exhibit101mccocagreement






                                                                   EMPLOYMENT AGREEMENT       AGREEMENT by and between State Street Corporation, a Massachusetts  corporation (the “Company”), and                                            (the “Executive”), dated as  of the __ day of ________, 20__.       The Board of Directors of the Company (the “Board”) has determined that it is in  the best interests of the Company and its shareholders to assure that the Company will  have the continued dedication of the Executive, notwithstanding the possibility, threat or  occurrence of a Change of Control (as defined in Section 2) of the Company.  The  Board believes that it is imperative to diminish the inevitable distraction of the Executive  by virtue of the personal uncertainties and risks created by a pending or threatened  Change of Control and to encourage the Executive’s full attention and dedication to the  Company Group (as defined in Section 1) currently and in the event of any threatened  or pending Change of Control, and to provide the Executive with compensation and  benefits arrangements upon a Change of Control which ensure that the compensation  and benefits expectations of the Executive will be addressed appropriately.  Therefore,  in order to accomplish these objectives, the Board caused the Company to enter into  this Agreement.          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:           1. Certain Definitions.  For purposes of this Agreement, including, without  limitation, Sections 5 and 6, the terms described in Sections 1(a), 1(b) and 1(c) shall  have the meanings set forth therein:               (a)  The “Effective Date” shall mean the first date during the Change of  Control Period (as defined in Section 1(b)) on which a Change of Control occurs.   Anything in this Agreement to the contrary notwithstanding, if a Change of Control  occurs and if the Executive’s employment with the Company Group is terminated prior  to the date on which the Change of Control occurs, and if it is reasonably demonstrated  by the Executive that such termination of employment (i) was at the request of a third  party who has taken steps reasonably calculated to effect a Change of Control or  (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all  purposes of this Agreement the “Effective Date” shall mean the date immediately prior  to the date of such termination of employment.                (b)  The “Change of Control Period” shall mean the period commencing  on the date hereof and ending on December 31, 2020; provided, however, that  commencing on December 31, 2019, and on each annual anniversary of such date  (such date and each annual anniversary thereof shall be hereinafter referred to as the  “Renewal Date”), unless previously terminated, the Change of Control Period shall be  automatically extended so as to terminate two years from such Renewal Date, unless at  least 60 days prior to the Renewal Date the Company shall give notice to the Executive  that the Change of Control Period shall not be so extended.                (c)  The “Company Group” shall mean the Company and any company  controlled by, controlling or under common control with the Company.           2. Change of Control.  For the purpose of this Agreement, a “Change of  Control” shall mean:  





 






             (a)  The acquisition by any individual, entity or group (within the  meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as  amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning  of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (i) the  then-outstanding shares of common stock of the Company (the “Outstanding Company  Common Stock”) or (ii) the combined voting power of the then-outstanding voting  securities of the Company entitled to vote generally in the election of directors (the  “Outstanding Company Voting Securities”); provided, however, that for purposes of this  subsection (a), the following acquisitions shall not constitute a Change of Control:  (A) any acquisition directly from the Company, (B) any acquisition by the Company,  (C) any acquisition by any employee benefit plan (or related trust) sponsored or  maintained by the Company or any corporation controlled by the Company or (D) any  acquisition by any corporation pursuant to a transaction which complies with clauses (i),  (ii) and (iii) of subsection (c) of this Section 2; or                (b)  Individuals who, as of the date hereof, constitute the Board (the  “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;  provided, however, that any individual becoming a director subsequent to the date  hereof whose election, or nomination for election by the Company’s shareholders, was  approved by a vote of at least a majority of the directors then comprising the Incumbent  Board shall be considered as though such individual were a member of the Incumbent  Board, but excluding, for this purpose, any such individual whose initial assumption of  office occurs as a result of an actual or threatened election contest with respect to the  election or removal of directors or other actual or threatened solicitation of proxies or  consents by or on behalf of a Person other than the Board; or                (c)  Consummation of a reorganization, merger or consolidation or sale  or other disposition of all or substantially all of the assets of the Company (a “Business  Combination”), in each case, unless, following such Business Combination, (i) all or  substantially all of the individuals and entities who were the beneficial owners,  respectively, of the Outstanding Company Common Stock and Outstanding Company  Voting Securities immediately prior to such Business Combination beneficially own,  directly or indirectly, more than 50% of, respectively, the then-outstanding shares of  common stock and the combined voting power of the then-outstanding voting securities  entitled to vote generally in the election of directors, as the case may be, of the  corporation resulting from such Business Combination (including, without limitation, a  corporation which as a result of such transaction owns the Company or all or  substantially all of the Company’s assets either directly or through one or more  subsidiaries) in substantially the same proportions as their ownership, immediately prior  to such Business Combination of the Outstanding Company Common Stock and  Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding  any corporation resulting from such Business Combination or any employee benefit plan  (or related trust) of the Company or such corporation resulting from such Business  Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the  then-outstanding shares of common stock of the corporation resulting from such  Business Combination or the combined voting power of the then-outstanding voting  securities of such corporation except to the extent that such ownership existed prior to  the Business Combination and (iii) at least a majority of the members of the board of                                          2 





 






directors of the corporation resulting from such Business Combination were members of  the Incumbent Board at the time of the execution of the initial agreement, or of the  action of the Board, providing for such Business Combination; or                (d)  Approval by the shareholders of the Company of a complete  liquidation or dissolution of the Company.           3. Employment Period.  The Company hereby agrees to continue the  Executive in the employ of the Company Group, and the Executive hereby agrees to  remain in the employ of the Company Group, subject to the terms and conditions of this  Agreement, for the period commencing on the Effective Date and ending on the second  anniversary of the Effective Date (the “Employment Period”).           4. Terms of Employment.  (a) Position and Duties. (i) During the Employment  Period, (A) the Executive’s position (including status, offices, titles and reporting  requirements), authority, duties and responsibilities shall be at least commensurate in  all material respects with the most significant of those held, exercised and assigned at  any time during the 120-day period immediately preceding the Effective Date and  (B) the Executive’s services shall be performed at the location where the Executive was  employed immediately preceding the Effective Date or any office or location less than  35 miles from such location.                    (ii)   During the Employment Period, and excluding any periods of  vacation and sick leave to which the Executive is entitled, the Executive agrees to  devote reasonable attention and time during normal business hours to the business and  affairs of the Company Group and, to the extent necessary to discharge the  responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable  best efforts to perform faithfully and efficiently such responsibilities.  During the  Employment Period, it shall not be a violation of this Agreement for the Executive to  (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures,  fulfill speaking engagements or teach at educational institutions and (C) manage  personal investments, so long as such activities do not significantly interfere with the  performance of the Executive’s responsibilities as an employee of the Company Group  in accordance with this Agreement.  It is expressly understood and agreed that to the  extent that any such activities have been conducted by the Executive prior to the  Effective Date, the continued conduct of such activities (or the conduct of activities  similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter  be deemed to interfere with the performance of the Executive’s responsibilities to the  Company Group.               (b)   Compensation.  (i) Base Salary. During the Employment Period, the  Executive shall receive the Executive’s annual base salary plus the annualized value of  any role based allowance in place as of the Effective Date, (together referred to as  “Annual Base Salary”), which shall be paid at a monthly rate.  The calculation of Annual  Base Salary shall be in an amount at least equal to 12 times the highest monthly base  salary (plus any applicable role based allowance) paid or payable, including any base  salary (plus any applicable role based allowance) which has been earned but deferred,  in respect of the 12-month period immediately preceding the month in which the  Effective Date occurs.  Such Annual Base Salary shall be payable as earned in equal                                           3 





