

5.
References. Executive agrees that Executive shall direct any and all
prospective employers seeking a reference to contact only the Company’s Chief
Executive Officer. 

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 shall 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 or Affiliates information for any
purpose. This restriction is subject to and limited by Executive’s retained
rights in Paragraph 10 below. 

 

-4-

7.
Company Property and Documents. Upon or immediately following the
Separation Date, 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. 

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 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 Company officers at or above the
level of Senior Vice President and to Company trustees, in each case for only so
long as such person is employed or engaged by the Company, it being understood
that Company cannot control statements of other 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. 

 

-5-

11.
Indemnification. 

(a)
Following the Separation Date, Company shall continue to 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, the
Employment Agreement and any indemnification agreements with Executive in
existence on the Separation Date. 

(b)
Following the Separation Date, Company shall continue to 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 in amounts no less favorable than those benefiting active Company
executive officers. 

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, and to
otherwise compensate Executive for such cooperation in accordance with
Section 6.5 of the Employment Agreement. Company agrees to exercise its
reasonable best efforts to schedule and limit the need for Executive’s
cooperation hereunder so as to avoid any interference with Executive’s personal
or other professional obligations. 

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. 

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. 

 

-6-

(a)
If to Company or Services: 

Pennsylvania
Real Estate Investment Trust 

2005
Market Street, 

Suite
1000 

Philadelphia,
PA 19103 

Fax:
 (215) 547-7311 

Attention:
Lisa M. Most 

With
a copy to: 

Dilworth
Paxson LLP 

1500
Market Street 

Suite
3500E 

Philadelphia,
PA 19103 

Fax:
(215) 575-7200 

Attention:
Marjorie M. Obod, Esquire 

(b)
If to Executive: 

Robert
F. McCadden 

1344
Barton Drive 

Fort
Washington, PA 19034 

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. This Agreement shall be an obligation of and inure to the
benefit of Executive and the Company and their respective successors. 

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 the Company, Associates, Services,
PREIT-RUBIN and/or the Affiliates. This Agreement shall not be construed
strictly for or against any of the Parties. 

 

-7-

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 or the attached
Release and Waiver of Claims. 

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 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. In the
event that the period during which Employee can execute or revoke the Release
and Waiver of Claims can straddle two of Employee’s tax years, payment of
severance compensation shall commence in such second tax year. 

 

-8-

26.
Severability. If any term or provision of this Agreement is invalid,
illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Agreement
or invalidate or render unenforceable such term or provision in any other
jurisdiction. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

 

-9-

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/
      Robert McCadden

			
	ROBERT MCCADDEN
	
	PENNSYLVANIA REAL ESTATE INVESTMENT
  TRUST
		
	BY:	 	
      /s/
      Lisa M. Most

	Name:	 	Lisa M. Most
	Title:	 	General Counsel & Secretary
	
	PREIT SERVICES, LLC
		
	BY:	 	
      /s/
      Lisa M. Most

	Name:	 	Lisa M. Most
	Title:	 	SVP & General Counsel

[Signature
Page for Separation of Employment Agreement] 

 

-10-

RELEASE
AND WAIVER OF CLAIMS 

This
RELEASE AND WAIVER OF CLAIMS (“Release”) is entered into by ROBERT
MCCADDEN (“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 payments to
him described in Section 2 of that certain Separation of Employment
Agreement dated December 23, 2019 (the “Separation Agreement”) does
hereby confirm the severance of his employment with the Company effective on
December 31, 2019 (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
(“Services”), PREIT-RUBIN, INC. (“PREIT-RUBIN”), and any of their direct
or indirect parent, subsidiary, related or affiliated companies (“Affiliates”),
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, or any Affiliate,
Executive’s employment and any other business relationships with Company,
Associates, Services, or any Affiliate, the December 30, 2008 Employment
Agreement, together with the May 6, 2009 Addendum between PREIT and
Executive (the “Employment Agreement”), and/or Executive’s separation from
employment with the Company, Associates, Services, or any Affiliate, except for
obligations of the Company, Associates, Services, or any Affiliate, including
payments, due to Executive under the Employment Agreement and/or the Separation
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, 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 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 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, or any Affiliate or rights of
the Executive under the Employment Agreement that survive the termination of his
employment (including, without limitation, Executive’s rights under Sections
4.5(c) and 6.5 of the Employment Agreement), (iv) with respect to unemployment
compensation benefits which Executive may seek after the Separation Date (and
Company agrees that it shall 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 his
attorneys, accountants and/or tax advisors, or members of his immediate family,
each of whom shall be informed of this confidentiality obligation and shall
agree to be bound by its terms. 

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 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.

IN
WITNESS WHEREOF, and intending to be legally bound, the undersigned has executed
this Release and Waiver of Claims on the 31st day of Dec, 2019. 

 

											
	WITNESS:	  	 	  	        	  	
      /s/ Robert McCadden                
                                               
            (SEAL)

		  		  		  		  	ROBERT MCCADDEN

 

A-2

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