EXHIBIT 10.67
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 (the "Amendment") to the Employment Agreement
dated as of January 1, 1998 (the "Employment Agreement") between Pennsylvania
Real Estate Investment Trust, a Pennsylvania business trust (the "Company"), and
Xxxxxxx X. Xxxxx (the "Employee") is hereby entered into as of January 11, 2001
by and between the Company and the Employee. Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed thereto in the
Employment Agreement.
WHEREAS, the Company and the Employee wish to modify certain provisions
of the Employment Agreement;
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the parties hereto, intending
to be legally bound, hereby agree to the following amendment to the Employment
Agreement:
1. Term. Section 3 is hereby amended and restated to read in its
entirety as follows:
The term of employment hereunder shall expire on
December 31, 2002. Upon the expiration of such
period, the term of employment shall be automatically
extended for successive terms of two years each,
unless either party gives the other not less than one
hundred eighty (180) days written notice prior to the
expiration of the term of its or his intention not to
extend the term of such employment. If such notice is
given, the term of employment shall terminate at the
end of the then current term.
2. Entire Agreement. The Employment Agreement, as amended by this
Amendment, constitutes the entire agreement between the parties pertaining to
the subject matter hereof and fully supercedes any and all prior or
contemporaneous agreements or understandings between the parties hereto
pertaining to the subject matter hereof.
3. Full Force and Effect. Except as expressly amended in this
Amendment, the Employment Agreement shall remain in full force and effect.
4. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same agreement.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the
day and year first written above.
PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST
By: /s/ Xxxxxxxx X. Xxxxxx
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Name: Xxxxxxxx X. Xxxxxx
Title: President and Chief Operating Officer
EMPLOYEE
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
