WILMINGTON TRUST CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
AMENDED AND RESTATED
AS OF
October 16, 2008
WILMINGTON TRUST CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
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Article I Purpose and Effective
Date
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1
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1
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1
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2.02 “Average Monthly
Compensation”
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1
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1
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1
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1
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1
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2
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2
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2
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2
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2
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2
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2
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2.14 “Postponed
Retirement”
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2
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2.15 “Social Security Taxable Wage
Base”
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3
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3
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2.17 “Year of
Paticipation”
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3
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Article III Eligibility for and Forfeiture
of Plan Participation
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3
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3.01. Commencement of Participation
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3
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3.02. Termination for Cause
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3
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3.03. Competition with Company
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4
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4
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4
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Article IV Types of Retirement and
Elections
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5
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6
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6
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4.03. Postponed Retirement
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6
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4.04. Notice of Early Normal or Postponed
Retirement
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6
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4.05. Commencement of Benefits in Pension
Plan
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6
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Article V Form of Benefits
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6
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5.01. Form of Retirement Benefits
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6
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7
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5.03 No Death or Disability Benefits
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7
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Article VI Computation and Payment of
Retirement Benefits
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7
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6.01. Monthly Retirement Benefit
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7
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7
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6.03 Early Retirement Reduction
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7
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7
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7.01 Vesting Over 15 Years of
Participation
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7
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7.02 Vesting At 55 Years of Age and 10 Years of
Participation
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8
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Article VIII Plan
Administration
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8
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8.01. Appointment of Administrator
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8
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8.02. Authority of Administrator
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8
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8.03. Expenses of Administrator
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8
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8.04. Payment of Benefits
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8
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8.05. Sufficiency of Assets in Trust
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8
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8.06. Contributions to Trust/Investment of Trust
Assets
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8
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8
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8
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9.01. Company Contributions
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8
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Article X Maintenance of
Accounts
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8
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9
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10.02. No Interest in Assets
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9
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Article XI Amendment and Termination of
the Plan
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9
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11.01. Board Amendment or Termination
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9
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Article XII Claims
Procedure
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9
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9
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10
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Article XIII Miscellaneous
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10
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10
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13.02. No Right to Continue
Employment
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10
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10
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10
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13.05. Administrative Discretion
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10
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iii
WILMINGTON TRUST CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Article I
Purpose and Effective Date
The
Wilmington Trust Corporation Supplemental Executive Retirement Plan
is the former Wilmington Trust Company Supplemental Executive
Retirement Plan as amended and adopted by Wilmington Trust
Corporation. The purpose of this Plan is to provide supplemental
retirement benefits to certain senior management officers of the
Company selected for membership by the Company’s Board of
Directors. Benefits provided by this Plan are intended to
supplement benefits provided by the Wilmington Trust Pension Plan.
This Plan is intended to be an Excess Benefit Plan as defined in
Section 3(36) of the Employee Retirement Income Security Act
of 1974 to the extent that it provides benefits for selected
employees in excess of the limitations on contributions and
benefits imposed by section 415 of the Internal Revenue Code of
1986 on plans to which that section applies. To the extent that the
Plan is not a Excess Benefit Plan this Plan is an unfunded deferred
compensation plan for a select group of management or
highly-compensated employees of Company within the meaning of
Sections 201(2), 301(a) and 401(a) of the Employee Retirement
Income Security Act of 1974 (“ERISA”) This Plan and its
attendant Trust were effective January 1, 1989 and the Plan
was amended from time to time; most recently, effective
February 13, 2008.
The
terms used in this Plan shall have the same meaning as ascribed to
them in the Pension Plan unless they are specifically defined
differently below.
2.01
“Administrator” — means the group or individual
appointed by the Company pursuant to Section 8.01.
2.02
“Average Monthly Compensation” — means a
Participant’s Compensation determined under Section 2.06
below for the final sixty (60) months of the
Participant’s employment with the Company divided by sixty
(60).
2.03
“Board” — means the Board of Directors of
Wilmington Trust Corporation and any designated committee thereof
to which it delegates its authority and discretion
hereunder.
2.04
“Code” — means the Internal Revenue Code of 1986
as amended from time to time.
2.05
“Company” — means Wilmington Trust Corporation, a
Delaware Corporation, and any wholly-owned subsidiary of Wilmington
Trust Corporation.
2.06
“Compensation” — means the salary or wages and
bonuses and incentive payments, including but not limited to 100%
of all awards under the Wilmington Trust Company Participant
Incentive Compensation Plan, of a Participant paid by the Company
as reported on Form W-2 or any substitute therefore, increased by
any amounts deferred by the Participant under the Wilmington Trust
Thrift Savings Plan and increased by amounts attributable to
salary
reduction under
the Wilmington Trust Best Plan to the extent such amount is not
included in taxable income, and reduced by (i) any imputed
amounts under the Code, and regulations issued pursuant thereto,
and (ii) amounts attributable to moving and travel expenses,
and tuition payments.
Compensation shall
also include the value of all restricted common stock of the
Company (“Restricted Stock”) that is granted to the
Participant, whether or not the Participant recognizes any taxable
income from the grant of Restricted Stock in the year of the grant
and regardless of whether the Participant is vested in such
Restricted Stock. The value of the Restricted Stock for purposes of
this Plan shall be the closing price of the Company’s common
stock on the national exchange on which the Company’s common
stock is traded on the date that such Restricted Stock is granted
to a Participant. The restrictions on the Restricted Stock shall
not be taken into account when determining the value of a
Participant’s Restricted Stock for purposes of this Plan. If
a Participant subsequently forfeits any of the Restricted Stock
granted to him or her, the value of the forfeited Restricted Stock
as of the date of grant shall be deducted from the
Participant’s Compensation in the year in which the
Restricted Stock that is forfeited was granted to the
Participant.
