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PNC » Topics » Significant Program Developments

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

Significant Program Developments

 

The Committee made the following significant decisions from May 2008 until the present, with respect to our named executive officers:

 

  •  

Did not increase base salaries.

 

  •  

Eliminated or significantly reduced cash bonus payments for 2008, replacing them with grants of restricted stock.

 

  •  

Did not provide an annual incentive performance unit grant in 2009.

 

  •  

Granted performance options in 2009 tied to quantitative and qualitative criteria related to the integration of the National City transaction.

 

  •  

Granted performance options in July 2008 that were tied to a 20% increase in our stock price.

 

  •  

Reformed our overall perquisites policy, beginning in 2009, to:

 

  •  

Reduce the perquisite allowance from $50,000 to $10,000.

 

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Require the three executives who are required or generally permitted to use corporate aircraft for personal trips to pay for all such trips.

 

  •  

Prohibit any tax “gross-ups” on perquisites.

 

  •  

Modified the peer group for 2009 to reflect a dramatic reshaping of our industry and PNC’s significant growth.

 

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