Document:

EX-10.16

 EXHIBIT 10.16 

THE PNC FINANCIAL SERVICES GROUP, INC. 

2016 INCENTIVE AWARD PLAN 

DIRECTORS DEFERRED STOCK 

UNIT PROGRAM 
 (Effective
January 1, 2017) 
 The PNC Financial Services Group, Inc. Directors Deferred Stock Unit Program (the “Program”) is a sub-plan adopted by the Nominating and Governance Committee of the Board (the “Committee”) in accordance with Section 21.7 of the PNC Financial Services Group, Inc. 2016 Incentive Award
Plan (the “Plan”). 
 In addition to the terms and conditions set forth herein, benefits provided under this Program are subject to,
and governed by, the terms and conditions set forth in the Plan, which terms are hereby incorporated by reference. Unless the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.
In the event of any conflict between the provisions of this Program and the Plan, the Committee shall have full authority and discretion to resolve such conflict and any such determination shall be final and binding on the Director and all
interested parties. 
  

	1.	Definitions 

 In this Program, the following definitions apply, except as otherwise
provided in an award agreement: 
 1.1    Account means the bookkeeping account
established for each Director who is entitled to a benefit under this Program. 
 1.2    Beneficiary
Designation Form means any form, document or online process provided by, or designated by, the Corporation or Department that a Director completes and submits in order to make or amend his or her beneficiary designation pursuant to
this Program. 
 1.3    Change of Control means: 

(a)    any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
“Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding shares
of common stock of the Corporation (the “Outstanding PNC Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the
election of directors (the “Outstanding PNC Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the
Corporation, (2) any acquisition by the Corporation, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any company controlled by, controlling or under common control with the
Corporation, (4) any acquisition pursuant to an Excluded Combination (as defined in Section 1.3(c)) or (5) an acquisition of beneficial ownership representing between 20% and 40%, inclusive, of the Outstanding PNC Voting Securities or
Outstanding PNC Common Stock shall not be considered a Change of Control if the Incumbent Board (as defined in Section 1.3(b)) as of immediately prior to any such acquisition approves such acquisition either prior to or immediately after its
occurrence; 

 (b)    Individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board (excluding any Board seat that is vacant or otherwise unoccupied); provided, however, that any individual becoming a
director subsequent to the date hereof whose election, or nomination for election by Corporation’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the
Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

(c)    Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction
involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries
(each, a “Business Combination”), excluding, however, a Business Combination following which all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding PNC Common
Stock and the Outstanding PNC Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the
Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding
PNC Common Stock and the Outstanding PNC Voting Securities, as the case may be (such a Business Combination, an “Excluded Combination”); or 

(d)    approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation. 

1.4    Deferred Stock Unit means a phantom unit representing the right to receive in
the future (a) a Share (“Share-settled Deferred Stock Unit”) or (b) cash equal to the Fair Market Value of one Share on the payment determination date (“Cash-settled Deferred Stock
Unit”), as determined by the Committee at the time of grant, in accordance with the terms of the Plan and Program. Each Deferred Stock Unit is the economic equivalent of one Share. 

1.5    Department means the Corporation’s Corporate Secretary’s Department.

 1.6    Effective Date means January 1, 2017. 

  
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 1.7    Retirement means the date of the
Director’s “separation from service,” as such term is defined under Internal Revenue Code Section 409A and its corresponding treasury regulations and related guidance. 

1.8    Unforeseeable Emergency means a severe financial hardship to a Director
resulting from (a) an illness or accident of the Director, the Director’s spouse, the Director’s designated beneficiary, or the Director’s dependent (as defined in Internal Revenue Code Section 152, without regard to
Internal Revenue Code Sections 152(b)(1), (b)(2), and (d)(1)(B)), (b) loss of the Director’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a
result of a natural disaster), or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director, in each instance as determined by the Committee, in its sole discretion, in
accordance with the requirements under Internal Revenue Code Section 409A and Section 1.409A-3(i)(3) of the treasury regulations. 
  

	2.	Purpose; Eligibility 

 This Program is intended to provide a tax-deferred method of compensation to assist the Corporation in attracting, retaining, and motivating Directors of outstanding ability and to promote the identification of their interests with those of the
shareholders of the Corporation. 
 Deferred Stock Units may be granted to each Director (including a Committee member) who is serving on
the Effective Date of this Program, or is elected or appointed and duly qualified thereafter, provided that he or she is serving as a Director on the Grant Date. 
  

