Document:

Exhibit 10.2

WASHINGTON TRUST BANCORP, INC.
2013 STOCK OPTION AND INCENTIVE PLAN
NONQUALIFIED STOCK OPTION CERTIFICATE
FOR EMPLOYEES
TO: <NAME>

THIS OPTION is made as of the Grant Date by WASHINGTON TRUST BANCORP, INC. (the “Corporation”) to <NAME> (the “Optionee”).
Pursuant to the Plan and the Statement of Terms and Conditions attached hereto and incorporated herein by reference (the “Statement”), the Corporation hereby awards as of the Grant Date to the Optionee a stock option (the “Option”), as described below, to purchase the Option Shares.
		
	A.
	Grant Date:  <Grant Date>

		
	B.
	Type of Option:  Non-Qualified Stock Option

		
	C.
	Plan:  Washington Trust Bancorp, Inc. 2013 Stock Option and Incentive Plan (the “Plan”)

		
	D.
	Option Shares:  <number of shares> shares of the Corporation’s common stock, U.S. $0.0625 par value per share (“Stock”).

		
	E.
	Option Exercise Price:  <grant price> per share of Stock

		
	F.
	Latest Expiration Date:  <expiration date> (the “Expiration Date”), subject to earlier termination as provided in the attached Statement and in the Plan.

		
	G.
	Exercisability Schedule:  No portion of this Stock Option may be exercised until such portion shall have become exercisable.  Subject to the Statement, so long as the Optionee remains an employee of the Corporation or a Subsidiary, the Option shall become vested and exercisable as follows:

	
		
	Number of Option Shares Exercisable
	Vesting and Exercisable Dates for Such Shares

	 
	 

	 
	 

Acceptance of this Option requires no action on the part of the Optionee.  However, if the Optionee desires to refuse the Option, he or she must notify the Corporation at the address listed in the attached Statement.  This Option is not intended to be an “incentive stock option,” as that term is described in Section 422 of the Internal Revenue Code of 1986, as amended.

    

                        

WASHINGTON TRUST BANCORP, INC.
2013 STOCK OPTION AND Incentive Plan
NONQUALIFIED STOCK OPTION
FOR EMPLOYEES 
STATEMENT OF TERMS AND CONDITIONS 
This Statement of Terms and Conditions (the “Statement”) supplies the terms and conditions of a grant of a nonqualified stock option (the “Option”) by Washington Trust Bancorp, Inc. (the “Corporation”) under the Washington Trust Bancorp, Inc. 2013 Stock Option and Incentive Plan (the “Plan”).  The Option shall be subject to the provisions of the Plan, this Statement and the Certificate.
1.Termination.

(a)This Option shall terminate and be of no force or effect as of the earliest of the following:

		
	(i)
	The Expiration Date;

		
	(ii)
	The expiration of three months after the date of the Optionee’s retirement with consent of the Corporation, and during such three-month period, the Optionee shall have the right to exercise the Option hereby granted to the extent exercisable on the date of retirement; 

		
	(iii)
	The expiration of three years after the date of death of the Optionee, if the Optionee dies while in the employment of the Corporation or within three months after retirement; and during such three-year period, Optionee’s executor, administrator, legatees or distributees shall have the right to exercise the Option hereby granted to the extent exercisable on the date of the Optionee’s death. 

		
	(iv)
	The date of the termination of the Optionee’s employment for any other reason.  

Notwithstanding the foregoing, in the case of termination for cause, the ability to exercise this Option shall terminate on the date of termination of employment and may be terminated on such earlier date as the Corporation may specify, and such date may be set so as to prevent the Optionee from further exercising any portion of this Option.  
Upon the Optionee’s termination of employment, any portion of this Option that is not exercisable at such time shall immediately terminate and be of no force or effect.
(b)The Administrator, as defined in the Plan, shall have discretion to determine whether any termination of the Optionee’s employment by the Corporation is to be considered for 

cause, or retirement with the consent of the Corporation for the purposes of this Option and this Statement and whether an authorized leave of absence on military or government service or otherwise shall constitute a termination of employment for the purposes of this Option or this Statement.  Any determination made by the Administrator with respect to any matter referred to in this Section 1 shall be final and conclusive on all persons affected thereby.  Employment by the Corporation shall be deemed to include employment of the Optionee by, and to continue during any period in which the Optionee is in the employment of, a subsidiary of the Corporation. 

