Document:

exv10w36

 

EXHIBIT 10.36

THE WASHINGTON TRUST COMPANY

SUPPLEMENTAL PENSION BENEFIT PLAN

As Amended and Restated as of January 1, 2008

 

 

Table of Contents

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE I - NAME, PURPOSE AND EFFECTIVE DATE	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	1.01	 	NAME AND PURPOSE	 	 	1	 
	 
	 	1.02	 	EFFECTIVE DATE	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II - DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	2.01	 	“Actuarial Equivalent”	 	 	1	 
	 
	 	2.02	 	“Board”	 	 	1	 
	 
	 	2.03	 	“Code”	 	 	1	 
	 
	 	2.04	 	“Compensation”	 	 	1	 
	 
	 	2.05	 	“Early Retirement Age”	 	 	2	 
	 
	 	2.06	 	“Effective Date”	 	 	2	 
	 
	 	2.07	 	“Employee”	 	 	2	 
	 
	 	2.08	 	“Employer”	 	 	2	 
	 
	 	2.09	 	“Normal Form”	 	 	2	 
	 
	 	2.10	 	“Normal Retirement Age”	 	 	2	 
	 
	 	2.11	 	“Normal Retirement Date”	 	 	2	 
	 
	 	2.12	 	“Participant”	 	 	2	 
	 
	 	2.13	 	“Plan Administrator”	 	 	2	 
	 
	 	2.14	 	“Plan”	 	 	2	 
	 
	 	2.15	 	“Pension Plan”	 	 	2	 
	 
	 	2.16	 	“Separation from Service”
or “Separates from Service”	 	 	2	 
	 
	 	2.17	 	“Supplemental Pension Plan Benefit”	 	 	3	 
	 
	 	2.18	 	“Vesting Service”	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III - ELIGIBILITY	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	 
	 	3.01	 	PARTICIPATION	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV - SUPPLEMENTAL PENSION PLAN BENEFITS	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	 
	 	4.01	 	AMOUNT OF SUPPLEMENTAL PENSION PLAN BENEFITS	 	 	3	 
	 
	 	4.01A	 	SPECIAL SUPPLEMENTAL PENSION PLAN BENEFIT	 	 	4	 
	 
	 	4.02	 	DISTRIBUTIONS OF BENEFIT	 	 	4	 
	 
	 	4.03	 	COMMENCEMENT OF PAYMENT OF SUPPLEMENTAL PENSION PLAN BENEFIT 	 	 	5	 
	 
	 	4.04	 	DEATH BENEFIT	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V - VESTING	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 
	 	5.01	 	VESTING	 	 	6	 

(i)

 

	 	 	 	 	 	 	 	 	 
	ARTICLE VI - FUNDING	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 
	 	6.01	 	FUNDING	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII - ADMINISTRATION	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 
	 	7.01	 	DUTIES OF THE PLAN ADMINISTRATOR	 	 	6	 
	 
	 	7.02	 	FINALITY OF DECISIONS	 	 	6	 
	 
	 	7.03	 	CLAIMS PROCEDURE	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VIII - MISCELLANEOUS	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	 
	 	8.01	 	NON-GUARANTEE OF EMPLOYMENT	 	 	8	 
	 
	 	8.02	 	RIGHTS UNDER PLAN	 	 	8	 
	 
	 	8.03	 	AMENDMENTS/TERMINATION	 	 	9	 
	 
	 	8.04	 	NONASSIGNABILITY	 	 	9	 
	 
	 	8.05	 	ENTIRE AGREEMENT; SUCCESSORS	 	 	9	 
	 
	 	8.06	 	SUCCESSOR EMPLOYER	 	 	9	 
	 
	 	8.07	 	GOVERNING LAW	 	 	9	 

(ii)

 

THE WASHINGTON TRUST COMPANY

SUPPLEMENTAL PENSION BENEFIT PLAN

As Amended and Restated as of January 1, 2008

ARTICLE I - NAME, PURPOSE AND EFFECTIVE DATE

	1.01	 	NAME AND PURPOSE
	 
	 	 	The supplemental retirement plan set forth herein shall be known as The Washington Trust
Company Supplemental Pension Benefit Plan (the “Plan”). The Plan has been established, and
shall be maintained, solely for the purpose of providing supplemental pension benefits which
are not provided under The Washington Trust Company Pension Trust for certain Participants.
The Plan is unfunded and maintained primarily for the purpose of providing deferred
compensation for certain Participants who are highly compensated employees.
	 
	1.02	 	EFFECTIVE DATE
	 
	 	 	This Plan shall be effective November 1, 1994. This Plan shall apply to Participants who
retire or terminate their employment with the Employer after the Effective Date. The Plan
is amended and restated as of January 1, 2008 primarily for the purpose of complying with
the requirements of Section 409A of the Internal Revenue Code of 1986, as amended.

ARTICLE II - DEFINITIONS

When used herein, the following terms defined hereinafter shall have the following meanings unless
a different meaning is clearly required by the context of the Plan, and the term “spouse” means the
opposite-gender person, if any, to whom the Participant is lawfully married:

	2.01	 	“Actuarial Equivalent” has the same meaning as used in the Pension Plan.
	 
	2.02	 	“Board” means the Board of Directors of The Washington Trust Company of Westerly.
	 
	2.03	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time. Reference to a
specific provision of the Code shall include such provision, any valid regulation or ruling
promulgated thereunder, and any provision of future law that amends, supplements, or
supersedes such provision.
	 
	2.04	 	“Compensation” means, with respect to an eligible Employee, deferrals under The Washington
Trust Company Nonqualified Deferred Compensation Plan plus “Compensation” as defined in
Section 1.12 of the Pension Plan.

 

 

	2.05	 	“Early Retirement Age” means attainment of age 55 and completion of ten (10) years of Vesting
Service.
	 
	2.06	 	“Effective Date” means November 1, 1994.
	 
	2.07	 	“Employee” means any person employed by the Employer.
	 
	2.08	 	“Employer” means The Washington Trust Company of Westerly and any subsidiary and/or
affiliated corporation which has adopted this Plan.
	 
