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This excerpt taken from the PNC DEF 14A filed Mar 23, 2007.
The table below summarizes the compensation that we provided to our named executive officers for 2006, computed in accordance with SEC regulations. As described in the footnotes to this table, equity-based compensation is presented reflecting the compensation expense we recognized in 2006 with respect to awards made in 2006 and prior years. The use of this methodology means that the executive officer may ultimately realize a value from these awards that is greater than or less than the amounts shown in the table with respect to these awards, depending on the value of the stock when the award vests or is exercised. The equity awards made in 2006, and their values at the time of grant, are presented in the “Grants of Plan-Based Awards in 2006” table on page 48.
The amounts shown under “Stock Awards,” “Option Awards” and “Non-Equity Incentive Plan Compensation” all have a performance or incentive element, with the ultimate value of these compensation elements to the employee depending on some combination of individual and corporate performance and/or the price of PNC stock. As the table shows, a majority of each named executive officer’s compensation includes a performance or incentive element.
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