Document:

Employment Agreement

 EXHIBIT 10.29 
 

 
 October 30, 2009 
 Mr. C. Kirk Peacock 
 20 Salida del Sol 
 Santa Barbara, CA 93109 
 Dear Kirk: 
 This letter outlines the basis upon which ImmunoCellular Therapeutics, Ltd. (the “Company”) will continue to engage you as its
Chief Financial Officer (“CFO”) and Treasurer. 
 1. Engagement. You will be engaged as CFO and
Treasurer of the Company for the term and upon the terms and conditions set forth herein, and you accept such offer of engagement. As the Company’s CFO, your duties shall consist primarily of (i) the timely filing of all SEC filings,
including preparing drafts of financial statements and the MD&A portions of the Company’s Form 10-KSB and drafts of the Company’s Form 10-QSB and review of the Company’s registration statement disclosures;
(ii) maintenance of the Company’s Sarbanes-Oxley compliance procedures and confirming accounting compliance under Sarbanes-Oxley on a quarterly basis; (iii) preparation of annual two-year budgets (segmented quarterly) for the Company;
(iv) closing of the Company’s financial books on a quarterly basis; (v) coordinating reviews and audits of the Company’s financial statements by the Company’s independent public accounting firm; and (vi) quarterly
presentations to the Company’s board of directors (the “Board”) of the Company’s financial information, including quarterly budgets to actual; and (vii) oversee the Company’s accounts payable function. As the
Company’s Treasurer, your duties shall consist primarily of (i) safeguarding of the Company’s cash and investments; (ii) ensure compliance with the Company’s investment policy; and (iii) maintenance of the
Company’s investment account. You will report to the President of the Company as well as the Chairman of the Audit Committee of the Company. 
 2. Term. The term of your engagement will be through October 29, 2010, commencing October 30, 2009; unless sooner terminated by you or the Company as set forth below in
Section 7. 
 3. Commitment/Part-time Status. For the compensation provided in Section 4, you will set
aside and commit a minimum (on average) of one to two business days per week toward attending to the affairs of the Company as the CFO and Treasurer. The Company recognizes and agrees that, due to your part-time status, you may accept other
employment or consulting assignments concurrent with your engagement by the Company, which may include employment as an officer of publicly-traded companies and/or employment by other companies engaged in biotech or pharmaceutical research and
development, provided that you disclose such employment by any other company to the Company and that such companies are not engaged in any research or development activities in the field of immunocellular therapies. 
 

 

 Mr. Kirk Peacock 
 October 30, 2009 
 Page 2 
 4. Compensation. As payment in full for your services during the term of this Agreement, the Company shall pay you $6,000 per
month and grant to you options to purchase 56,000 shares of the Company’s common stock (the “New Options”), which shall vest monthly pro rata as to 50,000 shares over the one-year term of this Agreement. The cash compensation shall be
paid monthly on the first business day of each month. Upon successful completion of all of the internal documentation and internal testing necessary by October 29, 2010 to subsequently complete the SOX 404 audit, the Company will pay you a
milestone payment of $6,000 and your option shall vest as to 6,000 shares. The New Options will have a seven-year term commencing on the date of grant (which shall be the date of approval of the grant by the Board); will have an exercise price of
the last reported trading price of the Company’s common stock on the OTC Bulletin Board on the date of grant; will be exercisable within the term of those options during the period of your services to the Company and vested options for 24
months after termination for any reason except termination for cause by the Company; with 50% of any of the 50,000 option shares that are then not vested to become vested if terminated without cause, and will have such other terms and conditions as
are included in the Company’s standard nonqualified stock option agreement under its 2006 Equity Incentive Plan (the “Plan”). All of your outstanding options granted under the Plan will be included in the Company’s Form S-8
registration statements. 
 5. Expenses. The Company will promptly reimburse you for all reasonable business
expenses incurred by you in connection with the business of the Company in accordance with regular Company policy regarding the nature and amount of expenses and the maintenance and submission of receipts and records necessary for the Company to
document them as proper business expenses. These expenses shall include, without limitation, out-of-pocket telephone, facsimile, office supplies and authorized travel expenses but shall not include rent, utilities or similar overhead expenses
incurred by you to maintain your office space. 
 6. Indemnity. To the extent permitted by California law, you
agree to indemnify and hold the Company harmless from and against any and all losses, damages, liabilities, costs, and expenses, including attorneys’ fees, arising from or attributable to or resulting from your gross negligence or willful
misconduct in rendering the services. You warrant and represent that you have full power and authority to enter into and perform this Agreement and that your performance of this Agreement will not violate the provisions of any other agreement to
which you are a party. The Company agrees to indemnify and hold you harmless from and against any and all claims, demands, causes of action, losses, damages, liability, costs and expenses, including attorneys fees arising out of your services
hereunder, other than those arising from or attributable to or resulting from your gross negligence or willful misconduct. The Company will name you as an officer on any policy of directors and officers liability insurance it secures throughout the
term of your engagement. 
 7. Termination. This Agreement and your rights and obligations hereunder shall, under
any of the following circumstances, terminate in advance of the time specified in Section 2 above, and you shall have the right to receive only your compensation that shall be accrued hereunder through the effective date of such termination and
shall have no right to receive any further compensation hereunder from and after the time of such termination: 
 

 

 Mr. Kirk Peacock 
 October 30, 2009 
 Page 3 
 7.1 Death. This Agreement and your duties hereunder shall terminate immediately upon your death. 

7.2 Termination by the Company. The Company may, at its option, terminate this Agreement and your duties
hereunder by written notice to you at any time without cause upon 30 days written notice to you. If you are terminated without cause, in addition to all accrued compensation, the Company shall grant you 50% of any unvested options as of the date of
termination. The Company may terminate this Agreement for Cause (as hereinafter defined) at any time upon written notice to you. “Cause” as used in this Agreement means that you, (i) after reasonable notice and warning, have failed to
perform your assigned duties as defined in this Agreement, with such failure to be determined by the Board of Directors, (ii) have materially breached any of the terms or conditions of this Agreement and have failed to correct such breach
within 15 days following written notice from the Company of such breach, or (iii) have been charged with a felony or any intentionally fraudulent act that materially damages, or may materially damage, the business or reputation of the Company.

