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PNC » Topics » CERTAIN REQUIRED POLICY TRANSFERS

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

CERTAIN REQUIRED POLICY TRANSFERS

Within 60 days after a Change in Control which also qualifies as a “change in ownership or effective control” under Internal Revenue Code Section 409A, all of the life insurance policies that cover Participants hereunder shall be transferred to the respective Participants on whose lives the policies were issued (provided, that in the case of designated Participants covered by Section 2.3, they shall be transferred instead an amount in cash equal to the accumulated cash surrender value of their individual policy as of April 1, 2002, January 1, 2003 or January 1, 2004, as applicable, and all other rights hereunder shall terminate). Such transfers shall be made without the payment of any consideration by the affected Participants.

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