	3.	Administration; Committee Determinations 

 This Program will be administered by the
Committee, except as otherwise required by applicable rule or regulation, or by the Committee Chair in the exercise of such authority as the Committee may delegate to him or her from time to time. 

In addition to any other powers granted to the Committee, it will have the following powers, subject to the express provisions of this
Program: 
 (a)    to determine, in its discretion, the Grant Date, the number or dollar value of Deferred Stock Units
to be granted to each Director, the terms upon which Deferred Stock Units may be acquired or forfeited, and the terms and conditions of each grant of Deferred Stock Units, which terms and conditions need not be identical for each Director; 

(b)    to construe and interpret this Program; 

(c)    to make all other determinations and take all other actions necessary or advisable for the administration of this
Program; and 
 (d)    to delegate to officers or managers of the Corporation or any Subsidiary, including, without
limitation, members of the Department, the authority to perform administrative functions under this Program. 

  
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 Any determinations made or actions taken by the Committee pursuant to this Section 3 or
pursuant to any other provision of this Program will be made or taken by the Committee in its sole discretion and will be final, binding and conclusive for all purposes on all parties, including, without limitation, Directors and their designated
beneficiaries. 
  

	4.	Establishment and Termination of Accounts 

 The Corporation will establish and maintain
an Account in the name of each Director as of the date on which he or she is first granted an award of Deferred Stock Units. Deferred Stock Unit awards will be credited to the Director’s Account on the Grant Date. 

 

	5.	Grant of Deferred Stock Units; Dividend Adjustments 

5.1    Annual Grants of Deferred Stock Units. The Committee may elect to
authorize an annual grant of Deferred Stock Units to each eligible Director, as of a Grant Date specified by the Committee. In such case, the number of Deferred Stock Units credited to a Grantee’s Account either will be (a) the number of
Deferred Stock Units specified in the grant or (b) calculated by dividing the dollar amount specified by the Committee for the annual grant by the Fair Market Value of a Share on the Grant Date, rounded down to the nearest whole Deferred Stock
Unit. The Corporation will credit grants authorized by the Committee pursuant to this Section 5.1, if any, to each eligible Grantee’s Account as of each annual Grant Date until the Committee acts to supersede its standing grant
authorization. 
 5.2    Special Grants of Deferred Stock Units. In
addition to annual grants of Deferred Stock Units authorized pursuant to Section 5.1, if any, the Committee may authorize grants on a special or one-time basis to Directors as of such Grant Dates and for
such purposes as the Committee may deem necessary or appropriate. The number of Deferred Stock Units credited to a Grantee’s Account pursuant to such grants either will be the number of Deferred Stock Units specified in the grant or will be
calculated in the same manner as specified in Section 5.1(b) for annual grants, as applicable. 

5.3    Crediting of Accounts. All Deferred Stock Units granted pursuant
to the Plan, together with any adjustments thereon, will be credited directly to the Grantee’s Account, subject to the terms and conditions of this Program. 

5.4    Dividend Adjustments. Deferred Stock Units credited to a
Director’s Account will be adjusted for dividends as set forth in this Section 5.4 until such time, if any, as the value of the Director’s Account is fixed pursuant to this Program. 

In the event that the Board declares a cash dividend on Common Stock, the Corporation will credit to each such Director’s Account, on or
as soon as practicable after each such dividend payment date, a number of Deferred Stock Units equal in value to the number of Shares that would have been purchased, rounded down to the nearest whole Share, determined using the average of the
closing prices of Common Stock in New York Stock Exchange composite transactions for the two trading days immediately preceding the dividend payment date or such other methodology as is then in effect for dividend reinvestment under the
Corporation’s Dividend Reinvestment and Stock Purchase Plan, on the basis of the cash dividends that would be paid on a number of Shares equal to the aggregate number of Deferred Stock Units then in such Account. 

