Document:

Exhibit
10.1

STATE
STREET CORPORATION

INDEMNIFICATION AGREEMENT

This Agreement is made as of the                  
day of           ,       ,
by and between State Street Corporation, a Massachusetts corporation (the “Corporation”),
and                
(“Indemnitee”), a director of the Corporation.

WHEREAS, it is essential to the Corporation 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, and

WHEREAS, the parties desire to adopt indemnification
provisions consistent with Chapter 156D of the General Laws of the
Commonwealth of Massachusetts (“Chapter 156D”), which became effective
subsequent to the Corporation’s most recent Articles of Amendment containing
indemnification protection.

NOW THEREFORE, for valuable consideration, receipt of
which is acknowledged, the Corporation 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 Corporation or who, while a director of the
Corporation, is or was serving at the Corporation’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 Corporation’s request if his or her duties to the
Corporation 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 Corporation 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 Corporation 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 Corporation or
Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.  The Corporation 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 Corporation
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 Corporation (the “Outstanding
Company Common Stock”) or (y) the combined voting power of the then
outstanding securities of the Corporation 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 Corporation (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 Corporation’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

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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 Corporation (a “Business Combination”),
in each case, unless, following such Business Combination, (i) all or
substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to 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 Corporation or all or substantially all of
the Corporation’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 Corporation 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 Corporation 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
Corporation 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 Corporation or that his or her conduct was at least not
opposed to the best interests of the Corporation, 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 Corporation’s Articles
of Organization authorized by Section 2.02(b)(4) of Chapter 156D or any
successor provision to such Section.

(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

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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
Corporation.

(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 Corporation 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 Corporation (the “Board of Directors”); and

(b)                                 the Corporation 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 Corporation 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 Corporation 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
Corporation in writing as soon as practicable of any Proceeding for which
indemnity will or could be sought by Indemnitee and provide the Corporation
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 Corporation is so notified, the Corporation 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 Corporation to Indemnitee of its election so to assume such defense,
the Corporation 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 Corporation 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
Corporation, (ii) counsel to Indemnitee shall have reasonably concluded
that there may be a conflict of interest or position on any significant issue
between the Corporation

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

(b)                                 The Corporation 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 Corporation shall not settle any Proceeding
in any manner which would impose any penalty or limitation on Indemnitee
without Indemnitee’s written consent. 
Neither the Corporation 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 Corporation 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 Corporation receives notice under this Agreement or
(b) the Corporation 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 Corporation, any reasonable
Expenses incurred by Indemnitee or on his or her behalf in defending such
Proceeding shall be paid by the Corporation 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 Corporation’s Articles of Organization as authorized
by Section 2.02(b)(4) of Chapter 156D or any successor provision to such
Section 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 Corporation 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 Corporation 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

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Corporation 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, no indemnification shall be made unless the
Corporation determines that Indemnitee has met the applicable standard of
conduct set forth in Paragraph 2. 
The determination of 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 Corporation, 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 Corporation
(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).  Such determination shall
be made within the 60-day period referred to in Paragraph 7(a) (unless
extended by mutual agreement by the Corporation 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 Corporation
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 Corporation, the
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 Corporation, 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 Corporation 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 Corporation 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 Corporation 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.

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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
permitted by Section 8.54 of Chapter 156D or any successor Section
thereto that increases the scope of permitted indemnification.

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 Corporation 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 Corporation.  Neither the failure of the Corporation 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 Corporation
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
Corporation.

11.                                 Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the
Corporation 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 Corporation 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 Corporation 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 Corporation 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
Corporation or, at the request of the Corporation, 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

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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
Corporation’s Articles of Organization or Bylaws, any agreement, any vote of
shareholders or directors of the Corporation, Chapter 156D, any other 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
Corporation, and nothing in this Agreement shall be deemed to waive any such
other rights.  Nothing in this Agreement
shall be deemed to prohibit the Corporation 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 of the
Corporation 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 Corporation 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 Corporation 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:

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(i)                                     if
to Indemnitee, to:

At address shown
on records of the

  Corporation

(ii)                                  if
to the Corporation, to:                     State
Street Corporation

One Lincoln Street

Boston, MA  02111

Attention: 
General Counsel

or to such other address as may have been furnished to
Indemnitee by the Corporation or to the Corporation 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 Corporation,
at the time indemnification or reimbursement or advancement of Expenses is sought;
provided, however, that if no such notice is given, and if
Chapter 156D is amended, or other Massachusetts law is enacted, to permit
further indemnification of directors and officers, then Indemnitee shall be
indemnified to the fullest extent permitted under Chapter 156D, as so amended,
or by such other Massachusetts law, as so 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 Corporation 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 Corporation, 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 Corporation’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 CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

 10

Schedule A

NoneExhibit
10.2

STATE
STREET CORPORATION

INDEMNIFICATION AGREEMENT

This Agreement is made as of the                
day of         ,         ,
by and between State Street Corporation, a Massachusetts corporation (the “Corporation”),
and              
(“Indemnitee”), an officer of the Corporation.

WHEREAS, it is essential to the Corporation 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, and

WHEREAS, the parties desire to adopt indemnification
provisions consistent with Chapter 156D of the General Laws of the
Commonwealth of Massachusetts (“Chapter 156D”), which became effective
subsequent to the Corporation’s most recent Articles of Amendment containing
indemnification protection.

