Document:

exhibit10-50.htm

    Exhibit
10.50

    

     

    SECOND
AMENDMENT

    TO

    WASHINGTON
TRUST BANCORP, INC.

    1997
EQUITY INCENTIVE PLAN

     

    A. The
Washington Trust Bancorp, Inc. 1997 Equity Incentive Plan is hereby amended as
follows:

     

    1. Section
5(a) is hereby amended by deleting the third sentence thereof and substituting
therefor the following:

     

    “If
any Award in respect of shares of Common Stock expires or is terminated
unexercised or is forfeited for any reason, the shares subject to such Award, to
the extent of such expiration, termination or forfeiture, shall again be
available for Award under the Plan, subject, however, in the case of Incentive
Stock Options, to any limitation required under the Code.  Subject to
such overall limitation, Options or SARs with respect to no more than 100,000
shares of Common Stock may be issued to any one Participant during any one
calendar year period.”

     

    2. Section
6(d) is hereby amended by deleting said subsection in its entirety and
substituting the following in lieu thereof:

     

    “(d)           Options
may be exercised in whole or in part, by giving written notice of exercise to
the Corporation, specifying the number of shares of Common Stock to be
purchased.  Payment of the option price may be made by one or more of
the following methods to the extent provided in the Option
agreement:

     

    (i)           In
cash, by certified or bank check or other instrument acceptable to the
Board;

     

    (ii)           Through
the delivery (or attestation to the ownership) of shares of Common Stock that
have been purchased by the Participant on the open market or that have been
beneficially owned by the Participant for at least six months and are not then
subject to risks of forfeiture.  Such surrendered shares shall be
valued at Fair Market Value on the date of delivery;

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iii)           By
the Participant delivering to the Corporation a properly executed exercise
notice together with irrevocable instructions to a broker to promptly deliver to
the Corporation cash or a check payable and acceptable to the Corporation for
the option price; provided that in the event the Participant chooses to pay the
option price as so provided, the Participant and the broker shall comply with
such procedures and enter into such agreements of indemnity and other agreements
as the Board shall prescribe as a condition of such payment procedure;
or

     

    (iv)           By
the Participant delivering to the Corporation a promissory note if the Board has
expressly authorized the loan of funds to the Participant for the purpose of
enabling or assisting the Participant to effect the exercise of his Option;
provided that at least so much of the exercise price as represents the par value
of the Common Stock shall be paid other than with a promissory note if otherwise
required by state law.

     

    Payment instruments will be received
subject to collection.  The delivery of certificates representing the
shares of Common Stock to be purchased pursuant to the exercise of a Option will
be contingent upon receipt from the Participant (or a purchaser acting in his
stead in accordance with the provisions of the Option) by the Corporation of the
full option price for such shares and the fulfillment of any other requirements
contained in the Option agreement or applicable provisions of
laws.  In the event a Participant chooses to pay the option price by
previously-owned shares of Common Stock through the attestation method, the
number of shares of Common Stock transferred to the Participant upon the
exercise of the Option shall be net of the number of shares attested
to.”

     

    3. Section
12(b) is hereby amended by deleting the fourth sentence thereof in its
entirety.

     

    4. Section
12(g) is hereby amended by deleting said section in its entirety and
substituting therefor the following:

     

    “(g)           Withholding.  The
Participant shall pay to the Corporation, or make provision satisfactory to the
Board for payment of, any taxes required by law to be withheld in respect of
Awards under the Plan no later than the date of the event creating the tax
liability.  In the Board’s discretion, the required minimum

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    tax
withholding obligations may be paid in whole or in part in shares of Common
Stock, including shares retained from the Award creating the tax obligation,
valued at their Fair Market Value on the date of delivery.  The
Corporation and its Affiliates may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to the
Participant.”

     

    B. The
effective date of this Amendment shall be April 23, 2001.

    Executed
on behalf of Washington Trust Bancorp, Inc. by its duly authorized officer this
23rd
day of April, 2001.

     

    
      
        
          
            
              	
                      WASHINGTON
      TRUST BANCORP, INC

                    	 
      
	 	 
	 	 
	
                      By:

                    	 
      /s/
      John C. Warren
	 
      	
                      John
      C. Warren

                    
	
                      Title:

                    	
                      Chairman
      & Chief Executive
Officerexhibit10-51.htm

    Exhibit
10.51

    

    Wealth
Management

    Business
Building Incentive Plan

    Modified
Plan for 2009

    

    The
primary responsibility of the Executive Vice President of Wealth Management is
to increase wealth management revenues.  The intent of this incentive
plan is to reward as the Wealth Management division meets and exceeds
performance targets.

