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Exhibit 4.4

RIO TINTO LIMITED

RULES OF THE RIO TINTO LIMITED

EQUITY INCENTIVE PLAN 2018

						
	Approved by the Board of Directors:
	6 February 2018
	Shareholders’ Approval:
	2 May 2018
	Expiry Date:
	1 May 2028
	Amended by the Remuneration
Committee
	12 February 2019
& 4 March 2021
& 28 June 2021

    

CONTENTS
CLAUSE        PAGE

1.    Introduction......................................................................................    1
2.    Definitions........................................................................................    1
3.    Granting Awards...............................................................................    4
4.    Documentation of Awards...................................................................    6
5.    Before Vesting..................................................................................    6
6.    Vesting............................................................................................    7
7.    Retention Period..............................................................................    10
8.    Leaving employment........................................................................    11
9.    Suspension....................................................................................    14
10.    Malus............................................................................................    14
11.    Clawback.......................................................................................    16
12.    Vesting in connection with relocation...................................................    18
13.    Takeovers and other corporate events.................................................    19
14.    Changing the Plan...........................................................................    22
15.    Tax...............................................................................................    22
16.    Limits on newly issued and treasury shares...........................................    23
17.    General..........................................................................................    23
Schedule 1 Grant of Forfeitable Shares..........................................................    28
Schedule 2 Cash Awards............................................................................    29

									
	

