Common use of Payment Upon a Change of Control Clause in Contracts

Payment Upon a Change of Control. Accrual of Dividend Equivalents will cease as of the Change of Control. Upon a Change of Control, Dividend Equivalents accrued (without reinvestment or interest) between the Grant Date and the Change of Control will vest and be paid out in cash, less the payment of any applicable withholding taxes pursuant to Section 6 of Appendix A, if and when the applicable Tranche vests and pays out, as if you were the record holder of the number of Shares equal to the number of vested RSUs underlying such Tranche from the Grant Date through the date of the Change of Control.

Appears in 6 contracts

Samples: Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.), Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.), Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.)

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Payment Upon a Change of Control. Accrual of Dividend Equivalents will cease as of the Change of Control. Upon a Change of Control, Dividend Equivalents accrued (without reinvestment or interest) between the Grant Date and the Change of Control will vest and be paid out in cash, less the payment of any applicable withholding taxes pursuant to Section 6 of Appendix A, if and when the applicable Tranche Award vests and pays out, as if you were the record holder of the number of Shares equal to the number of vested RSUs Payout Share Units underlying such Tranche the Award from the Grant Date through the date of the Change of Control.

Appears in 5 contracts

Samples: Performance Share Units Award Agreement (PNC Financial Services Group, Inc.), Performance Share Units Award Agreement (PNC Financial Services Group, Inc.), Performance Share Units Award Agreement (PNC Financial Services Group, Inc.)

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Payment Upon a Change of Control. Accrual of Dividend Equivalents will cease as of the Change of Control. Upon a Change of Control, Dividend Equivalents accrued (without reinvestment or interest) between the Grant Date and the Change of Control will vest and be paid out in cash, less the payment of any applicable withholding taxes pursuant to Section 6 of Appendix A, if and when the applicable Tranche vests and pays out, as if you were the record holder of the number of Shares equal to the number of vested RSUs Payout Share Units underlying such Tranche from the Grant Date through the date of the Change of Control.

Appears in 4 contracts

Samples: Performance Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.), Performance Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.), Performance Restricted Share Units Award Agreement (PNC Financial Services Group, Inc.)

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