exv10w1






EXHIBIT 10.1




WILMINGTON TRUST CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN




AMENDED AND RESTATED

AS OF

FEBRUARY 25, 2009




 









 





WILMINGTON TRUST CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN




	 	 	 	 	 
	Article I Purpose and Effective Date
	 	 	1	 
	Article II Definitions
	 	 	1	 
	2.01 “Administrator”
	 	 	1	 
	2.02 “Average Annual Compensation”
	 	 	1	 
	2.03 “Board”
	 	 	1	 
	2.04 “Code”
	 	 	1	 
	2.05 “Company”
	 	 	1	 
	2.06 “Compensation”
	 	 	1	 
	2.07 “Early Retirement”
	 	 	2	 
	2.08 “Employee”
	 	 	2	 
	2.09 “Normal Retirement”
	 	 	2	 
	2.10 “Participant”
	 	 	2	 
	2.11 “Pension Plan”
	 	 	2	 
	2.12 “Plan”
	 	 	2	 
	2.13 “Plan Year”
	 	 	2	 
	2.14 “Postponed Retirement”
	 	 	2	 
	2.15 “Social Security Taxable Wage Base”
	 	 	3	 
	2.16 “Trust”
	 	 	3	 
	2.17 “Year of Paticipation”
	 	 	3	 
	Article III Eligibility for and Forfeiture of Plan Participation
	 	 	3	 
	3.01. Commencement of Participation
	 	 	3	 
	3.02. Termination for Cause
	 	 	3	 
	3.03. Competition with Company
	 	 	4	 
	3.04. Board Discretion
	 	 	4	 
	3.05. Change in Control
	 	 	4	 
	Article IV Types of Retirement and Elections
	 	 	6	 
	4.01. Early Retirement
	 	 	6	 
	4.02. Normal Retirement
	 	 	6	 
	4.03. Postponed Retirement
	 	 	6	 
	4.04. Notice of Early Normal or Postponed Retirement
	 	 	6	 
	4.05. Commencement of Benefits in Pension Plan
	 	 	6	 
	Article V Form of Benefits
	 	 	6	 
	5.01. Form of Retirement Benefits
	 	 	6	 
	5.02 Right to Elect
	 	 	7	 
	5.03 No Death or Disability Benefits
	 	 	7	 
	Article VI Computation and Payment of Retirement Benefits
	 	 	7	 
	6.01. Monthly Retirement Benefit
	 	 	7	 
	6.02 Pension Plan Offset
	 	 	7	 
	6.03 Early Retirement Reduction
	 	 	7	 
	Article VII Vesting
	 	 	7	 
	7.01 Vesting Over 15 Years of Participation
	 	 	7	 
	7.02 Vesting At 55 Years of Age and 10 Years of Participation
	 	 	8	 
	Article VIII Plan Administration
	 	 	8	 
	8.01. Appointment of Administrator
	 	 	8	 






 








 






	 	 	 	 	 
	8.02. Authority of Administrator
	 	 	8	 
	8.03. Expenses of Administrator
	 	 	8	 
	8.04. Payment of Benefits
	 	 	8	 
	8.05. Sufficiency of Assets in Trust
	 	 	8	 
	8.06. Contributions to Trust/Investment of Trust Assets
	 	 	8	 
	8.07. Indemnification
	 	 	8	 
	Article IX Contributions
	 	 	9	 
	9.01. Company Contributions
	 	 	9	 
	Article X Maintenance of Accounts
	 	 	9	 
	10.01. Separate Accounts
	 	 	9	 
	10.02. No Interest in Assets
	 	 	9	 
	Article XI Amendment and Termination of the Plan
	 	 	9	 
	11.01. Board Amendment or Termination
	 	 	9	 
	Article XII Claims Procedure
	 	 	9	 
	12.01. Claims Procedure
	 	 	9	 
	12.02. Review Procedure
	 	 	10	 
	Article XIII Miscellaneous
	 	 	10	 
	13.01. Anti-Alienation
	 	 	10	 
	13.02. No Right to Continue Employment
	 	 	10	 
	13.03. Applicable Law
	 	 	10	 
	13.04. Headings
	 	 	10	 
	13.05. Administrative Discretion
	 	 	10	 






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WILMINGTON TRUST CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN




Article I

Purpose and Effective Date




          The Wilmington Trust Corporation Supplemental Executive Retirement Plan is the former
Wilmington Trust Company Supplemental Executive Retirement Plan as amended and adopted by
Wilmington Trust Corporation. The purpose of this Plan is to provide supplemental retirement
benefits to certain senior management officers of the Company selected for Membership by the
Company’s Board of Directors. Benefits provided by this Plan are intended to supplement benefits
provided by the Wilmington Trust Pension Plan. This Plan is intended to be an Excess Benefit Plan
as defined in Section 3(36) of the Employee Retirement Income Security Act of 1974 to the extent
that it provides benefits for selected employees in excess of the limitations on contributions and
benefits imposed by section 415 of the Internal Revenue Code of 1986 on plans to which that section
applies. To the extent that the Plan is not an Excess Benefit Plan this Plan is an unfunded
deferred compensation plan for a select group of management or highly-compensated employees of
Company within the meaning of Sections 201(2), 301(a) and 401(a) of the Employee Retirement Income
Security Act of 1974 (“ERISA”) This Plan and its attendant Trust were effective January 1, 1989 and
the Plan was amended from time to time; most recently, effective October 18, 2008.




Article II

Definitions




          The terms used in this Plan shall have the same meaning as ascribed to them in the Pension
Plan unless they are specifically defined differently below.




     2.01 “Administrator” — means the group or individual appointed by the Company pursuant to
Section 8.01.



     2.02 “Average Annual Compensation” for the purposes of Section 2.06 — means a Participant’s
Compensation for the highest paid five (5) years of the final ten (10) years of the Participant’s
employment with the Company.



     2.03 “Board” — means the Board of Directors of Wilmington Trust Corporation and any designated
committee thereof to which it delegates its authority and discretion hereunder.



     2.04 “Code” — means the Internal Revenue Code of 1986 as amended from time to time.



     2.05 “Company” — means Wilmington Trust Corporation, a Delaware Corporation, and any
wholly-owned subsidiary of Wilmington Trust Corporation.



     2.06 “Compensation” — means the salary or wages and bonuses and incentive payments, including
but not limited to 100% of all awards under the Wilmington Trust Company Participant Incentive
Compensation Plan, of a Participant paid by the Company as reported on Form W-2 or any substitute
therefor, increased by any amounts deferred by the Participant under the Wilmington Trust Thrift
Savings Plan and increased by amounts attributable to salary



 









 







reduction under the Wilmington Trust Best Plan to the extent such amount is not included in
taxable income, and reduced by (i) any imputed amounts under the Code, and regulations issued
pursuant thereto, and (ii) amounts attributable to moving and travel expenses, and tuition
payments.



     Compensation shall also include the Value of all restricted common stock of the Company
(“Restricted Stock”) that is granted to the Participant as a bonus, whether or not the Participant
recognizes any taxable income from the grant of Restricted Stock in the year of the grant and
regardless of whether the Participant is vested in such Restricted Stock. The Value of the
Restricted Stock for purposes of this Plan shall be the closing price of the Company’s common stock
on the national exchange on which the Company’s common stock is traded on the date that such
Restricted Stock is granted to a Participant. The restrictions on the Restricted Stock shall not
be taken into account when determining the Value of a Participant’s Restricted Stock for purposes
of this Plan. If a Participant subsequently forfeits any of the Restricted Stock granted to Him or
her, the Value of the forfeited Restricted Stock as of the date of grant shall be deducted from the
Participant’s Compensation in the year in which the Restricted Stock that is forfeited was granted
to the Participant.



     In the year in which a Participant’s employment terminates, any bonuses or incentive payments
(other than the Value of Restricted Stock) paid to the Participant after the Participant’s
employment terminates shall be attributed to the Participant’s last month of employment. Vacation
time that has been accrued but not taken shall not be taken into account for either service or
compensation purposes.



     2.07 “Early Retirement” — means the earliest date on which a Participant is eligible to
receive early retirement benefits under the Pension Plan.



     2.08 “Employee” -means any individual employed by the Company in a senior policy making
position.



     2.09 “Normal Retirement” — means the date on which a Participant attains age 62 and completes
at least five years of participation in the Plan.



