Document:

exv10w14

 

WILMINGTON TRUST CORPORATION

AMENDED 2004 EMPLOYEE STOCK PURCHASE PLAN

	1.	 	Purpose. The purpose of Wilmington Trust Corporation’s Amended 2004
Employee Stock Purchase Plan (the “Plan”) is to provide all regular employees of Wilmington
Trust Corporation (the “Company”) and those of its subsidiaries that may be designated as
participating companies by the Company’s Board of Directors from time to time an opportunity
to purchase shares of the Company’s common stock, par value $1 per share (“Common Stock”),
through annual offerings to be made from time to time for the duration of the Plan; and to
foster interest in the Company’s success, growth, and development. The Company intends that
the Plan qualify as an “Employee Stock Purchase Plan” within the meaning of Section 423 of the
Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Plan’s provisions
shall be construed to extend and limit participation in a manner consistent with the
requirements of that section of the Code.
	 
	2.	 	Eligibility.
	 
	 	 	a. Any Employee shall be eligible to participate in the Plan as of the beginning of the Plan year
coincident with or next following the completion of at least one month of continuous service with
one or more Employers, subject to the limitations imposed by Section 423(b) of the Code.
	 
	 	 	b. Any provision of the Plan to the contrary notwithstanding, no Employee shall be granted an
option:
	 
	 	 	(1) If, immediately after that grant, the Employee would own shares, and/or hold outstanding
options to purchase shares, possessing 5% or more of the total combined voting power or value of
all classes of stock of the Company or of any subsidiary of the Company; or
	 
	 	 	(2) That permits an Employee rights to purchase shares under all employee stock purchase plans
of the Company and its subsidiaries to accrue at a rate that exceeds $25,000 of the fair market
value of the shares (determined at the time that option is granted) for each calendar year in
which those stock options are outstanding at any time.
	 
	3.	 	Offerings. The Company will make one or more annual offerings to Employees to
purchase stock hereunder. The terms and conditions of each such offering shall specify the
number of shares that may be purchased thereunder. The fixed term of any offering shall
include a Purchase Period of specified duration, during which (or during that period thereof
during which an Employee may elect to participate) the amounts received by an Employee as Base
Salary shall constitute the measure of that Employee’s participation in the offering.
	 
	4.	 	Participation. An Employee who is, on the effective date of any offering, eligible
to participate in that offering, may participate by completing and forwarding a “Payroll
Deduction Authorization for Purchase of Wilmington Trust Corporation Stock” form to the
designated payroll location. Payroll deductions for a Participant shall commence on the date
when the authorization for a payroll deduction becomes effective and end on the termination
date of the offering to which that authorization applies, unless terminated sooner by the
Participant in accordance with Paragraph 8 below.
	 
	5.	 	Payroll Deductions. A Participant’s payroll deduction authorization shall authorize
deductions each payday during a Purchase Period at a rate not to exceed 10% of the
Participant’s Base Salary at the beginning of that Purchase Period but, at a minimum, at a
rate that will accumulate an amount equal to the offering price of at least five shares by the
end of the Purchase Period.
	 
	 	 	a. All payroll deductions made for a Participant shall be credited to a

 

 

	 	 	bookkeeping account under the Plan. A Participant may not make separate cash payments into that
account.

	 	 	b. A Participant may at any time prospectively decrease the amount authorized to be deducted per
period, provided the minimum deduction required above is maintained. That change may not become
effective sooner than the next pay period ending after receipt of the form by the appropriate
payroll location. Notwithstanding anything to the contrary contained herein, a Participant may
reduce payroll deductions hereunder only once during any Purchase Period.
	 
	 	 	c. A Participant may discontinue participation in the Plan in accordance with Paragraph 8 below.
	 
	6.	 	Granting of an Option.
	 
	 	 	a. In any offering hereunder, each Participant shall be granted an option, on the Date of
Offering, for as many full shares of Common Stock as he or she elects to purchase with the
payroll deductions credited to the Participant’s account during the Purchase Period, based on
the option price for the Purchase Period, as described in Subparagraph 6(b) below.
	 
	 	 	b. The option price per share of shares purchased with payroll deductions made for a Participant
during any Purchase Period shall be eighty-five percent or such greater percentage as the
Committee may determine in its sole discretion of the last sale price of the Common Stock on the
first day of the Purchase Period or, if there was no such reported sale of Common Stock on that
date, on the next preceding date on which there was such a reported sale.
	 
	7.	 	Exercise of Option.
	 
	 	 	a. As of the last day of the Purchase Period for any offering, the account of each Participant
shall be totaled and the option price determined. If a Participant has sufficient funds
(including interest credited on his or her account at the rate computed in accordance with
Paragraph 9 below) to purchase five or more full shares at the option price, that Participant
shall be deemed to have exercised the option to purchase the number of shares for which he or
she has subscribed at that price, and his or her account shall be charged for the number of
shares so purchased.
	 
	 	 	b. Participation in an offering will not bar an Employee from participating in any subsequent
offering hereunder. Payroll deductions may be made under each offering to the extent the
Employee authorizes, subject to the maximum and minimum limitations for that offering imposed
hereby. A separate account shall be maintained for each Participant with respect to each
offering. Any unused balance in a Participant’s account at the end of a Purchase Period shall
be refunded, with interest computed in accordance with Paragraph 9 below.
	 
	 	 	c. If a Participant does not accumulate sufficient funds in his or her account to purchase at
least five shares during a Purchase Period, the Participant thereupon shall be deemed to have
withdrawn from that offering, and his or her account will be refunded, with interest computed in
accordance with Paragraph 9 below.
	 
	 	 	d. The shares of Common Stock purchased by a Participant upon the exercise of his or her option
in accordance herewith shall not include fractional shares. Amounts credited to a Participant’s
account which would have been used to purchase fractional shares shall be refunded to the
Participant, with interest computed in accordance with Paragraph 9 below.
	 
	8.	 	Withdrawal.
	 
	 	 	a. A Participant may withdraw all payroll deductions credited to an account hereunder at any
time before the end of a Purchase Period by giving the Company written notice. All payroll
deductions credited to that account shall be paid to the Participant, with interest computed in
accordance with Paragraph 9 below, promptly after receipt of

2

 

	 	 	notice of withdrawal, and no further payroll deductions shall be made for that Participant in
respect of that offering.
	 
	 	 	b. Except as provided in the following sentence, an Employee’s withdrawal from the Plan shall
not have any effect upon his or her eligibility to participate in any succeeding offering
hereunder; provided that Section 16 Officers who make withdrawals or otherwise cease
participation in the Plan during any Purchase Period shall be precluded from re-participation in
the Plan until the next Purchase Period that begins at least six months after that withdrawal or
cessation of participation.
	 
	 	 	c. If an Employee retires or otherwise terminates employment, no payroll deduction shall be made
from any pay due and owing at that time, and the balance in the Employee’s account shall be paid
to the Employee, with interest computed in accordance with Paragraph 9 below or, at the
Employee’s election, used to purchase Common Stock in accordance with Paragraph 7 above.
	 
	 	 	d. If an Employee dies, that Employee’s beneficiary may elect to withdraw the balance in his or
her account, with interest computed in accordance with Paragraph 9 below, or apply it to the
purchase of the appropriate number of full shares of Common Stock at a price determined in
accordance with Paragraph 6 above, using the date of death as though it were the last day of the
Purchase Period. Any balance in that account remaining after that purchase shall be paid, with
interest computed in accordance with Paragraph 9 below, to the person or persons entitled
thereto in accordance with Paragraph 12 below.
	 
