Document:

exhibit104conwaytransiti

                  TRANSITION AND SEPARATION AGREEMENT        This is a Transition and Separation Agreement (this “Agreement”) between Jeff Conway  (“you”) and State Street Bank and Trust Company, its parent, and their respective direct and  indirect subsidiaries and other affiliates (collectively, “State Street” or the “Company”), dated as  of March 20, 2019.         This Agreement summarizes the severance benefits for which you will be eligible under  the State Street Corporation Severance Plan (“Plan”), subject to the terms and conditions  specified in this Agreement. A further description of these Severance Benefits is contained in the  State Street Corporation Severance Plan Summary Plan Description (“SPD”) which has been  provided to you. You should read the SPD carefully.        In addition, this Agreement sets forth the terms and conditions of the additional  consideration that State Street is offering you in exchange for your agreement not to compete  with the business of State Street for a period of time following the termination of your  employment.        Because you are a “specified employee” within the meaning of Internal Revenue Code  Section 409A, certain payments to you will commence or be made to you following the  expiration of six months from the termination of your employment, as set forth in Paragraph 4,  below.        You and State Street agree as follows:        1.    TRANSITION PERIOD AND TERMINATION OF EMPLOYMENT.         (a)   Your employment will terminate on June 1, 2019 unless earlier terminated in  accordance with the terms of this Agreement including by mutual agreement of the parties. The  actual date your employment terminates is referred to in this Agreement as the “Separation  Date.” The period from February 25, 2019 through the Separation Date is referred to as the  “Transition Period.” By signing below, you resign from all internal boards and committees of  State Street, effective as of the date hereof, and agree promptly to execute any additional  documents State Street may determine are necessary to effect such resignation.        (b)   During the Transition Period, you will continue to be employed as an Executive  Vice President, reporting to Ron O’Hanley, or his successor or designee (the “Manager”). You  will initially continue to perform such duties as you have previously performed or as the  Manager shall specify in his discretion. Commencing on March 13, 2019, or such other date as  the Manager may designate, you will commence a garden leave. During this garden leave period,  you will not be required to report to the office or perform any work for State Street; provided,  however, that you will make yourself available in person or by telephone or other  communications technology upon request to perform such services as the Manager may request  from time to time.          (c)   For the duration of the Transition Period, you will comply with all of State  Street’s policies and procedures and with your obligations under this Agreement, under your  Amended and Restated Employment Agreement dated as of December 13, 2018 (the  “Employment Agreement”), and under your existing deferred compensation award agreements  and any such other award agreements that you may be offered and accept during the Transition  Period (all such award agreements and the incentive compensation plans governing them, the                                                                                                                                    Conway Transition and Separation Agreement                                        1    

 