2.Nontransferability; Persons Able to Exercise.  This Option may not be transferred other than by will or the laws of descent and distribution.  During the life of the Optionee, only the Optionee may exercise the Option.  If the Optionee dies while still affiliated with the Corporation, or during the period specified in Section 1, this Option may be exercised by his executors, administrators, legatees or distributees, provided that such person or persons comply with the provisions of the Certificate, this Statement, and the Plan applicable to the Optionee.

3.Method of Exercising Option.  The Option may be exercised, in whole or in part, by written notice to the Director of Human Resources of the Corporation, on any business day prior to the Expiration Date or earlier date specified in Section 1, specifying the number of shares which the Optionee wishes to purchase and including payment of the Option Exercise Price as provided below, provided that the Corporation, in its discretion, may modify or augment these requirements as provided in Section 7 of this Statement, or where appropriate because a person other than the Optionee is exercising the Option pursuant to Section 2.  In the event this Option is exercised by any person other than the Optionee, the notice shall be accompanied by appropriate proof of the right of such person to exercise the Option.  The written notice specified in this Section must be accompanied by payment of the Option Exercise Price for the shares being purchased in United States dollars in cash or bank check or other instrument acceptable to the Administrator.  If approved by the Administrator, in its sole discretion, payment may also be made as follows:
(a)through the delivery (or attestation to the ownership) of shares of Stock, valued at Fair Market Value on the exercise date, that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to restrictions under any Corporation plan; or

(b)by the Optionee 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 to pay the purchase price; provided that in the event the Optionee chooses to pay the purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; 

(c)by a “net exercise” arrangement pursuant to which the Corporation will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; or

(d)by any combination of the foregoing.
Payment instruments will be received subject to collection.  The transfer to the Optionee on the records of the Corporation or of the transfer agent of the Option Shares will be contingent upon (i) the Corporation’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained in the Certificate, this Statement or in the Plan or in any other agreement or provision of law, and (iii) the receipt by the Corporation of any 

agreement, statement or other evidence that the Corporation may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations.  In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Option shall be net of the number of shares attested to.  
As soon as practical after receipt of this notice and payment and compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with the transfer of shares of Stock upon the exercise of this Option and with the requirements of this Statement, the Certificate and of the Plan, the shares of Stock purchased upon the exercise of this Option shall be transferred to the Optionee on the records of the Corporation or of the transfer agent. The determination of the Administrator as to such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Option unless and until this Option shall have been exercised pursuant to the terms hereof, the Corporation or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the shareholder of record on the books of the Corporation.  Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock. All shares purchased upon the exercise of this Option and payment of the full Option Exercise Price will be fully paid and nonassessable.
This Option shall not be exercised for the purchase of fewer than 50 shares or all shares to which the Option is currently exercisable if such number is less than 50.  Notwithstanding any other provision hereof of or the Plan, no portion of this Option shall be exercisable after the Expiration Date hereof.
4.Change of Control.  If the Corporation is merged into or consolidated with another corporation under circumstances where the Corporation is not the surviving corporation, or if the Corporation is liquidated or sells or otherwise disposes of all or substantially all of its assets to another corporation while unexercised options remain outstanding under the Plan after the effective date of such merger, consolidation or sale, as the case may be, the Optionee shall be entitled, upon exercise of this Option, to receive in lieu of shares of Stock, shares of such stock or other securities as the holders of shares of Stock received pursuant to the terms of the merger, consolidation or sale.  Notwithstanding the Certificate provisions regarding the vesting and exercisability of the Option in installments, this Option shall become immediately exercisable in the event of a Change of Control of the Corporation or offer to effect a Change of Control of the Corporation.

5.No Rights Other Than Those Expressly Created.  Neither this Option, nor the Certificate, nor this Statement, nor the Plan, nor any action taken hereunder shall be construed as (i) giving the Optionee any right to be retained in the employ of, or continue to be affiliated with, the Corporation, (ii) giving the Optionee any equity or interest of any kind in any assets of the Corporation, or (iii) creating a trust of any kind or a fiduciary relationship of any kind between the Optionee and the Corporation.  As to any claim for any unpaid amounts under this Option or this Statement, any person having a claim for payments shall be an unsecured creditor.  The Optionee shall not have any of the rights of a shareholder with respect to any Option Shares until such time as this Option has been exercised and Option Shares have been issued.