	2.09	 	“Normal Form” under the Plan shall mean a single life annuity, payable monthly, for a
Participant who does not have a spouse on his retirement date, and a joint and 50% spousal
survivor annuity for a Participant who does have a spouse on his retirement date. The single
life annuity shall provide monthly payments to the Participant for his life. The joint and
50% spousal survivor annuity shall provide monthly payments to a Participant for his life with
provision for the continuation of an amount equal to 50% of such monthly payments to the
Participant’s surviving spouse for her life after the death of the Participant. The joint and
50% spousal survivor annuity shall be Actuarially Equivalent to the value of a single life
annuity.
	 
	2.10	 	“Normal Retirement Age” shall have the same meaning as set forth in the Pension Plan in
effect as of January 1, 2008.
	 
	2.11	 	“Normal Retirement Date” means the first day of the month coincident with or next following a
Participant’s Normal Retirement Age or Separation from Service, whichever is later.
	 
	2.12	 	“Participant” means an Employee who has become a Participant in this Plan in the manner set
forth in Article III.
	 
	2.13	 	“Plan Administrator” means the Compensation and Human Resources Committee of the Board.
	 
	2.14	 	“Plan” means The Washington Trust Company Supplemental Pension Benefit Plan as set forth
herein and as amended from time to time.
	 
	2.15	 	“Pension Plan” means The Washington Trust Company Pension Trust, as in effect on November 1,
1994 or as amended thereafter from time to time.
	 
	2.16	 	“Separation from Service” or “Separates from Service” is deemed to occur when the Employer
and the Participant reasonably anticipate that no further services would be performed by the
Participant for the Employer after a certain date or that the level of bona fide services the
Participant would perform for the Employer after such date (whether as an employee or an
independent contractor) would permanently decrease to no more than 20 percent of the average
level of bona fide services performed for the Employer over the immediately preceding 36-month
period (or the full period of service to the Employer if the Participant has less than 36
months of service).

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	2.17	 	“Supplemental Pension Plan Benefit” means the benefit payable under Article IV of the Plan.
	 
	2.18	 	“Vesting Service” has the same meaning as used in the Pension Plan.

ARTICLE III - ELIGIBILITY

	3.01	 	PARTICIPATION
	 
	 	 	Any Employee shall become a Participant in the Plan provided:

	 	(a)	 	he has satisfied the eligibility requirements for participation under the
Pension Plan;
	 
	 	(b)	 	he is a highly compensated employee within the meaning of Section 414(q)(1)(B)
of the Code; and

	 	(c)	 	(1)	 	his pension benefit under the Pension Plan is in excess of the limits of
Section 415(b) of the Code or is otherwise reduced due to the limitations of Section
401(a)(17) of the Code, or
	 
	 		 	(2)	 	if he is an active Employee on September 30, 2005 and has
attained age 50 and completed five more years of Vesting Service as of
September 30, 2005, and he retires after attaining age 60, his age plus years
of Benefit Service under the Pension Plan equal or exceed 85, and his monthly
benefit payable under the Pension Plan is reduced in accordance with Section
3.2 of the Pension Plan.

	 	 	Effective August 24, 1999, the former President and Chief Executive Officer of PierBank,
Inc. shall also become a Participant in the Plan. Effective as of January 1, 2008, any
Employee who is a participant in the Washington Trust Bancorp, Inc. Supplemental Executive
Retirement Plan shall not be a Participant in this Plan.

ARTICLE IV - SUPPLEMENTAL PENSION PLAN BENEFITS

	4.01	 	AMOUNT OF SUPPLEMENTAL PENSION PLAN BENEFITS
	 
	 	 	A Participant shall be entitled to a benefit under the provisions of this Article if his
benefit determined under the provisions of the Pension Plan is less than such benefit would
have been if (a) the definition of compensation under the Pension Plan included deferrals to
The Washington Trust Company Nonqualified Deferred Compensation Plan plus compensation in
excess of the limit of Section 401(a)(17) of the Code, (b) the limits under Section 415 of
the Code did not apply, and/or (c) for a Participant described under Section 3.01(c)(2), the
provisions of Section 3.2 of the Pension Plan reducing the monthly amount of benefit did not
apply. Notwithstanding the foregoing, if the

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	 	 	Participant has not earned a vested benefit under the Pension Plan, he shall not be entitled
to a benefit under this Plan.
	 
	 	 	A Participant’s benefit under the Plan shall be determined as follows:

	 	(i)	 	The benefit payable to the Participant in the
Normal Form at his Normal Retirement Date (or first day of the month
coincident with or following the Participant’s Separation from Service
in the case of a Participant who Separates from Service after attaining
his Early Retirement Age and prior to his Normal Retirement Date) under
the terms of the Pension Plan shall be calculated.
	 
	 	(ii)	 	The benefit, which would have been payable to
the Participant in the Normal Form on the applicable date set forth in
step (i) above under the terms of the Pension Plan, if (1) the
definition of compensation under the Pension Plan included, effective
January 1, 1999, deferrals to The Washington Trust Company Nonqualified
Deferred Compensation Plan, plus compensation in excess of Section
401(a)(17) of the Code, (2) the limits under Section 415 of the Code
did not apply, and (3) for a Participant described under Section
3.01(c)(2), the reduction in monthly benefit amount under Section 3.2
of the Pension Plan did not apply, shall be calculated.
	 
	 	(iii)	 	The result of step (i) shall be subtracted
from the result of step (ii), and the difference, if any, shall be the
benefit payable to the Participant.

	4.01A	 	SPECIAL SUPPLEMENTAL PENSION PLAN BENEFIT
	 
	 	 	Solely with respect to the former President and Chief Executive Officer of PierBank, Inc.
who became a Participant effective August 24, 1999, a Special Supplemental Pension Plan
Benefit shall be payable to him (in addition to any other amount which may be payable to him
under Section 4.01) equal to the benefit that would have been payable to him under the
Pension Plan if he had (a) been employed by the Employer for the period beginning November
22, 1993 and ending August 23, 1999, (b) participated in the Pension Plan during such
period, and (c) received Compensation (as defined in the Pension Plan) during such period in
the same amount as the compensation he received from PierBank, Inc. during such period.
	 