  “Award Agreements”). During the Transition Period and at all times thereafter, you will not  make any statements or take any actions on behalf of State Street, unless specifically requested  or approved to do so by the Manager. During the Transition Period, if you learn of any  opportunities or receive any inquiries, in either case related to the business of the Company, you  will promptly disclose the same to the Manager.        (d)   During the Transition Period, State Street will continue to pay you your base  salary, at the rate currently in effect, in accordance with State Street’s standard payroll practices,  and you will continue to be eligible to participate in State Street’s employee benefit plans and  programs, including paid time off programs, subject to plan terms and generally applicable  policies of State Street. Except as specifically provided in this Agreement and in the Award  Agreements, you will not be entitled to earn any other compensation of any kind during the  Transition Period. During and after the Transition Period, the Award Agreements shall continue  to govern your existing and any newly-granted deferred compensation awards and you will  continue to be eligible for the tax equalization and tax preparation services set out in the Tax  Equalization Policy for International Assignments which was previously provided to you.        (e)   Your employment will terminate at the end of the Transition Period, if not earlier  terminated by State Street for Cause or by mutual agreement. If your employment is terminated  by mutual agreement, State Street’s obligations to you under this Paragraph 1 will end on the  agreed-upon new Separation Date, provided, however, you will remain eligible to receive the  Severance Benefits and other benefits set forth in the other paragraphs of this Agreement,  including but not limited to, vesting in Equity and Incentive Compensation Awards and the  Additional Consideration described in the Agreement. State Street may terminate your  employment for Cause at any time during the Transition Period upon notice. “Cause” means the  occurrence of any of the following, as determined by State Street in its sole discretion: (i) your  material breach your obligations under this Agreement or any of the Award Agreements; (ii)  your committing, being indicted for, or entering into a pre-trial diversion program in connection  with, a prosecution for a felony or any crime of dishonesty, breach of trust or money laundering  (or any of the same being discovered to have occurred in the past); or (iii) your willful failure to  perform, gross negligence in the performance of, or gross misconduct relating in any way to,  your duties and responsibilities to State Street. Following a termination for Cause, State Street  shall have no further obligation to you under this Agreement other than for Accrued Pay, as  defined below. A termination for Cause under this Agreement shall constitute grounds for  forfeiture of the unvested portions of the deferred compensation subject to the Award  Agreements.         (f)   Not later than the date that is the later of (i) 5 business days following the  Separation Date and (ii) 21 days following the date of this Agreement, except if your  employment has been terminated for Cause, you will execute and return to State Street the Post- Employment Release attached to this Agreement as Exhibit A.  2.    SEVERANCE BENEFITS. This Paragraph 2 sets forth the benefits State Street will  provide you pursuant to the Plan (the “Severance Benefits”), the terms of which are fully  incorporated herein, subject to your meeting in full your obligations under this Agreement and its  attachments, including without limitation your timely providing the executed Post-Employment  Release and not revoking it during the revocation period specified in it.                                                                                                                                      Conway Transition and Separation Agreement                                        2    

 

        (a)   Severance Pay. State Street will pay you an amount equal to your weekly rate of  base pay for a period of 78 weeks following the Separation Date (such period the “Severance  Period” and such payments the “Base Severance Payments”).        (b)   Subsidized Benefits Continuation. You will be eligible to continue coverage  under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at a subsidized rate  (with State Street paying its regular employer’s share and you paying the active employee rate)  until the Benefits End Date (as defined in Paragraph 3 below). So that you do not experience any  gap in coverage, you will be automatically enrolled into COBRA coverage under the same plan  and for the same coverage (such as individual or family coverage) as in effect immediately prior  to the Separation Date. The cost of COBRA coverage will not be deducted from your Base  Severance Payments. Rather, you will be billed directly by our vendor, Fidelity. After the  Benefits End Date, you will be eligible to continue coverage for the remainder of your legally- required COBRA period (if any), but this will be entirely at your expense.        (c)   Enhanced Medical Benefit.               (i)   Because you are at least age 52, but less than age 55 with five years of  eligible service as of your Separation Date, you are eligible to continue medical coverage  through State Street until you are age 65 for the same coverage (such as individual or family  coverage) as in effect immediately prior to the Separation Date (the “Enhanced Medical  Benefit”). The Enhanced Medical Benefit is subject to the terms and conditions of the Severance  Plan, including but not limited to State Street’s right to amend or modify at any time the cost  structure or administrative treatment of the Enhanced Medical Benefit.              (ii)  To take advantage of this Enhanced Medical Benefit, you must be enrolled  in State Street medical coverage on your Separation Date and continue it through the end of the  Severance. At all times, you must also keep current with your share of any premium payments,  whether in respect of COBRA continuation coverage or Enhanced Medical Benefit coverage.               (iii) At the end of the Severance Period, if you continue to be enrolled in State  Street medical coverage, you will be automatically enrolled into the Enhanced Medical Benefit,  paying the full retiree medical cost. If at that time, you wish to continue coverage under COBRA  instead of auto-enrolling into the Enhanced Medical Benefit, you must actively elect to do so. If  you do not enroll into the Enhanced Medical Benefit at the end of the Severance Period, you will  be unable to elect this benefit in the future. In addition, if you are rehired by a State Street entity  that provides for participation in State Street medical benefit plans, your Enhanced Medical  Benefit will end upon such rehire.        (d)   Outplacement Services. You will be eligible for the level of outplacement services  determined by State Street and described in the SPD. In order to utilize outplacement services,  you must initiate the services prior to the termination of the Severance Period.         3.    NEW EMPLOYMENT.         (a)   If you accept new employment with State Street or any other employer, or you  provide services for State Street as a consultant or through a third party contractor or vendor, at  any time before your Severance Period ends, you must immediately notify State Street (as set  forth in Paragraph 26 below) of the date you are scheduled to begin such employment (the  “New-employment Date”). “State Street,” as used here, includes all affiliated companies such as                                                                                                                                     Conway Transition and Separation Agreement                                        3    