	-i-
	

1.Introduction
The Plan allows for the grant of Awards in the form of:
•Conditional Awards - Awards under which the Participant receives Shares for free automatically to the extent the Award Vests;
•Options - Awards under which the Participant can acquire Shares, to the extent their Award has Vested, at a price (which may be zero) set when the Option is granted; or
•Forfeitable Shares - Awards under which the Participant receives free Shares on grant which are subject to a requirement that the Participant gives the Shares back to the extent the Award lapses.
Conditional Awards and Options can also be granted on the basis that they will only ever be satisfied with a cash payment equal to the value of the Shares to which the Participant would otherwise be entitled (less any Option Price).
Awards will Vest over a period set by the Directors for each Award and Vesting or grant may be subject to Performance Conditions or other conditions.
After Vesting, Awards may also be subject to a Retention Period.
This introduction does not form part of the rules.
2.Definitions
In these rules:
“Acquiring Company” means a person who has or obtains Control of the Company;
“Additional Shares” has the meaning set out in rule 6.3;
“Associated Body Corporate” means;
(i)a body corporate that is a related body corporate of the Company within the meaning of Section 50 of the Corporations Act;
(ii)a body corporate that has Voting Power in the Company of not less than 20%; or (iii)    a body corporate in which the Company has Voting Power of not less than 20%;
“Award” means a Conditional Award, Forfeitable Shares or an Option;
“Award Date” means the date on which an Award is granted under rule 4;
“Australian Securities Exchange” means the financial market operated by ASX Limited or any successor;
“Bonus Deferral Award” means a Time-based Award which is granted to the Participant in lieu of bonus which he might otherwise have been paid in cash and which is designated as such by the Directors under rule 3.3.2;
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“Business Day” means a day on which the Australian Securities Exchange is open for the transaction of business;
“Closed Period” has the meaning defined under Article 19(11) of Regulation (EU) No 596/2014 (Market Abuse Regulation) or any successor or equivalent regulatory provision;
“Company” means Rio Tinto Limited;
“Conditional Award” means a conditional right to acquire Shares for free granted under the Plan;
“Consideration Point” means the earlier of:
(iii)such time as the Directors considers that the outcome and/or significance of any internal or external investigation, actions or other events or circumstances is fully understood;
(iv)any date on which Vesting would otherwise occur under rules 13.1 (Takeover) or 13.3 (Demerger or other corporate event); and (iii)    such earlier time which the Directors may in its absolute discretion determine but not later than the fifth anniversary of the date on which the Award would have Vested but for the postponement of such Vesting under rule 9 (Suspension);
“Control” has the meaning given to it in Section 50AA of the Corporations Act; “Corporate Event” means, in relation to the Company:
(v)any demerger, delisting, distribution (other than an ordinary dividend) or other transaction, which, in the opinion of the Directors, might affect the current or future value of Shares; or (ii)    any reverse takeover (not being a change in Control of the Company), merger by way of a dual listed company or other significant corporate event, as determined by the Directors;
“Corporations Act” means the Corporations Act 2001 (Cth) in force from time to time in Australia;
“Dealing Restrictions” means any restriction on dealing in securities, including the grant of an Award or the vesting of an Award, imposed by regulation, statute, order, directive, the rules of any stock or securities exchange on which Shares are listed or any code adopted by the Company as varied from time to time;
“Detrimental Activity” means, as established to the satisfaction of the Directors, and without the prior written consent of the Company, the Participant being in breach of any applicable restrictions on competition, solicitation or the use of confidential information (whether arising out of the Participant’s employment contract, their termination arrangements or any internal policies);
“Directors” means, subject to rule 13.5, the remuneration committee of the board of directors of the Company or any other committee comprised of non-executive directors of the board of the Company or any other person to whom any such committee has delegated any of its functions under these rules;
“Dividend Equivalent” means a conditional entitlement to an amount linked to Dividends;
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“Dividends” in relation to a particular Award, means dividends on Shares (excluding any non-ordinary dividend which the Directors determine should be excluded) the record date for which was within the period between the Award Date and the day before the date on which those Shares are registered in the name of the relevant Participant (both dates inclusive);
“Exco” means the executive committee of the Company;
“Final Lapse Date” means the latest date on which an Option will lapse which will be the date set by the Directors under rule 3.3.8 or, if no date is set, the date 10 years after the Award Date;
“Forfeitable Share Agreement” means the agreement referred to in the Schedule 1 to these rules;
“Forfeitable Shares” means Shares held in the name of or for the benefit of a Participant subject to the Forfeitable Share Agreement;
“Grantor” means the Company or any other entity which grants or has agreed with the Company to satisfy an Award under the Plan;
“Group” means:
(vi)the Company;
(vii)the Subsidiaries; and 
(viii)any Associated Body Corporate that is so designated by the Directors for some or all purposes of the Plan, and “Member of the Group” shall be construed accordingly;
“Option” means a conditional right to acquire Shares by the exercise of that right granted under the Plan;
“Option Price” means the amount (which may be zero) payable on the exercise of an Option set by the Directors under rule 3.3.8;
“Owned Shares” means Shares subject to a Retention Period which are transferred or issued into the beneficial ownership of the Participant as set out in rule 7.1.1(i);
“Participant” means a person who holds, or who has held, an Award or their personal representatives;
“Performance Condition” means any condition linked to performance imposed under rule 3.3.5;
“Performance-based Award” means an Award as so designated by the Directors under rule 3.3.2;
“Plan” means these rules known as “The Rio Tinto Limited Equity Incentive Plan 2018”, as changed from time to time;
“Retention Period” means the period after Vesting during which a Participant is required to retain their Shares as set out in rule 7;
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“Retention Shares” means any Vested Shares and any Additional Shares which the Participant is required to retain during the Retention Period;
“Review Period” means, in relation to a particular Award, a period of two years following the Vesting of that Award except where rule 11.2.5 applies;
“Rio Tinto Group” means each Member of the Group and Rio Tinto plc and its subsidiaries; “Shares” means fully paid ordinary shares the Company;
“Subsidiary” means a body corporate which is a subsidiary of the Company within the meaning of Section 46 of the Corporations Act;
“Time-based Award” means an Award as so designated by the Directors under rule 3.3.2; “Vesting”, subject to the rules:
(i)in relation to Conditional Awards, means a Participant becoming entitled to have the Shares (or cash if rule 6.4 applies) transferred to them;
(ii)in relation to an Option, means an Option becoming exercisable; and 
(iii)in relation to Forfeitable Shares, means the restrictions set out in the Forfeitable Share Agreement ceasing to have effect as described in rule 6.2.3, and 
“Vest” and “Vested” shall be construed accordingly; and 
“Vesting Date” means the date set for Vesting of an Award under rule 3.3.6; and 
“Voting Power” has the meaning given to it by Section 610 of the Corporations Act.
If there is any conflict between two provisions in these rules under which an Award will lapse, the one which gives rise to the earlier lapse will prevail.
3.Granting Awards
3.1Eligibility
The Grantor may select any employee of a Member of the Group to be granted an Award.
3.2Timing of Awards
Awards may only be granted within 42 days starting on any of the following:
3.2.1the date of shareholder approval of the Plan;
3.2.2the day after the announcement of the Company’s results;
3.2.3any day on which the Directors resolves that exceptional circumstances exist which justify the grant of Awards;
3.2.4any day on which changes to the legislation or regulations affecting share plans are announced, effected or made; or
3.2.5the lifting of Dealing Restrictions which prevented the granting of Awards during any period specified above.
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No Awards may be granted after 1 May 2028 or such earlier date as the Directors may specify.
3.3Terms set at grant
When granting an Award, the Directors will set the following terms:
3.3.1whether the Award will take the form of:
(i)a Conditional Award;
(ii)an Option;
(iii)Forfeitable Shares; or 
(iv)a combination of these;
3.3.2where relevant, designate an Award as a Bonus Deferral Award, Time-based Award or a Performance-based Award;
3.3.3whether the Vesting of a Time-based Award will be subject to a Performance Condition;
3.3.4subject to rule 3.5, the number of Shares subject to the Award or how that number will be determined;
3.3.5the terms of any Performance Condition or other condition set under rule 3.4;
3.3.6one or more Vesting Dates (unless specified in a Performance Condition) and, if there is more than one, the proportion of the Award which can Vest on each one (or how that will be determined);
3.3.7whether or not a Retention Period will apply and, if so, when it will normally end and how the number of Retention Shares will be determined;
3.3.8in the case of an Option:
(i)the Option Price; and;
(ii)the Final Lapse Date which will not be more than 10 years after the Award Date; and
3.3.9any other terms or conditions of the Award.
3.4Performance Conditions
The Directors may decide that Vesting of an Award will be conditional:
3.4.1on the satisfaction of one or more conditions set by the Directors on grant linked to the performance of the Company, the Participant and/or any business unit or Member of the Group; and/or
3.4.2any other condition or conditions set by the Directors, 
which, in either case, may provide that the Award will lapse to the extent that it is not satisfied.
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The Directors may amend a Performance Condition in accordance with its terms or if anything happens which causes the Directors reasonably to consider the amended Performance Condition would be a fairer measure of performance. The Directors may waive or change any other condition in such manner as it sees fit.
3.5Size of Awards
3.5.1An Award to be granted to a director of the Company will not exceed any applicable maximum set out in the Company’s directors’ remuneration policy approved by the Company’s shareholders;
3.5.2The number of Shares subject to a Deferred Bonus Award will be determined on the basis set out in the relevant short term incentive plan and in accordance with any relevant remuneration policy.
3.6No payment for an Award
A Participant is not required to pay for the grant of an Award.
4.Documentation of Awards
4.1Conditional Awards and Options
An Award (other than an Award of Forfeitable Shares) will be granted by a Directors’ resolution.
4.2Forfeitable Shares
Where an Award takes the form of Forfeitable Shares, the procedure set out in the Schedule 1 to this Plan will apply.
5.Before Vesting
5.1Voting and dividends
5.1.1A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Option or a Conditional Award until the Shares are issued or transferred to the Participant.
5.1.2Except to the extent specified in the Forfeitable Share Agreement, a Participant will have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses.
5.2Transfer
A Participant may not transfer, assign, charge or otherwise dispose of an Award or any rights in respect of it nor use an Award or any Shares subject to an Award as collateral for a loan or in any other context. If they do, whether voluntarily or involuntarily, then the Award will immediately lapse. This rule 5.2 does not apply:
5.2.1to the transmission of an Award on the death of a Participant to the person entitled by law to deal with the estate;
5.2.2to an assignment by way of court order;
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5.2.3to the assignment of an Award where the Directors consider that the Participant is no longer in a position to manage their own affairs by reason of ill-health; or
5.2.4in any other circumstances if the Directors so decide.
5.3Adjustment of Awards
5.3.1Subject to all applicable laws and listing rules, the Directors may make such adjustments as they consider appropriate, if any, to:
(i)the description, number and/or class of Shares or securities subject to an Award; and/or 
(ii)any cash payment to be made under these rules,
in the event of any of the circumstances set out in rule 5.3.2.
5.3.2The circumstances are:
(i)a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital, or a demerger (in whatever form);
(ii)a Corporate Event; and/or 
(iii)a takeover, demerger or other reconstruction (excluding liquidation or receivership) of any other company with which the Company’s performance is compared.
5.3.3Subject to the Forfeitable Share Agreement, a Participant will have the same rights as any other shareholders in respect of Forfeitable Shares where rule 5.3.2 applies. Any Shares, securities or rights allotted to a Participant as a result of such an event will be:
(i)treated as if they were awarded to the Participant under the Plan in the same way and at the same time as the Forfeitable Shares in respect of which the rights were conferred; and 
(ii)subject to the rules of the Plan and the terms of the Forfeitable Share Agreement.
6.Vesting
6.1Timing and extent of Vesting
Subject to the rest of these rules, an Award will Vest on the later of the following: 
6.1.1the Vesting Date; and
6.1.2the date on which the Directors determine the extent to which any Performance Condition or any other condition is satisfied.
The Award will only Vest to the extent that any Performance Condition or other condition is satisfied.
The Vesting of an Award will be delayed:
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6.1.3if on the proposed date of Vesting a Dealing Restriction applies to a Participant which would prevent the Vesting of their Award and the sale of their Vested Shares to pay any tax liability, in which case the Award will Vest on first date on which such Dealing Restriction ceases to apply to them; or
6.1.4regardless of 6.1.3, if the proposed date of Vesting falls within a Closed Period then, unless the Directors decide otherwise, for any Participant whose transactions in Shares are announced to the market and any other Participants as the Directors may decide, Vesting will occur on the day after the day on which the Closed Period ends.
If the issue or transfer of Shares in satisfaction of an Award is prevented by any Dealing Restriction, the period for such issue or transfer will be delayed for that Award until the Dealing Restriction no longer prevents it.
6.2Consequences of Vesting
6.2.1If an Award takes the form of a Conditional Award, within 30 days of Vesting (or as soon as reasonably practicable after that), the Grantor will arrange (subject to the rest of this rule 6 and rules 7, 9, 10, 15 and 17.6) for the issue or transfer to, or to the order of, the Participant of the number of Shares in respect of which the Award has Vested.
6.2.2A Participant can only exercise an Option to the extent it has Vested. To exercise it, the Participant must give notice in such form as the Grantor may prescribe and, in the case of an Option, comply with such arrangements as the Grantor determines for the payment of the Option Price (if any) including, without limitation, the sale of sufficient Shares to procure the payment of the Option Price. Subject to the rest of this rule 6 and rules 7, 9, 10, 15 and 0, the Grantor will arrange for the number of Shares in respect of which an Option has been exercised to be issued or transferred to the Participant within 30 days of the date on which the Option is exercised or as soon as reasonably practicable after that. An Option will lapse at the end of business on the Final Lapse Date if it does not lapse earlier under these rules.
6.2.3To the extent an Award of Forfeitable Shares Vests, the restrictions contained in the Forfeitable Share Agreement will cease to apply.
6.3Dividend Equivalent
Except in the case of a Participant who is granted an Option with an Option Price set at market value at grant, a Participant will be entitled on the issue or transfer of Vested Shares on or following the Vesting of a Conditional Award or the exercise of an Option to a number of additional Shares (“Additional Shares”) calculated on the basis set out below, unless the Directors decide to use a different basis:
X = D / P, rounded down to the nearest whole number, where: X is the number of Additional Shares;
D is the aggregate cash amount of all Dividends which would have been paid to the relevant Participant in respect of the number of Vested Shares if that number of Shares had been registered in the name of the Participant on the
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Award Date, excluding any imputed or associated tax credits or rebates, such as Australian franking credits;
P is the average of the closing price of Shares on the Australian Securities Exchange over the five Business Days ending on the Business Day before the Vesting of the Award, or such other date as the Directors decide.
If the Directors so decide and regulatory requirements permit, the amount payable under this rule may be satisfied in cash. In this instance, the amount payable is equal to D.
For the avoidance of doubt, where there has been an adjustment in the number of Shares subject to an Award pursuant to rule 5.3, then for the purposes of calculating D in the formula above, the value of any Dividends which had a record date falling (i) before the date of the adjustment will be calculated by reference to the number of shares under the Award on the Award Date before the adjustment and (ii) after the date of adjustment will be based on the revised number of Shares under the Award which resulted from the adjustment.
6.4Cash or share alternative
The Grantor can decide to satisfy any entitlement under an Award (other than Forfeitable Shares) to:
6.4.1Shares by paying a cash amount; or
6.4.2cash by issuing or transferring Shares.
In either case the entitlement will be satisfied based on the market value of the Shares on the date he becomes entitled as determined by the Directors (less any Option Price, in the case of an Option).
6.5Automatic exercise of Options where Dealing Restrictions apply and Option would otherwise lapse
6.5.1To the extent that:
(i)a Vested Option has not been exercised by the close of the Business Day before the date on which it lapses; and (ii)    it is in the money on that day, the Company will, unless the Directors decides otherwise, treat it as having been exercised on that day.
6.5.2If it does treat the Option as having been exercised, the Company will arrange for sufficient Shares resulting from the exercise to be sold on behalf of the Participant to raise an amount (after costs of sale) equal to the Option Price and any tax or social security required to be withheld under rule 15. The remaining Shares subject to the Option will be issued or transferred as set out in rule 6.2.2.
6.5.3An Option is “in the money” on any day if the Directors estimate that, if all the Shares resulting from exercise were sold on that day, the sale proceeds (after making a reasonable allowance for any costs of sale and taxes) would be more than the Option Price.
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6.5.4The Participant may give notice, at any time before the day referred to in rule 6.5.1, requesting that this rule 6.5 should not apply to the Option.
6.5.5No Member of the Group will be liable for any loss a Participant may suffer as a result of the application or failure to apply this rule 6.5.
7.Retention Period