  
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	6.	Payment 

 6.1    Time and Manner of Payment -
Retirement or Death.  
 (a)    All outstanding Share-settled Deferred Stock Units credited to a
Director’s Account at the time of his or her Retirement shall be paid out in Shares and all outstanding Cash-settled Deferred Stock Units credited to a Director’s Account at the time of his or her Retirement shall be paid in cash, each in
a single lump sum, to the former Director as soon as administratively practicable, but no later than 30 days, after the date of his or her Retirement. If a Director dies prior to Retirement, then all outstanding Deferred Stock Units credited to such
Director’s Account at the time of his or her death will be paid out, in a single lump sum, to his or her designated beneficiary(ies) as soon as administratively practicable after the date of his or her death, but in no event later than the end
of the calendar year following the year of death. Notwithstanding the foregoing, in the event that a designated beneficiary survives the Director but dies before receiving payment of all amounts in the Account due to that beneficiary, the
beneficiary’s estate will receive such unpaid amounts, in a single lump sum, as soon as practicable after the beneficiary’s death. The estate of a beneficiary who has predeceased the Director will have no claim to payments under this
Program. 
 (b)    In the case of death, if cash settlement upon death has been elected by the Director by a prior
election form delivered to the Corporation, any Share-settled Deferred Stock Units credited to a Director’s Account at the time of his or her death shall be paid out in a single lump sum in cash. 

(c)    In the case of either Retirement or death and the Committee has awarded Share-settled Deferred Stock Units to a
Director, any fractional Deferred Stock Units remaining in the Account shall be distributed in cash. 
 (d)    Any cash
payment made pursuant to this Section 6.1 shall be determined as provided in Sections 10.2, 10.3, and 10.4 hereof. 

6.2    Time and Manner of Payment - Change of Control. Notwithstanding
anything in this Program to the contrary, upon the occurrence of a Change of Control, all outstanding Deferred Stock Units (including any fractions thereof) credited to Accounts under this Program shall be paid in cash, in a single lump sum, to the
current or former Director or his or her designated beneficiary, as the case may be, as soon as administratively practicable, but no later than 30 days after the occurrence of the Change of Control. Any cash payment made pursuant to this
Section 6.2 shall be determined as provided in Sections 10.2, 10.3, and 10.4 hereof, as applicable. 
  

	7.	Beneficiary Designations 

 Each Director may designate, on a Beneficiary Designation Form
provided by the Corporation, one or more beneficiaries to receive any unpaid amounts in his or her Account, in the event of his or her death. If the Director has not made a valid beneficiary designation, the

  
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Director’s Account at his or her death will be paid to the Director’s surviving spouse, or if none, the Director’s estate. A Director may amend his or her beneficiary designations
at any time by submitting a new, properly completed Beneficiary Designation Form in accordance with the procedures established by the Department for such purpose. A Director’s beneficiary designation, including an amendment to an existing
beneficiary designation, shall be effective immediately upon receipt of such a properly completed Beneficiary Designation Form. 
  

	8.	Capital Adjustments 

 Upon the occurrence of a Corporate Transaction, the Committee shall
make adjustments, if any, to the number, class or kind of Deferred Stock Units then outstanding, or shall make such other adjustments, if any, to the amounts in the Accounts, in accordance with Section 15 of the Plan. The Committee shall
determine the manner in which any fractional Deferred Stock Units will be treated. 
 All determinations hereunder shall be made by the
Committee, in its sole discretion, and shall be final, binding and conclusive for all purposes on all parties, including without limitation the Grantee or his or her designated beneficiaries. 

 

	9.	Account Statements 

 A statement will be sent or otherwise made available to each current
or former Director with a balance in his or her Account. Such statement will list the aggregate number of Deferred Stock Units in the Account, including any adjustments made for dividends pursuant to Section 5.4 or other adjustments pursuant to
Section 8, if applicable. The Corporation’s officers may also provide such additional statements, if any, as they may deem appropriate from time to time. 
  

	10.	Form of Account Payments 

 10.1    Unless otherwise provided
in this Program under Sections 6.1(b), 6.1(c), 6.2, or 11, payment of Share-settled Deferred Stock Units hereunder will be made solely in the form of Shares that are authorized for issuance under the Plan. 

