Rhodium-alkene complexes of the pincer ligand κ3-C5H3N-2,6-(OPiPr2)2 (PONOP-iPr) have been prepared and structurally characterized: [Rh(PONOP-iPr)(η2-alkene)][BArF4] [alkene = cyclooctadiene (COD), norbornadiene (NBD), ethene; ArF = 3,5-(CF3)2C6H3]. Only one of these, alkene = COD, undergoes a reaction with H2 (1 bar), to form [Rh(PONOP-iPr)(η2-COE)][BArF4] (COE = cyclooctene), while the others show no significant reactivity. This COE complex does not undergo further hydrogenation. This difference in reactivity between COD and the other alkenes is proposed to be due to intramolecular alkene-assisted reductive elimination in the COD complex, in which the η2-bound diene can engage in bonding with its additional alkene unit. H/D exchange experiments on the ethene complex show that reductive elimination from a reversibly formed alkyl hydride intermediate is likely rate-limiting and with a high barrier. The proposed final product of alkene hydrogenation would be the dihydrogen complex [Rh(PONOP-iPr)(η2-H2)][BArF4], which has been independently synthesized and undergoes exchange with free H2 on the NMR time scale, as well as with D2 to form free HD. When the H2 addition to [Rh(PONOP-iPr)(η2-ethene)][BArF4] is interrogated using pH2 at higher pressure (3 bar), this produces the dihydrogen complex as a transient product, for which enhancements in the 1H NMR signal for the bound H2 ligand, as well as that for free H2, are observed. This is a unique example of the partially negative line-shape effect, with the enhanced signals that are observed for the dihydrogen complex being explained by the exchange processes already noted.