This rule 7 applies if the Directors determine under rule 3.3.7 that a Retention Period applies in relation to an Award.
7.1How the Retention Period will apply to an Award
7.1.1On or before an Award Vests, the Directors will determine:
(i)subject to rule 7.2, the number of Retention Shares which will be issued or transferred into the beneficial ownership of the Participant (“Owned Shares”) and held in accordance with this rule 7;
(ii)if the Award is an Option, whether the Option must be exercised at Vesting to create Owned Shares or whether Shares subject to the Vested but unexercised Option may count as Retention Shares.
7.1.2Where the Directors have determined that Owned Shares will be issued or transferred to the Participant, they will calculate the number of Shares which Vest in accordance with rule 6.1 together with the associated Additional Shares and will issue or transfer the beneficial ownership of the Retention Shares (if not already held in respect of an Award of Forfeitable Shares), for no consideration, to any person specified by the Directors to be held during the Retention Period under this rule 7.
7.1.3Where the Award is an Option and the Directors have determined that it may continue during the Retention Period, the Option will become exercisable as described in rule 6.2 and any Retention Shares acquired on the exercise of the Option during the Retention Period (less any shares sold to pay tax pursuant to rule 14 (Tax)) will be held as Owned Shares.
7.2Tax
Where tax is payable at the start of the Retention Period, then rule 15 (Tax) will apply and the Retention Period will apply in respect of the remainder of the Retention Shares. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule.
7.3Rights during the Retention Period
7.3.1The following provisions will apply to Owned Shares during the Retention Period:
(i)The Participant will be entitled to vote and to receive dividends and have all other rights of a shareholder in respect of the Owned Shares from the date the Participant becomes the beneficial owner.
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(ii)The Participant may not transfer, assign, charge or otherwise dispose of the Owned Shares or any interest in them nor use Retention Shares as collateral for a loan or in any other context (or instruct anyone to do so) except in the case of:
(a)the sale of sufficient entitlements nil-paid in relation to Shares to take up the balance of the entitlements under a rights issue;
(b)a forfeiture as described in rule 7.4; or
(c)the sale to fund any tax in accordance with rule 7.2.
(iii)Any securities which the Participant receives in respect of Owned Shares as a result of an event described in rule 5.3.2 during the Retention Period will, unless the Directors decides otherwise, be subject to the same restrictions as the corresponding Owned Shares. This will not apply to any Shares which a Participant acquires on a rights issue or similar transaction to the extent that their number exceeds the number they would have acquired on a sale of sufficient rights under the rights issued nil-paid to take up the balance of the rights.
7.4Forfeiture of Owned Shares
To the extent that Owned Shares are forfeited under rule 10 (Clawback) the Participant is deemed to consent to the immediate transfer of the beneficial ownership of the Shares, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Directors.
7.5End of the Retention Period
7.5.1The Retention Period will end on the earliest of the following:
(i)the date on which the Retention Period would normally end, as set by the Directors in relation to the Award under rule 3.3.7 
(ii)the date on which the Participant dies;
(iii)the date on which Awards vest on a takeover or other transaction under rule 13; and
(iv)such earlier date as the Directors may decide.
7.5.2At the end of a Retention Period the restrictions relating to Owned Shares in rule 7.3 will cease to apply and the Shares will be transferred to the Participant or as the Participant may direct.
8.Leaving employment
8.1General rule on leaving employment
Unless rule 8.2 or rule 8.5 applies, if a Participant gives or receives notice to terminate their employment and/or leaves employment (as defined below) before their Award Vests then their Award will lapse on the date on which notice to terminate employment is given by the Participant or the Participant’s employer or, with the consent of the 
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Participant’s employer or if the Directors so decide, the date on which the Participant leaves employment. 
8.2Leaving in specific circumstances
If a Participant leaves employment by reason of:
8.2.1ill-health, injury or disability (established to the satisfaction of the Participant’s employer or the Directors);
8.2.2the Participant’s employing company ceasing to be a Member of the Group;
8.2.3a transfer of the undertaking, or part of the undertaking, in which the Participant works to a person which is not a Member of the Group; or
8.2.4any other reason, if the Directors so decide in their absolute discretion in any particular case, 
then their Award will not lapse, but will Vest in accordance with the provisions of rules 8.3 and 8.4, provided that the Directors in their absolute discretion may vary the application of rules 8.3 and 8.4 and determine an alternative basis and any terms on which the Award will Vest and any Option may be exercised and, for the avoidance of doubt, the Directors can make a different determination as to the extent an Award or Option Vests in respect of different Awards or Options held by the same Participant.
8.3Timing of Vesting
Where rule 8.2 applies:
8.3.1a Performance-based Award will Vest on the date it would have Vested if the Participant had not left employment unless the Directors decide at any time that the Award will Vest earlier;
8.3.2a Time-based Award will Vest on the date of leaving employment unless the Directors decide at any time that the Award will vest on a later date; and
8.3.3any Time-based Award, including any Bonus Deferral Award, held by a member of the ExCo will Vest on the date it would have Vested if the Participant had not left employment unless rule 8.5 applies.
8.4Extent of Vesting of Award
Where rule 8.2 applies:
8.4.1the Award will Vest to the extent any Performance Condition is satisfied on the date of Vesting and if an Award Vests earlier than the Vesting Date the Directors will determine the extent to which any Performance Condition is satisfied in accordance with its terms or, if there are no such terms, in such manner as they consider reasonable;
8.4.2unless the Directors decide otherwise, and except in the case of a Bonus Deferral Award or a Performance-based Award, the number of Shares in respect of which the Award would otherwise Vest will be reduced by the proportion which the number of complete days from the date the Participant 
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left employment to the Vesting Date bears to the number of complete days in the period from the Award Date to the Vesting Date;
8.4.3unless the Directors decide otherwise, in the case of a Performance-based Award where the Participant leaves employment before the third anniversary of the Award Date, the number of Shares in respect of which the Award would otherwise Vest will be reduced by the proportion which the number of complete days from the date the Participant left employment to the third anniversary of the Award Date bears to the number of complete days in the period from the Award Date to the third anniversary of the Award Date; and
8.4.4for the avoidance of doubt, a time pro-rated reduction under this rule will not apply to a Bonus Deferral Award at all or, unless the Directors decide otherwise, to a Performance-based Award where the Participant leaves employment on or after the third anniversary of the Award Date.
8.5Death
If a Participant dies before Vesting, their Award will Vest on the date of death and rule 8.4 will apply.
If a Participant left employment before death where rule 8.2 applied then, unless the Directors decide otherwise, any pro- rating of their Award will be by reference to the date the Participant left employment.
8.6Treatment of Options after leaving
If the holder of an Option dies or otherwise leaves employment:
8.6.1before Vesting where rule 8.2 applies; or
8.6.2after Vesting for any reason (except as described below)
their Option will be exercisable for 12 months from the later of:
8.6.3the date on which the Option Vests; and
8.6.4the date on which the Participant left, after which the Option will lapse, but the Directors may reduce or extend that period (but not beyond the Final Lapse Date).
However, if a Participant leaves employment after Vesting because of misconduct or breach of the terms of their employment, their Award will lapse on the day they leave employment unless the Directors determines otherwise and, for the avoidance of doubt, rule 6.5 will not apply.
8.7Detrimental activity
If a Participant leaves employment where rule 8.2 applies, unless the Directors decide otherwise, the Participant’s Award will lapse if he engages in Detrimental Activity and, if relevant, rule 6.5 will not apply.
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8.8General
8.8.1A Participant will only be treated as “leaving employment” when they are no longer an employee or director of any Member of the Group.
8.8.2Notwithstanding anything else in this rule 8, a transfer of employment to or immediate re-employment by Rio Tinto plc or any subsidiary of it which Rio Tinto plc has Control of will not, whether or not that entity is a Member of the Group, constitute leaving employment for the purposes of these rules and these rules will continue to apply to that Participant as if Rio Tinto plc and its subsidiaries were each a Member of the Group, unless the Directors decide otherwise.
9.Suspension
9.1.1Notwithstanding anything else in these rules, the Directors may, at any time before an Award has Vested or upon any cessation of employment and in their absolute discretion, decide that where there is an internal or external investigation which relates to, or may relate to, the Participant the Vesting of the Award (and consideration of the Vesting of the Award) will be postponed until the Consideration Point. The following will apply where there is a postponement under this rule 9.1.1:
(i)The Award will continue and will neither Vest nor lapse until the Consideration Point.
(ii)At the Consideration Point, the Committee will consider the use of its discretions and powers under this rule 9.1.1. and rule 10.1.1. For the avoidance of doubt, there may be an adjustment or further adjustment under this rule 9.1.1 at the Consideration Point.
(iii)If a Participant leaves employment after the date on which the Award would have Vested, but for the operation of this rule 9.1.1 then, unless the Directors decide otherwise, rule 8.1 (Leaving employment) will not apply. At the Consideration Point, the Committee will consider both the use of its discretions and powers under rules 8.1, 8.2, 9.1.1 and 10.1.1. The Award will Vest only to the relevant extent determined by the Committee.
(iv)In making its determinations at the Consideration Point, the Committee can (without limitation) take into account the extent to which the Participant cooperates fully with all internal and external investigations, any matters, conduct or circumstances that arise from any such investigations and the conclusions and outcome of any investigation.
9.1.2Rule 9.1.1 may be applied in different ways to different Participants in relation to the same or different events, or in different ways for the same Participant in relation to different Awards.
9.1.3The Directors will notify the Participant of any application of this rule 9.
9.1.4Without limiting rule 17.1, the Participant will not be entitled to any compensation in respect of any adjustment under this rule 9.
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10.Malus
10.1.1Where the Directors consider that an exceptional circumstance has occurred, the Directors may determine in their absolute discretion that the Vesting of a Participant’s Award to the extent determined in accordance with the other rules of the Plan is not justified and may reduce the level of Vesting or determine that the Award does not Vest or, in the case of a Vested but unexercised Option, reduce the number of Shares under that Option (including to zero). The circumstances in which the Directors may exercise their discretion under this rule 10.1.1 may include, inter alia:
(i)any fraud or misconduct by the Participant or an exceptional event or events that has had or may have a material effect on the value or reputation of any Member of the Group (excluding an exceptional event or events which have a material adverse effect on global macroeconomic conditions);
(ii)an error (including a misstatement or omission) is found in any published financial statements of the Rio Tinto Group or any business division of the Rio Tinto Group requiring a material downward restatement or which otherwise is material to the Rio Tinto Group or the business division, or where information has emerged since the Award Date which would have affected the size of the Award granted;
(iii)the personal performance of the Participant, of their product group or of the Rio Tinto Group does not, in the reasonable opinion of the Directors, justify Vesting to the extent otherwise determined in accordance with the other rules of the Plan or where the Participant’s conduct or performance has been in breach of their employment contract, any laws, rules or codes of conduct applicable to them or the standards reasonably expected of them;
(iv)the performance of the company, business or undertaking in which a Participant worked or works or for which they were or are directly or indirectly responsible is found to have been misstated or based upon any material misrepresentation and which resulted in the Award being granted over a greater number of Shares than would otherwise have been the case;
(v)where any team, business area, Member of the Group or profit centre in which the Participant works or worked has been found guilty in connection with any regulatory investigation or has been in breach of any laws, rules or codes of conduct applicable to it or the standards reasonably expected of it;
(vi)the occurrence of an event or events, or any action, inaction or omission by a Participant or any Member of the Group that has a material impact on the Group’s social licence to operate wherever in the world; and/or
(vii)the occurrence of a catastrophic safety or environmental event or events. 
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10.2General
10.2.1For the avoidance of doubt, rule 10.1.1 can apply even if the Participant was not responsible for the event in question or, where relevant, if it happened before the grant of the Award.
10.2.2Rule 10.1.1 may be applied in different ways for different Participants in relation to the same or different events, or in different ways for the same Participant in relation to different Awards.
10.2.3Rule 10.1.1 will not apply to an Award which has been exchanged in accordance with rule 13.4.
10.2.4The Directors will notify the Participant of any application of this rule 10.
10.2.5Without limiting rule 17.1, the Participant will not be entitled to any compensation in respect of any adjustment under this rule 10, and the operation of rule 10.1.1 will not limit any other remedy any Member of the Group may have in relation to the circumstances in which rule 10.1.1 is operated.
11.Clawback
11.1.1During the Review Period for any Award where the Directors consider that an exceptional circumstance has occurred, the Directors may determine in their absolute discretion that any one or more of the following apply:
(i)that:
(b)any other Award held by the Participant be reduced (including to zero);
(c)any Shares previously received by the Participant under this Plan including any Owned Shares, or such number as are specified by the Directors, be transferred for nil consideration to any person specified by the Directors; or
(d)failing or instead of the transfer of such Shares under paragraph (b) above, an amount in cash equal to the value of the Shares at a date determined by the Directors or such lower amount as the Directors may specify, be paid to the Company or as it may direct by the Participant;
(i)the Participant must pay a cash amount equal to the dividends or other rights or benefits (in each case, calculated as set out in a notification to the Participant but excluding any imputed or associated tax credits or rebates, such as any Australian franking credits, in relation to those dividends, rights or benefits) paid on or attributed to a Share previously received by the Participant under this Plan including any Owned Shares since Vesting; and/or
(ii)the Company, the Participant’s employing company or any other Member of the Group may withhold from or offset against any distribution, bonus, payment (including salary) or grant or vesting of
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any other award to which a Participant may be entitled in connection with their employment with any Member of the Group, such an amount as the Directors consider appropriate.
11.1.2The circumstances referred to in rule 11.1.1 may include, inter alia:
(i)any fraud or misconduct by the Participant or an exceptional event or events that has had or may have a material effect on the value or reputation of any Member of the Group (excluding an exceptional event or events which have a material adverse effect on global macroeconomic conditions);
(ii)an error (including a misstatement or omission) is found in any published financial statements of the Rio Tinto Group or any business division of the Rio Tinto Group requiring a material downward restatement or which otherwise is material to the Rio Tinto Group or the business division, or where information has emerged since the Award Date which would have affected the size of the Award granted or the extent to which it Vested;
(iii)the personal performance of the Participant, of their product group or of the Rio Tinto Group did not, in the reasonable opinion of the Directors, justify Vesting to the extent otherwise determined in accordance with the other rules of the Plan or where the Participant’s conduct or performance has been in breach of their employment contract, any laws, rules or codes of conduct applicable to them or the standards reasonably expected of them;
(iv)the performance of the company, business or undertaking in which a Participant worked or works or for which they were or are directly or indirectly responsible is found to have been misstated or based upon any material misrepresentation and which resulted in the Award being granted and/or Vesting over a greater number of Shares than would otherwise have been the case;
(v)where any team, business area, Member of the Group or profit centre in which the Participant works or worked has been found guilty in connection with any regulatory investigation or has been in breach of any laws, rules or codes of conduct applicable to it or the standards reasonably expected of it;
(vi)the occurrence of an event or events, or any action, inaction or omission by a Participant or any Member of the Group that has a material impact on the Group’s social licence to operate wherever in the world; and/or 
(vii)the occurrence of a catastrophic safety or environmental event or events.
11.1.3In making any determinations under rule 11.1.1 as to the number of Shares to be transferred or the amount of the cash to be paid by the Participant, the Directors may decide that the number of Shares or the amount of cash (as the case may be) be determined on either a gross basis or net of tax basis. If the 
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Directors determine that the number of Shares or the amount of cash (as the case may be) is to be determined on a net of tax basis, the Directors may do so on the basis that the net of tax basis is to be applied only if the Participant enters into such deed of indemnity as the Directors may prescribe, in case any tax is refunded or is refundable to the Participant. The deed of indemnity may (without limitation) contain provisions for the recovery of tax and/ or employee social security contributions from the Participant and the process of liaison with any tax authority.
11.1.4Where the Directors make a determination under rule 11.1.1, the Directors must notify the Participant and the Participant must, within 20 Business Days (or such other period as the Directors determine) of the date of that notice, comply with the requirements of the notice.