 






installments, no less frequently than monthly, pursuant to the Company Group’s  customary payroll policies applicable to the Executive in force at the time of payment,  less any required or authorized payroll deductions, and unless the Executive shall elect  to defer the receipt of a portion of such Annual Base Salary in accordance with the  requirements of Section 409A of the Internal Revenue Code of 1986 (the “Code”).   During the Employment Period, the Annual Base Salary shall be reviewed no more than  12 months after the last salary increase awarded to the Executive prior to the Effective  Date and thereafter at least annually.  Any increase in Annual Base Salary shall not  serve to limit or reduce any other obligation to the Executive under this Agreement.   Annual Base Salary shall not be reduced after any such increase and the term “Annual  Base Salary” as utilized in this Agreement shall refer to Annual Base Salary as so  increased.                    (ii)   Annual Bonus.  In addition to Annual Base Salary, the  Executive shall be awarded, for each fiscal year ending during the Employment Period,  an annual bonus (the “Annual Bonus”) in cash at least equal to the product of the  Annual Base Salary and the ratio (expressed as a percentage) obtained by dividing (A)  the cash portion of the annual incentive compensation award actually awarded to the  Executive under the Company Group annual incentive plan applicable to the Executive,  or any successor plan in effect from time to time, for the last full fiscal year prior to the  Effective Date by (B) the Annual Base Salary (or, in the event that the Executive was  not employed by the Company during such fiscal year or was otherwise not a participant  in any such plan, 200%) (the “Recent Annual Bonus Percentage”).  For the purposes of  this section 4(b)(ii), the cash portion of the Executive’s annual incentive compensation  award will be deemed to include any award denominated in cash (as opposed to equity  interests), whether payable immediately or on a deferred basis, and, if deferred,  whether notionally invested in Company stock or other notional investment option for  the deferral period.  Each such Annual Bonus shall be paid in a single lump sum in cash  no later than March 15th of the year succeeding the year for which the Annual Bonus is  earned, unless the Executive shall elect to defer receipt of such Annual Bonus in  accordance with the requirements of Section 409A of the Code.                    (iii)  Incentive, Savings and Retirement Plans.  During the  Employment Period, the Executive shall be entitled to participate in all incentive,  savings and retirement plans, practices, policies and programs applicable generally to  other peer executives of the Company Group, but in no event shall such plans,  practices, policies and programs provide the Executive with incentive opportunities  (measured with respect to both regular and special incentive opportunities, to the extent,  if any, that such distinction is applicable), savings opportunities and retirement benefit  opportunities, in each case, less favorable, in the aggregate, than the most favorable of  those provided by the Company Group for the Executive under such plans, practices,  policies and programs as in effect at any time during the 120-day period immediately  preceding the Effective Date or, if more favorable to the Executive, those provided  generally at any time after the Effective Date to other peer executives of the Company  Group in the country in which the Executive is employed.  To the extent applicable, the  benefits provided to the Executive pursuant to this Section 4(b)(iii) shall be provided and  paid in compliance with the relevant requirements of Section 409A of the Code.                                             4 





 






                 (iv)   Welfare Benefit Plans.  During the Employment Period, the  Executive and/or the Executive’s family, as the case may be, shall be eligible for  participation in and shall receive all benefits under welfare benefit plans, practices,  policies and programs provided by the Company Group (including, without limitation,  medical, prescription, dental, disability, employee life, group life, accidental death and  travel accident insurance plans and programs) to the extent applicable generally to  other peer executives of the Company Group, but in no event shall such plans,  practices, policies and programs provide the Executive and/or the Executive’s family  with benefits that are less favorable, in the aggregate, than the most favorable of such  plans, practices, policies and programs in effect for the Executive at any time during the  120-day period immediately preceding the Effective Date or, if more favorable to the  Executive, those provided generally at any time after the Effective Date to other peer  executives of the Company Group in the country in which the Executive is employed.   To the extent applicable, the benefits provided to the Executive and/or the Executive’s  family pursuant to this Section 4(b)(iv) shall be provided and paid in compliance with the  relevant requirements of Section 409A of the Code.                    (v)    Expenses.  During the Employment Period, the Executive  shall be entitled to receive prompt reimbursement for all reasonable expenses incurred  by the Executive in accordance with the most favorable policies, practices and  procedures of the Company Group in effect for the Executive at any time during the  120-day period immediately preceding the Effective Date or, if more favorable to the  Executive, as in effect generally at any time thereafter with respect to other peer  executives of the Company Group in the country in which the Executive is employed.   Reimbursement shall be made as soon as practicable after a request for reimbursement  is received by the Company Group, but in no event later than the last day of the  calendar year next following the calendar year in which such expense was incurred.                    (vi)   Fringe Benefits.  During the Employment Period, the  Executive shall be entitled to fringe benefits, including, without limitation, if applicable,  use of an automobile and payment of related expenses, in accordance with the most  favorable plans, practices, programs and policies of the Company Group in effect for the  Executive at any time during the 120-day period immediately preceding the Effective  Date or, if more favorable to the Executive, as in effect generally at any time thereafter  with respect to other peer executives of the Company Group in the country in which the  Executive is employed.  Reimbursements or payments shall be made as soon as  practicable after a request for reimbursement or payments is received by the Company  Group, but in no event later than the last day of the calendar year next following the  calendar year in which such expense was incurred; provided that the amount of any  fringe benefits to be reimbursed or paid by the Company Group in one year shall not  affect any fringe benefits to be reimbursed or paid by the Company Group in any other  calendar year.                    (vii)  Office and Support Staff.  During the Employment Period,  the Executive shall be entitled to an office or offices of a size and with furnishings and  other appointments, and to exclusive personal secretarial and other assistance, at least  equal to the most favorable of the foregoing provided to the Executive by the Company  Group at any time during the 120-day period immediately preceding the Effective Date                                           5 





