Document:

Form of Change of Control Employment Agreements

 Exhibit 10.72 
 FORM OF CHANGE OF CONTROL EMPLOYMENT AGREEMENTS 
 CHANGE OF CONTROL EMPLOYMENT
AGREEMENT 
 CHANGE OF CONTROL EMPLOYMENT AGREEMENT, dated as of the [    ] day of
[            ], [            ] (this “Agreement”), by and between The PNC Financial
Services Group, Inc., a Pennsylvania corporation (the “Company”), and [                    ] (the “Executive”).

 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the
Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined herein). The Board believes it is imperative to
diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control, to encourage the Executive’s full attention and dedication to the Company in the event
of any threatened or pending Change of Control and to provide the Executive with compensation and benefits arrangements upon a Change of Control that ensure that the compensation and benefits expectations of the Executive will be satisfied and that
provide the Executive with compensation and benefits arrangements that are competitive with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement. 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 Section 1. Certain Definitions. (a) “Effective Date” means the first date during the Change of Control Period (as defined herein) on which a Change of Control occurs.
Notwithstanding anything in this Agreement to the contrary, if the Executive’s employment with the Company is terminated by the Company other than for Cause, death or Disability prior to the date on which a Change of Control occurs, and if it
is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or
anticipation of a Change of Control (such a termination of employment, an “Anticipatory Termination”), then for all purposes of this Agreement, “Effective Date” means the date immediately prior to the date of such termination of
employment. 
 (b) “Change of Control Period” means the period commencing on the date hereof and ending on the third
anniversary of the date hereof; provided, however, that, commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof, the “Renewal Date”),
unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, the Company shall give notice to the Executive that
the Change of Control Period shall not be so extended; provided, however, that upon the date on which the Executive attains age 65, the Change of Control Period shall be reduced to the one-year period beginning on such date and ending
on the first annual anniversary of such date, and commencing on the first annual anniversary of such date and on each subsequent annual anniversary thereof (such annual anniversary and each annual anniversary thereof, the “Post-65 Renewal
Date”), the Change of Control Period shall be automatically extended so as to terminate one year from such Post-65 Renewal Date, unless, at least 60 days prior to the Post-65 Renewal Date, the Company shall give notice to the Executive that the
Change of Control Period shall not be so extended. 
 (c) “Affiliated Company” means any company controlled by,
controlling or under common control with the Company. 
 (d) “Benefits Period” means the period commencing on the Date
of Termination (as defined herein) and continuing thereafter for the number of months equal to the product of 12 and the Classification Factor. 
 (e) “Change of Control” means: 

 (i) 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 the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1(e), the following acquisitions shall not constitute a Change of Control:
(1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company, (4) any
acquisition pursuant to an Excluded Combination (as defined in Section 1(e)(iii)) or (5) an acquisition of beneficial ownership representing between 20% and 40%, inclusive, of the Outstanding Company Voting Securities or Outstanding
Company 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; 

(ii) 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 the Company’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; 
 (iii) Consummation of a reorganization, merger,
statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another
entity by the Company 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 Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may
be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’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 Company Common Stock and the Outstanding Company Voting Securities, as the case may be (such a Business
Combination, an “Excluded Combination”); or 
 (iv) Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company. 
 (f) “Classification Factor” means
                     [two or three for all named executive officers], provided, that upon the date on which the Executive attains age
65, if and only if the Effective Date has not occurred as of such date, the Classification Factor shall be reduced by one-half. 

Section 2. Employment Period. The Company hereby agrees to continue the Executive in its employ, subject to the terms
and conditions of this Agreement, for the period commencing on the Effective Date and ending on the second anniversary of the Effective Date (the “Employment Period”). The Employment Period shall terminate upon the Executive’s
termination of employment for any reason. 
 Section 3. Terms of Employment. (a) Position and
Duties. (i) During the Employment Period, (A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material
respects with the most significant of those held, 

 
exercised and assigned at any time during the 120-day period immediately preceding the Effective Date, (B) the Executive’s services shall be performed at the office where the Executive
was employed immediately preceding the Effective Date or at any other location less than 50 miles from such office and (C) the Executive shall not be required to travel on Company business to a substantially greater extent than required during
the 120-day period immediately prior to the Effective Date. 
 (ii) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the
responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, it shall not be a violation of this Agreement for
the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities
do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that, to the extent that any such activities have
been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere
with the performance of the Executive’s responsibilities to the Company. 
 (b) Compensation.
(i) Base Salary. During the Employment Period, the Executive shall receive an annual base salary (the “Annual Base Salary”) at an annual rate at least equal to 12 times the highest monthly base salary paid or payable,
including any base salary that has been earned but deferred, to the Executive by the Company and the Affiliated Companies in respect of the 12-month period immediately preceding the month in which the Effective Date occurs. The Annual Base Salary
shall be paid at such intervals as the Company pays executive salaries generally. During the Employment Period, the Annual Base Salary shall be reviewed at least annually, beginning no more than 12 months after the last salary increase awarded to
the Executive prior to the Effective Date. Any increase in the Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary shall not be reduced after any such increase and
the term “Annual Base Salary” shall refer to the Annual Base Salary as so increased. 
 (ii) Annual
Bonus. In addition to the Annual Base Salary, the Executive shall be awarded, for each fiscal year of the Company ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal the product of
(A) the Executive’s Annual Base Salary and (B) the Executive’s average Bonus Percent (as defined below) for the three fiscal years (or such shorter period during which the Executive has been employed by the Company) immediately
preceding the Effective Date (such average, the “Minimum Annual Bonus Percent”). Notwithstanding the foregoing and not in contravention of the foregoing, to the extent that, during the Employment Period, the committee administering the
applicable annual incentive plan establishes specific Annual Bonus targets with respect to an applicable fiscal year of the Company ending during the Employment Period for peer executives of the Company, the Annual Bonus target established by such
committee for the Executive shall be no less favorable to the Executive than the annual bonus target established for such peer executives of the Company, and any performance criteria established with respect to the Executive’s Annual Bonus
target shall be (and shall be evaluated on a basis that is) no less favorable to the Executive than the performance criteria (and the basis for evaluation) applicable to peer executives of the Company. For purposes of this Agreement, the “Bonus
Percent” shall mean, with respect to a particular fiscal year of the Company, the amount expressed as a percentage equal to (1) the Executive’s annual bonus (including any amounts deferred by the Executive and the cash value (measured
in accordance with the immediately following sentence) of any portion of any annual bonus amounts paid in stock, restricted stock or other equity-based consideration and of any additional stock, restricted stock or other equity-based awards granted
to the Executive with respect to the portion of such bonus amounts paid in stock, restricted stock or an equity-based award) earned under the Company’s annual incentive plans, or any comparable bonus under any predecessor or successor plan,
during such fiscal year, divided by (2) the Executive’s annual base salary paid or payable to the Executive for such fiscal year. For purposes of the preceding sentences, shares of stock or other consideration will be valued without regard
to any vesting, transfer or other restrictions applicable to such stock or other consideration, and the cash value of any stock-based portion of such annual bonus will be determined based on a per share value equal to the closing price of the stock,
as of the date the shares were awarded, on the principal stock exchange on which the stock is traded, and, with respect to awards that are stock options, based on the grant date value determined based on the Company’s valuation methodology as
in effect on the date of grant. 

 
Each such Annual Bonus shall be paid no later than two and a half months after the end of the fiscal year of the Company for which the Annual Bonus is awarded, unless the Executive shall elect to
defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

(iii) Long-Term Cash and Equity Incentives, Savings and Retirement Plans. During the Employment Period, the Executive shall
be entitled to participate in all long-term cash incentive, equity incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and the Affiliated Companies, but in no event
shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings
opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and the Affiliated Companies for the Executive under such plans, practices, policies and
programs as in effect at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and
the Affiliated Companies. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the
Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and the Affiliated Companies (including, without
limitation, medical, prescription, dental, vision, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and the
Affiliated Companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect
for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and the
Affiliated Companies. 
 (v) Expenses. During the Employment Period, the Executive shall be entitled to receive
prompt reimbursement for all reasonable expenses incurred (regardless of whether incurred prior to or following the Effective Date) by the Executive in accordance with the most favorable policies, practices and procedures of the Company and the
Affiliated Companies in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer
executives of the Company and the Affiliated Companies. 
 (vi) Fringe Benefits. During the Employment Period, the
Executive shall be entitled to fringe benefits, including, without limitation, tax and financial planning services, payment of club dues, and, if applicable, transportation benefits and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and the Affiliated Companies in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in
effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 

(vii) Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a
size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and the Affiliated Companies at any time
during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 

(viii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most
favorable plans, policies, programs and practices of the Company and the Affiliated Companies as in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in
effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 

 Section 4. Termination of Employment. (a) Death or
Disability. The Executive’s employment shall terminate automatically if the Executive dies during the Employment Period. If the Company determines in good faith that the Disability (as defined herein) of the Executive has occurred
during the Employment Period (pursuant to the definition of “Disability”), it may give to the Executive written notice in accordance with Section 11(b) of its intention to terminate the Executive’s employment. In such event, the
Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided, however, that, within the 30 days after such
receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. “Disability” means the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180
consecutive business days as a result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal
representative (such agreement as to acceptability not to be unreasonably withheld). 
 (b) Cause. The Company may
terminate the Executive’s employment during the Employment Period with or without Cause. “Cause” means: 
 (i) the willful and continued failure of the Executive to perform substantially the Executive’s duties (as contemplated by Section 3(a)(i)(A)) with the Company or any Affiliated Company (other
than any such failure resulting from incapacity due to physical or mental illness or following the Executive’s delivery of a Notice of Termination for Good Reason), after a written demand for substantial performance is delivered to the
Executive by the Board or the Chief Executive Officer of the Company that specifically identifies the manner in which the Board or the Chief Executive Officer of the Company believes that the Executive has not substantially performed the
Executive’s duties; or 
 (ii) the willful engaging by the Executive in illegal conduct or gross misconduct
that is materially and demonstrably injurious to the Company. 
 For purposes of this Section 4(b), no act, or failure to act, on the part
of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any
act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of directors
of the ultimate parent of the Company (the “Applicable Board”), (B) the instructions of the Chief Executive Officer of the Company or a senior officer of the Company or (C) the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board (excluding the Executive, if the Executive is a member of the Applicable Board)
at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to be heard before the Applicable Board),
finding that, in the good faith opinion of the Applicable Board, the Executive is guilty of the conduct described in Section 4(b)(i) or 4(b)(ii), and specifying the particulars thereof in detail. 

