Joseph F. Coradino - Mar 31, 2022 Form 4 Insider Report for PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PRET)

Role: Chief Executive Officer, Director
Signature: /s/ Joseph F. Coradino
Stock symbol: PRET
Transactions as of: Mar 31, 2022
Transactions value $: -$169,455
Form type: 4
Date filed: 4/4/2022, 05:00 PM
Previous filing: Mar 8, 2022
Next filing: May 12, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Options Exercise		+267K	+34.81%		1.03M	Mar 31, 2022	Direct	F1
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Disposed to Issuer	-$169K	-267K	-25.82%	$0.64	766K	Mar 31, 2022	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PRET	Restricted Share Units	Options Exercise		-267K	-33.33%		534K	Mar 31, 2022	Shares of Beneficial Interest	267K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Consists of restricted share units ("RSUs") granted on May 12, 2021 pursuant to a Restricted Share Unit and Outperformance Unit Award Agreement (the "Award Agreement") in connection with entry into an amended and restated employment agreement. Each RSU will be settled in cash in an amount equal to the fair value of a share of Beneficial Interest of the issuer, par value $1.00 per share (a "Share"), on the applicable vesting date, multiplied by the number of RSUs that vest on such date. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash.
F2	800,323 cash-settled, time-based RSUs were granted pursuant to the Award Agreement, with the RSUs vesting in three equal annual installments beginning on March 31, 2022.

Content

Consists of restricted share units ("RSUs") granted on May 12, 2021 pursuant to a Restricted Share Unit and Outperformance Unit Award Agreement (the "Award Agreement") in connection with entry into an amended and restated employment agreement. Each RSU will be settled in cash in an amount equal to the fair value of a share of Beneficial Interest of the issuer, par value $1.00 per share (a "Share"), on the applicable vesting date, multiplied by the number of RSUs that vest on such date. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash.

800,323 cash-settled, time-based RSUs were granted pursuant to the Award Agreement, with the RSUs vesting in three equal annual installments beginning on March 31, 2022.