EXHIBIT 99.1
THE PNC FINANCIAL SERVICES GROUP, INC.
EMPLOYEE STOCK PURCHASE PLAN
(as amended and restated as of January 1, 2009)
ARTICLE I. PURPOSE AND SCOPE OF THE PLAN
1.1. Purpose. The PNC Financial Services Group, Inc. Employee Stock Purchase Plan is intended
to encourage employee participation in the ownership and economic progress of the Corporation. The
Plan as set forth herein is effective for Option Periods beginning on or after January 1, 2009, and
it supersedes and replaces in its entirety the prior Employee Stock Purchase Plan (the Prior
Plan), as originally established effective as of June 1, 2003 and as amended and restated from
time to time thereafter, with respect to any such Option Period. The Plan as in effect prior to
this amendment and restatement shall govern any Option Period beginning prior to January 1, 2009.
1.2. Definitions. Unless the context clearly indicates otherwise, the following terms have
the meaning set forth below:
Board of Directors or Board means the Board of Directors of the Corporation.
Code means the Internal Revenue Code of 1986, as amended.
Common Stock means shares of the common stock, par value $5.00 per share, of the Corporation.
Compensation means the regular remuneration paid to an Employee by the Corporation or
Designated Subsidiary which: (i) in the case of an Employee who receives commission income, means
commissions; and (ii) in the case of any other Employee, means any base salary or wage amount paid
to an Employee by the Corporation or a Designated Subsidiary that would be included in the
Employees U.S. taxable income but for the fact that such amount was contributed by the Employee to
a tax-qualified plan pursuant to an elective deferral under Section 401(k) of the Code, was
contributed by the Employee under a flexible benefit arrangement described in Section 125 of the
Code, or was deferred by the Employees election pursuant to the terms of the Corporations SISP or
any successor plan to the SISP.
Continuous Service means the period of time, uninterrupted by a termination of employment,
that an Employee has been employed by the Corporation and/or a Designated Subsidiary immediately
preceding an Offering Date. Such period of time will include any approved leave of absence.
Corporate Retirement Plans means the department of the Corporation responsible for the
day-to-day administration of and recordkeeping for the Plan.
Corporation means The PNC Financial Services Group, Inc.
Designated Subsidiary means any Subsidiary that has been designated by the Plan Committee to
participate in the Plan.
Employee means any individual classified by the Corporation or a Designated Subsidiary as an
employee.
Exercise Date means June 30 and December 31 of each Plan Year.
Fair Market Value as it relates to a share of Common Stock as of any given date means the
closing trading price on the New York Stock Exchange (or such successor reporting system as the
Corporation may select) for a share of Common Stock on such date (as reported by The Wall Street
Journal), or, if no Common Stock trades have been reported for that day, the average of such
closing prices for the next preceding day and the next following day for which there were reported
trades.
ISP means the Corporations Incentive Savings Plan.
Offering Date means July 1 and January 1 of each Plan Year.
Option Period or Period means the period beginning on an Offering Date and ending on the next
succeeding Exercise Date.
Option Price means the purchase price of a share of Common Stock hereunder as provided in
Section 3.1.
Participant means any Employee who (i) is eligible to participate in the Plan under Section
2.1 hereof and (ii) elects to participate.
Plan means the Corporations Employee Stock Purchase Plan, which is the Plan set forth in this
document, as the same may be amended from time to time in accordance with the terms of Section 6.3.
Plan Account or Account means the account established and maintained under the Plan in the
name of the Participant.
Plan Committee means a committee of officers of the Corporation and/or Designated Subsidiaries
appointed by the Board of Directors or the Personnel and Compensation Committee of the Board, which
committee of officers will administer the Plan as provided in Section 1.3.
Plan Year means the twelve (12) consecutive month period beginning on January 1 and ending on
the following December 31.
Retire, Retires, or Retirement means termination of Participants employment with the
Corporation or a Designated Subsidiary at any time and for any reason (other than termination by
reason of the Participants death or by the Corporation or a Designated Subsidiary for cause and,
if the Plan Committee so determines prior to such divestiture, other than by reason of termination
in connection with a divestiture of assets or a divestiture of one or more subsidiaries of the
Corporation) on or after the date on which Participant attains age fifty-five (55) and completes
five (5) years of service, where a year of service is determined in the same manner as the
determination of a year of vesting service calculated under the provisions of The PNC Financial
Services Group, Inc. Pension Plan.