 






or, if more favorable to the Executive, as provided generally at any time thereafter with  respect to other peer executives of the Company Group in the country in which the  Executive is employed.                    (viii) Vacation.  During the Employment Period, the Executive  shall be entitled to paid vacation in accordance with the most favorable plans, policies,  programs and practices of the Company Group as in effect for the Executive at any time  during the 120-day period immediately preceding the Effective Date or, if more  favorable to the Executive, as in effect generally at any time thereafter with respect to  other peer executives of the Company Group in the country in which the Executive is  employed.            5.   Termination of Employment.  For purposes of this Agreement, the terms  “terminate,” “terminated” and “termination” mean a termination of the Executive’s  employment that constitutes a “separation from service” within the meaning of the  default rules set forth in Section 1.409A-1(h) of the Treasury Regulations; provided,  however, that for purposes of determining which entities are treated as a single “service  recipient” with the Company, the phrase “at least 80 percent” shall be retained in each  place it appears in Sections 1563(a)(1), (2) and (3) of the Code and Section 1.414(c)-2  of the Treasury Regulations, as permitted under Section 1.409A-1(h)(3) of the Treasury  Regulations; and provided further that in the event that the Executive is absent from  work due to any medically determinable physical or mental impairment that can be  expected to result in death or can be expected to last for [a continuous period of not  less than six months] [for Hong Kong employees: the foreseeable future, and no  reasonable accommodation can be made to facilitate a return to work] (an “Impairment”),  where such Impairment causes the Executive to be unable to perform the duties of his  position or any substantially similar position of employment, the Executive shall incur a  separation from service 29 months after the date on which the Executive was first  Impaired.                (a)  Death or Disability.  The Executive’s employment shall terminate  automatically upon the Executive’s death during the Employment Period.  If the  Company determines in good faith that the Disability of the Executive has occurred  during the Employment Period (pursuant to the definition of Disability set forth below), it  may give to the Executive written notice in accordance with Section 14(b) of its intention  to terminate the Executive’s employment.  In such event, the Executive’s employment  with the Company Group shall terminate effective on the 30th day after receipt of such  notice by the Executive (the “Disability Effective Date”); provided that, within the 30 days  after such receipt, the Executive shall not have returned to full-time performance of the  Executive’s duties.  For purposes of this Agreement, “Disability” shall mean the absence  of the Executive from the Executive’s duties with the Company Group on a full-time  basis for 180 consecutive days as a result of incapacity due to mental or physical illness  which is determined to be total and permanent by a physician selected by the Company  or its insurers and acceptable to the Executive or the Executive’s legal representative.                (b)  Cause.  The Company may terminate the Executive’s employment  during the Employment Period for Cause.  For purposes of this Agreement, “Cause”  shall mean:                                             6 





 






                 (i)   the willful and continued failure of the Executive to perform  substantially the Executive’s duties with the Company Group (other than any such  failure resulting from incapacity due to physical or mental illness), after a written  demand for substantial performance is delivered to the Executive by the Board or the  Chief Executive Officer of the Company which specifically identifies the manner in which  the Board or Chief Executive Officer believes that the Executive has not substantially  performed the Executive’s duties; or                    (ii)   the willful engaging by the Executive in illegal conduct or gross  misconduct that is materially and demonstrably injurious to the Company.       For purposes of this provision, no act or failure to act, on the part of the Executive,  shall be considered “willful” unless it is done, or omitted to be done, by the Executive in  bad faith or without reasonable belief that the Executive’s action or omission was in the  best interests of the Company.  Any act, or failure to act, based upon authority given  pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief  Executive Officer of the Company or a senior officer of the Company who is a member  of the Company’s executive management committee or based upon the advice of  counsel for the Company shall be conclusively presumed to be done, or omitted to be  done, by the Executive in good faith and in the best interests of the Company.  The  cessation of employment of the Executive shall not be deemed to be for Cause unless  and until there shall have been delivered to the Executive a copy of a resolution duly  adopted by the affirmative vote of not less than three-quarters of the entire membership  of the Board at a meeting of the Board called and held for such purpose (after  reasonable notice is provided to the Executive and the Executive is given an opportunity,  together with counsel, to be heard before the Board), finding that, in the good faith  opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i)  or (ii) above, and specifying the particulars thereof in detail.                (c) Good Reason.  The Executive’s employment may be terminated by  the Executive for Good Reason during the Employment Period.  For purposes of this  Agreement, “Good Reason” shall mean:                    (i)   the assignment to the Executive of any duties materially  inconsistent in any respect with the Executive’s position (including status, offices, titles  and reporting requirements), authority, duties or responsibilities as contemplated by  Section 4(a), or any other action by the Company Group which results in a material  diminution in such position, authority, duties or responsibilities, excluding for this  purpose an isolated, insubstantial and inadvertent action not taken in bad faith and  which is remedied by the Company Group promptly after receipt of notice thereof given  by the Executive; or                   (ii)   any failure by the Company Group to comply with any of the  provisions of Section 4(b), other than an isolated, insubstantial and inadvertent failure  not occurring in bad faith and which is remedied by the Company promptly after receipt  of notice thereof given by the Executive; or                   (iii)   the Company’s requiring the Executive to be based at any  office or location other than as provided in Section 4(a)(i)(B) or the Company’s requiring                                           7 





 






the Executive to travel on Company business to a substantially greater extent than  required immediately prior to the Effective Date; or                   (iv)   any purported termination by the Company Group of the  Executive’s employment otherwise than as expressly permitted by this Agreement; or                    (v)   any failure by the Company to comply with and satisfy  Section 13(c).       For purposes of this Section 5(c), any good faith determination of “Good Reason”  made by the Executive shall be conclusive.                (d)  Resignation without Good Reason.  Notwithstanding anything in  this Agreement to the contrary, following the Effective Date, the Executive may,  voluntarily, terminate his employment without Good Reason during the Employment  Period.               (e)  Notice of Termination.  Any termination by the Company for Cause,  or by the Executive for Good Reason, shall be communicated by Notice of Termination  to the other party hereto given in accordance with Section 14(b).  For purposes of this  Agreement, a “Notice of Termination” means a written notice which (i) indicates the  specific termination provision in this Agreement relied upon, (ii) to the extent applicable,  sets forth in reasonable detail the facts and circumstances claimed to provide a basis  for termination of the Executive’s employment under the provision so indicated and (iii) if  the Date of Termination (as defined in Section 5(f)) is other than the date of receipt of  such notice, specifies the termination date (which date shall be not [for Hong Kong  employees: less than 7 days and not] more than 30 days  after the giving of such notice  [for Hong Kong employees: in all cases other than termination for cause or the death of  the Executive]).  The failure by the Executive or the Company to set forth in the Notice  of Termination any fact or circumstance which contributes to a showing of Good Reason  or Cause shall not waive any right of the Executive or the Company, respectively,  hereunder or preclude the Executive or the Company, respectively, from asserting such  fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.                (f)  Date of Termination.  “Date of Termination” means (i) if the  Executive’s employment is terminated by the Company for Cause, [or by the Executive  for Good Reason,] the date of receipt of the Notice of Termination or any later date  specified therein, as the case may be; (ii) if the Executive’s employment is terminated  by the Company other than for Cause or Disability, [for Hong Kong employees: or by the  Executive for Good Reason,] the Date of Termination shall be [for Hong Kong  employees: 7 days after] the date on which the Company notifies the Executive of such  termination [for Hong Kong employees: (unless payment in lieu of notice is made)]; and  (iii) if the Executive’s employment is terminated by reason of death or Disability, the  Date of Termination shall be the date of death of the Executive or the Disability Effective  Date, as the case may be.           6.  Obligations of the Company upon Termination.  (a) Good Reason; Other  Than for Cause, Death or Disability.  If, during the Employment Period, the Company  shall terminate the Executive’s employment other than for Cause, death or Disability or  the Executive shall terminate employment for Good Reason:                                            8 