11.1.5In making any determinations under rule 11.1.1, the Directors can take into account any information known to it at the time of the determination, regardless as to whether the information relates to events or circumstances that occurred before an Award was made, during the life of an Award, during the period before the Consideration Point, the Review Period or any other time.
11.2General
11.2.1For the avoidance of doubt, rule 11 can apply even if the Participant was not responsible for the event in question or if it happened before or after the Vesting or grant of the Award.
11.2.2Rule 11.1.1 may be applied in different ways for different Participants in relation to the same or different events, or in different ways for the same Participant in relation to different Awards.
11.2.3Rule 11.1.1 will not apply to an Award which has been exchanged in accordance with rule 13.4.
11.2.4Clawback will not apply after a takeover (as defined in rule 13.1) or where an Award vests under rule 13.3.
11.2.5If the Vesting of an Award has been postponed by the operation of rule 9 then rule 11 will only apply in respect of that Award if the Award Vests within the Review Period which would have applied if the Vesting of the Award had not been postponed under rule 9 and the Review Period will not be extended because the Vesting of the Award was postponed.
11.2.6The Directors will notify the Participant of any application of this rule 11.
11.2.7Without limiting rule 17.1, the Participant will not be entitled to any compensation in respect of any application of this rule 11, and the operation of rule 11.1.1 will not limit any other remedy any Member of the Group may have in relation to the circumstances in which 11.1.1 is operated.
12.Vesting in connection with relocation
If a Participant who is not a director of the Company relocates to another jurisdiction before an Award Vests and, as a result:
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(a)the Participant or any Member of the Group is or may be subject to less favourable tax or social security treatment; or
(b)the Vesting, exercise or satisfaction of the Award is or may be subject to any regulatory restriction, approval or consent, the Directors may decide that the Award will Vest on such earlier date or dates and subject to such additional conditions as they may determine, including the retention of any Shares acquired on Vesting. In the case of an Option, the Directors may change the period during which it can be exercised or impose additional conditions upon the exercise.
13.Takeovers and other corporate events
13.1Takeover
13.1.1If there is a takeover (defined below), each Award will Vest, subject to rule 9 (Suspension) and rule 10 (Malus), on the date of the takeover.
13.1.2Where rule 13.1.1 applies:
(a)the Directors will determine the extent to which any Performance Condition has been satisfied to the date of the takeover (in accordance with its terms 
or, if they do not provide for it, in such manner as it considers reasonable) and the proportion of the Award which will Vest as a result;
(b)unless the Directors decide otherwise, and except in the case of a Bonus Deferral Award or a Performance-based Award, the number of Shares in respect of which the Award would otherwise Vest will be reduced by the proportion which the number of complete days from the date of the takeover to the Vesting Date bears to the number of complete days in the period from the Award Date to the Vesting Date;
(c)unless the Directors decide otherwise, in the case of a Performance-based Award where the takeover occurs before the third anniversary of the Award Date, the number of Shares in respect of which the Award would otherwise Vest will be reduced by the proportion which the number of complete days from the date of the takeover to the third anniversary of the Award Date bears to the number of complete days in the period from the Award Date to the third anniversary of the Award Date; and
(d)for the avoidance of doubt, a time pro-rated reduction under this rule will not apply to a Bonus Deferral Award at all or, unless the Directors decide otherwise, to a Performance-based Award where the takeover occurs on or after the third anniversary of the Award Date.
13.1.3To the extent that an Award has not Vested, it will lapse as to the balance, unless exchanged under rule 13.4 (Exchange of Awards).
13.1.4An Option will be exercisable for a period of one month from the date of the takeover, after which it will lapse (whether or not it Vested under this rule).
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13.1.5An Award will not Vest under rule 13.1.1 but will be exchanged under rule 13.4 (Exchange of Awards) if:
(i)an offer to exchange Awards is made and accepted by a Participant; or 
(ii)the Directors, with the consent of the Acquiring Company, decides before the person obtains Control that the Awards will be automatically exchanged.
There is a “takeover” when:
(i)a person (or a group of persons acting in concert) obtains Control of the Company whether or not as a result of making an offer to acquire Shares; or 
(ii)under Section 411 of the Corporations Act, a court sanctions a compromise or arrangement in connection with the acquisition of Shares, but not where the Directors determines rule 13.2 (Reconstruction) applies. 
13.2Reconstruction
If there is any internal reconstruction, reorganisation, merger or acquisition of the Company which:
13.2.1is not intended to result in; or
13.2.2does not involve a significant change in the identity of the ultimate shareholders of the Company then the Directors may determine this rule 13.2 applies to any Awards which have not Vested by the day the reconstruction takes effect. The Directors will arrange for an Award to be replaced by an equivalent award of shares in the new parent company or companies as determined by the Directors. The Directors may amend any Performance Condition as it considers appropriate.
13.3Demerger or Other Corporate Event
13.3.1If the Directors becomes aware that the Company is or is expected to be affected by any demerger, distribution (other than an ordinary dividend), reconstruction or other transaction not falling within rule 13.1 (Takeover) which, in the opinion of the Directors, would affect the current or future value of any Award, the Directors may allow an Award to Vest (subject to rule 9 (Suspension) and rule 10 (Malus)) subject to any such conditions as the Directors may decide to impose.
13.3.2Where rule 13.3.1 applies:
(a)the Directors will determine the extent to which any Performance Condition has been satisfied to the date of the Vesting determined under rule 13.3.1 in accordance with its terms or, if they do not provide for it, in such manner as it considers reasonable, and the proportion of the Award which will Vest as a result;
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(b)unless the Directors decide otherwise, and except in the case of a Bonus Deferral Award or a Performance-based Award, the number of Shares in respect of which the Award would otherwise Vest under rule 13.3.1 will be reduced by the proportion which the number of complete days from the date of Vesting under rule 13.3.1 to the Vesting Date bears to the number of complete days in the period from the Award Date to the Vesting Date;
(c)unless the Directors decide otherwise, in the case of a Performance-based Award where the Vesting under rule 13.3.1 occurs before the third anniversary of the Award Date, the number of Shares in respect of which the Award would otherwise Vest under rule 13.3.1 will be reduced by the proportion which the number of complete days from the date of Vesting under rule 13.3.1 to the third anniversary of the Award Date bears to the number of complete days in the period from the Award Date to the third anniversary of the Award Date; and
(d)for the avoidance of doubt, a time pro-rated reduction under this rule will not apply to a Bonus Deferral Award at all or unless the Directors decide otherwise, to a Performance-based Award where the takeover occurs on or after the third anniversary of the Award Date.
13.3.3To the extent that an Award has not Vested, it will lapse as to the balance.
13.3.4The Directors will determine the period during which an Option may be exercised under this rule 13.3 (whether or not it Vested under rule 13.3.1) and whether or not it will lapse at the end of that period.
13.3.5Participants will be notified if they are affected by the Directors exercising their discretion under this rule.
13.4Exchange of Awards
If an Award is to be exchanged under this rule 13, the exchange will take place as soon as practicable after the relevant event.
The new award:
13.4.1must confer a right to acquire shares in the Acquiring Company or another body corporate determined by the Acquiring Company;
13.4.2must be equivalent to the existing Award, subject to rule 13.4.4;
13.4.3will be treated as having been acquired at the same time as the existing Award and, subject to rule 13.4.4, will Vest in the same manner and at the same time;
13.4.4must either:
(i)be subject to a Performance Condition which is, so far as practicable, equivalent to any Performance Condition applying to the existing Award; or 
(ii)not be subject to any Performance Condition, but be in respect of the number of shares which is equivalent to the number of Shares
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comprised in the existing Award which would have Vested under rule 13.1 (Takeover); or (iii)    be subject to such other terms as the Directors considers appropriate in all the circumstances; and
13.4.5will be governed by the Plan as if references to Shares were references to the shares over which the new award is granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 13.4.1.
13.5Directors
In this rule 13, “Directors” means those individuals who were members of a committee of the board of the Company referred to in the definition of Directors in rule 1.1immediately before the change of Control.
14.Changing the Plan
14.1Directors’ powers
Subject to the Corporations Act and the rules of any relevant Australian Securities Exchange, the Directors may at any time change the Plan including the terms of any Award already granted in any way.
The Directors may, without obtaining the approval of the Company in general meeting, establish further plans (by way of schedules to the rules or otherwise) based on the rules, but modified to take account of local tax, exchange control or securities law in countries other than Australia. However, any Shares made available under such plans are treated as counting against any limits on individual and overall participation in the Plan.
14.2Notice
The Directors are not required to give Participants notice of any changes.
15.Tax
The Participant will be responsible for all taxes, social security contributions or other levies arising in connection with an Award for which they will, or may be, liable. .
The Company, any employing company or trustee of any employee benefit trust, may withhold any amounts or make such arrangements as it considers necessary to meet any liability to pay or account for any such taxation or social security contributions, other levies or any deductions required under the Rio Tinto Group’s policies on hypothetical taxes. These arrangements may include the sale of or reduction in number of Shares to which a Participant would otherwise be entitled or the deduction of the amount of the liability from any cash amount payable to the Participant under the Plan or otherwise.
The Participant will promptly do all things necessary to facilitate such arrangements and, notwithstanding anything to the contrary in the Plan, Vesting or the issue or transfer of Shares may be delayed until he does so.
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16.Limits on newly issued and treasury shares
16.1Plan limits - 10 per cent
Subject to rule 16.3, an Award must not be granted if the number of Shares committed to be issued under that Award exceeds 10 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted or awarded in the previous 10 years.
16.2Plan limits - 5 per cent
Subject to rule 16.3, an Award must not be granted if the number of Shares committed to be issued under that Award exceeds 5 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other discretionary employee share plan adopted by the Company, granted or awarded in the previous 10 years.
16.3ASIC prospectus relief limit
An Award must not be granted if the number of Shares committed to be issued under that Award would cause to be exceeded the maximum number permitted to be eligible for relief from Part 6D.2, Part 6D.3 or Part 7.9 of the Corporations Act under any Australian Securities and Investments Commission class order or other applicable instrument.
16.4Scope of Plan limits
When calculating the limits in rules 16.1 and 16.2, Shares will be ignored: 
16.4.1where the right to acquire them has been released or has lapsed; and
16.4.2which are committed to be issued under any Dividend Equivalent but will count towards such limits on their issuance.
As long as so required by institutional shareholders, Shares transferred from treasury are counted as part of the ordinary share capital of the Company, and as Shares issued by the Company.
17.General
17.1Terms of employment
17.1.1This rule 17.1 applies during an employee’s employment with a Member of the Group and after the termination of an employee’s employment, whether or not the termination is lawful.
17.1.2Nothing in the rules or the operation of the Plan forms part of the contract of employment of an employee. The rights and obligations arising from the employment relationship between the employee and their employer are 
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separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.
17.1.3No employee has a right to participate in the Plan. Participation in the Plan or the grant of Awards on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Awards on the same basis, or at all, in any future year.
17.1.4The terms of the Plan do not entitle the employee to the exercise of any discretion in their favour.
17.1.5The employee will have no claim or right of action in respect of any decision, omission or discretion, which may operate to the disadvantage of the employee (including, without limitation, any adjustment under rule 9 or rule 10) even if it is unreasonable, irrational or might otherwise be regarded as being in breach of any implied duty of good faith or duty of trust and confidence (and/or any other implied duty) between the employee and their employer.
17.1.6No employee has any right to compensation for any loss in relation to the Plan, including any loss in relation to:
(i)any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or unlawful termination of employment);
(ii)any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to exercise a discretion or take a decision; or
(iii)the operation, suspension, termination or amendment of the Plan. 
17.2Directors’ decisions final and binding
The decision of the Directors on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.
17.3Documents sent to shareholders
The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares.
17.4Costs
The Company will pay the costs of introducing and administering the Plan. The Company may ask a Participant’s employer or any other Member of the Group to bear the costs in respect of an Award (including, for example, any trading or other working costs) to that Participant.
17.5Data protection
17.5.1The basis for any processing of personal information about a Participant who is subject to the EU’s General Data Protection Regulation (2016/679) (or any successor laws) is set out in the Company’s Share Plan Privacy Notice and is not the consent given under rule 17.5.2. The Share Plan Privacy Notice also 
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contains details about how the Participant’s personal information is processed and the Participant’s rights in relation to that information. The Participant has a right to review the Share Plan Privacy Notice.
17.5.2By participating in the Plan, the Participant who is not subject to the EU’s General Data Protection Regulation (2016/679) (or any successor laws) agrees to abide by the Company’s data protection policy from time to time in force, consents to the holding, processing, use and disclosure of personal information relating to the Participant (including sensitive personal information) to any member of the Rio Tinto Group, trustee or third party service provider, for all purposes relating to the operation of the Plan and for compliance with applicable procedures, laws and regulations. These include, but are not limited to:
(i)administering and maintaining Participant records;
(ii)providing personal information to members of the Rio Tinto Group, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan (including, without limitation, in relation to the circumstances concerning a Participant’s leaver status);
(iii)providing personal information to future purchasers or merger partners of the Company, the Participant’s employing company, or the business in which the Participant works;
(iv)transferring personal information about the Participant outside the Participant’s home country, including to a country or territory that may not provide the same statutory protection for the personal information as the Participant’s home country; and/or
(v)as otherwise set out in the Plan documentation and/or as notified to the Participant from time to time.
The Participant is entitled, on payment of a fee, to a copy of the personal information held about them. If anything is inaccurate the Participant has 
17.6Consents
All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in any relevant country. The Participant is responsible for complying with any requirements they need to fulfil in order to obtain or avoid the necessity for any such consent.
17.7Share rights
Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of allotment. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of allotment. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date. Any Shares issued under the Plan are subject to the constitution of the Company from time to time in force.
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17.8Listing
If and for so long as Shares are listed on the Official List and traded on the Australian Securities Exchange, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.
17.9Notices
17.9.1Any information or notice to a person who is or will be eligible to be a Participant under or in connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any intranet.
17.9.2Any information or notice to the Company or other duly appointed agent under or in connection with the Plan may be sent by post or transmitted to it at its registered office or such other place, and by such other means, as the Directors or duly appointed agent may decide and notify Participants.
17.9.3Notices sent by post will be deemed to have been given on the second day after the date of posting. However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been received on the day after sending.
17.10Overriding restrictions
Notwithstanding any term or condition of this Plan:
17.10.1Shares may not be assigned, acquired or dealt with under this Plan if:
(i)to do so would contravene the Corporations Act, the listing rules of the Australian Securities Exchange or any other applicable laws, regulations or listing rules; or 
(ii)compliance with any applicable law, regulation or listing rule would in the opinion of the Directors be unduly onerous or impractical.
17.10.2Nothing in this Plan will require the Company or any other member of the Rio Tinto Group to provide to any person any benefit that causes the Company or a member of the Rio Tinto Group either to breach its obligations or to be required to obtain shareholder approval under the Corporations Act or any other applicable laws, regulation or listing rules. Where such a benefit would be required to be provided to a person except for this clause, the benefit will be reduced to the extent necessary to allow it to be provided without the consequence of either breaching any applicable law, regulation or listing rule or requiring shareholder approval.
17.10.3These rules, including the exercise of any discretions, is subject to all applicable laws, regulations and listing rules.
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17.11Governing law and jurisdiction
The Plan and all Awards and the construction are governed by the laws of Victoria, Australia, The Victorian Courts have non-exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

