Pennsylvania Real Estate Investment Trust (NYSE:PEI-B) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the previously announced retirement of Bruce Goldman as an Executive Vice President and the General Counsel, Chief Compliance Officer, and Secretary of Pennsylvania Real Estate Investment Trust (the “Company”), Mr. Goldman and the Company entered into Separation of Employment Agreement (the “Agreement”) on December21, 2017. to the Agreement, Mr. Goldman will remain eligible to receive a bonus for 2017 in the ordinary course, and he and his spouse and eligible dependents will continue to participate in the Company’s group medical, vision and dental plans for six months at the Company’s expense. If Mr. Goldman elects to continue participation in the Company’s group medical and dental plans after such six-month period, the Company will pay his monthly COBRA premiums for an additional 18 months. The Company will also contribute $25,000 to Mr. Goldman’s supplemental retirement plan account on January 1, 2018, as required by the terms of Mr. Goldman’s existing Employment Agreement. Following Mr. Goldman’s last day of employment, the Company will pay to Mr. Goldman all amounts credited to his supplemental retirement plan account, as required by the terms of his Employment Agreement and Nonqualified Supplemental Executive Retirement Agreement. Mr. Goldman’s 25,988 time based restricted shares in the Company became vested to the terms of the Agreement, but his unvested performance based restricted share units were forfeited. Mr. Goldman is also eligible to receive one year of severance payments equal to $391,000, payable in January 2019, upon his execution of a general release of claims on or about his last day of employment.
Item 7.01 Regulation FD Disclosure
On December27, 2017, the Company announced that LisaM. Most, age 47, was appointed to the position of General Counsel, Chief Compliance Officer, and Secretary of the Company, effective upon the retirement of Bruce Goldman scheduled for January9, 2018. Ms. Most has been employed by the Company since 1999, and is currently serving as the Company’s Senior Vice President – Legal.