 7.3 Termination by the You. You may terminate this Agreement at any time without cause upon 30
days written notice to the Company or upon written notice to the Company if the Company shall have materially breached any of the provisions of this Agreement and has failed to correct such breach within 15 days following written notice from you of
such breach. 
 8. Arbitration. In the event of any dispute under this Agreement, such dispute shall be resolved
by binding arbitration with JAMS/ENDISPUTE in Los Angeles, California. The arbitrator shall be a retired judge with at least five years of experience on the bench. This provision shall not be interpreted so as to require arbitration of claims that
the state and/or Federal Courts of California have ruled may not be the subjects of compelled arbitration in employment matters, nor shall it be interpreted so as to restrict any remedy, right of appeal or discovery device available to either party
in a manner that violates the rulings of the state and/or Federal Courts of California with respect to employment-related arbitration. This provision shall not be interpreted so as to preclude the making of reports to governmental offices, or to
preclude either party from seeking injunctive or provisional relief in a court of appropriate jurisdiction under such circumstances as may merit such relief. This arbitration provision is inapplicable to claims of less than $25,000. 
 9. Confidentiality. While this Agreement is in effect and for a period of five years thereafter, you shall hold and keep
secret and confidential all “trade secrets” (within the meaning of California law) and shall use such information only in the course of performing your duties hereunder; provided, however, that with respect to trade secrets, you shall hold
and keep secret and confidential such trade secrets for so long as they remain trade secrets under California law. You shall maintain in trust all such trade secrets as the Company’s property, including, but not limited to, all documents
concerning the Company’s business, including your work papers, telephone directories, customer information and notes, and any and all copies thereof in your possession or under your control. Upon the expiration or earlier termination of your
employment with the Company, or upon request by the Company, you shall deliver to the Company all such documents belonging to the Company, including any and all copies in your possession or under your control. 
 

 

 Mr. Kirk Peacock 
 October 30, 2009 
 Page 4 
 10. Applicable Law. This Agreement shall be interpreted in accordance with the internal laws of the State of California.

 We are delighted that you have agreed to continue to serve as our Chief Financial Officer and Treasurer and look forward to
working with you to make the Company a great success. 
  

			
	Very truly yours,
	
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	By:	 	/s/ Manish Singh
		 	Manish Singh, Ph.D.
		 	President and Chief Executive Officer

  

	
	 Agreed to and Accepted as of this 30th day
 of October 2009.

	
	/s/ C. Kirk Peacock
	 C. Kirk PeacockForm of Agreement for Long-Term Restricted Stock

 Exhibit 10.64 
 Long-Term Restricted Stock Award for 20     
 THE PNC
FINANCIAL SERVICES GROUP, INC. 
 2006 INCENTIVE AWARD PLAN 
 * * * 
 RESTRICTED STOCK AWARD AGREEMENT 
 * * * 
  

							
	GRANTEE:	 	< name >	  	
			
	AWARD DATE:	 	  
	  	
			
	ISSUANCE DATE:	 	  
	  	
				
	 AWARD DENOMINATED
 IN
DOLLARS:
	 	$	  	  
	  	

  
  
 1. Definitions. Certain terms used in this Restricted Stock Award Agreement (the “Agreement”) are defined in Annex A (which
is incorporated herein as part of the Agreement) or elsewhere in the Agreement, and such definitions will apply except where the context otherwise indicates. 
 In the Agreement, “PNC” means The PNC Financial Services Group, Inc. and “Corporation” means PNC and its Consolidated Subsidiaries; provided, however, that, where applicable,
“Corporation” shall not include any subsidiary of PNC that does not satisfy the definition of “TARP recipient” under the U.S. Department of the Treasury rules with respect to TARP standards for compensation and corporate
governance (31 CFR Part 30) to the extent that such rules are applicable to PNC at the relevant time for purposes of the Agreement. Such Department of the Treasury rules are sometimes referred to in the Agreement as the “TARP Rules”.

 2. Restricted Shares Award. Pursuant to The PNC Financial Services Group, Inc. 2006 Incentive Award Plan (the
“Plan”), and subject to the terms and conditions of the Agreement, PNC awards to the Grantee named above (“Grantee”) a Dollar-Denominated Award in the amount set forth above, such award to be received by Grantee in the form of a
number of Restricted Shares of PNC common stock determined as set forth below (the “Award” and the “Restricted Shares”), all subject to acceptance of the Award by Grantee in accordance with Section 16 and subject to the
terms and conditions of the Agreement and the Plan. 
 The number of Restricted Shares to be received by Grantee on the Issuance
Date set forth above will be calculated by dividing the dollar amount set forth above as the

 
Award Denominated in Dollars by the reported closing price on the New York Stock Exchange for a share of PNC common stock on the Issuance Date, rounded down to the nearest whole number.