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Schedule 1

Grant of Forfeitable Shares

Where an Award takes the form of Forfeitable Shares, the Participant must:
1.enter into an agreement with the Grantor that, to the extent that the Award lapses under the Plan, the Shares are forfeited and they will immediately transfer their interest in them, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Grantor; and
2.provide any other documentation which the Directors consider necessary or desirable to give effect to the terms of the Award, including a power of attorney or blank stock transfer form.
If the Participant does not do any of the actions above within a period specified by the Directors, the Award will lapse at the end of that period.
On or after the grant of Forfeitable Shares, the Grantor will procure that the relevant number of Shares are issued or transferred to the Participant or to another person to be held for the benefit of the Participant under the terms of the Plan. Where applicable, the share certificates or other documents of title relating to any Forfeitable Shares may be retained by the Grantor.

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Schedule 2
Cash Awards

The Rules of the Rio Tinto Limited Equity Incentive Plan 2018 will apply to a right (a “Cash Award”) to receive a cash sum granted or to be granted under this Schedule as if it was a Conditional Award or an Option, except as set out in this Schedule. Where there is any conflict between the Rules and this Schedule, the terms of this Schedule will prevail.
1.The Directors may grant or procure the grant of a Cash Award and designate it as a Conditional Award or an Option.
2.Each Cash Award will relate to a given number of notional Shares.
3.On the Vesting or exercise of the Cash Award the holder of that Award will be entitled to a cash sum which will be equal to the “Cash Value” of the notional Vested Shares, where the Cash Value of a notional Share is the market value of a Share on the date of Vesting or exercise of the Cash Award as determined by the Directors.
4.The cash sum payable under paragraph 3 above will be paid by the employer of the Participant (or any other Member of the Group as the Directors decide) as soon as practicable after the Vesting or exercise of the Cash Award, net of any deductions (on account of tax, hypothetical tax or similar liabilities) as may be required by law or as required under the Rio Tinto Group’s policies on hypothetical taxes.
5.For the avoidance of doubt, a Cash Award will not confer any right on the holder of such an Award to receive Shares or any interest in Shares.
29 | 29a2021ex4-11xdescriptiono

Exhibit 4.11    DESCRIPTION OF THE REGISTRANT’S SECURITIES  REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES  EXCHANGE ACT OF 1934    In this Exhibit 4.11, when we refer to “PNC”, “we”, “us”, or “our” or when we otherwise refer to ourselves, we  mean The PNC Financial Services Group, Inc., excluding, unless otherwise expressly stated or the context requires,  our subsidiaries.    We have three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended  (the “Act”): (1) our Common Stock; (2) Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed- to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P; and (3) $1.80 Cumulative Convertible  Preferred Stock - Series B, par value $1.00.    DESCRIPTION OF COMMON STOCK    General    We are authorized to issue 800,000,000 shares of our common stock, par value $5.00 per share.    The following summary is not complete. You should refer to the applicable provisions of the following for a  complete statement of the terms and rights of the common stock:        •   Our Amended and Restated Articles of Incorporation (the “Articles of Incorporation”), which you can find  as Exhibit 3.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, including the  statements with respect to shares pursuant to which certain outstanding series of preferred stock were  issued,       •   an amendment to the Articles of Incorporation, which you can find as Exhibit 3.1.6 to our Current Report  on Form 8-K filed November 20, 2015,        •   the statement with respect to shares governing our Fixed-to-Floating Rate Non-Cumulative Perpetual  Preferred Stock, Series O, which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed  July 27, 2011,        •   the statement with respect to shares governing our Fixed-to-Floating Rate Non-Cumulative Perpetual  Preferred Stock, Series P, which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed  April 24, 2012,      •   the statement with respect to shares governing our 5.375% Non-Cumulative Perpetual Preferred Stock,  Series Q, which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed September 21, 2012,      •   the statement with respect to shares governing our Non-Cumulative Perpetual Preferred Stock, Series R,  which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed May 7, 2013,        •   the statement with respect to shares governing our Fixed-to-Floating Rate Non-Cumulative Perpetual  Preferred Stock, Series S, which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed  November 1, 2016,       •   the statement with respect to shares governing our 3.400% Fixed-Rate Reset Non-Cumulative Perpetual  Preferred Stock, Series T, which you can find as Exhibit 3.1 to our Current Report on Form 8-K filed  September 13, 2021, and      •   the Pennsylvania Business Corporation Law (the “PBCL”).    Holders of common stock are entitled to one vote per share on all matters submitted to shareholders. Holders  of common stock have neither cumulative voting rights nor any preemptive rights for the purchase of additional  

 

  2    shares of any class of our stock, and are not subject to liability for further calls or assessments. The common stock  does not have any sinking fund, conversion or redemption provisions.    In the event of dissolution or winding up of our affairs, holders of common stock will be entitled to share  ratably in all assets remaining after payments to all creditors and payments required to be made in respect of  outstanding preferred stock (including accrued and unpaid dividends thereon) have been made.    The Board may, except as otherwise required by applicable law or the rules of the NYSE, cause the issuance  of authorized shares of common stock without shareholder approval to such persons and for such consideration as  the Board may determine in connection with acquisitions by us or for other corporate purposes.    Computershare Trust Company, N.A., Canton, MA, is the transfer agent and registrar for our common stock.  The shares of common stock are listed on the NYSE under the symbol “PNC.” The outstanding shares of common  stock are validly issued, fully paid and nonassessable, and the holders of the common stock are not subject to any  liability as shareholders.     Dividends and Other Payments    Holders of our common stock are only entitled to receive such dividends as the Board or a duly authorized  committee thereof may declare out of funds legally available for such payments. The payment of future dividends is  subject to the discretion of the Board, which will consider, among other factors, economic and market conditions,  our financial condition and operating results, and other factors, including contractual restrictions and applicable  government regulations and policies (such as those relating to the ability of bank and non-bank subsidiaries to pay  dividends to the parent company and regulatory capital limitations).  The amount of our dividends is also currently subject to the results of the supervisory assessment of capital  adequacy and capital planning processes undertaken by the Board of Governors of the Federal Reserve System (the  “Federal Reserve”) and our primary bank regulators as part of the Federal Reserve’s Comprehensive Capital  Analysis and Review process. The Federal Reserve has the power to prohibit us from paying dividends without its  approval.    We are incorporated in Pennsylvania and governed by the PBCL. Under the PBCL, we cannot pay dividends  if, after giving effect to the dividend payments, we would be unable to pay our debts as they become due in the usual  course of our business or our total assets would be less than the sum of our total liabilities plus the amount that  would be needed, if we were to be dissolved at the time as of which the dividend is measured, to satisfy the  preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the  dividends.    Subject to certain important exceptions, the terms of certain of our outstanding series of preferred stock and  capital securities prohibit us from declaring or paying dividends or distributions on or redeeming, purchasing,  acquiring or making a liquidation payment with respect to our common stock unless all accrued and unpaid  dividends for all completed dividend periods with respect to such preferred stock or capital security, as applicable,  have been paid.  In addition, we have outstanding junior subordinated debentures associated with certain capital securities, the  terms of which permit us to defer interest payments on the debentures for up to five years. At any time when we  have deferred interest payments on these debentures or if we are aware of any event that would be an event of  default under the indenture governing those securities, subject to certain important exceptions, we may not declare  or pay any dividends or distributions on, redeem, purchase, acquire or a make a liquidation payment with respect to  any of our common stock.  Dividends from our subsidiary banks are the primary source of funds for payment of dividends to our  shareholders, and there are statutory limits on the amount of dividends that our subsidiary banks can pay to us  without regulatory approval. We are a holding company that conducts substantially all of our operations through our  banking subsidiaries and other subsidiaries. As a result, our ability to make dividend payments on the common stock  depends primarily on certain federal regulatory considerations and the receipt of dividends and other distributions  

 

  3    from our subsidiaries. There are various legal and regulatory restrictions on the ability of our banking subsidiaries to  pay dividends or make other payments to us, and those restrictions can vary among the different subsidiaries based  on performance, capital and other factors.    Further information concerning dividend restrictions and other factors that could limit our ability to pay  dividends, including restrictions on loans, dividends or advances from bank subsidiaries to the parent company are  included in our Annual Report on Form 10-K.     Other Provisions    The Articles of Incorporation and our Amended and Restated Bylaws (the “Bylaws”) contain various  provisions that may discourage or delay attempts to gain control of PNC. The Bylaws include provisions:       •   authorizing the Board to fix the size of the Board between five and 25 directors,       •   authorizing directors to fill vacancies on the Board occurring between annual shareholder meetings,  including vacancies resulting from an increase in the number of directors,       •   authorizing only the Board, the Chairman of the Board or the Chief Executive Officer to call a special  meeting of shareholders,       •   providing advance notice requirements for director nominations and business to be properly brought before  a shareholder meeting, and       •   authorizing a majority of the Board to alter, amend, add to or repeal the Bylaws.    The Articles of Incorporation vest the authority to make, amend and repeal the Bylaws in the Board, subject to  the power of our shareholders to change any such action.    Provisions of Pennsylvania law also could make it more difficult for a third party to acquire control of PNC or  have the effect of discouraging a third party from attempting to control PNC. The PBCL allows Pennsylvania  corporations to elect to either be covered or not be covered by certain “anti-takeover” provisions. We have elected in  the Bylaws not to be covered by Subchapter G of Chapter 25 of the PBCL, which would otherwise enable existing  shareholders of PNC in certain circumstances to block the voting rights of an acquiring person who makes or  proposes to make a control-share acquisition. We have also opted out of the protection of Subchapter H of Chapter  25 of the PBCL, which would otherwise enable us to recover certain payments made to shareholders who have  evidenced an intent to acquire control of PNC. However, the following provisions of the PBCL do apply to us:       •   shareholders are not entitled to call a special meeting (Section 2521),       •   unless the Articles of Incorporation provide otherwise (which as of the date hereof they do not), action by  shareholder consent must be unanimous (Section 2524),       •   shareholders are not entitled to propose an amendment to the Articles of Incorporation (Section 2535),        •   certain transactions with interested shareholders (such as mergers or sales of assets between PNC and a  shareholder) where the interested shareholder is a party to the transaction or is treated differently from  other shareholders require approval by a majority of the disinterested shareholders (Section 2538),       •   a five-year moratorium exists on certain business combinations with a 20% or more shareholder  (Sections 2551-2556), and       •   shareholders have a right to “put” their shares to a 20% shareholder at a “fair value” for a reasonable  period after the 20% stake is acquired (Sections 2541-2547).    

