Document:

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                                                                     Exhibit 4.7

                RESIGNATION, APPOINTMENT AND ACCEPTANCE AGREEMENT
                -------------------------------------------------

     THIS AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this
"Agreement"), dated as of April 25, 2002, is made by and among Bank One Trust
Company, N.A., a national banking association duly organized under the laws of
the United States of America (the "Prior Trustee"), HSBC Bank USA, a banking
corporation and trust company duly organized and existing under the laws of the
State of New York (the "Successor Trustee"), and Hawk Corporation, a corporation
duly organized and existing under the laws of the State of Delaware (the
"Issuer"). This instrument shall be governed by and construed in accordance with
the laws of the State of Ohio.

     WHEREAS, the Issuer issued $100,000,000 of 10 1/4% Senior Notes due 2003
under an Indenture dated as of November 27, 1996, between the Issuer and the
Prior Trustee (as amended through the date hereof, the "Indenture"), of which
Series B 10 1/4% Senior Notes due 2003 in aggregate principal amount of
$65,000,000 (collectively, the "Notes") are currently issued and outstanding;
and

     WHEREAS, the Prior Trustee currently serves as Indenture Trustee under the
Indenture; and

     WHEREAS, the Indenture provides that, if the Trustee shall resign, the
Issuer shall promptly appoint a successor Trustee; and

     WHEREAS, the Prior Trustee desires to resign as Trustee and the Issuer
desires to appoint the Successor Trustee as successor Trustee under the
Indenture, and the Successor Trustee desires to serve as successor Trustee and
subject to the terms and conditions of the Indenture and this Agreement; and

     WHEREAS, following the execution and delivery of this instrument, the
Successor Trustee will cause the notice required pursuant to the Indenture, a
form of which is annexed hereto marked as Exhibit A, to be mailed to the
registered Holders of the Notes as required by the Indenture;

     NOW THEREFORE, in consideration of the mutual covenants and agreement
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I.

                                   RESIGNATION

     Section 1.01. RESIGNATION OF THE PRIOR TRUSTEE. The Prior Trustee hereby
resigns as the Trustee under the Indenture and related legal documents; such
resignation to become effective immediately prior to the opening of business on
the Effective Date (as hereinafter

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defined). Notwithstanding the resignation of the Prior Trustee as the Trustee
under the Indenture, the Issuer shall remain obligated to indemnify the Prior
Trustee in accordance with Section 7.7 of the Indenture.

     Section 1.02. NOTICE OF RESIGNATION TO THE ISSUER. The Prior Trustee has
given written notice of resignation to the Issuer pursuant to the Indenture, a
copy of which is annexed hereto marked as Exhibit B.

                                   ARTICLE II.

                        APPOINTMENT OF SUCCESSOR TRUSTEE

     Section 2.01. APPOINTMENT. The Issuer hereby appoints the Successor Trustee
to serve as a successor Trustee, Registrar and Paying Agent under the Indenture
with all the authority, rights and powers which are vested in, and all duties
and obligations which are binding on, the Trustee under the Indenture and
related documents, effective at the opening of business on the first Business
Day following the date upon which a fully executed counterpart of this Agreement
is delivered to each of the parties hereto (the "Effective Date"). As used
herein, "Business Day" means a day on which banks in the city where the
principal corporate trust office of the Successor Trustee is located, are not
required or authorized to remain closed and on which the New York Stock Exchange
is not closed.

     Section 2.02. ACCEPTANCE. The Successor Trustee is qualified to serve as a
successor Trustee under the Indenture and related documents and hereby accepts
the appointment by the Issuer and agrees to serve as a successor Trustee under
the Indenture and to perform the duties and obligations of the Trustee under the
Indenture, effective at the opening of business on the Effective Date. The
Successor Trustee shall timely make any and all filings required by the TIA and
any related rules or regulations with respect to its succession as the Trustee
under the Indenture.

     Section 2.03. VESTING OF RIGHTS, POWERS AND DUTIES. In accordance with the
provisions of the Indenture, all rights, powers and duties of the Trustee under
the Indenture shall be vested in and undertaken by the Successor Trustee,
effective at the opening of business on the Effective Date.

     Section 2.04. NOTICE OF SUCCESSION. The Successor Trustee agrees to
promptly notify all registered Holders of its appointment as a successor Trustee
in accordance with the terms of Sections 7.8 and 11.2 of the Indenture, which
notice shall have substantially the same form and content as Exhibit A. The
Successor Trustee further agrees to promptly notify The Depository Trust Company
and Cede & Co. of its appointment as a successor Trustee, Registrar and Paying
Agent under the Indenture.

     Section 2.05. ASSIGNMENT OF POWERS AND PROPERTY. The Prior Trustee hereby
confirms, assigns, transfers and sets over to the Successor Trustee, its
successors and assigns in trust under the Indenture, all property, rights,
powers, duties, trusts, immunities and obligations of the Prior Trustee as the
Trustee under the Indenture and related documents. As of the Effective Date, the
Prior Trustee will hold no property under the Indenture.

                                     - 2 -
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     Section 2.06. FURTHER ASSURANCES. The Prior Trustee hereby agrees, upon
reasonable request of the Successor Trustee, to execute, acknowledge and deliver
such further instruments of transfer and further assurances and to do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the Successor Trustee all the property, rights, powers, duties,
trusts, immunities and obligations of Prior Trustee as the Trustee under the
Indenture and related documents.

