Document:

Guarantee Agreement, dated as of Sept. 19,2006

 Exhibit 4.7(e) 
 Execution Copy 
  

 GUARANTEE AGREEMENT 
 Between 
 MELLON FINANCIAL CORPORATION 
 (as Guarantor) 
 and 
 U.S. Bank National Association

 (as Trustee) 
 dated as of 
 September 19, 2006 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I.
	
	DEFINITIONS
			
	 Section 1.1.
	  	Definitions.	  	2
	
	ARTICLE II.
	
	TRUST INDENTURE ACT
			
	 Section 2.1.
	  	Trust Indenture Act; Application.	  	4
	 Section 2.2.
	  	List of Holders.	  	4
	 Section 2.3.
	  	Reports by the Guarantee Trustee.	  	5
	 Section 2.4.
	  	Periodic Reports to the Guarantee Trustee.	  	5
	 Section 2.5.
	  	Evidence of Compliance with Conditions Precedent.	  	5
	 Section 2.6.
	  	Events of Default; Waiver.	  	5
	 Section 2.7.
	  	Event of Default; Notice.	  	5
	 Section 2.8.
	  	Conflicting Interests.	  	6
	
	ARTICLE III.
	
	POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
			
	 Section 3.1.
	  	Powers and Duties of the Guarantee Trustee.	  	6
	 Section 3.2.
	  	Certain Rights of Guarantee Trustee.	  	8
	 Section 3.3.
	  	Indemnity.	  	9
	
	ARTICLE IV.
	
	GUARANTEE TRUSTEE
			
	 Section 4.1.
	  	Guarantee Trustee: Eligibility.	  	10
	 Section 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee.	  	10
	
	ARTICLE V.
	
	GUARANTEE
			
	 Section 5.1.
	  	Guarantee.	  	11
	 Section 5.2.
	  	Waiver of Notice and Demand.	  	11
	 Section 5.3.
	  	Obligations Not Affected.	  	12
	 Section 5.4.
	  	Rights of Holders.	  	12
	 Section 5.5.
	  	Guarantee of Payment.	  	13

  

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	Section 5.6.	  	Subrogation.	  	13
	 Section 5.7.
	  	Independent Obligations.	  	13
	
	ARTICLE VI.
	
	COVENANTS AND SUBORDINATION
			
	 Section 6.1.
	  	Subordination.	  	14
	 Section 6.2.
	  	Pari Passu Guarantees.	  	14
	
	ARTICLE VII.
	
	TERMINATION
			
	 Section 7.1.
	  	Termination.	  	14
	
	ARTICLE VIII.
	
	MISCELLANEOUS
			
	 Section 8.1.
	  	Successors and Assigns.	  	14
	 Section 8.2.
	  	Amendments.	  	15
	 Section 8.3.
	  	Notices.	  	15
	 Section 8.4.
	  	Benefit.	  	16
	 Section 8.5.
	  	Interpretation.	  	16
	 Section 8.6.
	  	Governing Law.	  	17

  

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 CROSS-REFERENCE TABLE* 
  

			
	 Section of
 Trust Indenture
Act
 of 1939, as amended
	 	 Section of
 Guarantee Agreement

	 310(a).
	 	4.1(a)
	 310(b).
	 	4.1(c), 2.8
	 310(c).
	 	Inapplicable
	 311(a).
	 	2.2(b)
	 311(b).
	 	2.2(b)
	 311(c).
	 	Inapplicable
	 312(a).
	 	2.2(a)
	 312(b).
	 	2.2(b)
	 313.
	 	2.3
	 314(a).
	 	2.4
	 314(b).
	 	Inapplicable
	 314(c).
	 	2.5
	 314(d).
	 	Inapplicable
	 314(e).
	 	1.1, 2.5, 3.2
	 314(f).
	 	2.1, 3.2
	 315(a).
	 	3.1(d)
	 315(b).
	 	2.7
	 315(c).
	 	3.1
	 315(d).
	 	3.1(d)
	 316(a).
	 	1.1, 2.6, 5.4
	 316(b).
	 	5.3
	 316(c).
	 	8.2
	 317(a).
	 	Inapplicable
	 317(b).
	 	Inapplicable
	 318(a).
	 	2.1(b)
	 318(b).
	 	2.1
	 318(c).
	 	2.1(a)

	*	This Cross-Reference Table does not constitute part of the Guarantee Agreement and shall not affect the interpretation of any of its terms or provisions. 

 GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT, dated as of September 19, 2006, is executed and delivered by MELLON FINANCIAL CORPORATION, a Pennsylvania corporation (the “Guarantor”) having its principal office at One
Mellon Center, Pittsburgh, Pennsylvania 15258, and U.S. Bank National Association, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of Mellon
Capital III, a Delaware statutory trust (the “Issuer”). 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as
of September 19, 2006 (the “Trust Agreement”), among the Guarantor, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial
interests in the the Issuer, the Issuer is issuing £200,000,000 aggregate Liquidation Amount (as defined in the Trust Agreement) of its 6.369% Preferred Securities (the “Securities”), initial liquidation amount £50,000 per
security, representing undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement; 
 WHEREAS, the Issuer will use the proceeds of the issuance of the Securities to purchase the 3.639 % Junior Subordinated Debentures (the “Debentures”) issued by the Guarantor pursuant to the Junior Subordinated Indenture (the
“Base Indenture”), dated as of December 3, 1996, between the Guarantor and JPMorgan Chase Bank, N.A., as original trustee, as supplemented by the Supplemental Indenture, dated as of September 19, 2006 (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), among the Guarantor, U.S. Bank National Association, as series trustee, and JPMorgan Chase Bank, N.A., as original trustee, which will be deposited with U.S. Bank
National Association, as Property Trustee under the Trust Agreement, as trust assets; and 
 WHEREAS, as incentive for the Holders to
purchase the Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Securities the Guarantee Payments (as defined herein) and to make certain other payments on the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Securities, which purchase the
Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time of the Securities. 

 ARTICLE I. 
 DEFINITIONS 
 Section 1.1. Definitions. 
 As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings. Capitalized or
otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof. 
 “Additional Amounts” means the Preferred Securities Additional Amounts defined in the Trust Agreement. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; provided,
however, that an Affiliate of the Guarantor shall not be deemed to be an Affiliate of the Issuer. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Board of Directors” means either the board of directors of the Guarantor or any committee of that board
duly authorized to act hereunder. 
 “Event of Default” means a default by the Guarantor on any of its payment or other
obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments or Additional Amounts, the Guarantor shall have received notice of default and shall not have cured
such default within 60 days after receipt of such notice. 
 “Guarantee Payments” means the following payments or
distributions, without duplication, with respect to the Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accrued and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the
Securities, to the extent the Issuer shall have funds available therefor at such time, (ii) the redemption price, including all accrued and unpaid Distributions thereupon to the date of redemption (the “Redemption Price”), with
respect to any Securities called for redemption by the Issuer, to the extent the Issuer shall have funds available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding-up or liquidation of the Issuer, unless
Debentures are distributed to the Holders or all of the outstanding Securities are redeemed, the lesser of (a) the aggregate of the Liquidation Amount (but excluding an amount equal to the Capitalized Interest (as defined in the Indenture) in
respect of the Securities in the event of the liquidation of the Guarantor) plus accrued and unpaid Distributions on the Securities to the date of payment to the extent the Issuer has funds available and (b) the amount of 

  

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assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the
Issuer as required by applicable law (in either case, the “Liquidation Distribution”). 
 “Guarantee
Trustee” means U.S. Bank National Association, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee
Trustee. 
 “Holder” means any holder, as registered on the books and records of the Securities Registrar, of any
Securities; provided, however, that in determining whether the holders of the requisite percentage of Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee
Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee. 
 “List of Holders” has the meaning specified in
Section 2.2(a). 
 “Majority in Liquidation Amount of the Securities” means, except as provided by the Trust Indenture
Act, a vote by the Holder(s), voting separately as a class, of more than 50% of the Liquidation Amount of all then outstanding Securities issued by the Issuer. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman and Chief Executive Officer, President or a Vice President, and by the Treasurer, an Associate
Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of such Person, and delivered to the Guarantee Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 2.4 or
Section 2.5 shall be the principal executive, financial or accounting officer of the Guarantor. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall
include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions
relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in
rendering the Officers’ Certificate; 
 (c) a statement that each officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 
  

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 “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, any Vice President, any Assistant Vice President, any Assistant
Treasurer, any Trust Officer or any other officer of the Corporate Trust Office of the Guarantee Trustee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject. 
 “Successor Guarantee Trustee” means a successor
Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
 “Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended. 
 ARTICLE II. 
 TRUST INDENTURE ACT 
 Section 2.1. Trust Indenture Act; Application.

 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee
Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this
Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 Section 2.2. List of Holders. 
 (a) The Guarantor will furnish or cause to be furnished to the Guarantee Trustee: (i) semi-annually, not more than 15 days after March 19 and September 19 in each year, a list, in such form as the Guarantee Trustee may
reasonably require, of the names and addresses of the Holders as of such March 19 and September 19, and (ii) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, excluding from any such list names and addresses received by the Guarantee Trustee in its capacity as Securities Registrar.

 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the
Trust Indenture Act. 
  