(c) Good Reason. The Executive’s employment may be terminated during the Employment Period by the Executive for Good
Reason or by the Executive voluntarily without Good Reason. “Good Reason” means: 
 (i) the assignment
to the Executive of any duties inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a), or any other
diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof
given by the Executive; 

 (ii) any failure by the Company to comply with any of the provisions of
Section 3(b), other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

(iii) the Company’s requiring the Executive to be based at any office or location other than as provided in
Section 3(a)(i)(B) of this Agreement; 
 (iv) any action or inaction that constitutes a material breach by
the Company of this Agreement; or 
 (v) any failure by the Company to comply with and satisfy
Section 10(c). 
 For purposes of this Section 4(c) of this Agreement, any good faith determination of Good Reason made by the
Executive shall be conclusive. The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v) shall not affect the Executive’s ability to terminate employment
for Good Reason, and the Executive’s death following delivery of a Notice of Termination for Good Reason shall not affect the Executive’s estate’s entitlement to severance payments benefits provided hereunder upon a termination of
employment for Good Reason. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the
Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 11(b). “Notice of Termination” means a written notice that (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated and (iii) if the Date of Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of Termination shall be not more than 60 days after the giving of such notice).
The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder
or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s respective rights hereunder. If within 30 days of receiving the Notice of Termination the party
receiving such notice notifies the other party that a dispute exists concerning the provisions of the Agreement that apply to such termination, the dispute shall be resolved either (A) by mutual written agreement of the parties or (B) by a
final judgment, order or decree of a court of competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected). The parties shall pursue the resolution of such
dispute with reasonable diligence. Following the final resolution of such dispute, any party owing any payments under this Agreement pursuant to such resolution shall make all such payments, together with interest at the applicable federal rate
provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the Date of Termination (and in the case of compensatory amounts payable to the Executive under this Agreement, accrued from the Date of Termination)
through the date such payments are actually made. Notwithstanding anything herein to the contrary, the Executive’s mental or physical incapacity following the receipt of a Notice of Termination by the Company terminating the Executive’s
employment other than for Cause shall not affect the obligation of the Company to pay, or the Executive’s entitlement to, the payments and benefits to which the Executive is entitled to under this Agreement upon a termination of employment
other than for Cause, regardless of whether the Company terminates the Executive’s employment as a result of such mental or physical incapacity prior to the date set forth in the Notice of Termination. 

(e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by
the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or such later date specified in the Notice of Termination, as the case may be, (ii) if the Executive’s employment is terminated by
the Company other than for Cause or Disability, the date on which the Company notifies the Executive of such termination or such later date specified in the Notice of Termination, as the case may be, (iii) if the Executive resigns without Good
Reason, the date on which the Executive notifies the Company of such termination and (iv) if the Executive’s employment is terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date, as
the case may be. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Executive experiences a “separation from service” within the 

 
meaning of Section 409A of the Code, and notwithstanding anything contained herein to the contrary, the date on which such separation from service takes place shall be the “Date of
Termination.” 
 Section 5. Obligations of the Company upon Termination. (a) By the Executive
for Good Reason; By the Company Other Than for Cause, Death or Disability. If, during the Employment Period, the Company terminates the Executive’s employment other than for Cause, Death or Disability, or the Executive terminates
employment for Good Reason: 
 (i) the Company shall pay to the Executive, in a lump sum in cash within 30 days
after the Date of Termination, the aggregate of the following amounts: 
 (A) the sum of: 

 

	 	(1)	the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid; 

 

	 	(2)	the Executive’s business expenses that are reimbursable pursuant to Section 3(b)(v) but have not been reimbursed by the Company as of the Date of Termination;

  

	 	(3)	if an annual bonus for the fiscal year of the Company immediately preceding the fiscal year of the Company in which the Date of Termination occurs (x) has not been
determined as of the Date of Termination, an amount equal to the product of (I) the percentage of the Executive’s Annual Base Salary on which the Executive’s target cash incentive award is based under the Company’s annual
incentive plans (the “Target Bonus Percent”) in effect during the fiscal year of the Company preceding the Effective Date, or to the extent no such percentage exists, the Minimum Annual Bonus Percent, and (II) the Annual Base Salary, or
(y) has been determined as of the Date of Termination but not yet paid, the greater of (I) the bonus amount as so determined and (II) the product of the Minimum Annual Bonus Percent and the Annual Base Salary) (such amount, the “Prior
Year Bonus”); 

  

	 	(4)	any accrued vacation pay to the extent not theretofore paid (the sum of the amounts described in subclauses (1), (2), (3) and (4), the “Accrued
Obligations”); and 

  

	 	(5)	an amount equal to the product of (x) the Executive’s Target Bonus Percent in effect during the fiscal year of the Company preceding the Effective Date, or to
the extent no such percentage exists, the Minimum Annual Bonus Percent, and (y) the Annual Base Salary (such amount, the “Termination Year Bonus”); 

 provided, that notwithstanding the foregoing, if the Executive has made an irrevocable election under any nonqualified deferred compensation arrangement subject to Section 409A of the Code to
defer any portion of the Executive’s annual bonus for the fiscal year of the Company immediately preceding the fiscal year of the Company in which the Date of Termination occurs, then for purposes of this Section 5 (except as set forth in
Section 5(d) with respect to a termination for Cause), such deferral election, and the terms of the applicable deferral arrangement, shall apply to the same portion of the Prior Year Bonus, and such portion shall not be considered as part of
the “Accrued Obligations” but shall instead be an “Other Benefit” (as defined below); 

 (B) 
 [Alternative 1] 
 the amount equal to the product of (x) the
Classification Factor and (y) the sum of the following amounts: 
 (1) the Annual Base Salary; and

 (2) the product of (x) the higher of (I) the Minimum Annual Bonus Percent and (II) the average
Bonus Percent for the three fiscal years (or such shorter period during which the Executive has been employed by the Company) immediately preceding the Date of Termination, and (y) the Annual Base Salary (such product, the “Highest Annual
Bonus”); provided, however, that the Highest Annual Bonus shall be calculated for purposes of this Section 5(a)(i)(B)(2) assuming the Bonus Percent with respect to the fiscal year of the Company immediately preceding the Effective
Date is not less than the Executive’s Target Bonus Percent for such fiscal year, but only to the extent such a Target Bonus Percent was established for the Executive; and 
 [Alternative 2] 
 the sum of 

(1) the amount equal to the product of (x) the Classification Factor and (y) the Annual Base Salary; and

 (2) the product of (x) the higher of (I) the Minimum Annual Bonus Percent and (II) the average
Bonus Percent for the three fiscal years (or such shorter period during which the Executive has been employed by the Company) immediately preceding the Date of Termination, and (y) the Annual Base Salary (such product, the “Highest Annual
Bonus”); provided, however, that the Highest Annual Bonus shall be calculated for purposes of this Section 5(a)(i)(B)(2) assuming the Bonus Percent with respect to the fiscal year of the Company immediately preceding the Effective Date is
not less than the Executive’s Target Bonus Percent for such fiscal year, but only to the extent such a Target Bonus Percent was established for the Executive; and 

(C) an amount equal to the sum of the Company or an Affiliated Company’s (as applicable) contributions under The PNC
Financial Services Group, Inc. Incentive Savings Plan and the Supplemental Savings Plan (or similar qualified defined contribution plans and any excess or supplemental defined contribution plans sponsored by an Affiliated Company, if applicable to
Executive) in which the Executive participates as of the Date of Termination (or, if more favorable to the Executive, the plans as in effect immediately prior to the Effective Date) (collectively, the “Savings Plans”) that the Executive
would receive if the Executive’s employment continued during the Benefits Period, assuming for this purpose that (1) the Executive’s benefits under such plans are fully vested; (2) the Executive’s compensation during each
year of the Benefits Period is equal to the Annual Base Salary and the Highest Annual Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; (3) the Executive received (x) an Annual Bonus with
respect to the year in which the Date of Termination occurs equal to the amount payable pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the Company preceding the Date of Termination equal to the
amount payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent that an accrual in respect of the compensation described in this clause (3) has not already been credited to the Executive under the Savings Plans;
(4) the amount of any such employer contributions is equal to the maximum amount that could be provided under the terms of the applicable Saving Plans for the year in 

 
which the Date of Termination occurs (or, if more favorable to the Executive, or in the event that as of the Date of Termination the amount of any such contributions for such year is not
determinable, the amount of contribution that could be provided under the Savings Plans for the plan year ending immediately prior to the Effective Date) for a participant whose compensation is as provided in clauses (2) and (3) above; and
(5) to the extent that the Company’s contributions are determined based on the contributions or deferrals of the Executive, disregarding the Executive’s actual contributions or deferral elections as of the Date of Termination and
assuming that the Executive had elected to participate in the Savings Plans and to defer that percentage of Annual Base Salary and/or Annual Bonuses under the Savings Plans that would result in the maximum possible Company contribution. 

(ii) Pension Benefits. 
 [Alternative 1: For SERP participants who were age 50 or over with at least five years of credited service as of January 1, 1999] 

(A) Additional Earnings Credits under the Pension Plan and the Excess Plan. The Company shall pay to the Executive
within 30 days of the Date of Termination a lump sum amount in cash equal to the earnings credits (including any transitional earnings credits, to the extent applicable) under The PNC Financial Services Group, Inc. Pension Plan or any successor plan
(the “Pension Plan”) and the PNC Financial Services Group, Inc. ERISA Excess Pension Plan or any successor plan (the “Excess Plan”) in which the Executive participates as of the Date of Termination (or, if more favorable to the
Executive, the Pension Plan and the Excess Plan in which the Executive participated as in effect immediately prior to the Effective Date) that the Executive would receive if the Executive’s employment continued during the Benefits Period and
assuming for this purpose that (1) the Executive’s benefits under such plans are fully vested; (2) the Executive’s compensation during each year of the Benefits Period is equal to the Annual Base Salary and Highest Annual Bonus,
and such amounts are paid in equal installments ratably over each year of the Benefits Period; (3) the Executive received (x) an Annual Bonus with respect to the year in which the Date of Termination occurs equal to the amount payable
pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the Company preceding the Date of Termination equal to the amount payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent
that an accrual in respect of the compensation described in this clause (3) has not already been credited to the Executive under the Pension Plan and the Excess Plan; and (4) the earnings credits are at the level of earnings credits as in
effect under the Pension Plan and the Excess Plan as of the Date of Termination (or, if more favorable to the Executive, as in effect under the Pension Plan and the Excess Plan immediately prior to the Effective Date). 

(B) Additional SERP Accruals. In addition to the benefits provided under Section 5(a)(ii)(A), the
Executive’s retirement benefit under The PNC Financial Services Group, Inc. Supplemental Executive Retirement Plan or any successor plan (the “SERP,” and together with the Excess Plan, the “Nonqualified Company Pension
Plans,” and the Nonqualified Company Pension Plans together with the Pension Plan, the “Company Pension Plans”) shall be calculated assuming for this purpose that (1) the Executive’s employment continued during the Benefits
Period and that during such period, (x) the Executive received service credit under the SERP for any purpose for which, and to the extent, the Executive was receiving service credit as of the Date of Termination (or, if more favorable to the
Executive, as of the Effective Date), and (y) the Executive’s age increased by the number of years (including partial years) that the Executive is deemed to be so employed; (2) the Executive’s compensation during each year of the
Benefits Period is equal to the Annual Base Salary and Highest Annual Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; and (3) the Executive received (x) an Annual Bonus with respect to
the year in which the Date of Termination occurs equal to the amount payable pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the Company preceding the Date of Termination equal to the amount
payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent that an accrual in respect of the compensation described in this clause (3) has not already been credited to the Executive under the

 
SERP; provided, however, notwithstanding clause (1), in no event shall the Executive be entitled to age or service credit, as a result of the application of this
Section 5(a)(ii)(B), beyond the maximum age or maximum number of years of service credit, as applicable, permitted under the SERP. 
 (C) No Adverse Effect. The determinations and calculations made pursuant to Sections 5(a)(ii)(A) and 5(a)(ii)(B) shall be made without giving effect to any amendments made to the Company Pension
Plans during the Employment Period that adversely affect in any manner the amount of pension benefits payable to the Executive under the Company Pension Plans. 
 [Alternative 2: For all other SERP participants] 
 (A)
Vesting of Pension Plan Benefits. 
 (1) To the extent that (i) the Executive’s benefits under
The PNC Financial Services Group, Inc. ERISA Excess Pension Plan or any successor plan (the “Excess Plan”) and The PNC Financial Services Group, Inc. Supplemental Executive Retirement Plan or any successor plan (the “SERP,” and
together with the Excess Plan, the “Nonqualified Company Pension Plans”) are unvested as of the Date of Termination, and (ii) the Executive would become vested in the Nonqualified Company Pension Plans had the Executive’s
employment continued for a number of years (including partial years) equal to the Classification Factor, the Executive’s benefits under the Nonqualified Company Pension Plans shall vest in full and be paid to the Executive in accordance with
the terms of such plans. This clause 5(a)(ii)(A)(1) shall constitute an amendment of the Nonqualified Company Pension Plans. 
 (2) To the extent that (i) the Executive is not fully vested in the accrued benefit under The PNC Financial Services Group, Inc. Pension Plan or any successor plan (the “Pension Plan,” and
together with the Nonqualified Company Pension Plans, the “Company Pension Plans”) as of the Date of Termination, and (ii) the Executive would become vested in the Pension Plan had the Executive’s employment continued for a
number of years (including partial years) equal to the Classification Factor, the Company shall immediately credit to the Executive’s account balance under the Excess Plan an amount equal to the Executive’s unvested benefit under the
Pension Plan as of the Date of Termination, which amount will be paid to the Executive in accordance with the terms of, and the Executive’s distribution elections (if any) applicable to, the Excess Plan. 

