PNC Financial Services (PNC)

PAYMENT OF BENEFITS

The benefits payable to a Participant under this Plan will be made from the general revenues of the entity that employs the Participant on the date of the Participant’s Vested Termination of Employment.

PAYMENT OF BENEFITS

5.1 Time and Manner of Distributions. Upon the earlier of a Participant’s termination of employment or death, the Administrator shall commence payment of the Participant’s Account to the Participant or the Participant’s Beneficiary, as applicable, as soon as practicable thereafter; provided, however, that the Committee may determine in its sole and absolute discretion to delay payment commencement to any Participant if necessary to avoid application of the deduction limitation of Section 162(m) of the Code to the Employer. All distributions shall be based on the value of a Participant’s Account measured as of the Valuation Date immediately preceding the date of distribution. The form of distribution shall be determined in the sole and absolute discretion of the Administrator and shall either be in the form of a single-sum payment or in substantially equal annual installments (adjusted periodically to reflect interest credited on the Participant’s Account pursuant to Section 4.3) over a period of time, not to exceed ten years. In the event that the Participant’s Account is distributed in installments, the Administrator may in its sole and absolute discretion at any point in time during the payout period pay the remaining balance of the Participant’s Account in a single-sum payment.

5.2 Death of Participant After Commencement of Benefit Payments. In the event that a Participant dies after the commencement of benefit payments and prior to the Participant having received 100% of the value of the Participant’s Account, the balance of the Participant’s Account shall be paid to the Participant’s Beneficiary in accordance with the method of distribution already in effect, subject to the sole and absolute discretion of the Administrator to pay the remaining balance of the Participant’s Account to the Beneficiary in a single-sum payment.

5.3 Incapacity of Recipient. If any person entitled to a distribution under this Plan is deemed by the Administrator to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Administrator may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of the Sponsor, the Employer and the Plan therefor.

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