 3. Terms of Award. The Award is subject to the following terms and conditions. 
 Restricted Shares and related dividends are subject to forfeiture and to transfer restrictions pursuant to the terms and conditions of the
Agreement. 
 Once issued in accordance with Section 16, Restricted Shares will be deposited with PNC or its designee, or
credited to a book-entry account, and held pending reissuance and release in accordance with the terms of Section 6 unless and until such shares are forfeited pursuant to the terms of the Agreement. Restricted Shares that are forfeited by
Grantee pursuant to and in accordance with the terms of Section 4 or Section 5 will be cancelled without payment of any consideration by PNC. 
 Any certificate or certificates representing the Restricted Shares will contain the following legend: 
 “This certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in The PNC Financial Services
Group, Inc. 2006 Incentive Award Plan and an Agreement entered into between the registered owner and The PNC Financial Services Group, Inc. Release from such terms and conditions will be made only in accordance with the provisions of such Plan and
such Agreement, a copy of each of which is on file in the office of the Corporate Secretary of The PNC Financial Services Group, Inc.” 
 Where a book-entry system is used with respect to the issuance of Restricted Shares, appropriate notation of such forfeiture possibility and transfer restrictions will be made on the system with respect
to the account or accounts to which the Restricted Shares are credited. 
 Restricted Shares that are released in accordance
with the terms of Section 6 will be reissued to, or at the proper direction of, Grantee or Grantee’s legal representative without the legend referenced above. Dividends on Restricted Shares will be paid in accordance with Section 7
and are subject to the transfer restrictions and forfeiture provisions set forth in that section. 
 4. Forfeiture Upon
Failure to Meet Service Requirement. 
 4.1 Service Requirement. Grantee will fail to meet the service requirement
for the Award (within the meaning of such requirement as set forth in paragraph 4 of the definition of “long-term restricted stock” in §30.1 of the TARP Rules) in the event that Grantee does not continue performing substantial
services for the Corporation for at least

 
two years from the Issuance Date, other than due to Grantee’s death or Disability, or a change in control event (as defined in the TARP Rules) with respect to PNC before the second
anniversary of the Issuance Date. 
 4.2 Termination of Award Upon Failure to Meet Service Requirement. Upon failure by
Grantee to meet the service requirement set forth in Section 4.1, all then outstanding Restricted Shares, together with the Dividend Account established pursuant to Section 7.1, will be forfeited by Grantee to PNC and cancelled without
payment of any consideration by PNC, and neither Grantee nor any successors, heirs, assigns or legal representatives of Grantee will thereafter have any further rights or interest in the Restricted Shares or any certificate or certificates
representing such shares or in the related dividends or Dividend Account. 
 4.3 Tax Withholding. Any Federal, state or
local taxes required to be paid in connection with satisfaction of the service requirement with respect to the Restricted Shares shall be paid as set forth in Section 6.3 and Section 10. 
 5. Transfer Restrictions; Additional Forfeiture Provisions. 
 5.1 Transfer Restrictions. Notwithstanding satisfaction of the service requirement set forth in Section 4.1, Restricted Shares
shall continue to be subject to restrictions on transfer, except as necessary to reflect a merger or acquisition of PNC, and may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered until such time as such
shares are settled and released in accordance with Section 6.1, Section 6.2, or Section 6.3, respectively. 
 In
the event of Grantee’s death prior to settlement and release of the shares pursuant to Sections 6.1 and 6.3, the Restricted Shares shall be transferred to Grantee’s estate or other legal heirs until the time set forth in Section 6.2,
at which time the shares then outstanding will be settled and released to the executor or administrator of Grantee’s estate or to Grantee’s other legal representative as determined in good faith by PNC. 
 5.2 Forfeitures. Until such time as they are released in accordance with Section 6, Restricted Shares shall be subject to
forfeiture pursuant to Section 5.3, Section 5.4, or Section 5.5 if applicable. Upon any such forfeiture, such Restricted Shares will be cancelled without payment of any consideration by PNC, and neither Grantee nor any successors,
heirs, assigns or legal representatives of Grantee will thereafter have any further rights or interest in such Restricted Shares or any certificate or certificates representing such shares or in any related dividends. 
 5.3 Termination for Cause. In the event that the Corporation terminates the engagement of Grantee by the
Corporation in any capacity for which Grantee receives compensation from the Corporation, including but not limited to acting for compensation as an employee, consultant, independent contractor, officer, director or advisory director, (hereinafter
sometimes referred to as a service relationship with the Corporation) for Cause prior to the 3rd anniversary of the Issuance Date, all Restricted Shares that are

 
outstanding on the date Grantee so ceases to have a service relationship with the Corporation will be forfeited by Grantee to PNC and cancelled without payment of any consideration by PNC;
provided, however, this Section 5.3 shall only apply if the date of such action by the Corporation occurs prior to the occurrence of a Change of Control, if any. 
 5.4 Detrimental Conduct. Restricted Shares will be forfeited by Grantee to PNC and cancelled without payment of any consideration by PNC in the event that, at any time prior to the date such shares
are released in accordance with Section 6, PNC, by PNC’s Designated Person, determines in its sole discretion that Grantee has engaged in Detrimental Conduct; provided, however, that no determination that Grantee has engaged in Detrimental
Conduct may be made on or after the date of Grantee’s death or on or after the occurrence of a Change of Control, if any. 
 5.5 Judicial Criminal Proceedings. If any criminal charges are brought against Grantee, in an indictment or in other analogous formal charges commencing judicial criminal proceedings, alleging the commission of a felony that relates
to or arises out of Grantee’s employment or other service relationship with the Corporation, then to the extent that the Restricted Shares are still outstanding and have not yet been released pursuant to Section 6, any release of the
Restricted Shares shall be automatically suspended and any dividends that would otherwise be paid to Grantee with respect to such shares shall be held by PNC during such suspension. 
 Such suspension shall continue until the earliest to occur of the following: 
 (1) resolution of the criminal proceedings in a manner that results in a conviction (including a plea of guilty or of nolo contendere) of
Grantee for, or any entry by Grantee into a pre-trial disposition with respect to, the commission of a felony that relates to or arises out of Grantee’s employment or other service relationship with the Corporation; 
 (2) resolution of the criminal proceedings in one of the following ways: (i) the charges as they relate to such alleged felony have
been dismissed (with or without prejudice); (ii) Grantee has been acquitted of such alleged felony; or (iii) a criminal proceeding relating to such alleged felony has been completed without resolution (for example, as a result of a
mistrial) and the relevant time period for recommencing criminal proceedings relating to such alleged felony has expired without any such recommencement; 
 (3) Grantee’s death; or 
 (4) the occurrence of a Change of Control.