     Section 2.07. CONVERSION. The Prior Trustee shall transfer the following
items to the Successor Trustee on or prior to the Effective Date:

     a.   Original executed copies of the Indenture, and closing transcripts;

     b.   Registered holder lists (including name, address, tax identification
          number and detailed holdings for each holder) certified to be accurate
          by the Prior Trustee;

     c.   Note debt service and loan payment records;

     d.   Trust account statements for a one-year period preceding the Effective
          Date;

     e.   All securities and moneys held by the Prior Trustee pursuant to the
          Indenture;

     f.   All Notices sent to Holders and Issuer regarding any current or
          continuing defaults;

     g.   All unissued Note inventory or DTC FAST held global certificates; and

     h.   Such other documentation as the Successor Trustee may reasonably
          require in order to transfer the appointment to it.

                                  ARTICLE III.

                                  MISCELLANEOUS

     Section 3.01. DEFINITIONS. Terms not otherwise defined in this Agreement
shall have the meanings given thereto in the Indenture.

     Section 3.02. COMPENSATION. The Issuer agrees to pay to the Successor
Trustee reasonable compensation for its services in accordance with Section 7.7
of the Indenture.

     Section 3.03. COUNTERPARTS. This Agreement may be executed in a number of
counterparts, each of which shall constitute and original, but such counterparts
shall together constitute but one and the same instrument.

     Section 3.04. PRESERVATION OF RIGHTS. Except as expressly provided herein,
nothing contained in this Agreement shall in any way affect the obligations or
rights of the Issuer, the Trustee, or any Holder under the Indenture and related
documents.

                                     - 3 -
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     Section 3.05. SEVERABILITY. In the event any provision of this Agreement
shall be held invalid or unenforceable by any court of competent jurisdiction,
such holding shall not invalidate or render unenforceable any other provision
hereof.

     Section 3.06. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the Prior Trustee, the Successor Trustee, the Issuer
and their respective successors and assigns.

                                   ARTICLE IV.

                         REPRESENTATIONS AND WARRANTIES

     Section 4.01. REPRESENTATIONS AND WARRANTIES OF THE PRIOR TRUSTEE.

     a.   The Prior Trustee is a national banking association duly organized and
          existing under the laws of the United States, is authorized to conduct
          a general banking business with trust powers and is subject to the
          supervision of the Comptroller of the Currency of the United States as
          provided in the National Bank Act.

     b.   The Prior Trustee has the corporate power and authority to enter into
          this Agreement. Upon execution and delivery, this Agreement shall
          constitute a valid and binding obligation of the Prior Trustee.

     c.   The Prior Trustee is a duly appointed, authorized and acting trustee,
          collateral trustee and/or paying agent for the Notes. Such appointment
          has been administered by the Prior Trustee consistent with the
          authority granted to it by the Indenture and by applicable law.

     d.   The Prior Trustee retains continued responsibility for its actions or
          omissions during its term as the Trustee under the Indenture.

     e.   The Prior Trustee represents that $65,000,000 in principal amount of
          the Notes is currently issued and outstanding.

     f.   The Prior Trustee represents that interest payments on the Notes have
          been made through December 1, 2001.

     g.   There is no action, suit or proceeding pending or, to the best of the
          knowledge of the Prior Trustee, threatened against the Prior Trustee
          before any court or government authority arising out of any action or
          omission by the Prior Trustee as the Trustee under the Indenture.

     Section 4.02. REPRESENTATIONS AND WARRANTIES OF THE SUCCESSOR TRUSTEE.

     a.   The Successor Trustee is a banking corporation and trust company duly
          organized and existing under the laws of the State of New York with
          trust powers and is subject to the supervision of the Federal Reserve
          Bank of New York and the New York State Banking Department.

                                     - 4 -
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     b.   The Successor Trustee has the corporate power and authority to enter
          into this Agreement. Upon execution and delivery, this Agreement will
          constitute a valid and binding obligation of the Successor Trustee.

     c.   The Successor Trustee is qualified and eligible to serve as Trustee
          and Collateral Trustee under the TIA and in accordance with provisions
          of the Indenture, including but not limited to Section 7.10 of the
          Indenture.

     Section 4.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants to the Successor Trustee that:

     a.   It is duly organized and validly existing;

     b.   It has not entered into any amendment to the Indenture except as
          disclosed herein, and the Indenture is in full force and effect;

     c.   No event has occurred and is continuing which is, or after notice or
          lapse of time would become, an Event of Default under the Indenture;

     d.   The execution and delivery of this Instrument and the consummation of
          the transactions contemplated hereby do not and will not conflict
          with, or result in a breach of, any of the terms or provisions of, or
          constitute a default under, any contract, agreement, indenture or
          other instrument (including, without limitation, its certificate of
          incorporation and by-laws) to which it is a party or by which it or
          its property is bound, or any judgment, decree or order of any court
          or governmental agency or regulatory body or law, rule or regulation
          applicable to it or its property;

     e.   No covenant or condition contained in the Indenture has been waived by
          the Company or, to the best of the Company's knowledge by holders of
          the percentage in aggregate principal amount of the Notes required to
          effect any such waiver;

     f.   The Notes are validly issued securities of the Company;

     g.   Any conditions precedent relating to the appointment of HSBC Bank USA,
          as successor Trustee, Registrar and Paying Agent under the Indenture
          for which the Company is responsible have been complied with by the
          Company; and

     h.   There is no action, suit or proceeding pending, or to the best of the
          Company's knowledge, threatened against the Company before any Court
          or any governmental authority, arising out of any action or omissions
          by the Company under the Indenture.

