Document:

exhibit102.htm

    Exhibit
10.2

    DOMINION
RESOURCES, INC.

    RESTRICTED
STOCK AWARD AGREEMENT

    

    

      
        	
                 

                PARTICIPANT

                 

                «First_Name»
      «Last_Name»

                 

              	
                 

                      DATE OF
      GRANT

                 

                      February 1,
      2010

              	
                 

                NUMBER
      OF RESTRICTED SHARES GRANTED

                 

                «Restricted_Stock_Award_Granted»

              
	
                 

                PERSONNEL
      NUMBER

                 

                «Personnel_»

                 

              	
                 

                VESTING
      DATE

                 

                February
      1, 2013

              	
                      

                       VESTING
      SCHEDULE

                          Vesting
      Date             Percentage

                        February
      1,
      2013                         
      100%

              

      

THIS
AGREEMENT, effective as of the Date of Grant shown above, between Dominion
Resources, Inc., a Virginia Corporation (the "Company") and the Participant
named above is made pursuant and subject to the provisions of the Dominion
Resources, Inc. 2005 Incentive Compensation Plan and any amendments thereto (the
"Plan").  All terms used in this Agreement that are defined in the
Plan have the same meaning given to such terms in the Plan.

    

    
      	
               
      

            	
              1.

            	
              Award of
      Stock.  Pursuant to the Plan, the Number of Restricted
      Shares Granted   of Company Stock shown above (the
      “Restricted Stock”) were awarded to the Participant on the Date of Grant
      shown above, subject to the terms and conditions of the Plan, and subject
      further to the terms and conditions set forth in this
      Agreement.

            

    

    

    
      	
               
      

            	
              2.

            	
              Vesting.  Except
      as provided in Paragraphs 3, 4, 5 or 6, one hundred percent (100%) of the
      shares of Restricted Stock awarded under this Agreement will vest on the
      Vesting Date shown above.

            

    

    

    
      	
               
      

            	
              3.

            	
              Forfeiture.  Except
      as provided in Paragraphs 4 or 5, the Participant will forfeit any and all
      rights in the Restricted Stock if the Participant’s employment with the
      Company or a Dominion Company terminates for any reason prior to the
      Vesting Date.

            

    

    

    
      	
               
      

            	
              4.

            	
              Death, Disability,
      Retirement or Involuntary Termination without Cause.  If
      the Participant dies, becomes Disabled, or Retires (as such term is
      defined in Paragraph 7(e)) before the Vesting Date or if the Participant’s
      employment is involuntarily terminated by the Company or a Dominion
      Company without Cause (as defined in the Employment Continuity Agreement
      between the Participant and the Company) before the Vesting Date, the
      Participant will become vested in the number of shares of Restricted Stock
      awarded under this Agreement multiplied by a fraction, the numerator of
      which is the number of months from the Date of Grant to the first day of
      the month coinciding with or immediately following the date of the
      Participant’s termination of employment, and the denominator of which is
      the number of months from the Date of Grant to the Vesting
      Date.  If the Participant Retires, however, the Participant’s
      Restricted Stock will not vest if the Company’s Chief Executive Officer
      determines, in his sole discretion, that the Participant’s Retirement is
      detrimental to the Company.  The vesting will occur on the first
      day of the calendar month coinciding with or immediately following the
      date of the Participant’s termination of employment due to death,
      Disability, Retirement, or termination by the Company without
      Cause.  Any shares of Restricted Stock that do not vest in
      accordance with this Paragraph 4 will be
  forfeited.

            

    

    

    
      	
               
      

            	
              5.

            	
              Change of
      Control.  Upon a Change of Control prior to the Vesting
      Date, the Participant’s rights in the Restricted Stock will become vested
      as follows:

            

    

    

    
      	
               
      

            	
              a.

            	
              A
      portion of the Restricted Stock will be immediately vested equal to the
      number of shares of Restricted Stock awarded under this Agreement
      multiplied by a fraction, the numerator of which is the number of months
      from the Date of Grant to the Change of Control date, and the denominator
      of which is the number of months from the Date of Grant to the Vesting
      Date.

            

    

    

    
      	
               
      

            	
              b.