In the year in
which a Participant’s employment terminates, any bonuses or
incentive payments (other than the value of Restricted Stock) paid
to the Participant after the Participant’s employment
terminates shall be attributed to the Participant’s last
month of employment. Vacation time that has been accrued but not
taken shall not be taken into account for either service or
compensation purposes.
2.07 “Early
Retirement” — means the earliest date on which a
Participant is eligible to receive early retirement benefits under
the Pension Plan.
2.08
“Employee” -means any individual employed by the
Company in a senior policy making position.
2.09 “Normal
Retirement” — means the date on which a Participant
attains age 62 and completes at least five years of participation
in the Plan.
2.10
“Participant” — means those Employees selected by
the Board for participation in this Plan.
2.11
“Pension Plan” — means the Wilmington Trust
Pension Plan, as amended from time to time.
2.12
“Plan” — means the Wilmington Trust Corporation
Supplemental Executive Retirement Plan.
2.13 “Plan
Year” — means the period beginning on January 1,
and ending on December 31 of each year.
2.14
“Postponed Retirement” — means the date after a
Participant’s Normal Retirement on which the Participant can
elect to receive retirement benefits from the Pension
Plan.
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2.15 “Social
Security Taxable Wage Base” — means the amount of
Earnings, as determined under the Social Security Act each year,
subject to the Social Security OASDI tax for Old Age, Survivors and
Disability Income benefits.
2.16
“Trust” — means the depository adopted by the
Company to hold the assets used to pay Plan benefits.
2.17 “Year
of Participation” shall mean, for any Participant, each
12 month period during which the Employee is participating in
the Plan measured from the date that the Employee initially becomes
a Participant in the Plan, or if removed from the Plan by the Board
after participating in the Plan, the date that the Employee
re-commences participation in the Plan, and each anniversary
thereafter. If an Employee who is participating in the Plan is
removed from participation in the Plan by the Board for any reason
other than Termination for Cause under Section 3.02(b) and is
then designated by the Board to participate in the Plan once again,
the Board may, at its sole and absolute discretion, count the Years
of Service during the period that the Employee was not a
Participant in the Plan after being removed by the Board from
participation in the Plan and before being designated by the Board
to re-commence participation in the Plan.
Article III
Eligibility for and Forfeiture of Plan
Participation
3.01.
Commencement of Participation . An Employee shall become a
Participant in this Plan if designated for participation by the
Board, in its sole and absolute discretion. The Board shall
document the selection of an Employee as a Participant in the Plan
by a written resolution of the Board. An Employee who has
terminated participation in the Plan pursuant to
Section 3.02(a) of this Plan may, at the sole and absolute
discretion of the Board, be re-designated for participation in the
Plan. If the Board re-designates an Employee for participation in
the Plan, the Board may, pursuant to Section 2.17 of the Plan,
grant to such Employee credit for the Years of Service following
the Employee’s termination of participation and before the
Employee’s re-commencement of participation in the
Plan.
3.02.
Termination for Cause .
(a)
For any Reason . A Participant shall cease to be a
Participant but shall retain any right to benefits the Participant
has earned under the Plan until such participation ends if the
Board, in its sole discretion, determines that the Employee shall
no longer participate in the Plan for any reason other than for
cause as provided in paragraph (b) of this Section 3.02,
including but not limited to if the duties and responsibilities of
the Employee’s position with the Company no longer warrant
the Employee’s participation in the Plan.
(b)
For Cause . A Participant shall cease to be a Participant
and shall forfeit the right to any benefits under this Plan if the
employment of the Participant with the Company is terminated for
cause. For purposes of this Plan, a Participant’s employment
is terminated for cause if the Participant (a) engaged in
gross misconduct, dishonesty, or deliberate and premeditated acts
against the interest of the Company, (b) is convicted of a
felony whether
3
related or
unrelated to employment by the Company, or (c) repeatedly and
substantially failed to perform the Participant’s obligations
and duties of employment after written or oral demands for such
performance are given to the Participant by the Company.
3.03.
Competition with Company . Participation in this Plan shall
also cease and all rights to any benefits under this Plan shall be
forfeited when a Participant, after Early, Normal, or Postponed
Retirement, becomes an employee, officer or a director of a
competitor of the Company without consent of the Board. The Board
in its sole and absolute discretion shall determine if another
entity or person is a “competitor” for the purposes of
this section.
3.04. Board
Discretion . The Board shall have broad, sole and absolute
discretion in making any determination under Sections 2.17,
3.01, 3.02, and 3.03 hereof.
3.05. Change in
Control .
a.
Nonforfeitability Upon Change in Control . Notwithstanding
anything to the contrary contained in this Article III,
Article VII, or any other portion of this Plan, when a Change
in Control (as defined below) occurs, rights to receive benefits
under this Plan for each Employee who is a Participant in the Plan
on the date such change occurs shall become fixed and 100% vested
and shall not be subsequently divested by the Board. All discretion
of the Board regarding the payment of benefits under this Plan
shall be elimina
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