Washington Trust Bancorp Inc.
02/18/2026 | Press release | Distributed by Public on 02/18/2026 14:35
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 17, 2026, the Compensation & Human Resources Committee (the "Committee") of the Board of Directors of Washington Trust Bancorp, Inc. (the "Corporation") and the Corporation's subsidiary bank, The Washington Trust Company, of Westerly (the "Bank"), approved the Divisional Growth Incentive Plan (the "Plan").
The Plan, which is limited to the Bank's Chief Commercial Banking Officer, Chief Retail Banking Officer, Chief Wealth Management Officer and Chief Retail Lending Officer, is designed to provide these executives with an incentive to achieve certain goals including, but not limited to, disciplined loan growth, strengthening core deposit funding, maintaining strong asset quality, increasing revenue, and advancing key strategic initiatives. Payments under the Plan will range from 0% to 150% of target based upon achievement of goals. Any such payments will be considered awards under the Washington Trust Bancorp, Inc. 2022 Long Term Incentive Plan ("LTIP") and are subject to the requirements of said LTIP. The Committee will serve as administrator of the Plan and will be responsible for establishing performance metrics, metric weightings, payout ranges and scales, and participant award opportunities for each executive.
The foregoing description of the Divisional Growth Incentive Plan is not complete and is qualified in its entirety by reference to the Divisional Growth Incentive Plan, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
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