 If the suspension is terminated by the occurrence of an event set forth in clause (1) above, the Restricted Shares,
together with any related dividends being held by PNC during such suspension, will, upon such occurrence, be automatically forfeited by Grantee to PNC and cancelled without payment of any consideration by PNC. 

 If the suspension is terminated by the occurrence of an event set forth in clause (2),
(3) or (4) above, settlement of the Restricted Shares shall proceed in accordance with Section 6 and any dividends being held by PNC during such suspension shall be paid to Grantee, as applicable. 
 6. Release of Restricted Shares; Settlement; Tax Withholding Prior to Settlement. 
 6.1 Settlement. Except as otherwise provided in Section 6.2 and Section 6.3, Restricted Shares that remain outstanding and
have not been forfeited and cancelled pursuant to Section 4.2 or one of the forfeiture provisions of Section 5 will be settled at the time set forth in this Section 6.1 by reissuance and release of said shares to Grantee without the
legend referred to in Section 3. 
 No fractional shares will be reissued, and if the Restricted Shares being released
include a fractional interest, such fractional interest will be liquidated on the basis of the then current Fair Market Value of PNC common stock and paid to Grantee in cash at the time the shares are reissued. 
 Shares will be reissued and released, and payment will be made for any fractional interest, to Grantee with respect to the settlement of
Restricted Shares as soon as administratively practicable, but in no event later than 30 days, following the settlement date, which shall be the latest to occur of the following: 
  

	 	(i)	 the 3rd anniversary of the Issuance Date; 

  

	 	(ii)	the date on which the Shares (or applicable portion thereof, if different) may become transferable without violating the prohibition set forth in the second paragraph
of the definition of “long-term restricted stock” in §30.1 of the TARP Rules; and 

  

	 	(iii)	the date as of which any suspension imposed pursuant to Section 5.5 that does not result in a forfeiture of the Shares is lifted, if applicable.

 6.2 Settlement in the Event of Grantee’s Death. Except as otherwise provided in Section 6.3,
in the event that Grantee dies prior to the settlement and release of the Restricted Shares pursuant to Section 6.1, Restricted Shares that remain outstanding after Grantee’s death will be settled at the time set forth in this
Section 6.2 by reissuance and release of said shares, without the legend referred to in Section 3, to Grantee’s executor or administrator of Grantee’s estate or to Grantee’s other legal representative as determined in good
faith by PNC. 

 No fractional shares will be reissued, and if the Restricted Shares being released include a
fractional interest, such fractional interest will be liquidated on the basis of the then current Fair Market Value of PNC common stock and paid in cash at the time the shares are reissued. 
 Shares will be reissued and released, and payment will be made for any fractional interest, with respect to the settlement of Restricted
Shares as soon as administratively practicable following the settlement date, which shall be the latest to occur of the following: 
  

	 	(i)	the date of Grantee’s death; and 

  

	 	(ii)	the date on which the Shares (or applicable portion thereof, if different) may become transferable without violating the prohibition set forth in the second paragraph
of the definition of “long-term restricted stock” in §30.1 of the TARP Rules. 

 6.3 Shares
Withheld for Taxes Prior to Settlement. Provided that Grantee has not made an Internal Revenue Code Section 83(b) election for the Restricted Shares, in the event that the Restricted Shares become substantially vested as defined in 26 CFR
1.83-3(b) prior to the time that the Shares are settled and released from transfer restriction pursuant to Section 6.1 or 6.2, a portion of the Restricted Shares sufficient in amount to satisfy the minimum amount of Federal, state and local
taxes then required to be withheld in connection therewith shall become transferable to PNC and shall be retained by PNC for such purpose in accordance with Section 10.2; provided, however, that in no event shall the amount so retained by PNC
for withholding taxes exceed the total amount that may then be made transferable in compliance with the TARP Rules to the extent applicable at that time. 
 7. Dividends. 
 7.1 Dividends on Restricted Shares Prior to Satisfaction
of Service Requirement. Subject to Grantee’s acceptance of the Award pursuant to Section 16, dividends, if any, earned on outstanding Restricted Shares from and after the Issuance Date until the service requirement set forth in
Section 4.1 has been met will accrue, without interest or other form of income, and be credited to a book-entry dividend account for Grantee (the “Dividend Account”). If the Restricted Shares are forfeited pursuant to Section 4.2
for failure to meet the service requirement, the related Dividend Account will also be forfeited without payment of any consideration by PNC. Until the service requirement has been met, dividends with respect to the Restricted Shares may not be
sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered. 
 7.2 After Satisfaction of Service
Requirement. Upon satisfaction of the service requirement set forth in Section 4.1, any cash in the Dividend Account will be paid to Grantee, net of withholding taxes, within 30 days after the date such condition is