	4.02	 	DISTRIBUTIONS OF BENEFIT
	 
	 	 	Supplemental Pension Plan Benefit payments to a Participant shall be made in the Normal Form
unless the Participant, with the approval of the Plan Administrator, elects an optional form
which shall be Actuarially Equivalent to the Normal Form and which may be any optional
annuity form which is available to the Participant under the terms of the Pension Plan.
Notwithstanding the foregoing, if the Actuarial Equivalent value of the Participant’s
Supplemental Pension Plan Benefit is not greater than $25,000, it shall be

4

 

	 	 	paid in a lump sum to the Participant (or in the case of the Participant’s death, to his
surviving spouse).
	 
	4.03	 	COMMENCEMENT OF PAYMENT OF SUPPLEMENTAL PENSION PLAN BENEFIT

	 	(a)	 	Supplemental Pension Plan Benefit payments to a Participant shall commence on
the Participant’s Normal Retirement Date, unless the Participant Separates from Service
after attaining his Early Retirement Age and prior to his Normal Retirement Date, in
which case, the benefit commencement date shall be the first day of the month
coincident with or next following the Participant’s Separation from Service.
	 
	 	(b)	 	Notwithstanding the foregoing, if at the time of the Participant’s Separation
from Service the Participant is a “specified employee” within the meaning of Section
409A(a)(2)(B)(i) of the Code, no payment may be made under this Plan pursuant to this
Section 4.03 until six (6) months after the Participant’s Separation from Service. Any
monthly payments that would have been made during this six-month delay period but for
the operation of this paragraph shall be made in a lump sum in the seventh
(7th) month after the Participant’s Separation from Service. Interest on
these delayed payments will be credited based on the Actuarial Equivalent interest
rate.

	 	 	Any reduction for the commencement of benefits prior to the Participant’s Normal Retirement
Age for early retirees under the Pension Plan shall also apply to the payment of benefits
under this Article, except as described under Section 4.01(ii)(3).

	4.04	 	DEATH BENEFIT

	 	(a)	 	If a Participant dies while employed by the Employer and his surviving spouse
becomes entitled to a pre-retirement survivor benefit under the Pension Plan, his
surviving spouse shall also be entitled to receive a benefit for her life under this
Plan commencing on the first day of the month after the earliest of the following
dates:

	 	(i)	 	the date of the Participant’s death if the
Participant had attained his Early Retirement Age prior to death;
	 
	 	(ii)	 	the date the Participant would have attained
age 55 if the Participant had completed ten (10) years of Vesting
Service prior to his death; or
	 
	 	(iii)	 	the date the Participant would have attained
age 65.

	 	(b)	 	A surviving spouse’s benefit under the Plan shall be equal to 50 percent of the
benefit under the Plan to the Participant in the Normal Form at the payment date
described under Section 4.04(a).

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	 	(c)	 	Upon the death of a Participant after commencement of benefits hereunder, if
the form of benefits provides for a survivor benefit, such benefit shall continue to be
payable to his beneficiary as provided under the form of benefits in effect at the
Participant’s death.

ARTICLE V - VESTING

	5.01	 	VESTING
	 
	 	 	A Participant shall be vested in his Supplemental Pension Plan Benefit, if any, in
accordance with the vesting provisions of the Pension Plan.

ARTICLE VI - FUNDING

	6.01	 	FUNDING
	 
	 	 	The Employer shall be under no obligation to establish a fund or reserve in order to pay the
benefits under the Plan. The Employer shall be required to make payments only as benefits
become due and payable. No person shall have any right, other than the right of an
unsecured general creditor, against the Employer with respect to the benefits payable
hereunder, or which may be payable hereunder, to any Participant, surviving spouse or
beneficiary hereunder. Notwithstanding the foregoing, in order to pay benefits under this
Plan the Employer may establish a grantor trust (hereinafter the “Trust”), within the
meaning of Section 671 of the Code as may be amended from time to time. The assets in such
Trust shall at all times be subject to the claims of the general creditors of the Employer,
and neither the Plan nor any Participant, surviving spouse or beneficiary shall have any
preferred claim or right, or any beneficial ownership interest in any such assets of the
Trust prior to the time such assets are paid to a Participant as a Supplemental Pension Plan
Benefit, and all rights credited under this Plan and said Trust shall be mere unsecured
contractual rights of a Participant against the Employer.

ARTICLE VII - ADMINISTRATION

	7.01	 	DUTIES OF THE PLAN ADMINISTRATOR
	 
	 	 	The Plan shall be administered by the Plan Administrator in accordance with its terms and
purposes. The Plan Administrator shall determine the amount and manner of payment of the
benefits due to or on behalf of each Participant from the Plan and shall cause them to be
paid by the Employer accordingly.
	 
	7.02	 	FINALITY OF DECISIONS
	 
	 	 	The Plan Administrator is expressly granted, without intending any limitation, the
discretion to construe the terms of the Plan and to determine eligibility for benefits
hereunder. The decisions made by and the actions taken by the Plan Administrator in the

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	 	 	administration of the Plan shall be final and conclusive on all persons, and neither the
Plan Administrator nor the Employer shall be subject to individual liability with respect to
the Plan.
	 
	7.03	 	CLAIMS PROCEDURE

	 	(a)	 	In the event the Participant (or his surviving spouse or designated beneficiary
in the case of the Participant’s death) or their authorized representative (hereinafter
the “Claimant”) asserts a right to a benefit under this Plan which has not been
received, the Claimant must file a claim for such benefit with the Plan Administrator
in writing. The Plan Administrator shall render its decision on the claim within 90
days after its receipt of the claim. If special circumstances apply, the 90-day period
may be extended by an additional 90 days; provided, written notice of the extension is
provided to the Claimant during the initial 90-day period and such notice indicates the
special circumstances requiring an extension of time and the date by which the Plan
Administrator expects to render its decision on the claim. If the Plan Administrator
wholly or partially denies the claim, the Plan Administrator shall provide written
notice to the Claimant within the time limitations of the immediately preceding
paragraph. Such notice shall set forth:

	 	(i)
	 	the specific reasons for the denial of the
claim;
	 
	 	(ii)
	 	specific reference to pertinent provisions of
the Plan on which the denial is based;
	 
	 	(iii)	 	a description of any additional material or
information necessary to perfect the claim and an explanation of why
such material or information is necessary;
	 
	 	(iv)	 	a description of the Plan’s claims review
procedures, and the time limitations applicable to such procedures; and
	 
	 	(v)	 	a statement of the Claimant’s right to bring a
civil action under Section 502(a) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) if the claim denial is
appealed to the Plan Administrator and the Plan Administrator fully or
partially denies the claim.

