The Committee shall have the authority, in its sole discretion, to determine that up to 20% of the Corporate Salary Portion shall be based upon one or
more business performance factors other than FFO Per Share (such other factors, the Supplemental Factors). If the Committee exercises this authority, the Committee shall determine on or prior to March 15, 2012 (i) the
percentage of the Corporate Salary Portion, but not in excess of 20% thereof, to be based upon the Supplemental Factor or Factors; (ii) the Supplemental Factor or Factors for 2011; and (iii) the percentage of the Corporate Salary Portion
(from the Threshold to the Outperformance percentage) to be awarded in respect of the Supplemental Factor or Factors. Each of the determinations referred to in the preceding sentence shall be applied uniformly to the Corporate Salary Portion of all
officers of PREIT or any of its affiliates. The Committee shall be free to select in its sole discretion the Supplemental Factor or Factors for 2011 and the weight to be accorded to each Supplemental Factor. The Committee shall be under no
obligation to exercise its authority under this Note 9, and, if it does not exercise such authority, your 2011 Incentive Compensation based upon the Corporate Measure shall be determined, subject to note 8, solely by FFO Per Share. Determinations by
the Committee under this note 9 and note 8 shall not affect to any extent determinations that the Committee may make for future years. The Committee will provide notice to each officer affected by a determination made under this note 9, which shall
disclose the Supplemental Factor or Factors and such other information as the Committee shall elect to include in the notice. A failure to provide such notice shall not affect any determination hereunder.