 
satisfied; provided, however, in the event that any such dividends were payable to PNC common shareholders in any form other than cash, such shares or other non-cash amounts shall continue to be
subject to the terms and conditions of the Agreement, including transfer restrictions and forfeiture provisions, as if they were Restricted Shares. 
 After the service requirement set forth in Section 4.1 has been satisfied, cash dividends, if any, on such Restricted Shares as remain outstanding will be paid to Grantee as a shareholder on a
current basis (subject to any suspension pursuant to Section 5.5, if applicable) unless and until such shares are forfeited pursuant to Section 5. Forfeiture and cancellation of Restricted Shares after the service requirement has been
satisfied will have no effect on cash dividends paid to Grantee pursuant to this Section 7.2 with respect to dividend record dates that occurred prior to such forfeiture and or cancellation. 
 8. Rights as Shareholder; Capital Adjustments. 
 (a) Except as provided in Sections 4 through 7 and subject to Section 16, Grantee will have all the rights and privileges of a shareholder with respect to the Restricted Shares from and after the
Issuance Date including, but not limited to, the right to vote the Restricted Shares and the right, subject to Section 7, to dividends thereon if and when declared by the Board; provided, however, that all such rights and privileges will cease
immediately upon any forfeiture of such shares. 
 (b) Restricted Shares issued pursuant to the Award shall, as issued and
outstanding shares of PNC common stock, be subject to such adjustment as may be necessary to reflect corporate transactions, including, without limitation, stock dividends, stock splits, spin-offs, split-offs, recapitalizations, mergers,
consolidations or reorganizations of or by PNC; provided, however, that any shares or amounts received as distributions on or in exchange for Restricted Shares shall be subject to the terms and conditions of the Agreement as if they were Restricted
Shares. 
 9. Payment to Legal Representative. If Grantee is deceased at the time Restricted Shares or related dividends
are released in accordance with Section 6 or Section 7, as applicable, delivery of such shares or other payment will be made to the executor or administrator of Grantee’s estate or to Grantee’s other legal representative as
determined in good faith by PNC. 
 Any delivery of shares or other payment made in good faith by PNC to Grantee’s
executor, administrator or other legal representative shall extinguish all right to payment hereunder. 
 10. Payment of
Taxes. 
 10.1 Internal Revenue Code Section 83(b) Election. In the event that Grantee makes an Internal Revenue
Code Section 83(b) election with respect to the Restricted Shares, Grantee shall satisfy all then applicable federal, state or local withholding tax obligations arising from that election by payment of cash. Any such tax election shall be

 
made pursuant to a form to be provided to Grantee by PNC on request. Grantee will provide to PNC a copy of any Internal Revenue Code Section 83(b) election filed by Grantee with respect to
the Restricted Shares not later than ten (10) days after the filing of such election. 
 10.2 Other Tax Liabilities.
Where Grantee has not previously satisfied all applicable withholding tax obligations, PNC will, at the time the tax withholding obligation arises, retain sufficient whole shares of PNC common stock from the Restricted Shares to satisfy the minimum
amount of taxes then required to be withheld by the Corporation in connection with the Restricted Shares. For purposes of this Section 10.2, shares of PNC common stock retained to satisfy applicable withholding tax requirements will be valued
at their Fair Market Value on the date the tax withholding obligation arises. 
 PNC will not retain more than the number
of shares sufficient to satisfy the minimum amount of taxes then required to be withheld in connection with the Restricted Shares. If Grantee desires to have an additional amount withheld above the required minimum, up to Grantee’s W-4
obligation if higher, and if PNC so permits, Grantee may elect to satisfy this additional withholding by payment of cash. Any such tax election shall be made pursuant to a form provided by PNC. If Grantee’s W-4 obligation does not exceed the
required minimum withholding in connection with the Restricted Shares, no additional withholding may be made. 
 11.
Employment. Neither the Award and the issuance of the Restricted Shares nor any term or provision of the Agreement shall constitute or be evidence of any understanding, expressed or implied, on the part of PNC or any subsidiary to employ
Grantee for any period or in any way alter Grantee’s status as an employee at will. 
 12. Subject to the Plan and the
Compensation Committee. In all respects the Award and the Agreement are subject to the terms and conditions of the Plan, which has been made available to Grantee and is incorporated herein by reference; provided, however, the terms of the Plan
shall not be considered an enlargement of any benefits under the Agreement. Further, the Award and the Agreement are subject to any interpretation of, and any rules and regulations issued by, the Compensation Committee or its delegate or under the
authority of the Compensation Committee, whether made or issued before or after the Issuance Date. 
 13. Headings; Entire
Agreement. Headings used in the Agreement are provided for reference and convenience only, shall not be considered part of the Agreement, and shall not be employed in the construction of the Agreement. The Agreement constitutes the entire
agreement between Grantee and PNC and supersedes all other discussions, negotiations, correspondence, representations, understandings and agreements between the parties with respect to the subject matter hereof. 

 14. Grantee Covenants. 
 14.1 General. Grantee and PNC acknowledge and agree that Grantee has received adequate consideration with respect to enforcement of
the provisions of Sections 14 and 15 by virtue of receiving this Award (regardless of whether the shares are ultimately settled and released to Grantee); that such provisions are reasonable and properly required for the adequate protection of
the business of PNC and its subsidiaries; and that enforcement of such provisions will not prevent Grantee from earning a living. 
 14.2 Non-Solicitation; No-Hire. Grantee agrees to comply with the provisions of subsections (a) and (b) of this Section 14.2 while employed or otherwise engaged by the Corporation in any capacity for which Grantee
receives compensation from the Corporation, including but not limited to acting for compensation as an employee, consultant, independent contractor, officer, director or advisory director, (a “service relationship”) and for a period of one
year after the date Grantee ceases to be so employed or otherwise engaged by the Corporation, regardless of the reason for the termination of such service relationship. 
 (a) Non-Solicitation. Grantee shall not, directly or indirectly, either for Grantee’s own benefit or purpose or for the benefit or purpose of any Person other than PNC or any of its
subsidiaries, solicit, call on, do business with, or actively interfere with PNC’s or any subsidiary’s relationship with, or attempt to divert or entice away, any Person that Grantee should reasonably know (i) is a customer of PNC or
any subsidiary for which PNC or any subsidiary provides any services at the time or, if Grantee no longer has a service relationship with the Corporation, was such a customer as of the date such service relationship ceased, or (ii) was a
customer of PNC or any subsidiary for which PNC or any subsidiary provided any services at any time during the last 12 months or, if Grantee no longer has a service relationship with the Corporation, during the 12 months preceding the date such
service relationship ceased, or (iii) is, or if Grantee no longer has a service relationship with the Corporation was as of the date such service relationship ceased, considering retention of PNC or any subsidiary to provide any services.