     2.10 “Participant” — means those Employees selected by the Board for participation in this
Plan.



     2.11 “Pension Plan” — means the Wilmington Trust Pension Plan, as amended from time to time.



     2.12 “Plan” — means the Wilmington Trust Corporation Supplemental Executive Retirement Plan.



     2.13 “Plan Year” — means the period beginning on January 1, and ending on December 31 of each
year.



     2.14 “Postponed Retirement” — means the date after a Participant’s Normal Retirement on which
the Participant can elect to receive retirement benefits from the Pension Plan.



2









 





     2.15 “Social Security Taxable Wage Base” — means the amount of Earnings, as determined under
the Social Security Act each year, subject to the Social Security OASDI tax for Old Age, Survivors
and Disability Income benefits.



     2.16 “Trust” — means the depository adopted by the Company to hold the assets used to pay Plan
benefits.



     2.17 “Year of Participation” shall mean for any Participant, each 12 month period during
which the Employee is participating in the Plan measured from the date that the Employee initially
becomes a Participant in the Plan, or if removed from the Plan by the Board after participating in
the Plan, the date that the Employee re-commences participation in the Plan, and each anniversary
thereafter. If an Employee who is participating in the Plan is removed from participation in the
Plan by the Board for any reason other than Termination for Cause under Section 3.02(b) and is then
designated by the Board to participate in the Plan once again, the Board may, at its sole and
absolute discretion, count the Years of Service during the period that the Employee was not a
Participant in the Plan after being removed by the Board from participation in the Plan and before
being designated by the Board to re-commence participation in the Plan.



Article III

Eligibility for and Forfeiture of Plan Participation




     3.01. Commencement of Participation. An Employee shall become a Participant in this
Plan if designated for participation by the Board, in its sole and absolute discretion. The Board
shall document the selection of an Employee as a Participant in the Plan by a written resolution of
the Board. An Employee who has terminated participation in the Plan pursuant to Section 3.02(a) of
this Plan may, at the sole and absolute discretion of the Board, be re-designated for participation
in the Plan. If the Board re-designates an Employee for participation in the Plan, the Board may,
pursuant to Section 2.17 of the Plan, grant to such Employee credit for the Years of Service
following the Employee’s termination of participation and before the Employee’s re-commencement of
participation in the Plan.



     3.02. Termination for Cause.



          (a) For any Reason. A Participant shall cease to be a Participant but shall retain any
right to benefits the Participant has earned under the Plan until such participation ends if the
Board, in its sole discretion, determines that the Employee shall no longer participate in the Plan
for any reason other than for Cause as provided in paragraph (b) of this Section 3.02, including
but not limited to if the duties and responsibilities of the Employee’s position with the Company
no longer warrant the Employee’s participation in the Plan.




          (b) For Cause. A Participant shall cease to be a Participant and shall forfeit the
right to any benefits under this Plan if the employment of the Participant with the Company is
terminated for Cause. For purposes of this Plan, a Participant’s employment is terminated for
Cause if the Participant (a) engaged in gross misconduct, dishonesty, or deliberate and
premeditated acts against the interest of the Company, (b) is convicted of a felony whether related
or unrelated to employment by the Company, or (c) repeatedly and substantially failed to



3









 






perform the Participant’s obligations and duties of employment after written or oral demands
for such performance are given to the Participant by the Company.




     3.03. Competition with Company. Participation in this Plan shall also cease and all
rights to any benefits under this Plan shall be forfeited when a Participant, after Early, Normal,
or Postponed Retirement, becomes an employee, officer or a director of a competitor of the Company
without consent of the Board. The Board in its sole and absolute discretion shall determine if
another entity or person is a “competitor” for the purposes of this section.



     3.04. Board Discretion. The Board shall have broad, sole and absolute discretion in
making any determination under Sections 2.17, 3.01, 3.02, and 3.03 hereof.