                                     - 5 -
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                                   ARTICLE V.

                                     NOTICES

     Section 5.01. NOTICES. All notices, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered in person or by first class United States mail, as follows:

     a.   If to the Prior Trustee:

          Bank One Trust Company, N.A.
          Corporate Trust Office
          1111 Polaris Parkway, Suite 1K
          P.O. Box 710181
          Columbus, OH  43271-0181
          Attention:  Jeffrey A. Ayres

     b.   If to the Successor Trustee:

          HSBC Bank USA
          452 Fifth Avenue
          New York, NY  10018-2706
          Attention:  Robert A. Conrad

     c.   If to the Issuer:

          Hawk Corporation
          200 Public Square
          Suite 30-5000
          Cleveland, OH  44114
          Attention:  Chief Executive Officer

                                     - 6 -
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     Intending to be legally bound, the parties hereto have executed this
Agreement by their duly authorized corporate officers as of the dates provided
below.

                                               BANK ONE TRUST COMPANY, N.A.,
                                               as the Prior Trustee

                                               By: /s/ Robert H. Major
                                               Title: Trust Officer
                                               Date: 4/25/2002

                                               HSBC BANK USA,
                                               as the Successor Trustee

                                               By: /s/ Robert A. Conrad
                                               Title: Vice President
                                               Date: 4/18/2002

                                               HAWK CORPORATION,
                                               as the Issuer

                                               By: /s/ Thomas A. Gilbride
                                               Title: Vice President - Finance
                                               Date: 4/30/2002

                                     - 7 -
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                                    EXHIBIT A
                                    ---------

                   NOTICE TO THE HOLDERS OF HAWK CORPORATION'S
                     SERIES B 10 1/4% SENIOR NOTES DUE 2003
                                  (THE "NOTES")

                       CUSIP NOS.: 420089AA2 AND 420089AC8

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE
REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL
DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE
REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A
TIMELY MANNER.

HSBC Bank USA, as successor Trustee hereby notifies you of the resignation of
Bank One Trust Company, N.A. as Trustee under the Indenture, dated as of
November 27, 1996, as amended from time to time, pursuant to which your Notes
are issued and are outstanding.

Hawk Corporation has appointed HSBC Bank USA, whose Corporate Trust Office is
located at 452 Fifth Avenue, New York, New York 10018-2706, as successor Trustee
under the Indenture, which appointment has been accepted and became effective

By:   HSBC BANK USA,
      as Successor Trustee

                                     - 8 -
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                                    EXHIBIT B
                                    ---------

Hawk Corporation
200 Public Square
Suite 30-5000
Cleveland, OH  44114

Attention:  Chief Executive Officer

Gentlemen:

NOTICE IS HEREBY GIVEN THAT, pursuant to Section 7.8 of the Indenture, dated as
of November 27, 1996, as amended from time to time (the "Indenture"), between
Hawk Corporation and Bank One Trust Company, N.A. ("Bank One"), Bank One hereby
resigns as the Trustee under the Indenture, such resignation to be effective
upon the appointment of a successor Trustee pursuant to Section 7.8 of the
Indenture and the acceptance of such appointment by such successor Trustee
pursuant to Section 7.8 of the Indenture.

Would you please acknowledge receipt of this notice by signing two copies and
returning them to us.

                                     Bank One Trust Company, N.A.,
                                     as Trustee

                                     By  /s/ Jeffrey A. Ayres

                                           Jeffrey A. Ayres, Director
                                           Fiduciary Workout Services

                                     - 9 -<PAGE>

                                                                    EXHIBIT 10.7

              THE PNC FINANCIAL SERVICES GROUP, INC. AND AFFILIATES
                           DEFERRED COMPENSATION PLAN

                              AMENDED AND RESTATED
                        (EFFECTIVE AS OF JANUARY 1, 2002)

         WHEREAS, The PNC Financial Services Group, Inc. (the "Corporation") and
certain of its affiliates previously adopted and presently maintain The PNC
Financial Services Group, Inc. and Affiliates Deferred Compensation Plan (the
"Plan") originally effective as of November 21, 1996;

         WHEREAS, the Corporation desires to amend and restate the Plan in its
entirety, effective January 1, 2002, to make such changes as deemed necessary or
appropriate in connection with the Plan and as a result of changes to certain of
the Corporation's incentive plans; and

         WHEREAS, section 9(b) of the Plan authorizes the Corporation to amend
the Plan at any time.

         NOW, THEREFORE, in consideration of the foregoing, the Plan is hereby
amended and restated in its entirety to read as follows:

                                    SECTION 1
                                    ---------
                                   DEFINITIONS
                                   -----------
1.1      "Account" means the bookkeeping account established for each
         Participant who is entitled to a benefit under the Plan. An Account is
         established only for purposes of determining deemed investments
         hereunder and not to segregate assets that may or must be used to
         satisfy benefits. An Account will be credited with Deferral Amounts set
         forth in section 3 of the Plan and will be credited or debited to
         reflect deemed investment results under section 5 of the Plan. A
         Participant's "Account" shall also include amounts deferred under
         deferral elections made before January 1, 1996, which pre-1996
         deferrals shall be accounted for separately from Deferral Amounts for
         and after 1996. A Participant's Account shall also include any amounts
         deferred which are subject to restrictions and the possibility of
         forfeiture under the terms of any Cash Incentive Award made under any
         incentive plan.