(B) Additional Earnings Credits with respect to the Benefits Period. In addition to the benefits provided under
Section 5(a)(ii)(A), the Company shall pay to the Executive within 30 days of the Date of Termination a lump sum amount in cash equal to the earnings credits (including any transitional earnings credits, to the extent applicable) under the
Company Pension Plans in which the Executive participates as of the Date of Termination (or, if more favorable to the Executive, the Company Pension Plans in which the Executive participated as in effect immediately prior to the Effective Date) that
the Executive would receive if the Executive’s employment continued during the Benefits Period and assuming for this purpose that (1) the Executive’s benefits under such plans are fully vested; (2) the Executive’s
compensation during each year of the Benefits Period is equal to the Annual Base Salary and the Highest Annual Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; (3) the Executive received
(x) an Annual Bonus with respect to the year in which the Date of Termination occurs equal to the amount payable pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the Company preceding the
Date of Termination equal to the amount payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent that an accrual in respect of the compensation described in this clause (3) has not already been credited to the Executive
under the Company Pension Plans; and (4) the earnings credits are at the level of earnings credits (including any transitional earnings credits, to the extent applicable) as in effect 

 
under the Company Pension Plans as of the Date of Termination (or, if more favorable to the Executive, as in effect under the Company Pension Plans immediately prior to the Effective Date).

 (C) No Adverse Effect. The determinations and calculations made pursuant to Sections 5(a)(ii)(A)(2) and
5(a)(ii)(B) shall be made without giving effect to any amendments made to the Company Pension Plans during the Employment Period that adversely affect in any manner the amount of pension benefits payable to the Executive under the Company Pension
Plans. 
 [Alternative 3: For all other executive officers] 

(A) Vesting of Pension Plan Benefits. 

(1) To the extent that (i) the Executive’s benefits under The PNC Financial Services Group, Inc. ERISA Excess
Pension Plan or any successor plan (the “Excess Plan”) are unvested as of the Date of Termination, and (ii) the Executive would become vested in the Excess Plan had the Executive’s employment continued for a number of years
(including partial years) equal to the Classification Factor, Executive’s benefits under the Excess Plan shall vest in full and be paid to the Executive in accordance with the terms of such plan. This clause 5(a)(ii)(A)(1) shall constitute an
amendment of the Excess Plan. 
 (2) To the extent that (i) the Executive is not fully vested in the
accrued benefit under The PNC Financial Services Group, Inc. Pension Plan or any successor plan (the “Pension Plan,” and together with the Excess Plan, the “Company Pension Plans”) as of the Date of Termination, and (ii) the
Executive would become vested in the Pension Plan had the Executive’s employment continued for a number of years (including partial years) equal to the Classification Factor, the Company shall immediately credit to the Executive’s account
balance under the Excess Plan an amount equal to the Executive’s unvested benefit under the Pension Plan as of the Date of Termination, which amount will be paid to the Executive in accordance with the terms of, and the Executive’s
distribution elections (if any) applicable to, the Excess Plan. 
 (B) Additional Earnings Credits with
respect to the Benefits Period. In addition to the benefits provided under Section 5(a)(ii)(A), the Company shall pay to the Executive within 30 days of the Date of Termination a lump sum amount in cash equal to the earnings credits under
the Company Pension Plans in which the Executive participates as of the Date of Termination (or, if more favorable to the Executive, the Company Pension Plans in which the Executive participated as in effect immediately prior to the Effective Date),
that the Executive would receive if the Executive’s employment continued during the Benefits Period and assuming for this purpose the following: (1) the Executive’s benefits under such plans are fully vested; (2) the
Executive’s compensation during each year of the Benefits Period is equal to the Annual Base Salary and the Highest Annual Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; (3) the
Executive received (x) an Annual Bonus with respect to the year in which the Date of Termination occurs equal to the amount payable pursuant to Section 5(a)(i)(A)(5) and (y) an Annual Bonus with respect to the fiscal year of the
Company preceding the Date of Termination equal to the amount payable pursuant to Section 5(a)(i)(A)(3), in each case, only to the extent that an accrual in respect of the compensation described in this clause (3) has not already been
credited to the Executive under the Company Pension Plans; and (4) the earnings credits are at the level of earnings credits as in effect under the Company Pension Plans as of the Date of Termination or, if more favorable to the Executive, as
in effect under the Company Pension Plans immediately prior to the Effective Date. 
 (C) No Adverse
Effect. The determinations and calculations made pursuant Sections 5(a)(ii)(A)(2) and 5(a)(ii)(B) shall be made without giving effect to any amendments made to the Company Pension Plans during the Employment Period that adversely affect in any

 
manner the amount of pension benefits payable to the Executive under the Company Pension Plans. 
 (iii) Continued Health Care Insurance Coverage. 
 (A) During
the Benefits Period, the Company shall provide the Executive with medical and dental insurance coverage (the “Health Care Benefits”) substantially similar in all respects to those which the Executive was receiving immediately prior to the
Notice of Termination or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies and their families; provided, however, that
the Health Care Benefits shall be provided during the Benefits Period in such a manner that such benefits are excluded from the Executive’s income for federal income tax purposes. 

(B) The receipt of the Health Care Benefits shall, except as provided in 5(a)(iii)(E) below, be conditioned upon the
Executive continuing to pay the applicable premiums for such Health Care Benefits during the Benefits Period. 

(1) The applicable monthly premium shall be the monthly premium as in effect at the Company from time to time with
respect to the coverage provided under Section 4980B of the Code (the “COBRA Premium”). 
 (2)
During the portion of the Benefits Period in which the Executive continues to receive coverage under the Company’s Health Care Benefits plans, the Company shall pay to the Executive an amount equal to the premium cost set forth in clause
(1) above, minus the amount equal to the employee contribution rate that is paid by Company employees generally for such coverage, as in effect from time to time (and which amount shall in no event be greater than the employee contribution rate
for the applicable level of coverage as in effect immediately prior to the Effective Date and shall not take into account any premium or cost increases which constituted Good Reason pursuant to Section 4(c)), which payment shall be paid in
advance on the first payroll day of each month, commencing with the month immediately following the Executive’s Date of Termination, provided that the first such payment shall be made within 30 days after the Date of Termination. 

(C) The Health Care Benefits otherwise receivable by the Executive pursuant to Section 5(a)(iii) shall terminate if
the Executive becomes re-employed with another employer and is eligible to receive health care benefits under another employer-provided plan. The Executive agrees to report to the Company any coverage and benefits actually received by or made
available to the Executive from such other employer(s). 
 (D) During the Benefits Period, the Executive shall be
entitled to elect to change the Executive’s level of coverage and/or choice of coverage options (such as the Executive only or family medical coverage) with respect to the Health Care Benefits to the same extent that actively employed senior
executives of the Company are permitted to make such changes; provided, however, that in the event of any such changes, the premiums paid by the Executive for the Health Care Benefits shall reflect any cost increase or decrease to the
premium rates set forth in Section 5(a)(iii)(B)(1). 
 (E) During the COBRA health care continuation
coverage period under Section 4980B of the Code (the “COBRA Period”), all group health benefits provided to the Executive pursuant to this Section 5(a)(iii) shall constitute continuation coverage for purposes of Part 6 of Title I
of the Employee Retirement Income Security Act of 1974, as amended, and Section 4980B of the Code to the maximum extent permitted thereby. To the extent that, after the COBRA Period, the Company is unable to provide the Executive with the
Health Care Benefits required by this Section 5(a)(iii) under the Company’s benefit plans in such a manner that such benefits (and 

 
the costs and premiums thereof) are excluded from the Executive’s income for federal income tax purposes or otherwise, the Company shall provide such benefits at the level required thereby
through the purchase of individual insurance coverage, the full cost of which shall be borne by the Company and paid directly to the applicable insurance carrier at such time as the Company would have otherwise made payments to the Executive
pursuant to Section 5(a)(iii)(B)(2) had such benefits been provided through the Company’s Health Care Benefits plans. 
 (iv) The Company shall pay to the Executive, in a lump sum in cash within 30 days after the Date of Termination, an amount equal to the product of (A) the annual premium payments based on the
conversion rates applicable to the Executive as of the Date of Termination in respect of the group term life insurance policy (and not any supplemental policies) under which the Executive was covered immediately prior to the Date of Termination and
(B) the Classification Factor. To the extent requested by the Executive within 30 days following the Date of Termination, the Company shall take all action necessary, if any, to facilitate the Executive’s exercise of all conversion
privileges, if any, under such group term life insurance policy. 
 (v) Except as otherwise set forth in the last
sentence of Section 6, to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any Other Benefits (as defined in Section 6) in accordance with the terms of the underlying plans or
agreements. 
 Notwithstanding the foregoing provisions of this Section 5(a), in the event that the Executive is a “specified
employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Date of Termination) (a “Specified Employee”), amounts that are deferred
compensation (within the meaning of Section 409A of the Code) that would otherwise be payable in a lump sum within 30 days following the Date of Termination under Section 5(a) or pursuant to Section 5(a)(iii)(B)(2) during the
six-month period immediately following the Date of Termination shall instead be paid, with Interest determined as of the Date of Termination, on the first business day after the date that is six months following the Executive’s “separation
from service” within the meaning of Section 409A of the Code (the “Delayed Payment Date”). 
 (b)
Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, the Company shall provide the Executive’s estate or beneficiaries with (i) the Accrued Obligations,
(ii) an amount equal to a the product of (x) the Termination Year Bonus and (y) a fraction, the numerator of which is the number of days in the current fiscal year of the Company through the Date of Termination and the denominator of
which is 365 (the “Pro Rata Bonus”) and (iii) the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this Agreement. The Accrued Obligations (subject to the proviso set forth in
Section 5(a)(i)(A) to the extent applicable) and the Pro Rata Bonus shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to the provision of
the Other Benefits, the term “Other Benefits” as utilized in this Section 5(b) shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most
favorable benefits provided by the Company and the Affiliated Companies to the estates and beneficiaries of peer executives of the Company and the Affiliated Companies under such plans, programs, practices and policies relating to death benefits, if
any, as in effect with respect to other peer executives and their beneficiaries at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s
beneficiaries, as in effect on the date of the Executive’s death with respect to other peer executives of the Company and the Affiliated Companies and their beneficiaries. 