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 Section 2.3. Reports by the Guarantee Trustee. 
 Not later than May 15 of each year, commencing May 15, 2007, the Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act. 
 Section 2.4. Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports and information, if any, as required by Section 314 of
the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture Act. Delivery of such reports,
information and documents is for informational purposes only and the Guarantee Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Guarantor’s compliance with any of its covenants hereunder (as to which the Guarantee Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 2.5. Evidence of Compliance with Conditions Precedent. 
 The Guarantor shall provide to
the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or
opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
 Section 2.6. Events of Default; Waiver. 
 The Holders of a Majority in aggregate Liquidation Amount of the Securities
may, by vote, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom. 
 Section 2.7. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within 90 days after
the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the
giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment or Additional Amounts, the Guarantee Trustee shall be protected in withholding such notice if and so 

  

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long as a committee of Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the
Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless a Responsible Officer charged with
the administration of this Guarantee Agreement shall have obtained written notice of such Event of Default. 
 Section 2.8.
Conflicting Interests. 
 The Trust Agreement shall be deemed to be specifically described in this Guarantee Agreement for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE III. 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
 Section 3.1. Powers and Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be
held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement or its right, title and interest therein to any Person except a Holder exercising his or her rights pursuant to
Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in
any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyance documents have been executed and delivered
pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default has occurred and is continuing, the Guarantee
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders. 
 (c) The Guarantee Trustee, before the occurrence of any
Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee
Agreement against the Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee
Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
  

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 (i) prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be
determined solely by the express provisions of this Guarantee Agreement, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and

 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such
certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they
conform on their face to the requirements of this Guarantee Agreement; 
 (ii) the Guarantee Trustee, its officers, directors,
shareholders, employees and agents shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent
facts upon which such judgment was made; 
 (iii) the Guarantee Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in aggregate Liquidation Amount of the Securities relating to the time, method and place of conducting any proceeding for any
remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
 (iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate
indemnity against such risk or liability is not reasonably assured to it. 
  

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 Section 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officers’
Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the administration of this Guarantee Agreement, the
Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence
of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
 (iv) The Guarantee Trustee may consult with legal counsel, and the advice or opinion of such legal counsel, with respect to legal matters
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be legal counsel to the
Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction.

 (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity as would satisfy a reasonable person in the position of the Guarantee Trustee,
against the costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee;
provided that, nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee
Agreement. 
  

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 (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The
Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent or attorney appointed with due care by it hereunder. 
 (viii) Whenever in the administration of this
Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders,
(B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be fully protected in acting in accordance with such instructions. 
 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such
act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 
 Section 3.3. Indemnity. 
 The
Guarantor agrees to indemnify the Guarantee Trustee, its officers, directors, shareholders, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the
Guarantee Trustee arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments or Additional Amounts as a result of any amount due to it under this Guarantee Agreement. This indemnity shall
survive the termination of this Guarantee Agreement or the earlier resignation or removal of the Guarantee Trustee. 
  

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 ARTICLE IV. 
 GUARANTEE TRUSTEE 
 Section 4.1. Guarantee Trustee: Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least
$50,000,000, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or
examining authority, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c)
If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act. 
 Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed by the Guarantor (i) without cause at any time
when an Event of Default has not occurred and is continuing and (ii) at any time when the Guarantee Trustee ceases to be eligible to act as the Guarantee Trustee pursuant to Section 4.1 hereof or becomes incapable of acting or is adjudged
a bankrupt or insolvent or a receiver of the Guarantee Trustee or of its property is appointed or any public officer takes charge or control of the Guarantee Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation. 
 (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such
appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
  

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 (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall
have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor,
which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning
Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this
Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor
Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 ARTICLE V. 
 GUARANTEE 
 Section 5.1. Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full, on
a junior subordinated basis, to the Holders (i) the Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer), as and when due, other than any defense, right of set-off or counterclaim which the Issuer
may have or assert other than the defense of payment, and (ii) the Additional Amounts, as and when due, regardless of the extent to which the Issuer has funds available for such payments, any defense, right of set-off or counterclaim which the
Issuer may have or assert other than the defense of payment. The Guarantor’s obligation to make a Guarantee Payment or payment of Additional Amounts may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or
by causing the Issuer to pay such amounts to the Holders. 
 Section 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and
demands. 
  

 11 

 Section 5.3. Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the
happening from time to time of any of the following: 
 (a) the release or waiver, by operation of law or otherwise, of the performance or
observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Securities to be performed or observed by the Issuer; 
 (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment
period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Securities or the extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Securities; 
 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; 
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
 (e) any invalidity of, or defect or deficiency in, the Securities; 
 (f) the settlement or compromise of any
obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the
foregoing. 
 Section 5.4. Rights of Holders. 
 The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to
enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in aggregate Liquidation Amount of the Securities 

  

 -12- 

 
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this
Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce such Holder’s rights
under this Guarantee Agreement, without first instituting a legal proceeding against the Issuer, the Guarantee Trustee or any other Person. 
 Section 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This
Guarantee Agreement will not be discharged except by payment of the Guarantee Payments and any Additional Amounts in full (without duplication of amounts theretofore paid by the Issuer) or upon distribution of Debentures to Holders as provided in
the Trust Agreement. 
 Section 5.6. Subrogation. 
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and shall have the right to
waive payment by the Issuer pursuant to Section 5.1; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 
 Section 5.7. Independent Obligations. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments
and payments of any Additional Amounts pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
  

