Exhibit 10.7
PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST
PERFORMANCE INCENTIVE UNIT AWARD
AGREEMENT
ISSUED PURSUANT TO THE
2009-2011 PERFORMANCE INCENTIVE UNIT
PROGRAM
This PERFORMANCE INCENTIVE UNIT
AWARD AGREEMENT (the “Award Agreement”), dated on this
the day of
,
2009, is between Pennsylvania Real Estate Investment Trust, a
Pennsylvania business trust (the “Trust”), and
(the “Grantee”), a “Participant” under the
Pennsylvania Real Estate Investment Trust 2009-2011 Performance
Incentive Unit Program (the “Program”);
WHEREAS, the Program designates a
corporate performance goal that determines if and the extent to
which cash in respect of performance incentive units granted under
the Program (the “Units”) will become payable to a
Participant in the Program.
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 Units
(a) The Grantee is hereby awarded
Units. The effective date of this Award is
(the “Grant Date”).
(b) This Award Agreement and all
Units awarded hereunder, are in all respects limited and
conditioned as hereinafter provided, and are subject in all
respects to the terms and conditions of the Program, a copy of
which is attached hereto. By entering into this Award Agreement,
the Grantee agrees and acknowledges that the Grantee has received
and read a copy of the Program. In the event of a conflict between
any term or provision contained herein and a term or provision of
the Program, the applicable terms and provisions of the Program
will govern. Pursuant to the Program, the Committee is authorized
to interpret the Program and to adopt rules and regulations not
inconsistent with the Program as it deems appropriate. The Grantee
hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Committee with respect to
questions arising under the Program or this Award Agreement.
Unless
