WBS » Topics » Clawback Provision

This excerpt taken from the WBS DEF 14A filed Mar 20, 2009.

Clawback Provision

As a result of Webster’s participation in the Capital Purchase Program, Webster is required to provide for the recovery of any incentive or bonus payments paid to senior executive officers during the period that Treasury holds any Webster securities acquired under the purchase agreement or the warrant which are based on financial criteria later proven to be materially inaccurate. Accordingly, Webster has amended or modified each applicable incentive or other benefit plan to so provide. Each of the senior executive officers consented to and waived any claims against Treasury or Webster with respect to such amendments and modifications.

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