 






                 (i)   the Company shall pay to the Executive in a lump sum in cash  within [30 days] [for Hong Kong employees: 7 days] after the Date of Termination the  aggregate of the following amounts:                    (A) the sum of (1) the Executive’s Annual Base Salary through the               Date of Termination to the extent not theretofore paid, (2) any earned               Annual Bonus in respect of the fiscal year ended immediately prior to the               Date of Termination to the extent not theretofore paid, (3) the product of               (x) the Recent Annual Bonus Percentage and (y) the Executive’s Annual               Base Salary and (z) a fraction, the numerator of which is the number of               days in the current fiscal year through the Date of Termination, and the               denominator of which is 365 and (4) any accrued vacation pay, to the               extent not theretofore paid (the sum of the amounts described in               clauses (1), (2), (3) and (4) shall be hereinafter referred to as the               “Accrued Obligations”); and                    (B) the amount equal to the product of (1) two and (2) the sum of               (x) the Executive’s Annual Base Salary and (y) the product of (I) the               Recent Annual Bonus Percentage and (II) the Executive’s Annual Base               Salary; provided that any amount payable to the Executive pursuant to               this clause (B) shall not exceed $10,000,000 (ten million dollars) (“Base               and Bonus Cap”) and all rights to any amount payable under this               subparagraph 6(i)(B) exceeding the Base and Bonus Cap shall be               cancelled and the Executive shall have no further rights or entitlement to               the amounts payable under this subparagraph 6(i)(B) that exceed the               Base and Bonus Cap; and                   (C) [for Hong Kong employees: to the extent applicable,] the amount               equal to the product of (1) two and (2) an amount equal to the sum of               any Company Group contributions allocated to the Executive under               (x) the Company Group tax-favored defined contribution retirement plans               applicable to the Executive [(such as the Provident Fund for State Street               Employees)] and (y) the State Street Corporation Management               Supplemental Savings Plan or any successor plan (the “Supplemental               Savings Plan”) for the most recent full fiscal year; and                   [(D) to the extent applicable, an amount equal to the excess of               (a) the actuarial equivalent of the benefit under the State Street               Retirement Plan (the “Retirement Plan”) (utilizing actuarial assumptions               no less favorable to the Executive than those in effect under the               Retirement Plan immediately prior to the Effective Date), and any excess               or supplemental defined benefit pension under the State Street               Corporation Management Supplemental Retirement Plan (the “MSRP”) ,               the State Street Corporation Executive Supplemental Retirement Plan               (the “ESRP DB”) and/or the Supplemental Pension Plan of Investors               Bank & Trust Company, or any successor plan(s),  in which the               Executive participates immediately prior to the Effective Date (collectively,               the “SERP”) which the Executive would receive under the terms thereof               as in effect immediately prior to the Effective Date, if the Executive’s                                           9 





 






             employment continued for two years after the Date of Termination               assuming that the Executive’s compensation in each of the two years is               that required by Section 4(b)(i) and Section 4(b)(ii), over (b) the actuarial               equivalent of the Executive’s actual benefit (paid or payable), if any,               under the Retirement Plan and the SERP as of the Date of Termination;               provided that for purposes of calculating the payment pursuant to this               subparagraph 6(a)(i)(D), there shall be no additional accruals included               under the respective Retirement Plan and SERP calculations to the               extent that said plans are frozen and do not provide for new accruals as               of the Effective Date; and]                     (ii)   for two years after the Date of Termination, or such longer  period as may be provided by the terms of the appropriate plan, program, practice or  policy, the Company shall continue benefits to the Executive and/or the Executive’s  family at least equal to those which would have been provided to them in accordance  with the plans, programs, practices and policies described in Section 4(b)(iv) if the  Executive’s employment had not been terminated or, if more favorable to the Executive,  as in effect generally at any time thereafter with respect to other peer executives of the  Company Group and their families in the country in which the Executive is employed on  the same basis as in effect prior to the Date of Termination; provided, however, that if  the Executive becomes reemployed with another employer and is eligible to receive  medical or other welfare benefits under another employer provided plan, the medical  and other welfare benefits described herein shall be secondary to those provided under  such other plan during such applicable period of eligibility; provided further that to the  extent necessary to avoid the imposition of additional taxes, penalties and interest  under Section 409A of the Code, any reimbursements of expenses pursuant to this  Section 6(a)(ii) shall be made on or before the last day of the calendar year next  following the calendar year in which such expense was incurred.  For purposes of  determining eligibility (but not the time of commencement of benefits) of the Executive  for retiree benefits pursuant to such plans, practices, programs and policies, the  Executive shall be considered to have remained employed until two years after the Date  of Termination and to have retired on the last day of such period; and                   (iii)   the Company shall, at its sole expense as incurred, provide the  Executive with reasonable outplacement services, the scope and provider of which shall  be selected by the Executive in his sole discretion; provided, however, that such  outplacement services shall not be provided to the Executive beyond the last day of the  second calendar year following the calendar year which contains the Executive’s Date  of Termination; and                   (iv)   to the extent not theretofore paid or provided, the Company  shall timely pay or provide to the Executive any other amounts or benefits required to be  paid or provided or which the Executive is entitled to receive as of the Date of  Termination under any plan, program, policy or practice or contract or agreement of the  Company Group (such other amounts and benefits shall be hereinafter referred to as  the “Other Benefits”); and                    (v)   to the extent not theretofore vested, the Executive shall  immediately vest, as of the Date of Termination, in his benefits under the [plans                                           10 





