AMENDMENT NO. 2 TO THE PREIT-RUBIN, INC. 1998 STOCK OPTION PLAN

Exhibit 10.3

AMENDMENT NO. 2

TO THE

PREIT-RUBIN, INC.

1998 STOCK OPTION PLAN

WHEREAS, PREIT-RUBIN, Inc. (“PRI”) sponsors the PREIT-RUBIN, Inc. 1998 Stock Option Plan (the “Plan”);

WHEREAS, the Plan has been amended on one occasion;

WHEREAS, Section 10 of the Plan provides that, subject to certain inapplicable limitations, the Board of Directors of PRI (the “Board”) may amend the Plan; and

WHEREAS, the Board desires to amend the Plan to prohibit (without shareholder approval) the repricing of options;

NOW, THEREFORE, effective as of January 1, 2008:

1. A new subsection (n) is added to the end of Section 6 (“Terms and Conditions of Options”) of the Plan to read as follows:

(n) No Repricing . Repricing of Options shall not be permitted without the approval of the shareholders of PREIT. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of an Option to