10.2    In the event of the grant of Cash-settled Deferred Stock Units hereunder, the cash payment shall be
determined as follows: 
 (a)    upon Retirement, by multiplying the number of Cash-settled Deferred Stock Units in the
Account by the higher of the following: (i) the Fair Market Value per Share on the date of Retirement and (ii) the average Fair Market Value of a Share for all trading days during the 12-month period
immediately preceding the date of Retirement; 
 (b)    upon death, by multiplying the number of Cash-settled Deferred
Stock Units in the Account by the higher of the following: (i) the Fair Market Value per Share on the date of death and (ii) the average Fair Market Value of a Share for all trading days during the
12-month period immediately preceding the date of death; 
 (c)    upon a Change
of Control, by multiplying the number of Cash-settled Deferred Stock Units in the Account by the higher of the following: (i) the Fair Market Value per 

  
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Share on the business day immediately preceding the Change of Control and (ii) the average Fair Market Value of a Share for all trading days during the
12-month period immediately preceding the business day before the Change of Control; and 

(d)    in the event of an Unforeseeable Emergency, by multiplying the number of Cash-settled Deferred Stock Units approved
for withdrawal by the Committee by the higher of (i) the Fair Market Value per Share on the date the Committee approves the withdrawal and (ii) the average Fair Market Value of a Share for all trading days during the 12-month period immediately preceding the date that the Committee approves the withdrawal. 

10.3    In the event any Share-settled Deferred Stock Units will be settled for cash under the circumstances
described in Sections 6.1(b), 6.2, or 11 hereof, the cash payment will be determined (a) upon death by multiplying the number of Share-settled Deferred Stock Units in the Account by the Fair Market Value per Share on the date of death,
(b) upon a Change of Control by multiplying the number of Share-settled Deferred Stock Units in the Account by the Fair Market Value per Share on the business day immediately preceding the Change of Control, and (c) in the event of an
Unforeseeable Emergency by multiplying the number of Share-settled Deferred Stock Units approved for withdrawal by the Committee by the Fair Market Value per Share on the date the Committee approves the withdrawal. 

10.4    The cash payment of any fractional Deferred Stock Units will be determined by multiplying the number of
fractional Deferred Stock Units in the Account by the higher of (i) the Fair Market Value per Share on the applicable date and (ii) the average Fair Market Value of a Share for all trading days during the
12-month period immediately preceding such date. 
  

	11.	Unforeseeable Emergency Withdrawal.  

 In the event of an
Unforeseeable Emergency, a Director may file a notice with the Department to be presented to the Committee, advising it of the circumstances of the Unforeseeable Emergency and requesting a withdrawal of such Director’s Account or a portion of
the Account. 
 Upon approval of the Committee, payment amounts to a Director on account of an Unforeseeable Emergency will be made, in a
single lump sum payment, as soon as administratively practicable, but, in any event, no later than 30 days after such approval. In the event of an Unforeseeable Emergency, (a) the Director may elect to receive a distribution of Share-settled
Deferred Stock Units in the Account in the form of cash, in a single lump sum and (b) any fractional Deferred Stock Units remaining in the Account, in the case of Share-settled Deferred Stock Units, shall be distributed in cash; provided that
any cash payment, with respect to Share-settled Deferred Stock Units or Cash-settled Deferred Stock Units, made pursuant to this Section 11 shall be determined as provided in Sections 10.2, 10.3, and 10.4 hereof. 

A withdrawal by a Director on account of an Unforeseeable Emergency will have no effect on any amounts remaining in such Director’s
Account, and will not have any effect on any current or future deferral after the withdrawal. Withdrawals of amounts because of such Unforeseeable Emergency will only be permitted to the extent reasonably necessary to satisfy the Unforeseeable
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result 

  
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of the distribution, after taking into account the extent to which such Unforeseeable Emergency is or may be relieved (a) through reimbursement or compensation by insurance or otherwise, or
(b) by liquidation of the Director’s assets, to the extent the liquidation of such assets would not itself cause a financial hardship. 
  

	12.	Effective Date of this Program 

 This Program is effective as of January 1, 2017.

 This Program will continue in effect until terminated by the Board or the Committee pursuant to Section 14.8. Notwithstanding
anything in this Program to the contrary, no Deferred Stock Units may be granted under Section 5.1 or Section 5.2 after termination of this Program or after the occurrence of a Change of Control. The termination of this Program will not
affect the validity of any Deferred Stock Unit, including any features thereof, credited to an Account on the date of termination. 
  