1.2      "Affiliate" means any business entity whose relationship with the
         Corporation is described in subsections (b), (c) or (m) of section 414
         of the Code.

1.3      "Beneficiary" or "Beneficiaries" means the individual or individuals
         designated by the Participant to receive the balance of the
         Participant's Account upon the Participant's death, in accordance with
         section 6 of the Plan.

<PAGE>

1.4      "Board" means the Board of Directors of the Corporation.

1.5      "Cash Incentive Award" means any incentive award, including incentive
         awards otherwise payable in the form of the Corporation's stock,
         granted to a Participant under an incentive plan designated by the Plan
         Manager as participating hereunder and listed in Schedule B hereto, any
         other cash bonus or incentive compensation payment that may be
         designated by the Plan Manager as eligible for deferral hereunder and
         listed in Schedule B hereto, and amounts payable under any Severance
         Agreement.

1.6      "Change in Control" has the meaning assigned to such term in The PNC
         Financial Services Group, Inc. Supplemental Executive Retirement Plan
         as amended from time to time.

1.7      "CIC Trigger Event" has the meaning assigned to such term in the Trust.

1.8      "Code" means the Internal Revenue Code of 1986, as amended.

1.9      "Committee" means the Personnel and Compensation Committee of the
         Board.

1.10     "Corporate Executive Group" means the group designated as such by the
         Corporation.

1.11     "Corporation" means The PNC Financial Services Group, Inc. and any
         successors thereto.

1.12     "Coverage Period" has the meaning assigned to such term in The PNC
         Financial Services Group, Inc. Supplemental Executive Retirement Plan
         as amended from time to time.

1.13     "Deferral Amount" means the amount credited to a Participant's Account
         in accordance with the Participant's Deferral Election less any amounts
         transferred to the SISP and employment taxes. The term "Deferral
         Amount" shall not include any gains or losses credited or debited
         thereto.

1.14     "Deferral Election" means a Participant's irrevocable election to defer
         all or a portion of the Participant's Cash Incentive Award by timely
         delivery to the Plan Manager of a Deferral Election Form.

1.15     "Deferral Election Form" means the document, in a form or forms
         approved by the Plan Manager, whereby the Participant elects to defer
         all or a portion of any Cash Incentive Award, which designates when
         payment of the portion of the Participant's Account attributable to
         such Deferral Amount, including earnings thereon, will commence, and
         the form of payment.

1.16     "Disability" means the Participant's eligibility to receive benefits
         under the Employer's long-term disability plan.

<PAGE>

1.17     "Distribution Date" means the annual payment date designated by the
         Participant on the Participant's Deferral Election Form for all
         distributions, except for distributions on account of Hardship. A
         Participant may designate January 15 or July 15 as the applicable
         annual Distribution Date.

1.18     "Eligible Cash Incentive Award" means the amount of a Participant's
         Cash Incentive Award up to the greater of (i) $25,000 or (ii) 50% of
         the Cash Incentive Award; provided, however, that for a Participant who
         is not a member of the Corporate Executive Group, the Eligible Cash
         Incentive Award may not exceed $125,000.

1.19     "Employee" means any person employed by an Employer.

1.20     "Employer" means the Corporation and any Affiliate that has been
         designated by the Plan Manager as an Employer hereunder and listed in
         Schedule A hereto.

1.21     "ERISA" means the Employee Retirement Income Security Act of 1974, as
         amended.

1.22     "Hardship" means severe financial hardship to the Participant resulting
         from a sudden and unexpected illness of the Participant or one of the
         Participant's dependents (within the meaning of section 152(a) of the
         Code), or an accident involving the Participant or a Participant's
         dependent, loss of a Participant's property due to casualty, or other
         similar extraordinary and unforeseeable circumstances arising as a
         result of events beyond the control of the Participant. The
         circumstances that will constitute Hardship shall depend upon the facts
         of each case, but, in any case, Hardship will not exist to the extent
         that such hardship is or may be relieved:

         (a)      through reimbursement or compensation by insurance or
                  otherwise;

         (b)      by liquidation of the Participant's assets, to the extent the
                  liquidation of such assets would not itself cause severe
                  financial hardship; or

         (c)      by cessation of deferrals under this Plan or other plans
                  maintained by the Employer.

         The Plan Manager shall have the sole and absolute discretion to
         determine whether a Hardship exists.

1.23     "ISP" means The PNC Financial Services Group, Inc. Incentive Savings
         Plan as amended from time to time.

1.24     "Participant" means any Employee who meets the eligibility criteria set
         forth in section 2 of the Plan and/or has an Account under the Plan.

1.25     "Pension Plan" means The PNC Financial Services Group, Inc. Pension
         Plan as amended from time to time.

<PAGE>

1.26     "Plan" means The PNC Financial Services Group, Inc. and Affiliates
         Deferred Compensation Plan, which is the Plan set forth in this
         document.

1.27     "Plan Manager" means any individual designated by the Committee to
         manage the operation of the Plan as herein provided or to whom the
         Committee has duly delegated any of its duties and obligations
         hereunder.

1.28     "Retirement" means termination of employment with the Corporation and
         all of its Affiliates at any time and for any reason (other than death,
         termination for cause or, unless the Committee determines otherwise,
         termination in connection with a divestiture of assets or of one or
         more subsidiaries of the Corporation) on or after the first day of the
         first month after a Participant has attained age fifty five (55) and
         completed five (5) years of Vesting Service. .