 

  International Financial Data Services. “Employment” as used in the first sentence of this  paragraph, does not include service as a director and does not include working as a consultant  who is not on any company’s payroll.        (b)   Your right to subsidized benefit continuation (as described in Paragraph 2 above)  ends on the last day of the month in which (i) your New-employment Date occurs, or (ii) your  Severance Period ends, whichever is first (such date referred to as the “Benefits End Date”).  Your Severance Benefits will not be affected by new employment independent of State Street.  However, if you are re-hired by State Street or commence work for State Street as an  independent contractor or through a third-party agency before the end of your Severance Period,  you will forfeit all remaining Severance Benefits, Subsidized Benefits Continuation and  Outplacement on your New-employment Date with State Street.         4.    PAYMENT RULES. Any amounts payable hereunder will be paid in accordance  with the payroll practices and policies set by State Street, and will be subject to all applicable  deductions for taxes. Base Severance Payments will be paid in installments on State Street’s  regularly-scheduled payroll dates; provided, however, that so much of the Base Severance  Payments as would otherwise be payable during the first six months following the Separation  Date shall be paid instead in a single lump sum on the next regular payroll date occurring after  the day that falls six months and one day after the Separation Date, and the balance of the Base  Severance Payments will be paid thereafter on the regular payroll schedule. State Street will  deduct from the Base Severance Payments you receive all outstanding financial obligations that  you may have to State Street, including without limitation such items as expense account  balances, credit card balances, advanced vacation days, and relocation allowances, as well as  recompense for any State Street property you fail to return, and you hereby consent to any such  deduction to the fullest extent permitted by applicable law. If the Base Severance Payments are  insufficient to satisfy your outstanding financial obligations, State Street reserves all rights  available to it to recover from you such remaining financial obligations to State Street.        5.    ACCRUED PAY. You will receive pay, at your final base rate of salary or  wages, for all work performed for State Street from the end of the last payroll period through the  Separation Date, to the extent not previously paid, and pay for all hours of vacation time you  have earned but not used as of the Separation Date, determined in accordance with State Street  policy and records (“Accrued Pay”). Accrued Pay will be paid to you irrespective of whether you  accept this Agreement. By signing this Agreement, you acknowledge that you have received all  other compensation otherwise due, including but not limited to, pay for all hours worked,  commissions, and bonuses through the date you sign this Agreement, and that except as specified  in this Agreement and the Award Agreements, you will not be entitled to any other compensation  during or after the Transition Period.                                                                                                                                      Conway Transition and Separation Agreement                                        4    

 