(c) Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the
Employment Period, the Company shall provide the Executive with the payments and benefits as set forth in Section 5(a) above at the times provided under Section 5(a) (subject to the proviso set forth in Section 5(a)(i)(A) to the
extent applicable); provided, however, to the extent that the Executive is a Specified Employee, any such payments and benefits that are deferred compensation (within the meaning of Section 409A of the Code) shall be paid, with
Interest, on the Delayed Payment Date. With respect to the provision of the Other Benefits following a Termination of Employment by reason of the Executive’s Disability during the Employment Period, the term “Other Benefits” shall
include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and the Affiliated

 
Companies to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to other
peer executives and their families at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect
to other peer executives of the Company and the Affiliated Companies and their families. 
 (d) Cause; Other Than for Good
Reason. If the Executive’s employment is terminated for Cause during the Employment Period, the Company shall provide the Executive with the Executive’s Annual Base Salary through the Date of Termination, and the timely payment or
delivery of the Other Benefits (disregarding the proviso set forth in Section 5(a)(i)(A) to the extent applicable), and shall have no other severance obligations under this Agreement. If the Executive voluntarily terminates employment during
the Employment Period, excluding a termination for Good Reason, the Company shall provide to the Executive the Accrued Obligations and the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this
Agreement. In such case, all of the Accrued Obligations (subject to the proviso set forth in Section 5(a)(i)(A)) shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. 

Section 6. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing
or future participation in any plan, program, policy or practice provided by the Company or the Affiliated Companies and for which the Executive may qualify, nor, subject to Section 11(f), shall anything herein limit or otherwise affect such
rights as the Executive may have under any other contract or agreement with the Company or the Affiliated Companies. Amounts that are vested benefits or that the Executive is otherwise entitled to receive under any plan, policy, practice or program
of, or any other contract or agreement with, the Company or the Affiliated Companies at or subsequent to the Date of Termination (“Other Benefits”), including, without limitation, the pension benefits accrued by the Executive under the
Company Pension Plans, shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Agreement. Without limiting the generality of the foregoing, the Executive’s
resignation under this Agreement with or without Good Reason, shall in no way affect the Executive’s ability to terminate employment by reason of the Executive’s “retirement” under, or the Executive’s eligibility to receive
benefits under, any compensation or benefit plans, programs or arrangements of the Company or the Affiliated Companies, including without limitation any retirement or pension plan or arrangement of the Company or the Affiliated Companies or
substitute plans adopted by the Company, the Affiliated Companies or their respective successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any
such plan. To the extent that the Worker Adjustment and Retraining Notification Act of 1988 set forth at 29 U.S.C. § 2101 et seq. or any similar state or local statute to the extent not preempted by ERISA (the “WARN Act”)
requires the Company to make a payment (e.g., a payment in lieu of notice) of any kind to the Executive because of the Executive’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business,
or similar event, the separation pay and benefits provided under this Agreement shall be in lieu of, or in full satisfaction of, the Company’s obligations under the WARN Act. Notwithstanding the foregoing, if the Executive receives payments and
benefits pursuant to Section 5(a) or 5(c) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the Company and the Affiliated Companies, unless otherwise
specifically provided therein in a specific reference to this Agreement. 
 Section 7. Full
Settlement; Legal Fees. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall, subject to Section 11(g), not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action that the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and subject to Section 5(a)(iii)(C), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred (within 10 days
following the Company’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by
law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case,

 
Interest determined as of the date such legal fees and expenses were incurred; provided, however, in connection with a contest initiated by the Executive related to an Anticipatory
Termination, if a Change of Control has not occurred during the pendency of such contest relating to an Anticipatory Termination (and unless and until such time as a Change of Control does occur during the 12 months following the date of such
Anticipatory Termination), the Company (i) shall not pay such legal fees and expenses as incurred, but (ii) shall reimburse the Executive for such legal fees and expenses within 30 days following the final resolution of such contest if the
Executive prevails on a material issue in such contest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company under this Section 7 be made later than the end of the calendar year next following the
calendar year in which such fees and expenses were incurred (or, in connection with a contest related to an Anticipatory Termination, following the calendar year in which such contest is finally resolved), provided, however, that the
Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred (or, in connection with a contest related to an
Anticipatory Termination, following the calendar year in which such contest is finally resolved). The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses
that the Company is obligated to pay in any other calendar year, and the Executive’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. 

Section 8. Certain Additional Payments by the Company. 
 [Alternative 1: applicable to agreements with executive officers dated prior to September 1, 2009] 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any Payment would be subject to the Excise Tax, then the Executive shall be entitled to receive an
additional payment (the “Gross-Up Payment”) in an amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, but excluding any income taxes and penalties imposed pursuant to Section 409A of the Code, the Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Payments. The Company’s obligation to make Gross-Up Payments under this Section 8 shall not be conditioned upon the Executive’s termination of employment. Notwithstanding the foregoing
provisions of this Section 8(a), if it shall be determined that the Executive is entitled to the Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 105% of the Safe Harbor Amount, then no Gross-Up Payment shall be
made to the Executive and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be
made by reducing the payments under the following sections in the following order: (i) Section 5(a)(iii)(B)(2); (ii) Section 5(a)(iv); (iii) Section 5(a)(i)(C); (iv) Section 5(a)(i)(B); and
(v) Section 5(a)(i)(A)(5). For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amount payable under this Agreement
would not result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Section 8(a) and the Executive shall be entitled to the Gross-Up Payment.

 (b) Subject to the provisions of Section 8(c), all determinations required to be made under this Section 8,
including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by tax counsel or such other nationally recognized certified public
accounting firm as may be designated by the Executive and reasonably acceptable to the Company (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and the Executive within 15
business days of the receipt of notice from the Executive that there has been a Payment or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or
group effecting the Change of Control, the Executive may appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees
and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the
Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations
required to be made hereunder. In the event the Company exhausts its remedies 

 
pursuant to Section 8(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 
 (c) The Executive
shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10
business days after the Executive is informed in writing of such claim. The Executive shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which the Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive
in writing prior to the expiration of such period that the Company desires to contest such claim, the Executive shall: 
 (i) give the Company any information reasonably requested by the Company relating to such claim, 
 (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with
respect to such claim by an attorney reasonably selected by the Company, 
 (iii) cooperate with the Company in
good faith in order effectively to contest such claim; and 
 (iv) permit the Company to participate in any
proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest, and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a
result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 8(c), the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion,
may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either pay the tax claimed to the appropriate taxing
authority on behalf of the Executive and direct the Executive to sue for a refund or to contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court
of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that, if the Company pays such claim and directs the Executive to sue for a refund, the Company shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such payment or with respect to any imputed income in connection with such payment; and provided,
further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as the case may be, any other issue
raised by the Internal Revenue Service or any other taxing authority. 
 (d) If, after the receipt by the Executive of a
Gross-Up Payment or payment by the Company of an amount on the Executive’s behalf pursuant to Section 8(c), the Executive becomes entitled to receive any refund with respect to the Excise Tax to which such Gross-Up Payment relates or with
respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 8(c), if applicable) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon
after taxes applicable thereto). If, after payment by the Company of an amount on the Executive’s behalf pursuant to Section 8(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim
and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then the amount of such payment shall offset, to the extent thereof, the amount of
Gross-Up Payment required to be paid. 
 (e) Any Gross-Up Payment, as determined pursuant to this Section 8, shall be paid
by the 

 
Company to the Executive within five days of the receipt of the Accounting Firm’s determination; provided, however, that, the Gross-Up Payment shall in all events be paid no
later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the Excise Tax (and any income or other related taxes or interest or penalties thereon) on a Payment are remitted to the Internal
Revenue Service or any other applicable taxing authority or, in the case of amounts relating to a claim described in Section 8(c) that does not result in the remittance of any federal, state, local and foreign income, excise, social security
and other taxes, the calendar year in which the claim is finally settled or otherwise resolved. Notwithstanding any other provision of this Section 8, the Company may, in its sole discretion, withhold and pay over to the Internal Revenue
Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Gross-Up Payment, and the Executive hereby consents to such withholding. 

(f) Definitions. The following terms shall have the following meanings for purposes of this Section 8: 

(i) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest
or penalties imposed with respect to such excise tax. 
 (ii) “Parachute Value” of a Payment shall mean
the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting
Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 
 (iii) A
“Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or
otherwise. 
 (iv) The “Safe Harbor Amount” means 2.99 times the Executive’s “base
amount,” within the meaning of Section 280G(b)(3) of the Code. 
 [Alternative 2: applicable to agreements with executive officers
dated on or after September 1, 2009] 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event
PricewaterhouseCoopers or such other nationally recognized accounting firm as shall be designated by the Company prior to the Effective Date (the “Accounting Firm”) shall determine that receipt of all payments or distributions by the
Company or its Affiliated Companies in the nature of compensation to or for the Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”) would subject the Executive to the excise tax under
Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below). The Agreement Payments
shall be reduced to the Reduced Amount if but only if the Accounting Firm determines that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Agreement Payments were reduced to
the Reduced Amount. If such a determination is not made by the Accounting Firm, the Executive shall receive all Agreement Payments to which the Executive is entitled under this Agreement. 

(b) If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, the Company shall
promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 8 shall be binding upon the Company and the Executive and shall be made as soon
as reasonably practicable and in no event later than sixty (60) days following the Date of Termination. For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other Payments)
shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) Section 5(a)(iii)(B)(2);
(ii) Section 5(a)(iv); (iii) Section 5(a)(i)(C); (iv) Section 5(a)(i)(B); and (v) Section 5(a)(i)(A)(5). All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

 (c) As a result of the uncertainty in the application of Section 4999 of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so
paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or
the Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate
provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to
tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such
Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided
for in Section 7872(f)(2) of the Code. 
 (d) For purposes hereof, the following terms have the meanings set forth below:

 (i) “Reduced Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in
the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments pursuant to Section 8(a). 
 (ii) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the
Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the
Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Executive certifies, in the Executive’s sole discretion, as likely to apply to him in the relevant tax year(s). 

Section 9. Confidential Information; No-Raid. (a) The Executive agrees that, in the event the Executive’s
employment with the Company is terminated for any reason whatsoever, and as a result of such termination the Executive is entitled to receive the severance amounts and benefits specified in Section 5(a) or Section 5(c), the Executive shall
not, for a period of one year after the Date of Termination, employ or offer to employ, solicit, actively interfere with the Company’s or any Company affiliate’s relationship with, or attempt to divert or entice away, any officer of the
Company or any Company affiliate. 
 (b) The Executive shall hold in a fiduciary capacity for the benefit of the Company all
secret or confidential business or technical information, trade secret, knowledge or data relating to the Company or the Affiliated Companies, and their respective businesses, which information, knowledge or data shall have been obtained by the
Executive during the Executive’s employment by the Company or the Affiliated Companies and which information, trade secret, knowledge or data shall not be or become public knowledge (other than by acts by the Executive or representatives of the
Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other than the Company and those persons designated by the Company other than (i) information that is generally known in the Company’s industry or acquired from
public sources, (ii) as required in the course of such employment or (iii) as required by any court, supervisory authority, administrative agency or applicable law. In no event shall an asserted violation of the provisions of this
Section 9 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 Section 10. Successors. (a) This Agreement is personal to the Executive, and, without the prior written consent of the Company, shall not be assignable by the Executive other than
by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees, and
any benefit 

 
payable to or for the benefit of Executive, if legally incompetent, or incapable of giving a receipt therefor, shall be deemed paid when paid to Executive’s guardian or to the party
providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in
Section 10(c), without the prior written consent of the Executive this Agreement shall not be assignable by the Company. 

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
“Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 

Section 11. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of
the State of Pennsylvania, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. Subject to the last sentence of Section 11(h), this
Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
 (b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows: 
  

			
	 if to the Executive:

		
		 	 At the most recent address on file at the Company.

	
	 if to the Company:

		
		 	 The PNC Financial Services Group, Inc.

		 	 One PNC Plaza

		 	 249 Fifth Avenue

		 	 Pittsburgh, Pennsylvania 15222

		 	 Attention: Chief human resources executive of the Company

	
	 with a copy to:

		
		 	 The PNC Financial Services Group, Inc.

