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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 25, 2021, the Board of Trustees (the “Board”) of Pennsylvania Real Estate Investment Trust (the “Trust”) took several actions described below.
Appointment of Vice President and Chief Accounting Officer
The Board appointed Sathana Semonsky as the Trust’s Vice President and Chief Accounting Officer and principal accounting officer, effective immediately. Ms. Semonsky, 47, has served as the Trust’s Corporate Controller since September 2019. Prior to that, she served as a director at CFGI, an accounting advisory firm, from 2017 to 2019, and as a divisional controller at American Realty Capital (now American Realty Global) from 2012 to 2017. She earned a Bachelor of Science degree in accounting and management information systems from Drexel University in Philadelphia, Pennsylvania. She is a Certified Public Accountant.
There is no arrangement or understanding between Ms. Semonsky and any other party pursuant to which she was selected as an officer, and she will continue to serve as an “at will” employee of the Trust. There are no family relationships between Ms. Semonsky and any director or executive officer of the Trust, and there are no relationships or related transactions between Ms. Semonsky and the Trust that would be required to be reported under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended.
In an effort to ensure continuity and stability and to effectively incentivize and retain employees in light of the unprecedented challenges posed by the current environment, the Board approved special cash retention bonuses for certain employees in the aggregate amount of $2.75 million, including an aggregate of $850,000 for the Trust’s named executive officers. The named executive officers’ awards are in amounts ranging from approximately 63% to 78% of their 2020 salaries. The retention bonuses will be earned and payable in two equal installments on April 1, 2022 and December 1, 2022, and, in all cases, payment is contingent upon continued employment by the Trust on the payment date.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|PENNSYLVANIA REAL ESTATE INVESTMENT TRUST|
|Date: March 3, 2021||By:|
|Lisa M. Most|
|Executive Vice President, Secretary and General Counsel|