Document:

Exhibit
10.3

STATE
STREET BANK AND TRUST COMPANY

INDEMNIFICATION AGREEMENT

This Agreement is made as of the          
day of                ,
        , by and between State Street
Bank and Trust Company, a corporation organized under the laws of the Commonwealth
of Massachusetts (the “Bank”), and          
(“Indemnitee”), a director of the Bank.

WHEREAS, it is essential to the Bank to retain and
attract as directors the most capable persons available, and

WHEREAS, the substantial increase in corporate litigation
subjects directors to expensive litigation risks.

NOW THEREFORE, for valuable consideration, receipt of
which is acknowledged, the Bank and Indemnitee do hereby agree as follows:

1.                                       Definitions.  As used in this Agreement:

(a)                                  The term “Corporate
Status” shall mean the status of a person who is or was or has agreed to
become, a director of the Bank or who, while a director of the Bank, is or was
serving at the Bank’s request as a director, officer, fiduciary, partner,
employee, trustee or agent of, or in a similar capacity with, another
corporation, partnership, joint venture, trust, employee benefit plan or other
entity (“Other Organizations”).  A
director is considered to be serving an employee benefit plan at the Bank’s
request if his or her duties to the Bank also impose duties on, or otherwise
involve services by, him or her to the plan or to participants in or
beneficiaries of the plan.  Set forth on Schedule A
is a list, as of the date hereof, of all such Other Organizations.

(b)                                 The term “Disinterested
Director” shall mean a director of the Bank who, at the time of a vote referred
to in Paragraph 7 of this Agreement, is not (i) a party to the
Proceeding, or (ii) an individual having a familial, financial, professional or
employment relationship with Indemnitee, which relationship would, in the
circumstances, reasonably be expected to exert an influence on the director’s
judgment when voting on the decision being made.

(c)                                  The term “Expenses”
shall include, without limitation, attorneys’ fees, retainers, court costs,
transcript costs, fees and expenses of experts, travel expenses, duplicating
costs, printing and binding costs, telephone and telecopy charges, postage,
delivery service fees and other disbursements or expenses of the type
customarily incurred in connection with a Proceeding, but shall not include the
amount of judgments, fines or penalties against Indemnitee or amounts paid in
settlement in connection with such matters.

(d)                                 The term “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither presently is, nor in the past five
years has been, retained to represent: 
(i) the Bank or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements),
or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. 
Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the
Bank or Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.  The Bank agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

(e)                                  The term “Liability”
shall mean the obligation to pay a judgment, settlement, penalty, fine
(including an excise tax assessed with respect to an employee benefit plan) and
all reasonable Expenses incurred in connection with a Proceeding.

(f)                                    The term “Proceeding”
shall mean any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative, arbitrative or investigative and
whether formal or informal.

(g)                                 A “Change in Control”
shall be deemed to occur upon the earliest of the following to occur:

(i)                                     the acquisition by
an 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 of any capital stock of the Bank if, after
such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3
promulgated under the Exchange Act) 50% or more of either (x) the
then-outstanding shares of common stock of the Bank (the “Outstanding Company
Common Stock”) or (y) the combined voting power of the then outstanding
securities of the Bank entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”);

(ii)                                  individuals who, as of
the date hereof, constitute the Board of Directors of the Bank (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 Bank’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 or entity (“Person”) other than the Board;

(iii)                               the consummation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Bank (a “Business Combination”), in each
case, unless, following such Business Combination, (i) all or

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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 the 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 Bank or all or substantially all
of the Bank’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 Bank 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 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.

2.                                       Indemnification.

(a)                                  Subject to
Paragraphs 3, 5 and 7, the Bank shall, to the fullest extent permitted by
law (as such may be amended from time to time), indemnify Indemnitee in
connection with any Proceeding as to which Indemnitee is, was or is threatened
to be made a party (or is otherwise involved) by reason of Indemnitee’s
Corporate Status.  In furtherance of the
foregoing and without limiting the generality thereof, the Bank shall indemnify
Indemnitee, if Indemnitee was, is or is threatened to be made a defendant or
respondent in a Proceeding because of Indemnitee’s Corporate Status against
Liability incurred in the Proceeding if (i) (1) Indemnitee conducted himself
or herself in good faith, and (2) Indemnitee reasonably believed that his or
her conduct was in the best interests of the Bank or that his or her conduct
was at least not opposed to the best interests of the Bank, and (3) in the case
of any criminal proceeding, Indemnitee had no reasonable cause to believe his
or her conduct was unlawful, or (ii) Indemnitee engaged in conduct for which
Indemnitee shall not be liable under a provision of the Bank’s Articles of
Organization.

(b)                                 Indemnitee’s conduct
with respect to an employee benefit plan for a purpose Indemnitee reasonably
believed to be in the interests of the participants in, and the beneficiaries
of, the plan is conduct that satisfies the requirement that Indemnitee’s
conduct was at least not opposed to the best interests of the Bank.

(c)                                  The termination of a
Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, is not, of itself, determinative that
Indemnitee did not meet the relevant standard of conduct described in this
Paragraph 2.