	 	(b)	 	A Claimant whose application for benefits is denied may request a full and fair
review of the decision denying the claim by filing, in accordance with such procedures
as the Plan Administrator may establish, a written appeal which sets forth the
documents, records and other information relating to the claim within 60 days after
receipt of the notice of the denial from the Plan Administrator. In connection with
such appeal and upon request by the Claimant, a Claimant may review (or receive free
copies of) all documents, records or other information relevant to the Claimant’s claim
for benefit, all in accordance with such procedures as the Plan Administrator may
establish. If a Claimant fails to file an appeal within such 60-day period, he shall
have no further right to appeal.

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	 	(c)	 	A decision on the appeal by the Plan Administrator shall include a review by
the Plan Administrator that takes into account all comments, documents, records and
other information submitted by the Claimant relating to the claim, without regard to
whether such information was submitted or considered in the initial claim
determination. The Plan Administrator shall render its decision on the appeal not
later than 60 days after the receipt by the Plan Administrator of the appeal. If
special circumstances apply, the 60-day period may be extended by an additional 60
days; provided, written notice of the extension is provided to the Claimant during the
initial 60-day period and such notice indicates the special circumstances requiring an
extension of time and the date by which the Plan Administrator expects to render its
decision on the claim on appeal. If the Plan Administrator wholly or partly denies the
claim on appeal, the Plan Administrator shall provide written notice to the Claimant
within the time limitations of the immediately preceding paragraph. Such notice shall
set forth:

	 	(i)
	 	the specific reasons for the denial of the
claim;
	 
	 	(ii)
	 	specific reference to pertinent provisions of
the Plan on which the denial is based;
	 
	 	(iii)	 	a statement of the Claimant’s right to
receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records, and other information relevant to
the Claimant’s claim for benefits; and
	 
	 	(iv)	 	a statement of the Claimant’s right to bring a
civil action under Section 502(a) of ERISA.

ARTICLE VIII - MISCELLANEOUS

	8.01	 	NON-GUARANTEE OF EMPLOYMENT
	 
	 	 	Nothing contained in this Plan shall be construed as a contract of employment between the
Employer and any Participant, or as a right of any such Participant to be continued in the
employment of the Employer, or as a limitation on the right of the Employer to deal with any
Participant, as to their hiring, discharge, layoff, compensation, and all other conditions
of employment in all respects as though this Plan did not exist.
	 
	8.02	 	RIGHTS UNDER PLAN
	 
	 	 	Nothing in this Plan shall be construed to limit, broaden, restrict, or grant any right to a
Participant, surviving spouse or any beneficiary thereof under the Pension Plan, nor to
grant any additional rights to any such person under the Pension Plan, nor in any way to
limit, modify, repeal or otherwise affect the Employer’s right to amend or modify the
Pension Plan.

8

 

	8.03	 	AMENDMENTS/TERMINATION
	 
	 	 	The Employer reserves the right to make from time to time amendments to or terminate this
Plan by vote duly adopted by the Board of Directors, provided that no such amendment or
termination shall reduce any benefits earned under the terms of this Plan prior to the date
of termination or amendment or result in any acceleration of benefits payable under the Plan
except to the extent permitted by Section 409A of the Code and the regulations promulgated
thereunder.
	 
	8.04	 	NONASSIGNABILITY
	 
	 	 	The benefits payable under this Plan shall not be subject to alienation, assignment,
garnishment, execution or levy of any kind and any attempt to cause any benefits to be so
subjected shall not be recognized, except to the extent required by applicable law.
	 
	8.05	 	ENTIRE AGREEMENT; SUCCESSORS
	 
	 	 	This Plan, including any subsequently adopted amendments, shall constitute the entire
agreement or contract between the Employer and any Participant regarding the Plan. There
are no covenants, promises, agreements, conditions or understandings, either oral or
written, between the Employer and any Participant relating to the subject matter hereof,
other than those set forth in this Plan. This Plan and any amendment shall be binding on
the parties hereto and their respective heirs, administrators, trustees, successors and
assigns, and on all designated beneficiaries of the Participant.
	 
	8.06	 	SUCCESSOR EMPLOYER
	 
	 	 	In the event of the dissolution, merger, consolidation or reorganization of the Employer,
provision may be made by which a successor to all or a major portion of the Employer’s
property, or business shall continue this Plan, and the successor shall have all of the
powers, duties and responsibilities of the Employer under this Plan.
	 
	8.07	 	GOVERNING LAW
	 
	 	 	This Plan shall be construed and enforced in accordance with, and governed by, the laws of
the State of Rhode Island.

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IN WITNESS WHEREOF, The Washington Trust Company of Westerly has caused this instrument to be
executed in its name and on its behalf this 24th day of December, 2007.

	 	 	 	 	 
	 	THE WASHINGTON TRUST COMPANY OF
WESTERLY

 	 
	 	By:  	/s/ John C. Warren
 	 
	 	 	John C. Warren 	 
	 	 	Chairman and Chief Executive Officer 	 
	 

	 	 	 	 	 
	Attest:

 	 	 
	/s/   Kristen L. DiSanto
 	 	 
	(Seal) 	 	 
	 	 	 
	 

10exv10w37

 

EXHIBIT 10.37

WASHINGTON TRUST BANCORP, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2008

 

 

WASHINGTON TRUST BANCORP, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2008

	1.	 	Purpose.

        The purpose of the Washington Trust Bancorp, Inc. Supplemental Executive Retirement Plan (the
“Plan”) is to provide supplemental retirement benefits to certain executives of Washington Trust
Bancorp, Inc. (hereinafter called the “Corporation”), who have been designated by the Board of
Directors of the Corporation as being eligible to participate in the Plan. The Plan is amended and
restated as of January 1, 2008 primarily for the purpose of complying with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended.