 

  4    In addition, in certain instances the ability of the Board to issue authorized but unissued shares of common  stock and preferred stock may have an anti-takeover effect.    The existence of the above provisions could result in PNC being less attractive to a potential acquirer, or result  in our shareholders receiving less for their shares of common stock than otherwise might be available if there is a  takeover attempt.    The ability of a third party to acquire PNC is also limited under applicable banking regulations. The Bank  Holding Company Act of 1956 (the “Bank Holding Company Act”) requires any “bank holding company” (as  defined in the Bank Holding Company Act) to obtain the approval of the Federal Reserve prior to acquiring more  than 5% of our outstanding common stock. Any person other than a bank holding company is required to obtain  prior approval of the Federal Reserve to acquire 10% or more of our outstanding common stock under the Change in  Bank Control Act of 1978. Any person (other than an individual) that seeks to acquire 25% or more of our  outstanding common stock, or that would own or control more than 5% of our outstanding common stock and have  other relationships that would, pursuant to Federal Reserve regulations or rulings, provide the holder a “controlling  influence” over PNC, also must obtain the prior approval of the Federal Reserve under the Bank Holding Company  Act and, if approved, is then subject to regulation as a bank holding company under the Bank Holding Company  Act. Furthermore, while we do not have a shareholder rights plan currently in effect, under Pennsylvania law the  Board can adopt a shareholder rights plan without stockholder approval. If adopted, a shareholder rights plan could  result in substantial dilution to a person or group that attempts to acquire PNC on terms not approved by the Board.    DESCRIPTION OF PREFERRED STOCK    General    Our authorized capital stock includes 20,000,000 shares of preferred stock, par value $1.00 per share, as  reflected in the Articles of Incorporation.     The following summary does not purport to be complete and is qualified in its entirety by reference to the  pertinent sections of the Articles of Incorporation and any statements with respect to shares for any series of  preferred stock. You should read the Articles of Incorporation, which includes the designations relating to each  series of preferred stock.    We have six outstanding series of preferred stock:       •   $1.80 Cumulative Convertible Preferred Stock, Series B, with a per share liquidation preference of $40.00  (“Series B Preferred Stock”) (38,542 authorized),       •   Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series O, with a per share liquidation  preference of $100,000 (“Series O Preferred Stock”) (10,000 authorized),       •   Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P, with a per share liquidation  preference of $100,000 (“Series P Preferred Stock”) (15,750 authorized),       •   Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R, with a per share liquidation  preference of $100,000 (“Series R Preferred Stock”) (5,000 authorized),        •   Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S, with a per share liquidation  preference of $100,000 (“Series S Preferred Stock”) (5,250 authorized), and      •   3.400% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series T, with a per share liquidation  preference of $100,000 (“Series T Preferred Stock”) (15,000 authorized).    The following authorized and issued preferred stock has been redeemed and restored to the status of  authorized but unissued preferred stock and is no longer outstanding:     

 

  5      •   98,583 shares of $1.80 Cumulative Convertible Preferred Stock, Series A ,       •   1,433,935 shares of $1.60 Cumulative Convertible Preferred Stock, Series C,       •   1,766,140 shares of $1.80 Cumulative Convertible Preferred Stock, Series D,       •   338,100 shares of $2.60 Cumulative Nonvoting Preferred Stock, Series E,       •   6,000,000 shares of Fixed/Adjustable Rate Noncumulative Preferred Stock, Series F,       •   50,000 shares of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series K,       •   1,500 shares of 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L,       •   5,001 shares of Non-Cumulative Perpetual Preferred Stock, Series M, and      •   4,800 shares of Non-Cumulative Perpetual Preferred Stock, Series Q.    The Board is authorized without further shareholder action to cause the issuance of additional shares of  preferred stock in one or more series, each with the preferences, limitations, designations, conversion or exchange  rights, voting rights, dividend rights, redemption provisions, voluntary and involuntary liquidation rights and other  rights as the Board may determine at the time of issuance.    The rights of the holders of our common stock are subject to any rights and preferences of the outstanding  series of preferred stock and the preferred stock that may be offered. In addition, the rights of the holders of our  common stock and any outstanding series of our preferred stock would be subject to the rights and preferences of  any additional shares of preferred stock, or any series thereof, which might be issued in the future.    Summary of Key Terms of Outstanding Preferred Stock    The following is a summary of certain terms of our outstanding preferred stock. To the extent not included in  the table, we have also described certain aspects of our outstanding preferred stock below.                    Preferred Series    Annual  Dividend  Rate    Cumulative  Dividend   Conversion Rate    Voting Right  (Based on  Conversion  Rate)    Liquidation  Value  per Share    Redeemable  B   $1.80   Yes   1 preferred: 8 common  Yes   $ 40   No  O   (1)   No   None   (1)   $ 100,000   (1)  P   (1)   No   None   (1)   $ 100,000   (1)  R   (1)   No   None   (1)   $ 100,000   (1)  S   (1)   No   None   (1)   $ 100,000   (1)  T  (1)  No  None  (1)  $ 100,000  (1)     (1) See discussion of particular terms for this series of preferred stock below.    Computershare Trust Company, N.A., Canton, MA, is the transfer agent and registrar for the outstanding  preferred stock. The Series B, Series O, Series R, Series S and Series T Preferred Stock are currently traded in  the over-the-counter market. The Series P Preferred Stock is listed on the NYSE under the symbol “PNCPRP.” The  outstanding preferred stock is fully paid and nonassessable. Holders of the outstanding preferred stock have no  preemptive rights to subscribe for any additional securities that may be issued by us.    Because we are a holding company, our rights and the rights of holders of our securities, including the holders  of preferred stock, to participate in the assets of any PNC subsidiary upon its liquidation or recapitalization will be  subject to the prior claims of such subsidiary’s creditors and preferred shareholders, except to the extent we may be  a creditor with recognized claims against such subsidiary or a holder of preferred shares of such subsidiary.    We have elected to offer depositary shares evidenced by depositary receipts for our Series O, Series P, Series  R, Series S and Series T Preferred Stock. Each depositary share represents a fractional interest (as specified in the  prospectus supplement relating to the particular series of preferred stock) in a share of a particular series of preferred  

 

  6    stock issued and deposited with a depositary (as defined below). For a further description of the depositary shares,  you should read “Description of Depositary Shares” below.     Dividends and Other Payments    The holders of the outstanding preferred stock are entitled to receive dividends, if declared by the Board or a  duly authorized committee thereof. We will pay dividends to the holders of record as they appear on our stock books  on the record dates fixed by the Board or a duly authorized committee thereof.     All series of preferred stock, with respect to the priority of payment of dividends, rank senior to all classes of  common stock and any class of preferred stock we issue that specifically provides that it will rank junior to such  preferred stock in respect to dividends, whether or not the preferred stock is designated as cumulative or  noncumulative.     The Board will not declare and pay a dividend on our common stock or on any class or series of our stock  ranking subordinate as to dividends to a series of preferred stock (other than dividends payable in our common stock  or in any class or series of our stock ranking subordinate as to dividends and assets to such series), until we have  paid in full dividends for all past dividend periods on all outstanding senior ranking cumulative preferred stock and  have declared a current dividend on all preferred stock ranking senior to that series. If we do not pay in full  dividends for any dividend period on all shares of preferred stock ranking equally as to dividends, all such shares  will participate ratably in the payment of dividends for that period in proportion to the full amounts of dividends to  which they are entitled.  Subject to certain important exceptions, the terms of certain of our outstanding series of capital securities  prohibit us from declaring or paying dividends or distributions on or redeeming, purchasing, acquiring or making a  liquidation payment with respect to our preferred stock unless all accrued and unpaid dividends for all completed  dividend periods with respect to such capital security have been paid.    In addition, we have outstanding junior subordinated debentures associated with certain capital securities, the  terms of which permit us to defer interest payments on the debentures for up to five years. At any time when we  have deferred interest payments on these debentures or if we are aware of any event that would be an event of  default under the indenture governing those securities, subject to certain important exceptions, we may not declare  or pay any dividends or distributions on, redeem, purchase, acquire or make a liquidation payment with respect to  any of our preferred stock.    Dividends from our subsidiary banks are the primary source of funds for payment of dividends to holders of  preferred stock, and there are statutory limits on the amount of dividends that our subsidiary banks can pay to us  without regulatory approval. We are a holding company that conducts substantially all of our operations through our  banking subsidiaries and other subsidiaries. As a result, our ability to make dividend payments on the preferred  stock depends primarily on certain federal regulatory considerations and the receipt of dividends and other  distributions from our subsidiaries. There are various legal and regulatory restrictions on the ability of our banking  subsidiaries to pay dividends or make other payments to us, and those restrictions can vary among the different  subsidiaries based on performance, capital and other factors.    Series B Preferred Stock Dividends. Holders of outstanding Series B Preferred Stock are entitled to  cumulative dividends at the annual rate set forth above in the table titled “Summary of Certain Key Terms of  Preferred Stock,” which are payable quarterly when and as declared by the Board.    Series O, Series P, Series R, Series S and Series T Preferred Stock Dividends. Dividends on shares of the  Series O, Series P, Series R, Series S and T Preferred Stock are not mandatory. Holders of such series of preferred  stock are entitled to receive, when, as, and if declared by the Board or a duly authorized committee thereof, out of  assets legally available for the payment of dividends under Pennsylvania law, non-cumulative cash dividends based  on the liquidation preference of such series of preferred stock at a rate equal to:     

 

  7       •   In the case of the Series O Preferred Stock, three-month LIBOR plus a spread of 3.678% per annum for  each quarterly dividend period from August 1, 2021 through the redemption date of the Series O Preferred  Stock, if any, payable in arrears on February 1, May 1, August 1 and November 1 of each year.        •   In the case of the Series P Preferred Stock, 6.125% per annum for each quarterly dividend period from the  issue date of the depositary shares to, but excluding, May 1, 2022, and three-month LIBOR plus a spread  of 4.0675% per annum for each quarterly dividend period from May 1, 2022 through the redemption date  of the Series P Preferred Stock, if any, payable in arrears on February 1, May 1, August 1 and November 1  of each year.        •   In the case of the Series R Preferred Stock, 4.850% per annum for each semi-annual dividend period from  the issue date of the depositary shares to, but excluding, June 1, 2023, payable in arrears on June 1 and  December 1 of each year, and three-month LIBOR plus a spread of 3.04% per annum for each quarterly  dividend period from June 1, 2023 through the redemption date of the Series R Preferred Stock, if any,  payable in arrears on March 1, June 1, September 1 and December 1 of each year.        •   In the case of the Series S Preferred Stock, 5.000% per annum for each semi-annual dividend period from  the issue date of the depositary shares to, but excluding, November 1, 2026, payable in arrears on May 1  and November 1 of each year, and three-month LIBOR plus a spread of 3.30% per annum for each  quarterly dividend period from November 1, 2026 through the redemption date of the Series S Preferred  Stock, if any, payable in arrears on February 1, May 1, August 1 and November 1 of each year.       •   In the case of the Series T Preferred Stock, 3.400% per annum for each quarterly dividend period from the  issue date of the depositary shares to, but excluding, September 15, 2026, and the five-year U.S. Treasury  rate plus a spread of 2.595% per annum for each quarterly dividend period from September 15, 2026  through the redemption date of the Series T Preferred Stock, if any, payable in arrears on March 15,  June 15, September 15 and December 15 of each year.    In the event we issue additional shares of any such series of preferred stock after the original issue date,  dividends on such shares will accrue from the original issue date of such additional shares, or in the case of the  Series T Preferred Stock, if such additional shares are issued after the first dividend payment date for the Series T  Preferred Stock, dividends on such additional shares will accrue from the date on which such shares are issued (if it  is a dividend payment date) or the dividend payment date next preceding the date they are issued.    A dividend period for any such series of preferred stock is the period from and including a dividend payment  date to, but excluding, the next dividend payment date. Dividends payable on any such series of preferred stock for  the period in which the interest rate is fixed, and in the case of the Series T Preferred Stock, also for the period in  which the interest rate is based on the five-year U.S. Treasury rate, are computed on the basis of a 360-day year  consisting of twelve 30-day months. Dividends payable on any such series of preferred stock for any period in which  the interest rate is based on three-month LIBOR will be computed based on the actual number of days in a dividend  period and a 360-day year. Dollar amounts resulting from that calculation will be rounded to the nearest cent,  with one-half cent being rounded upward. Dividends on any such series of preferred stock will cease to accrue on  the redemption date, if any, as described below under “Redemption by PNC,” unless we default in the payment of  the redemption price of the shares called for redemption.    Dividends on shares of Series O, Series P, Series R, Series S and Series T Preferred Stock are not cumulative.  Accordingly, if the Board or a duly authorized committee thereof does not declare a dividend payable on any  noncumulative preferred stock in respect of a dividend period, then no dividend will be deemed to have accrued for  such dividend period, be payable on the applicable dividend payment date or be cumulative, and we will have no  obligation to pay any dividend for that dividend period, whether or not the Board or a duly authorized committee  thereof declares a dividend on that series of preferred stock for any future dividend period.    During a dividend period with respect to each of the Series O, Series P, Series R, Series S and Series T  Preferred Stock, so long as any share of such series remains outstanding, unless in each case of clause (i) through  (iii) below the full dividends for the preceding dividend period on all outstanding shares of Series O, Series P, Series  R, Series S or Series T Preferred Stock, as applicable, have been declared and paid or declared and a sum sufficient  