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3.                                       Exceptions
to Right of Indemnification. 
Notwithstanding anything to the contrary in this Agreement, except as
set forth in Paragraphs 8 and 10:

(a)                                  the Bank shall not
indemnify Indemnitee in connection with a Proceeding (or part thereof)
initiated by Indemnitee unless the initiation thereof was approved by the Board
of Directors of the Bank (the “Board of Directors”); and

(b)                                 the Bank shall not be
required to make any indemnification payment to Indemnitee to the extent
Indemnitee has otherwise actually received such payment under any insurance
policy, agreement or otherwise, and in the event the Bank makes any
indemnification payment to Indemnitee and Indemnitee is subsequently reimbursed
from the proceeds of insurance, Indemnitee shall promptly refund such
indemnification payment to the Bank to the extent of such insurance
reimbursement.

4.                                       Indemnification
of Expenses of Successful Party. 
Notwithstanding any other provision of this Agreement, in addition to
and not in limitation of the rights set forth in Paragraph 2, to the
extent that Indemnitee has been wholly successful, on the merits or otherwise,
in the defense of any Proceeding to which Indemnitee was a party because of
Indemnitee’s Corporate Status, Indemnitee shall be indemnified, to the fullest
extent permitted by law (as such may be amended from time to time) against all
reasonable Expenses incurred by Indemnitee in connection therewith.

5.                                       Notification
and Defense of Claim.

(a)                                  As a condition
precedent to Indemnitee’s right to be indemnified, Indemnitee must notify the
Bank in writing as soon as practicable of any Proceeding for which indemnity
will or could be sought by Indemnitee and provide the Bank with a copy of any
summons, citation, subpoena, complaint, indictment, information or other
document relating to such Proceeding with which Indemnitee is served.  With respect to any Proceeding of which the
Bank is so notified, the Bank will be entitled (i) to participate therein
at its own expense and/or (ii) to assume the defense thereof at its own
expense, with legal counsel reasonably acceptable to Indemnitee.  After notice from the Bank to Indemnitee of
its election so to assume such defense, the Bank shall not be liable to
Indemnitee for any legal or other expenses subsequently incurred by Indemnitee
in connection with such claim, other than as provided below in this
Paragraph 5.  Indemnitee shall have
the right to employ Indemnitee’s own counsel in connection with such claim, but
the fees and expenses of such counsel incurred after notice from the Bank of
its assumption of the defense thereof shall be at the expense of Indemnitee
unless (i) the employment of counsel by Indemnitee has been authorized by
the Bank, (ii) counsel to Indemnitee shall have reasonably concluded that
there may be a conflict of interest or position on any significant issue
between the Bank and Indemnitee in the conduct of the defense of such action or
(iii) the Bank shall not in fact have employed counsel to assume the defense
of such action, in each of which cases the reasonable fees and expenses of
counsel for Indemnitee shall be at the expense of the Bank, except as otherwise
expressly provided by this Agreement, and provided that Indemnitee’s
counsel shall cooperate reasonably with the Bank’s counsel to minimize the cost
of defending claims against the Bank and Indemnitee.  The Bank shall not be entitled, without the
consent of Indemnitee, to assume the defense of any claim brought by or in

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the right of the Bank or as to which counsel for Indemnitee shall have
reasonably made the conclusion provided for in clause (ii) above.

(b)                                 The Bank shall not be
required to indemnify Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding effected without its written consent.  The Bank shall not settle any Proceeding in
any manner which would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent.  Neither
the Bank nor Indemnitee will unreasonably withhold its or his or her consent to
any proposed settlement.

6.                                       Advancement
of Expenses.  In the event that (a)
the Bank does not assume the defense pursuant to Paragraph 5 of this
Agreement of any Proceeding to which Indemnitee is a party or is threatened to
be made a party because of Indemnitee’s Corporate Status or by reason of any
action alleged to have been taken or omitted in connection therewith and of
which the Bank receives notice under this Agreement or (b) the Bank assumes
such defense but Indemnitee is, pursuant to Paragraph 5 of this Agreement,
nonetheless entitled to have the fees and costs of Indemnitee’s own counsel
paid for by the Bank, any reasonable Expenses incurred by Indemnitee or on his
or her behalf in defending such Proceeding shall be paid by the Bank in advance
of the final disposition of such Proceeding; provided, however,
that the payment of such Expenses incurred by Indemnitee or on his or her
behalf in advance of the final disposition of such Proceeding shall be made
only upon receipt of (a) a written affirmation of Indemnitee’s good faith
belief that Indemnitee has met the applicable standard of conduct described in
Paragraph 2 of this Agreement or that the Proceeding involves conduct for
which Liability has been eliminated under a provision of the Bank’s Articles of
Organization and (b) an unlimited undertaking by or on behalf of Indemnitee to
repay all amounts so advanced in the event that it shall ultimately be
determined that Indemnitee is not entitled to be indemnified by the Bank as
authorized in this Agreement.  The
undertaking referred to in clause (b) above shall be an unlimited, unsecured
general obligation of Indemnitee and shall be accepted without reference to
Indemnitee’s financial ability to make repayment.  Any advances and undertakings to repay shall
be interest-free.

