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PNC » Topics » Compensation Decisions in the First Quarter of 2008

This excerpt taken from the PNC DEF 14A filed Mar 19, 2009.

Compensation Decisions in the First Quarter of 2008

 

Name

    2008 Salary    2007 bonus
(determined
and paid in
2008)*		    Annual Option
Grant Value
(January 2008)
**		    Target Incentive
Performance
Unit Grant
Value
(January 2008)
***		    Total

James E. Rohr

    $ 1,000,000    $ 3,500,000    $ 1,824,680    $ 2,381,600    $ 8,706,280

Richard J. Johnson

    $ 475,000    $ 725,000    $ 456,170    $ 535,860    $ 2,192,030

William S. Demchak (a)

    $ 600,000    $ 1,600,000    $ 704,990    $ 3,940,640    $ 6,845,630

Joseph C. Guyaux

    $ 620,000    $ 1,625,000    $ 746,460    $ 952,640    $ 3,944,100

Timothy G. Shack

    $ 510,000    $ 950,000    $ 539,110    $ 774,020    $ 2,773,130

 

(a)   Includes Mr. Demchak’s special additional incentive performance unit grant, as listed in the tables on pages 72 and 75. This grant was valued at approximately $2,988,000, based on a grant date closing price of $63.57 per share.

 

*   Appears in the Summary Compensation Table as “Non-Equity Incentive Plan Compensation”. That column only includes the cash amount – this column represents the full bonus (including 25% delivered in restricted stock). The portion delivered in restricted stock (25%) has been further increased by a 25% premium to reflect lack of liquidity and risk of forfeiture.

 

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Table of Contents
**   Calculated using the Black-Scholes valuation and based on an option exercise price of $57.21.

 

***   Represents the value of the target incentive performance units based on the stock price of $59.54, the closing price on grant date.

 

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