1.29     "Severance Agreement" means any Change in Control Severance Agreement
         between the Corporation and an executive of the Corporation.

1.30     "Severance From Service" means a Participant's termination of
         employment with The PNC Financial Services Group, Inc. and all of its
         Affiliates on account of Retirement, Disability or other termination of
         employment.

1.31     "SISP" means The PNC Financial Services Group, Inc. Supplemental
         Incentive Savings Plan as amended from time to time.

1.32     "Spouse" means the person to whom the Participant is legally married
         (as determined under the laws of the state in which the Participant is
         a resident at the time of marriage).

1.33     "Trust" means the grantor trust established by the Corporation to
         assist in funding its obligations under the Plan.

1.34     "Vesting Service" has the meaning assigned such term in the Pension
         Plan.

                                    SECTION 2
                                    ---------
                          ELIGIBILITY FOR PARTICIPATION
                          -----------------------------
Any Employee who has historically earned or is anticipated to earn annual total
compensation in the year for which a Deferral Election is made of at least
$100,000, or such other greater amount as may be designated by the Committee
from time to time, may be eligible to participate in the Plan, if so designated
by the Plan Manager. The Plan Manager may from time to time expand or limit the
group of employees permitted to participate in the Plan. The decision as to
whether an Employee is eligible to participate in the Plan is reserved to the
Plan Manager in his or her sole discretion.

<PAGE>

                                    SECTION 3
                                    ---------
                                DEFERRAL ELECTION
                                -----------------
3.1      DEFERRAL AMOUNT

         Any Employee who is eligible to participate in the Plan pursuant to the
         criteria set forth in section 2 may elect to defer payment of all or
         any part of an Cash Incentive Award; provided, however, that a
         Participant's gross Deferral Amount may not be less than $5,000 for any
         single deferral. Effective January 1, 1999, if a Participant also
         participates in the ISP at the time of a Cash Incentive Award, a
         portion of the Eligible Cash Incentive Award amount that the
         Participant elects to defer under this Plan will be transferred to the
         SISP. The portion that will be allocated to the SISP will equal the
         percentage of "Compensation" (as defined in the ISP) the Participant
         has elected to defer under the ISP multiplied by an amount equal to the
         difference between (A) the Participant's "Compensation" under the ISP
         calculated as if Code section 401(a)(17) were not applicable and the
         Participant had not made a deferral under this Plan and (B) the
         Participant's "Compensation" actually calculated under the ISP. Amounts
         transferred to the SISP will be subject to the terms and conditions of
         the SISP.

3.2      DEFERRAL ELECTION FORM

         Except for Deferral Election Forms for any Cash Incentive Award payable
         under a Severance Agreement, a Participant's Deferral Election Form
         must be received by the Plan Manager prior to January 1 of each
         calendar year. Except for Deferral Election Forms for any Cash
         Incentive Award payable under a Severance Agreement, any Deferral
         Election Form shall apply only to a Cash Incentive Award granted to the
         Participant for the calendar year (or any portion of the calendar year)
         beginning on such January 1. Notwithstanding the foregoing, in the
         calendar year in which an Employee first becomes eligible to be a
         Participant hereunder, the Deferral Election Form must be received by
         the Plan Manager within 30 days after the Employee first becomes
         eligible, in order to be effective for any Cash Incentive Award granted
         for such calendar year (or for a portion of such calendar year). Each
         Deferral Election Form shall also specify the year in which payment
         shall commence the form of distribution and the applicable Distribution
         Date. A Deferral Election Form for any Cash Incentive Award payable
         under a Severance Agreement will be valid only if it is received by the
         Plan Manager either 30 days after the date of the Severance Agreement
         or at least one year before the Participant's "Date of Termination," as
         that term is defined in the Severance Agreement.

3.3      STOCK DEFERRALS

         From time to time, certain of the Corporation's eligible incentive
         plans may permit or require Participants to defer incentive awards that
         they would otherwise receive in the form of restricted shares of the
         Corporation's common stock ("Stock Deferrals"). Such Stock Deferrals
         may also be subject to such terms and conditions as may be imposed by
         the Corporation under the terms of the incentive plans or the
         individual awards under

<PAGE>

         such plans, including, but not limited to, execution of such agreements
         between the Corporation and the Participant as may be required by the
         Corporation as a condition to receipt of the award and its eligibility
         for deferral under this Plan.

         Stock Deferrals shall be credited to Participants' Accounts as set
         forth in Section 1.1. Stock Deferrals shall be subject to any
         restricted period as may be applicable to the underlying incentive
         award, and shall be deemed to be invested in the Corporation's common
         stock during any such restricted period and may not be transferred to
         other deemed investments until the restricted period has terminated.
         Distributions from the Stock Deferral portion of Accounts shall not be
         permitted until any restricted period has terminated. Hardship
         distributions made pursuant to Section 4.3 shall not include any
         portion of a Participant's Account attributable to Stock Deferrals.