     3.05. Change in Control.



          a. Nonforfeitability Upon Change in Control. Notwithstanding anything to the contrary
contained in this Article III, Article VII, or any other portion of this Plan, when a Change in
Control (as defined below) occurs, rights to receive benefits under this Plan for each Employee who
is a Participant in the Plan on the date such change occurs shall become fixed and 100% vested and
shall not be subsequently divested by the Board. All discretion of the Board regarding the payment
of benefits under this Plan shall be eliminated upon such Change in Control or ownership. This
Section 3.05 shall not be considered to create in the Plan Participants any greater rights in the
assets of the Company or the Trust than the Participants had before the Change in Control occurred.




          b. Change in Control Defined. For purposes of this Section 3.05, a “Change in Control”
shall mean the occurrence of any of the following events, directly or indirectly or in one or more
series of transactions:





	 	(1)	 	A consolidation or merger of Wilmington Trust
Company (“Bank”) or Wilmington Trust Corporation (“Parent”) with any
third party (which includes a single person or entity or a group of
persons or entities acting in concert) not wholly-owned, directly or
indirectly, by Bank or Parent (a “Third Party”), unless Bank or Parent
is the entity surviving that merger or consolidation;
	 
	 	(2)	 	A transfer of all or substantially all of the
assets of Bank or Parent to a Third Party or a complete liquidation or
dissolution of Bank or Parent;
	 
	 	(3)	 	A Third Party, without the prior approval of
Bank’s or Parent’s Board, as the case may be, directly or indirectly,
through one or more subsidiaries or transactions:






	 	(a)	 	Acquires beneficial ownership of
15% or more of any class of Bank’s or Parent’s voting stock;
	 
	 	(b)	 	Acquires irrevocable proxies
representing 15% or more of any class of Bank’s or Parent’s
voting stock;




4









 






	 	(c)	 	Acquires any combination of
beneficial ownership of voting stock and irrevocable proxies
representing 15% or more of any class of Bank’s or Parent’s
voting stock;
	 
	 	(d)	 	Acquires the ability to control
in any manner the election of a majority of Bank’s or Parent’s
Board; or
	 
	 	(e)	 	Acquires the ability to directly
or indirectly exercise a controlling influence over the
management or policies of Bank or Parent;






	 	(4)	 	Any election of persons to Parent’s Board which
causes a majority of Parent’s Board to consist of persons other than
(a) persons who were members of Parent’s Board on January 1, 2000
and/or (b) persons who were nominated for election as members of
Parent’s Board by Parent’s Board (or a committee thereof) at a time
when the majority of the Parent’s Board (or that committee) consisted
of persons who were members of Parent’s Board on January 1, 2000;
provided, however, that any person nominated for election by Parent’s
Board (or a committee thereof), a majority of whom are persons
described in clauses (a) and/or (b), or are persons who were themselves
nominated by that Board (or a committee thereof), shall for this
purpose be deemed to have been nominated by a Board composed of persons
described in clause (a) above; or
	 
	 	(5)	 	A determination is made by any regulatory
agency supervising Bank or Parent that a “change in control,” as
defined in the banking, insurance or securities laws or regulations
then applicable to Bank or Parent, has occurred.




Notwithstanding any provision herein to the contrary, a Change in Control shall not include any of
the events described above if they (i) are related to or occur in connection with the appointment
of a receiver or conservator for Bank or Parent, provision of assistance under Section 13(c) of the
Federal Deposit Insurance Act (the “FDI Act”), the approval of a supervisory merger, a
determination that Bank is in default as defined in Section 3(x) of the FDI Act, insolvent or in an
unsafe or unsound condition to transact business or the suspension, removal and/or temporary or
permanent prohibition by a regulatory agency of a member of the Board from participation in the
conduct of Bank’s or Parent’s business; or (ii) are the result of a Third Party inadvertently
acquiring beneficial ownership of or irrevocable proxies for or a combination of both for 15% or
more of any class of Bank’s or Parent’s voting stock, and that Third Party as promptly as
practicable thereafter divests itself of the beneficial ownership of or irrevocable proxies for a
sufficient number of shares so that Third Party no longer has beneficial ownership or irrevocable
proxies or a combination of both for 15% or more of any class of Bank’s or Parent’s voting stock.




5









 








Article IV

Types of Retirement and Elections




     4.01. Early Retirement. A Participant shall be eligible for Early Retirement under
this Plan if the Participant is eligible for Early Retirement under the Pension Plan.



     4.02. Normal Retirement. A Participant shall be eligible for Normal Retirement under
this Plan when the Participant attains age 62 and completes at least five Years of Participation in
the Plan.



