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PNC » Topics » Compensation Decisions in the First Quarter of 2007

This excerpt taken from the PNC DEF 14A filed Mar 28, 2008.

Compensation Decisions in the First Quarter of 2007

 

Name

    Salary
(as of
March
2007)		    2006
Bonus
(determined
and paid in
2007)*		     Annual Option
Grant Value
(January 2007)
**		    Target Incentive
Performance
Unit Grant
Value
(January 2007)
***		     Total

James E. Rohr

    $ 950,000    $ 6,300,000 (a)   $ 2,480,665    $ 2,623,600     $ 12,354,265

Richard J. Johnson

    $ 425,000    $ 880,000 (b)   $ 536,360    $ 562,200     $ 2,403,560

Joseph C. Guyaux

    $ 620,000    $ 2,260,000 (c)   $ 1,072,720    $ 974,480     $ 4,927,200

William S. Demchak

    $ 600,000    $ 2,320,000 (c)   $ 1,005,675    $ 2,974,480 (d)   $ 6,900,155

Timothy G. Shack

    $ 510,000    $ 1,522,000 (c)   $ 737,495    $ 824,560     $ 3,594,055

 

*   Appears in the Summary Compensation Table as “Non-Equity Incentive Plan Compensation”. That column only includes the cash amount—this column reflects the full bonus (including the 25% mandatory deferral into restricted stock under the 25/25 Program). For 162(m) plan participants, the bonuses are determined based on maximum allowable amount and then reduced by the Committee using its negative discretion.

 

**   Calculated pursuant to an estimated Black-Scholes valuation of $12.19, and an exercise price of $72.65.

 

***   Represents the value of the target amount of Incentive Performance Units based on a stock price of $74.96, the closing price on the grant date.

 

(a)   Includes a special restricted stock award of 33,000 shares (approximately $2,500,000) in light of significant contributions related to the 2006 merger of BlackRock and Merrill Lynch Investment Managers (“BlackRock Merger”).

 

(b)   Includes $200,000 adjustment in light of the executive’s contributions to the BlackRock Merger.

 

(c)   Includes $400,000 adjustment in light of the executive’s contributions to the BlackRock Merger.

 

(d)   Includes Mr. Demchak’s special additional incentive performance unit grant, valued at approximately $2,000,000, as listed in the table on page 46 and further discussed on page 47-49.

 

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