 






comprising the defined contribution component of the State Street Corporation  Executive Supplemental Retirement Plan, or successor plan, as in effect immediately  prior to the Effective Date (“ESRP DC”),  Supplemental Savings Plan,  and/or any  applicable SERP in which he participates on the Date of Termination, including,  notwithstanding Section 3.6 (Forfeitures) under the terms of the State Street  Corporation Executive Supplemental Retirement Plan] [for Hong Kong employees:  Supplemental Savings Plan and the State Street Corporation Executive Supplemental  Retirement Plan (“ESRP”)]                (b)  Death.  If, during the Employment Period, the Executive’s  employment is terminated by reason of the Executive’s death, this Agreement shall  terminate without further obligations to the Executive’s legal representatives under this  Agreement, other than for payment of Accrued Obligations, the timely payment or  provision of Other Benefits, and immediate vesting, as of the Date of Termination and to  the extent not theretofore vested, of the Executive’s benefits under the [plans  comprising the ESRP DC, Supplemental Savings Plan and/ or any applicable SERP  in  which he participates on the Date of Termination] [for Hong Kong employees:  Supplemental Savings Plan and the ESRP].  The Accrued Obligations shall be paid to  the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within [30  days] [for Hong Kong employees: 7 days] after the Date of Termination.  With respect to  the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(b)  shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be  entitled to receive, benefits at least equal to the most favorable benefits provided by the  Company Group to the estates and beneficiaries of peer executives of the Company  Group under such plans, programs, practices and policies relating to death benefits, if  any, as in effect with respect to other peer executives and their beneficiaries at any time  during the 120-day period immediately preceding the Effective Date or, if more  favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on  the date of the Executive’s death with respect to other peer executives of the Company  Group and their beneficiaries in the country in which the Executive is employed.                (c)  Disability.  If, during the Employment Period, the Executive’s  employment is terminated by reason of the Executive’s Disability, this Agreement shall  terminate without further obligations to the Executive under this Agreement, other than  for payment of Accrued Obligations, the timely payment or provision of Other Benefits,  and immediate vesting, as of the Date of Termination and to the extent not theretofore  vested, of the Executive’s benefits under the [plans comprising the ESRP DC,  Supplemental Savings Plan and/or any applicable SERP in which he participates on the  Date of Termination] [for Hong Kong employees: Supplemental Savings Plan and the  ESRP].  The Accrued Obligations shall be paid to the Executive in a lump sum in cash  within [30 days] [for Hong Kong employees: 7 days] after the Date of Termination.  With  respect to the provision of Other Benefits, the term Other Benefits as utilized in this  Section 6(c) shall include, and the Executive shall be entitled after the Disability  Effective Date to receive, disability and other benefits at least equal to the most  favorable of those generally provided by the Company Group to disabled executives  and/or their families in accordance with such plans, programs, practices and policies  relating to disability, if any, as in effect generally with respect to other peer executives  and their families at any time during the 120-day period immediately preceding the                                          11 





 






Effective Date or, if more favorable to the Executive and/or the Executive’s family, as in  effect at any time thereafter generally with respect to other peer executives of the  Company Group and their families in the country in which the Executive is employed.                (d)  For Cause; Other than for Good Reason.  If, during the  Employment Period, the Executive’s employment shall be terminated for Cause, this  Agreement shall terminate without further obligations to the Executive other than the  obligation to pay or to provide to the Executive (x) his Annual Base Salary through the  Date of Termination within [30 days] [for Hong Kong employees: 7 days] thereafter and  (y) Other Benefits, in each case to the extent theretofore unpaid.  Subject to Section 7, if,  during the Employment Period, the Executive voluntarily terminates employment,  excluding a termination for Good Reason, this Agreement shall terminate without further  obligations to the Executive, other than for Accrued Obligations and the timely payment  or provision of Other Benefits.  In such case, all Accrued Obligations shall be paid to the  Executive in a lump sum in cash within [30 days] [for Hong Kong employees: 7 days]  after the Date of Termination.               7.   Non-exclusivity of Rights.  Nothing in this Agreement shall prevent  or limit the Executive’s continuing or future participation in any plan, program, policy or  practice provided by the Company Group and for which the Executive may qualify, nor,  subject to Section 14(g), shall anything herein limit or otherwise affect such rights as the  Executive may have under any contract or agreement with the Company Group,  including, without limitation, the ESRP [DC, Supplemental Savings Plan and/or any  applicable SERP in which the Executive participates on the Date of Termination];  provided, however, that, following the Effective Date, the severance provisions of this  Agreement shall supersede [any Company severance pay plan in which the Executive  may otherwise participate][any Company severance benefits the Executive may  otherwise receive].  Amounts which are vested benefits or which the Executive is  otherwise entitled to receive under any plan, policy, practice or program of or any  contract or agreement with the Company Group at or subsequent to the Date of  Termination shall be payable in accordance with such plan, policy, practice or program  or contract or agreement except as explicitly modified by this Agreement; provided that,  for the avoidance of doubt, any such modifications made by this Agreement shall  comply with, and shall be effected and implemented, in accordance with the  requirements of Section 409A of the Code.  [Anything in the State Street Corporation  Executive Supplemental Retirement Plan (the “ESRP”) to the contrary notwithstanding,  during the Employment Period: (I) Section 7.1 (Amendments) thereof shall be  inapplicable to the Executive to the extent such amendment reduces the accrued  benefit or contribution rate or otherwise adversely affects the right of the Executive to  accrue an ESRP benefit; and (II) Section 3.6 (Forfeitures) thereof shall be inapplicable  to the Executive in connection with any termination of employment (other than for  Cause (as defined under this Agreement)).  Anything in the MSRP to the contrary  notwithstanding, the first sentence of Section 5 thereof shall be inapplicable to the  Executive in connection with any termination of employment (other than for Cause (as  defined under this Agreement)).]          8.  Full Settlement.  The Company’s obligation to make the payments  provided for in this Agreement and otherwise to perform its obligations hereunder shall                                           12 





 






not be affected by any set-off, counterclaim, recoupment, defense or other claim, right  or action which the Company may have against the Executive or others, except as  required by applicable law or regulation.  In no event shall the Executive be obligated to  seek other employment or take any other action by way of mitigation of the amounts  payable to the Executive under any of the provisions of this Agreement and such  amounts shall not be reduced whether or not the Executive obtains other employment.   Furthermore, the Executive shall be entitled to receive from the Company payment in  respect of all direct and indirect damages as a result of any material breach by the  Company of this Agreement.  From the date hereof until the 20th anniversary of the  later of (i) the Date of Termination and (ii) the date of the Executive’s death, the  Company agrees to pay as incurred, to the full extent permitted by law, any legal fees  and/or expenses which the Executive may reasonably incur as a result of any contest  (regardless of the outcome thereof) by the Company, the Executive or others of the  validity or enforceability of, or liability under, or breach by the Company of, any provision  of this Agreement or any guarantee of performance thereof (including as a result of any  contest by the Executive about the amount of any payment pursuant to this Agreement),  plus in each case interest on any delayed payment at the applicable Federal rate  provided for in Section 7872(f)(2)(A) of the Code; provided, however, that payment of  legal fees and/or expenses shall not be provided to the Executive later than the last day  of the second calendar year in which the relevant fees or expenses were incurred;  provided, further, that the amount of any legal fees and/or expenses paid by the  Company on behalf of the Executive during a calendar year shall not affect any legal  fees and/or expenses to be paid by the Company on behalf of the Executive in any  other calendar year.           9.  Application of Section 4999 of the Code.  (a) This Section 9 shall apply, in  the event it shall be determined that any payment or distribution by the Company Group  to or for the benefit of the Executive (whether paid or payable or distributed or  distributable pursuant to the terms of this Agreement or otherwise) (the “Payments”)  could reasonably be expected to be subject to the excise tax imposed by Section 4999  of the Code or any interest or penalties are incurred by the Executive with respect to  such excise tax (such excise tax, together with any such interest and penalties, are  hereinafter collectively referred to as the “Excise Tax”).                (b)   If it shall be determined that the Parachute Value of the Payments  (as defined below) is equal to or less than 110% of the Safe Harbor Amount (as defined  below), then the amount of the Payments otherwise due to, or for the benefit of, the  Executive shall be reduced to the extent necessary, and in a manner intended to  comply with Section 409A of the Code, to assure that the Parachute Value of the  Payments, as calculated for the Payments remaining after such reduction, does not  exceed the Safe Harbor Amount (a “Cutback”).  To the extent any such reduction to the  Executive’s Payments becomes necessary by reason of the preceding sentence; the  reduction shall be applied by (x) reducing the cash payments and benefits due to the  Executive under this Agreement in the following order:  Section 6(i)(B), Section 6(i)(C)  and then, if applicable, Section 6(i)(D),or (y) an order of reduction specified by the  Executive; provided, however, that the Executive’s right to specify the order of reduction  of the payments or benefits shall apply only to the extent that it does not directly or  indirectly alter the time or method of payment of any amount that is deferred                                          13 