	9.	 	Interest. Each Participant’s account shall be credited with interest at the rate in
effect from time to time on statement savings accounts of Wilmington Trust Company that may
not be accessed by check.
	 
	10.	 	Stock.
	 
	 	 	a. The shares to be sold to Participants hereunder are to be authorized and unissued shares of
Common Stock, or issued shares of Common Stock that the Company has reacquired and holds in its
treasury. The maximum number of shares that shall be made available for sale hereunder during
all offerings shall be 800,000 shares, subject to adjustment upon changes in the Company’s
capitalization as provided in Paragraph 14 below.
	 
	 	 	b. None of the rights or privileges of a stockholder of the Company shall exist with respect to
shares purchased hereunder until the end of the Purchase Period with respect to which those
shares were acquired.
	 
	 	 	c. If in any offering Employees subscribe for more shares than remain available under the Plan,
the shares in that offering shall be allocated pro rata among employees by
multiplying the number of shares remaining under the Plan by a fraction, the numerator of which
is the number of shares the Employee subscribed for in that offering and the denominator of
which is the number of shares all Employees subscribed for in that offering.
	 
	 	 	d. Shares to be delivered to an Employee hereunder will be registered in the Employee’s name or,
if directed by written notice to Wilmington Trust Company’s Human Resources Department before
the end of a Purchase Period, in the names of the Employee and one other person, as joint
tenants with rights of survivorship, to the extent permitted by applicable law.
	 
	11.	 	Administration. The Plan shall be administered by a committee (the “Committee”)
consisting of not less than three members who shall be appointed by the Company’s Board of
Directors. Each member of the Committee shall be either a director, an officer, or an
Employee of an Employer. The Committee shall be vested with full authority to make,
administer, and interpret rules and regulations that it deems necessary or desirable to
administer the Plan. Any determination, decision, interpretation, administration, or
application

3

 

	 	 	hereof shall be final, conclusive, and binding upon all Participants and any and all persons
claiming under or through any Participant.
	 
	12.	 	Designation of Beneficiary. A Participant may file with Wilmington Trust Company’s
Human Resources Department a written designation of a beneficiary who is to receive any shares
and/or cash for the Participant’s credit hereunder in the event of that Participant’s death
before the delivery of those shares and/or cash. The Participant may change that designation
at any time by providing written notice to Wilmington Trust Company’s Human Resources
Department. Upon the death of a Participant and receipt by Wilmington Trust Company’s Human
Resources Department of proof of the Participant’s death and the identity and existence of a
beneficiary validly designated hereunder, the Company shall deliver those shares and/or that
cash to the executor or administrator of the Participant’s estate. If no such executor or
administrator has been appointed to the Company’s knowledge, the Company may, in its
discretion and in such form as the Committee may prescribe, deliver those shares and/or that
cash to the Participant’s spouse or to any one or more dependents, or relatives of the
Participant. If no spouse, dependent or relative is known to the Company, then the Company
may, in its discretion and in such form as the Committee may prescribe, deliver those shares
and/or that cash to such other person as the Committee may designate. No such designated
beneficiary shall, before the death of the Participant by whom the beneficiary has been
designated, acquire any interest in the shares and/or cash credited to the Participant
hereunder.
	 
	13.	 	Transferability. No rights with respect to the exercise of any option or to receive
shares hereunder may be assigned, transferred, pledged, or otherwise disposed of by an
Employee. Options granted hereunder are not transferable by an Employee otherwise than by
will or the laws of descent and distribution, and are exercisable during an Employee’s
lifetime only by the Employee.
	 
	14.	 	Changes in Capitalization. The number and kind of shares subject to outstanding
options hereunder, the purchase price of those options, and the number and kind of shares
available for options subsequently made available hereunder shall be adjusted appropriately to
reflect any stock dividend, stock split, combination, or exchange of the Company’s shares,
merger, consolidation, or other change in the Company’s capitalization with a similar
substantive effect upon the Plan or options granted or to be granted hereunder. The Committee
shall have the power and sole discretion to determine the nature and amount of the adjustment
to be made in each case.
	 
	15.	 	Use of Funds. All payroll deductions received or held by an Employer hereunder may
be used by the Employer for any corporate purpose, and the Employer shall not be obligated to
segregate those payroll deductions.
	 
	16.	 	Government Regulations. The Company’s obligations to sell and deliver the Company’s
stock hereunder are subject to the approval of any governmental authority required in
connection with the authorization, issuance, or sale of that stock. The Company’s Board of
Directors may, in its discretion, require as conditions to the exercise of any option granted
hereunder that the shares of Common Stock reserved for issuance upon the exercise of the
option have been duly listed, upon official notice of issuance, on a stock exchange or the
National Association of Securities Dealers Automated Quotation System, and that either:
	 
	 	 	a. A Registration Statement with respect to those shares is effective under the Securities Act of
1933; or
	 
	 	 	b. The Participant has represented at the time of purchase, in form and substance satisfactory to
the Company, that he or she intends to purchase those shares for investment and not for resale or
distribution.
	 
	17.	 	Amendment or Termination. Unless terminated sooner by the Company’s Board of
Directors, the Plan shall terminate

4

 

	 	 	automatically as of May 31, 2008. The Company’s Board of Directors may terminate or amend the
Plan at any time. No such termination shall affect options previously granted hereunder. No
such amendment may make any change in any option theretofore granted hereunder that would
adversely affect the rights of any Participant, nor be made without the prior approval of a
majority of the shares of the Company’s outstanding stock if that approval would be required by
law, including if that amendment would:

	 	 	a. Permit the sale of more shares than are authorized under Paragraph 10 above; or
	 
	 	 	b. Permit payroll deductions at a rate in excess of 10% of a Participant’s Base Salary.
	 
	18.	 	No Employment Rights. The Plan does not, directly or indirectly, create any right
for the benefit of any Employee or class of Employees to purchase any shares hereunder, or
create in any Employee or class of Employees any right with respect to continuation of
employment by the Company or any direct or indirect subsidiary thereof. The Plan shall not be
deemed to interfere in any way with the right of the Company or any direct or indirect
subsidiary thereof to terminate, or otherwise modify, an Employee’s employment at any time.
	 
	19.	 	Governing Law. Delaware law, other than the conflict-of-laws provisions of that law,
shall govern all matters relating to the Plan, except as that law is superseded by the laws of
the United States.
	 