		 	 One PNC Plaza

		 	 249 Fifth Avenue

		 	 Pittsburgh, Pennsylvania 15222

		 	 Attention: General Counsel of the Company

 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. 
 (d) The Company may withhold from any amounts payable under this Agreement such United
States federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

 (e) The Executive’s or the Company’s failure to insist upon strict compliance with
any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Sections 4(c)(i)
through 4(c)(v), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the
Company is “at will” and, subject to Section 1(a), prior to the Effective Date, the Executive’s employment may be terminated by either the Executive or the Company at any time prior to the Effective Date, in which case the
Executive shall have no further rights under this Agreement. From and after the Effective Date, except as specifically provided herein, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof.
[Also includes the following sentence where applicable] From and after the day and year first above written, this Agreement shall supersede the Change in Control Severance Agreement between the Company (d/b/a PNC Bank Corp.) and the
Executive, dated as of [—]. 
 (g) In the event payments are made and benefits
provided under Section 5(a) in connection with an Anticipatory Termination, notwithstanding anything contained herein to the contrary, if a Change of Control does not occur within 12 months following the date of such Anticipatory Termination,
and the Company makes a demand in writing, (x) the Executive shall forfeit the right to retain, and shall return to the Company, any after-tax cash amounts received by the Executive from the Company, plus any amount realized by the Executive by
virtue of such amounts being returned to the Company due to any refund of income or other taxes relating to, or the Executive’s ability to take a loss on a tax return for, any such returned amounts, pursuant to Section 5(a)(i)(A)(5),
Section 5(a)(i)(B), Section 5(a)(i)(C), Section 5(a)(ii) (to the extent previously paid, and to the extent not previously paid, any additional amounts accrued or benefits deemed to be vested under the Company Pension Plans pursuant to
Section 5(a)(ii) shall be forfeited), and Section 5(a)(iv); and (y) the Company’s obligations under this Agreement (other than the obligation to reimburse legal fees payable in connection with a contest relating to Anticipatory
Termination as provided under Section 7), including but not limited to the provision of Health Care Benefits pursuant to Section 5(a)(iii), shall cease (other than the Executive’s continued right to COBRA coverage at the
Executive’s expense during the COBRA Period) as of the date that is 12 months following the date of such Anticipatory Termination (or, if earlier, the date on which the proposed Change of Control to which the Anticipatory Termination was
alleged to have related is finally and formally abandoned or terminated). 
 (h) The Agreement is intended
to comply with the requirements of Section 409A of the Code or an exemption and shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for
purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. If the Executive dies following the Date of Termination and prior to the
payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within 30 days after the date of the Executive’s death. All reimbursements and
in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this
Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10
days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year shall not
affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or
exchanged for any other benefit; and (v) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the
20th anniversary of the Effective Date). Prior to the
Effective Date but within the time period permitted by the applicable Treasury Regulations, the Company may, in consultation with the Executive, modify the Agreement, in the least restrictive manner necessary and without any diminution in the value
of the payments to the Executive, in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A
of the Code. 

 (i) In the event the payments to be provided to the Executive under Section 5(a) are
not to be paid until the Delayed Payment Date, then within five business days of the Executive’s Date of Termination, the Company shall deliver cash, in an amount equal to the aggregate of the cash amounts payable under Section 5(a) (plus
the estimated Interest) and, to the extent not previously paid (or immediately payable within five business days of the determination in accordance with Section 8(e) of this Agreement), any unpaid portion of the then estimated Gross-Up Payment
(as determined by the Accounting Firm), to a “rabbi trust” (the “Trust”) to be established by the Company with a nationally recognized financial institution as trustee (the “Trustee”) to be held by the Trustee pursuant
to the terms of the trust agreement entered into between the Company and the Trustee prior to the Effective Date; provided, however, that the Trust shall not be funded if the funding thereof would result in taxable income to the
Executive by reason of Section 409A(b) of the Code; and provided, further, in no event shall any Trust assets at any time be located or transferred outside of the United States, within the meaning of Section 409A(b) of the
Code. Any fees and expenses of the Trustee shall be paid by the Company. 
 (j) Upon the expiration or other termination of this
Agreement or the Executive’s employment, the respective rights and obligations of the parties hereto shall survive until such rights and obligations have been fulfilled. 
 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the authorization from the Board, the Company has caused these presents to be executed in its name on its
behalf, all as of the day and year first above written. 
  

			
	 THE PNC FINANCIAL SERVICES GROUP, INC.

		
	 By:
	 	  

		 	[Officer]
	
	 EXECUTIVE

		
	 By:
	 	  

		 	[Executive]Combination Agreement

 EXHIBIT 10.1 
 COMBINATION AGREEMENT 
 by and between 

TRIMBLE NAVIGATION LIMITED 
 and 
 TEKLA CORPORATION 

8 May 2011 

 

 

															
	 	1.	  	  	 	PUBLIC TENDER OFFER	  	 	5	  
				
				  	 	1.1	  	  	Launch of the Tender Offer	  	 	5	  
				
				  	 	1.2	  	  	Consideration	  	 	5	  
				
				  	 	1.3	  	  	Conditions to completion	  	 	5	  
				
				  	 	1.4	  	  	De-listing	  	 	6	  
			
	 	2.	  	  	 	RECOMMENDATION BY THE BOARD OF DIRECTORS OF THE COMPANY	  	 	6	  
				
				  	 	2.1	  	  	The Recommendation	  	 	6	  
				
				  	 	2.2	  	  	Withdrawal and Amendment of the Recommendation	  	 	7	  
					
				  				  	2.2.1	  	Fiduciary Duties	  	 	7	  
					
				  				  	2.2.2	  	Competing Offer	  	 	7	  
			
	 	3.	  	  	 	REPRESENTATIONS AND WARRANTIES	  	 	8	  
				
				  	 	3.1	  	  	General	  	 	8	  
				
				  	 	3.2	  	  	Representations and warranties by the Company	  	 	8	  
					
				  				  	3.2.1	  	Organization and qualification, subsidiaries	  	 	8	  
					
				  				  	3.2.2	  	Authority relative to this Agreement	  	 	8	  
					
				  				  	3.2.3	  	Accounts	  	 	8	  
					
				  				  	3.2.4	  	Disclosed Information	  	 	9	  
					
				  				  	3.2.5	  	Shares and securities entitling to shares	  	 	9	  
					
				  				  	3.2.6	  	Compliance with laws	  	 	9	  
					
				  				  	3.2.7	  	Employee matters	  	 	9	  
					
				  				  	3.2.8	  	Contracts	  	 	10	  
					
				  				  	3.2.9	  	Litigations and proceedings	  	 	10	  
					
				  				  	3.2.10	  	Intellectual property	  	 	10	  
					
				  				  	3.2.11	  	Taxes	  	 	10	  
				
				  	 	3.3	  	  	Representations and warranties by Offeror	  	 	11	  
					
				  				  	3.3.1	  	Organization and qualification	  	 	11	  
					
				  				  	3.3.2	  	Authority relative to this Agreement	  	 	11	  
					
				  				  	3.3.3	  	Financing of the Offer	  	 	11	  
				
				  	 	3.4	  	  	Effect of Warranties	  	 	12	  
			
	 	4.	  	  	 	UNDERTAKINGS	  	 	12	  
				
				  	 	4.1	  	  	Reasonable best efforts	  	 	12	  
				
				  	 	4.2	  	  	Conduct of business pending the closing	  	 	12	  
				
				  	 	4.3	  	  	Access to information	  	 	13	  
				
				  	 	4.4	  	  	No solicitation of competing transactions, no frustration; information about indications of interest	  	 	14	  
				
				  	 	4.5	  	  	Extraordinary General Meeting of Shareholders	  	 	14	  
				
				  	 	4.6	  	  	Public announcements	  	 	14	  

  
 2 

											
	5.	 	 TERMINATION
	  	 	15	  
				
		 	5.1	 	 Termination by either Party
	  	 	15	  
				
		 	5.2	 	 Consequences of termination or expiration
	  	 	15	  
			
	6.	 	 OTHER PROVISIONS
	  	 	16	  
				
		 	6.1	 	 Confidentiality
	  	 	16	  
				
		 	6.2	 	 Appendices incorporated
	  	 	16	  
				
		 	6.3	 	 Headings
	  	 	16	  
				
		 	6.4	 	 Whole agreement
	  	 	16	  
				
		 	6.5	 	 Amendments
	  	 	16	  
				
		 	6.6	 	 Assignment
	  	 	16	  
				
		 	6.7	 	 No waiver
	  	 	17	  
				
		 	6.8	 	 Provisions severable
	  	 	17	  
				
		 	6.9	 	 Expenses
	  	 	17	  
				
		 	6.10	 	 Notices
	  	 	17	  
				
		 	6.11	 	 Governing law and disputes
	  	 	18	  
				
		 	6.12	 	 Counterparts
	  	 	18	  

  
 3 

 THIS COMBINATION AGREEMENT (the “Agreement”) is entered into on
this 8th day of May 2011 (the “Signing Date”) by and between 
  

	 	1.	Trimble Navigation Limited, a corporation incorporated and existing under the laws of California in the United States of America, with its registered office in
Sunnyvale, California, United States of America (the “Offeror”); and 

  

	 	2.	Tekla Corporation, a public limited company incorporated and existing under the laws of Finland, with its registered office in Espoo in Finland (the
“Company” and together with its subsidiaries the “Group” and each such company a “Group Company”); 

 each of the above parties is hereinafter referred to as a “Party” and collectively to as the “Parties”. 
 RECITALS 
  

	 	A.	The Company is a public limited company the shares of which are listed on Nasdaq OMX Helsinki stock exchange (the “Helsinki Exchange”)

  

	 	B.	The Offeror is a corporation the shares of which are listed on the Nasdaq Stock Market in the United States of America. 

 

	 	C.	The Boards of Directors of the Parties have each determined by board resolutions that it is in the best interests of their respective companies and their
shareholders to combine the businesses of the Offeror and the Company through the transactions contemplated by this Agreement. 

  

	 	D.	As of the Signing Date, the Company has issued a total of 22,586,200 shares, out of which 96,600 are held by the Company as treasury shares, and 22,489,600
shares by other shareholders (the “Outstanding Shares”). The Company or its subsidiaries have not authorized or issued any options or other rights entitling to shares in the Company or any of its subsidiaries.

  

	 	E.	The intention of the Parties is that in order to effect the combination, the Offeror will indirectly through a wholly owned Finnish subsidiary (“Trimble
Finland”), offer to acquire all of the Outstanding Shares through a public tender offer (the “Offer”) and through subsequent compulsory redemption proceedings in accordance with the Finnish Companies Act
(“Compulsory Redemption”) or by merger or other instrument of business integration, as the case may be. Any references herein to the Offeror shall, where relevant, also include the Trimble Finland and vice versa.

  

	 	F.	The Parties acknowledge that it is the intention of Offeror to cause the Outstanding Shares to be delisted from the Helsinki Exchange as soon as permitted and
practicable under applicable laws and regulations. 

  

	 	G.	The Company is aware that the largest shareholder of the Company, who as of the date hereof holds in the aggregate 8,596,020 shares in Tekla, representing
approximately [38] percent of the shares in the Company, has given an irrevocable undertaking to the Offeror to accept the Offer in respect of all shares held by such shareholder pursuant to the terms and conditions of the Offer.

