exhibit104faemploymentag






              March 11, 2019      Francisco Aristeguieta                                                                   Private & Confidential    Dear Francisco:  We  are  pleased  to  offer  you  employment  with  State  Street  Asia  Limited  (“the  Company”)  reporting  to  Ronald  P.  O’Hanley,  the  President  and  Chief  Executive  Officer  of  State  Street  Corporation  (“State  Street”).   We look forward to the meaningful value that you will add to State Street’s international businesses and to  the role you will play as you become a member of State Street’s top leadership. As the Chief Executive  Officer of State Street International, you will be in a position to have a significant impact on State Street’s  long term growth potential, and your success in this role will position you for further advancement within  State Street’s senior management.   The  terms  and  conditions  of  this offer  of  employment  are  set  out  below. This  offer and  the  commencement of your employment are subject to certain conditions described below.   This offer letter supersedes our initial offer letter dated March 8, 2019.  START DATE  Your start date with the Company will be July 1, 2019.  POSITION  You will be the Executive Vice President and Chief Executive Officer of State Street International. You will  report  to  Mr.  O’Hanley  (the  “CEO”)  and  will  also  be  a  member  of  the  Management  Committee,  State  Street’s most senior policy and strategy-setting group.  You will perform all acts, duties and obligations and comply with such policies and procedures as may be  designated by the CEO and which are reasonably consistent with your job title. The CEO may require you  to undertake the duties of another position or duties of a different nature, either in addition to or instead of  the duties described here, it being understood that you will not be required to perform duties which are  not  reasonably  within  your  capabilities,  or,  where  such  duties  would  require  regulatory  authorisation,  approval or consent, until such time as such authorisation, approval or consent has been obtained.  In particular your initial duties will include the following:      •   In coordination with the global business heads, responsibility for setting the strategic direction and         development of businesses outside of the North America region, which includes the United States         (“U.S.”), Canada, and the Cayman Islands, as directed by the CEO.     •   Attracting,  retaining  and  developing  a  high  performing,  engaged  and  diverse international         workforce. Ensuring effective succession planning and talent management across the businesses         and corporate functions, working with global heads to develop talent strategies across business         and corporate lines creating opportunities for staff across State Street.                                      Francisco Aristeguieta Employment Agreement   Page 1 





 