	20.	 	Definitions. Unless otherwise defined herein, capitalized terms used herein shall
have the following meanings:
	 
	 	 	a. “Base Salary” means regular straight-time earnings, excluding payments for overtime,
incentive compensation, bonuses, and other special payments except to the extent the Committee
specifically approves including any such item.
	 
	 	 	b. “Committee” means the committee established pursuant to Paragraph 11 above to administer the
Plan.
	 
	 	 	c. “Date of Offering” shall be the first day of each Purchase Period.
	 
	 	 	d.“Employee” shall mean any person, including an officer, who is customarily employed by an
Employer for 15 hours or more per week and for more than five months in a calendar year.
	 
	 	 	e. “Employer” means the Company and any subsidiary company designated as a participating
company by the Company’s Board of Directors, 15% or more of the voting stock of which is
owned directly or indirectly by the Company.
	 
	 	 	f. “Participant” means an Employee who has agreed to participate in an offering and has
met the requirements of Paragraph 4 above.
	 
	 	 	g. “Purchase Period” means each of the periods during which a Participant may purchase
Common Stock pursuant to any particular offering hereunder.
	 
	 	 	h. “Section 16 Officers” means officers of the Company, or of any subsidiary of the Company
25% or more of the voting stock of which is owned directly or indirectly by the Company,
designated as Section 16 Officers by resolution of the Board of Directors of the Company
from time to time.

5exv10w21

 

WILMINGTON TRUST CORPORATION

AMENDED AND RESTATED 2005 LONG-TERM INCENTIVE PLAN

1. Purpose. The 2005 Long-Term Incentive Plan (the “Plan”) of Wilmington Trust
Corporation (“Wilmington Trust”) is designed to encourage and facilitate ownership of stock by, and
provide additional incentive compensation based on appreciation of that stock to, key staff members
and directors and advisory board members of Wilmington Trust and other entities to whom the
Committee grants Awards. Wilmington Trust hopes thereby to provide a potential proprietary
interest as additional incentive for the efforts of those individuals in promoting Wilmington
Trust’s continued growth and the success of its business. The Plan also will aid Wilmington Trust
in attracting and retaining professional and managerial personnel.

2. Administration. The Plan shall be administered by the Corporation’s Compensation
Committee, consisting solely of non-staff member directors, the Corporation’s Select Committee,
consisting of either or both of its two staff member directors, or any other committee of the
Corporation’s Board of Directors that the Board may appoint from time to time to administer the
Plan (all such committees are hereinafter sometimes collectively referred to as the “Committee”).
The Compensation Committee shall have sole authority to grant Awards to a Participant who is, at
the Date of Grant of the Award, either a “covered employee” as defined in Section 162(m) or subject
to Section 16 of the Exchange Act. The Compensation Committee also shall have authority to grant
Awards to other Participants. The Select Committee shall have authority to grant Awards to
Participants who are not, at the Date of Grant of the Award, either “covered employees” as defined
in Section 162(m) or subject to Section 16 of the Exchange Act.

The Committee shall have the power and authority to administer the Plan in accordance with this
Section 2. Wilmington Trust’s Board may appoint members of the Committee from
time to time in substitution for those members who previously were appointed and may fill vacancies
in the Committee, however caused.
The Committee shall have exclusive and final authority in each determination, interpretation, or
other action affecting the Plan and the Participants. The Committee shall have the sole and
absolute discretion to interpret the Plan, establish and modify administrative rules for the Plan,
select persons to whom Awards may be granted, determine the terms and provisions of Award
Agreements (which need not be identical), determine all claims for benefits hereunder, impose
conditions and restrictions on Awards it determines to be appropriate, and take steps in connection
with the Plan and Awards it deems necessary or advisable. In the event of a conflict between
determinations made by the Compensation Committee and the Select Committee, the determination of
the Compensation Committee shall control.

A majority of the Compensation Committee’s members shall constitute a quorum thereof, and action by
a majority of a quorum shall constitute action by the Compensation Committee. Compensation
Committee members may participate in meetings by conference telephone or other similar
communications equipment by means of which all members participating in the meeting can hear each
other. Any decision or determination reduced to writing and signed by all of the Compensation
Committee’s members shall be as effective as if that action had been taken by a vote at a meeting
of the Committee duly called and held.

3. The Shares. The Committee shall not authorize issuance of more than a total of
4,000,000 shares hereunder, except as otherwise provided in Section 9(i) below. These may either
be authorized and unissued shares or previously issued shares Wilmington Trust has reacquired. The
shares covered by any unexercised portions of terminated Options granted under Section 5 and shares
subject to

 

 

any Awards the Participant otherwise surrenders without receiving any payment or other benefit may
again be subject to new Awards hereunder. If a Participant pays the purchase price of an Option or
tax liability associated with that exercise in whole or part by delivering Wilmington Trust Stock,
the number of shares issuable in connection with the Option’s exercise shall not again be available
for the grant of Awards. Shares used to measure the amount payable to a Participant in respect of
Performance Awards or Other Awards shall not again be available for the grant of Awards. Shares
issued in payment of Performance Awards denominated in cash amounts shall not again be available
for the grant of Awards.

4. Participation. The Committee shall designate Participants from time to time in its
sole and absolute discretion. Those Participants may include officers, other key staff members,
and directors and advisory board members of, and consultants to, Wilmington Trust or its
subsidiaries or affiliates. In making those designations, the Committee may take into account the
nature of the services the officers, key staff members, directors, advisory board members, and
consultants render, their present and potential contributions to Wilmington Trust, and other
factors the Committee deems relevant in its sole and absolute discretion.

If the Committee designates a Participant to receive an Award in any year, it need not designate
that person to receive an Award in any other year. In addition, if the Committee designates a
Participant to receive an Award under one portion hereof, it need not include that Participant
under any other portion hereof. The Committee may grant more than one type of Award to a
Participant at one time or at different times.

5. Options.

a. Grant of Options. The Committee shall designate the form of Options and additional
terms and conditions not inconsistent with the Plan. The Committee may grant Options either alone
or in addition to other Awards. The terms and conditions of Option Awards need not be the same
with respect to each Participant. The Committee may grant to Participants one or more incentive
stock options (“Incentive Stock Options”) that meet the requirements of Section 422 of the Code,
stock options that do not meet those requirements (“Nonstatutory Stock Options”), or both. To the
extent any Option does not qualify as an Incentive Stock Option, whether because of its provisions,
the time or manner of its exercise, or otherwise, that Option or the portion thereof that does not
so qualify shall constitute a separate Nonstatutory Stock Option.

b. Incentive Stock Options. Each provision hereof and in any Award Agreement the Committee
designates as an Incentive Stock Option shall be interpreted to entitle the holder to the tax
treatment afforded by Section 422 of the Code, except in connection with the exercise of Options:
(1) following a Participant’s Termination of Employment; (2) in accordance with the Committee’s
specific determination with the consent of the affected Participant; or (3) to the extent Section 9
would cause an Option to no longer be entitled to that treatment. If any provision herein or the
Award Agreement is held not to comply with requirements necessary to entitle that Option to that
tax treatment, then except as otherwise provided in the preceding sentence: (x) that provision
shall be deemed to have contained from the outset the language necessary to entitle the Option to
that tax treatment; and (y) all other provisions herein and in that Award Agreement shall remain in
full force and effect. Except as otherwise specified in the first sentence of this Section 5(b),
if any Award Agreement covering an Option the Committee designates to be an Incentive Stock Option
does not explicitly include any term required to entitle that Option to that tax treatment, all
those terms shall be deemed implicit in the designation of that Option, and that Option shall be
deemed to have been granted subject to all of those terms.

