Share Retention Requirements. For purposes of the share retention requirements of the Trust’s governance guidelines, the Shares issued to the Grantee under the Program shall be treated as though they were restricted shares that became vested upon issuance. However, any share retention requirement that results from this provision shall immediately lapse upon the Participant’s termination of employment with the Employer.
Share Retention Requirements. For purposes of the share retention requirements set forth in Section X of the Trust’s Corporate Governance Guidelines (the “Share Retention Requirements”), the Shares issued to the Grantee under the Program shall be treated as though they were restricted shares that became vested upon issuance. If the Grantee has not met the Share Retention Requirements1 when the Shares are issued, the Grantee shall be required to retain 100% of such Shares until such Share Retention Requirements have been satisfied. However, any share retention requirement that results from this provision shall immediately lapse upon the Participant’s termination of employment with the Employer.
Share Retention Requirements. Dispose of its ownership interests (or voting rights) or otherwise allow a change of control of any of the Subsidiaries, or grant a pledge or any other form of security interest over its ownership interests in the Subsidiaries.
Share Retention Requirements. For purposes of the share retention requirements of the Trust’s governance guidelines, as set forth in Section X of the Trust’s Corporate Governance Guidelines, the Shares issued to the Grantee under the Program shall be treated as though they were restricted shares that became vested upon issuance. However, any share retention requirement that results from this provision shall immediately lapse upon the Participant’s termination of employment with the Employer. These provisions include the following with respect to “Covered Officers” as defined therein.
(a) The Board of Trustees expects all Covered Officers to own a meaningful equity interest in the Company to more closely align the interests of executive management with the interests of shareholders. Accordingly, the Board of Trustees has established equity ownership guidelines for Covered Officers. For the purposes of these guidelines, the term “Covered Officers” shall include the Chief Executive Officer, the Executive Chairman, the Vice Chairman, Executive Vice Presidents and Senior Vice Presidents.
(b) Each Covered Officer shall maintain ownership of PREIT Securities with an aggregate dollar value based on a multiple of such Covered Officer’s base salary as follows: Chief Executive Officer, five times; Executive Chairman and Vice Chairman, three times; Executive Vice Presidents, two times; and Senior Vice Presidents, one times.
(c) For the purposes of these guidelines, the term “PREIT Securities” includes (i) any class of equity securities of the Trust or its subsidiary operating partnership, PREIT Associates, L.P., whether held directly or indirectly or by or for the benefit of immediate family members, (ii) vested restricted shares and (iii) the after-tax, in the money value of exercisable options, but shall exclude (X) unvested restricted shares, (Y) unexercisable options, and (Z) shares held in a margin account or pledged as collateral for a loan.
(d) Each Covered Officer must be in compliance with the foregoing requirements within five years from the date on which he or she is appointed as a Covered Officer.
(e) Each Covered Officer that has met the above share ownership requirements is required to retain 50% of the net shares received under the Trust’s equity based compensation plans for a one year period. Each Covered Officer that has not met the above share ownership requirements is required to retain 100% of the net shares received under the Trust’s equity based compensation plans until the a...