        6.    EQUITY AND INCENTIVE COMPENSATION AWARDS. As referenced in  Paragraph 1(c), above, you hold and may be offered certain deferred compensation awards  payable in cash and/or stock from State Street pursuant to the Award Agreements. During the  Transition Period and following the termination of your employment, the deferred compensation  subject to the Award Agreements shall continue to be governed by and to vest in accordance  with the terms of the applicable Award Agreements.  Nothing in this Agreement is intended to or  shall be construed to modify the terms of any Award Agreement; provided, however, the parties  acknowledge that under Award Agreements entered into after January 1, 2019, a breach of the  Non-Competition or Non-Solicitation Agreements set forth below will result in forfeiture of any  unvested or unpaid portion of such award, but will not result in forfeiture of any unvested or  unpaid portion of such award entered into on or prior to January 1, 2019 (provided, however, that  any such breach of the Non-Competition or Non-Solicitation Agreements that is also a breach of  any Award Agreement entered into on or prior to January 1, 2019 may result in forfeiture of  unvested or unpaid portions of such awards pursuant to the terms of such Award Agreements).        7.    NON-SOLICITATION AND NON-COMPETITION.         (a)   You agree to abide by the terms of the attached form of Non-Solicitation  Agreement, the terms of which are incorporated herein by reference and form an integral and  material part hereof.         (b)   In addition, you agree to abide by the terms of the attached form of Non- Competition Agreement, the terms of which are incorporated herein by reference and form an  integral and material part hereof. In consideration of your acceptance of and full compliance with  the terms of this Agreement, the Non-Solicitation Agreement and the Non-Competition  Agreement, State Street will pay you an additional gross amount of Three Million ($3,000,000)  Dollars (“Additional Consideration”), payable in December of 2020, following the expiration of  the period of restriction contained in the Non-Competition Agreement.            (c)   You acknowledge and agree that your right to receive the Severance Benefits and  the Additional Consideration is contingent upon your compliance with the terms of this  Agreement, including the Confidentiality Agreement, the Non-Solicitation Agreement and the  Non-Competition Agreement, as well as your obligations under the Employment Agreement, the  Award Agreements and any other incentive compensation plan and/or any non-qualified deferred  compensation or retirement plan of State Street (including without limitation the State Street  Corporation Executive Supplemental Retirement Plan) that may have previously been agreed to  by you that survive termination of your employment by implication or by the terms thereof  (collectively, the “Continuing Obligations”).  A memorandum dated April 3, 2019 summarizing  your Continuing Obligations with respect to non-competition and non-solicitation and State  Street’s remedies for breaches of them has been separately provided to you and your attorney. By  signing below, you acknowledge receipt of this memorandum. In all events, the terms of the  underlying agreements and/or plan documents control your rights and State Street’s.        (d)   Notwithstanding anything to the contrary herein, you are not prohibited by the  non-competition covenants in any of your Continuing Obligations, or in this Agreement, from  being employed by McKinsey & Company or Boston Consulting Group to provide business  advice to asset managers as long as you do not (i) provide services to any of the nine businesses  (including any of their affiliated and subsidiary entities or successors) listed in the memorandum  from Kathy Horgan to you dated as of March 21, 2019 referenced in the attached Non-                                                                                                                                   Conway Transition and Separation Agreement                                        5    

 

