SEC Contract Filing

Filing Date: 2019-02-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>2
<FILENAME>a2018q4exhibit1021.htm
<DESCRIPTION>EXHIBIT 10.21
<TEXT>
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<div><a name="sc5993dcd259b42c1822e2abf997f7867"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.21</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:48px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">December 21, 2017</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Lisa M. Most</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Senior Vice President</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pennsylvania Real Estate Investment Trust</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">200 South Broad Street</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Philadelphia, PA 19102</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Re:</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">PREIT Services, LLC Severance Plan for Certain Officers (&#8220;Plan&#8221;)</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Lisa:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">This letter will constitute an amendment to the Plan solely with respect to you and shall not affect the Plan in any respect as to any other past, present or future Eligible Employee. The Executive Compensation and Human Resources Committee (the &#8220;Committee&#8221;) has approved, subject to your acceptance by signing a copy of this letter, the following amendments to the Plan applicable solely to you. You understand that similar or dissimilar individual amendments may be entered into concurrently or from time to time hereafter with other individual employees, which amendments will not affect the Plan as applied to you. Subject to your acceptance below, the following amendments to the Plan shall be given effect on and as of December 21, 2017:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Section 3.1(c) (1) is hereby amended and restated to read in its entirety as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;If Lisa M. Most (&#8220;Ms. Most&#8221;) shall be an Eligible Employee who is eligible to receive benefits pursuant to Section&#160;2.3(b)(1), (2) or (3) and who executes a General Release, Ms. Most shall receive an amount equal to 104 Weeks of Pay. The Company will pay this amount in a lump sum to Ms. Most within five days after her Termination Date. Ms. Most shall also receive the &#8220;COBRA Benefits&#8221; described in Section&#160;3.2 (which shall be paid by the successor company) and a bonus described in Section 3.4A (which shall be paid by the Company within five days after Ms. Most&#8217;s Termination Date).&#8221; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Section 3.4 is hereby amended by adding the following at the beginning at the first sentence thereof:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Except as otherwise provided in Section 3.4A,&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The following is hereby added as Section&#160;3.4A:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4A.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Double Bonus</font><font style="font-family:inherit;font-size:12pt;">. If Ms. Most is eligible to receive benefits pursuant to Section&#160;2.3(b) (1), (2) or (3), the Company, in