      •   Responsibility  for  developing  and  monitoring  the  implementation  of  client  engagement  efforts         across  all  business  units  and for building  State  Street’s  profile  and  position  in  international         markets through the development of strategic partnerships with clients and prospects; functioning         as the most senior ranking State Street representative outside of North America.     •   Working  collaboratively  with  regional  and  global  management  to  create  alignment  of  State         Street’s capabilities with clients’ business strategy/direction, with particular emphasis on growing         State Streets market share in mature markets and positioning State Street for growth in emerging         markets.     •   Seeking, and overseeing the execution of opportunities in conjunction with global business heads         for non-organic expansion opportunities that fit with State Street’s corporate strategy.     •   Providing  oversight  and  such  assistance  to  the  relevant  regional  or  country  head  as  may  be         required or requested to ensure an effective control environment by ensuring systems, processes         and procedures mitigate risk and are fully compliant with standards and regulations.     •   Assisting  the  relevant  regional  or  country  head  in  developing  and  maintaining  open  and         constructive relationships with non-U.S. regulatory authorities.  In addition, you will be expected to:     •   Operationalize  and  monitor the  overall  implementation  of  global  client  strategy,  particularly  as         related to non-U.S.-based clients.     •   Ensure non-U.S. structures are correctly aligned within regions and markets.     •   Help the CEO evaluate additional strategies and actions to leverage bank powers.     •   Work  with  the  CEO,  the  CFO,  and  key  Management  Committee  members  to  strengthen  State         Street management processes, consistent with strategy.     •   Drawing on prior experience, work with the CEO on overall transformation strategy, and overall         operational and organizational effectiveness.  The CEO may require you (as part of your duties of employment) to perform duties or services not only  for the Company but for any of its Associated Companies where such duties or services are of a similar  status to or consistent with your position with the Company.   “Associated  Companies”  means  any  entity  controlling,  controlled  by  or  under  common  control  with  the  Company, including direct and indirect subsidiaries and includes, without limitation, State Street and State  Street Bank and Trust Company and all of their direct and indirect subsidiaries.  PLACE OF WORK AND ANTICIPATED RELOCATION  Your  initial place of work will be  at the Company’s premises located at L68, Two International Finance  Centre,  8  Finance  Street,  Central, Hong  Kong.  However  you  may  be  required  to  work  at  any  other  premises which the Company currently uses or may later use in Hong Kong. You will also be required to  travel within Hong Kong and abroad for the performance of your duties.  It  is  the  intention  of both you  and  State  Street  that you  will  ultimately  be  located  at  State  Street’s  headquarters in Boston, Massachusetts. Your initial employment in Hong Kong is anticipated to last for  approximately two years, after which you may be temporarily relocated to another country (most likely in  Europe) as an  interim step toward this objective. In connection  with such anticipated relocations, State  Street will offer you appropriate terms and conditions of employment, commensurate with your role, which  will supersede this agreement. Of course, your ultimate relocation to Boston is subject to satisfaction of  visa and other regulatory requirements.   COMPENSATION GENERALLY  State  Street’s  approach  to  employee  compensation  is  based  on  total  compensation  and  pay-for- performance. The  Board  of  Directors  of  State  Street  or  its  delegate  (the  “Board”) sets  annual  total  compensation  targets  for  members  of  the  Management  Committee based on  an  assessment  of  each  executive’s  role  and  responsibilities, performance  trend, competitive  and  market  factors, and  internal     Francisco Aristeguieta Employment Agreement   Page 2 





 






