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, 2007
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WILMINGTON TRUST CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-14659 51-0328154
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
Wilmington Trust Corporation
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 651-1000
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(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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
230.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] 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 OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
At its meeting held on February 13, 2007, the Compensation Committee (the
"Committee") of the Board of Directors of Wilmington Trust Corporation (the
"Corporation") awarded the following cash bonuses to the executive officers
named in the Corporation's proxy statement for 2006: Ted T. Cecala - $525,120;
Robert V. A. Harra Jr. - $317,041; Rodney P. Wood - $303,995; William J. Farrell
II - $258,458; and David R. Gibson - $246,150. Restricted stock awards also were
granted of 3,454 shares to Mr. Cecala; 2,085 shares to Mr. Harra; 1,999 shares
to Mr. Wood; 1,700 shares to Mr. Farrell; and 1,619 shares to Mr. Gibson. 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.
In addition, at its meeting, the Committee established the annual performance
factors for bonus awards for certain of its officers for 2007 that are payable
in 2008. Those performance factors for Mr. Cecala relate to growth in the
Corporation's net income for 2007 compared to peer institutions and the
Corporation's net income for 2007 compared to its business plan. The performance
factors selected for Mr. Harra's bonus include expansion of the Corporation's
regional banking business, implementing new technology, and developing new
deposit-gathering channels. The performance factors selected for Mr. Wood's
bonus include growing the Wealth Advisory Services business through product
development, new offices, and acquisitions. The performance factors selected for
Mr. Farrell's bonus include increasing the presence of the Corporate Client
Services business outside the United States through new offices or acquisitions
and increasing sales of new products. The performance factors selected for Mr.
Gibson's bonus for 2007 include continued monitoring of our funding strategies
and balance sheet risk and fostering our company's long-term corporate
development.
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 13, 2007 By: /s/ Ted T. Cecala
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Name: Ted T. Cecala,
Title: Chairman of the Board and
Chief Executive Officer
(Authorized Officer)