c. Option Price. The Committee shall determine the per share exercise price of each
Option. That price shall be at least the greater of

2

 

(1) the par value per share of Wilmington Trust Stock and (2) 100% of the last sale price of
Wilmington Trust Stock on the Date of Grant.

d. Option Term. The Committee shall fix the term of each Option, but no Option shall be
exercisable more than ten years after the date the Committee grants it.

e. Exercisability. The Committee may at the time of grant determine performance targets,
waiting periods, exercise dates, and other restrictions on exercise and designate those in the
Award Agreement.

f. Method of Exercise. Subject to any waiting periods that may apply under Section 5(e)
above, a Participant may exercise Options in whole or in part at any time during the period of
time, if any, set forth in the Award Agreement during which that Option or portion thereof is
exercisable by giving Wilmington Trust written notice specifying the number of shares to be
purchased. The Participant must accompany that notice by payment in full of the purchase price in
a form the Committee may accept. If the Committee determines in its sole discretion at or after
grant, a Participant also may make payment in full or in part in the form of shares of Wilmington
Trust Stock already owned and/or in the form of shares otherwise issuable upon exercise of the
Option. In either case, the value of that stock shall be based on the Market Value Per Share of
Wilmington Trust Stock tendered on the date the Option is exercised. Notwithstanding the
foregoing, the right to pay the purchase price of an Incentive Stock Option in the form of
already-owned shares or shares otherwise issuable upon exercise of the Option may be authorized
only at the time of grant. No shares shall be issued until payment therefor has been made as
provided herein, except as otherwise provided herein. In general, a Participant shall have the
right to dividends and other rights of a shareholder with respect to Wilmington Trust Stock subject
to the Option only when certificates for shares of that stock are issued to the Participant.

g. Acceleration or Extension of Exercise Time. The Committee may, in its sole and absolute
discretion, on or after the Date of Grant, permit shares subject to any Option to become
exercisable or be purchased before that Option would otherwise become exercisable under the Award
Agreement. In addition, the Committee may, in its sole and absolute discretion, on or after the
Date of Grant, permit any Option granted hereunder to be exercised after its expiration date,
subject to the limitation in Section 5(d) above. Any extension of the expiration date of an Option
under this Section 5(g) must result in the Option complying with or being exempt from the
requirements of Section 409A of the Code.

h. Termination of Employment. Unless the Committee provides otherwise in an Award
Agreement or after granting an Option, if the employment of a Participant who has received an
Option terminates on other than: (1) the Participant’s Normal Retirement Date; (2) the
Participant’s Other Retirement Date; (3) the Participant’s death; or (4) the Participant’s
Disability, all Options previously granted to that Participant but not exercised before that
Termination of Employment shall expire as of that date.

i. Death, Disability, or Retirement of a Participant. If a Participant dies while employed
by the employer he or she was employed with when he or she was last granted Options, an Option
theretofore granted to that Participant shall not be exercisable after the earlier of the
expiration of that Option or three years after the date of that Participant’s death, and only (1)
by the person or persons to whom the Participant’s rights under that Option passed under the
Participant’s will or by the laws of descent and distribution and (2) if and to the extent the
Participant was entitled to exercise that Option at the date of his or her death.

If a Participant’s employment with the employer he or she was employed with when he or she was last
granted Options terminates due to Disability or on the Participant’s Normal Retirement Date or
Other Retirement Date, an Option theretofore granted to that Participant shall not be exercisable
after the earlier of the expiration date of the Option or three years after

3

 

the date of the Disability or retirement. If the Participant has died before then, an Option
theretofore granted to that Participant shall be exercisable (1) only by the person or persons to
whom the Participant’s rights under the Option passed under the Participant’s will or by the laws
of descent and distribution and (2) if and to the extent the Participant was entitled to exercise
that Option on the date of his or her death.

6. Performance Awards.

a. Grant of Performance Awards. The Committee also may grant awards payable in cash or
shares or a combination of both at the end of a specified performance period (“Performance Awards”)
hereunder. These shall consist of the right to receive payment measured by (1) a specified
number of shares at the end of an Award Period, (2) the Market Value Per Share of a specified
number of shares at the end of an Award Period, (3) the increase in the Market Value Per Share of a
specified number of shares during an Award Period, or (4) a fixed cash amount payable at the end of
an Award Period, contingent on the extent to which certain pre-determined performance targets are
met during the Award Period. The Committee shall determine the Participants, if any, to whom
Performance Awards are awarded, the number of Performance Awards awarded to any Participant, the
duration of the Award Period during which any Performance Award will be vested, and other terms and
conditions of Performance Awards.

b. Performance Targets. The Committee may establish performance targets for Performance
Awards in its sole and absolute discretion. These may include individual performance standards or
specified levels of revenues from operations, earnings per share, return on shareholders’ equity,
and/or other goals related to the performance of Wilmington Trust or any of its subsidiaries or
affiliates. The Committee may, in its sole and absolute discretion, in circumstances in which
events or transactions occur to cause the established performance targets to be an inappropriate
measure of achievement, change the performance targets for any Award Period before the final
determination of a Performance Award.

c. Earned Performance Awards. In granting a Performance Award, the Committee may
prescribe a formula to determine the percentage of the Performance Award to be earned based upon
the degree performance targets are attained. The degree of attainment of performance targets shall
be determined as of the last day of the Award Period.

d. Payment of Earned Performance Awards. Wilmington Trust shall pay earned Performance
Awards granted under Section 6(a)(2) or 6(a)(3) above in cash or shares based on the Market Value
Per Share of Wilmington Trust Stock on the last day of an Award Period, or a combination of cash
and shares, at the Committee’s sole and absolute discretion. Wilmington Trust shall normally make
payment as soon as practicable after an Award Period. However, the Committee may permit deferral
of payment of all or a portion of a Performance Award payable in cash upon a Participant’s request
made on a timely basis in accordance with rules the Committee prescribes. Those deferred amounts
may earn interest for the Participant under the conditions of a separate agreement the Committee
approves and the Participant executes. In its sole and absolute discretion, the Committee may
define in the Award Agreement other conditions on paying earned Performance Awards it deems
desirable to carry out the purposes hereof.

e. Termination of Employment. Unless the Committee provides otherwise in the Award
Agreement or as otherwise provided below, in the case of a Participant’s Termination of Employment
before the end of an Award Period, the Participant will not be entitled to any Performance Award.

f. Disability, Death, or Retirement. Unless the Committee provides otherwise in the Award
Agreement or after the grant of a Performance Award, if a Participant’s Disability Date or the date
of a Participant’s Termination of Employment due to death or retirement on or after his or her
Normal Retirement Date or Other

4

 

Retirement Date occurs before the end of an Award Period, the Participant or the Participant’s
Beneficiary shall be entitled to receive a pro-rata share of his or her Award in accordance with
Section 6(g) below.

g. Pro-Rata Payment. The amount of any payment Wilmington Trust makes to a Participant or
that Participant’s Beneficiary under circumstances described in Section 6(f) above shall be
determined by multiplying the amount of the Performance Award that would have been earned,
determined at the end of the Performance Award Period, if that Participant’s employment had not
been terminated, by a fraction, the numerator of which is the number of whole months the
Participant was employed during the Award Period and the denominator of which is the total number
of months in the Award Period. That payment shall be made as soon as practicable after the end of
that Award Period, and shall relate to attainment of the applicable performance targets over the
entire Award Period.

h. Other Events. Notwithstanding anything to the contrary contained in this Section 6, the
Committee may, in its sole and absolute discretion, determine to pay all or any portion of a
Performance Award to a Participant who has terminated employment before the end of an Award Period
under certain circumstances, including a material change in circumstances arising after the date
the Performance Award is granted, and subject to terms and conditions the Committee deems
appropriate.

i. Code Section 409A. Notwithstanding any other provision of this Section 6, each
Performance Award constituting deferred compensation within the meaning of Section 409A of the Code
shall comply with the requirements of Section 409A.