	13.	Indemnification of Committee 

 In addition to such other rights of indemnification as
they may have as directors or as members of the Committee, the members of the Committee will be indemnified by the Corporation against the reasonable expenses, including attorneys’ fees, actually and reasonably incurred in connection with the
defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with this Program or any Deferred Stock Unit
granted hereunder, and against all amounts reasonably paid by them in settlement thereof or paid by them in satisfaction of a judgment in any such action, suit or proceeding, if such members acted in good faith and in a manner that they believed to
be in, and not opposed to, the best interests of the Corporation. 
  

	14.	Miscellaneous Provisions 

 14.1    No Right or
Obligation of Continued Service. Nothing contained herein will entitle a Director to continue to serve as a member of the Board or require a Director to continue to provide services as a member of the Board. The termination of a
Director’s service as a member of the Board will have no effect on his or her rights hereunder, except as otherwise provided herein. 

14.2    No Shareholder Rights. The sole interest of a Director hereunder will be the right to
receive the payments provided for herein as and when the same becomes due and payable. A Director will have no rights as a shareholder of the Corporation with respect to Deferred Stock Units credited to his or her Account prior to any distribution
of Shares hereunder. 
 14.3    Nonalienability. Except for the withholding of
any tax under applicable law, no Deferred Stock Units or other amounts credited to an Account or any amount payable at any time hereunder will be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment or other legal
process, or encumbrance of any kind (including as the result of any domestic relations order). Any attempt to alienate, sell, transfer, assign, pledge, attach or otherwise encumber any such Deferred Stock Units or amount, whether currently or
hereafter 

  
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payable, will be void. Except as otherwise specifically provided by law, no Deferred Stock Units or amount payable hereunder will, in any manner, be liable for or subject to the debts or
liabilities of a Director or his or her designated beneficiary. 
 14.4    Withholding.
Payments made by the Corporation hereunder will be subject to any applicable tax-withholding requirements and to such other deductions as are required at the time of such payment under any income tax or
other law, whether of the United States or any other jurisdiction. 

14.5    Headings. Headings used herein are included solely for
convenience of reference and shall not alter the meaning or interpretation of any of the provisions of this Program. 

14.6    Successors. The Corporation shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation to expressly assume the Corporation’s obligations hereunder in the same manner and to the same
extent that the Corporation would be required to perform if no such succession had taken place. This Program will inure to the benefit of and be enforceable by each Director and each Director’s personal or legal representatives, designated
beneficiaries, executors, administrators, successors, heirs, distributees, devisees and legatees. 

14.7    Status as Unsecured Creditor; Funding of Payments. All Account
balances will constitute unsecured contractual obligations of the Corporation. In the sole discretion of the Corporation, the Corporation or any of its affiliates may establish or maintain a nonqualified grantor trust and make contributions thereto
for the purpose of providing a source of assets to make payments hereunder as they become due and payable; provided, however, that no such trust will result in a Director or any designated beneficiary being required to include in gross income for
federal income tax purposes any amounts payable hereunder prior to the date of actual payment. Notwithstanding the establishment or maintenance of any such trust, Directors’ and their designated beneficiaries’ rights hereunder will be
solely those of a general unsecured creditor of the Corporation. 
 14.8    Termination and
Amendment of this Program. This Program may be terminated or amended at any time by the Board upon the recommendation of the Committee, or by the Committee, without the consent of any current or former Director for whom
an Account has been established, provided that any termination or amendment will be of general application to all Directors participating in this Program (and their designated beneficiaries) and will not, without the specific written consent of any
such Director (or designated beneficiary) adversely affect, in a material manner: (a) any Deferred Stock Units or amounts theretofore credited to an Account; or (b) the right of a Director (or designated beneficiary) to receive all amounts
due and payable with respect to an Account. Any amendment to this Program pursuant to this Section 14.8 will be effective as of the date such amendment is so approved or as of such later date as may be specified by the Board or the Committee
when amending this Program. 
 14.9    Severability. Whenever possible,
each provision of this Program will be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Program is held to be prohibited by or invalid under applicable law, then (a) such provision
will be deemed to be amended to, and to have contained from the outset such language as is necessary to, accomplish the objectives of the provision as originally written to the fullest extent permitted by law, and (b) other provisions of this
Program will remain in full force and effect. 