6.Withholding of Taxes.  The Optionee shall, not later than the date as of which the exercise of this Option becomes a taxable event for Federal income tax purposes, pay to the Corporation or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required 

by law to be withheld on account of such taxable event.  The Corporation shall have the authority to cause the minimum required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the minimum withholding amount due.  

7.Miscellaneous.

(a)Amendment.  This Option may only be modified or amended by a writing signed by both parties, unless the Administrator determines that the proposed modification or amendment would not materially and adversely affect the Optionee, in which case the Optionee’s consent shall not be required for such modification or amendment.

(b)Notices.  Any notices required to be given under this Option or this Statement shall be sufficient if in writing and if hand-delivered or if sent by first class mail and addressed as follows:
if to the Corporation:
Washington Trust Bancorp, Inc.
23 Broad Street
Westerly, Rhode Island  02891
Attention:  Director of Human Resources
if to the Optionee:
at the address maintained in the Corporation’s payroll records
or to such other address as either party may designate under the provisions hereof.
(c)Applicable Law.  All rights and obligations under this Option and this Statement shall be governed by the laws of the State of Rhode Island.

(d)Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Statement and the Certificate shall have the meaning specified in the Plan, unless a different meaning is specified herein or therein.

(e)Data Privacy Consent.  In order to administer the Plan and this Option and to implement or structure future equity grants, the Corporation, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Option (the “Relevant Information”).  By accepting this Option, the Optionee (i) authorizes the Corporation to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Optionee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.  The Optionee shall have access to, and the right to change, the Relevant Information.  Relevant Information will only be used in accordance with applicable law.

PLEASE DIRECT ANY QUESTIONS TO:
Kristen L. DiSanto                    Elizabeth A. Musgrave
Executive Vice President, Human Resources        Vice President, Human Resources
The Washington Trust Company            The Washington Trust Company
8 Union Street    or                    8 Union Street
Westerly, RI 02891                    Westerly, RI 02891
(401) 348-1204                    (401) 348-1459
Email:  kldisanto@washtrust.com            Email:  eamusgave@washtrust.comExhibit 10.3

WASHINGTON TRUST BANCORP, INC.
2013 STOCK OPTION AND INCENTIVE PLAN
RESTRICTED STOCK AGREEMENT
FOR NON-EMPLOYEE DIRECTORS

	
		
	Name of Grantee:  
	<NAME>

	No. of Shares:  
	<Number of Shares

	Purchase Price per Share:  
	None

	Grant Date:  
	<Grant Date>

Pursuant to the Washington Trust Bancorp, Inc. 2013 Stock Option and Incentive Plan (the “Plan”) as amended through the date hereof, Washington Trust Bancorp, Inc. (the “Corporation”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above.  Upon acceptance of this Award, the Grantee shall receive the number of shares of common stock, par value U.S. $0.0625 per share (the “Stock”) of the Corporation specified above, subject to the restrictions and conditions set forth herein and in the Plan.  Any consideration due to the Corporation with respect to the par value of the Stock will be satisfied in the form of cash or by past or future services rendered to the Corporation by the Grantee or such other form of consideration as is acceptable to the Administrator.
1.Acceptance of Award.  The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this Award by signing and delivering to the Corporation a copy of this Award Agreement.  Upon acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted shall be issued and held by the Corporation’s transfer agent in book entry form or issued in the form of stock certificates, as determined by the Corporation, and the Grantee’s name shall be entered as the shareholder of record on the books of the Corporation.  Thereupon, the Grantee shall have all the rights of a shareholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified herein.  

2.Restrictions and Conditions.

(a)Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to vesting.

(b)In the event the Grantee ceases to be an active member of the Board for any reason other than those provided in Section 3 of this Statement prior to the applicable Vesting Date, all shares of Restricted Stock that have not vested shall be immediately and automatically be forfeited and returned to the Corporation.

3.Vesting of Restricted Stock.  The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified in the following schedule so long as the Grantee remains an active member of the Board on such Dates.  If a series of Vesting Dates is specified, then the restrictions and conditions in Section 2 shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such date.