  Competition Agreement or (ii) author or contribute to any papers or articles concerning any  business in which State Street was engaged, or was actively in planning to engage, as of the  Separation Date.  You will remain subject to your confidentiality, non-solicitation and other  obligations in connection with any such employment.          (e)   Except as for your Non-Competition obligations related to the nine businesses  (including any of their affiliated and subsidiary entities or successors) listed in the memorandum  from Kathy Horgan to you dated as of March 21, 2019 referenced in the attached Non- Competition Agreement, you may seek a waiver from State Street for your non-competition  obligations pursuant to your Continuing Obligations, and State Street agrees not to unreasonably  and untimely withhold approval for such a waiver, with reasonableness to be determined by State  Street’s good faith assessment of the competitive harm which the granting of such waiver could  impose on State Street based on (i) your job duties while employed at State Street, (ii) the job  duties of the role and the nature of the business for which you seek the waiver, (iii) the  Confidential Information to which you had access during your employment at State Street and  (iv) the client relationships to which you had access during your employment at State Street.         (f)   You acknowledge and agree that the provisions contained in this Agreement,  including the Confidentiality Agreement, the Non-Solicitation Agreement and the Non- Competition Agreement, as well as the Continuing Obligations, are necessary to the protection of  State Street’s business and goodwill, and are material and integral to the undertakings of State  Street in this Agreement. You further agree that State Street will be irreparably harmed in the  event that you do not perform in accordance with their specific terms or are otherwise in breach  those terms. Accordingly, if you fail to comply or threaten to fail to comply with such  provisions, State Street shall be entitled to injunctive or other equitable relief or remedy in  addition to, and not in lieu of, any other relief or remedy at law to which it or they may be  entitled hereunder, without the need to post bond. You agree that any post-employment restricted  period set forth in the Non-Solicitation Agreement or the Non-Competition Agreement will be  tolled, and will not run, during any period in which you are in breach of your obligations under  either.  In addition, State Street shall be entitled to recover its reasonable attorneys’ fees and  costs incurred in connection with obtaining any relief as a result of your breach as determined by  a court of competent jurisdiction of any of your obligations under this Agreement, including the  Confidentiality Agreement, the Non-Solicitation Agreement or the Non-Competition Agreement,  or the Continuing Obligations. In the event that any provision of the Confidentiality Agreement,  the Non-Solicitation Agreement or the Non-Competition Agreement, or the Continuing  Obligations is found by any court of competent jurisdiction to be unenforceable by reason of its  being extended over too great a time, too large a geographic area, or too great a range of  activities, such provision shall be deemed to be modified to permit its enforcement to the  maximum extent permitted by law.        8.    RETURN OF STATE STREET PROPERTY. You represent that you have  returned to State Street (i) all original and duplicate copies (regardless of the medium) of files,  books, and records in your possession or under your control belonging to State Street or  containing confidential or proprietary information concerning State Street or its customers or  operations, and (ii) all State Street keys, credit cards, cell phones, parking transponders,  computers and other electronic devices, and any other State Street property. You also represent  that you have disclosed to State Street, any password that would be necessary to access or that                                                                                                                                     Conway Transition and Separation Agreement                                        6    

 

  would assist in accessing any information that you have stored in password protected form on  any of its systems.        9.    COMPLIANCE REPRESENTATION. Subject to Paragraph 12, below, you  acknowledge that you have notified management of any significant concerns you may have  related to State Street’s compliance with securities laws or other laws or regulations applicable to  State Street.        10.   CONFIDENTIALITY.   Subject to Paragraph 12, below:        (a)   You acknowledge your obligation to keep confidential any non-public  information concerning State Street that you acquired during the course of your employment and  other associations with State Street, including without limitation the obligations contained in any  confidentiality and/or non-disclosure agreement you executed in connection with your  employment with State Street, the terms of which shall remain in full force and effect. You  further agree to abide by the terms of the attached form of Confidentiality Agreement.        (b)   You agree that any non-public terms and contents of, and any discussions  resulting in, this Agreement shall be maintained in strict confidence, and shall not be disclosed  except to the extent required by law or as otherwise agreed to by you and State Street.  Notwithstanding the foregoing, you may disclose the existence of this Agreement and its terms  to your immediate family members, legal counsel, and other advisors employed by you for the  purpose of rendering professional advice related to the terms and conditions of this Agreement,  so long as each such person is advised by you of the confidential nature of this Agreement and  agrees, prior to disclosure, to abide by the confidentiality provisions hereof.  Notwithstanding  anything to the contrary herein, you may disclose terms of this Agreement related to Non- Competition and/or Non-Solicitation to prospective employers.          11.   NON-DISPARAGEMENT.         (a)   Subject to Paragraph 12, below, you agree that, as a condition for payment to and  retention by you of the consideration herein described, you shall not make any false, disparaging,  or derogatory statements to any media outlet (including, but not limited to, Internet-based chat  rooms, message boards, any and all social media, and/or web pages), industry groups, financial  institutions,  any current, former or prospective employees, consultants, clients, or customers of  State Street, or any other third party regarding State Street or any of its directors, officers,  employees, agents, or representatives, or about State Street’s business affairs or financial  condition.         (b)   State Street will instruct the members of the Management Committee as of the  date of this Agreement that they are not to make any false, disparaging, or derogatory statements  to any media outlet (including, but not limited to, Internet-based chat rooms, message boards,  any and all social media, and/or web pages), industry groups, financial institutions, any current,  former or prospective employees, consultants, clients, or customers of State Street, or any other  third party regarding you.                                                                                                                                      Conway Transition and Separation Agreement                                        7    