     4.03. Postponed Retirement. A Participant shall be eligible for Postponed Retirement
under this Plan if the Participant was eligible for Normal Retirement under the Pension Plan and,
with the approval of the Board, continues in the employ of the Company.



     4.04. Notice of Early Normal or Postponed Retirement. Sixty days prior to a
Participant’s Early or Normal Retirement, the Participant shall make a written request to the Board
which shall specify his intended Early or Normal Retirement date. To elect Postponed Retirement a
Participant shall make a written request to the Board sixty days prior to Normal Retirement
requesting Postponed Retirement. If the Participant’s request for Postponed Retirement is granted
by the Board, a Participant shall, sixty days prior to this Postponed Retirement date, make a
written request to the Board which shall specify  the intended Postponed Retirement date. If
the Participant’s request for Postponed Retirement is denied by the Board, the Participant shall
retire on the Participant’s Normal Retirement Date. All requests made under this Section shall be
irrevocable once approved by the Board.



     4.05. Commencement of Benefits in Pension Plan. A Participant’s monthly benefit under
this Plan shall be computed as if they commence on the date that the Participant’s benefits
commence under the Pension Plan. However, payments of benefits under this Plan shall not be made
to a Participant earlier than the date that is six months after the date of the termination of the
Participant’s employment with the Company, or if earlier, the date of his or her death (“Deferred
Payment Date”). Any benefit payments that would have been paid to a Participant commencing with
his or her first payment from the Pension Plan but for the requirement that no payment of benefits
under this Plan may be made to a Participant earlier than the Deferred Payment Date shall be paid
to the Participant in one lump sum without interest as soon as administratively feasible following
the Deferred Payment Date.



Article V

Form of Benefits




     5.01. Form of Retirement Benefits



          a. Normal Form. The normal form of retirement benefits payable under this Plan shall
be monthly payments payable for the Participant’s lifetime. Upon Participant’s death, benefits
paid under this form shall cease.




6









 








          b. Post-Retirement Survivor Option. The alternative form of retirement benefit
payable under this Plan shall be monthly payments payable for the Participant’s lifetime and, if
the Participant pre-deceases his or her Eligible Spouse while receiving retirement benefits
from this Plan, the Participant’s surviving Eligible Spouse shall begin to receive a survivor
benefit payable for her the life of the surviving spouse. Survivor benefits will cease upon the
death of the survivor surviving spouse. This survivor benefit shall be a monthly payment equal to
50% of the monthly payment the Participant was receiving prior to his the death of the Participant.
Under this benefit option, the Participant’s normal retirement benefit under this Plan shall be
reduced by the applicable conversion factors specified in
Appendix A of the Pension Plan in order
to provide the funding for the survivor benefit.




     5.02 Right to Elect. A Participant shall have the right to elect the Normal Form or
the Post Retirement Survivor Option Form of benefit to be received from this Plan within the 90 day
period which precedes the Participant’s retirement date. The election of benefit form, once made,
is irrevocable. The form of benefit selected shall be made on forms provided by the Administrator
and shall be consented to by the Participant’s Eligible Spouse as witnessed by a notary public.



     5.03 No Death or Disability Benefits. Except for the survivor benefit described in
this Article V, there shall be no survivor, disability, death or other benefits provided by this
Plan.



Article VI

Computation and Payment of Retirement Benefits




     6.01. Monthly Retirement Benefit. The Monthly Retirement Benefit payable to a
Participant under this Plan shall be (a) 60% of a Participant’s Average Annual Compensation, (b)
multiplied by a fraction the numerator of which is the Participant’s Years of Participation in the
Pension Plan (not to exceed 30) and the denominator of which is 30, (c) divided by 12.



     6.02 Pension Plan Offset. The amount of a Participant’s monthly benefit determined
under Section 6.01 above shall be reduced by the monthly benefit the Participant is receiving or is
eligible to receive from the Pension Plan.



     6.03 Early Retirement Reduction. If a Participant receives an Early Retirement Benefit
before age 62 under the Pension Plan, the amounts calculated under Section 6.01 above (before any
reduction for the monthly benefit payable from the Pension Plan) shall be reduced in accordance
with the reduction factors set forth in the Pension Plan.