	2.	 	Definitions.

        2.1.    “Accrued Benefit” shall mean the benefit amount the Participant would be entitled to
under Section 3.1, commencing at his Normal Retirement Date.

        If the Participant Separates from Service with the Corporation for any reason prior to his
Normal Retirement Date, in calculating his Accrued Benefit, (i) the offset for Primary Social
Security retirement benefit shall be calculated on the basis of the amount projected to be payable
at the Participant’s Social Security normal retirement age assuming continued earnings by the
Participant at the rate in effect at Separation from Service until the Participant’s Social
Security normal retirement age; (ii) the offset for the Qualified Plan or any other qualified
defined benefit plan shall be calculated on the basis of the Participant’s accrued benefit in said
plan upon Separation from Service projected to be payable at the Participant’s Normal Retirement
Date; and (iii) the offset for any other non-qualified supplemental retirement plan shall be
calculated on the basis of the Participant’s accrued benefit in said plan upon Separation from
Service projected to be payable at the Participant’s Normal Retirement Date.

        2.2.    “Actuarial Equivalent” shall mean an amount having equal value when computed on the basis
of a 6% interest rate compounded annually and the 1983 Group Annuity Mortality Table (blended 50%
male/50% female).

        2.3.    “Bank” shall mean the Washington Trust Company of Westerly, a Rhode Island corporation,
and any affiliated entity, successor organization, parent, subsidiary or holding company.

        2.4.    “Benefit Computation Base” shall mean the average of the Participant’s annual
compensation (including base salary, bonus, and any salary reduction amounts deferred pursuant to
Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended, or pursuant to any
non-qualified deferred compensation plan) paid during the 36 consecutive calendar months during the
Participant’s last ten years of employment by the Corporation in which such compensation is the
highest.

 

 

        2.5.    “Board of Directors” shall mean the Board of Directors of the Corporation in office from
time to time.

        2.6.    “Change in Control” shall mean

                  (a)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common
Stock”); provided, however, that any acquisition by the Corporation or its subsidiaries, or any
employee benefit plan (or related trust) of the Corporation or its subsidiaries of 20% or more of
Outstanding Corporation Common Stock shall not constitute a Change in Control; and provided,
further, that any acquisition by a corporation with respect to which, following such acquisition,
more than 50% of the then outstanding shares of common stock of such corporation, is then
beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners of the Outstanding Corporation Common Stock immediately
prior to such acquisition in substantially the same proportion as their ownership, immediately
prior to such acquisition, of the Outstanding Corporation Common Stock, shall not constitute a
Change in Control; or

                  (b)    Individuals who, as of the Effective Date, constitute the Board Directors of the
Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Incumbent Board, provided that any individual becoming a director subsequent to the Effective Date
whose election, or nomination for election by the Corporation’s shareholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office is in connection with either an
actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A
promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board; or

                  (c)    Consummation by the Corporation of (i) a reorganization, merger or consolidation, in each
case, with respect to which all or substantially all of the individuals and entities who were the
beneficial owners of the Outstanding Corporation Common Stock immediately prior to such
reorganization, merger or consolidation do not, following such reorganization, merger or
consolidation, beneficially own, directly or indirectly, more than 40% of the then outstanding
shares of common stock of the corporation resulting from such a reorganization, merger or
consolidation; (ii) a reorganization, merger or consolidation, in each case, (A) with respect to
which all or substantially all of the individuals and entities who were the beneficial owners of
the Outstanding Corporation Common Stock immediately prior to such reorganization, merger or
consolidation, following such reorganization, merger or consolidation, beneficially own, directly
or indirectly, more than 40% but less than 50% of the then outstanding shares of common stock of
the corporation resulting from such a reorganization, merger or consolidation, (B) at least a
majority of the directors then constituting the Incumbent Board do not approve the transaction and
do not designate the transaction as not constituting a Change in Control, and (C) following the
transaction members of the then Incumbent Board do not continue to comprise at least a majority of
the Board; or (iii) the sale or other disposition of all or

2

 

substantially all of the assets of the Corporation, excluding a sale or other disposition of
assets to a subsidiary of the Corporation; or

                  (d)    Consummation by the Bank of (i) a reorganization, merger or consolidation, in each case,
with respect to which, following such reorganization, merger or consolidation, the Corporation does
not beneficially own, directly or indirectly, more than 50% of the then outstanding shares of
common stock of the corporation or bank resulting from such a reorganization, merger or
consolidation or (ii) the sale or other disposition of all or substantially all of the assets of
the Bank, excluding a sale or other disposition of assets to the Corporation or a subsidiary of the
Corporation.

        2.7.    “Code” shall mean the Internal Revenue Code of 1986, as amended.

        2.8.    “Compensation Committee” shall mean the Compensation and Human Resources Committee of the
Board of Directors.

        2.9.    “Corporation” shall mean Washington Trust Bancorp, Inc.

        2.10.   “Early Retirement Age” shall mean attainment of age 55 and completion of ten (10) Years
of Service.

        2.11.   “Effective Date” shall mean September 1, 2001.

        2.12.   “Normal Form” under the Plan shall mean a single life annuity, payable monthly, for a
Participant who does not have a spouse on his retirement date, and a joint and 50% spousal survivor
annuity for a Participant who does have a spouse on his retirement date. The single life annuity
shall provide monthly payments to the Participant for his life. The joint and 50% spousal survivor
annuity shall provide monthly payments to a Participant for his life with provision for the
continuation of an amount equal to 50% of such monthly payments to the Participant’s surviving
spouse for her life after the death of the Participant. Both forms of payment will guarantee 120
monthly payments.

        2.13.   “Normal Retirement Date” shall mean the first day of the month coincident with or next
following a Participant’s 65th birthday or Separation from Service, whichever is later.