7. Other Stock-Based Awards.

a. Grant of Other Awards. The Committee may grant other Awards under this Section 7
(“Other Awards”), valued in whole or in part by reference to, or otherwise based on, shares of
Wilmington Trust Stock. Subject to the provisions hereof, the Committee shall have the sole and
absolute discretion to determine the persons to whom and the time or times at which those Awards
are made, the number of shares to be granted pursuant thereto, if any, and all other conditions of
those Awards. Any Other Award shall be confirmed by an Award Agreement. The Award Agreement shall
contain provisions the Committee determines necessary or appropriate to carry out the intent hereof
with respect to the Award.

b. Terms of Other Awards. In addition to the terms and conditions specified in the Award
Agreement, Other Awards made under this Section 7 shall be subject to the following:

(1) Any shares subject to Other Awards may not be sold, assigned, transferred, pledged, or
otherwise encumbered before the date on which those shares are issued or, if later, the date on
which any applicable restriction, performance, or deferral period lapses;

(2) If specified in the Award Agreement, the recipient of an Other Award shall be entitled to
receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the
shares covered by that Award, and the Committee may, in its sole and absolute discretion, provide
in the Award Agreement that those amounts be reinvested in additional shares;

(3) The Award Agreement shall contain provisions dealing with the disposition of the Award in the
event of the Participant’s Termination of Employment before the exercise, realization, or payment
of the Award. The Committee may, in its sole and absolute discretion, waive any of the
restrictions imposed with respect to any Other Award; and

(4) Shares issued as a bonus pursuant to this Section 7 shall be issued for the consideration the
Committee determines is appropriate, in its sole and absolute discretion, but rights to purchase
shares shall be priced at at least 100% of the Market Value Per Share on the date the Other Award
is granted.

5

 

8. Annual Retainer.

a. Payment of Annual Retainer. During the term hereof, each non-employee director of each
company the Compensation Committee designates to participate in this Section 8 shall be paid the
first half of his or her Annual Retainer in Wilmington Trust Stock. Each director also may elect
to receive the second half of his or her Annual Retainer in cash or Wilmington Trust Stock, or a
combination of both. The Compensation Committee shall establish rules with respect to electing the
form of payment provided for in the preceding sentence to facilitate compliance with Rule 16b-3.
The number of shares to be issued to a non-employee director who receives shares pursuant to this
Section 8(a) shall be the dollar amount of the portion of the Annual Retainer payable in shares
divided by the Market Value Per Share of a share of Wilmington Trust Stock on the business day
immediately preceding the date that installment of the Annual Retainer is otherwise paid to that
company’s directors. Wilmington Trust shall not be required to issue fractional shares. Whenever
under this Section 8 a fractional share would otherwise be required to be issued, Wilmington Trust
shall pay an amount in lieu thereof in cash based upon the Market Value Per Share of that
fractional share.

b. Deferral of Payment of Annual Retainer.

(1) Except as provided below, a director may irrevocably elect to defer receipt of all or any
number of the shares of stock representing the Annual Retainer payable for a calendar year and
receive a credit under his or Stock Unit Account of an equivalent number of Stock Units. Any such
deferral election must be made in a time period the Committee may designate from time to time,
provided that such period shall not end later than December 31 of the calendar year prior to the
calendar year with respect to which the deferral election is made. Notwithstanding the foregoing,
in the case of the first year in which a director becomes eligible to defer receipt of an Annual
Retainer under this Plan, the director may make an initial deferral election within 30 days after
the date the director becomes eligible to participate in the Plan with respect to any Annual
Retainer earned later that same calendar year.

(2) A director’s Stock Unit Account shall be credited with a number of Stock Units equal in value
to the amount of any cash dividends or stock distributions that would be payable with respect to
those Stock Unit if those Stock Units had been outstanding shares of Wilmington Trust Stock
(“dividend equivalents”). The number of Stock Units credited with respect to cash dividends shall
be determined by dividing the amount of cash dividends that would be payable by the Fair Market
Value of Wilmington Trust Stock as of the date those cash dividends would be payable.

(3) The Stock Units in a director’s Stock Unit Account shall be distributed, or commence to be
distributed, to the Participant only in the form of Wilmington Trust Stock (with fractional shares
being payable in cash) upon that director’s “separation from service” (within the meaning of
Section 409A of the Code) in a lump sum payment or in periodic payments over time, as elected by
the director at the time specified in Section 8(b)(1) above in accordance with procedures the
Committee may establish. A director shall be entitled to receive a distribution of one share of
Wilmington Trust Stock for each Stock Unit credited to his or her Stock Unit Account and cash equal
to the Fair Market Value of any fractional Stock Unit credited to his or her Stock Unit Account.

9. Terms Applicable to All Awards Granted under the Plan.

a. Effect of Change in Control. Upon a Change in Control:

(1) Any and all Options shall become exercisable immediately; and

(2) The target values attainable under all Performance Awards and Other Awards shall be deemed to
have been fully earned for the entire Award Period as of the effective date of the Change in
Control.

6

 

b. Limitations.

(1) No person may be granted Awards in respect of more than 300,000 shares in any calendar year
during the term hereof;

(2) No Options or other Awards can be re-priced after they have been granted; and

(3) No Awards other than Options can be made hereunder in respect of more than a total of 300,000
shares of Wilmington Trust Stock during the Plan’s term.

c. Plan Provisions Control Award Terms. The terms of the Plan govern all Awards granted
hereunder. The Committee shall not have the power to grant a Participant any Award that is
contrary to any provision hereof. If any provision of an Award conflicts with the Plan as it is
constituted on the date the Award is granted, the terms of the Plan shall control. Except as
provided in Sections 6(b) and 9(i) of the Plan, or unless the Committee provides otherwise in its
sole and absolute discretion in the Award Agreement, the terms of any Award granted hereunder may
not be changed after the date it is granted to materially decrease the value of the Award without
the express written approval of the holder thereof. No person shall have any rights with respect
to any Award until Wilmington Trust and the Participant have executed and delivered an Award
Agreement or the Participant has received a written acknowledgement from Wilmington Trust that
constitutes an Award Agreement.

