On April 15, 2016, Pennsylvania Real Estate Investment Trust and certain of its subsidiaries (collectively, the company) entered into a separation of employment agreement with Ronald Rubin (the separation agreement), the company's Executive Chairman. Pursuant to the terms of the separation agreement, Mr. Rubin's employment with
the company will end on June 7, 2016, although he will continue to serve as the non-executive Chairman of the company's Board of Trustees following that date and he will receive an annual retainer fee of $100,000 for his service in that role.