secwatch.observer — SEC 8-K summary
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Issuer:     WASHINGTON TRUST BANCORP INC (WASH)
CIK:        0000737468
Form:       8-K
Filed at:   2024-05-28T23:59:59+00:00
Accession:  0001104659-24-065589
Event type: other_material
Sentiment:  neutral
Materiality: 0.20
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737468/000110465924065589/0001104659-24-065589-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737468/000110465924065589/tm2415674d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-065589

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