7.                                       Procedures.

(a)                                  In order to obtain
indemnification or advancement of Expenses pursuant to this Agreement,
Indemnitee shall submit to the Bank a written request, including in such
request such documentation and information as is reasonably available to
Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification or advancement of Expenses.  Any such indemnification or advancement of Expenses
shall be made promptly, and in any event within 60 days after receipt by the
Bank of the written request of Indemnitee, subject to the provisions of
Paragraph 7(b) and 7(c) below.

(b)                                 With respect to
requests under Paragraph 2, indemnification shall be made unless the Bank
determines that Indemnitee has not met the applicable standard of conduct set
forth in Paragraph 2.  Any
determination as to whether Indemnitee has met the applicable standard of
conduct set forth in Paragraph 2, and any determination that Expenses that
have been advanced pursuant to Paragraph 6 must be subsequently repaid to
the Bank, shall be made in each instance (i) if there are two or more
Disinterested Directors, by the Board of Directors by a majority vote of all
the Disinterested Directors, a majority of whom shall for such purpose

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constitute a quorum, or by a majority of the members of a committee of
two or more Disinterested Directors appointed by such vote; (ii) by
special legal counsel (A) selected in the manner prescribed in clause (i),
or (B) if there are fewer than two Disinterested Directors, selected by
Board of Directors, in which selection directors who do not qualify as
Disinterested Directors may participate or (iii) by the shareholders of
the Bank (but shares owned by or voted under the control of a director who at
the time does not qualify as a Disinterested Director may not be voted on the
determination).  Any such determination
shall be made within the 60-day period referred to in Paragraph 7(a)
(unless extended by mutual agreement by the Bank and Indemnitee).  For the purpose of the foregoing
determination with respect to requests under Paragraph 2 or repayment of
advanced Expenses, the Indemnitee shall be entitled to a presumption that he or
she has met the applicable standard of conduct set forth in
Paragraph 2.  The Bank acknowledges
that the Indemnitee may settle a Proceeding in order to avoid expense, delay,
distraction, disruption and uncertainty and that, therefore, any such
settlement (with or without payment of money or other consideration) shall not
in and of itself overcome the presumption set forth above.

(c)                                  Notwithstanding
anything to the contrary set forth in this Agreement, if a request for
indemnification pursuant to Paragraph 2 is made after a Change of Control,
at the election of the Indemnitee made in writing to the Bank, any
determination required to be made pursuant to Paragraph 7(b) above as to
whether the Indemnitee has met the applicable standard of conduct or is
required to repay advanced Expenses shall be made by Independent Counsel
selected as provided in this Paragraph 7(c).  The Independent Counsel shall be selected by
the Board of Directors.  Indemnitee may,
within 10 days after written notice of selection shall have been given,
deliver to the Bank, a written objection to such selection.  Absent a timely objection, the person so
selected shall act as Independent Counsel. 
If a written objection is made, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn.  If, within 20 days after submission by
Indemnitee of a written request for Independent Counsel, no Independent Counsel
shall have been selected and not objected to, either the Bank or Indemnitee may
petition any court of competent jurisdiction for the appointment as Independent
Counsel of a person selected by the court or by such other person as the court
shall designate, and the person so appointed shall act as Independent Counsel
under Paragraph 7(c) hereof.  The Bank
shall pay any and all reasonable fees and expenses of Independent Counsel
incurred by such Independent Counsel in connection with acting pursuant to
Paragraph 7(c) hereof, and the Bank shall pay all reasonable fees and
expenses incident to the procedures of this Paragraph 7(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

8.                                       Right
to Seek Court-Ordered Indemnification and Advance of Expenses.  Nothing contained in this Agreement shall
abrogate or limit the right of Indemnitee to apply to a court of competent
jurisdiction for indemnification or an advance of Expenses to the extent then
permitted by law.

9.                                       Indemnification
for Expenses of a Witness. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a witness in any
Proceeding to which Indemnitee is not a party, he or she shall be indemnified

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against all Expenses
actually and reasonably incurred by him or on his behalf in connection
therewith.

10.                                 Remedies.  The right to indemnification and advancement
of Expenses as provided by this Agreement shall be enforceable by Indemnitee in
any court of competent jurisdiction if the Bank denies such request, in whole
or in part, or if no disposition thereof is made within the applicable period
referred to in Paragraph 7.  Unless
otherwise required by law, the burden of proving that indemnification is not
appropriate shall be on the Bank. 
Neither the failure of the Bank to have made a determination prior to
the commencement of such action that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Bank pursuant to Paragraph 7 that
Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has not met the standard
of conduct.  Indemnitee’s reasonable
Expenses incurred in connection with successfully establishing his or her right
to indemnification, in whole, or in part, in any such Proceeding shall also be
indemnified by the Bank.

11.                                 Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the Bank
for some or a portion of the Expenses, judgments, fines, penalties or amounts
paid in settlement actually and reasonably incurred by him or her or on his or
her behalf in connection with any Proceeding but not, however, for the total
amount thereof, the Bank shall nevertheless indemnify Indemnitee for the
portion of such Expenses, judgments, fines, penalties or amounts paid in
settlement to which Indemnitee is entitled.