 

        12.   CERTAIN LIMITATIONS.         (a)   Nothing in this Agreement, or in the attached Confidentiality Agreement, Non- Solicitation Agreement or Non-Competition Agreement, or in the Continuing Obligations,  prohibits you from reporting possible violations of federal law or regulation to any governmental  agency or regulatory authority or from making other disclosures that are protected under the  whistleblower provisions of federal law or regulation. Moreover, nothing in this Agreement or in  the attached Confidentiality Agreement, Non-Solicitation Agreement or Non-Competition  Agreement, or in the Continuing Obligations requires you to notify State Street that you have  made any such report or disclosure. However, in connection with any such activity, you  acknowledge you must take reasonable precautions to ensure that any confidential information  that is disclosed to such authority is not made generally available to the public, including by  informing such authority of the confidentiality of the same.        (b)   You shall not be held criminally or civilly liable under any Federal or State trade  secret law if you disclose a State Street trade secret (i) in confidence to a Federal, State, or local  government official, either directly or indirectly, or to an attorney, solely for the purposes of  reporting or investigating a suspected violation of law; or (ii) in a complaint or other document  filed in a lawsuit or other proceeding, if such filing is made under seal. Notwithstanding this  immunity from liability, you may be held liable if you unlawfully access State Street trade  secrets by unauthorized means.        (c)   Despite the foregoing, you also acknowledge that you are not permitted to  disclose to any third-party, including any governmental or regulatory authority, any information  learned in the course of your employment that is protected from disclosure by any applicable  privilege, including but not limited to the attorney-client privilege, attorney work product  doctrine, the bank examiner’s privilege, and/or privileges applicable to information covered by  the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the  existence or contemplated filing of a suspicious activity report. State Street does not waive any  applicable privileges or the right to continue to protect its privileged attorney-client information,  attorney work product, and other privileged information.        13.   GENERAL RELEASE OF CLAIMS. In exchange for the promises contained  in this Agreement, you, individually and on behalf of your respective heirs, executors,  beneficiaries, representatives, administrators, successors and assigns, hereby fully, forever,  irrevocably, and unconditionally release, remise, and discharge State Street, State Street’s  employee benefit and compensation plans, programs or arrangements, welfare benefit and  pension benefit plans and plan administrators, predecessors, successors, and assigns, and any and  all of its or their past, present and future directors, officers, shareholders, agents, employees,  trustees, fiduciaries, representatives, insurers, and assigns (whether acting as agents for State  Street or in their individual capacity) (individually and collectively referred to as “Releasees”)  from and with respect to any and all claims, demands, charges, liabilities, damages, actions,  causes of action and suits of every type whatsoever, in law or at equity (collectively, “Claims”),  including without limitation Claims related to or arising out of your employment or its  termination, including but not limited to:                                                                                                                                       Conway Transition and Separation Agreement                                        8    

 