        2.14.   “Participant” shall mean an executive of the Corporation or the Bank who has been
designated by the Board of Directors of the Corporation as being eligible to participate in the
Plan. The initial Participants are listed on Schedule A attached hereto.

        2.15.   “Qualified Plan” shall mean The Washington Trust Company Pension Trust, as amended from
time to time.

        2.16.   “Separation from Service” or “Separates from Service” is deemed to occur when the
Corporation and the Participant reasonably anticipate that no further services would be performed
by the Participant for the Corporation after a certain date or that the level of bona fide services
the Participant would perform for the Corporation after such date (whether as an employee or as an
independent contractor) would permanently decrease to no more than 20 percent of the average level
of bona fide services performed by the Participant for the

3

 

Corporation over the immediately preceding 36-month period (or period of employment, if less
than 36 months).

        2.17.   “Years of Service” shall mean the period beginning on the Participant’s first day of
work at the Corporation and ending on the Participant’s last day of work at the Corporation.

	3.	 	Benefits.

        3.1.    Normal Retirement Benefit.

                  (a)    If a Participant shall continue in the employment of the Corporation until his
65th birthday, upon his Separation from Service, he shall be entitled to a Normal
Retirement Benefit, payable in the Normal Form commencing on his Normal Retirement Date, in the
annual amount of the sum of 30% of his Benefit Computation Base plus 2% of his Benefit Computation
Base for each Year of Service, but not in excess of 55% of his Benefit Computation Base, reduced by
the sum of (i), (ii), (iii) and (iv) below.

                  (i)    The Participant’s annual Primary Social Security retirement benefit projected to be
payable as of the Participant’s Social Security normal retirement age;

                  (ii)    The annual amount of benefits payable to the Participant on his Normal Retirement
Date in the Life Annuity Form from the Qualified Plan; and

                  (iii)   The Actuarial Equivalent annual amount of benefits paid or payable to the
Participant on his Normal Retirement Date in the Life Annuity Form from any qualified and
non-qualified defined benefit pension plan maintained by any prior employer of the
Participant.

        Notwithstanding the foregoing and subject to the vesting provisions of Section 3.3, in no
event shall the annual Normal Retirement Benefit payable from this Plan be less than the amount
determined pursuant to the following table:

	 	 	 
	Annual Normal Retirement Benefit	 	Years of Participation in Plan
	 	 	 
	  $1,000
	 	one
	  $2,000
	 	two
	  $3,000
	 	three
	  $4,000
	 	four
	  $5,000
	 	five
	  $6,000
	 	six
	  $7,000
	 	seven
	  $8,000
	 	eight
	  $9,000
	 	nine
	$10,000
	 	ten or more

                  (b)    Optional Form of Payment. In lieu of the payments in the Normal Form, a
Participant may, with the approval of the Compensation Committee, elect an optional form

4

 

which shall be the Actuarial Equivalent of the Normal Form and which may be any optional
annuity form which is available to the Participant under the terms of the Qualified Plan.

        3.2.    Early Retirement. A Participant may retire after he has attained his Early
Retirement Age. Benefits under this Plan shall commence on the first day of the month coincident
with or next following his Separation from Service. The monthly payment amount shall be equal to
his Accrued Benefit reduced by (a) 5/18ths of one percent for each month by which the Participant’s
benefit commencement date precedes his 60th birthday and (b) 5/9ths of one percent for
each month commencing on or after his 60th birthday by which the Participant’s benefit
commencement date precedes his Normal Retirement Date. Benefit payments will be made in the Normal
Form, or if elected by the Participant, in an optional form under Section 3.1(b).

        3.3.    Deferred Vested Benefit. If a Participant Separates from Service with the
Corporation prior to completion of five (5) Years of Service and prior to attaining age 65, he
shall not be entitled to receive any benefits from the Plan. If a Participant Separates from
Service with the Corporation after completion of five (5) Years of Service and prior to attaining
his Early Retirement Age, he shall be entitled to receive his Accrued Benefit beginning on his
Normal Retirement Date. Notwithstanding the foregoing, a Participant shall become fully vested in
his Accrued Benefit upon a Change in Control if he is employed by the Corporation at such time.
Benefit payments will be made in the Normal Form, or if elected by the Participant, in an optional
form under Section 3.1(b).

        3.4.    Six-Month Delay. If at the time of the Participant’s Separation from Service the
Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code,
no payment may be made under this Plan pursuant to either Section 3.1, 3.2 or 3.3 above until six
(6) months and a day after the Participant’s Separation from Service. Any monthly payments that
would have been made to the Participant during the six-month delay period but for the operation of
this Section 3.4 shall be made in a lump sum to the Participant in the seventh (7th)
month after the Participant’s Separation from Service. Interest on the delayed payments will be
credited based on the Actuarial Equivalent interest rate.

        3.5.    Pre-Retirement Death Benefit. In the event a Participant dies on or after his
55th birthday and prior to commencing to receive his Accrued Benefit from the Plan, one
of the following benefits is payable, whichever of (a) and (b) applies :

                  (a)    If the Participant is survived by his spouse by at least 30 days, the surviving spouse
shall receive a monthly benefit for her life in an amount equal to 50% of the amount which would
have been payable to the Participant if he had retired on the date of death and had elected to
receive his monthly benefit in the Normal Form. This benefit will be paid for no fewer than 120
monthly payments. Such benefit shall commence to be payable to the Participant’s spouse as of the
first day of the second month following the Participant’s death. The first monthly payment shall
be in an amount equal to two times the amount of the normal monthly payment to reflect the 30-day
delay. If the spouse dies within 30 days of the Participant, the Participant is treated as an
unmarried Participant.

5

 

                  The surviving spouse shall also receive from the Plan for 120 months, payable as of the first
day of the second month following Participant’s date of death, a monthly benefit equal to (1) less
(2), not less than zero:

                  (1)    50% of the Normal Form of benefits from The Washington Trust Company Pension Trust
and any other non-qualified supplemental defined benefit retirement plan maintained and
funded by the Corporation or the Bank.

                  (2)    The amounts actually paid under the plans referenced in (1) above.

