Exhibit 10.2
AMENDMENT TO EMPLOYMENT
AGREEMENT
This Amendment to Employment
Agreement (this “Amendment”) is entered into between
Pennsylvania Real Estate Investment Trust, a Pennsylvania business
trust (“Company”), and Jeffrey A. Linn
(“Executive”), effective as of May 1,
2009.
BACKGROUND
Executive and Company are party to
an Employment Agreement, as amended and restated on
December 30, 2008 (the “Employment Agreement”),
which sets forth the terms and conditions of Executive’s
employment with Company. Executive and Company wish to amend the
terms of the Employment Agreement to correct scrivener’s
errors contained therein, all as set forth below. Hereafter,
references to the “Employment Agreement,”
“Agreement,” “herein” or words of like
import in the Employment Agreement shall refer to the Employment
Agreement as amended hereby or by any written subsequent amendment
thereto.
NOW, THEREFORE, the parties hereto,
intending to be legally bound hereby, agree as follows:
1. Section 1.2(a) of the
Employment Agreement shall be amended by deleting the words
“and Secretary of Company” from the first sentence
therein and the words “and Secretary” from the last
sentence thereof and, as so corrected and amended, Section 1.2
shall read in its entirety as follows:
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“(a)
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Executive shall
continue to serve as Executive Vice President-Acquisitions and,
subject to the supervision and control of the Chief Executive
Officer, shall have the duties and authority generally consistent
with such office. Executive shall perform such other duties and
shall have such authority as may from time to time be specified by
the Chief Executive Officer of Company and as shall be consistent
with the status and authority of his current office. Executive
shall also serve as Executive Vice President-Acquisitions of PREIT
Associates, L.P. (“PALP”), of which Company is the
general partner.”
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2. Clause (y) in the second
sentence of Section 4.4(a)(1) of the Employment Agreement
shall be amended by deleting the words “or a multiple
thereof,” and the third sentence of Section 4.4(a)(1)
shall be amended by adding the words “or a multiple
thereof” after the words “Executive’s base
salary.” As so corrected and amended, the second and third
sentences of Section 4.4(a)(1) shall read as
follows:
“In addition, subject to
subs
