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PNC » Topics » TRANSFER OF EMPLOYMENT TO MINORITY-OWNED ENTITY

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

TRANSFER OF EMPLOYMENT TO MINORITY-OWNED ENTITY

If a Participant is transferred from the employment of the Corporation or a Subsidiary to an entity the equity of which (directly or indirectly) is owned 10% or more (but 50% or less) by the Corporation (a “Minority-Owned Entity”), the benefits earned while a Participant will be frozen (except that Interest Credits under Section 4.4, if applicable, will continue) and will be paid in the event that the Participant subsequently incurs a Vested Termination of Employment from the employment of the Minority-Owned Entity.

 

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