Exhibit 10.1
PREIT LETTERHEAD
[Date]
[EMPLOYEE]
[Address Line 1]
[Address Line 2]
Re: Retention Bonus
Dear [EMPLOYEE]:
In exchange for your valuable work and commitments to PREIT Services, LLC (the “Company”), your anticipated future contributions, and to incentivize and motivate you to continue your employment, the Company is offering you a retention bonus. The details are as follows:
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This letter shall be construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to conflicts-of-law principles. This letter contains the entire understanding between you and the Company with respect to your eligibility for the Retention Bonus and related terms. However, nothing in this letter is intended to waive your rights under previous awards of LTIP and retention.
The terms described above may not be amended except by written document signed by you and an authorized representative of the Company. The terms and benefits of this letter may not be assigned by you. The Company may assign this letter in its discretion, including but not limited to in connection with a merger or sale of equity or assets.
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If you have any questions relating to this letter, please feel free to contact me. If you are in agreement with the terms of this letter, please execute and return this letter to the Company’s Human Resource Department.
Sincerely,
PREIT SERVICES, LLC
By: Joseph Coradino
Title: Chief Executive Officer
I hereby acknowledge and agree to the terms of this letter.
I expressly acknowledge that I have read and understand its terms, including without limitation the authorization for the Company to recoup any overpayments of Retention Bonus issued to me from amounts otherwise due to me from the Company in the event my employment with the Company ceases prior to the end of the Retention Period.
Date: ___________________________ By: ____________________________
Name: __________________________
[EMPLOYEE]
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DOCPROPERTY DMNumber 123228395 DOCPROPERTY DMVersionNumber -2