   equity. As  a  part  of  your  target  total  compensation  package,  you  will be  eligible  to  be  considered  for  annual discretionary incentive compensation awards under the State Street incentive compensation plans  applicable to your role (the “Plans”). Awards under the Plans are made at the sole discretion of the Board  and are based upon company performance, individual performance, risk factors and such other factors as  are determined by the Board. The Board may award amounts greater than or less than the annual total  compensation target, in its discretion. The Board may also adjust the proportion of immediate cash and  deferred compensation in each award and the type, form and structure of deferred compensation, as well  as the threshold for deferred compensation eligibility at any time.  Receipt of incentive compensation is subject to the terms and conditions of the applicable incentive and  deferred compensation plans and award documents approved by the Board as in effect from time to time,  including any forfeiture and/or clawback provisions therein. Although State Street intends to continue to  use incentive compensation plans to reward performance indefinitely, the Board may amend, modify or  terminate its plans and programs at any time. State Street’s incentive compensation program is subject to  the  applicable  guidance  and  regulations  of  the  Board  of  Governors  of  the  Federal  Reserve  System  (“FRB”) and of other regulators world-wide, which may require that certain risk-mitigating or other features  be  included  in  your  incentive  awards.  Because  your  position  will  be  deemed  a  “material  risk  taker”  position  for  FRB  purposes,  your  incentive  awards  will  be  subject  to  applicable  clawback/forfeiture  requirements, as implemented from time to time by the Board.  Incentive compensation awards are typically made in the first quarter of each calendar year. You must be  employed in good standing on the date an award is made in order to earn and receive it.  ANNUAL REVIEW  State  Street  reviews  performance  at  least  annually  in  connection  with  determining incentive  compensation awards in respect of the prior year.  Upon  joining  State  Street,  you  will  be  assuming  a  newly-created  role  as  the  CEO  of State  Street  International.  As  this  role  is  being  created  in  order  to  have  you  focus  on  optimizing  State  Street’s  organizational  structure  and  business  model and  activities outside  of  North  America  in  order  to  further  State Street’s long-term global business strategy, during the 2019 and 2020 calendar years, State Street  will evaluate your performance principally based on your achievement of specific goals, milestones and  metrics determined by State Street  in its reasonable discretion and that are associated with the review  and  enhancement  of  the organizational  structure  and  business  model and  activities of  State Street’s  international business. This evaluation will be a significant element of the CEO’s recommendations to the  Board regarding your performance and incentive compensation under the Plans.  You will remain accountable for meeting financial targets set by State Street in its reasonable discretion,  for regulatory compliance requirements and for applicable risk management standards.  2019 COMPENSATION  Your base salary will be paid at the gross rate of HKD 5,500,000 per annum, (i.e., approximately HKD  458,333.33 per month). You will be on the local Hong Kong payroll, and you can expect to be paid via  auto-pay on or about the 18th of each month.  The  Company  shall  be  entitled  at  any  time  during  your  employment,  and  in  any  event  on  termination,  howsoever arising, to deduct from your remuneration any monies due from you to the Company including  but  not  limited  to  any  outstanding  loans,  advances,  the  cost  of  repairing  any  damage  or  loss  to  the  Company’s property caused by you, excess holiday and any other monies owed by you to the Company,  to the extent permitted by law.  Your total incentive  compensation  award  for  the  2019  performance  year  shall  be  no less  than  USD  6,800,000 less all applicable taxes and deductions, and will be granted under and subject to the terms of  the Plan then in effect, including without limitation that you are employed by State Street on the award  payment date; provided, however, that if State Street, under applicable law, regulation, or guidance, or  any  applicable  State  Street  policy  or  practice  reduces or  cancels any  amount  remaining  to  be  paid  or  recovers  (or  seeks  recovery  of) any  amount  previously  paid,  it  shall  be  authorized  to  do  so  in  its  sole  discretion. It  is  expected  that  your  2019  incentive  compensation shall  be  paid  as  follows,  provided,  however, that the type of award and allocation among awards are subject to the discretion of the Board     Francisco Aristeguieta Employment Agreement   Page 3 





 