    

    The
full year effect of the market decline will be reflected in 2009 revenues and
pre-tax earnings.  In recognition of extraordinary market conditions,
the existing Business Building Incentive Plan structure has been modified to
provide a 50% incentive payment ($100,000) for performance at 110% of the 2009
budget or a 100% incentive payment ($200,000) for performance equal to 2008
results.

    

    MODIFIED
INCENTIVE STRUCTURE

     

    Performance
will be measured in terms of achieving targeted levels of pre-tax earnings,
revenues, and net new assets under management, with each metric having equal
weighting.   Results will be based upon the combined performance
of the Wealth Management product lines including Washington Trust Investors,
1800 Asset Management, Weston Financial, and Client Services.

     

    Goals
should be achieved through organic growth in the existing product lines,
excluding any revenue or asset growth through acquisitions or
mergers.  Goals and/or results may be adjusted to reflect
extraordinary events, including, but not limited to, acquisitions or
mergers.

     

    Net
new assets under management will be inclusive of all cash flows including, but
not limited to, new business, solicited additions/upgrades, lost business,
contributions, and distributions.  This will be measured by taking the
change in net assets under management, less market appreciation/depreciation and
investment income.

     

    Pre-tax
earnings results will be net of any payment under this or any other incentive
plan.

     

    
      
        	
                PRINCIPAL
      PROVISIONS

              

      

       

      Term
of the Program
The
term of this program is one year.  This plan supersedes all previous
plans for participants.

    

    
      
        	
                 

              

      

      Eligible
Participants

    

    The
Executive Vice President of Wealth Management is the only participant in this
program.  This incentive is in addition to his incentive under the
Annual Performance Plan.

    
      
        	
                 

              

      

    

    Administration

    The
Board of Directors has responsibility for establishing goals and determining
plan payments.  The Board has delegated responsibility for review of
plan parameters, goals and payments to the Compensation and Human Resources
Committee.

     

    If
the Corporation is required to prepare an accounting restatement due to the
material noncompliance with any financial reporting requirement under the
Federal securities laws, all participants will be required to reimburse the
Corporation for any plan payment that would not have been earned based on the
restated financial results.

     

    Plan
payments will be determined by the Compensation and Human Resources
Committee.  Regardless of the actual award levels determined by the
plan parameters, the Bank reserves the right to modify any award. The

    
      
      

      
        

      

    

    decisions
of the Compensation and Human Resources Committee will be considered final,
binding, and conclusive on all parties.

     

    The
Board of Directors and/or the Compensation and Human Resources Committee
reserves the right to suspend, modify or terminate the plan at any
time.

    
      
        	
                 

              

      

    

    Individual
Performance and Incentive Payments

    An
individual is expected to fully meet all major job requirements in order to
qualify for incentive compensation.  An individual is expected to be
forthright and honest with regard to all items submitted in calculating
incentive payments.  Any intent to deceive or defraud can result in
disciplinary action up to and including termination.

     

    Compliance
with all Bank and/or Department policies and procedures is
essential.  This includes, but is not limited to, the following of
investment policies and the proper and timely documentation of all
work.  Any violation of Bank policy can result in loss of incentive
compensation as well as loss in employment.

    
      
        	
                 

              

      

    

    Payment

    Incentive
compensation will be paid as soon as practical after final results can be
quantified.  Participants must be active employees of The Washington
Trust Company on the date that incentive payments are made in order to qualify
for payment.  However, employees who retire prior to the payment of
the incentive will be eligible for incentives on a pro-rated
basis.  Employees who terminate employment with the Bank (for reasons
other than retirement) prior to the date of payment will not be eligible to
receive any payment from the Plan.

     

    This
is not a tax qualified plan, which means that all payments are subject to
ordinary taxation.  Participants may defer any or all of the Plan
payment into The Washington Trust Company Nonqualified Deferred Compensation
Plan.

    
      
        	
                 

              

      

    

    Claims
To Awards And Employment Rights

    Eligibility
to participate in this program does not confer any right on the participant to
continue in the employ of the organization or limit, in any way, the right of
the employer to terminate at will.

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