 






compensation subject to Section 409A.  For the purposes of this Section 9,  (i) “Parachute Value of the Payments” shall mean the present value, as of the Effective  Date, for purposes of Section 280G of the Code of the portion of such Payments that  constitutes a “parachute payment” under Section 280G(b)(2), as determined by the  Accounting Firm (as defined in Section 9(c)) for purposes of determining whether and to  what extent the Excise Tax will apply to such Payments, and (ii) “Safe Harbor Amount”  shall mean the maximum Parachute Value of the Payments that the Executive can  receive without any Payments being subject to the Excise Tax.              (c)   If it shall be determined that the Parachute Value of the Payments  is greater than 110% of the Safe Harbor Amount, then the value of the Payments to be  made to the Executive shall be either (i) subject to a Cutback or (ii) delivered in full,  whichever of the foregoing results in the receipt by the Executive of the greatest benefit  on an after-tax basis (taking into account the Executive’s actual marginal rate of federal,  state and local income taxation and the Excise Tax).              (d)   All determinations required to be made under this Section 9,  including whether and when a Cutback is required and the amount of such Cutback and  the assumptions to be utilized in arriving at such determination, shall be made by Ernst  & Young LLP or such other nationally recognized certified public accounting firm as may  be designated by the Executive (the “Accounting Firm”); provided that such Accounting  Firm shall be independent of the Executive.  In the event that the Accounting Firm is  serving as accountant or auditor for the individual, entity or group effecting the Change  of Control, the Executive shall appoint another independent nationally recognized  accounting firm to make the determinations required hereunder (which accounting firm  shall then be referred to as the Accounting Firm hereunder).  All fees and expenses of  the Accounting Firm shall be borne solely by the Company.  Any determination by the  Accounting Firm shall be binding upon the Company and the Executive.  The  Accounting Firm shall make the determinations required under this Section 9 on a  preliminary basis and provide to both the Company and the Executive the detailed  supporting calculations on an initial basis, as soon as reasonably practicable prior to the  making of any Payment, but in no event later than 10 days prior to the Effective Date.   Thereafter, the Accounting Firm shall timely make any further determinations as may be  required under this Section 9 and provide to both the Company and the Executive  additional detailed supporting calculations as necessary or appropriate to effectuate the  provisions of this Section 9.  If, as a result of the uncertainty in the application of  Section 4999 of the Code at the time of the preliminary or a subsequent determination  by the Accounting Firm hereunder, amounts that should have been subject to a Cutback  were instead paid or provided to the Executive (“Overpayment”), consistent with the  calculations required to be made hereunder, then, in the event that the Executive is  required to make a payment of any Excise Tax solely as a result of an Overpayment,  the Accounting Firm shall determine the amount of the Overpayment that has occurred  and the Company shall indemnify the Executive for any damages, including, without  limitation, the Excise Tax, and costs incurred by him resulting from any Overpayment.   Any amounts payable by the Company or any other member of the Company Group to  the Executive as a result of the Company’s indemnification obligations as provided for in  the immediately preceding sentence shall be paid no later than the last day of the                                           14 





 






calendar year following the calendar year in which the Executive remits the related  taxes.           10.  Confidential Information; Restriction on Solicitation of Employees and  Clients.  By and in consideration of the compensation and benefits provided for by the  Company under this Agreement, including the severance arrangements set forth herein,  the Executive agrees that:              (a)   The Executive shall hold in a fiduciary capacity for the benefit of the  Company all secret or confidential information, knowledge or data relating to the  Company Group, and the respective businesses of the members of the Company Group  and their Clients (as defined below), which shall have been obtained by the Executive  during the Executive’s employment by the Company Group and which shall not be or  become public knowledge (other than by acts by the Executive or representatives of the  Executive in violation of this Agreement).  After termination of the Executive’s  employment with the Company Group, the Executive shall not, without the prior written  consent of the Company or as may otherwise be required by law or legal process,  communicate or divulge any such information, knowledge or data to anyone other than  the Company and those designated by it.  For the purposes of this Section 10, the term  “Client” means any person or entity that is a customer or client of any member of the  Company Group.                (b)  During the term of employment of the Executive and following the  termination thereof, the Executive shall not make any false, disparaging, or derogatory  statements to any media outlet (including, but not limited to, Internet-based chat rooms,  message boards, any and all social media, and/or web pages), industry group or  financial institution, or to any current, former or prospective employee, consultant or  Client of the Company or its subsidiaries regarding the Company, its subsidiaries or any  of their respective directors, officers, employees, agents, or representatives, or about  the business affairs and financial condition of the Company or its subsidiaries.               (c)  During the term of employment of the Executive and following the  termination thereof, the Executive shall cooperate with the Company with respect to any  matters arising during or related to the Executive’s employment with the Company  Group, including but not limited to any litigation, governmental investigation, or  regulatory or other proceeding which may have arisen as of or which may arise  following the execution of this Agreement.  The Company shall reimburse the Executive  for any reasonable out-of-pocket and properly documented expenses the Executive  incurs in connection with such cooperation.               (d)  During the term of employment of the Executive and during the  Nonsolicitation Period (as defined below), the Executive shall not, without the prior  written consent of the Company, solicit, directly or indirectly (other than through a  general solicitation of employment not specifically directed to employees of the  Company or its subsidiaries), the employment of any person who within the previous  12 months was an officer of the Company or any of its subsidiaries.  For purposes of  this Section 10, the term “Nonsolicitation Period” means the period beginning on the  date of termination of the Executive’s employment with the Company Group (the  “Termination Date”) and ending on the earlier of (i) [18 months after the Termination                                           15 