NOW THEREFORE, for valuable consideration, receipt of
which is acknowledged, the Corporation 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 Corporation or who, while a director
or officer of the Corporation, is or was serving at the Corporation’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 Corporation’s request if his or her duties to the Corporation 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 Corporation 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 Corporation 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 Corporation or
Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.  The Corporation 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 Corporation
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 Corporation (the “Outstanding
Company Common Stock”) or (y) the combined voting power of the then
outstanding securities of the Corporation 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 Corporation (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 Corporation’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;

 2
 

(iii)                               the consummation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Corporation (a “Business Combination”),
in each case, unless, following such Business Combination, (i) all or
substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to 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 Corporation or all or substantially all of
the Corporation’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 Corporation 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 Corporation 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 Corporation
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 Corporation or that his or her conduct was at least not
opposed to the best interests of the Corporation, 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 Corporation’s Articles of
Organization authorized by Section 2.02(b)(4) of Chapter 156D or any successor
provision to such Section, and

(ii)                                  the Corporation 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

 3
 

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 Corporation.

(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 Corporation 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 Corporation (the “Board of Directors”); and

(b)                                 the Corporation 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 Corporation 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 Corporation 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
Corporation in writing as soon as practicable of any Proceeding for which
indemnity will or could be sought by Indemnitee and provide the Corporation
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 Corporation is so notified, the Corporation 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 Corporation to Indemnitee of its election so to assume such defense,
the Corporation 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

 4
 

Indemnitee’s own counsel in connection with such claim, but the fees
and expenses of such counsel incurred after notice from the Corporation 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
Corporation, (ii) counsel to Indemnitee shall have reasonably concluded
that there may be a conflict of interest or position on any significant issue
between the Corporation and Indemnitee in the conduct of the defense of such
action or (iii) the Corporation 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
Corporation, except as otherwise expressly provided by this Agreement, and provided
that Indemnitee’s counsel shall cooperate reasonably with the Corporation’s
counsel to minimize the cost of defending claims against the Corporation and
Indemnitee.  The Corporation shall not be
entitled, without the consent of Indemnitee, to assume the defense of any claim
brought by or in the right of the Corporation or as to which counsel for
Indemnitee shall have reasonably made the conclusion provided for in clause
(ii) above.

(b)                                 The Corporation 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 Corporation shall not settle any
Proceeding in any manner which would impose any penalty or limitation on
Indemnitee without Indemnitee’s written consent.  Neither the Corporation 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 Corporation 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 Corporation receives notice under this Agreement or
(b) the Corporation 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 Corporation, any reasonable
Expenses incurred by Indemnitee or on his or her behalf in defending such
Proceeding shall be paid by the Corporation 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 Corporation’s Articles of Organization as authorized
by Section 2.02(b)(4) of Chapter 156D or any successor provision to such
Section 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 Corporation 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.

 5
 

7.                                       Procedures.

(a)                                  In order to obtain
indemnification or advancement of Expenses pursuant to this Agreement,
Indemnitee shall submit to the Corporation 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 Corporation 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, no indemnification shall be made unless the
Corporation determines that Indemnitee has met the applicable standard of
conduct set forth in Paragraph 2. 
The determination of 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 Corporation, 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 Corporation (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).  Such
determination shall be made within the 60-day period referred to in
Paragraph 7(a) (unless extended by mutual agreement by the Corporation 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 Corporation
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 Corporation, the
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 Corporation, 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

 6
 

objected to, either the Corporation 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
Corporation 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 Corporation 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
permitted by Section 8.54 of Chapter 156D or any successor Section
thereto that increases the scope of permitted indemnification.

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 Corporation 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 Corporation.  Neither the failure of the Corporation 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 Corporation
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
Corporation.

11.                                 Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the
Corporation 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 Corporation 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 Corporation 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,

 7
 

including execution of
such documents as are necessary to enable the Corporation 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
Corporation or, at the request of the Corporation, 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 Corporation’s Articles of Organization or Bylaws, any agreement, any
vote of shareholders or directors of the Corporation, Chapter 156D, any other
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 Corporation, and nothing in this Agreement shall be deemed to waive any
such other rights.  Nothing in this
Agreement shall be deemed to prohibit the Corporation 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 Corporation 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 Corporation 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 Corporation 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.

 8
 

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 Corporation

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 
  02111

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
  if to the Corporation, to:

  	
  State Street Corporation

  
	
   

  	
   

  	
  One Lincoln Street

  
	
   

  	
   

  	
  Boston, MA 
  02111

  
	
   

  	
   

  	
  Attention: 
  General Counsel

  

 

or to such other address as may have been furnished to
Indemnitee by the Corporation or to the Corporation 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 Corporation,
at the time indemnification or reimbursement or advancement of Expenses is
sought; provided, however, that if no such notice is given, and
if Chapter 156D is amended, or other Massachusetts law is enacted, to
permit further indemnification of directors and officers, then Indemnitee shall
be indemnified to the fullest extent permitted under Chapter 156D, as so
amended, or by such other Massachusetts law, as so 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 Corporation 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 Corporation, and
acknowledges that Indemnitee is relying upon this Agreement in continuing in
such capacity.

 9
 

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 Corporation’s Articles of
Organization or Bylaws.

 10
 

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

	
  

  	
  STATE STREET CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

 11

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