12.                                 Subrogation.  In the event of any payment under this
Agreement, the Bank shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and
take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Bank to bring suit to enforce such
rights.

13.                                 Term
of Agreement.  This Agreement shall
continue until and terminate upon the later of (a) six years after the
date that Indemnitee shall have ceased to serve as a director of the Bank or,
at the request of the Bank, as a director, officer, partner, trustee,
fiduciary, employee or agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise or (b) the final
termination of all Proceedings pending on the date set forth in clause (a) in
respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to
Paragraph 8 of this Agreement relating thereto.

14.                                 Indemnification
Hereunder Not Exclusive.  The
indemnification and advancement of Expenses provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may be entitled
under the Bank’s Articles of Organization or Bylaws, any agreement, any vote of
shareholders or directors of the Bank, any applicable law (common or statutory)
or otherwise, both as to action in Indemnitee’s official capacity and as to
action in another capacity while holding office for the Bank, and nothing in
this Agreement shall be deemed to waive any such other rights.  Nothing in this Agreement shall be deemed to prohibit
the Bank from purchasing and maintaining insurance, at its expense, to protect
itself or

 7
 

Indemnitee against any
expense, liability or loss incurred by it or him or her in any such capacity,
or arising out of Indemnitee’s status as such, whether or not Indemnitee would
be indemnified against such expense, liability or loss under this Agreement.

15.                                 No
Special Rights.  Nothing herein shall
confer upon Indemnitee any right to continue to serve as a director of the Bank
for any period of time, or at any particular rate of compensation.

16.                                 Savings
Clause.  If this Agreement or any
portion thereof shall be invalidated on any ground by any court of competent
jurisdiction, then the Bank shall nevertheless indemnify Indemnitee against
Liabilities with respect to any Proceeding to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated, and
this Agreement shall be interpreted to give effect, to the fullest extent
permitted by applicable law, to the intent of the invalidated provision.

17.                                 Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall constitute the original.

18.                                 Successors
and Assigns.  This Agreement shall be
binding upon the Bank and its successors and assigns and shall inure to the
benefit of the estate, heirs, executors, administrators and personal
representatives of Indemnitee.

19.                                 Headings.  The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof.

20.                                 Modification
and Waiver.  This Agreement may be
amended from time to time to reflect changes in Massachusetts law or for other
reasons.  No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto.  No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision hereof nor shall any such waiver constitute a
continuing waiver.

21.                                 Notices.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
given (a) when delivered by hand or (b) if mailed by certified or
registered mail with postage prepaid, on the third day after the date on which
it is so mailed:

	
  (i)

  	
  if to Indemnitee, to:

  	
  c/o State Street Bank and Trust Company

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 
  02111

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
  if to the Bank, to:

  	
  State Street Bank and Trust Company

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 
  02111

  
	
   

  	
   

  	
  Attention: 
  General Counsel

  

 

 8
 

or to such other address as may have been furnished to
Indemnitee by the Bank or to the Bank by Indemnitee, as the case may be.

22.                                 Applicable
Law.  This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the
Commonwealth of Massachusetts. 
Indemnitee may elect to have the right to indemnification or
reimbursement or advancement of Expenses interpreted on the basis of the
applicable law in effect at the time of the occurrence of the event or events
giving rise to the applicable Proceeding, to the extent permitted by law, or on
the basis of the applicable law in effect at the time such indemnification or
reimbursement or advance of Expenses is sought. 
Such election shall be made, by a notice in writing to the Bank, at the
time indemnification or reimbursement or advancement of Expenses is sought; provided,
however, that if no such notice is given, and if applicable Massachusetts
law is amended enacted to permit further indemnification of directors and
officers, then Indemnitee shall be indemnified to the fullest extent permitted
under applicable law, as so amended or enacted.

23.                                 Limitations
on Indemnification.  The provisions
of this Agreement are subject to the limitations and prohibitions imposed by
applicable federal law, including the Securities Act of 1933 and the Federal
Deposit Insurance Act, and any regulations promulgated thereunder.

24.                                 Enforcement.  The Bank expressly confirms and agrees that
it has entered into this Agreement in order to induce Indemnitee to serve or to
continue to serve as a director of the Bank, and acknowledges that Indemnitee
is relying upon this Agreement in continuing in such capacity.

25.                                 Entire
Agreement.  This Agreement sets forth
the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, whether oral or written,
by any employee or representative of any party hereto in respect of the subject
matter contained herein; and any prior agreement of the parties hereto in
respect of the subject matter contained herein is hereby terminated and
cancelled.  For avoidance of doubt, the
parties confirm that the foregoing does not apply to or limit in any way
Indemnitee’s rights under Massachusetts law or the Bank’s Articles of
Organization or Bylaws.

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IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first above written.

	
  

  	
  STATE STREET BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 10Exhibit
10.4

STATE
STREET BANK AND TRUST COMPANY

INDEMNIFICATION AGREEMENT

This Agreement is made as of the           
day of           ,        ,
by and between State Street Bank and Trust Company, a corporation organized
under the laws of the Commonwealth of Massachusetts (the “Bank”), and              
(“Indemnitee”), an officer of the Bank.

