WILLIAM S. DEMCHAK - 16 Feb 2023 Form 4 Insider Report for PNC FINANCIAL SERVICES GROUP, INC. (PNC)

Signature
Laura Gleason, Attorney-in-Fact for William S. Demchak
Issuer symbol
PNC
Transactions as of
16 Feb 2023
Net transactions value
+$3,849,698
Form type
4
Filing time
21 Feb 2023, 12:47:43 UTC
Previous filing
15 Feb 2023
Next filing
14 Mar 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PNC $5 Par Common Stock Award $7,062,554 +44,615 +8.9% $158.30 544,645 16 Feb 2023 Direct F1
transaction PNC $5 Par Common Stock Tax liability $3,212,857 -20,296 -3.7% $158.30 524,349 16 Feb 2023 Direct F2
holding PNC $5 Par Common Stock 2,485 16 Feb 2023 401(k) Plan F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On February 16, 2023, 44,615 shares of The PNC Financial Services Group, Inc. ("PNC") common stock vested pursuant to an award of performance share units granted to the reporting person on February 13, 2020 (the "2020 PSUs"), following approval by the Human Resources Committee (the "Committee") of a payout of 111.91% based on achievement against performance criteria established under the award. Pursuant to the award, the 2020 PSUs pay out in shares of PNC common stock, and any accrued dividend equivalents are paid out in cash.
F2 Represents shares withheld to cover the reporting person's tax liability in connection with the vesting of the 2020 PSUs.
F3 The amount of securities beneficially owned represents the number of shares of common stock indirectly held for the account of the reporting person under The PNC Incentive Savings Plan (the "ISP"). Shares of PNC common stock are not directly allocated to ISP participants, but instead are held in a unitized fund, approximately 98% of which consists of PNC common stock, and the remainder of which is invested in a money market fund. The amount of securities beneficially owned reflects 22 shares indirectly acquired for the account of the reporting person under the ISP in transactions exempt from reporting under Rule 16a-3(f)(1)(i)(B). The percentage of assets in the unitized fund investment option that are deemed to be invested in PNC common stock may vary from time to time.