 (b) No-Hire. Grantee shall not, directly or indirectly, either for Grantee’s own benefit or purpose or for the
benefit or purpose of any Person other than PNC or any of its subsidiaries, employ or offer to employ, call on, or actively interfere with PNC’s or any subsidiary’s relationship with, or attempt to divert or entice away, any employee of
PNC or any of its subsidiaries, nor shall Grantee assist any other Person in such activities. 
 Notwithstanding the above, if
Grantee’s service relationship with the Corporation is terminated by the Corporation other than for Cause, death or Disability and such termination is in anticipation of a Change of Control (that is, the termination occurs prior to the date on
which a Change of Control occurs and it is reasonably demonstrated by Grantee that such termination was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or otherwise arose in connection with or
anticipation of a Change of Control), then commencing immediately after such

 
termination of Grantee’s service relationship with the Corporation, the provisions of subsections (a) and (b) of this Section 14.2 will no longer apply and will be replaced
with the following subsection (c): 
 (c) No-Hire. Grantee agrees that Grantee shall not, for a period of one year after
the date that Grantee’s service relationship with the Corporation ceases, employ or offer to employ, solicit, actively interfere with PNC’s or any PNC affiliate’s relationship with, or attempt to divert or entice away, any officer of
PNC or any PNC affiliate. 
 14.3 Confidentiality. During Grantee’s employment and any other service relationship
with the Corporation, and thereafter regardless of the reason for termination of such employment or other service relationship, Grantee will not disclose or use in any way any confidential business or technical information or trade secret acquired
in the course of such employment, all of which is the exclusive and valuable property of the Corporation whether or not conceived of or prepared by Grantee, other than (a) information generally known in the Corporation’s industry or
acquired from public sources, (b) as required in the course of employment by or other service relationship with the Corporation, (c) as required by any court, supervisory authority, administrative agency or applicable law, or (d) with
the prior written consent of PNC. 
 14.4 Ownership of Inventions. Grantee shall promptly and fully disclose to PNC any
and all inventions, discoveries, improvements, ideas or other works of inventorship or authorship, whether or not patentable, that have been or will be conceived and/or reduced to practice by Grantee during the term of Grantee’s employment with
the Corporation, whether alone or with others, and that are (a) related directly or indirectly to the business or activities of PNC or any of its subsidiaries or (b) developed with the use of any time, material, facilities or other
resources of PNC or any subsidiary (“Developments”). Grantee agrees to assign and hereby does assign to PNC or its designee all of Grantee’s right, title and interest, including copyrights and patent rights, in and to all
Developments. Grantee shall perform all actions and execute all instruments that PNC or any subsidiary shall deem necessary to protect or record PNC’s or its designee’s interests in the Developments. The obligations of this
Section 14.4 shall be performed by Grantee without further compensation and will continue beyond the date Grantee’s service relationship with the Corporation ceases. 
 15. Enforcement Provisions. Grantee understands and agrees to the following provisions regarding enforcement of the Agreement.

 15.1 Governing Law and Jurisdiction. The Agreement is governed by and construed under the laws of the Commonwealth of
Pennsylvania, without reference to its conflict of laws provisions. Any dispute or claim arising out of or relating to the Agreement or claim of breach hereof shall be brought exclusively in the federal court for the Western District of Pennsylvania
or in the Court of Common Pleas of Allegheny County, Pennsylvania. By execution of the Agreement, Grantee and PNC hereby consent to the exclusive jurisdiction of such courts, and waive any right to challenge jurisdiction or venue in such courts with
regard to any suit, action, or proceeding under or in connection with the Agreement. 

 15.2 Equitable Remedies. A breach of the provisions of any of Sections 14.2, 14.3 or
14.4 will cause the Corporation irreparable harm, and the Corporation will therefore be entitled to issuance of immediate, as well as permanent, injunctive relief restraining Grantee, and each and every person and entity acting in concert or
participating with Grantee, from initiation and/or continuation of such breach. 
 15.3 Tolling Period. If it becomes
necessary or desirable for the Corporation to seek compliance with the provisions of Section 14.2 by legal proceedings, the period during which Grantee shall comply with said provisions will extend for a period of twelve (12) months from
the date the Corporation institutes legal proceedings for injunctive or other relief. 
 15.4 No Waiver. Failure of PNC
to demand strict compliance with any of the terms, covenants or conditions of the Agreement will not be deemed a waiver of such term, covenant or condition, nor will any waiver or relinquishment of any such term, covenant or condition on any
occasion or on multiple occasions be deemed a waiver or relinquishment of such term, covenant or condition. 
 15.5
Severability. The restrictions and obligations imposed by Sections 14.2, 14.3 and 14.4 are separate and severable, and it is the intent of Grantee and PNC that if any restriction or obligation imposed by any of these provisions is deemed by a
court of competent jurisdiction to be void for any reason whatsoever, the remaining provisions, restrictions and obligations will remain valid and binding upon Grantee. 
 15.6 Reform. In the event any of Sections 14.2, 14.3 and 14.4 are determined by a court of competent jurisdiction to be unenforceable because unreasonable either as to length of time or area to
which said restriction applies, it is the intent of Grantee and PNC that said court reduce and reform the provisions thereof so as to apply the greatest limitations considered enforceable by the court. 
 15.7 Waiver of Jury Trial. Each of Grantee and PNC hereby waives any right to trial by jury with regard to any suit, action or
proceeding under or in connection with any of Sections 14.2, 14.3 and 14.4. 
 15.8 Applicable Law. Notwithstanding
anything in the Agreement, PNC will not be required to comply with any term, covenant or condition of the Agreement if and to the extent prohibited by law, including but not limited to federal banking and securities regulations, or as otherwise
directed by one or more regulatory agencies having jurisdiction over PNC or any of its subsidiaries. Further, to the extent, if any, applicable to Grantee, Grantee agrees to reimburse PNC for any amounts Grantee may be required to reimburse PNC or
its subsidiaries pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, and agrees that PNC need not comply with any term, covenant or condition of the Agreement to the extent that doing so would require that Grantee reimburse PNC or its
subsidiaries for such amounts pursuant to Section 304 of the Sarbanes-Oxley Act of 2002. 