WHEREAS, it is essential to the Bank to retain and
attract as officers the most capable persons available, and

WHEREAS, the substantial increase in corporate litigation
subjects directors and officers to expensive litigation risks.

NOW THEREFORE, for valuable consideration, receipt of
which is acknowledged, the Bank and Indemnitee do hereby agree as follows:

1.                                       Definitions.  As used in this Agreement:

(a)                                  The term “Corporate
Status” shall mean the status of a person who is or was or has agreed to
become, a director and/or officer of the Bank or who, while a director or
officer of the Bank, is or was serving at the Bank’s request as a director,
officer, fiduciary, partner, employee, trustee or agent of, or in a similar
capacity with, another corporation, partnership, joint venture, trust, employee
benefit plan or other entity.  A director
or officer is considered to be serving an employee benefit plan at the Bank’s
request if his or her duties to the Bank also impose duties on, or otherwise
involve services by, him or her to the plan or to participants in or
beneficiaries of the plan.

(b)                                 The term “Disinterested
Director” shall mean a director of the Bank who, at the time of a vote referred
to in Paragraph 7 of this Agreement, is not (i) a party to the
Proceeding, or (ii) an individual having a familial, financial, professional or
employment relationship with Indemnitee, which relationship would, in the
circumstances, reasonably be expected to exert an influence on the director’s
judgment when voting on the decision being made.

(c)                                  The term “Expenses”
shall include, without limitation, attorneys’ fees, retainers, court costs,
transcript costs, fees and expenses of experts, travel expenses, duplicating
costs, printing and binding costs, telephone and telecopy charges, postage,
delivery service fees and other disbursements or expenses of the type
customarily incurred in connection with a Proceeding, but shall not include the
amount of judgments, fines or penalties against Indemnitee or amounts paid in
settlement in connection with such matters.

(d)                                 The term “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither presently is, nor in the

past five years has been, retained to represent:  (i) the Bank or Indemnitee in any matter
material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding
giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in
representing either the Bank or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement.  The Bank
agrees to pay the reasonable fees of the Independent Counsel referred to above
and to fully indemnify such counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

(e)                                  The term “Liability”
shall mean the obligation to pay a judgment, settlement, penalty, fine
(including an excise tax assessed with respect to an employee benefit plan) and
all reasonable Expenses incurred in connection with a Proceeding.

(f)                                    The term “Proceeding”
shall mean any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative, arbitrative or investigative and
whether formal or informal.

(g)                                 A “Change in Control”
shall be deemed to occur upon the earliest of the following to occur:

(i)                                     the acquisition by
an 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 of any capital stock of the Bank if, after
such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3
promulgated under the Exchange Act) 50% or more of either (x) the
then-outstanding shares of common stock of the Bank (the “Outstanding Company
Common Stock”) or (y) the combined voting power of the then outstanding
securities of the Bank entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”);

(ii)                                  individuals who, as
of the date hereof, constitute the Board of Directors of the Bank (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 Bank’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 or entity (“Person”) other than the Board;

(iii)                               the consummation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Bank (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

 2
 

immediately prior to the 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 Bank or all or substantially all of the Bank’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 Bank 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 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.

2.                                       Indemnification.

(a)                                  Subject to
Paragraphs 3, 5 and 7, the Bank shall, to the fullest extent permitted by
law (as such may be amended from time to time), indemnify Indemnitee in
connection with any Proceeding as to which Indemnitee is, was or is threatened
to be made a party (or is otherwise involved) by reason of Indemnitee’s
Corporate Status.  In furtherance of the
foregoing and without limiting the generality thereof:

(i)                                     the Bank shall
indemnify Indemnitee, if Indemnitee was, is or is threatened to be made a
defendant or respondent in a Proceeding because of Indemnitee’s Corporate
Status as a director, against Liability incurred in the Proceeding if (A)
(1) Indemnitee conducted himself or herself in good faith, and (2)
Indemnitee reasonably believed that his or her conduct was in the best
interests of the Bank or that his or her conduct was at least not opposed to
the best interests of the Bank, and (3) in the case of any criminal proceeding,
Indemnitee had no reasonable cause to believe his or her conduct was unlawful,
or (B) Indemnitee engaged in conduct for which Indemnitee shall not be
liable under a provision of the Bank’s Articles of Organization, and

(ii)                                  the Bank shall
indemnify Indemnitee, if Indemnitee was, is or threatened to be made a
defendant or respondent in a Proceeding because of Indemnitee’s Corporate
Status as an officer, against Liability incurred in the Proceeding, except for
liability arising out of acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law.

(b)                                 Indemnitee’s conduct
with respect to an employee benefit plan for a purpose Indemnitee reasonably
believed to be in the interests of the participants in, and the beneficiaries
of, the plan is conduct that satisfies the requirement that Indemnitee’s
conduct was at least not opposed to the best interests of the Bank.

 3
 

(c)                                  The termination of a
Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, is not, of itself, determinative that
Indemnitee did not meet the relevant standard of conduct described in this
Paragraph 2.