   (consistent  with  compensation  approach  for  other  Management  Committee  members  and  subject  to  applicable regulatory considerations) –         15% in the form of a lump sum cash payment, subject to necessary approvals of the award by the         Board or an authorized officer, to be made in the first quarter of 2020.        20% in the form of a deferred value award (“DVA”), subject to necessary approvals of the award         by the Board or an authorized officer, to be made in the first quarter of 2020.        25% in the form of a deferred stock award (“DSA”), subject to necessary approvals of the award         by the Board or an authorized officer, to be made in the first quarter of 2020.        40%  in the  form  of  performance  restricted  stock  unit  award  (“PRSU”),  subject  to  necessary         approvals of the award by the Board or an authorized officer, to be made in the first quarter of         2020.  Any such DVA, DSA   or PRSU  will be subject to your acceptance of the form of award agreement and  governing incentive plans that are applicable at that time. Sample copies of the 2019 forms of DVA, DSA  and  PRSU  award  agreement,  which  will  provide  an  overview  of  State  Street’s  current  practice, are  attached for your review as Attachments A, B and C.   The DVA, DSA and PRSU described here will include the same performance conditions, vesting schedule  and/or holding requirements that apply to U.S. Management Committee members generally, except to the  extent  State  Street  determines it  prudent  or  necessary  to  modify  them  based  on  considerations  of  applicable laws, rules, regulations, or guidance.   2020 COMPENSATION  Subject to approval by the Board, we intend that your initial base salary will continue in effect for 2020,  and that  you  will  be eligible for  a target total  compensation package of  approximately  USD  7,000,000.  The  balance  of  that  compensation  package  is  expected  to  be  delivered  in  the  form  of  incentive  compensation opportunities under the Plans. However, to the extent that State Street determines that you  are EU Identified Staff and/or a Senior Manager for purposes of Senior Managers and Certified Persons  Regime of the UK Financial Conduct Authority, some portion of the balance may be delivered in the form  of a role based allowance. Actual compensation will be determined by the Board.  COMPENSATION FOLLOWING RELOCATION FROM HONG KONG  It  is  anticipated  that  by  the  end  of  2021  you  will  be  relocated  from  Hong  Kong  to  either  Boston,  Massachusetts, or to a city in another country (most likely in Europe) as an interim step toward relocation  to Boston. Relocation from  Hong  Kong will  likely  be  in  conjunction  with either the  expansion  of your  current position or your taking an entirely new position.   Upon your relocation outside of Hong Kong, and subject to Board approval, State Street expects to adjust  your annual total compensation target to reflect how your role has evolved at that time. We expect that  you will take on a larger or otherwise different role and that your target total compensation package will  be no less than USD 8,000,000. This target will be determined by the Board based on the specifics of  your  role and your  performance  trend  up  to  that  point. Actual  compensation  will  be  determined by  the  Board.  EXPATRIATE AND OTHER BENEFITS  For the duration of your assignment in Hong Kong, you will be provided with an expatriate allowance at  the rate of HKD 7,850,000 per annum, prorated for a partial year of service in 2019. This allowance will  be paid only for the duration of your employment in Hong Kong. You will be responsible for all local tax  liabilities associated with this allowance.  For  2019,  the  Company  will  pay  50% in  July  2019,  and  will  pay  the  balance  in  approximately  equal  monthly instalments over the remaining months, for total payments of no more than HKD 3,925,000. For  future years,  the  Company  will  pay  50% each  January,  with  the  balance  paid  out  monthly  over  the  remainder of the year.      Francisco Aristeguieta Employment Agreement   Page 4 





 






   Should  you  initially  be  relocated  to  a  country  other  than  the  U.S.  following  the  conclusion  of  your  assignment  in  Hong  Kong, you  will  be  treated as  an  expatriate with  a  home  country  of  the  U.S.  in  accordance with the long-term international assignment policy that is in effect at that time for executives  of State Street.   In addition, during  your assignment in Hong  Kong  and any subsequent expatriate assignment, you will  have the exclusive use of a car and driver, will be provided up to two club memberships, and will also be  eligible for tax preparation services. In addition, State Street will fund travel-related tax liabilities pursuant  to its Business Travel Compliance Program,    A copy of State Street’s current long-term international assignment policy is attached for your review as  Attachment D. Copies of  State  Street’s  current  Business  Travel  Compliance  Policy  and  an  associated  document  regarding  State  Street’s  current  Business  Trip  Compliance  and  Immigration  Program  are  attached as Attachments E and F.  State  Street  will  also  pay  for  first-class  airfare  for  business  travel  as  is  currently  provided  to  all  Management Committee members.  BUY-OUT AWARDS  The Company intends to buy out unvested deferred compensation awards from your previous employer  that you forfeit by joining the Company. The Company understands that these are in the form of deferred  stock  awards  and  performance  share  units  and  have  a  maximum  combined  unvested  value  of USD  12,000,000.   Any such buy-out will be subject to the applicable laws, regulations, and guidance in force at the time the  buy-out  occurs.  The  amount  of,  and  the  terms  and  conditions  applying  to,  any  buy-out  will  only  be  confirmed  to  you  after  the  Company  has  received  from  you  documentation  in  a  form  satisfactory  to  it  evidencing  the  value  that  you  have  forfeited.  The  amount  of  the  buy-out  will  reflect  the  amounts  so  evidenced and shall be no greater than the total amount shown to have been forfeited or the maximum  amount stated in the previous paragraph.  In respect of this buy-out, the Company expects to award you:        One  or  more DSAs as  have  a  value  equivalent  to  that  of  the  unvested  portion  of  the  deferred         stock award from your previous employer that you forfeit by joining the Company; and        One or more PRSUs providing a total target value at the time of the grant equivalent to that of the         unvested portion of the performance share units that you forfeit by joining the Company.   Calculation of forfeiture and new grant values in respect of this buy-out will be determined with reference  to the price of State Street shares at target and price of shares at target of your former employer valued  based on their respective closing stock prices on the New York Stock Exchange on March 15, 2019. The  grant of these buy-out awards is subject to the approval of the Board and to your acceptance of the terms  and conditions of the applicable plan and award agreement documents in effect at the time of grant. You  must be employed in good standing on the date these awards are made in order to receive them.   The  shares  subject  to  the  DSAs and  the  PRSUs  described  here  will  be  subject  to  vesting  schedules  intended to  align substantially  with  the  awards  you are forfeiting,  except as  needed  to align  with State  Street’s administrative practices or the extent State Street determines it prudent or necessary to modify  the vesting schedules or holding periods based on considerations of applicable laws, rules, regulations, or  guidance. The performance metrics and pay-out parameters of the PRSUs will use the same metrics as  those used for the PRSUs awarded to members of State Street’s Management Committee in March 2019  (regardless  of  the  relevant  performance  metrics,  prior  performance  towards  those  metrics  and  pay-out  parameters  of  the  performance share units  forfeited  to  your  former  employer),  except  that  the  performance periods may vary as needed to align with the awards you are forfeiting or as needed to align  with State Street’s administrative practices.      Francisco Aristeguieta Employment Agreement   Page 5 