                                    SECTION 4
                                    ---------
            DISTRIBUTION OF DEFERRAL AMOUNTS AND PARTICIPANT ACCOUNTS
            ---------------------------------------------------------
4.1      DISTRIBUTION DEFERRAL ELECTIONS

         Distributions of a Participant's Account attributable to any Deferral
         Amount shall commence in accordance with the Participant's Deferral
         Election Form; provided, however, that no Participant may elect to
         defer the payment of any Deferred Amount for a period of less than one
         full calendar year, and, provided, further, that if the Participant
         fails to select a time when payment of a Participant's Account
         attributable to any Deferral Amount will commence, payment will
         commence as of the first Distribution Date after the Participant's
         Severance From Service. Notwithstanding the foregoing and except as set
         forth below under distributions on account of Hardship, any
         distribution of a Participant's Account attributable to any pre-1996
         Deferral Election shall be payable only upon the Participant's
         Severance From Service.

4.2      TIME AND MANNER OF DISTRIBUTION

         All distributions shall be payable in a lump sum or annual installments
         over a period designated by the Participant not to exceed the lesser of
         ten years or the joint life expectancy of the Participant and the
         Participant's Spouse, based upon life expectancy tables approved by the
         Plan Manager. The form of distribution applicable to any Deferral
         Amount, and any earnings thereon, shall be elected at the time of the
         Participant's Deferral Election on each Deferral Election Form;
         provided, however, that if the Participant fails to select a form for
         the payment of a Participant's Account attributable to any Deferral
         Amount, payment will be made in the form of the lump sum. A Participant
         may not subsequently change the time or form of distribution, except
         with respect to any Cash Incentive Award payable under a Severance
         Agreement; provided, however, that such change will be valid only if it
         is received by the Plan Manager at least one year before the
         Participant's "Date of Termination," as that term is defined in the
         Severance Agreement. Distributions shall be made only in cash, except
         as may otherwise be provided in any eligible incentive plan. The first
         annual payment will be made as soon as

<PAGE>

         may be practicable after the Distribution Date in the year designated
         by the Participant with the remaining installments (if any) continuing
         to be payable as soon as may be practicable after the same Distribution
         Date each year thereafter.

4.3      HARDSHIP DISTRIBUTION

         Upon approval of the Plan Manager, in his or her sole and absolute
         discretion, payment of all or any portion of any Participant's Account
         shall be made in the event of a Participant's Hardship. Payment of any
         Hardship distribution shall be made only in cash in a single sum as
         soon as administratively feasible after approval.

4.4      DEATH BENEFIT

         Except as provided in section 4.5, if a Participant's Severance From
         Service occurs because of the Participant's death, either before or
         after payments commence, the balance of the Participant's Account shall
         be distributed to the Participant's Beneficiary or Beneficiaries at the
         time and pursuant to the method elected by the Participant. Upon
         application of the Participant's Beneficiary, the Plan Manager may, in
         his or her sole and absolute discretion, direct that the balance of any
         deceased Participant's Account be paid in a single lump sum.

4.5      ACCELERATED DISTRIBUTION

         Except as may be otherwise provided in any Participant's Severance
         Agreement or upon a Severance From Service that occurs during a
         Coverage Period, upon a Participant's Severance From Service for any
         reason other than death, Disability or Retirement, the Committee shall
         direct payment of the balance of the Participant's Account to be
         accelerated and paid in a single sum to the Participant on the first
         annual Distribution Date coincident with or next following the date of
         the Participant's Severance From Service.

                                    SECTION 5
                                    ---------
                                INVESTMENT FUNDS
                                ----------------
Deferral Amounts credited to a Participant's Account under the Plan shall be
deemed to be invested in the investment fund or funds selected by the
Participant in accordance with procedures established by the Plan Manager. The
Participant may elect to change the investment fund elections in accordance with
procedures established by the Plan Manager. The Committee shall, in its sole
discretion, determine the various investment funds which will be available for
the deemed investment of all Deferral Amounts. If a Participant fails to select
an investment fund or fund with respect to any Deferral Amount, such Deferral
Amount shall be automatically invested in a short-term investment fund as may be
designated from time-to-time by the Committee, until the Participant provides
investment directions in accordance with procedures established by the Plan
Manager. A Participant's Account shall be valued daily.

<PAGE>

The Committee, in its sole and absolute discretion, shall establish procedures
for allocating earnings to a Participant's Account.

                                    SECTION 6
                                    ---------
                          DESIGNATION OF BENEFICIARIES
                          ----------------------------
A Participant shall designate a Beneficiary or Beneficiaries to receive the
balance of the Participant's Account upon the Participant's death. Such
designation shall be on a form approved by the Plan Manager and shall not be
effective until it is received by the Plan Manager. If no valid Beneficiary
designation form is on file with the Plan Manager upon the Participant's death,
then the balance of the Participant's Account shall be payable to the
Beneficiary designated by the Participant under the Employer's group life
insurance plan, or, if no such designation exists, to the Participant's estate.

                                    SECTION 7
                                    ---------
                                   TRUST FUND
                                   ----------
No assets of the Corporation or any Employer shall be segregated or earmarked in
respect to any Deferral Amounts and all such amounts shall constitute unsecured
contractual obligations of the Employer. If the Corporation chooses to
contribute to the Trust to offset its obligation under this Plan, all assets or
property held by the Trust shall at all times remain subject to the claims of
the general creditors of the Corporation or any Employer.