 -13- 

 ARTICLE VI. 
 COVENANTS AND SUBORDINATION 
 Section 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms, in the same manner as set forth in Article XIII of the
Indenture. 
 Section 6.2. Pari Passu Guarantees. 
 The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under any similar Guarantee Agreements issued by the Guarantor on behalf of the
holders of preferred securities issued by any Mellon Trust (as defined in the Indenture), except to the extent that the debt securities owned by such Mellon Trust constitute Senior Debt (as defined in the Indenture) of the Guarantor. 
 ARTICLE VII. 
 TERMINATION

 Section 7.1. Termination. 
 This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all Securities and all Additional Amounts, (ii) the distribution of Debentures
to the Holders in exchange for all of the Securities or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Issuer. Notwithstanding the foregoing, this Guarantee Agreement will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to Securities or this Guarantee Agreement. 
 ARTICLE VIII. 
 MISCELLANEOUS 
 Section 8.1. Successors and Assigns. 
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Securities then
outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted 

  

 -14- 

 
under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder,
the Guarantor shall not assign its obligations hereunder. 
 Section 8.2. Amendments. 
 Except with respect to any changes which do not adversely affect the rights of the Holders in any material respect (in which case no consent of the
Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of all the outstanding Securities. The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval. 
 Section 8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice,
and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the Guarantor, to the address set forth below or such
other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Holders: 
 Mellon Financial
Corporation 
 One Mellon Center 
 Room 4826 
 Pittsburgh, Pennsylvania 15258 
 Facsimile No.: 412-236-5909 
 Attention: Secretary 
 (b) if given to the Issuer, in care of the Guarantee Trustee, at the Issuer’s (and the Guarantee Trustee’s) address set forth below or such
other address as the Guarantee Trustee on behalf of the Issuer may give notice to the Holders: 
 Mellon Capital III 
 c/o Mellon Financial Corporation 
 One Mellon
Center 
 Room 4826 
 Pittsburgh,
Pennsylvania 15258 
 Facsimile No.: 412-234-1813 
 Attention: Corporate Secretary 
 with a copy to: 
 U.S. Bank National Association 
 100 Wall
Street, 16th Floor 
 New York, New York 10005 
 Facsimile No.: 212-361-6153 
 Attention: Corporate Trust Administration 
  

 -15- 

 (c) if given to any Holder, at the address set forth on the books and records of the Issuer. 

All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver. 
 Section 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Securities. 
 Section 8.5. Interpretation. 
 In
this Guarantee Agreement, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee Agreement but not defined in
the preamble hereto have the respective meanings assigned to them in Section 1.1; 
 (b) a term defined anywhere in this Guarantee
Agreement has the same meaning throughout; 
 (c) all references to “the Guarantee Agreement” or “this Guarantee
Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 
 (d) all references in this
Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 
 (e) a
term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a reference to the singular includes the plural and vice versa; and 
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
  

 -16- 

 Section 8.6. Governing Law. 
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICT OF LAW PRINCIPLES THEREOF. 
  

 -17- 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THIS GUARANTEE AGREEMENT is
executed as of the day and year first above written. 
  

					
	 Mellon Financial Corporation
	 	
			
	 By:
	 	 /s/ Michael A. Bryson
	 	
	 Name:
	 	Michael A. Bryson	 	
	 Title:
	 	Chief Financial Officer	 	

  

					
	 U.S. Bank National Association, as Guarantee Trustee
	 	
			
	 By:
	 	 /s/ Thomas E. Tabor
	 	
	 Name:
	 	Thomas E. Tabor	 	
	 Title:
	 	Vice President	 	

  

 (Guarantee Agreement Signature Page)Amendment to Change in Control Severance Agree. for Robert Kelly

 Exhibit 10.51 
 AMENDMENT TO AGREEMENTS 
 WHEREAS, Mellon Financial Corporation, a Pennsylvania corporation
(the “Company”) and Robert P. Kelly, an employee of the Company (the “Executive”) have previously entered into an agreement regarding Executive’s employment and the possibility of a change in control, dated as of
February 13, 2006 (the “Change in Control Agreement”), that letter dated January 30, 2006 and executed January 31, 2006 (the “Employment Letter”) and various equity award agreements specified on Exhibit I hereto,
dated as of the dates specified thereon (the “Equity Award Agreements” and, together with the Change in Control Agreement and the Employment Letter, the “Agreements”); and 
 WHEREAS, the parties desire to amend the Agreements in a manner which reflects the parties best efforts to comply with the provisions of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), for the benefit of the Executive, and to make certain other changes to the Agreements; 
 NOW THEREFORE, the Company and the Executive, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound hereby, agree as follows: 
 I. The Change in Control Agreement shall be amended as follows: 

1. Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank
of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the second paragraph of the Good Reason definition, Section 1(f) of the Change in Control Agreement, which originally read as set forth below in
italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding anything herein to
the contrary, termination of employment by Executive for any reason during the 30-day period commencing one (1) year after the date of a Change in Control shall constitute Good Reason. 
 2. Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of
New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the following new paragraph shall be added as a second paragraph of the Good Reason definition, Section 1(f) of the Change in Control Agreement:

 1. Notwithstanding anything herein to the contrary, none of the following shall constitute Good Reason: (i) any change
in duties and responsibilities (including reporting responsibilities), status, title, offices (including, if applicable, membership on the Board), associated with Executive’s initial position assumed in connection with the transactions
contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in
the “Transaction”); (ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year
prior to the year in which such Change in Control occurs; (iii) any requirement that Executive be based for his Initial Position anywhere more than fifty (50) miles from the office where Executive is located at the time of the Change in
Control; (iv) any requirement that Executive travel on 

 
Company business to an extent substantially greater than the travel obligations of Executive immediately prior to such Change in Control, specifically to the
extent that Executive is required to be at the Company’s headquarters in New York, New York following the Transaction for three to five business days per week, allowing for business travel; or (v) any failure of the Company to continue in
effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating immediately prior to such Change in Control or the taking of any action by the Company which would
adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan, provided that the Company evaluates and analyzes such plans following the Transaction with a view toward developing appropriate and effective
compensation plans on a going forward non-discriminatory basis. 
 3. Solely with respect to the transactions contemplated by that Agreement
and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the following new subclause (vi) shall be added to the end of the Good
Reason definition, Section 1(f) of the Change in Control Agreement: 
 ;or (vi) the failure to appoint the Executive to the position
of Chairman of The Bank of New York Mellon Corporation as successor to the Executive Chairman, effective on or before the 18 month anniversary of the Effective Time, as defined in that Agreement and Plan of Merger by and between Mellon Financial
Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, or any such earlier dates as of which Mr. Thomas A. Renyi ceases for any reason to serve in the position of the Executive Chairman of the Board of
Directors of The Bank of New York Mellon Corporation. 
 4. Section 4(a)(i) and (ii) of the Change in Control Agreement shall be
amended to delete the phrase “within twenty (20) days following the Date of Termination” from the first sentence of each subsection, and the following paragraph shall be added to the end of Section 4(a): 
 The amounts set forth in Section 4(a)(i)(A) and (C) shall be payable on the first regularly scheduled payroll date following the Date of
Termination. The amounts set forth in Section 4(a)(i)(B) shall be payable on the date set forth and in accordance with the terms of the plan under which the bonus is provided. The amounts set forth in Section 4(a)(ii) shall be payable upon
the first day following the six-month anniversary of the Date of Termination. 
 5. The “provided, however” clause of the first
sentence of Section 4(b) of the Change in Control Agreement shall be deleted and the following new sentence shall be inserted immediately after the first sentence: 
 To the extent any such benefits cannot be provided on a non-taxable basis to Executive and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under
Section 409A of the Code, then the provision of such benefits shall be deferred until the first day following the six-month anniversary of the Date of Termination. 
 6. The following new sentences are added to the end of Section 7 of the Change in Control Agreement: 
 Such reasonable legal fees and expenses incurred by Executive within the first six months following the Date of Termination shall be reimbursed by the Company on the first day 

  

 - 2 - 

 
following the six-month anniversary of Executive’s separation from service. Expenses incurred thereafter shall be reimbursed on a monthly basis for
expenses incurred in the preceding month by the Company in accordance with the Company’s expense policies applicable to employees. 
 7.
As contemplated by Section 9(a) of the Change in Control Agreement, following consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc.
dated as of December 3, 2006, as may be amended from time to time, all references to “Company” within the Change in Control Agreement shall be deemed to refer to The Bank of New York Mellon Corporation. 
 8. Any “separation from service” within the Change in Control Agreement shall be construed consistent with Section 409A of the Code and
the regulations thereunder. The term “termination” or phrase “Date of Termination”, when used within the Change in Control Agreement in the context of a condition to, or timing of, payment shall be interpreted to mean a
“separation from service” as that term is used in Section 409A of the Code. 
 9. Except as provided in this amendment, the
Change in Control Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified
and confirmed. 
  

 - 3 - 

 II. The Employment Letter shall be amended as follows: 
 Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New
York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Notwithstanding anything in the Employment
Letter to the contrary, none of the following shall constitute Constructive Discharge: (i) any change in duties and responsibilities (including reporting responsibilities), status, title, offices (including, if applicable, membership on the
Board), associated with Executive’s initial position assumed in connection with the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of
December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in the “Transaction”); (ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control
occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year prior to the year in which such Change in Control occurs; (iii) any requirement that Executive be based for his Initial Position anywhere
more than fifty (50) miles from the office where Executive is located at the time of the Change in Control; (iv) any requirement that Executive travel on Company business to an extent substantially greater than the travel obligations of
Executive immediately prior to such Change in Control, specifically to the extent that Executive is required to be at the Company’s headquarters in New York, New York following the Transaction for three to five business days per week, allowing
for business travel; or (v) any failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating immediately prior to such Change
in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan, provided that the Company evaluates and analyzes such plans following the
Transaction with a view toward developing appropriate and effective compensation plans on a going forward non-discriminatory basis. 
 2.
Section 5 of Exhibit A of the Employment Letter, which originally read as set forth below in italics and which, inter alia, provided for automatic vesting of the Supplemental Retirement Benefit upon a Change in Control, shall be and
hereby is deleted in its entirety and shall have no further force and effect: 
 Supplemental Retirement
Benefit. The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the “Supplemental Retirement Benefit”) commencing on the first day of the month coincident with or following the later
of the Executive’s termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and
survivor annuity which shall be unreduced for the actuarial value of the survivor’s benefit. If the Executive’s spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to
50% of the Executive’s benefit and shall be payable to his spouse for the remainder of the spouse’s life. If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit payable to
the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and
survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt and the imposition of additional taxes under
Section 409A of the Internal Revenue Code), or any other form of payment available or provided under the “Supplemental Plans” defined below. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at