 






   CHANGE OF CONTROL AGREEMENT  As a member of the Management Committee, State Street will offer you the opportunity to enter into a  Change in Control Employment Agreement. A copy  of the current form of agreement applicable to this  position and expected to be offered to you is provided as Attachment G to this agreement.  TERMINATION OF SERVICE  The  Company  may  terminate  the employment  by  giving  no less  than  three  months’  advance  notice  in  writing or payment in lieu of notice.  In order to permit the Company and State Street to safeguard their business interests and goodwill in the  event  of  your  resignation  from  employment for  any  reason,  you  agree to give the  Company  and  State  Street 180 days’ advance notice of your resignation.  After giving such notice, you will cooperate with the Company and State Street and provide them with any  requested information to assist with transitioning your duties, accomplishing its or their business, and/or  preserving its client relationships. In its sole discretion, the Company may place you on a garden leave,  as described below. However, you will not be eligible for any incentive compensation awards made on or  after you give notice or to accrue any annual leave save as required by statute.   In its sole discretion, the Company may give immediate effect to your resignation by making a payment in  lieu of any notice due.  The Company reserves the right to terminate your employment without prior notice or payment in lieu of  notice in the event that you conduct yourself in such manner as would entitle the Company to dismiss you  summarily in accordance with the provisions of the Hong Kong Employment Ordinance or under common  law.  SEVERANCE BENEFIT  Because State Street intends eventually for you to be employed in the U.S., it wishes at this time to offer  you a severance benefit consistent with that provided under the State Street Corporation Severance Plan,  as in effect from time to time in the U.S. (the “Severance Plan”).  A copy  of the current  Summary  Plan  Description of the Severance Plan is attached as Attachment H, so that you may review its current terms.  State Street reserves the right to modify the Severance Plan and the benefits available under it, at any  time.  Accordingly,  if  your  employment  is  terminated  involuntarily  by  the  Company  under  circumstances  that  would  make  you  eligible  for  benefits  under  the  Severance  Plan,  the  Company  will  offer  you the  opportunity to receive the Base Severance, Outplacement, and Special Severance benefits that would be  available to you under the Severance Plan if you were located in the U.S. (as those capitalized terms are  defined in the Severance Plan). The value of any such benefits will be offset by the value of any statutory  severance to which you may be entitled. You will be required to execute and comply with a separation  agreement containing a general release of claims and other terms in a form acceptable to the Company  as a condition of receiving and retaining any such benefits. Under no circumstances will you be entitled to  any such benefits if your employment is terminated summarily in accordance with the provisions of the  Hong Kong Employment Ordinance or under common law.  GARDEN LEAVE  The Company reserves the right to exclude you from the premises of the Company and require you not to  attend work and/or not to undertake all or any of your duties of employment during any period of notice  (whether given by you or the Company) (the “Garden Leave Period”), provided always that the Company  shall continue to pay your salary and contractual benefits for the duration of this Agreement.  During any period of notice or Garden Leave Period, you will remain a Company employee and therefore  cannot act against the interests of the Company. Amongst other things, this means that:      (a) You must not be employed by or otherwise provide services to any third party (unless agreed in         advance with the Company in writing); and      Francisco Aristeguieta Employment Agreement   Page 6 





