Washington Trust suspends 2024 Annual Performance Plan; adopts new Executive Bonus Plan

WASHINGTON TRUST BANCORP INC

Committee suspended Annual Performance Plan for 2024; adopted 2024 Executive Bonus Plan for EVPs and above.
Bonus pool funded by net income; maximum payout 150% of target; awards in cash/equity with time-based vesting.
Wealth Management Business Building Incentive Plan updated: Chief WM Officer target $90,000; divisional leaders $65,000.
WM plan weights: New Business 20%, Lost Business 20%, Pre-tax Earnings 30%, Revenue 30%; min 70% threshold per metric.
Both plans subject to clawback policy; payments exempt from Section 409A as short-term deferrals.

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