Article VII

Vesting




     7.01 Vesting Over 15 Years of Participation. A Participant shall become vested in the
Monthly Retirement Benefit determined for the Participant under Section 6.01 based upon the
following schedule:



7









 





	 	 	 
	Year of Participation in the Plan	 	Vested %
	0-5th Year
	 	0.0%
	6th Year
	 	40.0%
	7th Year
	 	46.7%
	8th Year
	 	53.3%
	9th Year
	 	60.0%
	10th Year
	 	66.7%
	11th Year
	 	73.3%
	12th Year
	 	80.0%
	13th Year
	 	86.7%
	14th Year
	 	93.3%
	15th and later
	 	100.0%






     7.02 Vesting At 55 Years of Age and 10 Years of Participation. Notwithstanding the
provisions of Section 7.01, upon attaining age 55 and completing 10 Years of Participation in the
Pension Plan a Participant shall become 100% vested in such Participant’s Monthly Retirement
Benefit.



Article VIII

Plan Administration




     8.01. Appointment of Administrator. The Company will appoint an Administrator who
shall be responsible for ministerial, non-discretionary acts associated with this Plan, including
but not limited to determining the amount and payment of retirement benefits.



     8.02. Authority of Administrator. With the consent of the Board, the Administrator may
engage such agents and advisors as it deems necessary to carry out its administrative
responsibilities under the Plan.



     8.03. Expenses of Administrator. The expenses of the Plan shall be borne solely by the
Company to the extent such expenses are not paid from the Trust Fund.



     8.04. Payment of Benefits. The Administrator, at the direction of the Company, shall
instruct the Trustee as to the commencement, cessation, amount and payment of benefits due a
Participant from the Trust. The Administrator shall not be required to assure that the Company
makes contributions to the Trust at a level or in an amount sufficient to pay benefits.



     8.05. Sufficiency of Assets in Trust. The Company shall have the sole and exclusive
responsibility to assure that there are sufficient assets in the Trust in order to pay Participant
benefits when due. To the extent Trust assets are insufficient to pay Participant benefits, the
Company shall contribute the necessary amounts from its general assets to the Trustee.



     8.06. Contributions to Trust/Investment of Trust Assets. The Company shall have the
sole and exclusive responsibility for making contributions to the Trust to provide benefits and for
directing the Trustee as to the investment of the assets held in the Trust.



     8.07. Indemnification. The Administrator and the Trustee shall be fully indemnified
and held harmless by the Company for all actions taken pursuant to this Plan at the direction of
the Company.



8








 





Article IX

Contributions




     9.01. Company Contributions. The Company shall contribute cash or property to the
Trust in such amounts and at such times as, in its sole discretion, it deems necessary.



Article X

Maintenance of Accounts




     10.01. Separate Accounts. The Company shall maintain a separate account on its books
for amounts held for the benefit of each Participant in the Trust (the “Account”) which shall be
held, administered and accounted for separately for each Participant. Separate accounting records
shall be maintained so that the amount held in each Participant’s Account shall be identifiable at
all times. Each Account shall consist of, and be increased by, contributions made by the Company
which are designated by the Company as the property of such Account and shall be decreased by
distributions made therefrom. The Company shall make contributions to the Trust and credit such
Accounts from time to time in its sole discretion. In addition, the Company shall allocate and
credit the Net Income of the Trust to the Accounts of Participants on the last day of each calendar
year (the “Allocation Date”), pro rata based on the respective Account balance of each Participant
on such date. If as a result of the foregoing, all or a portion of any Net Income otherwise
allocable to the Account of any Participant on the Allocation Date cannot be so allocated, such Net
Income shall be allocated and credited to the Accounts of all other Participants pro rata, based on
the respective Account balances of each Participant on such Allocation Date (determined without
regard to the allocation of any Net Income to such Accounts on such date). For purposes of the
foregoing, Net Income shall mean the net gain or loss of the Trust from investments, as reflected
by interest payments, dividends, realized and unrealized gains and losses on securities, other
investment transactions and expenses paid from the Trust. In determining the Net Income of the
Trust as of any date, assets shall be valued on the basis of their then fair market value.



     10.02. No Interest in Assets. Nothing in Section 10.01 shall be construed as creating
any right, title or interest in or to any assets in the Trust or assets of the Company.