 15.9. Compliance with Internal Revenue Code Section 409A. It is the intention of
the parties that the Award and the Agreement comply with the provisions of Section 409A to the extent, if any, that such provisions are applicable to the Agreement, and the Agreement will be administered by PNC in a manner consistent with this
intent. 
 If any payments or benefits hereunder may be deemed to constitute nonconforming deferred compensation subject to
taxation under the provisions of Section 409A, Grantee agrees that PNC may, without the consent of Grantee, modify the Agreement and the Award to the extent and in the manner PNC deems necessary or advisable or take such other action or
actions, including an amendment or action with retroactive effect, that PNC deems appropriate in order either to preclude any such payments or benefits from being deemed “deferred compensation” within the meaning of Section 409A or to
provide such payments or benefits in a manner that complies with the provisions of Section 409A such that they will not be taxable thereunder. 
 15.10. Compliance with TARP Rules. It is the intention of the parties that the Award and the Agreement comply with the provisions of the TARP Rules to the extent that such provisions are applicable
at the relevant time for purposes of the Award and the Agreement, and that the Award comply with the requirements for a long-term restricted stock award imposed by the TARP Rules, including §30.10(e)(1) thereof. The Agreement will be
administered by PNC in a manner consistent with this intent. 
 Grantee agrees that PNC may, without the consent of Grantee,
modify the Agreement and the Award to the extent and in the manner PNC deems necessary or advisable or take such other action or actions, including an amendment or action with retroactive effect, that PNC deems appropriate in order to provide
payments or benefits hereunder in a manner that complies with the provisions of the TARP Rules, including but not limited to reducing the Award amount and the number of Restricted Shares issued pursuant to the Award if appropriate to comply with the
requirements for a permitted long-term restricted stock award imposed by §30.10(e)(1) of the TARP Rules. 
 16.
Acceptance of Award; PNC Right to Cancel. If Grantee does not accept the Award by executing and delivering a copy of the Agreement to PNC, without altering or changing the terms thereof in any way, by
                    , PNC may, in its sole discretion, withdraw its offer and cancel the Award at any time prior to Grantee’s delivery to PNC of
a copy of the Agreement executed by Grantee. Otherwise, upon execution and delivery of the Agreement by both PNC and Grantee, the Agreement is effective as of the Award Date and the Restricted Shares will be issued effective as of the Issuance Date.
Grantee will not have any of the rights of a shareholder with respect to the Restricted Shares as set forth in Section 8, and will not have the right to vote or to accrue or receive dividends as set forth in Section 7 in connection with
such shares, until the Issuance Date. 

 IN WITNESS WHEREOF, PNC and Grantee have
executed this Agreement, all as of the day and year first above written as the Award Date. 
  

			
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	
	
	Chairman and Chief Executive Officer
	
	ATTEST:
		
	By:	 	
	
	Corporate Secretary
	
	GRANTEE
		
	By:	 	  

		 	Grantee

 ANNEX A 
 CERTAIN DEFINITIONS 
 * * * 
 A.1 “Agreement” means the Restricted Stock Award Agreement between PNC and Grantee evidencing the Award made to Grantee
pursuant to the Plan. 
 A.2 “Award” means the Award made to Grantee pursuant to the Plan and evidenced by the
Agreement. 
 A.3 “Board” means the Board of Directors of PNC. 
 A.4 “Cause” means: 
 (a) the willful and continued failure of Grantee to substantially perform Grantee’s duties with the Corporation (other than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to Grantee by PNC that specifically identifies the manner in which it is believed that Grantee has not substantially performed Grantee’s duties; 
 (b) a material breach by Grantee of (1) any code of conduct of PNC or one of its subsidiaries or (2) other written policy of PNC
or a subsidiary, in either case required by law or established to maintain compliance with applicable law; 
 (c) any act of
fraud, misappropriation, material dishonesty, or embezzlement by Grantee against PNC or one of its subsidiaries or any client or customer of PNC or a subsidiary; 
 (d) any conviction (including a plea of guilty or of nolo contendere) of Grantee for, or entry by Grantee into a pre-trial disposition with respect to, the commission of a felony; or 
 (e) entry of any order against Grantee, by any governmental body having regulatory authority with respect to the business of PNC or any of
its subsidiaries, that relates to or arises out of Grantee’s employment or other service relationship with the Corporation. 
 The cessation of Grantee’s employment or other service relationship with the Corporation will be deemed to have been a termination for Cause for purposes of the Agreement only if and when the CEO or his or her designee (or, if Grantee
is the CEO, the Board) determines that Grantee is guilty of conduct described in clause (a), (b) or (c) above or that an event described in clause (d) or (e) above has occurred with respect to Grantee and, if so, determines that
the termination of Grantee’s employment or other service relationship with the Corporation will be deemed to have been for Cause. 

 A.5 “CEO” means the chief executive officer of PNC. 
 A.6 “Change of Control” means: 
 (a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then-outstanding shares of common stock of PNC (the “Outstanding PNC Common Stock”) or (B) the
combined voting power of the then-outstanding voting securities of PNC entitled to vote generally in the election of directors (the “Outstanding PNC Voting Securities”); provided, however, that, for purposes of this Section A.6(a), the
following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from PNC, (2) any acquisition by PNC, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by PNC or
any company controlled by, controlling or under common control with PNC (an “Affiliated Company”), (4) any acquisition pursuant to an Excluded Combination (as defined in Section A.6(c)) or (5) an acquisition of beneficial
ownership representing between 20% and 40%, inclusive, of the Outstanding PNC Voting Securities or Outstanding PNC Common Stock shall not be considered a Change of Control if the Incumbent Board as of immediately prior to any such acquisition
approves such acquisition either prior to or immediately after its occurrence; 
 (b) Individuals who, as of the date hereof,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board (excluding any Board seat that is vacant or otherwise unoccupied); provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by PNC’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual was
a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (c) Consummation
of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving PNC or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of PNC, or the acquisition of assets or
stock of another entity by PNC or any of its subsidiaries (each, a “Business Combination”), excluding, however, a Business Combination following which all or substantially all of the individuals and entities that were the beneficial owners
of the Outstanding PNC Common Stock and the Outstanding PNC Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock (or, for a
non-corporate

