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 Executives service as an officer, employee or manager of Company, Associates, Services, or any Affiliate, Executives 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 Executives 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.