	 	H.	The Boards of Directors of the Parties have each approved this Agreement. 

 NOW THEREFORE, the Parties hereby agree as follows: 
  

	1.	PUBLIC TENDER OFFER 

  

	1.1	Launch of the Tender Offer 

 Provided that there has not been a breach of this Agreement and that the Agreement has not been terminated in accordance with its terms, the Offeror shall launch the Offer by means of a public
announcement, including the terms and conditions of the Offer, substantially in the form of Appendix A hereto (the “Offer Announcement”) on or about 9 May 2011 but no later than 23 May 2011 (the “Launch
Date”) and commence the Offer as promptly as possible after the date of the Offer Announcement, tentatively on or about 19 May 2011. The acceptance period under the Offer shall initially extend until 17 June 2011 (the
“Offer Period”). The Offer Period may be extended by Offeror from time to time in accordance with the terms and conditions of the Offer. The date when the title to the Outstanding Shares validly tendered in the Offer is transferred
to Offeror shall be referred to as the “Closing Date”. 
 For the avoidance of doubt it is understood that the
terms of the offer may be amended as provided in the terms and subject to Finnish law. 
  

	1.2	Consideration 

 In the
Offer, the Offeror shall offer to acquire all the Outstanding Shares for a consideration of EUR fifteen (15.00) in cash for each Outstanding Share subject to the terms and conditions of the Offer. 

It has been mutually agreed and understood by the Parties that the board of directors of the Company may, pursuant to the authorization
granted by the annual general meeting held on 6 April 2011, resolve to distribute additional dividends or other funds to its shareholders in the maximum amount of EUR 18, 000,000.00. The funds so distributed prior to the Closing Date shall
result in equal reduction in the above stated per share offer price. 
 The Company undertakes not to decide upon or make a
distribution of dividends or other funds to its shareholders in addition to as has been agreed to above without the consent of the Offeror, which consent shall not be unreasonably withheld. In case of such additional dividend or distribution being
decided and/or made, and the Offeror nevertheless decides to complete the Offer, the consideration paid in the Offer shall be decreased accordingly. 
  

	1.3	Conditions to completion 

The obligation of the Offeror to accept the tendered Outstanding Shares, which have not been withdrawn, and to complete the Offer, shall
be subject to the satisfaction or, to the extent permitted by applicable law, waiver by the Offeror, of each of the following conditions: 
  

	 	(a)	the valid tender of Outstanding Shares representing (together with any Outstanding Shares that may be held by the Offeror) more than 90 percent of the issued and
outstanding shares and votes of the Company on a fully diluted basis (i.e. taking into consideration the effect of the conversion of any and all options or rights entitling to shares in the Company); 

  
 5 

	 	(b)	the receipt of necessary regulatory, permits and consents, including competition clearances, and that any conditions set in such permits, consents or clearances,
including, but not limited to, any requirements for the disposal of any assets of the Offeror or the Company or any reorganization of the business of the Offeror or the Company, are acceptable to the Offeror in that they are not materially adverse
to the Offeror or the Company or to the consummation of the Offer contemplated hereunder; 

  

	 	(c)	no event, circumstance or change having occurred after the Launch Date that would result in or constitute, or can reasonably be expected to result in a Material Adverse
Change (as defined in Appendix B hereto); and 

  

	 	(d)	the other conditions set out in Appendix B hereto. 

  

	1.4	De-listing 

 It is the
intention of the Offeror, subject to the Offeror acquiring more than ninety per cent (90 %) of the total number of shares and voting power of the then outstanding shares of the Company, to cause the shares of the Company to be de-listed from the
Helsinki Exchange as soon as permitted and reasonably practicable under applicable laws and regulations. 
 If the Offeror shall
resolve to commence the said de-listing, the Company shall use its reasonable efforts to assist in such procedure at the request of the Offeror, including taking promptly any required corporate decisions and making such filings as may be necessary.

  

	2.	RECOMMENDATION BY THE BOARD OF DIRECTORS OF THE COMPANY 

  

	2.1	The Recommendation 

Having evaluated the terms and conditions of the Offer as described in this Agreement, the Company and its Board of Directors
(represented by the conflict free board members) consent to the Offer being made and undertake that the Board of Directors of the Company (represented by the conflict free board members) shall unanimously recommend that holders of Outstanding Shares
accept the Offer and tender their Outstanding Shares on the terms and conditions of the Offer (the “Recommendation”). The form of Recommendation has been attached to this Agreement as Appendix C and its contents shall be made
public (together, subject to a request by the Offeror, with any fairness opinion (the “Fairness Opinion”) obtained by the Board of Directors of the Company) in connection with the initial announcement of the Offer. The Company shall
provide to the Offeror a final Recommendation incorporating the statements of the Board of Directors of the Company, as required pursuant to the Finnish Securities Markets Act, and the Fairness Opinion to be included in the tender offer document
prior to the tender offer document being published no later than 23 May 2011. 

  
 6 

	2.2	Withdrawal and Amendment of the Recommendation 

  

	 	2.2.1	Fiduciary Duties 

Subject to the provisions set out or referred to in Section 4.4, the Board of Directors of the Company may, at any time prior to the
Closing Date withdraw, modify or change the Recommendation if, based on a Competing Offer, Competing Proposal or change in the valuation of the Company, or a material change of circumstances of the Company, the Board of Directors of the Company
determines in good faith after taking advice from its external legal counsel and its financial advisers, and after consultation with the Board of Directors of the Offeror, that such withdrawal, modification or change is required in order for the
Board of Directors to comply with mandatory fiduciary duties to the Company’s shareholders under Finnish laws (such duties referred to as the “Fiduciary Duties”). 

 

	 	2.2.2	Competing Offer 

 In
addition to the preconditions in Section 2.2.1 above, in the event of a Competing Offer (as defined below) or a Competing Proposal (as defined in Section 4.4(a)) the Board of Directors of the Company may, at any time prior to the Closing
Date, withdraw, modify or change the Recommendation if (and only if), prior to such withdrawal, modification or change: 
  

	 	(a)	the Company has complied with its obligations under Section 4.4, and 

  

	 	(b)	a final announcement regarding a public tender offer, pursuant to the Finnish Securities Market Act of 1989 (the “SMA”), is published other than
related to the Offer, and a third party shall under such announcement offer to purchase all the outstanding shares in the Company for a consideration that, in the case of an all-cash offer, is higher than the consideration offered by Offeror or, in
the case of an offer with a consideration of cash and securities or securities only, for a consideration that has a higher value than the consideration offered by the Offeror, and that has other terms and conditions which are more favourable to the
Company’s shareholders than the terms and conditions offered by Offeror pursuant to this Agreement (such an offer hereinafter the “Competing Offer”); and 

 

	 	(c)	the Board of Directors of the Company has, to the extent permitted by applicable laws and stock exchange regulations, provided the Offeror’s Board of Directors
five (5) banking days from the date of publishing or written notice by the Company to the Offeror of the Competing Offer to enhance the Offer pursuant to this Agreement (the said time period referred to as the “Enhance
Period”); and 

  

	 	(d)	upon expiry of the Enhance Period, the Board of Directors of the Company under its Fiduciary Duties reasonably and in good faith considers, comparing the consideration
and other terms and conditions (including the availability of financing and the type of consideration) of the Competing Offer with the Offeror’s offer as possibly enhanced by the Offeror, that it would no longer be in the best interest of the
shareholders of the Company to accept the offer made by the Offeror. 

 If a Competing Offer would be published
(or received and notified by the Company to Offeror in writing as set out above) but Offeror would enhance its offer pursuant to this Agreement so as to, in the reasonable opinion of the Board of Directors of the Company rendered in good faith, be
at least equally favourable to the shareholders as the Competing Offer, the Board of Directors of the Company shall confirm and uphold the Recommendation for the Offer, as amended. 

  
 7 

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	General 

 The Company
gives, as of the Signing Date and the Closing Date, to the Offeror the representations and warranties set forth in Section 3.2 and Offeror gives to the Company the representations and warranties set forth in Section 3.3 (collectively the
“Warranties”). 
  

	3.2	Representations and warranties by the Company 

 The Company represents and warrants to Offeror with respect to itself and its subsidiaries the following: 
  

	 	3.2.1	Organization and qualification, subsidiaries 

 The Company and each of its subsidiaries has been validly incorporated and is existing in accordance with the laws of the jurisdiction of its incorporation and has the requisite power and authority and
all material permits and licenses necessary to own, use and operate its properties and to carry on its business as it is now being conducted. The Company and each of its subsidiaries is duly qualified to do business as a foreign company or other
entity and, where applicable, is in good standing under the laws of each jurisdiction in which either the ownership or use of the properties owned by it, or the nature of the activities conducted by it, requires such qualification. 

 

	 	3.2.2	Authority relative to this Agreement 

 The Company has all necessary corporate power and authority to execute this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated herein to be consummated by
it. This Agreement has been duly authorised and validly executed and delivered and constitutes a legal, valid and binding obligation of the Company enforceable against it in accordance with its terms. 

 

	 	3.2.3	Accounts 

 The audited
consolidated financial statements of the Company, as of and for the year ended 31 December 2010 and the unaudited consolidated financial statement for the three months ended 31 March 2011 (together, the “Financial Statements”),
have been prepared by the Company in accordance with Finnish laws and the International Financial Reporting Standards (IFRS) adopted within the European Union, applied by the Company on a consistent basis, unless otherwise stated in the Financial
Statements. The Financial Statements present fairly in all material respects and give a true and fair view of the consolidated financial condition, results of operations and assets and liabilities of the Company and its consolidated subsidiaries as
of the dates and for the period stated in the Financial Statements. 

  
 8 

	 	3.2.4	Disclosed Information 

The Company has complied in all material respects with the disclosure obligations imposed under applicable laws and regulations,
including the rules of the Helsinki Exchange. 
 The Offeror has been provided the opportunity to review certain corporate
records and other documents as requested by the Offeror and has had an opportunity to present subsequent questions and request clarifications as well as meet with the management of the Company (the “Due Diligence Information”)
pursuant to a confidentiality undertaking between the Parties dated 11 March 2011 (the “Confidentiality Undertaking”). The Company represents and warrants that the Due Diligence Information is not misleading and does not
contain any untrue statement of a material fact or, to the knowledge the top management of the Company possesses or should possess having made due inquiry (the “Best Knowledge of Company Management”), omit to state any material fact
that would have a material negative effect with regard to the valuation of the Company. 
 The Company represents and warrants
that to the Best Knowledge of the Company Management, the Due Diligence Information does not contain any insider information for the purposes of Finnish law. 
  

	 	3.2.5	Shares and securities entitling to shares 

 There are no option rights (including synthetic options), warrants, call rights, depository receipts, subscription or pre-emptive rights or other securities entitling to, exchangeable for, convertible
into, or linked to the value of shares of the Company, and the board of Directors of the Company has not used and will not use any authorizations granted by a General Meeting of Shareholders of the Company to issue or transfer shares in the Company
or to acquire own shares. 
  

	 	3.2.6	Compliance with laws 

Neither the Company nor any of its subsidiaries has been or is in a material breach of any laws or permits or any judgments or orders of
any national or supranational court or authority binding upon the Company or such subsidiary company. No material claims, investigations, or proceedings concerning breach of any laws or permits have been or are pending or, to the Best Knowledge of
Company Management, threatened against any of the Company or its subsidiary companies. No circumstances giving rise to any such breach, claims, investigations, or proceedings have arisen. 

 

	 	3.2.7	Employee matters 

 The
Company is not in breach of any applicable collective agreements regarding employee relationships, and, to the Best Knowledge of Company Management, there are no plans or threats of strikes or other industrial or labor action. The Company is not a
party to any contract or arrangement (written or otherwise) that would require material payments by the Company in excess of statutory termination payments to persons upon (i) termination of such persons’ employment with the Company (or
any of its subsidiaries) or (ii) the completion of the Offer. 