d. Limitations on Transfer. A Participant may not transfer or assign his or her rights or
interests with respect to Awards except by will, the laws of descent and distribution, or, in
certain circumstances, pursuant to a qualified domestic relations order, as defined by the Code,
Title I of ERISA, or the rules thereunder. Except as otherwise specifically provided herein, a
Participant’s Beneficiary may exercise the Participant’s rights only to the extent they were
exercisable hereunder at the date of the Participant’s death and are otherwise currently
exercisable.

e. Taxes. If the Committee deems it necessary or desirable, Wilmington Trust shall be
entitled to withhold (or secure payment from a Participant in lieu of withholding) the amount of
any withholding or other tax required by law to be withheld or that Wilmington Trust pays (1) with
respect to any amount payable and/or shares issuable under that Participant’s Award, (2) with
respect to any income recognized upon the lapse of restrictions applicable to an Award, or (3) upon
a disqualifying disposition of shares received upon the exercise of any Incentive Stock Option.
Wilmington Trust may defer payment or issuance of the cash or shares upon the grant, exercise, or
vesting of an Award unless indemnified to its satisfaction against any liability for that tax. The
Committee or its delegate shall determine the amount of that withholding or tax payment. The
Participant shall make that payment at the time the Committee determines. In each Award Agreement,
the Committee shall prescribe one or more methods by which the Participant may satisfy his or her
tax withholding obligation. This may include the Participant’s paying Wilmington Trust cash or
shares of Wilmington Trust Stock or Wilmington Trust’s withholding from the Award, at the
appropriate time, a number of shares sufficient to satisfy those tax withholding requirements,
based on the Market Value Per Share of those shares. In its sole and absolute discretion, the
Committee may establish rules and procedures relating to any withholding methods it deems necessary
or appropriate. These may include rules and procedures relating to elections by Participants who
are subject to Section 16 of the Exchange Act to have shares withheld from an Award to meet those
withholding obligations.

f. Awards Not Includable for Benefit Purposes. Income a Participant recognizes pursuant to
the provisions hereof shall not be included in determining benefits under any employee pension
benefit plan, as that term is defined in Section 3(2) of ERISA, group insurance, or other benefit
plan applicable to the Participant that the Participant’s employer maintains, except if those plans
or the Committee provide otherwise.

7

 

g. Compliance with Rule 16b-3 and Section 162(m).

(1) If the Compensation Committee desires to structure any Award so that the compensation payable
thereunder will qualify as “performance based” under Section 162(m), the Compensation Committee may
establish objective performance goals as the basis for that Award. Those performance goals will be
based on any combination the Compensation Committee selects of income, net income, growth in income
or net income, earnings per share, growth in earnings per share, cash flow measures, return on
equity, return on assets, return on investment, loan loss reserves, market share, fees, growth in
fees, assets, growth in assets, stockholder return, stock price, achievement of balance sheet or
income statement objectives, expenses, reduction in expenses, chargeoffs, nonperforming assets,
market share, and overhead ratio. Those goals may be company-wide or on a departmental,
divisional, regional, or individual basis. Any goal may be measured in absolute terms, by
reference to internal performance targets, or as compared to another company or companies, and may
be measured by the change in that performance target compared to a previous period. The goals may
be different each year, and will be established with respect to a particular year by the latest
date permitted by Section 162(m). No payment under such an Award will be made under the plan to a
Section 162(m) Participant unless the pre-established performance goals are met or exceeded.

(2) It is intended that the Plan be applied and administered in compliance with Rule 16b-3 and
Section 162(m). If any provision of the Plan would be in violation of Section 162(m) if applied as
written, that provision shall not have effect as written and shall be given effect so as to comply
with Section 162(m) as the Compensation Committee determines in its sole and absolute discretion.
Wilmington Trust’s Board of Directors is authorized to amend the Plan, and the Compensation
Committee is authorized to make any such modifications to Award Agreements, to comply with Rule
16b-3 and Section 162(m), as they may be amended from time to time, and to make any other
amendments or modifications deemed necessary or appropriate to better accomplish the purposes of
the Plan in light of any amendments to Rule 16b-3 or Section 162(m). Notwithstanding the
foregoing, Wilmington Trust’s Board of Directors may amend the Plan so that it (or certain of its
provisions) no longer comply with either or both of Rule 16b-3 or Section 162(m) if the Board
concludes that compliance is no longer desired. The Compensation Committee may grant Awards that
do not comply with Rule 16b-3 and/or Section 162(m) if it determines, in its sole and absolute
discretion, that it is in Wilmington Trust’s interest to do so.

h. Amendment and Termination.

(1) Wilmington Trust’s Board of Directors shall have complete power and authority to amend the Plan
at any time it deems it necessary or appropriate. However, those directors shall not, without the
affirmative approval of Wilmington Trust’s shareholders, make any amendment that requires
shareholder approval under Rule 16b-3, the Code, or any other applicable law or rule of any
exchange on which Wilmington Trust’s shares are listed unless the directors determine that
compliance with Rule 16b-3, the Code, or those laws or rules is no longer desired. No termination
or amendment hereof may, without the consent of the Participant to whom any Award has been granted,
adversely affect the right of that individual under that Award. However, the Committee may make
provision in the Award Agreement for amendments it deems appropriate in its sole and absolute
discretion.

(2) Wilmington Trust’s Board of Directors may terminate the Plan at any time. No Award shall be
granted hereunder after that termination. However, that termination shall not have any other
effect. Any Award outstanding at the termination hereof may be exercised or amended after that
termination at any time before the expiration of that Award to the same extent that that Award
would have been exercisable or could have been amended if the Plan had not terminated.

8

 

i. Changes in Wilmington Trust’s Capital Structure. The existence of outstanding Awards
shall not affect the right of Wilmington Trust or its shareholders to make or authorize any and all
adjustments, recapitalizations, reclassifications, reorganizations, and other changes in Wilmington
Trust’s capital structure, Wilmington Trust’s business, any merger or consolidation of Wilmington
Trust, any issue of bonds, debentures, or preferred stock, Wilmington Trust’s liquidation or
dissolution, any sale or transfer of all or any part of Wilmington Trust’s assets or business, or
any other corporate act or proceeding, whether of a similar nature or otherwise.

The number and kind of shares subject to outstanding Awards, the purchase or exercise price of
those Awards, the number and kind of shares available for Awards subsequently granted, and the
limitation in Section 9(b) hereof shall be adjusted appropriately to reflect any stock dividend,
stock split, combination or exchange of shares, merger, consolidation, or other change in
capitalization with a similar substantive effect on the Plan or Awards granted hereunder. The
Committee shall have the power and sole and absolute discretion to determine the nature and amount
of the adjustment to be made in each case. However, in no event shall any adjustment be made under
the provisions of this Section 9(i) to any outstanding Award if an adjustment has been made or will
be made to the shares of Wilmington Trust Stock awarded to a Participant in that person’s capacity
as a shareholder.