                  (b)    If the Participant is not married at his date of death or is not survived by his spouse by
at least 30 days, his designated beneficiary shall receive 40% of the amount which would have been
payable to the Participant if he had retired on his date of death and had elected to receive the
benefit in the Normal Form. The beneficiary will be entitled to receive 120 monthly payments. Such
benefit shall commence to be payable to the beneficiary as of the first day of the second month
following the Participant’s death.

                  The designated beneficiary shall also receive from the Plan for 120 months, payable as of the
first of the second month following the Participant’s date of death a monthly benefit equal to (1)
less (2), not less than zero:

                  (1)    40% of the Normal Form of benefits payable from The Washington Trust Company
Pension Trust and any other non-qualified supplemental defined benefit retirement plan
maintained and funded by the Corporation or the Bank.

                  (2)    The amounts actually paid under the plans referenced in (1) above.

In the event the Participant dies before his 55th birthday, and prior to commencing to receive his
Accrued Benefit from the Plan, a pre-retirement death benefit as described above will be payable as
of the first of the month following his 55th birthday.

        3.6.    Death of Participant After Retirement. Upon the death of a Participant after
commencement of benefits hereunder, a death benefit will be payable from the Plan to the surviving
spouse or designated beneficiary based upon the form of payment in effect under Section 3.1. If
120 monthly payments have not been made by the date of death, the surviving spouse or designated
beneficiary shall continue to receive monthly payments based upon the form selected for the
remainder of the 120-month period.

        In addition, if 120 monthly installments have not been made from the plans noted in Section
3.5(a)(1) by the date of death, the surviving spouse or designated beneficiary shall receive
monthly payments for the remainder of the 120-month period equal to (1) less (2) below, but not
less than zero.

                  (1)    the monthly payment from The Washington Trust Company Pension Trust and any other
non-qualified supplemental defined benefit plans maintained by the Corporation or Bank
immediately prior to death but multiplied by any applicable joint and survivor percentage.

6

 

                  (2)    The monthly amounts actually paid under the plans referenced in (1) above after
death.

        3.7.    Disability Prior to Retirement.

                  (a)    In the event a Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, the
Corporation will pay no disability benefits hereunder. Disability benefits (if any) will be paid
to the Participant through such long-term disability insurance program as may be sponsored by the
Corporation or the Bank. Upon the Participant’s attainment of his Normal Retirement Date, the
Participant shall commence receiving payment of his Accrued Benefit determined as of the date of
the disability; but taking into account any Years of Service during his period of disability that
are recognized for benefit accrual purposes under the Qualified Plan. Benefit payments will be
made in the Normal Form, or if elected by the Participant, in an optional form under Section
3.1(b).

                  (b)    In the event a Participant returns to work with the Corporation after terminating
employment because of disability, he shall again be eligible to continue to participate in this
Plan as though such disability had not occurred.

	4.	 	Administration.

        4.1.    Administrator. The Compensation Committee is charged with the administration and
operation of the Plan.

        4.2.    Powers of Administration. The Compensation Committee shall have all such
discretionary powers and authority as are necessary to discharge its duties, including but not
limited to, the interpretation and construction of all provisions of the Plan and the determination
of all questions of fact, eligibility, participation, benefits and all other related or incidental
matters. The Compensation Committee shall, in its sole discretion, decide all such questions in
accordance with the terms of the Plan and the applicable law, and its good faith decision will be
binding on the Compensation Committee, the Corporation, the Participants and all other interested
parties.

        4.3.    Delegation. The Compensation Committee may authorize any other person to execute
any documents or authorize payments on its behalf. The Compensation Committee may also delegate to
any other person or persons, severally or jointly, the responsibility for the preparation and
filing of all disclosure material and reports which the Compensation Committee is required to file
by law.

        4.4.    Rules and Regulations. The Compensation Committee, subject to the provisions of
the Plan, may adopt such rules and regulations as it deems necessary to carry out the provisions of
the Plan.

7

 

        4.5.    Claims Procedure.

                  (a)    In the event the Participant (or his surviving spouse or designated beneficiary in the
case of the Participant’s death) or their authorized representative (hereinafter the “Claimant”)
asserts a right to a benefit under this Plan which has not been received, the Claimant must file a
claim for such benefit with the Compensation Committee in writing. The Compensation Committee
shall render its decision on the claim within 90 days after its receipt of the claim. If special
circumstances apply, the 90-day period may be extended by an additional 90 days; provided, written
notice of the extension is provided to the Claimant during the initial 90-day period and such
notice indicates the special circumstances requiring an extension of time and the date by which the
Compensation Committee expects to render its decision on the claim. If the Compensation Committee
wholly or partially denies the claim, the Compensation Committee shall provide written notice to
the Claimant within the time limitations of the immediately preceding paragraph. Such notice shall
set forth:

                  (i)    the specific reasons for the denial of the claim;

                  (ii)    specific reference to pertinent provisions of the Plan on which the denial is
based;

                  (iii)   a description of any additional material or information necessary to perfect the
claim and an explanation of why such material or information is necessary;

                  (iv)   a description of the Plan’s claims review procedures, and the time limitations
applicable to such procedures; and

                  (v)    a statement of the Claimant’s right to bring a civil action under Section 502(a) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the claim
denial is appealed to the Compensation Committee and the Compensation Committee fully or
partially denies the claim.

                  (b)    A Claimant whose application for benefits is denied may request a full and fair review of
the decision denying the claim by filing, in accordance with such procedures as the Compensation
Committee may establish, a written appeal which sets forth the documents, records and other
information relating to the claim within 60 days after receipt of the notice of the denial from the
Compensation Committee. In connection with such appeal and upon request by the Claimant, a
Claimant may review (or receive free copies of) all documents, records or other information
relevant to the Claimant’s claim for benefit, all in accordance with such procedures as the
Compensation Committee may establish. If a Claimant fails to file an appeal within such 60-day
period, he shall have no further right to appeal.