RSP means the PNC Global Investment Servicing Retirement Savings Plan.
SISP means the Corporations Supplemental Incentive Savings Plan.
Subsidiary means any company in which the Corporation owns, directly or indirectly, shares
possessing 50% or more of the total combined voting power of all classes of stock.
1.3. Administration of Plan; Delegation. Subject to oversight by the Board of Directors or
the Boards Personnel and Compensation Committee, the Plan Committee will have the
authority to
administer the Plan and to make and adopt rules and regulations not inconsistent with the
provisions of the Plan or the Code. The Plan Committee or the Plan
Manager, if any, will adopt the form of all notices required hereunder. Its interpretations and decisions in respect to the
Plan will, subject as aforesaid, be final and conclusive. The Plan Committee will have the
authority to appoint an Employee as Plan Manager and to delegate to the Plan Manager such authority
with respect to the administration of the Plan as the Plan Committee, in its sole discretion, deems
advisable from time to time.
The Board or the Personnel and Compensation Committee of the Board may, in its sole
discretion, delegate authority hereunder, including but not limited to delegating authority to
amend, administer, interpret, construe or vary the Plan, to the extent permitted by applicable law
or administrative or regulatory rule.
1.4. Effective Date of Plan. The effective date of the Plan is January 1, 2009.
1.5. Extension or Termination of Plan. The Plan will continue in effect through and
including December 31, 2013, unless terminated prior thereto pursuant to Section 4.3 or by the
Board of Directors or the Personnel and Compensation Committee of the Board, each of which will
have the right to extend the term of or terminate the Plan at any time. Upon any such termination,
the balance, if any, in each Participants Account will be refunded to the Participant, or
otherwise disposed of in accordance with policies and procedures prescribed by the Plan Committee
in cases where such a refund may not be possible.
ARTICLE II. PARTICIPATION
2.1 Eligibility. Effective beginning with the Option Period commencing on January 1, 2009,
each full-time Employee or rehired Employee, including those serving on the Plan Committee or
serving as Plan Manager, who on an Offering Date will have at least six (6) months of Continuous
Service, and each part-time Employee (excluding peak-time employees who were not otherwise
previously participating in the Plan or the Prior Plan as full or part-time employees) or rehired
Employee who on an Offering Date will have at least twelve (12) months of Continuous Service, may
become a Participant by filing a notice with Corporate Retirement Plans prior to such Offering
Date. Participants who participated in the Prior Plan will continue to participate in this Plan
pursuant to the same elections made under the Prior Plan until they make elections in accordance
with Section 2.2 or otherwise withdraw or are terminated in accordance with Article V. No
Employee may participate in the Plan if said Employee, immediately after an Offering Date, would be
deemed for purposes of Section 423(b)(3) of the Code to possess 5% or more of the total combined
voting power or value of all classes of stock of the Corporation or any Subsidiary.
2.2 Payroll Deductions. Payment for shares of Common Stock purchased hereunder will be made
by authorized payroll deductions from each payment of Compensation in accordance with instructions
received from a Participant. Said deductions will be expressed as a whole number percentage that is
at least 1% but not more than 10%. A Participant may not increase or decrease the percentage
deduction during an Option Period. However, a Participant may change the percentage deduction for
any subsequent Option Period by filing notice thereof with Corporate Retirement Plans prior to the
Offering Date on which such Option Period commences. During an Option Period, a Participant may
discontinue payroll deductions but have the payroll deductions previously made during that Option
Period remain in the Participants Account to purchase Common Stock on the next Exercise Date,
provided that he or she is an Employee as of that Exercise Date. Payroll deductions may be
automatically suspended if, during a Plan Year, a Participant has reached any applicable limit
imposed by law or has taken a hardship withdrawal from the ISP or RSP. For Participants that have
been suspended due to reaching any applicable limits imposed by law, payroll deductions will
recommence at the same percentage at the beginning of the next Plan Year if the Participant
continues to be eligible to participate and has not elected to discontinue deductions.