If Wilmington Trust is merged or consolidated with another entity and Wilmington Trust is not the
surviving entity, or if Wilmington Trust is liquidated or sells or otherwise disposes of all or
substantially all of its assets to another entity while unexercised Awards remain outstanding, then
(1) subject to the provisions of Section 9(i)(2) below, after the effective date of that merger,
consolidation, liquidation, or sale, each holder of an outstanding Award shall be entitled to
receive, upon exercise of that Award in lieu of shares, other stock or securities as the holders of
shares of Wilmington Trust Stock received in the merger, consolidation, liquidation, or sale; and
(2) the Committee may cancel all outstanding Awards as of the effective date of that merger,
consolidation, liquidation, or sale, provided that (x) notice of that cancellation has been given
to each holder of an Award and (y) in addition to any rights he or she may have under Section 9(a)
above, each holder of an Award shall have the right to exercise that Award in full, without regard
to any limitations set forth in or imposed pursuant to Section 5, 6, or 7 above, during a 30-day
period preceding the effective date of the merger, consolidation, liquidation, or sale. The
exercise and/or vesting of any Award that was permissible solely because of this Section 9(i)(2)(y)
shall be conditioned on consummation of the merger, consolidation, liquidation, or sale. Any
Awards not exercised as of the date of the merger, consolidation, liquidation, or sale shall
terminate as of that date.

If Wilmington Trust is consolidated or merged with another entity under circumstances in which
Wilmington Trust is the surviving entity, and its outstanding shares are converted into shares of a
third entity, a condition to the merger or consolidation shall be that the third entity succeed to
Wilmington Trust’s rights and obligations hereunder, and that the Plan be administered by a
committee of the Board of that entity.

Comparable rights shall accrue to each Participant in the event of successive reorganizations,
mergers, consolidations, or other transactions similar to those described above.

Except as expressly provided herein, Wilmington Trust’s issuance of shares or any other securities
for cash, property, labor, or services, either upon direct sale, the exercise of rights or warrants
to subscribe therefor, or conversion of shares or obligations of Wilmington Trust convertible into
shares or other securities shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number, class, or price of shares then subject to Awards outstanding.

9

 

After any reorganization, merger, or consolidation in which Wilmington Trust or one of its
subsidiaries or affiliates is a surviving entity, the Committee may grant substituted Awards
replacing old options or other awards granted under a plan of another party to the reorganization,
merger, or consolidation whose stock subject to the old options or awards may no longer be issued
following that reorganization, merger, or consolidation. The Committee shall determine the
foregoing adjustments and the manner in which the foregoing provisions are applied in its sole and
absolute discretion. Any of those adjustments may provide for eliminating any fractional shares of
Wilmington Trust Stock that might otherwise become subject to any Options or other Awards.

Notwithstanding the foregoing, Award Agreements with respect to Awards that constitute deferred
compensation (within the meaning of Section 409A of the Code) may contain provisions contrary to
the foregoing provisions of this Section 9(i) to the extent necessary for those Award Agreements to
comply with the requirements of Section 409A of the Code.

j. Period of Approval and Term of Plan.

The Plan shall be submitted to Wilmington Trust’s shareholders at their annual meeting scheduled to
be held on April 21, 2005 or any adjournment or postponement thereof. The Plan shall be adopted
and become effective only when approved by Wilmington Trust’s shareholders. Awards may be granted
hereunder at any time up to and including April 30, 2008, at which time the Plan will terminate,
except with respect to Awards then outstanding. Those shall remain in effect until their exercise,
expiration, or termination in accordance herewith.

k.  Compliance with Law and Approval of Regulatory Bodies. No Award shall be exercisable,
and no shares shall be delivered hereunder, except in compliance with all applicable federal and
state laws and regulations, the rules of the New York Stock Exchange, and all other stock exchanges
on which Wilmington Trust Stock is listed. Any certificate evidencing shares issued hereunder may
bear legends the Committee deems advisable to ensure compliance with federal and state laws and
regulations. No Award shall be exercisable, and no shares shall be delivered hereunder, until
Wilmington Trust has obtained consent or approval from federal and state regulatory bodies that
have jurisdiction over matters as the Committee deems advisable.

If a Participant’s Beneficiary exercises an Award, the Committee may require reasonable evidence
regarding the ownership of the Award and consents, rulings, or determinations from taxing
authorities the Committee deems advisable.

l. No Right of Employment. Neither the adoption of the Plan nor its operation, nor any
document describing or referring to the Plan or any part hereof, shall confer upon any Participant
any right to continue in the employ of the Participant’s employer, nor in any other way affect the
employer’s right or power to terminate the Participant’s employment at any time, to the same extent
as might have been done if the Plan had not been adopted.

m. Use of Proceeds. Funds Wilmington Trust receives on the exercise of Awards shall be
used for its general corporate purposes.

n. Severability. Whenever possible, each provision hereof and of every Award granted
hereunder shall be interpreted in a manner as to be effective and valid under applicable law. If
any provision hereof or of any Award granted hereunder is held to be prohibited by or invalid under
applicable law, then (1) that provision shall be deemed amended to accomplish the provision’s
objectives as originally written to the fullest extent permitted by law and (2) all other
provisions hereof and of every other Award granted hereunder shall remain in full force and effect.

o. Construction of the Plan. The place of administration of the Plan shall be in Delaware,
and the validity, construction, interpretation,

10

 

administration, and effect hereof, its rules and regulations, and rights relating hereto shall
be determined solely in accordance with Delaware law, other than the conflict of law provisions of
those laws, and except as that law is superseded by federal law.

p. Interpretation of the Plan. Headings are given to the sections hereof solely as a
convenience for reference. Those headings and the numbering and paragraphing hereof shall not be
deemed in any way material or relevant to the construction of any provision hereof. The use of a
singular shall also include within its meaning the plural, and vice versa, where appropriate.

q. No Strict Construction. No rule of strict construction shall be implied against
Wilmington Trust, the Committee, or any other person interpreting any term of the Plan, any Award
granted under the Plan, or any rule or procedure the Committee establishes.

r. Costs and Expenses. Wilmington Trust shall bear all costs and expenses incurred in
administering the Plan.

s. Unfunded Plan. The Plan shall be unfunded. Wilmington Trust shall not be
required to establish any special or separate fund or otherwise segregate assets to assure payment
of any Award.

t. Surrender of Awards. Any Award granted to a Participant may be surrendered to
Wilmington Trust for cancellation on terms the Committee and the Participant approve.