Article XI

Amendment and Termination of the Plan




     11.01. Board Amendment or Termination. The Board reserves the right to amend or
terminate this Plan at any time without the consent of any Participant except, however, that no
such amendment or termination will affect the irrevocability of the Trust or the Company’s
obligation to pay benefits to Participants.



Article XII

Claims Procedures




     12.01
Claims Procedure. The Company shall notify a Participant or a Participant’s
beneficiary in writing, within ninety (90) days of his or her written application for benefits, of
his or her eligibility or ineligibility for benefits under this Plan.
If the Company determines that
an Participant or a Participant’s beneficiary is not eligible for benefits or full benefits, the
notice



9









 







shall set forth (a) the specific reasons for such denial; (b) a specific reference to the
provisions of the Arrangement on which the denial is based; (c) a description of any additional
information or material necessary for the claimant to perfect his or her claim, and a description
of why it is needed; and (d) an explanation of the Arrangement’s claims review procedure and other
appropriate information as to the steps to be taken if a Participant or a Participant’s beneficiary
wishes to have the claim reviewed. If the Company determines that there are special circumstances
requiring additional time to make a decision, the Company shall notify the Participant or Participant’s
beneficiary of the special circumstances and the date by which a decision is expected to be made,
and may extend the time for up to an additional ninety (90) day period.



     12.02 Review Procedures. If a Participant or Participant’s beneficiary is determined
by the Company not to be eligible for benefits, or if a Participant
or a Participant’s beneficiary
believes that he or she is entitled to greater or different benefits, the Participant or
the Participant’s beneficiary shall have the opportunity to have
such claim reviewed by the Company by
filing a written petition for review with the  Company within sixty (60) days after receipt of the
notice issued by the Company. Said petition shall state the specific reasons which the Participant or
the Participant’s beneficiary believes entitle him or her to benefits or to greater or different
benefits. Within sixty (60) days after receipt by the Company of
the petition, the Company shall afford
the Participant or the Participant’s beneficiary an opportunity to present his or her position to
the Company orally or in writing, and the Participant or the Participant’s beneficiary shall have the right
to review the pertinent documents. The Company shall notify the
Participant or the Participant’s
beneficiary of its decision in writing within the sixty-day period, stating specifically the basis
of its decision, written in a manner calculated to be understood by
the Participant or the
Participant’s beneficiary and the specific provisions of the Arrangement on which the decision is
based. The Company, in its sole discretion, may elect to hold a hearing before the Board of Directors
or a hearing officer, who will make a recommendation to the Board.



     The Claims Procedures of this Article XII shall apply only to those benefits that the
Administrator determines are not Excess Benefits.



Article XIII

Miscellaneous




     13.01. Anti-Alienation. No right or claim to any portion of the benefits payable under
the Plan shall be assignable or alienable by a Participant nor shall a Participant’s benefit be
subject to garnishment, attachment, execution or levy.



     13.02. No Right to Continue Employment. Nothing contained herein shall be construed as
conferring upon any Employee the right to continue in the employ of the Company in any capacity
whatsoever.



     13.03. Applicable Law. To the extent not preempted by federal law, the provisions of
this Plan shall be governed and construed in accordance with Delaware law.



     13.04. Headings. The headings in this document are for convenience of reference only
and shall have no effect upon the meanings of the provisions hereof.



     13.05. Administrative Discretion. In addition to the discretion granted to the Board
under Section 3.04 of this Plan, the Board shall have the exclusive discretion and authority to



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establish rules, forms, and procedures for the administration of the Plan, to construe and
interpret the Plan, and to decide any and all questions of fact, interpretation, definition,
computation, or administration arising in connection with the operation of the Plan, including, but
not limited to, the eligibility to participate in the Plan and amount of benefits payable under the
Plan. The rules, interpretations, computations, and other actions of the Board shall be binding
and conclusive on all persons.



          IN WITNESS WHEREOF, Wilmington Trust Corporation has caused this amended Plan to be executed
this
25th day of February, 2009.




	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	WILMINGTON TRUST CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Michael A. DiGregorio

	 	 	 	By:	 	/s/
Ted T. Cecala	 	 
	 	 	 	 	 	 	 	 	 
	Secretary
	 	 	 	 	 	 	 	 






Corporate Seal





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