  

 - 4 - 

 
the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a
spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the
benefits payable under this Section shall be actuarially adjusted at the time of the Executive’s death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable
under this Section. 
 The amount of the monthly retirement benefit as an unreduced 50% joint and survivor annuity
shall be equal to the product of (A) the “Service Percentage” multiplied by (B) the Executive’s “Final Average Compensation,” with such product reduced by (C) the total monthly amount of benefits (measured for
purposes of this offset as if the Executive elected a 50% joint and survivor annuity payable as of the date benefits commence under this Agreement) provided to or in respect of the Executive under all tax-qualified retirement plans and related
excess benefit and other benefit restoration plans maintained by the Company or the Bank for the Executive, including the Mellon Bank Benefit Restoration Plan and the Mellon Bank IRC Section 401(a)(17) Plan (the “Supplemental Plans”)
and benefits paid pursuant to Section 4.7 of the Mellon Financial Corporation Elective Deferred Compensation Plan for Senior Officers, but not including payments of any compensation previously deferred under any deferred compensation plan of
the Company or the Bank, or interest thereon, or payments from the Mellon Financial Corporation 401(k) Retirement Savings Plan. 
 The Executive shall be fully vested in the Supplemental Retirement Benefit provided herein after five full years of vesting service with the Company (taking into account the additional service credit provided in 2(a) above. The Executive
will also be fully vested in the Supplemental Retirement Benefit upon a Change in Control, as defined in the Company’s Change in Control Agreements. If the Executive is terminated prior to such time for any reason other than Death or Retirement
(as defined in the Company’s tax qualified retirement plan), he shall forfeit his right to receive the Supplemental Retirement Benefit. 
 The Executive shall elect the form of payment of his Supplemental Retirement Benefit at the same time and subject to the same provisions (including timing requirements and all reductions and/or penalties for late
elections) as provided under the Supplemental Plans. In the event that the Executive elects a form of payment of his Supplemental Retirement Benefits which provides for payments to continue after his death and the Executive dies without having
received all payments of Supplemental Retirement Benefits that may be payable hereunder, then the unpaid balance of such benefits shall be paid in accordance with the form of payment elected by the Executive. Any such remaining payments shall be
made to the Executive’s beneficiary provided under the Supplemental Plans, subject to any contrary written instructions from the Executive designating a different beneficiary for such payments. 
 The Executive may also elect, upon not less than 12 months’ advance written notice, to have the payment of the Supplemental
Retirement Benefit commence on the first day of any month coincident with or after the later of his termination of employment or attainment of age 55. In this event, the Supplemental Retirement Benefits will be subject to an early payment reduction
amount equal to 0.5% per month (6% per annum) for each month that payments commence before attainment of age 60. In the event of such retirement, the Term and the Company’s obligations to make payments under Section 4 above shall
cease as of the retirement date. 
  

