Exhibit 10.1
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 Robert F. McCadden
(“Executive”), effective as of May 6,
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 Section 2.1 of the Employment Agreement to correct a
scrivener’s error in the preparation of that Section, 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 2.1 of the
Employment Agreement shall be amended to read in its entirety as
follows:
“2.1 Term . The
initial term of Executive’s employment hereunder shall begin
on the Effective Date and las
