PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
AMENDED AND RESTATED 2018 EQUITY INCENTIVE PLAN
2020 RESTRICTED SHARE AWARD NOTICE
This RESTRICTED SHARE AWARD NOTICE (the Award Notice) is effective on the 29th day of May, 2020 (the Award Date) and is made by Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust (the Trust), to (the Grantee), a Non-Employee Trustee, as defined in the Pennsylvania Real Estate Investment Trust Amended and Restated 2018 Equity Incentive Plan (the Plan).
WHEREAS, the Trust desires to award the Grantee shares of beneficial interest in the Trust (Shares) subject to certain restrictions as hereinafter provided, in accordance with the provisions of the Plan, a copy of which is attached hereto (if not previously provided to the Grantee);
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
1. Award of Restricted Shares. The Trust hereby awards to the Grantee as of the Award Date Shares subject to the restrictions set forth in Paragraph 2 (Restricted Shares). This grant is in all respects limited and conditioned as hereinafter provided, and is subject in all respects to the terms and conditions of the Plan now in effect and as it may be amended from time to time (but only to the extent that such amendments apply to outstanding grants of Restricted Shares). Such terms and conditions are incorporated herein by reference, made a part hereof, and shall control in the event of any conflict with any other terms of this Award Notice.
(a) Vesting. The Grantee shall vest in (i.e., have the right to sell, assign, transfer, pledge or otherwise encumber or dispose of) the Restricted Shares granted under the Award Notice as indicated in the schedule below.
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Date Restricted Shares Become Vested
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Number of Restricted Shares
|May 15, 2021 || || Restricted Shares|
Notwithstanding the above, the vesting of the Restricted Shares will fully accelerate, and the Grantee or the Grantees beneficiary shall have the right to sell, assign, transfer, pledge or otherwise encumber or dispose of all of the Restricted Shares, upon the termination of the Grantees service as a Non-Employee Trustee as a result of the death or Disability (as defined in the Plan) of the Grantee.