 
entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity,
equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns PNC or all or substantially all of PNC’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding PNC Common Stock and the Outstanding PNC Voting Securities, as the case may be
(such a Business Combination, an “Excluded Combination”); or 
 (d) Approval by the shareholders of PNC of a complete
liquidation or dissolution of PNC. 
 A.7 “Compensation Committee” means the Personnel and Compensation
Committee of the Board or such person or persons as may be designated or appointed by that committee as its delegate or designee. 
 A.8 “Competitive Activity” means any participation in, employment by, ownership of any equity interest exceeding one percent (1%) in, or promotion or organization of, any Person other than PNC or any of its
subsidiaries (a) engaged in business activities similar to some or all of the business activities of PNC or any subsidiary at the time or, if Grantee has ceased to have a service relationship with the Corporation, as of the date as of which
such service relationship ceased or (b) engaged in business activities which Grantee knows PNC or any subsidiary intends to enter within the next 12 months or, if Grantee has ceased to have a service relationship with the Corporation, within
the first 12 months after the date as of which such service relationship ceased, in either case whether Grantee is acting as agent, consultant, independent contractor, employee, officer, director, investor, partner, shareholder, proprietor or in any
other individual or representative capacity therein. 
 A.9 “Consolidated Subsidiary” means a corporation,
bank, partnership, business trust, limited liability company or other form of business organization that (1) is a consolidated subsidiary of PNC under generally accepted accounting principles and (2) satisfies the definition of
“service recipient” under Section 409A of the Internal Revenue Code. 
 A.10 “Corporation” means
PNC and its Consolidated Subsidiaries except, where the context so requires, as otherwise provided in Section 1 of the Agreement. 
 A.11 “Designated Person” will be either: (a) the Compensation Committee or its delegate, if Grantee was a member of the Corporate Executive Group (or equivalent successor classification) or was subject to the reporting
requirements of Section 16(a) of the Exchange Act with respect to PNC securities when he or she ceased to be an employee of the Corporation; or (b) the Chief Human Resources Officer of PNC, if Grantee is not within one of the groups
specified in Section A.11(a). 

 A.12 “Detrimental Conduct” means: 
 (a) Grantee has engaged, without the prior written consent of PNC (with consent to be given at PNC’s sole discretion), in any
Competitive Activity in the continental United States at any time during the period commencing on the Award Date and extending until such time as the last of the Restricted Shares are released in accordance with Section 6 of the Agreement;

 (b) any act of fraud, misappropriation, or embezzlement by Grantee against PNC or one of its subsidiaries or any client or
customer of PNC or one of its subsidiaries; or 
 (c) any conviction (including a plea of guilty or of nolo contendere) of
Grantee for, or any entry by Grantee into a pre-trial disposition with respect to, the commission of a felony that relates to or arises out of Grantee’s employment or other service relationship with the Corporation. 
 Grantee will be deemed to have engaged in Detrimental Conduct for purposes of the Agreement only if and when PNC, by PNC’s Designated
Person, determines that Grantee has engaged in conduct described in clause (a) or clause (b) above or that an event described in clause (c) above has occurred with respect to Grantee, and, if so, determines that Grantee will be deemed
to have engaged in Detrimental Conduct. 
 A.13 “Disabled” or “Disability” means, except as
may otherwise be required by Section 409A of the Internal Revenue Code, that Grantee either (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving (and has received for at least three months) income replacement benefits under any Corporation-sponsored disability benefit plan. If Grantee has been determined to be
eligible for Social Security disability benefits, Grantee shall be presumed to be Disabled as defined herein. 
 A.14
“Fair Market Value” as it relates to a share of PNC common stock as of any given date means the average of the reported high and low trading prices on the New York Stock Exchange (or such successor reporting system as PNC may
select) for a share of PNC common stock on such date, or, if no PNC common stock trades have been reported on such exchange for that day, the average of such prices on the next preceding day and the next following day for which there were reported
trades. 
 A.15 “Generally accepted accounting principles” means accounting principles generally accepted in
the United States of America. 
 A.16 “Grantee” means the person to whom the Award is made and the Restricted
Shares are granted, and is identified as Grantee on page 1 of the Agreement. 

 A.17 “Internal Revenue Code” means the Internal Revenue Code of 1986 as
amended, and the rules and regulations promulgated thereunder. 
 A.18 “Issuance Date” means the Issuance Date
set forth on page 1 of the Agreement and is the date as of which the Restricted Shares are authorized to be issued by the Compensation Committee or its delegate in accordance with the Plan and Sections 2 and 16 of the Agreement. 
 A.19 “Plan” means The PNC Financial Services Group, Inc. 2006 Incentive Award Plan. 
 A.20 “PNC” means The PNC Financial Services Group, Inc. 
 A.21 “Restricted Shares” means the shares of PNC common stock issued to Grantee pursuant to the Award and subject to the
restrictions set forth in and the terms and conditions of the Agreement and the Plan. 
 A.22 “SEC” means the
United States Securities and Exchange Commission. 
 A.23 “Service relationship” or “having a service
relationship with the Corporation” means being engaged by the Corporation in any capacity for which Grantee receives compensation from the Corporation, including but not limited to acting for compensation as an employee, consultant,
independent contractor, officer, director or advisory director. 
 A.24 “TARP Rules” has the meaning set forth
in Section 1 of the Agreement.

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