            	
              Unless
      previously forfeited, the remaining shares of Restricted Stock will become
      vested after a Change of Control at the earliest of the following events
      and in accordance with the terms described in subparagraphs (i) through
      (iii) below:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Vesting
      Date.  All remaining shares of Restricted Stock will
      become vested on the Vesting Date.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Death, Disability or
      Retirement.  If the Participant dies, becomes Disabled or
      Retires (as defined in Paragraph 7(e)), the Participant will become vested
      in the remaining shares of Restricted Stock multiplied by a fraction, the
      numerator of which is the number of  months from the Change of
      Control date to the first day of the calendar month coinciding with or
      immediately following the Participant’s termination of employment, and the
      denominator of which is the number of months from the Change of Control
      date to the Vesting Date. If the Participant Retires, however, the
      Participant’s Restricted Stock will not vest if the Company’s Chief
      Executive Officer, in his sole discretion, determines that the
      Participant’s Retirement is detrimental to the Company.  The
      vesting will occur on the first day of the calendar month coinciding with
      or immediately following the Participant’s termination of employment due
      to death, Disability, or Retirement. Any shares of the Restricted Stock
      that do not vest in accordance with the terms of this subparagraph (ii)
      will be forfeited.

            

    

    

    
      	
               
      

            	
              (iii)

            	
              Involuntary
      Termination without Cause.  All remaining shares of
      Restricted Stock will become vested upon the Participant’s involuntary
      termination by the Company without Cause, including Constructive
      Termination, as such terms are defined by the Employment Continuity
      Agreement between the Participant and the
  Company.

            

    

    

    
      	
               
      

            	
              6.

            	
              Termination for
      Cause.  Notwithstanding any provision of this Agreement
      to the contrary, if the Participant’s employment with the Company is
      terminated for Cause (as defined by the Employment Continuity Agreement
      between the Participant and the Company), the Participant will forfeit all
      Restricted Stock shares awarded pursuant to this
  Agreement.

            

    

    

    
      	
               
      

            	
              7.

            	
              Terms and
      Conditions.

            

    

    

    
      	
               
      

            	
              a.

            	
              Nontransferability.  Except
      as provided in Paragraphs 4 and 5, the Restricted Stock shares are not
      transferable and are subject to a substantial risk of forfeiture until the
      Vesting Date.

            

    

    

    
      	
               
      

            	
              b.

            	
              Stock
      Power.  As a condition of accepting this award, the
      Participant hereby assigns and transfers the shares of Restricted Stock
      granted pursuant to this Agreement to Dominion Resources, Inc., and hereby
      appoints Dominion Resources Services, Inc. as attorney to transfer such
      shares on its books.

            

    

    

    
      	
               
      

            	
              c.

            	
              Custody of
      Shares.  The Company will retain custody of the shares of
      Restricted Stock.

            

    

    

    
      	
               
      

            	
              d.

            	
              Shareholder
      Rights.  The Participant will have the right to receive
      dividends and will have the right to vote the shares of Restricted Stock
      awarded under Paragraph 1, both vested and
  unvested.

            

    

    

    
      	
               
      

            	
              e.

            	
              Retirement.  For
      purposes of this Agreement, the term Retire or Retirement means a
      voluntary termination when the Participant is eligible for early or normal
      retirement benefits under the terms of the Dominion Pension Plan, or would
      be eligible if any crediting of deemed additional years of age or service
      applicable to the Participant under the Company’s Benefit Restoration Plan
      or New Benefit Restoration Plan was applied under the Pension Plan, as in
      effect at the time of the determination, unless the Company’s Chief
      Executive Officer determines, in his sole discretion, that the
      Participant’s retirement is detrimental to the
  Company.

            

    

    

    
      	
               
      

            	
              f.

            	
              Delivery of
      Shares.

            

    

    

    
      	
               
      

            	
              (i)

            	
              Share
      Delivery.  As soon as administratively feasible after the
      Vesting Date or after Restricted Shares have become vested due to the
      occurrence of an event described in Paragraph 4 or 5, the Company will
      deliver to the Participant (or in the event of the Participant’s death,
      the Participant’s Beneficiary) the appropriate number of shares of Company
      Stock.  The Company will also cancel the stock power covering
      such shares.  If the Participant has not designated a
      Beneficiary, the Participant’s spouse, if any, and if none the
      Participant’s estate shall be the
Beneficiary.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Withholding of
      Taxes.  No Company Stock will be delivered until the
      Participant (or the Participant’s Beneficiary) has paid to the Company the
      amount that must be withheld under federal, state and local income and
      employment tax laws (the "Applicable Withholding Taxes") or the
      Participant and the Company have made satisfactory arrangements for the
      payment of such taxes.  Unless the Participant makes an
      alternative election, the Company will retain the number of shares of
      Restricted Stock (valued at their Fair Market Value) required to satisfy
      the Applicable Withholding Taxes.  As an alternative to the
      Company retaining shares, the Participant or the Participant’s Beneficiary
      may elect to (i) deliver Mature Shares (valued at their Fair Market Value)
      or (ii) make a cash payment to satisfy Applicable Withholding
      Taxes.  Fair Market Value will be determined based on the
      closing price of Company Stock on the business day immediately preceding
      the date the Restricted Stock shares become
  vested.

