Rochester,NY 8/26/2009 9:42:06 PM
PNC Financial Services Group Inc. PNC, Five top officers get additional 2009 salary in stock units
PNC Financial Services Group Inc.
PNC Financial Services Group Inc., is giving five top officers additional 2009 salary paid in long-term restricted stock units, according to an Aug. 21 filing with the Securities and Exchange Commission, nearly tripling Chairman and CEO Jim Rohr’s cash pay this year and almost quadrupling Senior Vice Chairman William Demchak’s.
PNC directors determined last Wednesday that salaries would be adjusted to address the impact of the Treasury Department’s compensation restrictions on TARP recipients that was enacted June 15, the filing said. It caps bonuses at 33 percent of an executive’s total pay.
Restricted stock units are grants valued in terms of company stock: after the recipient satisfied the vesting requirement, the company distributes the cash equivalent of the number of shares used to value the unit. The five PNC executives cannot sell this restricted stock before March 31, 2011.
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