 






      (b) You  must not  compete or  prepare  to compete with the  Company  or  assist  a competitor  in any         way,  including  by  diverting  or  preparing  to  divert  Company  clients  or  business  to  a  competing         business; and     (c) You must not undermine the business of the Company in any way; and     (d) You  must  comply  with  all  lawful  policies,  practices,  and  instructions  of  the  Company  (including         any instruction not to contact customers, prospective customers, employees or business contacts         of the Company or any Affiliate).   Accordingly, your obligations of confidentiality, good faith and fidelity remain in place at all times. Breach  of these obligations may be grounds for summary dismissal.  WORKING HOURS  The normal working hours are from 9:00 a.m. to 6:00 p.m. Monday to Friday with one hour for lunch. You  will of course understand that the Company reserves the right to change your work hours and the days  upon  which  you  work  depending  on  operational  needs.  Although  you  are  entitled  to  Saturdays  and  Sundays off, only Sunday shall be considered a rest day for the purposes of the Employment Ordinance  and other days off may be appointed as your alternative statutory holidays or substituted rest days at the  Company’s discretion. Your salary is compensation for all hours you work for the Company.  ANNUAL LEAVE  You are entitled to an annual paid vacation of 22 days. Leave must be taken in accordance with the policy  of the Company. You will accumulate leave pro-rata from the first day of employment. You will be deemed  to have taken your entitlement to statutory annual leave first in any leave year.  SICK LEAVE, MEDICAL PLANS AND PROVIDENT FUND  Sick days and sickness allowance will be in accordance with the Employment Ordinance. The Company  may, at its discretion, grant more generous sickness benefits from time to time. There is no contractual  right to more generous benefits.  The  Company  reserves  the  right  to  require  you  to  undergo  a  medical  examination  by  a  doctor  or  consultant nominated by the Company at any time, in which case the Company will bear the cost of such  medical examination. By executing this Agreement, you consent to: (a) the disclosure to the Company of  the results of the examination by such doctor or consultant; (b) the Company disclosing your sick leave  records  to  the  doctor  or  consultant;  and  (c)  the  Company  asking  the  doctor  or  consultant  directly  any  follow-up questions in relation to the medical report, prognosis or about the examination.  You  will  be  enrolled  in  the  Company’s  Medical/Dental,  Life  and  Accidental  Death  &  Dismemberment  Insurance Plans. On appointment, you will be enrolled under the Provident Fund Scheme. Descriptions of  these plans are detailed in the ‘Employee Handbook’.   The Company reserves the right to terminate or substitute these benefits or amend the scale of benefits.  If  any  scheme  provider  (including  but  not  limited  to  any  insurance  company)  refuses  for  any  reason  (whether based on its own interpretation of the terms of the insurance policy or otherwise) to provide any  benefits to you, the Company shall not be liable to provide any such benefits itself or any compensation in  lieu thereof.  ADMINISTRATIVE LEAVE  The Company reserves the right to exclude you from the premises of the Company and require you not to  attend work or not to undertake all or any of your duties at any time. During any such period, you will be  entitled  to  receive  your  usual  pay  and  all  contractual  benefits  in  accordance  with  this  Agreement  and  subject to applicable law.  TAXES  Any income taxes levied on your total income, including without limitation any benefits provided under this  agreement, will be your responsibility.      Francisco Aristeguieta Employment Agreement   Page 7 