 - 5 - 

 The Executive may also elect, upon not less than 12 months’ advance written
notice prior to the commencement of Supplemental Retirement Benefit payments, to have the lump sum value of the Supplemental Retirement Benefit to which the Executive would otherwise be entitled applied to the purchase of a single premium annuity in
a form and from an issuer selected or concurred in by the Executive. In the event of such an election by the Executive, the sole responsibilities of the Company shall be to apply the amount of the lump sum value of the Supplemental Retirement
Benefit to the purchase of the annuity selected or concurred in by the Executive and the distribution of such annuity to the Executive. Thereafter, the Executive shall look solely to the issuer of the annuity for payment on account of or in
connection with the Supplemental Retirement Benefit and agrees that the Company and its affiliates, and each of their officers, directors and employees, shall have no further liability in respect of the Supplemental Retirement Benefit or by reason
of the application of the lump sum value as elected by the Executive or the selection of the form or issuer of the annuity. 
 Notwithstanding the foregoing, in no event shall the Executive receive any payments under this provision or be deemed to be retired from the Company while the Executive is entitled to separation payments because his employment was
terminated without Cause or as a result of Constructive Discharge or due to disability (the “Continuing Payments”). 
 For purposes of this Supplemental Retirement Benefit: 
 (i) “Service Percentage” means 2% for
each full or partial year of the Executive’s employment with the Company (plus the Executive’s full or partial years of employment with Wachovia Corporation) commencing on the first date of the Executive’s employment with the Company
and ending as of the date his active employment with the Company terminates, plus 2% for each full year, if any, that the Executive receives Continuing Payments (with such percentage pro-rated for the partial contract year in which such final
termination of the Executive’s employment occurs or in which such final payments under Paragraph 6(a) or 6(b) hereof are made, whichever shall be applicable). 
 (ii) Final Average Compensation” means one-twelfth (1/12th) of the sum of the Executive’s Base Salary paid and the Cash
Bonus Amount of any bonus award earned for the calendar year within the final three (3) full calendar years of the Executive’s employment by the Company which produces the highest amount. For purposes of determining Final Average
Compensation (A) Bonus Plan awards shall be attributed to the calendar year in which earned, whether paid in that calendar year or the year following or deferred and (B) any portion of the Executive’s Base Salary and bonus award which
is deferred by the Executive under agreements with the Company or under any Company employee benefit plan shall be included for purposes of determining Final Average Compensation. 
 In the event the Executive’s termination of employment is due to death prior to the commencement of the payment of Supplemental
Retirement Benefits under this Section 8, and he shall be survived by a spouse, entitlement to Supplemental Retirement Benefits will become fully vested and such spouse shall be entitled to receive a pre-retirement death benefit, payable in the
form of a lifetime annuity, equal to the benefit that would have been payable had he retired immediately prior to death and elected a 50% joint and survivor annuity, but without any early payment reductions applicable for payments prior to age 60.
If the Executive’s spouse at the time of his death is more than four years 

  

 - 6 - 

 
younger than the Executive, the benefit payable to the survivor shall be reduced to a benefit having the same actuarial value as the benefit that would
have been payable had the spouse been four years younger than the Executive. 
 The Executive’s entitlement to
Supplemental Retirement Benefits shall survive the termination of his employment for reasons other than Cause or as a result of Constructive Discharge, but only to the extent he is vested as provided above. 
 3. The following new Section 5 of Exhibit A of the Employment Letter, which does not provide for vesting of the Supplemental Retirement Benefit upon
a Change in Control, shall be added in place of the section deleted. For sake of convenience, additions are shown in bold type, but deletions are not shown. 
 Supplemental Retirement Benefit. The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the “Supplemental Retirement Benefit”) commencing on the first day of the month
coincident with or following the later of the Executive’s termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive as provided herein, the Supplemental
Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor’s benefit. If the Executive’s spouse at the time of his death is not more than four years
younger than the Executive, the survivor benefit shall be equal to 50% of the Executive’s benefit and shall be payable to his spouse for the remainder of the spouse’s life. If the Executive’s spouse at the time of his death is more
than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The
Executive shall also have the right to elect on or before December 31, 2007 a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely
lump-sum election which avoids constructive receipt and the imposition of additional taxes under Section 409A of the Internal Revenue Code), or any other form of payment available or provided under the “Supplemental Plans” defined
below. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a
spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the
benefits payable under this Section shall be actuarially adjusted at the time of the Executive’s death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable
under this Section. 
 The amount of the monthly retirement benefit as an unreduced 50% joint and survivor annuity shall be
equal to the product of (A) the “Service Percentage” multiplied by (B) the Executive’s “Final Average Compensation,” with such product reduced by (C) the total monthly amount of benefits (measured for purposes
of this offset as if the Executive elected a 50% joint and survivor annuity payable as of the date benefits commence under this Agreement) provided to or in respect of the Executive under all tax-qualified retirement plans and related excess benefit
and other benefit restoration plans maintained by the Company or the Bank for the Executive, including the Mellon Bank Benefit Restoration Plan and the Mellon Bank IRC Section 401(a)(17) Plan (the “Supplemental Plans”) and benefits
paid pursuant to Section 4.7 of the Mellon Financial Corporation Elective Deferred Compensation Plan for Senior Officers, but not including payments of any compensation previously deferred under any deferred compensation plan of the Company or
the Bank, or interest thereon, or payments from the Mellon Financial Corporation 401(k) Retirement Savings Plan. 
  

