-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vf7Lq6pIpdBEA8GhSvMGppFvZJaRg6YOAlQO65/Tuti07fvyzNvwqHfQnkxFSH25 7igRM4tvF+IKvu/UyWepQQ== 0000893220-08-000463.txt : 20080219 0000893220-08-000463.hdr.sgml : 20080218 20080219140121 ACCESSION NUMBER: 0000893220-08-000463 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080213 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080219 DATE AS OF CHANGE: 20080219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILMINGTON TRUST CORP CENTRAL INDEX KEY: 0000872821 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 510328154 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14659 FILM NUMBER: 08625969 BUSINESS ADDRESS: STREET 1: RODNEY SQUARE NORTH STREET 2: 1100 NORTH MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890-0001 BUSINESS PHONE: 3026518378 MAIL ADDRESS: STREET 1: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890-0001 8-K 1 w49995e8vk.htm FORM 8-K e8vk
 

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 13, 2008
 
WILMINGTON TRUST CORPORATION
 
(Exact name of registrant as specified in its charter)
         
Delaware   1-14659   51-0328154
 
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification Number)
     
Wilmington Trust Corporation
Rodney Square North
1100 North Market Street
Wilmington, Delaware
 


19890
 
(Address of principal executive offices)   (Zip Code)
     
Registrant’s telephone number, including area code:     
(302) 651-1000
   
 
 
(Former names or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFCIERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
At its meeting held on February 13, 2008, the Compensation Committee (the “Committee”) of the Board of Directors of Wilmington Trust Corporation (the “Corporation”) awarded the following cash bonuses to its named executive officers: Ted T. Cecala - $674,500; Robert V. A. Harra Jr. — $361,024; William J. Farrell II — $357,200; David R. Gibson - $377,200; and Michael A. DiGregorio — $164,736. Restricted stock awards also were granted of 5,857 shares to Mr. Cecala; 3,137 shares to Mr. Harra; 3,104 shares to Mr. Farrell; 3,278 shares to Mr. Gibson; and 1,431 shares to Mr. DiGregorio. This restricted stock vests over three years and was granted in lieu of 20% of the cash otherwise payable to these executive officers, plus 15% of that 20% to compensate for (1) the delay in the executive’s receiving the award and (2) the fact that this portion of the award is made in stock and not in cash. Since it is in the form of restricted stock, this portion of each executive officer’s bonus is subject to forfeiture prior to vesting.
At its meeting, the Committee also established the annual performance factors for bonus awards for these officers for 2008 that are payable in 2009. Those performance factors for Mr. Cecala include the Corporation’s earnings per share, return on assets, and return on equity for 2008 compared to peer institutions, and the Corporation’s net income for 2008 compared to its business plan. The performance factors for Mr. Harra’s bonus include the Corporation’s earnings per share, return on assets, and return on equity for 2008 compared to peer institutions, the Corporation’s net income for 2008 compared to its business plan, increasing deposits through new deposit-gathering channels, expanding our presence in markets outside Delaware, and implementing new technology. The performance factors for Mr. Farrell’s bonus include increasing the presence of the Corporate Client Services business domestically and internationally, increasing sales of the Corporation’s investment management services, and completing the acquisition of AST Capital Trust Company of Delaware and integrating its business with the Corporation’s corporate retirement services business. The performance factors for Mr. Gibson’s bonus for 2008 include continued monitoring of our funding strategies and balance sheet risk, fostering our company’s long-term corporate development, assisting the Corporation in its acquisition efforts, and managing the Corporation’s interest rate risk. The performance factors for Mr. DiGregorio’s bonus for 2008 include assisting the Corporation in its acquisition efforts, simplifying the Corporation’s legal structure, and controlling legal expenses.
In addition, at its meeting, the Compensation Committee determined to include Executive Vice Presidents Robert M. Balentine and Mark A. Graham in the Corporation’s Supplemental Executive Retirement Plan and to enter into severance agreements with them similar to those into which it has entered with its other executive officers.

 


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  WILMINGTON TRUST CORPORATION
 
 
Dated: February 19, 2008  By:   /s/ Ted T. Cecala  
    Name:   Ted T. Cecala,   
    Title:   Chairman of the Board and
Chief Executive Officer
(Authorized Officer) 
 
 

 

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