3.                                       Exceptions
to Right of Indemnification. 
Notwithstanding anything to the contrary in this Agreement, except as
set forth in Paragraphs 8 and 10:

(a)                                  the Bank shall not
indemnify Indemnitee in connection with a Proceeding (or part thereof)
initiated by Indemnitee unless the initiation thereof was approved by the Board
of Directors of the Bank (the “Board of Directors”); and

(b)                                 the Bank shall not be
required to make any indemnification payment to Indemnitee to the extent
Indemnitee has otherwise actually received such payment under any insurance
policy, agreement or otherwise, and in the event the Bank makes any
indemnification payment to Indemnitee and Indemnitee is subsequently reimbursed
from the proceeds of insurance, Indemnitee shall promptly refund such
indemnification payment to the Bank to the extent of such insurance
reimbursement.

4.                                       Indemnification
of Expenses of Successful Party.  Notwithstanding
any other provision of this Agreement, in addition to and not in limitation of
the rights set forth in Paragraph 2, to the extent that Indemnitee has
been wholly successful, on the merits or otherwise, in the defense of any
Proceeding to which Indemnitee was a party because of Indemnitee’s Corporate
Status, Indemnitee shall be indemnified, to the fullest extent permitted by law
(as such may be amended from time to time) against all reasonable Expenses
incurred by Indemnitee in connection therewith.

5.                                       Notification
and Defense of Claim.

(a)                                  As a condition
precedent to Indemnitee’s right to be indemnified, Indemnitee must notify the
Bank in writing as soon as practicable of any Proceeding for which indemnity
will or could be sought by Indemnitee and provide the Bank with a copy of any
summons, citation, subpoena, complaint, indictment, information or other
document relating to such Proceeding with which Indemnitee is served.  With respect to any Proceeding of which the
Bank is so notified, the Bank will be entitled (i) to participate therein
at its own expense and/or (ii) to assume the defense thereof at its own
expense, with legal counsel reasonably acceptable to Indemnitee.  After notice from the Bank to Indemnitee of
its election so to assume such defense, the Bank shall not be liable to
Indemnitee for any legal or other expenses subsequently incurred by Indemnitee
in connection with such claim, other than as provided below in this
Paragraph 5.  Indemnitee shall have
the right to employ Indemnitee’s own counsel in connection with such claim, but
the fees and expenses of such counsel incurred after notice from the Bank of
its assumption of the defense thereof shall be at the expense of Indemnitee
unless (i) the employment of counsel by Indemnitee has been authorized by
the Bank, (ii) counsel to Indemnitee shall have reasonably concluded that
there may be a conflict of interest or position on any significant issue
between the Bank and Indemnitee in the conduct of the defense of such action or
(iii) the Bank shall not in fact have employed counsel to assume the
defense of such action, in each of which cases the reasonable fees and expenses
of counsel for Indemnitee shall be at the expense of the Bank, except as
otherwise expressly provided by this Agreement, and

 4
 

provided that Indemnitee’s counsel shall
cooperate reasonably with the Bank’s counsel to minimize the cost of defending
claims against the Bank and Indemnitee. 
The Bank shall not be entitled, without the consent of Indemnitee, to
assume the defense of any claim brought by or in the right of the Bank or as to
which counsel for Indemnitee shall have reasonably made the conclusion provided
for in clause (ii) above.

(b)                                 The Bank shall not be
required to indemnify Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding effected without its written consent.  The Bank shall not settle any Proceeding in
any manner which would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent.  Neither
the Bank nor Indemnitee will unreasonably withhold its or his or her consent to
any proposed settlement.

6.                                       Advancement
of Expenses.  In the event that (a)
the Bank does not assume the defense pursuant to Paragraph 5 of this
Agreement of any Proceeding to which Indemnitee is a party or is threatened to
be made a party because of Indemnitee’s Corporate Status or by reason of any
action alleged to have been taken or omitted in connection therewith and of
which the Bank receives notice under this Agreement or (b) the Bank assumes
such defense but Indemnitee is, pursuant to Paragraph 5 of this Agreement,
nonetheless entitled to have the fees and costs of Indemnitee’s own counsel
paid for by the Bank, any reasonable Expenses incurred by Indemnitee or on his
or her behalf in defending such Proceeding shall be paid by the Bank in advance
of the final disposition of such Proceeding; provided, however,
that the payment of such Expenses incurred by Indemnitee or on his or her
behalf in advance of the final disposition of such Proceeding shall be made
only upon receipt of (a) a written affirmation of Indemnitee’s good faith
belief that Indemnitee has met the applicable standard of conduct described in
Paragraph 2 of this Agreement or that the Proceeding involves conduct for which
Liability has been eliminated under a provision of the Bank’s Articles of
Organization and (b) an unlimited undertaking by or on behalf of Indemnitee to
repay all amounts so advanced in the event that it shall ultimately be
determined that Indemnitee is not entitled to be indemnified by the Bank as
authorized in this Agreement.  The
undertaking referred to in clause (b) above shall be an unlimited, unsecured
general obligation of Indemnitee and shall be accepted without reference to
Indemnitee’s financial ability to make repayment.  Any advances and undertakings to repay shall
be interest-free.