 






Date] [for Hong Kong employees: 6 months after the Termination Date and for a further  6 month period after that initial period] and (ii) [one year after the Effective Date (if any)]  [for Hong Kong employees: 6 months after the Effective Date (if any) and for a further 6  month period after that initial period].  If the Executive violates a restriction to which the  Nonsolicitation Period applies under this Section 10(d) or 10(e), then the Nonsolicitation  Period shall be extended, with respect only to the restriction violated by the Executive,  by the amount of time for which the Executive was out of compliance with such  restriction.                (e)  During the term of employment of the Executive and during the  Nonsolicitation Period, the Executive shall not, without the prior consent of the  Company, [for Hong Kong employees: directly or indirectly,] engage in the Solicitation of  Business (as defined below) from any Client on behalf of any person or entity other than  the Company and its subsidiaries.  For the purposes of this Section 10(c), the term  “Solicitation of Business” shall mean the attempt through direct personal contact on the  part of the Executive with a Client with whom the Executive has had significant personal  contact while serving in a Line-Function Capacity (as defined below) during his period of  employment to [for Hong Kong employees: solicit or] induce such Client to transfer its  business relationship [for Hong Kong employees: in whole or in part] from the Company  and its subsidiaries to any other person or entity.  The term “Line-Function Capacity”  means service to the Company and its subsidiaries in a primary capacity other than a  staff function, in which the Executive has direct and regular contact with Clients and  responsibility for managing the business relationship of the Company and its  subsidiaries with such Clients.  During the Nonsolicitation Period, the Executive may  accept employment with or enter into a business relationship with a person or entity that  has or seeks to establish business relationships with one or more Clients provided that  the Executive does not engage in the Solicitation of Business from such Clients and  does not disclose confidential information concerning such Client and its relationship  with the Company and its subsidiaries to any such person or entity.                (f)  In no event shall an asserted violation of the provisions of this  Section 10 constitute a basis for deferring or withholding any amounts otherwise  payable to the Executive under this Agreement.                (g)  This Section 10 shall be effective from and after the date of this  Agreement notwithstanding that an Effective Date has not occurred, and the restrictions  and covenants set forth in this Section 10 shall be in addition to, and shall not  supersede, any restrictions or covenants to which the Executive may be subject  pursuant to other plans, programs or agreements with the Company, including, without  limitation, the nonsolicitation and noncompetition provisions contained in Section 3.6 of  the ESRP (except to the extent specifically provided otherwise in Section 7 of this  Agreement).               (h)  The provisions contained in this Section 10 are necessary to the  protection of the Company’s business and good will, and are material and integral to the  undertakings of the Company under this Agreement.  The Executive agrees that the  Company and its subsidiaries will be irreparably harmed in the event such provisions  are not performed in accordance with their specific terms or are otherwise breached by  the Executive.  Accordingly, if the Executive fails to comply with such provisions, the                                           16 





 






Company or any of its subsidiaries shall be entitled to injunctive or other equitable relief  or remedy in addition to, and not in lieu of, any other relief or remedy at law to which it  or they may be entitled hereunder in order to protect its or their legitimate business  interests. Therefore, the Executive agrees that the Company or any of its subsidiaries  shall, in the event of any breach or threatened breach by the Executive of the provisions  of this Section 10, in addition to such other remedies as may be available, be entitled to  specific performance and injunctive relief without posting a bond.  The Executive hereby  waives the adequacy of a remedy at law as a defense to such relief.               (i)  No delay or waiver by the Company in exercising any right under  this Section 10 shall operate as a waiver of that right or of any other right. Any waiver or  consent as to any of the provisions herein provided by the Company must be in writing,  is effective only in that instance, and may not be construed as a broader waiver of rights  or as a bar to enforcement of the provision(s) at issue on any other occasion.               (j)  The restrictions and covenants set forth in this Section 10 shall be  construed and interpreted in any judicial or other adjudicatory proceeding to permit their  enforcement to the maximum extent permitted by law, and each such provision is  severable and independently enforceable without reference to the enforcement of any  other provision.  If any restriction set forth in this Section 10 is found by any court of  competent jurisdiction to be unenforceable because it extends for too long a period of  time or over too great a range of activities or in too broad a geographic area, it shall be  interpreted to extend only over the maximum period of time, range of activities or  geographic area as to which it may be enforceable. [The restrictions on solicitation  found under Section 10 shall not apply if Executive resides in or has a primary reporting  location in California, USA.]                 (k)    Nothing in this Agreement prohibits Executive from reporting  possible violations of federal law or regulation to any governmental agency or regulatory  authority or from making other disclosures that are protected under the whistleblower  provisions of Federal law or regulation. Moreover, nothing in this Agreement requires  Executive to notify the Company that Executive has made any such report or disclosure.   However, in connection with any such activity, Executive must take reasonable  precautions to ensure that any confidential information that is disclosed to such  authority is not made generally available to the public, including by informing such  authority of the confidentiality of the same.                  (l)    Executive shall not be held criminally or civilly liable under any  Federal or state trade secret law if Executive discloses a Company or a Company  affiliated organization trade secret (i) in confidence to a Federal, state, or local  government official, either directly or indirectly, or to an attorney, solely for the purposes  of reporting or investigating a suspected violation of law; or (ii) in a complaint or other  document filed in a lawsuit or other proceeding, if such filing is made under seal.                  (m)     Despite the foregoing, Executive is not permitted to disclose to  any third-party, including any governmental or regulatory authority, any information  learned in the course of his or her employment that is protected from disclosure by any  applicable privilege, including but not limited to the attorney-client privilege, attorney  work product doctrine, the bank examiner’s privilege, and/or privileges applicable to                                           17 





