Summary
PNC Financial Services Group, Inc. has announced the adoption of a new Executive Severance Plan, effective March 21, 2025. This plan establishes a standardized framework for providing severance payments and benefits to eligible employees, including the company's named executive officers (NEOs), upon specific termination events. The plan was developed in consultation with an independent compensation consultant to ensure appropriate and equitable arrangements. Key provisions of the plan include 52 weeks of continued base salary, a prorated annual cash incentive award, continued vesting of certain unvested equity awards granted before February 1, 2025, 52 weeks of COBRA premium contributions (70% of cost), and talent transition benefits. These benefits are contingent upon specific termination conditions (involuntary termination without cause or resignation for good reason) and require the executive to provide 60 days' notice of resignation and sign a release of claims. This plan does not affect existing change-in-control agreements.
Key Highlights
- 1PNC has implemented a new Executive Severance Plan, effective March 21, 2025.
- 2The plan provides a standardized severance framework for eligible executives, including Named Executive Officers (NEOs).
- 3Key benefits include 52 weeks of continued base salary and prorated annual cash incentive awards.
- 4Unvested equity awards granted prior to February 1, 2025, will continue to vest under specific termination conditions.
- 5Executives will receive 52 weeks of COBRA premium contributions, covering 70% of the cost.
- 6Participation requires a 60-day notice of resignation and a release of claims.
- 7The new plan does not supersede existing change-in-control agreements.