	
		
	Number of Shares Vested
	Vesting Date

	 
	 

	 
	 

	 
	 

	 
	 

Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock.  The Administrator may at any time accelerate the vesting schedule specified in this Section 3.
Notwithstanding the foregoing, the Grantee shall become vested in the shares of Restricted Stock prior to the Vesting Dates in the following circumstances:
(a)In the event of a Change of Control of the Corporation (as defined in the Plan), all shares of Restricted Stock that have not previously been forfeited shall immediately vest; provided that the Grantee is then an active member of the Board.  

(b)In the event of the Grantee’s death, all shares of Restricted Stock that have not previously been forfeited shall immediately vest; provided that the Grantee was an active member of the Board immediately prior to the date of death.  

(c)Upon the Retirement of the Grantee prior to the final Vesting Date, all shares of Restricted Stock that have not been previously forfeited shall immediately vest.
For purposes hereof, “Retirement” shall mean the Grantee’s cessation of service as a Director as of the Annual Meeting date following the attainment of age 70.
4.Certificates.

(a)Legended Certificates.  The Grantee is executing and delivering to the Corporation blank stock powers to be used in the event of forfeiture.  Any certificates representing shares of unvested Restricted Stock shall be held by the Corporation and such certificates (and, to the extent determined by the Corporation, any other evidence of ownership of unvested Restricted Stock) shall contain the following legend:
THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE ISSUER’S 2013 STOCK OPTION AND INCENTIVE PLAN AND A RESTRICTED STOCK AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE ISSUER.  COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE OFFICES OF THE ISSUER.

(b)Book Entry.  Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Administrator in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan.  If unvested shares of Restricted Stock are held in book entry form, the Grantee agrees that the Corporation may give stop transfer instructions to the transfer agent to ensure compliance with the provisions of this Agreement.

(c)Acknowledgement.  The Grantee hereby (i) acknowledges that the Restricted Stock may be held in the book entry form on the books of the Corporation’s transfer agent and irrevocably authorizes the Corporation to take such actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any such shares that are unvested and forfeited hereunder; (ii) agrees to deliver to the Corporation, as a precondition to the issuance of any certificate or certificates with respect to unvested shares of Restricted Stock, one or more stock powers, endorsed in blank, with respect to such shares; and (iii) agrees to sign other powers and take such other action as the Corporation may reasonably request to accomplish the transfer or forfeiture of any shares of unvested Restricted Stock that are forfeited hereunder.

5.Dividends.  Dividends on shares of Restricted Stock shall be paid currently to the Grantee.

6.Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

7.Transferability.  This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

8.Amendment.  This Agreement may only be modified or amended by a writing signed by both parties, unless the Administrator determines that the proposed modification or amendment would not materially and adversely affect the Grantee, in which case the Grantee’s consent shall not be required for such modification or amendment.

9.Election Under Section 83(b).  The Grantee and the Corporation hereby agree that the Grantee may, within 30 days following the Grant Date of this Award, file with the Internal Revenue Service and the Corporation an election under Section 83(b) of the Internal Revenue Code.  In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Corporation.  The Grantee acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election and that he or she is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents with regard to such election.

10.No Obligation to Continue Service as a Director.  The Corporation is not obligated by or as a result of the Plan or this Agreement to continue the Grantee in service as a Director and neither the Plan nor this Agreement shall interfere in any way with the right of the Corporation or any Subsidiary to terminate the service of the Grantee at any time.

11.Integration.  This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter.

12.Data Privacy Consent.  In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Corporation, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”).  By entering into this Agreement, the Grantee (i) authorizes the Corporation to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.  The Grantee shall have access to, and the right to change, the Relevant Information.  Relevant Information will only be used in accordance with applicable law.

13.Notices.  Notices hereunder shall be mailed or delivered to the Corporation at its principal place of business and shall be mailed or delivered to the Grantee at the address on file with the Corporation or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

14.Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Rhode Island, applied without regard to conflict of law principles. 
	
		
	WASHINGTON TRUST BANCORP, INC.

	By:
	 

	 
	Joseph J. MarcAurele

	 
	Chairman, President and Chief Executive Officer

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.  Electronic acceptance of this Agreement pursuant to the Corporation’s instructions to the Grantee (including through an online acceptance process) is acceptable.
	
			
	Date
	 
	<Director Name>

	 
	 
	<Director Address>

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