7.                                       Procedures.

(a)                                  In order to obtain
indemnification or advancement of Expenses pursuant to this Agreement,
Indemnitee shall submit to the Bank a written request, including in such
request such documentation and information as is reasonably available to
Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification or advancement of Expenses.  Any such indemnification or advancement of
Expenses shall be made promptly, and in any event within 60 days after receipt
by the Bank of the written request of Indemnitee, subject to the provisions of
Paragraph 7(b) and 7(c) below.

(b)                                 With respect to
requests under Paragraph 2, indemnification shall be made unless the Bank
determines that Indemnitee has not met the applicable standard of conduct set
forth in Paragraph 2.  Any
determination as to whether Indemnitee has met the applicable standard of
conduct set forth in Paragraph 2, and any determination that Expenses that
have been

 5
 

advanced pursuant to Paragraph 6 must be subsequently repaid to
the Bank, shall be made in each instance (i) if there are two or more
Disinterested Directors, by the Board of Directors by a majority vote of all
the Disinterested Directors, a majority of whom shall for such purpose
constitute a quorum, or by a majority of the members of a committee of two or
more Disinterested Directors appointed by such vote; (ii) by special legal
counsel (A) selected in the manner prescribed in clause (i), or
(B) if there are fewer than two Disinterested Directors, selected by Board
of Directors, in which selection directors who do not qualify as Disinterested
Directors may participate or (iii) by the shareholders of the Bank (but
shares owned by or voted under the control of a director who at the time does
not qualify as a Disinterested Director may not be voted on the
determination).  Any such determination
shall be made within the 60-day period referred to in Paragraph 7(a)
(unless extended by mutual agreement by the Bank and Indemnitee).  For the purpose of the foregoing
determination with respect to requests under Paragraph 2 or repayment of
advanced Expenses, the Indemnitee shall be entitled to a presumption that he or
she has met the applicable standard of conduct set forth in
Paragraph 2.  The Bank acknowledges
that the Indemnitee may settle a Proceeding in order to avoid expense, delay,
distraction, disruption and uncertainty and that, therefore, any such
settlement (with or without payment of money or other consideration) shall not
in and of itself overcome the presumption set forth above.

(c)                                  Notwithstanding
anything to the contrary set forth in this Agreement, if a request for
indemnification pursuant to Paragraph 2 is made after a Change of Control,
at the election of the Indemnitee made in writing to the Bank, any
determination made pursuant to Paragraph 7(b) above as to whether the
Indemnitee has met the applicable standard of conduct or is required to repay
advanced Expenses shall be made by Independent Counsel selected as provided in
this Paragraph 7(c).  The
Independent Counsel shall be selected by the Board of Directors.  Indemnitee may, within 10 days after
written notice of selection shall have been given, deliver to the Bank, a
written objection to such selection. 
Absent a timely objection, the person so selected shall act as
Independent Counsel.  If a written objection
is made, the Independent Counsel selected may not serve as Independent Counsel
unless and until such objection is withdrawn. 
If, within 20 days after submission by Indemnitee of a written
request for Independent Counsel, no Independent Counsel shall have been
selected and not objected to, either the Bank or Indemnitee may petition any
court of competent jurisdiction for the appointment as Independent Counsel of a
person selected by the court or by such other person as the court shall
designate, and the person so appointed shall act as Independent Counsel under
Paragraph 7(c) hereof.  The Bank
shall pay any and all reasonable fees and expenses of Independent Counsel
incurred by such Independent Counsel in connection with acting pursuant to
Paragraph 7(c) hereof, and the Bank shall pay all reasonable fees and
expenses incident to the procedures of this Paragraph 7(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

8.                                       Right
to Seek Court-Ordered Indemnification and Advance of Expenses.  Nothing contained in this Agreement shall
abrogate or limit the right of Indemnitee to apply to a court of competent
jurisdiction for indemnification or an advance of Expenses to the extent then
permitted by law.

 6
 

9.                                       Indemnification
for Expenses of a Witness. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a witness in any
Proceeding to which Indemnitee is not a party, he or she shall be indemnified
against all Expenses actually and reasonably incurred by him or on his behalf
in connection therewith.

10.                                 Remedies.  The right to indemnification and advancement
of Expenses as provided by this Agreement shall be enforceable by Indemnitee in
any court of competent jurisdiction if the Bank denies such request, in whole
or in part, or if no disposition thereof is made within the applicable period
referred to in Paragraph 7.  Unless
otherwise required by law, the burden of proving that indemnification is not
appropriate shall be on the Bank. 
Neither the failure of the Bank to have made a determination prior to
the commencement of such action that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Bank pursuant to Paragraph 7 that
Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has not met the standard
of conduct.  Indemnitee’s reasonable
Expenses incurred in connection with successfully establishing his or her right
to indemnification, in whole, or in part, in any such Proceeding shall also be
indemnified by the Bank.