 

  8    for the payment thereof has been set aside, (i) no dividend will be declared or paid or set aside for payment and no  distribution will be declared or made or set aside for payment on any junior stock (other than (a) a dividend payable  solely in such junior stock or (b) any dividend in connection with the implementation of a shareholders’ rights plan,  or the redemption or repurchase of any rights under any such plan), (ii) no shares of junior stock will be  repurchased, redeemed or otherwise acquired for consideration by us (other than (a) as a result of a reclassification  of such junior stock for or into other junior stock, (b) the exchange or conversion of one share of such junior stock  for or into another share of junior stock, (c) through the use of the proceeds of a substantially contemporaneous sale  of other shares of junior stock, (d) purchases, redemptions or other acquisitions of shares of such junior stock in  connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of  employees, officers, directors or consultants, (e) purchases of shares of such junior stock pursuant to a contractually  binding requirement to buy such junior stock existing prior to the preceding dividend period, including under a  contractually binding stock repurchase plan, or (f) the purchase of fractional interests in shares of such junior stock  pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged), nor  will any monies be paid to or made available for a sinking fund for the redemption of any such securities by us, and  (iii) no shares of parity stock will be repurchased, redeemed or otherwise acquired for consideration by us other than  pursuant to pro rata offers to purchase all, or a pro rata portion, of the applicable series of preferred stock and such  parity stock, except by conversion into or exchange for junior stock.    As used in this description, (i) “junior stock” means our common stock and any other class or series of our  stock hereafter authorized over which the Series O, Series P, Series R, Series S or Series T Preferred Stock, as  applicable, has preference or priority in the payment of dividends or in the distribution of assets on any liquidation,  dissolution or winding up of PNC and (ii) “parity stock” means any other class or series of our stock that ranks on  parity with the Series O, Series P, Series R, Series S or Series T Preferred Stock, as applicable, in the payment of  dividends and in the distribution of assets on any liquidation, dissolution or winding up of PNC. The following  series of preferred stock are considered parity stock: Series B, Series O, Series P, Series R, Series S and Series T  Preferred Stock.    When dividends are not paid in full upon the shares of Series O, Series P, Series R, Series S or Series T  Preferred Stock, as applicable, and any parity stock, all dividends declared upon shares of such series of preferred  stock and any parity stock will be declared on a proportional basis so that the amount of dividends declared per  share will bear to each other the same ratio that accrued dividends for such series of preferred stock, and accrued  dividends, including any accumulations, on any parity stock, bear to each other for the then-current dividend period.    Dividends on the Series R, Series S and Series T Preferred Stock will not be declared, paid or set aside for  payment to the extent such act would cause us to fail to comply with the laws and regulations applicable to us,  including applicable regulatory capital rules.    Subject to the foregoing, and not otherwise, dividends (payable in cash, stock or otherwise), as may be  determined by the Board or a duly authorized committee thereof, may be declared and paid on our common stock  and any other stock ranking equally with or junior to any of the Series O, Series P, Series R, Series S or Series T  Preferred Stock from time to time out of any assets legally available for such payment, and the holders of Series O,  Series P, Series R, Series S and Series T Preferred Stock shall not be entitled to participate in any such dividend.    Voting    Except as provided herein or in the applicable statement with respect to shares, or as required by applicable  law, the holders of preferred stock are not be entitled to vote. Except as otherwise required by law or provided by the  Board and described in the applicable statement with respect to shares, holders of preferred stock having voting  rights and holders of common stock vote together as one class. Holders of preferred stock do not have cumulative  voting rights. We are not required to obtain any consent of the holders of preferred stock of a given series in  connection with the authorization, designation, increase or issuance of any shares of preferred stock that rank junior  or equal to the preferred stock of such series with respect to dividends and liquidation rights.    Right to Elect Two Directors upon Nonpayment. If we fail to pay, or declare and set apart for payment,  dividends on outstanding shares of preferred stock of a series for six quarterly dividend periods, or their equivalent,  whether or not consecutive, the number of directors on the Board will be increased by two at the first annual meeting  

 

  9    of shareholders held thereafter, and at such meeting and each subsequent annual meeting until cumulative dividends  payable for all past dividend periods and continuous noncumulative dividends for at least one year on all outstanding  shares of preferred stock of such series entitled thereto shall have been paid, or declared and set apart for payment,  in full, the holders of outstanding shares of preferred stock of all series will have the right, voting together as a class,  to elect such two additional directors to the Board to hold office for a term of one year. Upon such payment, or such  declaration and setting apart for payment, in full, the terms of the two additional directors so elected will terminate  and the number of directors on the Board will be reduced by two, and such voting rights of the holders of shares of  preferred stock will end, subject to an increase in the number of directors on the Board as described above and the  revesting of such voting right in the event of each and every additional failure in the payment of dividends for six  quarterly dividend periods, or their equivalent, whether or not consecutive, as described above.    Under interpretations adopted by the Federal Reserve or its staff, if the holders of preferred stock of any series  become entitled to vote for the election of directors because dividends on such series are in arrears as described  above, that series may then be deemed a “class of voting securities” and a holder (other than an individual) of 25%  or more of such series (or a holder of 5% or more if it otherwise exercises a “controlling influence” over PNC) may  then be subject to regulation as a bank holding company in accordance with the Bank Holding Company Act. In  addition, when the series is deemed a class of voting securities, any other bank holding company may be required to  obtain the prior approval of the Federal Reserve to acquire or retain more than 5% of that series, and any person  other than a bank holding company may be required to obtain the prior approval of the Federal Reserve to acquire or  retain 10% or more of that series.    Voting Rights under Pennsylvania Law. The PBCL attaches mandatory voting rights to preferred stock in  connection with certain amendments to the Articles of Incorporation, under which the holders of preferred stock of a  particular series would be entitled to vote as a class if the amendment would:       •   authorize the Board to fix and determine the relative rights and preferences, as between series, of any  preferred or special class,       •   make any change in the preferences, limitations or special rights (other than preemptive rights or the right  to vote cumulatively) of the shares of a class or series adverse to the class or series,       •   authorize a new class or series of shares having a preference as to dividends or assets which is senior to the  shares of a class or series,       •   increase the number of authorized shares of any class or series having a preference as to dividends or assets  which is senior in any respect to the shares of a class or series, or       •   make the outstanding shares of a class or series redeemable by a method that is not pro rata, by lot or  otherwise equitable.     Holders of outstanding shares of preferred stock are also entitled under Pennsylvania law to vote as a class on  a plan of merger that effects any change in the Articles of Incorporation if the holders would have been entitled to a  class vote under the statutory provision relating to the adoption of articles amendments discussed above.     Series B Preferred Stock Voting. Holders of outstanding Series B Preferred Stock are entitled to a number  of votes equal to the number of full shares of common stock into which their preferred stock is convertible. Unless  we receive the consent of the holders of at least two-thirds of the outstanding shares of preferred stock of all series,  we will not:       •   create or increase the authorized number of shares of any class of stock ranking senior to the preferred  stock as to dividends or assets, or       •   change the preferences, qualifications, privileges, limitations, restrictions or special or relative rights of the  preferred stock in any material respect adverse to the holders of the preferred stock.    

 

  10    Series O, Series P, Series R, Series S and Series T Preferred Stock Voting. Except as described above or  otherwise herein or in the applicable statement with respect to shares, or as required by applicable law, holders of  the Series O, Series P, Series R, Series S and Series T Preferred Stock have no voting rights.    So long as any shares of the Series O, Series P, Series R, Series S or Series T Preferred Stock, as applicable,  remain outstanding, the affirmative vote or consent of the holders of at least two-thirds of all outstanding shares of  the series, voting separately as a class, shall be required to:        •   authorize, increase the authorized amount of or issue shares of any class or series of stock ranking senior to  such series of preferred stock with respect to dividends or the distribution of assets upon liquidation,  dissolutions or winding up of PNC,        •   issue any obligation or security convertible into or evidencing the right to purchase any class or series of  stock ranking senior to such series of preferred stock with respect to payment of dividends or the  distribution of assets upon liquidation, dissolution or winding up of PNC,        •   amend the provisions of the Articles of Incorporation so as to adversely affect the powers, preferences,  privileges or rights of such series of preferred stock, taken as a whole, provided, however, that any increase  in the amount of the authorized or issued shares of such series of preferred stock or authorized common  stock or preferred stock or the creation and issuance, or an increase in the authorized or issued amount, of  other series of preferred stock ranking equally with or junior to such series of preferred stock with respect  to the payment of dividends (whether such dividends are cumulative or non-cumulative) or the distribution  of assets upon liquidation, dissolution or winding up of PNC will not be deemed to adversely affect the  powers, preferences, privileges or rights of such series of preferred stock, or        •   consolidate with or merge into any other entity unless (i) the shares of such series of preferred stock  outstanding at the time of such consolidation or merger are converted into or exchanged for preference  securities having such rights, preferences, privileges and voting powers, taken as a whole, as are not  materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers of  such series of preferred stock, taken as a whole, or (ii) in the case of the Series T Preferred Stock only,  such shares remain outstanding.    The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which  such vote would otherwise be required shall be effected, all outstanding shares of Series O, Series P, Series R, Series  S or Series T Preferred Stock, as applicable, shall have been redeemed or called for redemption upon proper notice  and sufficient funds shall have been set aside by us for the benefit of the holders of such series of preferred stock to  effect such redemption.    Liquidation of PNC    In the event of the voluntary or involuntary liquidation, dissolution or winding up of PNC, the holders of each  outstanding series of preferred stock will be entitled to receive liquidating distributions before any distribution of  assets is made to the holders of our common stock or any other class or series of shares ranking junior to that series,  in the amount fixed by the Board for that series and described in the applicable prospectus supplement, plus, if  dividends on that series are cumulative, accrued and unpaid dividends.    Subject to certain important exceptions, the terms of certain of our outstanding capital securities prohibit us  from making a liquidation payment with respect to our preferred stock unless all accrued and unpaid dividends for  all completed dividend periods with respect to that capital security have been paid.    In addition, we have outstanding junior subordinated debentures associated with certain capital securities, the  terms of which permit us to defer interest payments on the debentures for up to five years. At any time when we  have deferred interest payments on these debentures or if we are aware of any event that would be an event of  default under the indenture governing those securities, subject to certain important exceptions, we may not make a  liquidation payment with respect to any of our preferred stock.    