 - 7 - 

 The Executive shall be fully vested in the Supplemental Retirement Benefit provided
herein after five full years of vesting service with the Company (taking into account the additional service credit provided in 2(a) above. The Executive will also be fully vested in the Supplemental Retirement Benefit upon a termination by the
Corporation other than for Cause or Constructive Discharge. If the Executive is terminated prior to such time for any reason other than Death, Retirement (as defined in the Company’s tax qualified retirement plan), termination by the
Corporation other than for Cause or Constructive Discharge, he shall forfeit his right to receive the Supplemental Retirement Benefit. 
 The Executive shall elect, on or before December 31, 2007, the form of payment of his Supplemental Retirement Benefit; provided, however, that no such amounts so elected may be received in 2007. In
the event that the Executive elects a form of payment of his Supplemental Retirement Benefits which provides for payments to continue after his death and the Executive dies without having received all payments of Supplemental Retirement Benefits
that may be payable hereunder, then the unpaid balance of such benefits shall be paid in accordance with the form of payment elected by the Executive. Any such remaining payments shall be made to the Executive’s beneficiary provided under the
Supplemental Plans, subject to any contrary written instructions from the Executive designating a different beneficiary for such payments. 
 The Executive may also elect, on or before December 31, 2007, and upon not less than 12 months’ advance written notice prior to the commencement of Supplemental Retirement Benefit payments, to have
the lump sum value of the Supplemental Retirement Benefit to which the Executive would otherwise be entitled applied to the purchase of a single premium annuity in a form and from an issuer selected or concurred in by the Executive. In the event of
such an election by the Executive, the sole responsibilities of the Company shall be to apply the amount of the lump sum value of the Supplemental Retirement Benefit to the purchase of the annuity selected or concurred in by the Executive and the
distribution of such annuity to the Executive. Thereafter, the Executive shall look solely to the issuer of the annuity for payment on account of or in connection with the Supplemental Retirement Benefit and agrees that the Company and its
affiliates, and each of their officers, directors and employees, shall have no further liability in respect of the Supplemental Retirement Benefit or by reason of the application of the lump sum value as elected by the Executive or the selection of
the form or issuer of the annuity. 
 Notwithstanding the foregoing, in no event shall the Executive receive any payments
under this provision or be deemed to be retired from the Company while the Executive is entitled to separation payments because his employment was terminated without Cause or as a result of Constructive Discharge or due to disability (the
“Continuing Payments”). 
 For purposes of this Supplemental Retirement Benefit: 
 (i) “Service Percentage” means 2% for each full year of the Executive’s employment with the Company (plus the
Executive’s full or partial years of employment with Wachovia Corporation) commencing on the first date of the Executive’s employment with the Company and ending as of the later of (i) the date his active employment with the
Company terminates, or (ii) the last date during any period for 

  

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which the Executive receives Continuing Payments, plus 2% for each full year, if any, that the Executive receives Continuing Payments (with such
percentage pro-rated for the partial contract year in which such final termination of the Executive’s employment occurs or in which such final payments under Paragraph 6(a) or 6(b) hereof are made, whichever shall be applicable); plus 2% for
either the partial year in which such final termination of the Executive’s employment occurs or the partial year in which such final Continuing Payments are made, whichever shall be applicable (with such 2% pro-rated for such partial year).

 (ii) Final Average Compensation” means one-twelfth (1/12th) of the sum of the Executive’s Base Salary
paid and the Cash Bonus Amount of any bonus award earned for the calendar year within the final three (3) full calendar years of the Executive’s employment by the Company which produces the highest amount. For purposes of determining Final
Average Compensation (A) Bonus Plan awards shall be attributed to the calendar year in which earned, whether paid in that calendar year or the year following or deferred and (B) any portion of the Executive’s Base Salary and bonus
award which is deferred by the Executive under agreements with the Company or under any Company employee benefit plan shall be included for purposes of determining Final Average Compensation. 
 In the event the Executive’s termination of employment is due to death prior to the commencement of the payment of Supplemental
Retirement Benefits under this Exhibit A, and he shall be survived by a spouse, entitlement to Supplemental Retirement Benefits will become fully vested and such spouse shall be entitled to receive a pre-retirement death benefit, payable in the
form of a lifetime annuity, equal to the benefit that would have been payable had he retired immediately prior to death and elected a 50% joint and survivor annuity, but without any early payment reductions applicable for payments prior to age 60.
If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the survivor shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable
had the spouse been four years younger than the Executive. 
 The Executive’s entitlement to Supplemental Retirement
Benefits shall survive the termination of his employment for reasons other than Cause or as a result of Constructive Discharge, but only to the extent he is vested as provided above. 
 4. Except as provided in this amendment, the Employment Letter is, in all other respects, unchanged and is and shall continue to be in full force and
effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

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 III. The Equity Award Agreement enumerated as # 1 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. Except as provided in this amendment, such enumerated Equity Award Agreement is, in all
other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

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 IV. The Equity Award Agreements enumerated as # 2 and # 3 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.3, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding Section 3.1 hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately upon
the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. Except as provided in this
amendment, such enumerated Equity Award Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby
in all respects ratified and confirmed. 
  

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 IN WITNESS WHEREOF, the parties have executed this amendment, in duplicate, on the dates set forth below.

  

					
	 Mellon Financial Corporation

			
	By:	 	/s/ Ira Gumberg	 	12/22/06
		 	 
	Name:	 		 	Date Signed
	Title:	 	Chairman, Compensation and Management Succession Committee Board of Mellon Financial Corporation
	
	Executive
		
	/s/ R. P. Kelly	 	12/22/06
	 
	Robert P. Kelly	 	Date Signed

  

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 EXHIBIT I 
 Equity Award Agreements 
  

					
	 Agreement Number
	 	Type	 	Grant Date
			
	 #1
	 	NQ Stock Option	 	2/13/06
	 #2
	 	Restricted Stock	 	2/13/06
	 #3
	 	Restricted Stock	 	2/13/06

  

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