                                    SECTION 8
                                    ---------
                                CLAIMS PROCEDURE
                                ----------------
8.1      INITIAL CLAIM

         Claims for benefits under the Plan shall be filed with the Plan
         Manager. If any Participant or Beneficiary claims to be entitled to a
         benefit under the Plan and the Plan Manager determines that such claim
         should be denied in whole or in part, the Plan Manager shall notify
         such person of its decision in writing. Such notification will be
         written in a manner calculated to be understood by such person and will
         contain (i) specific reasons for the denial, (ii) specific reference to
         pertinent Plan provisions, (iii) a description of any additional
         material or information necessary for such person to perfect such claim
         and an explanation of why such material or information is necessary and
         (iv) information as to the steps to be taken if the person wishes to
         submit a request for review. Such notification will be given within 90
         days after the claim is received by the Plan Manager. If such
         notification is not given within such period, the claim will be
         considered denied as of the last day of such period and such person may
         request a review of his or her claim.

<PAGE>

8.2      REVIEW PROCEDURE

         Within 60 days after the date on which a Participant or Beneficiary
         receives a written notice of a denied claim (or, if applicable, within
         60 days after the date on which such denial is considered to have
         occurred) such person (or his or her duly authorized representative)
         may (i) file a written request with the Committee for a review of his
         or her denied claim and of pertinent documents and (ii) submit written
         issues and comments to the Committee. The Committee will notify such
         person of its decision in writing. Such notification will be written in
         a manner calculated to be understood by such person and will contain
         specific reasons for the decision as well as specific references to
         pertinent Plan provisions. The decision on review will be made within
         60 days after the request for review is received by the Committee. If
         the decision on review is not made within such period, the claim will
         be considered denied.

8.3      CLAIMS AND REVIEW PROCEDURE NOT MANDATORY AFTER A CHANGE IN CONTROL

         After the occurrence of a Change in Control, the claims procedure and
         review procedure provided for in this section 8 shall be provided for
         the use and benefit of Participants who may choose to use such
         procedures, but compliance with the provisions of this section 8 shall
         not be mandatory for any Participant claiming benefits after a Change
         in Control. It shall not be necessary for any Participant to exhaust
         these procedures and remedies after a Change in Control prior to
         bringing any legal claim or action, or asserting any other demand, for
         payments or other benefits to which such Employee claims entitlement.

                                    SECTION 9
                                    ---------
                                 ADMINISTRATION
                                 --------------
The Committee shall have the sole and absolute authority to determine
eligibility for benefits and administer, interpret, construe and vary the terms
of the Plan; provided, however, that after a Change in Control the Committee
shall be subject to the direction of the trustee of the Trust with respect to
the exercise of the authority granted by this section 9 and elsewhere in this
Plan.

This Plan is intended to be "a plan which is unfunded and is maintained by an
employer primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees" within the meaning
of section 201(2), 301(a)(3) and 401(a)(1) of ERISA and shall be administered in
a manner consistent with that intent.

                                   SECTION 10
                                   ----------
                            AMENDMENT AND TERMINATION
                            -------------------------
The Committee shall have the sole and absolute discretion to modify, amend or
terminate this Plan at any time; provided, that no modification, amendment or
termination shall be made which would have the effect of decreasing the amount
payable to any Participant or Beneficiary hereunder without the consent of such
Participant or Beneficiary.

<PAGE>

After a Change in Control, the Plan may not be amended in any manner that
adversely affects the administration or payment of a Participant's benefits
hereunder (including but not limited to the timing and form or payment of
benefits hereunder) without the consent of the Participant nor may the
provisions of this section 10 or section 11 be amended after a Change in Control
with respect to a Participant without the written consent of the Participant;
provided, however, that the failure of a Participant to consent to any such
amendment shall not impair the ability of the Committee to amend the Plan with
respect to any other Participant who has consented to such amendment.

                                   SECTION 11
                                   ----------
                                   SUCCESSORS
                                   ----------
In addition to any obligations imposed by law upon any successor(s) to the
Corporation and the Employers, the Corporation and the Employers shall be
obligated to require any successor(s) (whether direct or indirect, by purchase,
merger, consolidation, operation of law, or otherwise) to all or substantially
all of the business and/or assets of the Corporation and the Employers to
expressly assume and agree to perform this Plan in the same manner and to the
same extent that the Corporation and the Employers would be required to perform
it if no such succession had taken place; in the event of such a succession,
references to "Corporation" and "Employers" herein shall thereafter be deemed to
include such successor(s).

                                   SECTION 12
                                   ----------
                                  GOVERNING LAW
                                  -------------
The Plan shall be governed according to the laws of the Commonwealth of
Pennsylvania to the extent not preempted by federal law.

                                   SECTION 13
                                   ----------
                                  MISCELLANEOUS
                                  -------------
13.1     LIABILITY OF THE BOARD

         The Board shall not be liable to any person for any action taken or
         admitted in connection with the administration, interpretation,
         construction or variance of the Plan.

13.2     NO CONTRACT OF EMPLOYMENT

         Nothing herein shall be construed as an offer or commitment by the
         Corporation or any Affiliate to continue any Participant's employment
         with it for any period of time.

<PAGE>

13.3     WITHHOLDING

         All applicable federal, state, local and social security taxes will be
         withheld and deducted from amounts distributed hereunder, as
         appropriate.

13.4     SPENDTHRIFT CLAUSE

         The right of the Participants to any amounts deferred or invested in
         this Plan shall not be transferable or assignable and shall not be
         subject to alienation, encumbrance, garnishment, attachment, execution
         or levy of any kind, voluntary or involuntary, except when, where and
         if compelled by applicable law.

