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PNC » Topics » 5. Forfeiture Upon Termination for Cause Prior to a Change in Control .

This excerpt taken from the PNC 10-Q filed May 9, 2007.

5. Forfeiture Upon Termination for Cause Prior to a Change in Control.

In the event that Grantee’s employment with the Corporation is terminated by the Corporation for Cause prior to the second (2nd) anniversary of the Grant Date and prior to the occurrence of a Change in Control, if any and if earlier that the second (2nd) anniversary of the Grant Date, all Restricted Share Units that are Unvested Share Units on Grantee’s Termination Date, together with all Dividend Equivalents granted hereunder in connection with such Restricted Share Units, will be forfeited by Grantee to PNC without payment of any consideration by PNC.

Upon forfeiture of Unvested Share Units and Dividend Equivalents pursuant to the provisions of this Section 5, the Grant will terminate and neither Grantee nor any successors, heirs, assigns or legal representatives of Grantee will thereafter have any further rights or interest in such Unvested Share Units or Dividend Equivalents.

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