FIRST AMENDMENT TO THE
EXECUTIVE RETIREMENT AGREEMENT
This First Amendment to the Nonqualified Supplemental Executive Retirement Agreement (this Amendment) is entered into between PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (Company), and JOSEPH F. CORADINO (Executive) on August 9, 2021.
WHEREAS, Executive and Company are parties to a Nonqualified Supplemental Executive Retirement Agreement, as amended and restated effective as of January 1, 2012 (the Agreement);
WHEREAS, the Compensation and Human Resources Committee of the Board of Trustees of the Company (the Committee) approved the termination of the Agreement on May 12, 2021; and
WHEREAS, the parties wish to amend the Agreement to reflect its termination.
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
1. Effective on the date hereof, Section 1 of the Agreement is amended by the addition of the following, immediately at the end thereof:
Notwithstanding the foregoing, the deemed contribution credited as of January 1, 2021 will be the last contribution credited under this Agreement and the arrangement memorialized by this Agreement is hereby terminated. Accordingly, the Pre-2005 Account will be promptly distributed to the Executive in a lump sum, and the Post-2004 Account will be distributed to the Executive in a lump sum within the time contemplated by Treas. Reg. § 1.409A-3(j)(4)(ix). In each case, interest will continue to be credited on the account balances until the date of payout at a rate of five percent per annum.
2. This Amendment may be executed in multiple counterparts, each of which shall be an original but all of which together shall constitute one instrument.