                  (c)    A decision on the appeal by the Compensation Committee shall include a review by the
Compensation Committee that takes into account all comments, documents, records and other
information submitted by the Claimant relating to the claim, without regard to whether such
information was submitted or considered in the initial claim determination. The Compensation
Committee shall render its decision on the appeal not later than 60 days after the receipt by the
Compensation Committee of the appeal. If special circumstances apply, the 60-day period may be
extended by an additional 60 days; provided, written notice of the extension is

8

 

provided to the Claimant during the initial 60-day period and such notice indicates the
special circumstances requiring an extension of time and the date by which the Compensation
Committee expects to render its decision on the claim on appeal. If the Compensation Committee
wholly or partly denies the claim on appeal, the Compensation Committee shall provide written
notice to the Claimant within the time limitations of the immediately preceding paragraph. Such
notice shall set forth:

                  (i)    the specific reasons for the denial of the claim;

                  (ii)    specific reference to pertinent provisions of the Plan on which the denial is
based;

                  (iii)    a statement of the Claimant’s right to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records, and other information relevant
to the Claimant’s claim for benefits; and

                  (iv)    a statement of the Claimant’s right to bring a civil action under Section 502(a)
of ERISA.

        4.6.    Operation of Law on Corporation’s Obligations. In the event that any
governmental entity promulgates any statute, rule, regulation, policy or order which restricts or
prohibits the Corporation from making payments to the Participants under this Plan or affects any
operation of the Plan, then the Corporation’s obligations to make payments to the Participants (or
their beneficiaries) hereunder shall terminate or be restricted or suspended (consistent with such
law or binding regulation, policy or order) for so long as such restriction or prohibition applies
to the Corporation. Nothing in this Plan is intended to require or shall be construed as requiring
the Corporation to do or fail to do any act in violation of any applicable law or binding
regulation, policy or order. Provisions other than payment provisions which are found to be
invalid or illegal will not be given effect and the Plan will be enforced as if those provisions
had never been inserted.

	5.	 	Miscellaneous.

        5.1.    Alienability. Neither the Participants nor any beneficiary thereof under this
Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute,
modify, or otherwise encumber any of the benefits payable hereunder, nor shall any of said benefits
be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance,
owed by the Participants or their beneficiaries or any of them, or be transferable by operation of
law in the event of bankruptcy or otherwise.

        5.2.    Participation in Other Plans. Nothing contained in this Plan shall be construed
to alter, abridge, or in any manner affect the rights and privileges of the Participants to
participate in and be covered by any pension, profit sharing, group insurance, bonus or any
employee plan or plans which the Corporation or the Bank may have or hereafter have.

9

 

        5.3.    Funding.

                  (a)    The Corporation reserves the right at its sole and exclusive discretion to insure or
otherwise provide for the obligations of the Corporation undertaken by this Plan or to refrain from
same, and to determine the extent, nature and method thereof, including the establishment of one or
more trusts. Should the Corporation elect to insure this Plan, in whole or in part, through the
medium of insurance or annuities, or both, the Corporation shall be the owner and beneficiary of
the policy or annuity. At no time shall the Participants be deemed to have any right, title or
interest in or to any specified asset or assets of the Corporation, or any trust or escrow
arrangement, including, but not by way of restriction, any insurance or annuity contracts or the
proceeds therefrom.

                  (b)    Any such policy, contract or asset shall not in any way be considered to be security for
the performance of the obligations of this Plan.

                  (c)    If the Corporation purchases a life insurance or annuity policy on the life of a
Participant, the Participant agrees to sign any papers that may be required for that purpose and to
undergo any medical examination or tests (at the Corporation’s expense) which may be necessary, and
generally cooperate with the Corporation in securing such policy.

                  (d)    To the extent a Participant acquires a right to receive benefits under this Plan, such
right shall be equivalent to the right of an unsecured general creditor of the Corporation.

                  (e)    Notwithstanding the foregoing, in order to pay benefits under this Plan the Corporation
may establish a grantor trust (hereinafter the “Trust”), within the meaning of Section 671 of the
Code. The assets in such Trust shall at all times be subject to the claims of the general
creditors of the Corporation, and neither the Plan nor any Participant, surviving spouse or
beneficiary shall have any preferred claim or right, or any beneficial ownership interest in any
such assets of the Trust prior to the time such assets are paid to a Participant as a benefit, and
all rights credited under this Plan and said Trust shall be mere unsecured contractual rights of a
Participant against the Corporation.

        5.4.    Benefits and Burdens. This Plan shall be binding upon and inure to the benefit
of the Participants and their personal representatives, the Corporation, and any successor
organization which shall succeed to substantially all of the Corporation’s assets and business
without regard to the form of such succession.

        5.5.    Jurisdiction. This Plan shall be construed, administered and enforced in
accordance with the laws of the State of Rhode Island to the extent not preempted by the Employee
Retirement Income Security Act of 1974, as amended.

        5.6.    Gender. Any reference in this Plan to the masculine shall be deemed to include
the feminine where the context so requires.

        5.7.    Spouse. The term “spouse,” when used herein, means the opposite-gender person,
if any, to whom the Participant is lawfully married.

10

 

	6.	 	Plan Amendments and Termination.

        6.1.    Right to Amend or Terminate. The Corporation reserves the right to make from
time to time any amendment to the Plan. The Corporation further reserves the right to terminate
the Plan at any time. Notwithstanding the foregoing, in no event shall any amendment or
termination result in the reduction of the Accrued Benefit of any Participant earned prior to the
date of amendment or termination or result in any acceleration of benefits payable under the Plan
except to the extent permitted by Section 409A of the Code and the regulations promulgated
thereunder.

        6.2.    Action by Corporation. Any action by the Corporation under this Plan may be made
by resolution of the Board of Directors of the Corporation.

        IN WITNESS WHEREOF, the Corporation has caused this Plan to be duly executed by its duly
authorized officer and its Corporate Seal affixed at Westerly, Rhode Island this 21st
day of December, 2007.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	WASHINGTON TRUST BANCORP, INC.
	 	 
	 
	 	 	 	 	 	 	 	 
	Witness

	 	/s/ Kristen L. DiSanto
	 	By:
	 	/s/ David V. Devault	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	          David V. Devault

          Executive Vice President, Treasurer

          and Chief Financial Officer	 	 

11

 

SCHEDULE A

John C. Warren

John F. Treanor

12

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