|
|
![]() | ![]() | ![]() | ![]() |
| |||||||||
This excerpt taken from the PNC 8-K filed Sep 12, 2008. [Alternative 2: For all other SERP participants] (A) Vesting of Pension Plan Benefits. (1) To the extent that (i) the Executives benefits under The PNC Financial Services Group, Inc. ERISA Excess Pension Plan or any successor plan (the Excess Plan) and The PNC Financial Services Group, Inc. Supplemental Executive Retirement Plan or any successor plan (the SERP, and together with the Excess Plan, the Nonqualified Company Pension Plans) are unvested as of the Date of Termination, and (ii) the Executive would become vested in the Nonqualified Company Pension Plans had the Executives employment continued for a number of years (including partial years) equal to the Classification Factor, the Executives benefits under the Nonqualified Company Pension Plans shall vest in full and be paid to the Executive in accordance with the terms of such plans. This clause 5(a)(ii)(A)(1) shall constitute an amendment of the Nonqualified Company Pension Plans. (2) To the extent that (i) the Executive is not fully vested in the accrued benefit under The PNC Financial Services Group, Inc. Pension Plan or any successor plan (the Pension Plan, and together with the Nonqualified Company Pension Plans, the Company Pension Plans) as of the Date of Termination, and (ii) the Executive would become vested in the Pension Plan had the Executives employment continued for a number of years (including partial years) equal to the Classification Factor, the Company shall immediately credit to the Executives account balance under the Excess Plan an amount equal to the Executives unvested benefit under the Pension Plan as of the Date of Termination, which amount will be paid to the Executive in accordance with the terms of, and the Executives distribution elections (if any) applicable to, the Excess Plan. (B) Additional Earnings Credits with respect to the Benefits Period. In addition to the benefits provided under Section 5(a)(ii)(A), the Company shall pay to the Executive within 30 days of the Date of Termination a lump sum amount in cash equal to the earnings credits (including any transitional earnings credits, to the extent applicable) under the Company Pension Plans in which the Executive participates as of the Date of Termination (or, if more favorable to the Executive, the Company Pension Plans in which the Executive participated as in effect immediately prior to the Effective Date) that the Executive would receive if the Executives employment continued during the Benefits Period and assuming for this purpose that (1) the Executives benefits under such plans are fully vested; (2) the Executives compensation during each year of the Benefits Period is equal to the Annual Base Salary and the Highest Annual Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; (3) the
13
Executive received (x) an Annual Bonus with respect to the year in which the Date of Termination occurs equal to the amount payable pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the Company preceding the Date of Termination equal to the amount payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent that an accrual in respect of the compensation described in this clause (3) has not already been credited to the Executive under the Company Pension Plans; and (4) the earnings credits are at the level of earnings credits (including any transitional earnings credits, to the extent applicable) as in effect under the Company Pension Plans as of the Date of Termination (or, if more favorable to the Executive, as in effect under the Company Pension Plans immediately prior to the Effective Date). (C) No Adverse Effect. The determinations and calculations made pursuant to Sections 5(a)(ii)(A)(2) and 5(a)(ii)(B) shall be made without giving effect to any amendments made to the Company Pension Plans during the Employment Period that adversely affect in any manner the amount of pension benefits payable to the Executive under the Company Pension Plans. |
| |||||||