            

    

    

    
      	
               
      

            	
              g.

            	
              Fractional
      Shares.  Fractional shares of Company Stock will not be
      issued.

            

    

    

    
      	
               
      

            	
              h.

            	
              No Right to Continued
      Employment.  This Restricted Stock Award does not confer
      upon the Participant any right with respect to continuance of employment
      by the Company or a Dominion Company, nor shall it interfere in any way
      with the right of the Company or a Dominion Company to terminate the
      Participant's employment at any
time.

            

    

    

    
      	
               
      

            	
              i.

            	
              Change in Capital
      Structure.  The number and fair market value of shares of
      Restricted Stock awarded by this Agreement shall be automatically adjusted
      as provided in Section 15 of the Plan if the Company has a change in
      capital structure.

            

    

    

    
      	
               
      

            	
              j.

            	
              Governing
      Law.  This Agreement shall be governed by the laws of the
      Commonwealth of Virginia, other than its choice of law
      provisions.

            

    

    

    
      	
               
      

            	
              k.

            	
              Conflicts.  In
      the event of any conflict between the provisions of the Plan and the
      provisions of this Agreement, the provisions of the Plan shall
      govern.  All references in this Agreement to the Plan shall mean
      the plan as in effect on the Date of
Grant.

            

    

    

    
      	
               
      

            	
              l.

            	
              Participant Bound by
      Plan.  By accepting this Agreement, Participant hereby
      acknowledges receipt of a copy of the Prospectus and Plan document
      accessible on the Company Intranet and agrees to be bound by all the terms
      and provisions thereof.

            

    

    

    
      	
               
      

            	
              m.

            	
              Binding
      Effect.  This Agreement shall be binding upon and inure
      to the benefit of the legatees, distributees, and personal representatives
      of the Participant and any successors of the
  Company.exhibit10.htm

 

 

Exhibit 10.1

 

2010 WEALTH MANAGEMENT

BUSINESS BUILDING INCENTIVE PLAN

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

	 
	 

INCENTIVE STRUCTURE

There is a target payment of $180,000, with range of 0% to 150% based upon actual performance.

Performance will be measured in terms of achieving targeted levels of pre-tax earnings, revenues, and net new assets under management, with each metric having equal weighting.  Net new assets under management will be inclusive of all cash flows including, but not limited to, new business, solicited additions/upgrades,
lost business, contributions, and distributions.  This will be measured by taking the change in net assets under management, less market appreciation/depreciation and investment income.  Pre-tax earnings results will be net of any payment under this or any other incentive plan.

Performance goals will be mutually agreed upon, and will likely represent at least 10% growth in pre-tax earnings and revenues over the prior year, and the net new assets under management needed to support that level of growth.  Goals should be achieved through organic growth in the existing product lines,
excluding any revenue or asset growth through acquisitions or mergers.  Goals and/or results may be adjusted to reflect extraordinary events, including, but not limited to, acquisitions or mergers.

Performance will be assessed based upon the combined performance of the Wealth Management product lines including Washington Trust Investors, 1800 Asset Management, Weston Financial, and Client Services.

The plan payment is determined by assessing achievement of each metric individually against the performance grid below, and averaging the results.  The target payment of $180,000 is multiplied by this average to determine final payment under the plan.

	
Performance vs. Plan
	
Payout as a % of Target

	
< 70%
	
0%

	
70% to 77.4%
	
25%

	
77.5% to 82.4%
	
50.0%

	
82.5% to 87.4%
	
62.5%

	
87.5% to 92.4%
	
75.0%

	
92.5% to 97.4%
	
87.5%

	
97.5% to 102.4%
	
100.0%

	
102.5% to 107.4%
	
112.5%

	
107.5% to 112.4%
	
125.0%

	
112.5% to 117.4%
	
137.5%

	
117.5% +
	
150%

  

  

  

 

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

PRINCIPAL PROVISIONS

 

	 
	 

Term of the Program

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

	 
	 

Eligible Participants

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

	 
	 

Administration

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

Plan payments will be determined by the Compensation and Human Resources Committee.  Regardless of the actual award levels determined by the plan parameters, the Bank reserves the right to modify any award. The decisions of the Compensation and Human Resources Committee will be considered final, binding,
and conclusive on all parties.

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

	 
	 

Individual Performance and Incentive Payments

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

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

	 
	 

Payment

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

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

	 
	 

Claims To Awards And Employment Rights

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

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