  
 9 

	 	3.2.8	Contracts 

 Neither the
Company nor any of its Group Companies, or any contracting counter-party of the Company or any such Group Company, has been or is in breach of any material contract, agreement, arrangement, or other obligation binding on the Company or any of its
Group Companies. Neither the Company nor any of its Group Companies has received or given any notice of breach or termination of any material contract, agreement, arrangement, or other material obligation binding on the Company or other any Group
Company. To the Best Knowledge of Company Management no circumstances giving rise to any such breach or termination have arisen. 
  

	 	3.2.9	Litigations and proceedings 

 Within the past three years, no material claims, lawsuits, actions, or investigations or legal, administrative, arbitration or other proceedings (including but not limited to liquidation, receivership and
other similar proceedings) have been or are pending or, to the Best Knowledge of Company Management, threatened against, or involve the Company or any of its Group Companies or any member of top management. To the Best Knowledge of Company
Management, no circumstances giving rise to such claims, lawsuits, actions, investigations, or proceedings have arisen. 
  

	 	3.2.10	Intellectual property 

The Company (or one of its subsidiaries) is the sole and exclusive owner, free and clear of all liens, of all rights, title and interest
in, or has the right to use, license or sell, all other intellectual property as the same is used, licensed and sold by the Company or any of its subsidiaries in its respective business as presently conducted. No intellectual property used by the
Company, or any products or services produced, provided or sold by the Company or any other Group Company, have infringed or infringe any intellectual property right of any third party or have breached or breach any license contract binding upon the
Company or any other Group Company. The intellectual property owned by or licensed to the Company and its Group Companies includes all of the intellectual property necessary and sufficient in all material respects to enable the Company and its
subsidiaries to conduct their respective businesses in the manner in which such businesses are currently being conducted. 
  

	 	3.2.11	Taxes 

 The Company and
each of its subsidiaries have filed all Tax Returns or other reports required to be filed with the relevant authorities in due time, and such Tax Returns or reports are true and complete in all material respects. The Company and each of its
subsidiaries have timely paid, withheld or collected all Taxes due (regardless of whether the taxes are shown on such returns and reports and regardless of whether a notice of assessment or collection has been issued by the relevant authorities).
The Company and each of its subsidiaries have formed adequate reserves in their books and relevant accounts for all unpaid Taxes in conformity with applicable accounting principles concerning any relevant financial period. 

No Tax audits or disputes are pending or, to the Best Knowledge of Company Management, threatened with respect to the Company or any of
its subsidiaries. To the Best Knowledge of the Company Management, no claim has been made in writing in the last three years by an authority in a jurisdiction where the Company or any of its Subsidiaries does not file Tax Returns that the Company or
any of its Subsidiaries is or may be subject to taxation by that jurisdiction. 

  
 10 

 “Tax” means all taxes, levies, imposts, duties, and other like
charges or assessments, including any income, alternative minimum or add-on tax, estimated, gross income, gross receipts, sales, use, transfer, transactions, intangibles, ad valorem, value-added, franchise, license, capital, paid-up capital,
profits, withholding, employee withholding, payroll, worker’s compensation, unemployment insurance, social security, employment, excise, severance, stamp, transfer occupation, premium, recording, real property, personal property, or windfall
profit tax, or other tax of any kind whatsoever, together with any interest, penalties, related liabilities, fines or additions to tax that may become payable in respect thereof imposed by any country, any state, county, provincial or local
government or subdivision or agency thereof. 
 “Tax Return” means all federal, state, local, provincial and
foreign Tax returns, declarations, statements, reports, schedules, forms and information returns, in each case, in respect of Taxes filed or required to be filed with a taxing authority and, in each case, any amendments thereto. 

 

	3.3	Representations and warranties by Offeror 

 As of the signing of this Agreement, the Offeror represents and warrants to the Company with respect to itself and Trimble Finland the following. 

 

	 	3.3.1	Organization and qualification 

 Each of Offeror and Trimble Finland has been validly incorporated and is existing in accordance with the laws of the jurisdiction of its incorporation and has the requisite power and authority and all
material permits and licenses necessary to own, use and operate its properties and to carry on its business as it is now being conducted. 
  

	 	3.3.2	Authority relative to this Agreement 

 The Offeror has all necessary corporate power and authority to execute this Agreement and to perform its obligations hereunder and to cause Trimble Finland to consummate the transactions contemplated
herein to be consummated by it. This Agreement has been duly authorised and validly executed and delivered and constitutes a legal, valid and binding obligation of the Offeror enforceable against it in accordance with its terms. 

 

	 	3.3.3	Financing of the Offer 

The Offeror has secured necessary financing, as required pursuant to applicable laws and regulation, for the (i) completion of the
Offer in accordance with its terms and conditions and (ii) subsequent compulsory redemption proceedings in accordance with the Finnish Companies Act. 
 The availability to the Offeror of the above financing is subject only to the satisfaction of the conditions set forth in Appendix B. The Offeror has no knowledge of any facts or circumstances or
is in possession of any information which is likely to mean that the financing as described herein would not be available on the Closing Date. 

  
 11 

	 	3.3.4	No Breach of Warranty 

As of the date of this Agreement, based on the Due Diligence Information or otherwise, the Offeror is not aware of any facts or
circumstances which might constitute a material breach of any of the Company’s representations and warranties under Section 3.2 (Representations and warranties by the Company) or which would lead to or give cause to a Material Adverse
Change. 
  

	4.	UNDERTAKINGS 

  

	4.1	Reasonable best efforts 

Each of the Parties agrees to use its reasonable best efforts to do, or cause to be done, and to assist and co-operate with the other
Party in doing, all things necessary or advisable to complete in the most expeditious manner practicable, the transactions contemplated by this Agreement, including: 
  

	 	(a)	the making of all necessary registrations and filings with governmental entities, stock exchanges and regulatory authorities and the taking of any actions as may be
necessary to obtain necessary waivers, consents and approvals from, or to avoid an action or proceeding by, such authorities; 

  

	 	(b)	the obtaining of all necessary consents, approvals or waivers from third parties; and 

 

	 	(c)	the execution and/or delivery of any additional corporate resolutions and/or instruments necessary to consummate the transactions contemplated herein, and to fully
carry out the purposes of this Agreement. 

 The Parties shall co-operate with and consult each other in
connection with the making of all such filings, including providing copies of all pertaining documents to the non-filing Party and their respective advisors prior to filing. 

 

	4.2	Conduct of business pending the closing 

 As between the Signing Date and the Closing Date the Company undertakes to conduct its own business, and shall instruct each of its subsidiaries to conduct their respective business in the ordinary course
of business consistent with past practice based on good and prudent business judgment or in accordance with the business plans and resolutions approved by the relevant corporate bodies of the Company or any of its subsidiaries prior to the Signing
Date. 
 Without limiting the generality of the foregoing and what has been stipulated elsewhere in this Agreement, the Company
undertakes to, and shall cause each of its subsidiaries to undertake to, except in case of mandatory requirements based on law or by virtue of the Offeror’s consent, refrain from making or implementing: 

 

	 	(i)	any material changes in its business (including without limitation change of key employees, suppliers, distributors or other material business relationship) unless such
change may reasonably be deemed to serve the combination of the businesses of the Parties; 

  
 12 

	 	(ii)	any material corporate transactions, investments or divestments outside the ordinary course of business consistent with past practices; 

 

	 	(iii)	any agreements or commitments that are not entered into on commercial terms or in the ordinary course of business whereby the Company would incur significant
obligations; 

  

	 	(iv)	any change of their Articles of Association, by-laws or other constituting documents or any material change to their accounting principles or practices;

  

	 	(v)	any decision or proposal concerning or constituting: (1) distribution of dividends or other funds from the Company; (2) a change in the number of shares in or
share capital of the Company or its subsidiaries, including without limitation by reclassification, recapitalisation, stock split, combination or issuance of any shares or securities convertible into or exchangeable for shares in the Company or in
its subsidiaries; (3) any sale, transfer or other disposal (in Finnish “luovutus”) of any shares in the Company or in its subsidiaries that are held or obtained by the Company or any of its subsidiaries; and/or (4) any
sale, transfer or other disposal of any treasury options or any other shares or securities convertible into or exchangeable for shares in the Company or in its subsidiaries; and/or 

 

	 	(vi)	any decision or proposal concerning an increase (other than as a part of normal annual reviews in accordance with past practises consistently applied) in the current or
future compensation or other benefits in any manner whatsoever (including without limitation by way of options (synthetic or otherwise), bonus, insurance, severance or pension arrangements) of Board of Directors of the Company and/or each of the
persons employed by or serving the Company or its subsidiaries. 

 The Company undertakes that its Board of
Directors shall not call a meeting of shareholders of the Company, except as provided in this Agreement, or except as required by mandatory law. 
  

	4.3	Access to information 

Upon Offeror’s request, the Company undertakes to use its reasonable best efforts to give any information regarding the Company that
Offeror may reasonably need: 
  

	 	(a)	in the making of all necessary registrations and filings with relevant competition authorities; and/or 

 

	 	(b)	to assess an actual or potential Material Adverse Change, as defined in Appendix B; 

 

	 	(c)	to complete the Offer in accordance with its terms and in compliance with the SMA, and 

 

	 	(d)	to prepare and execute any other transactions contemplated by this Agreement. 

 The Company shall further make any such disclosures and announcement as may be required pursuant to the SMA or other applicable regulation for the Offeror to be able to complete the transactions
contemplated by this Agreement, including, but not limited to the Offer. 
 Each Party shall, without delay, notify the other
Party if it becomes aware of an event, change or circumstance that could delay or impede the Party’s ability to consummate the transactions contemplated by this Agreement or to fulfil its obligations set forth in this Agreement. 

  
 13 

	4.4	No solicitation of competing transactions, no frustration; information about indications of interest 

The Company undertakes, and shall cause its subsidiaries and their respective officers, directors, employees and representatives
(including, for the avoidance of doubt, any financial and other external advisors), to undertake, as between the Signing Date and the Closing Date: 
  

	 	(a)	not to, directly or indirectly, solicit any proposal, offer or indication of interest that could reasonably be expected to lead to a public tender offer or any other
corporate transaction involving the Company, including without limitation sale of assets or businesses, that could constitute or result in any competing transaction or otherwise harm or hinder the completion of the Offer (“Competing
Proposal”); 

  

	 	(b)	to cease and cause to be terminated any discussions, negotiations or other activities related to any Competing Offer or Competing Proposal conducted prior to the date
hereof, and 

  

	 	(c)	not to, upon receipt of a Competing Proposal, directly or indirectly, promote the progress of such Competing Proposal (“Promoting Measures”), except if
the Board of Directors of the Company considers that Promoting Measures are required in order for the Board of Directors to comply with its Fiduciary Duties. The Board of Directors of the Company shall not take any other Promoting Measures than
those necessary for the fulfilment of the Fiduciary Duties; 

  

	 	(d)	to inform Offeror in writing of any Competing Proposal, including the price offered and any other material terms of the Competing Proposal immediately after receipt of
such Competing Proposal; and 

  

	 	(e)	to provide Offeror with a reasonable opportunity to negotiate with the Board of Directors of the Company about matters arising from the Competing Proposal.

 For the avoidance of doubt, nothing in this Section 4.4 shall be deemed to limit in any way whatsoever the
obligations of the Company (or the Board of Directors of the Company) under Section 2.2. 
  

	4.5	Extraordinary General Meeting of Shareholders 

 As soon as practicable after the Closing Date the Offeror shall cause the Company to convene an Extraordinary General Meeting of Shareholders of the Company (the “General Meeting”) for
the purpose of electing new members to the Board of Directors. 
 The Offeror shall subsequently release the resigning board
members of any and all liability at the next Annual General Meeting of Shareholders of the Company following the Closing Date, provided no material findings to the contrary are made in the audit of the Company’s annual accounts for the pending
accounting period. 
  