  
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 14.10    Limitations on Claims. Any claim or action by
any Director or beneficiary to recover benefits allegedly due under this Program or by reason of any law or that relates to this Program and/or Plan and seeks a remedy, ruling or judgment of any kind against this Program and/or the Plan may not be
commenced in any court or forum (a “Judicial Claim”) until after the Director or beneficiary has made a claim in writing to the Department that raises all arguments and produces all evidence that the Director or
beneficiary believes supports the claim or action (an “Administrative Claim”). The Director shall be deemed to have waived every argument and the right to produce any evidence not submitted in the Administrative
Claim. Any Judicial Claim must be commenced in a court of competent jurisdiction or appropriate forum, no later than 24 months after the earliest of the date that payment was first made, or allegedly due, under this Program or the first date the
Director beneficiary knew or should have known the principal facts on which such claim or action is based; provided, however, that, if the Administrative Claim is commenced within the 24-month period, the
period for commencing a Judicial Claim shall expire on the later of the date upon which the 24-month period ends and the date that is three months after a final notice of denial is sent by the Department. Any
claim or action filed in a court or other forum after the end of the 24-month period (or, if applicable, after the end of the three-month period following conclusion of the Administrative Claim) will be
time-barred. 
 14.11    Governing Law. This Program will be construed in accordance
with and governed by the laws of the Commonwealth of Pennsylvania, without reference to its conflicts-of-laws provisions. 

14.12    Compliance with Law. This Program is intended to comply with applicable law.
Without limiting the foregoing, this Program is intended to comply with the applicable requirements of Internal Revenue Code Section 409A, and will be administered in accordance with Internal Revenue Code Section 409A and its corresponding treasury
regulations and related guidance to the extent that Internal Revenue Code Section 409A applies to this Program. Notwithstanding anything in this Program to the contrary, distributions from the Plan may only be made in a manner, and upon an event,
permitted by Internal Revenue Code Section 409A and its corresponding treasury regulations and related guidance. If any payment or benefit cannot be provided or made at the time specified herein without incurring penalties under Internal Revenue
Code Section 409A, then such payment or benefit will be provided in full at the earliest time thereafter when such penalties will not be imposed. For purposes of Internal Revenue Code Section 409A, a series of installment payments shall be treated
as a single payment. To the extent that any provision of this Program would cause a conflict with the applicable requirements of Internal Revenue Code Section 409A, or would cause the administration of this Program to fail to satisfy the applicable
requirements of Internal Revenue Code Section 409A, such provision shall be deemed null and void to the extent permitted by applicable law. 

  
 10Exhibit

Exhibit 4.9

FOURTH SUPPLEMENTAL INDENTURE
Dated as of February 9, 2017
to
INDENTURE
Dated as of August 8, 2013
by and among
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION, 
as Issuer
THE GUARANTORS PARTY HERETO,
as Guarantors
and
WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Trustee