 

  11    Redemption by PNC    Subject to certain important exceptions, the terms of certain of our outstanding capital securities prohibit us  from redeeming our preferred stock unless all accrued and unpaid dividends for all completed dividend periods with  respect to that capital security have been paid.    In addition, we have outstanding junior subordinated debentures associated with certain capital securities, the  terms of which permit us to defer interest payments on the debentures for up to five years. At any time when we  have deferred interest payments on these debentures or if we are aware of any event that would be an event of  default under the indenture governing those securities, subject to certain important exceptions, we may not redeem  any of our preferred stock.    Redemption of preferred stock is generally subject to compliance with applicable regulatory capital rules,  including any applicable approvals.    Series B Preferred Stock Redemption. The Series B Preferred Stock are not currently redeemable nor entitled  to the benefit of any retirement or sinking fund to be applied to the purchase or redemption of such shares.    Series O, Series P, Series R, Series S and Series T Preferred Stock Redemption. The Series O, Series P, Series  R, Series S and Series T Preferred Stock are not subject to any mandatory redemption, sinking fund or other similar  provisions, and the holders of such series of preferred stock have no right to require the redemption or repurchase of  such series of preferred stock (or any depositary shares representing such series of preferred stock).    The Series O Preferred Stock is redeemable at our option, in whole or part, on any date on or after August 1,  2021, at a redemption price equal to $100,000 per share (equivalent to $1,000 per depositary share), plus any  declared and unpaid dividends, without accumulation of any undeclared dividends.    The Series P Preferred Stock is redeemable at our option, in whole or in part, on any date on or after May 1,  2022, at a redemption price equal to $100,000 per share (equivalent to $25.00 per depositary share), plus any  declared and unpaid dividends, without accumulation of any undeclared dividends.    The Series R Preferred Stock is redeemable at our option, in whole or in part, from time to time, on any  dividend payment date on or after June 1, 2023, at a redemption price equal to $100,000 per share (equivalent to  $1,000 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared  dividends.    The Series S Preferred Stock is redeemable at our option, in whole or in part, from time to time, on any  dividend payment date on or after November 1, 2026, at a redemption price equal to $100,000 per share (equivalent  to $1,000 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared  dividends.    The Series T Preferred Stock is redeemable at our option, in whole or in part, from time to time, on any  dividend payment date on or after September 15, 2026, at a redemption price equal to $100,000 per share  (equivalent to $1,000 per depositary share), plus any declared and unpaid dividends, without accumulation of any  undeclared dividends.    We may redeem shares of the Series O, Series P, Series R, Series S or Series T Preferred Stock at any time  within 90 days following the occurrence of a regulatory capital treatment event (as defined below), in whole but not  part, at a redemption price equal to $100,000 per share of preferred stock (equivalent to $1,000 per depositary share  in the case of the Series O, Series R, Series S and Series T Preferred Stock and $25.00 per depositary share in the  case of the Series P Preferred Stock), plus any declared and unpaid dividends, and in the case of the Series O, Series  P, Series R and Series S Preferred Stock any accrued and unpaid dividends on the shares of preferred stock called  for redemption up to the redemption date, or in the case of the Series T Preferred Stock, an amount equal to the  partial dividend that would have accrued from the prior scheduled dividend payment date to the redemption date. A  “regulatory capital treatment event” means the good faith determination by us that as a result of (i) any amendment  to, or change in, the laws or regulations of the United States or any political subdivision of or in the United States  

 

  12    that is enacted or becomes effective after the initial issuance of any share of the applicable series of preferred stock;  (ii) any proposed change in those laws or regulations that is announced after the initial issuance of any share of the  applicable series of preferred stock; or (iii) any official administrative decision or judicial decision or administrative  action or other official pronouncement interpreting or applying those laws or regulations that is announced after the  initial issuance of any share of the applicable series of preferred stock, there is more than an insubstantial risk that  we will not be entitled to treat the full liquidation value of the shares of the applicable series of preferred stock then  outstanding as “additional Tier 1 capital” (or its equivalent) for purposes of the regulatory capital rules of the  Federal Reserve (or, as and if applicable, the regulatory capital regulations of any appropriate successor federal  banking agency), as then in effect and applicable, for as long as any share of the applicable series of preferred stock  is outstanding.    Redemption of the Series O, Series P, Series R, Series S or Series T Preferred Stock, as applicable, is subject  to our receipt of any required prior approvals from the Federal Reserve and to the satisfaction of any conditions set  forth in the capital guidelines of the Federal Reserve applicable to the redemption of such series of preferred stock.    Conversion    Series B Preferred Stock. Holders of outstanding Series B Preferred Stock currently are entitled to the  conversion privileges set forth above in the table titled “Summary of Certain Key Terms of Preferred Stock.” Series  B Preferred Stock is convertible into our common stock (unless called for redemption and not converted within the  time allowed therefor) at any time at the option of the holder. No adjustment will be made for dividends on preferred  stock converted or on common stock issuable upon conversion. The conversion rate of Series B Preferred Stock will  be adjusted in certain events, including payment of stock dividends on, or splits or combinations of, the common  stock or issuance to holders of common stock of rights to purchase common stock at a price per share less than 90%  of current market price as defined in the Articles of Incorporation. Appropriate adjustments in the conversion  provisions also will be made in the event of certain reclassifications, consolidations or mergers or the sale of  substantially all of the assets of PNC.    Series O, Series P, Series R, Series S and Series T Preferred Stock Conversion. The Series O, Series P, Series  R, Series S and Series T Preferred Stock are not currently entitled to any conversion privileges.    DESCRIPTION OF DEPOSITARY SHARES    We have elected to offer fractional interests in the Series O, Series P, Series R, Series S and Series T Preferred  Stock, rather than whole shares of preferred stock as follows:    • Depositary Shares, each representing a 1/100 interest in a share of Fixed-to-Floating Rate Non-Cumulative  Perpetual Preferred Stock, Series O,  • Depositary Shares Each Representing a 1/4,000 interest in a Share of Fixed-to-Floating Rate Non- Cumulative Perpetual Preferred Stock, Series P,  • Depositary Shares, each representing a 1/100 interest in a share of Fixed-to-Floating Rate Non-Cumulative  Perpetual Preferred Stock, Series R,   • Depositary Shares, each representing a 1/100 interest in a share of Fixed-to-Floating Rate Non-Cumulative  Perpetual Preferred Stock, Series S, and  • Depositary Shares, each representing a 1/100 interest in a share of 3.400% Fixed-Rate Reset Non- Cumulative Perpetual Preferred Stock, Series T.     We have provided for the issuance by a depositary to the public of receipts for depositary shares, and each  of these depositary shares represents a fraction of a share of a particular series of preferred stock.    The shares of any series of preferred stock represented by the depositary shares are deposited pursuant to a  deposit agreement between us and a depositary selected by us. The depositary is a bank or trust company and will  have its principal office in the United States and a combined capital and surplus of at least $50,000,000. The  prospectus supplement relating to a series of depositary shares will set forth the name and address of the depositary.  Subject to the terms of the deposit agreement, each owner of a depositary share will be entitled, in proportion to the  applicable fractional interest in a share of preferred stock represented by such depositary share, to all the rights and  

 

  13    preferences of the preferred stock represented thereby, including any dividend, voting, redemption, conversion and  liquidation rights.    The depositary shares are evidenced by depositary receipts issued under the deposit agreement.    Dividends and Other Distributions    The depositary will distribute any cash dividends or other cash distributions received in respect of the  preferred stock to the record holders of depositary shares relating to the underlying preferred stock in proportion to  the number of depositary shares held by the holders.    If we make a distribution other than in cash, the depositary will distribute any property received by it to the  record holders of depositary shares entitled to those distributions, unless the depositary determines that the  distribution cannot be made proportionally among those holders or that it is not feasible to make a distribution. In  that event, the depositary may, with our approval, sell the property and distribute the net proceeds from the sale to  the holders of the depositary shares in proportion to the number of depositary shares they hold.    Redemption of Depositary Shares    Whenever we redeem shares of preferred stock held by the depositary, the depositary will redeem, as of the  same redemption date, the number of depositary shares representing the shares of preferred stock so redeemed. If  fewer than all of the outstanding depositary shares are to be redeemed, the depositary will select the depositary  shares to be redeemed pro rata or by lot as may be determined by the depositary. The redemption price per  depositary share will be equal to the applicable fraction of the redemption price per share payable with respect to  that series of preferred stock.    Depositary shares called for redemption will no longer be outstanding after the applicable redemption date,  and all rights of the holders of such depositary shares will cease, except the right to receive any money or other  property upon surrender to the depositary of the depositary receipts evidencing those depositary shares.    Voting the Preferred Stock    Upon receipt of notice of any meeting at which the holders of preferred stock are entitled to vote, the  depositary will mail the information contained in the notice of meeting to the record holders of depositary shares  representing shares of such preferred stock. Each record holder of such depositary shares on the record date, which  will be the same date as the record date for the preferred stock, may instruct the depositary to vote the amount of the  preferred stock represented by the holder’s depositary shares. To the extent possible, the depositary will vote the  amount of the preferred stock represented by such depositary shares in accordance with the instructions it receives.  We will agree to take all reasonable actions that the depositary determines are necessary to enable the depositary to  vote as instructed. If the depositary does not receive specific instructions from the holders of any depositary shares  representing such preferred stock, it will not vote the amount of the preferred stock represented by such depositary  shares.    Conversion of Preferred Stock    If a series of preferred stock represented by the depositary shares is convertible into shares of our common  stock or any other class of our capital securities, we will accept the delivery of depositary receipts to convert such  preferred stock using the same procedures as those for delivery of certificates for such preferred stock. If the  depositary shares represented by a depositary receipt are to be converted in part only, the depositary will issue a new  depositary receipt or depositary receipts for the depositary shares that are not converted.    Amendment and Termination of the Deposit Agreement    We and the depositary may amend the form of depositary receipt evidencing the depositary shares and any  provision of the deposit agreement at any time. However, any amendment that materially and adversely alters the  rights of the holders of depositary shares will not be effective unless the amendment has been approved by the  

 

  14    holders of at least a majority of the depositary shares then outstanding. Except as may be otherwise provided in the  applicable deposit agreement, we or the depositary may terminate the deposit agreement only if (i) all outstanding  depositary shares have been redeemed or (ii) there has been a final distribution of the underlying preferred stock in  connection with any liquidation, dissolution or winding up of PNC.    Charges of Depositary    We will pay all transfer and other taxes and governmental charges arising solely from the existence of the  depositary arrangements. We will also pay charges of the depositary in connection with the initial deposit of the  preferred stock and the initial issuance of the depositary shares, all withdrawals of shares of preferred stock by  holders of depositary shares, and any redemption or exchange of the preferred stock at our option. Holders of  depositary shares will pay other transfer and other taxes and governmental charges and such other charges as are  expressly provided in the deposit agreement to be for their accounts.    Resignation and Removal of Depositary    The depositary may resign at any time by delivering to us notice of its election to do so, and we may  remove the depositary at any time by delivering to the depositary notice of such removal. Any such resignation or  removal will take effect only upon the appointment of a successor depositary and such successor depositary’s  acceptance of its appointment. The successor depositary must be a bank or trust company having its principal office  in the United States and having a combined capital and surplus of at least $50,000,000.    Miscellaneous    The depositary will forward to the holders of depositary shares all reports and communications that we  deliver to the depositary and that we are required to furnish to the holders of the preferred stock.    Neither we nor the depositary will be liable if we are prevented or delayed by law or any circumstance  beyond our control in performing our obligations under the deposit agreement. Our obligations and the obligations  of the depositary under the deposit agreement will be limited to performance in good faith of our respective duties  under the deposit agreement. Neither we nor the depositary will be obligated to appear in, prosecute or defend any  action, suit or other legal proceeding relating to any depositary shares or preferred stock unless satisfactory  indemnity is furnished. Both we and the depositary may rely upon written advice of counsel or accountants, or upon  information provided by holders of preferred stock or depositary shares or other persons believed by us in good faith  to be competent, and on any written notice, request, direction or document believed by us to be genuine and to have  been signed or presented by the proper party or parties. The depositary may also rely on information provided by us.

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