Participants suspended because of a hardship withdrawal are eligible to enroll for any subsequent
offering period. Any
amount remaining in the Participants Account after the purchase of Common
Stock will be carried over to the next Offering Period unless the Participant submits a request to
discontinue payroll deductions to Corporate Retirement Plans. Any Participant who discontinues payroll deductions
during an Option Period may again become a Participant for a subsequent Option Period by filing a
notice in accordance with Section 2.1. Amounts deducted from a Participants Compensation pursuant
to Section 2.2 will be credited to the Participants Account.
ARTICLE III. PURCHASE OF SHARES
3.1 Option Price. Effective beginning with the Option Period commencing on January 1, 2009,
the Option Price per share of the Common Stock sold to Participants under the Plan will be 95% of
the Fair Market Value of such share on the Exercise Date of the Option Period; provided, however,
in no event will the Option Price per share be less than the par value of the Common Stock.
3.2 Purchase of Shares. On each Exercise Date, the amount in a Participants Account will be
charged with the aggregate Option Price of the largest number of whole shares of Common Stock which
can be purchased with said amount. Shares of Common Stock purchased by a Participant on any
Exercise Date will be issued in the manner most recently elected by the Participant and on file
with Corporate Retirement Plans.
3.3 Limitations on Purchase. No Participants purchase of Common Stock under the Plan will
exceed the limitations imposed by Section 423(b)(8) of the Code.
3.4 Transferability of Rights. Only Participants can exercise rights to purchase shares
hereunder. Such rights are not transferable.
ARTICLE IV. PROVISIONS RELATING TO COMMON STOCK
4.1 Common Stock Reserved. As of January 1, 2009, there will be 2,000,000 shares of Common
Stock authorized and reserved for use in accordance with the Plan, subject to adjustment in
accordance with Section 4.2, in addition to the shares previously authorized and issued under the
Plan. The 2,000,000 shares of Common Stock authorized and reserved for issuance hereunder includes
all of the shares authorized and reserved for issuance under the Prior Plan for Option Periods
beginning prior to January 1, 2009 but that were not issued thereunder (Unissued Shares), plus
additional shares, which, when added to the Unissued Shares, total 2,000,000 shares. The aggregate
number of shares which may be purchased thereafter under the Plan will not exceed the number of
shares reserved for the Plan.
4.2 Adjustment for Changes in Common Stock. Upon the occurrence of a corporate transaction or
transactions (including, without limitation, stock dividends, stock splits, spin-offs, split-offs,
recapitalizations, mergers, consolidations or reorganizations of or by the Corporation (each, a
Corporate Transaction)), the Plan Committee shall make those adjustments, if any, in (i) the
number, class or kind of shares or other securities that may be reserved for purchase, or
purchased, hereunder, and (ii) the Option Price that it deems appropriate in its discretion to
reflect the Corporate Transaction(s) such that the rights of Participants are neither enlarged nor
diminished as a result of such Corporate Transaction or Transactions. All determinations hereunder
shall be made by the Plan Committee in its sole discretion and shall be final, binding and
conclusive for all purposes on all parties, including without limitation the Participants. The
Corporation shall determine the manner in which any fractional shares will be treated.
4.3 Insufficient Shares. If the aggregate funds available for the purchase of Common Stock on
any Exercise Date would cause an issuance of shares in excess of the number provided for in Section
4.1, then (i) the Plan Committee will proportionately reduce the number of shares which
would
otherwise be purchased by each Participant in order to eliminate such excess and (ii) the Plan will
automatically terminate immediately after such Exercise Date.
4.4 Confirmation. Each purchase of Common Stock hereunder will be confirmed in writing to
the Participant. A record of purchases will be maintained by appropriate entries on the books of
the Corporation.
4.5 Rights as Shareholders. The shares of Common Stock purchased by a Participant on an
Exercise Date will, for all purposes, be deemed to have been issued and sold at the close of
business on such Exercise Date. Prior to that time, none of the rights or privileges of a
shareholder of the Corporation will exist with respect to such shares.