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) is made as of February 9, 2017, by and among WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), each of the GUARANTORS and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).
WHEREAS, the Company and the Trustee entered into that certain Indenture dated as of August 8, 2013 (the “Original Indenture” and as supplemented to date, the “Indenture”), which provides for the issuance by the Company from time to time of Securities, in one or more series as provided therein, and that certain First Supplemental Indenture dated as of August 8, 2013 (the “First Supplemental Indenture”), which provides for the issuance of $250,000,000 aggregate principal amount of the Company’s 4.375% Senior Notes due 2023 (the “2023 Notes”);
WHEREAS, the Company, certain Guarantors and the Trustee entered into that certain Second Supplemental Indenture dated as of November 3, 2016 (the “Second Supplemental Indenture”), which provides for certain amendments to the Original Indenture and the First Supplemental Indenture, including amendments to, among other things, provides for the issuance of Guarantees from time to time by the Guarantors party to the Indenture, and that certain Third Supplemental Indenture dated as of November 3, 2016 (the “Third Supplemental Indenture”), which provides for the issuance of $750,000,000 aggregate principal amount of the Company’s 3.450% Senior Notes due 2026 (the “2026 Notes” and together with the 2023 Notes, the “Notes”);
WHEREAS, Section 9.1(d) of the Original Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to provide any guarantees of the Company’s Securities, and Section 9.1(m) of the Original Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to make any change to the Indenture that does not adversely affect the rights of any holder of any of its outstanding Securities in any material respect; 
WHEREAS, the Company and the Guarantors desire and have requested the Trustee to join them in the execution and delivery of this Supplemental Indenture in order to cause Workhorse Rail, LLC, a Pennsylvania limited liability company and a wholly owned subsidiary of the Company (the “Guaranteeing Subsidiary”), to provide a Guarantee with respect to the Notes and to become a Guarantor with the same effect and to the same extent as if the Guaranteeing Subsidiary had been named in the Indenture as a Guarantor; 
WHEREAS, this Supplemental Indenture shall not result in a material modification of the Notes for purposes of compliance with the Foreign Accounts Tax Compliance Act; and
WHEREAS, all the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled;
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Article 1 
DEFINITIONS
Section 1.01.    Definitions.
For all purposes of this Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:
(a)    Capitalized terms used but not defined herein shall have the respective meanings given them in the Indenture; and
(b)    All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture.
ARTICLE 2     
GUARANTEES ISSUED BY THE GUARANTEEING SUBSIDIARY
Section 2.01.    Agreement to Guarantee.
The Guaranteeing Subsidiary hereby provides a Guarantee on the terms and subject to the conditions set forth in the Indenture including, but not limited to, Article IX-A thereof.  From and after the date hereof, the Guaranteeing Subsidiary shall be a Guarantor for all purposes under the Indenture and the Notes.
ARTICLE 3     
MISCELLANEOUS PROVISIONS
Section 3.01.    Recitals by Company.
The recitals in this Supplemental Indenture are made by the Company and the Guarantors only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and of this Supplemental Indenture as fully and with like effect as if set forth herein in full.
Section 3.02.    Application to the Notes Only.
Each and every term and condition contained in this Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Indenture shall apply only to the Notes and not to any future series of Securities established under the Indenture.
Section 3.03.    Benefits.
Nothing contained in this Supplemental Indenture shall or shall be construed to confer upon any person other than a Holder of Securities, the Company, the Guarantors and the Trustee any right or interest to avail itself of any benefit under any provision of the Indenture, the Notes or this Supplemental Indenture.
Section 3.04.    Effective Date.
This Supplemental Indenture shall be effective as of the date first above written upon the execution and delivery hereof by each of the parties hereto.

Section 3.05.    Ratification.
As supplemented hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms, provisions and conditions thereof remain in full force and effect.
Section 3.06.    Separability
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 3.07.    Counterparts
This Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF transmission shall be deemed to be their original signatures for all purposes.
Section 3.08.    GOVERNING LAW.
THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAWS AND RULES.
[Signatures on Next Page]

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed, all as of the day and year first above written.
Westinghouse Air Brake Technologies Corporation
		
	By:
	    /s Patrick D. Dugan         
Name:    Patrick D. Dugan 
Title:        Executive Vice President and 

Chief Financial Officer

Barber Steel Foundry Corp.
Durox Company
G&B Specialties, Inc.
GBI USA Holdings, Inc.
Longwood Elastomers, Inc.
Longwood Industries, Inc.
Longwood International, Inc.
MotivePower, Inc.
Railroad Friction Products Corporation
RCL, L.L.C.
RFPC Holding Corp.
Ricon Corp.
Schaeffer Equipment, Inc.
Standard Car Truck Company
TransTech of South Carolina, Inc.
Turbonetics Holdings, Inc.
WABTEC Holding Corp.
WABTEC International, Inc.
WABTEC Railway Electronics, Inc.
WABTEC Railway Electronics Manufacturing, Inc.
Xorail, LLC
Xorail, Inc.
Young Touchstone Company
		
	By:
	    /s/ Patrick D. Dugan         
Name:    Patrick D. Dugan 
Title:        Vice President, Finance of each             of the above

Railroad Controls, L.P.
By: RCL, L.L.C., its General Partner
By:        /s/ Patrick D. Dugan         
           Name: Patrick D. Dugan     
           Title: Vice President, Finance        

Workhorse Rail, LLC
		
	By:
	    /s/ Keith P. Hildum         
Name:    Keith P. Hildum 
Title:        Vice President and Treasurer

Wells Fargo Bank, National Association, as Trustee
		
	By:
	    /s/ Raymond Delli Colli     
Name:    Raymond Delli Colli     
Title:        Vice President

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