10. Definitions. For purposes of the Plan, capitalized terms not otherwise defined herein
have the following meanings:

a. “Annual Retainer” means the payment(s) the Board of Directors of each company the Compensation
Committee designates to participate in Section 8 determines from time to time to be the annual
retainer payable each year to each non-employee director thereof.

b. “Award” means (1) any grant to a Participant of any one or a combination of Incentive Stock
Options, Nonstatutory Stock Options, Performance Awards, or Other Awards or (2) shares of
Wilmington Trust Stock received with respect to an Annual Retainer pursuant to Section 8.

c. “Award Agreement” means a written agreement between Wilmington Trust and a Participant or a
written acknowledgement from Wilmington Trust specifically setting forth the terms and conditions
of an Award granted to a Participant under the Plan.

d. “Award Period” means, with respect to an Award, the period of time, if any, set forth in the
Award Agreement during which specified performance goals must be achieved or other conditions set
forth in the Award Agreement must be satisfied.

e. “Beneficiary” means an individual, trust, or estate who or that, by will or the laws of descent
and distribution, succeeds to a Participant’s rights and obligations under the Plan and an Award
Agreement upon the Participant’s death.

f. “Cause” means, with respect to a Participant who is a staff member of Wilmington Trust or one of
its subsidiaries or affiliates or who is a consultant, termination for, as the Committee determines
in its sole and absolute discretion, the Participant’s personal dishonesty, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule, or regulation (other than traffic violations or similar
offenses), or a final cease-and-desist order.

g. “Change in Control” means any of the events described below, directly or indirectly or in one or
more series of transactions. However, the Committee may, in its sole and absolute discretion,
specify in any Award Agreement a more restrictive definition of Change in Control. In that event,
the definition of Change in Control set forth in that Award Agreement shall apply to the Award
granted thereunder:

11

 

(1) Approval by Wilmington Trust Company’s (“WTC’s”) or Wilmington Trust’s shareholders of a
consolidation or merger of WTC or Wilmington Trust with any Third Party, unless WTC or Wilmington
Trust is the entity surviving that merger or consolidation;

(2) Approval by WTC’s or Wilmington Trust’s shareholders of a transfer of all or substantially all
of the assets of WTC or Wilmington Trust to a Third Party or of a complete liquidation or
dissolution of WTC or Wilmington Trust;

(3) Any person, entity, or group that is a Third Party, without prior approval of WTC’s or
Wilmington Trust’s Board of Directors, by itself or through one or more persons or entities:

(a) Acquires beneficial ownership of 15% or more of any class of WTC’s or Wilmington Trust’s Voting
Stock;

(b) Acquires irrevocable proxies representing 15% or more of any class of WTC’s or Wilmington
Trust’s Voting Stock;

(c) Acquires any combination of beneficial ownership of Voting Stock and irrevocable
proxies representing 15% or more of any class of WTC’s or Wilmington Trust’s Voting Stock;

(d) Acquires the ability to control in any manner the election of a majority of WTC’s or Wilmington
Trust’s directors; or

(e) Acquires the ability to directly or indirectly exercise a controlling influence over the
management or policies of WTC or Wilmington Trust;

(4) Any election occurs of persons to Wilmington Trust’s Board of Directors that causes a majority
of that Board of Directors to consist of persons other than (a) persons who were members of that
Board of Directors on February 29, 1996 (the “Effective Date”) and/or (b) persons who were
nominated for election as members of that Board of Directors by Wilmington Trust’s Board of
Directors (or a committee thereof) at a time when the majority of that Board of Directors (or that
committee) consisted of persons who were members of Wilmington Trust’s Board of Directors on the
Effective Date. However, any person nominated for election by Wilmington Trust’s Board of
Directors (or a committee thereof), a majority of whom are persons described in clauses (a) and/or
(b), or are persons who were themselves nominated by that Board of Directors (or a committee
thereof), shall be deemed for this purpose to have been nominated by a Board of Directors composed
of persons described in clause (a) above.

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

h. “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
thereto. References to a section of the Code shall include that section and any comparable section
or sections of any future legislation that amends, supplements, or supersedes that section.

12

 

i. “Date of Grant” means the date designated by the Plan or the Committee as the date as of which
an Award is granted. The Date of Grant shall not be earlier than the date on which the Committee
approves the granting of the Award.

j. “Disability” means any physical or mental injury or disease of a permanent nature that renders a
Participant incapable of meeting the requirements of the employment or other work the Participant
performed immediately before that disability commenced. The Committee shall make the determination
of whether a Participant is disabled and when the Participant becomes disabled in its sole and
absolute discretion.

k. “Disability Date” means the date which is six months after the date on which a Participant is
first absent from active employment or work due to a Disability.

l. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

m. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

n. “Market Value Per Share” of a share of Wilmington Trust Stock means, as of any date, the last
sale price of a share of Wilmington Trust Stock on that date on the principal national securities
exchange on which Wilmington Trust Stock is then traded. If Wilmington Trust Stock is not then
traded on a national securities exchange, “Market Value Per Share” shall mean the last sale price
or, if none, the average of the bid and asked prices of Wilmington Trust Stock on that date as
reported on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”).
However, if there were no sales reported as of that date, the Market Value Per Share shall be
computed as of the last date preceding that date on which a sale was reported. If any such
exchange or quotation system is closed on any day on which the Market Value Per Share is to be
determined, the Market Value Per Share shall be determined as of the first date immediately
preceding that date on which that exchange or quotation system was open for trading.

o. “Normal Retirement Date” means the date on which a Participant terminates active employment with
the employer he or she was employed with when he or she was last granted Awards on or after
attaining age 65, but does not include termination for Cause.

p. “Option” means any option to purchase Wilmington Trust stock the Committee grants to a
Participant under Section 5.

q. “Other Retirement Date” means a date, on or after a Participant attains age 55 but earlier
than the Participant’s Normal Retirement Date, that the Committee in its sole and absolute
discretion specifically approves and designates in writing to be the date upon which a
Participant retires for purposes hereof, but does not include termination for Cause.

r. “Participant” means any staff member, director (including, without limitation, a director who
receives some or all of an Annual Retainer in shares of Wilmington Trust Stock), or advisory board
member of or consultant to Wilmington Trust or any of its subsidiaries or affiliates whom the
Committee selects to receive Options, Performance Awards, or Other Awards.

s. “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under Section 16 of the Exchange Act and
any successor rule.

t. “SEC” means the Securities and Exchange Commission.

u. “Section 162(m)” means Section 162(m) of the Code and its regulations.

v. “Section 162(m) Participant” means a Participant a portion of whose
compensation would be subject to Section 162(m) and that Wilmington Trust desires to deduct.

w. “Stock Unit” means a unit of value, equal at any relevant time to the Fair Market Value of a
share of Wilmington Trust Stock, established by the Committee as a means of measuring the value of
a director’s Stock Unit Account.

13

 

x. “Stock Unit Account” means the bookkeeping account maintained by the Committee or its delegate
on behalf of each Particiapant who is credited with Stock Units and divided equivalents thereon
pursuant to Section 8(b).

y. “Subsidiary” means a company more than 50% of the equity interests of which Wilmington Trust
beneficially owns, directly or indirectly.

z. “Termination of Employment” means, with respect to a staff member Participant, the voluntary or
involuntary termination of the Participant’s employment with Wilmington Trust or any of its
subsidiaries or affiliates for any reason (including, without limitation, death, Disability,
retirement, or as the result of the sale or other divestiture of the Participant’s employer or any
similar transaction in which the Participant’s employer ceases to be Wilmington Trust or one of its
subsidiaries or affiliates). With respect to a consultant, Termination of Employment means
termination of the Participant’s services as a consultant to Wilmington Trust or one of its
subsidiaries or affiliates.

aa. “Third Party” includes a person or entity or a group of persons or entities acting in concert
not wholly-owned by Wilmington Trust or WTC, directly or indirectly.

bb. “Voting Stock” means the classes of stock of Wilmington Trust or WTC entitled to vote generally
in the election of directors of Wilmington Trust or WTC, as the case may be.

cc. “Wilmington Trust Stock” means Wilmington Trust’s common stock, par value $1 per share.

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]