11.                                 Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the Bank
for some or a portion of the Expenses, judgments, fines, penalties or amounts
paid in settlement actually and reasonably incurred by him or her or on his or
her behalf in connection with any Proceeding but not, however, for the total
amount thereof, the Bank shall nevertheless indemnify Indemnitee for the
portion of such Expenses, judgments, fines, penalties or amounts paid in
settlement to which Indemnitee is entitled.

12.                                 Subrogation.  In the event of any payment under this
Agreement, the Bank shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and
take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Bank to bring suit to enforce such
rights.

13.                                 Term
of Agreement.  This Agreement shall
continue until and terminate upon the later of (a) six years after the
date that Indemnitee shall have ceased to serve as a director or officer of the
Bank or, at the request of the Bank, as a director, officer, partner, trustee,
fiduciary, employee or agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise or (b) the final
termination of all Proceedings pending on the date set forth in clause (a) in
respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to
Paragraph 8 of this Agreement relating thereto.

14.                                 Indemnification
Hereunder Not Exclusive.  The indemnification
and advancement of Expenses provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may be entitled under the
Bank’s Articles of Organization or Bylaws, any agreement, any vote of
shareholders or directors of the Bank, any applicable law (common or statutory)
or otherwise, both as to action in Indemnitee’s official capacity and as to
action in

 7
 

another capacity while
holding office for the Bank, and nothing in this Agreement shall be deemed to
waive any such other rights.  Nothing in
this Agreement shall be deemed to prohibit the Bank from purchasing and
maintaining insurance, at its expense, to protect itself or Indemnitee against
any expense, liability or loss incurred by it or him or her in any such capacity,
or arising out of Indemnitee’s status as such, whether or not Indemnitee would
be indemnified against such expense, liability or loss under this Agreement.

15.                                 No
Special Rights.  Nothing herein shall
confer upon Indemnitee any right to continue to serve as a director or officer
of the Bank for any period of time, or at any particular rate of compensation.

16.                                 Savings
Clause.  If this Agreement or any
portion thereof shall be invalidated on any ground by any court of competent
jurisdiction, then the Bank shall nevertheless indemnify Indemnitee against
Liabilities with respect to any Proceeding to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated, and
this Agreement shall be interpreted to give effect, to the fullest extent
permitted by applicable law, to the intent of the invalidated provision.

17.                                 Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall constitute the original.

18.                                 Successors
and Assigns.  This Agreement shall be
binding upon the Bank and its successors and assigns and shall inure to the
benefit of the estate, heirs, executors, administrators and personal
representatives of Indemnitee.

19.                                 Headings.  The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

20.                                 Modification
and Waiver.  This Agreement may be
amended from time to time to reflect changes in Massachusetts law or for other
reasons.  No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto.  No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision hereof nor shall any such waiver constitute a
continuing waiver.

21.                                 Notices.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
given (a) when delivered by hand or (b) if mailed by certified or
registered mail with postage prepaid, on the third day after the date on which
it is so mailed:

	
  (i)

  	
  if to Indemnitee, to:

  	
  c/o State Street Bank and Trust Company

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 02111

  

 

 8
 

 

	
  (ii)

  	
  if to the Bank, to:

  	
  State Street Bank and Trust Company

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 02111

  
	
   

  	
   

  	
  Attention: General Counsel

  

 

or to such other address as may have been furnished to
Indemnitee by the Bank or to the Bank by Indemnitee, as the case may be.

22.                                 Applicable
Law.  This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the
Commonwealth of Massachusetts.  Indemnitee
may elect to have the right to indemnification or reimbursement or advancement
of Expenses interpreted on the basis of the applicable law in effect at the
time of the occurrence of the event or events giving rise to the applicable
Proceeding, to the extent permitted by law, or on the basis of the applicable
law in effect at the time such indemnification or reimbursement or advance of
Expenses is sought.  Such election shall
be made, by a notice in writing to the Bank, at the time indemnification or
reimbursement or advancement of Expenses is sought; provided, however,
that if no such notice is given, and if applicable Massachusetts law is amended
enacted to permit further indemnification of directors and officers, then
Indemnitee shall be indemnified to the fullest extent permitted under
applicable law, as so amended or enacted.

23.                                 Limitations
on Indemnification.  The provisions
of this Agreement are subject to the limitations and prohibitions imposed by
applicable federal law, including the Securities Act of 1933 and the Federal
Deposit Insurance Act, and any regulations promulgated thereunder.

24.                                 Enforcement.  The Bank expressly confirms and agrees that
it has entered into this Agreement in order to induce Indemnitee to serve or to
continue to serve as a director and/or officer of the Bank, and acknowledges
that Indemnitee is relying upon this Agreement in continuing in such capacity.

25.                                 Entire
Agreement.  This Agreement sets forth
the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, whether oral or written,
by any employee or representative of any party hereto in respect of the subject
matter contained herein; and any prior agreement of the parties hereto in
respect of the subject matter contained herein is hereby terminated and
cancelled.  For avoidance of doubt, the
parties confirm that the foregoing does not apply to or limit in any way
Indemnitee’s rights under Massachusetts law or the Bank’s Articles of
Organization or Bylaws.

 9
 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first above written.

	
  

  	
  STATE STREET BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 10

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