 






   DATA PROTECTION  You consent to the Company processing your personal data for the purposes and in connection with your  employment,  for  the  Company’s  business  and  administrative  purposes  of  and  for the  purpose  of  complying  with  applicable  laws,  regulations  and  procedures. When  necessary  for  these  purposes,  the  Company may make such data available to Associated Companies, to its advisers, agents and service  providers  (including,  but  not  limited,  to  its  IT  systems  suppliers  and  its  pension,  benefits  and  payroll  administrators), its customers or business contacts if necessary for the Company’s business operations,  to  regulatory  and  tax  authorities,  to  any  potential  purchasers  of  the  Company  or  any  part of  the  Company’s  business  or  otherwise  as  required  by  law. Your  personal  data  may  be  made  available  to  authorised personnel in other jurisdictions in which the Company’s operates.   Where you process personal data (whether of past, current or future employees, clients or other persons),  you will comply at all times with applicable legislation.   You consent to the Company monitoring and recording,  without further notice to you,  your actions  and  activities as recorded on its computer, telecommunications and security systems and any use you make  of such systems from time to time. You agree to comply with the Company’s policy concerning the use of  such systems.   CONDITIONS  This offer and the commencement of your employment are  conditioned to the completion of satisfactory  reference and background checks. These checks include verification of  your employment, address and  education histories and a review of your criminal and credit background, as well as your completion and  the satisfactory resolution of any issues identified in, State Street’s Questionnaire for Executive Officers,  and  anti-bribery  questionnaire. Failure  of  these  checks  to  will result  in  withdrawal  of  this  offer  of  employment.  This  offer  and  the  commencement  of  your  employment are  also  conditioned  on  your  execution  of  the  Confidentiality, Intellectual Property and Restrictive Covenant Protective Agreement in the form provided  as Attachment I; however, that document does not form a part of this contract of employment as defined  by the Employment Ordinance or otherwise.                            (The remainder of this page is intentionally left blank.)                                      Francisco Aristeguieta Employment Agreement   Page 8 





 






   OTHERS  It  is  not  the  intention  of  this  letter  to  detail  all  the  terms  and  conditions  of  employment  and  this  letter  should be read in conjunction with our Employee Handbook. The provisions of the Employee Handbook  do not form part of this contract of employment unless expressly stated so to do. The Company’s policies  and procedures, as well as local laws, will apply to any elements not covered in this letter. The various  provisions  and  sub-provisions  of  this  letter  are  severable  and  if  any  provision  or  sub-provision  or  identifiable part thereof is held to be invalid or unenforceable by any court of competent jurisdiction then  such invalidity or unenforceability will not affect the validity or enforceability of the remaining provisions or  sub-provisions or identifiable parts thereof in this letter.  This letter is governed by and construed in accordance with Hong Kong laws, and you and the Company  submit to the non-exclusive jurisdiction of the Hong Kong courts.  If you find the above terms and conditions acceptable, please sign and return the duplicate copy of this  letter.  We look forward to welcoming you to the State Street Team.    Yours sincerely,    For and on behalf of     State Street Asia Limited                 /s/ Kathryn M. Horgan           Kathryn M. Horgan  Executive Vice President  Chief Global Human Resources and Citizenship Officer        I accept and agree to the above terms and conditions.                 /s/ Francisco Aristeguieta      Name:  Francisco Aristeguieta      Date: 04/02/2019        Francisco Aristeguieta Employment Agreement   Page 9