ARTICLE V. TERMINATION OF PARTICIPATION
5.1 Voluntary Withdrawal. A Participant may withdraw from the Plan at any time by filing
notice of withdrawal prior to the close of business on an Exercise Date. Upon withdrawal, the
entire amount, if any, in a Participants Account will be refunded to him or to her without
interest. Any Participant who withdraws from the Plan may again become a Participant in accordance
with Section 2.1.
5.2 Termination of Eligibility. A Participant who Retires during an Option Period may elect
to withdraw the entire cash balance, if any, in the Participants Plan Account. If a Participant
who Retires during an Option Period has not made a withdrawal election as provided for in the
preceding sentence at least fifteen (15) days prior to the next succeeding Exercise Date, any cash
balance remaining in the Participants Plan Account will be applied toward the purchase of whole
shares of Common Stock on the next succeeding Exercise Date and any cash balance remaining in the
Participants Plan Account after such purchase will be refunded to the Participant without
interest.
If a Participant ceases to be eligible under Section 2.1 during an Option Period because of
the Participants death while employed by the Corporation or a Designated Subsidiary, the cash
balance remaining in the Participants Plan Account will be distributed without interest to the
Participants designated beneficiary or, in the absence of an effective beneficiary designation, to
the Participants personal representative or, if no personal representative has qualified, to the
persons entitled thereto under the laws of descent and distribution. During the Participants
lifetime, a Participant may file a beneficiary designation with the Corporation in such manner and
form as the Corporation may from time to time direct.
If a Participant ceases to be eligible under Section 2.1 during an Option Period because the
Participants employer, while remaining a Subsidiary, ceases to be a Designated Subsidiary, then
any cash balance remaining in the Participants Plan Account at the time such Subsidiary ceases to
be a Designated Subsidiary will be applied toward the purchase of whole shares of Common Stock on
the next succeeding Exercise Date (unless withdrawn pursuant to Section 5.1) and any cash balance
remaining in the Participants Plan Account after such purchase will be refunded without interest.
If a Participant ceases to be eligible under Section 2.1 during an Option Period because the
Participants employment with the Corporation or a Designated Subsidiary has ended for any other
reason, the cash balance remaining in the Participants Plan Account will be refunded or
distributed without interest to the Participant.
Notwithstanding the above, in cases where a refund or distribution in accordance with the
provisions of Section 5.2 may not be possible or practicable, the cash balance remaining in the
Participants Plan Account will be disposed of as determined by the Plan Committee.
ARTICLE VI. GENERAL PROVISIONS
6.1 Notices. Any notice, which a Participant files pursuant to the Plan, shall be made as
prescribed by the Plan Committee or the Plan Manager, if any, and will be effective only when such
notices are received by Corporate Retirement Plans.
6.2 Condition of Employment. Neither the creation of the Plan nor participation therein will
be deemed to create any right of continued employment or in any way affect the right of the
Corporation or a Designated Subsidiary to terminate an Employees employment.
6.3 Amendment of the Plan. The Board of Directors or the Boards Personnel and Compensation
Committee may at any time, or from time to time, amend the Plan in any respect, except that,
without approval of the shareholders, no amendment may increase the aggregate number of shares
reserved under the Plan other than as provided in Section 4.2, materially increase the benefits
accruing to Participants, or materially modify the requirements as to eligibility for participation
in the Plan. Any amendment of the Plan must be made in accordance with applicable provisions of the
Code and/or any regulations issued thereunder, with any other applicable law or regulations, and
with any applicable requirements of the principal exchange upon which the Common Stock is listed.
6.4 Application of Funds. All funds received by the Corporation by reason of purchases of
Common Stock hereunder may be used for any corporate purpose.
6.5 Legal Restrictions. The Corporation will not be obligated to sell shares of Common Stock
hereunder if counsel to the Corporation determines that such sale would violate any applicable law
or regulation.
6.6 Gender. Whenever used herein, use of any gender will be applicable to both genders.
6.7 Governing Law. The Plan and all rights and obligations thereunder will be constructed and
enforced in accordance with the laws of the Commonwealth of Pennsylvania, without reference to its
conflict of laws provisions, and any applicable provisions of the Code and the related regulations.