Common use of Capacity and Duties Clause in Contracts

Capacity and Duties. (a) Executive shall serve as President of Company and, subject to the supervision and control of the Chairman of the Company shall have the duties and authority generally consistent with such office. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman of the Company as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trust. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall continue to serve as President Executive Vice President-Acquisitions and Secretary of Company and, subject to the supervision and control of the Chairman of the Company Chief Executive Officer, shall have the duties and authority generally consistent with such officeoffices. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman Chief Executive Officer of the Company and as shall be consistent with the status and authority of his current officeoffices. Executive currently serves shall also serve as a Class C Trustee Executive Vice President-Acquisitions and Secretary of PREIT Associates, L.P. (“PALP”), of which Company is the Trustgeneral partner. (b) Executive understands that substantially all of the assets of Company consists of its general partner interest in PALP and that the business operations of PALP and its direct and indirect subsidiaries constitute all of the business operations conducted by Company and its “Affiliates” (as defined in subsection (c) below). Accordingly, Company and Executive understand that most of Executive’s time and energy will be expended on behalf of PALP and its direct and indirect subsidiaries in Executive’s capacity as an officer of PALP rather than as an officer of Company. (c) Except as permitted by subsection (cd) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's ’s published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "“Affiliate" ” as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "“Control," ” as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "“controlling" ” and "“controlled" ” shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate. (d) Notwithstanding the provisions of subsection (c) above and subject to Section 5.2 hereof, Executive shall be permitted to serve on the board of directors or similar body of other organizations, including philanthropic organizations and organizations in which Executive has made an investment, provided that Executive’s activities with respect to the foregoing do not, individually or in the aggregate, interfere with, detract from, or affect the performance of his duties for Company under this Agreement.

Capacity and Duties. (a) Executive shall serve as President Executive Vice President-Acquisitions and Secretary of Company and, subject to the supervision and control of the Chairman of the Company Chief Executive Officer, shall have the duties and authority generally consistent with such officeoffices. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman of the Company Chief Executive Officer and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trustoffices. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall serve as President Executive Vice President-Development of Company and Pennsylvania Real Estate Investment Trust (the "Trust") and, subject to the supervision and control of the Chairman of the Company Company, shall have the duties and authority generally consistent with such office. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman of the Company and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trust. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Effective upon the execution of this Agreement, Executive shall cease to serve as President and Chief Operating Officer of Company andand shall instead thereafter serve in the role of Vice Chairman. Executive shall also be a member of the Office of the Chairman so long as the Office of the Chairman exists. As Vice Chairman, Executive shall, subject to the supervision and control of the Chairman Chief Executive Officer of Company, oversee the development of strategic objectives of Company shall have and the duties investor relations and authority generally consistent with such officehuman resources functions of Company. While serving as Vice Chairman, Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman Chief Executive Officer of the Company and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trust. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill skill, and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall serve as President Executive Vice President-Development of Company and, subject to the supervision and control of the Chairman Chief Executive Officer of the Company Company, shall have the duties and authority generally consistent with such office. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman Chief Executive Officer of the Company and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trust. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall serve as President and Chief Operating Officer of Company and, subject to the supervision and control of the Chairman Chief Executive Officer of the Company, shall have the responsibility for the day-to-day management of the Company shall have and the duties and authority generally consistent with such officethe offices of President and Chief Operating Officer. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman Chief Executive Officer of the Company and as shall be consistent with the status and authority of his current officeoffices. Executive currently serves as a Class C A Trustee of the TrustCompany. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall serve as President Senior Vice President-Finance and Treasurer of Company and, subject to the supervision and control of the Chairman of the Company Chief Executive Officer shall have the duties and authority generally consistent with such officeoffices. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman of the Company Chief Executive Officer and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trustoffices. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.

Capacity and Duties. (a) Executive shall serve as President Senior Vice President-Multifamily Division of Company and, subject to the supervision and control of the Chairman of the Company Chief Executive Officer, shall have the duties and authority generally consistent with such office. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Chairman of the Company Chief Executive Officer and as shall be consistent with the status and authority of his current office. Executive currently serves as a Class C Trustee of the Trust. (b) Except as permitted by subsection (c) below, Executive (i) shall devote his full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company's published rules and policies in effect from time to time, and (ii) shall not be employed by or participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole discretion of Company. "Affiliate" as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. "Control," as used in the definition of Affiliate, means the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms "controlling" and "controlled" shall have correlative meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes of the definition of Affiliate.