	4.6	Public announcements 

The Parties shall in all cases consult with each other before issuing any press release or otherwise making any public statements with
respect to this Agreement or any transactions contemplated hereunder and shall not issue any such press release or make any such public statement without the other Party’s prior written approval, unless required to do so by law or relevant
stock exchange regulations. In any event, each Party shall endeavour to avoid any statements that would have a negative effect on the other Party or its business. 

  
 14 

 The Parties agree that the public announcement in connection with the publication of the
Offer shall be in the form of Appendix C. 
  

	5.	TERMINATION 

  

	5.1	Termination by either Party 

 This Agreement may be terminated and the transactions contemplated hereunder rescinded with immediate effect at any time prior to the Closing Date only as follows: 

 

	 	(a)	by mutual consent of the Parties duly authorized by their respective Board of Directors; or 

 

	 	(b)	by either Party by a written notice to the other Party upon a material breach of any Warranties or other undertakings by, or of any obligations of the other Party set
forth in this Agreement; or 

  

	 	(c)	by either Party by a written notice to the other Party if the Board of Directors of the Company has in compliance with the provisions of this Agreement withdrawn,
modified or changed the Recommendation; or 

  

	 	(d)	by either Party by a written notice to the other Party if the Closing Date has not occurred on or before 31 October 2011; or 

 

	 	(e)	by either Party by a written notice to the other Party if the conditions to completion of the Offer have not been satisfied or waived by Offeror in accordance with the
terms and conditions of the Offer and the Offeror has publicly announced that it will not complete the Offer; 

provided, however, in each of the above cases that such right to terminate this Agreement shall not be available to a Party whose failure
to fulfil any obligation under this Agreement has caused the event which would otherwise allow such Party to terminate this Agreement (except in case of termination pursuant to sub-section (d) above). 

This Agreement shall automatically expire on the Closing Date. 

 

	5.2	Consequences of termination or expiration 

 In case of any termination or expiration of this Agreement the Offeror is entitled to withdraw the Offer. 
 Any termination or expiration shall be without prejudice to any remedies available to the Parties under this Agreement or under law for breach of a contractual obligation. It being understood, however,
that the non-breaching Party shall be entitled to claim solely direct damages pursuant to this Agreement. 

  
 15 

 If this Agreement is terminated by the Company pursuant to Section 5.1 (c), the
Company shall nevertheless be bound by Section 4.3, and always treat the Offeror on terms equal to those applied with respect to any Competing Offer. Notwithstanding any termination or expiration of this Agreement the following Sections shall
survive: 4.6, 5.1, 5.2, and 6. 
  

	6.	OTHER PROVISIONS 

  

	6.1	Confidentiality 

 Each of
the Parties undertakes, during the term of this Agreement and after the termination thereof for any reason whatsoever, not to disclose the content of this Agreement in any manner whatsoever to any third parties (other than their advisors in
connection with the Offer) without the prior written consent of the other Party; provided, however, that nothing herein shall prevent either of the Parties from using this Agreement for the purpose of enforcing its terms or disclosing the Agreement
or its contents, on whole or in part, to the extent required by applicable mandatory laws or regulations, or by judgments, orders or decrees by courts, arbitrators, regulatory bodies or stock exchanges. 

 

	6.2	Appendices incorporated 

Each Appendix to which reference is made herein and which is attached hereto shall be deemed to be incorporated in this Agreement by such
reference. 
  

	6.3	Headings 

 The headings
of this Agreement are for convenience of reference only and shall not in any way limit or affect the meaning or interpretation of the provisions of this Agreement. 
  

	6.4	Whole agreement 

 Save
for the Confidentiality Undertaking this Agreement contains the whole agreement between the Parties with respect to the subject matter hereof and supersedes any prior agreements and understandings among the Parties with respect thereto. No addition
to or modification of any provision of this Agreement shall be binding upon any Party unless made in writing and signed by both Parties. 
  

	6.5	Amendments 

 Any
amendments to this Agreement shall be in writing and shall have no effect unless signed by the duly authorized representatives of both Parties. 
  

	6.6	Assignment 

 This
Agreement and the rights and obligations specified herein shall be binding upon and inure to the benefit of the Parties hereto and shall not be assignable by either Party hereto (whether by operation of law or otherwise) without the prior written
consent of the other Party, except as otherwise provided in this Agreement. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assignees.

  
 16 

 Notwithstanding anything contained in this Agreement to the contrary, nothing in this
Agreement, expressed or implied, is intended to confer on any person other than the Parties or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Notwithstanding anything contained in this Agreement, it is agreed, however, that the Offeror may transfer all its rights and/or
obligations under this Agreement to Trimble Finland, subject to that Offeror shall upon such transfer automatically be deemed to guarantee as for its own debt to the Company all the obligations of Trimble Finland towards the Company under this
Agreement. In case of such a transfer Trimble Finland shall replace Offeror as the Party to this Agreement. 
  

	6.7	No waiver 

 Failure by
any Party at any time or times to require performance of any provision of this Agreement shall in no manner affect its right to enforce the same, and the waiver by any Party of any breach of any provision of this Agreement shall not be construed to
be a waiver by such Party of any succeeding breach of such provision or waiver by such Party of any breach of any other provision hereof. 
  

	6.8	Provisions severable 

 If
any part of this Agreement is held to be invalid or unenforceable such determination shall not invalidate any other provision of this Agreement. The Parties shall, however, attempt, through negotiations in good faith, to replace any part of this
Agreement so held to be invalid or unenforceable in order to give effect to the intentions of the Parties when signing this Agreement. The failure of the Parties to reach an agreement on a replacement provision shall not affect the validity of the
remaining part of this Agreement. 
  

	6.9	Expenses 

 Except as
otherwise agreed in this Agreement, all expenses incurred in connection with this Agreement and the transactions contemplated hereunder shall be paid by the Party incurring such expenses whether or not the Offer or any other transaction contemplated
herein are consummated. 
 The Company agrees that its expenses for external advisors and transaction costs (including without
limitation legal, financial and investment bankers) in connection with the transactions contemplated under this Agreement will not exceed EUR 500,000.00 and that any expenses exceeding such amount will be subject to prior written approval by
Offeror. 
  

	6.10	Notices 

 All notices,
demands or other communication, which shall be in the English language, to or upon the respective Parties hereto shall be deemed to have been duly given or made when delivered by mail or telefax to the Party in question as follows: 

 

			
	If to the Company:	  	Tekla Oyj
	attention:	  	Timo Keinänen
	address:	  	Metsänpojankuja 1, FI-02130 Espoo
	e-mail:	  	timo.keinanen@tekla.com
		
	If to Offeror:	  	Trimble Navigation Limited
		
	attention:	  	James A. Kirkland, Vice President, General Counsel
	address:	  	935 Stewart Drive
		  	Sunnyvale, California 94085
		  	United States of America
	e-mail:	  	jim_kirkland@trimble.com

 or at such
other address as the respective Party may hereafter specify in writing to the other Party. 

  
 17 

	6.11	Governing law and disputes 

 This Agreement shall be governed by and construed in accordance with the laws of Finland (except its choice of law provisions). 
 Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration in Helsinki, Finland, in
accordance with the Rules of the Arbitration Institute of the Finnish Central Chamber of Commerce. The arbitral tribunal shall be composed of three arbitrators. The arbitral proceedings shall be conducted in the English language. 

Notwithstanding the aforementioned, the Offeror shall have the right to seek restrictive injunctions or orders for specific performance
against the Company in a court of law of competent jurisdiction. 
  

	6.12	Counterparts 

 This
Agreement has been executed in two (2) identical counterparts, one (1) for each Party. 
 [Intentionally left blank]

  
 18 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement in Helsinki as of the day and
year first above written. 
  

			
	 TRIMBLE NAVIGATION LIMITED
	  	TEKLA CORPORATION
		
	  
	  	  

		
	 Name:
	  	Name:
		
	 Title:
	  	Title:
		
	  
	  	  

		
	 Name:
	  	Name:
		
	 Title:
	  	 Title:

  
 19 

 APPENDIX A 
 Offer Announcement 
 See attached. 

 APPENDIX B 
 Terms and Conditions of the Tender Offer 
 ... 

... 
 Conditions to Completion of
the Tender Offer 
 The obligation of Offeror to complete the Offer and purchase the Outstanding Shares, which have been validly tendered and
not withdrawn, shall be subject to the satisfaction or, to the extent permitted by applicable law, waiver by Offeror of each of the following conditions (“Conditions to Completion”): 

 

	 	(a)	the valid tender of Outstanding Shares representing (together with any Outstanding Shares that may be held by the Offeror) more than 90 percent of the issued and
outstanding shares and votes of the Company on a fully diluted basis; 

  

	 	(b)	the receipt of necessary regulatory, permits and consents, including competition clearances, and that any conditions set in such permits, consents or clearances,
including, but not limited to, any requirements for the disposal of any assets of the Offeror or the Company or any reorganization of the business of the Offeror or the Company, are acceptable to the Offeror in that they are not materially adverse
to the Offeror or the Company or to the consummation of the Offer contemplated hereunder; 

  

	 	(c)	no event, circumstance or change having occurred after the Launch Date that would result in or constitute, or can reasonably expected to result in a Material Adverse
Change (as defined below); 

  

	 	(d)	no decision to distribute dividends or other funds to its shareholders has been taken by the Company after the Launch Date (other than a distribution of up to EUR
18,000,000.00 in the aggregate based on the authorization of the Company’s annual general meeting held on 6 April 2011); 

  

	 	(e)	no order or regulatory action by a court or regulatory authority of competent jurisdiction preventing, postponing or materially challenging the completion of the Offer
or the exercise of the rights of ownership of Outstanding Shares by the Offeror has been issued; 

  

	 	(f)	Offeror shall not have received information previously undisclosed to Offeror that has resulted in or constituted, or would have high probability of resulting in or
constituting a Material Adverse Change; 

  

	 	(g)	the external financing committed to the Offeror for purchasing the Shares pursuant to the Offer is still available to the Offeror in accordance with the terms thereof;

  

	 	(h)	the Combination Agreement has not been terminated and it is still in force; 

 

	 	(i)	The Recommendation of the Board of Directors of the Company is in force and has not been amended; and 

 

	 	(j)	no Competing Offer has been made for the Outstanding Shares of the Company. 

 “Material Adverse Change” means target or any of its subsidiaries becoming insolvent, subject to administration, bankruptcy or any other equivalent proceedings of if any legal proceedings
or corporate action is taken by or against any of them in respect of any such proceedings or any material 

  
 21 

 
adverse change in, or material adverse effect to, the business, assets, financial condition or results of operations of Company and its subsidiaries, taken as whole, but not material changes in
the general financial and economic conditions affecting the financial markets in general. 
 “Competing Offer”
means that an announcement regarding another public tender offer for the Company has been made by a third party. 
 The Offeror
reserves the right to withdraw the Tender Offer in the event that any of the Conditions to Completion is not fulfilled or will not be fulfilled. 
 The Offeror may, to the extent permitted by law, waive any of the Conditions to Completion that are not fulfilled. If all Conditions to Completion have been fulfilled or the Offeror has waived the
requirement for the fulfilment of all or some of them, the Offeror will consummate the Tender Offer in accordance with its terms and conditions after the expiry of the Offer Period by purchasing Outstanding Shares by paying the Consideration to the
shareholders of the Company that have validly accepted (and not withdrawn such acceptance) the Offer. 

  
 22 

 APPENDIX C 
 Company Board of Directors’ Recommendation 

  
 23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]