 






information covered by the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including  information that would reveal the existence or contemplated filing of a suspicious activity  report. The Company and its affiliated organizations do not waive any applicable  privileges or the right to continue to protect its or their privileged attorney-client  information, attorney work product, and other privileged information.           11.      Section 409A of the Code.  (a) This Agreement is intended to  satisfy the requirements of Section 409A of the Code with respect to amounts subject  thereto and shall be interpreted and construed and shall be performed by the parties  consistent with such intent, and the Company shall not accelerate any payment or the  provision of any benefits under this Agreement or to make or provide any such payment  or benefits if such payment or provision of such benefits would, as a result, be subject to  tax under Section 409A of the Code.                (b)  Except as expressly provided otherwise herein, no reimbursement  payable to the Executive pursuant to any provisions of this Agreement or pursuant to  any plan or arrangement of the Company covered by this Agreement shall be paid later  than the last day of the calendar year following the calendar year in which the related  expense was incurred, and no such reimbursement during any calendar year shall  affect the amounts eligible for reimbursement in any other calendar year, except, in  each case, to the extent that the right to reimbursement does not provide for a “deferral  of compensation” within the meaning of Section 409A of the Code.  To the extent  providing for deferral of compensation within the meaning of Section 409A of the Code,  any payments or benefits to which the Executive is entitled upon a termination of  employment shall be paid no earlier than the date on which the Executive incurs a  “separation from service” as set forth in Section 5.               (c)  Notwithstanding anything herein to the contrary, if the Executive is  a “specified employee,” for purposes of Section 409A of the Code, as determined under  the Company’s established methodology for determining specified employees, on the  date on which the Executive separates from service, any payment hereunder (including  any provision of continued benefits) that provides for the deferral of compensation within  the meaning of Section 409A of the Code (the “Delayed Payment Amounts”) shall not  be paid or commence to be paid on any date prior to the first business day after the  date that is six months following the Executive’s Date of Termination; provided, however,  that payment of the Delayed Payment Amounts shall commence within 30 days of the  Executive’s death in the event of his death prior to the end of the six-month period.  The  Delayed Payment Amounts shall earn interest at the prime rate published in The Wall  Street Journal on the Date of Termination until the date that payment of such amounts  to the Executive or his legal representatives is completed pursuant to the terms of this  Agreement.           12.  Statement of Benefits.  Immediately prior to the Effective Date, the  Company shall provide in writing to the Executive a reasonable, good faith estimate of  the payments and benefits to which the Executive would be entitled in the event of a  termination of his employment pursuant to Section 6(a), assuming that the Effective  Date is the Date of Termination.                                             18 





 






        13.  Successors. (a) This Agreement is personal to the Executive and without  the prior written consent of the Company shall not be assignable by the Executive  otherwise than by will or the laws of descent and distribution.  This Agreement shall  inure to the benefit of and be enforceable by the Executive’s legal representatives.                (b)  This Agreement shall inure to the benefit of and be binding upon  the Company and its successors and assigns.                (c)  This Agreement may not be assigned by the Company, other than  to a member of the Company Group, without the written consent of the Executive, and  the Company will require any successor (whether direct or indirect, by purchase, merger,  consolidation, or otherwise) to all or substantially all of the business and/or assets of the  Company, to assume expressly and agree to perform this Agreement in the same  manner and to the same extent that the Company would be required to perform it if no  such succession had taken place.  In the event that the Company obtains the express  assumption and agreement to perform this Agreement as contemplated by the  preceding sentence, the Executive agrees that his execution of this Agreement shall  serve as his written consent in such circumstance.  As used in this Agreement,  “Company” shall mean the Company as hereinbefore defined and any successor to its  business and/or assets as aforesaid which assumes and agrees to perform this  Agreement by operation of law, or otherwise.           14. Miscellaneous.  (a) This Agreement shall be governed by and construed in  accordance with the laws of the Commonwealth of Massachusetts, without reference to  principles of conflict of laws.  This Agreement may not be amended or modified  otherwise than by a written agreement executed by the parties hereto or their respective  successors and legal representatives.                (b)  All notices and other communications hereunder shall be in writing  and shall be given to the other party by hand delivery, by electronic email, or by private  overnight delivery, in each case with proof of receipt, addressed as follows:                        If to the Executive, at the most recent address in the records of                       the Company Group.                        If to the Company:                             State Street Corporation                             State Street Financial Center                             One Lincoln Street                             Boston, MA 02111-2900                             Attention: Chief Legal Officer   or to such other address as either party shall have furnished to the other in writing in  accordance herewith.  For purposes of this Agreement, notice and communications  shall be effective (i) on the date of delivery, with respect to hand delivery, or (ii) when  posted with respect to email or private overnight delivery, except with respect to a  Notice of Termination, which shall be effective when actually received by the addressee,  with respect to any form of delivery.                (c)  The invalidity or unenforceability of any provision of this Agreement  shall not affect the validity or enforceability of any other provision of this Agreement.                                           19 





 






             (d)  The headings of sections herein are included solely for  convenience of reference and shall not control the meaning or interpretation of any of  the provisions of this Agreement, and section, paragraph and subparagraph references  in this Agreement, unless otherwise specified, refer to the applicable section, paragraph  or subparagraph of this Agreement.  In addition, for the purposes of this Agreement,  references to statutes and regulations shall be deemed to include any amended,  modified or successor statutes or regulations.               (e)  The Company may withhold from any amounts payable under this  Agreement such federal, state, local or foreign taxes as shall be required to be withheld  pursuant to any applicable law or regulation and all other authorized deductions.                (f)  The Executive’s or the Company’s failure to insist upon strict  compliance with any provision of this Agreement or the failure to assert any right the  Executive or the Company may have hereunder, including, without limitation, the right of  the Executive to terminate employment for Good Reason pursuant to Section 5(c)(i) -  (v), shall not be deemed to be a waiver of such provision or right or any other provision  or right of this Agreement.                (g)  The Executive and the Company acknowledge that, except as may  otherwise be provided under any other written agreement between the Executive and  any member of the Company Group, the employment of the Executive by the Company  Group is “at will” and, subject to Section 1(a), prior to the Effective Date, the Executive’s  employment and/or this Agreement may be terminated by either the Executive or the  Company at any time prior to the Effective Date, in which case the Executive shall have  no further rights under this Agreement.                  (h)  This Agreement sets forth all of the promises, agreements,  conditions and understandings between the parties hereto respecting the subject matter  hereof and supersedes all prior negotiations, conversations, discussions,  correspondence, memoranda and agreements between the parties concerning such  subject matter, including any outstanding change in control employment agreement in  effect as of the date of this Agreement.  From and after the Effective Date, this  Agreement shall supersede any other agreement between the parties with respect to  the subject matter hereof. [For certain Hong Kong employees: Further, this Agreement  is to be read in conjunction with your individual [offer letter] contract of employment.  In  the event that there is any inconsistency between any of the terms of this Agreement  and those set out in your [offer letter] contract of employment, the terms of this  Agreement which are inconsistent shall prevail.]                (i)  This Agreement may be executed in two or more counterparts,  each of which shall be deemed to be an original but all of which together will constitute  one and the same instrument.  For purposes of this Agreement, facsimile signatures  shall be deemed originals, and the parties agree to exchange original signatures as  promptly as possible following execution of this Agreement.               The Executive acknowledges that he is entering into this Agreement of  his own free will and accord, and with no duress, that he has read this Agreement and  that he understands it and its legal consequences.                                           20 





 






               IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,  pursuant to the authorization from its Board of Directors, the Company has caused  these presents to be executed in its name on its behalf, all as of the day and year first  above written.                                                                                                [Executive]                                              _______________________________                                                                                            STATE STREET CORPORATION                                                                                              By                                                     Todd Gershkowitz                                                 EVP, Chief Operating Officer -                                                 Global Human Resources and                                                 Corporate Citizenship                                              21