13.5     SEVERABILITY

         Whenever possible, each provision of this Plan shall be interpreted in
         such manner as to be effective and valid under applicable law, but if
         any provision of the Plan shall be held to be prohibited by or invalid
         under applicable law, then (i) such provision shall be deemed to be
         amended to, and to have contained from the outset such language as
         shall be necessary to, accomplish the objectives of the provision as
         originally written to the fullest extent permitted by law and (ii) and
         other provisions of this Plan shall remain in full force and effect.

13.6     ENTIRE AGREEMENT

         This writing constitutes the final and complete embodiment of the
         understandings of the parties hereto and all prior understandings and
         communications of the parties oral or written concerning this Plan are
         hereby renounced, revoked and superseded.

<PAGE>

                                   SCHEDULE A
                                   ----------
                                   AFFILIATES
                                   ----------

PNC Bank, N.A.
PNC Capital Markets, Inc.
The PNC Financial Services Group, Inc.
PNC Alliance, LLC.
PNC Equity Management Inc.
PNC Commercial Management, Inc.
PNC Leasing LLC.
PNC Brokerage Corp
PNC Bank, Delaware
PFPC, Inc.
PFPC Trust Co.
Automated Business Development Corp.
Midland Loan Services, Inc.
Columbia Housing Partners, L.P.
PNC Affordable Housing Inc.
TRI Capital Company, Inc.

<PAGE>

                                   SCHEDULE B
                            ELIGIBLE INCENTIVE PLANS

   PLAN CODE                                PLAN NAME
   ---------                                ---------

      C10        PNC LEASING LLC
      C11        LEVERAGED FINANCE INCENTIVE
      C13        (INVESTMENT BANKING) CAPITAL MARKETS
      C14        CLIENT RELATIONSHIP TEAM
      C16        TREASURY MANAGEMENT INCENTIVE
      C24        PNC500 INCENTIVE COMPENSATION
      E01        COMM'L FINANCE INCENTIVE
      E02        PNC BUSINESS CREDIT
      T02        FIXED INCOME RESEARCH TEAM
      T07        AMG - B/R ANNUAL
      H01        CRC PNC CAPITAL RECOVERY CORP
      K03        MERGERS & ACQUISITIONS SPECIAL
      K04        STAFF SERVICES INSURANCE SPECIAL
      R35        REGIONAL CONS. DISCRETIONARY BONUS PLAN
      R37        DEALER FINANCE - FLOOR PLAN
      R44        ATM SALES
      V01        PNC BROKERAGE CORPORATE SALES INCENTIVE PLAN
      V12        EXECUTIVE SALES MANAGEMENT
      A90        REGIONAL PRESIDENTS
      CEG        CORPORATE EXECUTIVE GROUP
      MIP        MANAGEMENT INCENTIVE PLAN
      Q01        PNC EQUITY MANAGEMENT CORP INCENTIVE
      F14        PFPC ANNUAL INCENTIVE PLAN
      G02        RELATIONSHIP MANAGER (R/E)
      G04        CMBS
      G05        SECURED LENDING/PNC MORTGAGE WAREHOUSE LENDING
      G06        PNC SECURED LENDING REAL ESTATE INCENTIVE COMP.
      G08        MIDLAND PERFORMANCE BONUS PLAN
      G09        COLUMBIA HOUSING; INSTITUTION SALES INCENTIVE
      G10        CMBS PRODUCT INCENTIVE - MIDLAND
      G11        MIDLAND INCENTIVE
      G12        AFFORDABLE HOUSING PERFORMANCE BONUS POOL
      G14        TRI CAPITAL AFFORDABLE HOUSING
      G15        MIDLAND CONTRACTS
      C03        INSTITUTIONAL INVESTMENT GROUP - BDO SALES
      T01        EQUITY RESEARCH TEAM
      T05        TEAM PERFORMANCE - INSTITUTIONAL SERVICES
      V10        CLIENT DEVELOPMENT OFFICER
      V13        SMART INCENTIVE PLAN - SALES - QTRLY
      V14        LEADERSHIP INCENTIVE PLAN - PERFORMANCE
      V15        REGIONAL SALES MANAGERS - ANNUAL
      V18        PNC ADVISORS, NA (NEW ENGLAND)
      V19        SALES & SERVICE ACHIEVEMENT - SPOT
      V20        PROFESSIONAL STAFF SERVICE PLAN

<PAGE>

                                   SCHEDULE B
                            ELIGIBLE INCENTIVE PLANS

   PLAN CODE                                PLAN NAME
   ---------                                ---------

      V21        SMART INCENTIVE PLAN - REVENUE MANAGEMENT- ANNUAL
      V22        INSTITUTIONAL INVESTMENT GROUP - SALES
      V23        HAWTHORN INCENTIVE PLAN
      V24        VESTED INTEREST CENTRAL SUPPORT GROUP - ANNUAL
      V25        INSTITUTIONAL INVESTMENT GROUP - REVENUE MANAGEMENT
      V26        LEADERSHIP INCENTIVE PLAN - SALES OVERRIDE
      V27        VESTED INTEREST CENTRAL SUPPORT GROUP - QUARTERLY
      V28        SERVICE CENTER 2000
      V30        CLIENT ADVIS. REV MANAGEMENT - ANNUAL
      V31        CLIENT ADVIS. REV MANAGEMENT - QUARTERLY
      V32        PRIVATE CLIENT GROUP REV. MANAGEMENT - ANNUAL
      V33        PRIVATE CLIENT GROUP REV. MANAGEMENT - QUARTERLY
      V34        REGIONAL SALES MANAGERS - QUARTERLY
      V35        GREENWICH CT TEAM

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