        (a)   all Claims under any local, state or federal discrimination, fair employment  practices and other employment-related statute, regulation or executive order (as they may have  been amended) prohibiting discrimination, harassment or retaliation based upon any protected  status including, without limitation, race, ethnicity, national origin, age, gender, pregnancy,  marital status, disability, veteran status and sexual orientation. Without limitation, specifically  included in this paragraph are any Claims arising under the Age Discrimination in Employment  Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the  Civil Rights Act of 1991, the Americans with Disabilities Act, the Rehabilitation Act of 1973,  Section 806 of the Corporate Fraud Accountability Act of 2002, the Equal Pay Act, the Vietnam  Era Veterans' Readjustment Assistance Act of 1974, Executive Orders 11246 and 11141, and, to  the fullest extent enforceable under applicable law, all similar federal, state or local statutes,  regulations and orders;          (b)   all Claims under any other local, state or federal employment-related statute,  regulation or executive order (as they may have been amended) relating to any terms and  conditions of employment or separation from employment, to the fullest extent enforceable  under applicable law. Without limitation, specifically included in this paragraph are any Claims  arising under the Family and Medical Leave Act of 1993, the National Labor Relations Act, the  Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget  Reconciliation Act of 1985 (“COBRA”), the Worker Adjustment Retraining Notification Act  (“WARN”), including any claims regarding advance notice of termination pursuant to WARN,  the Fair Credit Reporting Act, and all similar federal, state or local statutes, regulations and  orders;          (c)   all Claims for short-term disability benefits, and Claims to any non-vested  ownership interest in State Street provided through participation in a State Street plan or program  other than the awards subject to the Award Agreements;        (d)   all Claims under any state or federal common law theory including, without  limitation, wrongful discharge, breach of express or implied contract, promissory estoppel,  unjust enrichment, breach of a covenant of good faith and fair dealing, defamation, interference  with contractual relations, intentional or negligent infliction of emotional distress, invasion of  privacy, misrepresentation, deceit, fraud or negligence;         (e)   any other Claims, whether known or unknown, suspected or unsuspected, and  whether or not concealed or hidden, which you now have, may have or may have had against any  of the Releasees, up to the date you sign this Agreement, including without limitation claims  arising out of or in any way related to your employment with or separation from State Street  (including claims for retaliation); and        (f)   all Claims arising under the wage and hour and wage payment laws of the  Commonwealth of Massachusetts.        14.   COVENANT NOT TO SUE. Subject to Paragraph 12, above, and to the extent  permitted by law, you represent that you have not filed any complaints, claims or actions  concerning any of the Claims released by you in Paragraph 13 with any state, federal, or local  agency or court. In addition to waiving and releasing Claims as described in Paragraph 13, you  hereby covenant not to sue the Releasees in respect of any of the Claims released in Paragraph  13. This “covenant not to sue” is different from the general release of claims contained in                                                                                                                                     Conway Transition and Separation Agreement                                        9    

 

  Paragraph 13; for by covenanting not to sue the Releasees, you are agreeing that you will not  hereafter pursue any individual Claim concerning any of the Claims you released in Paragraph  13 by filing such a Claim in any local, state, or federal court.         15.   FURTHER LIMITATIONS.         (a)   Your execution of this Agreement, including the general release of claims in  Paragraph 13 and the covenant not to sue in Paragraph 14, shall not release or restrict you from  making (a) claims to enforce the provisions of the Agreement; (b) claims and rights under the  Award Agreements with respect to any deferred compensation awards that you continue to hold  following the date hereof; (c) claims that cannot be waived as a matter of law, including claims  for unemployment benefits; (d) rights to vested benefits under any applicable welfare, retirement  and/or pension plans (e) claims challenging the knowing and voluntary nature of this release  under the Workers Benefit Protection Act and the Age Discrimination in Employment Act; (f)  rights you may have to defense, indemnification, and contribution from State Street for actions  taken by you in the course and scope of your employment with State Street, including rights  pursuant to applicable law, the foundational documents of State Street or any of its subsidiaries  or other affiliates, any applicable D&O policy of State Street or any of its subsidiaries or other  affiliates, or any other applicable agreement, program or arrangement; or (g) claims that arise  after the date of this Agreement.        (b)   You and State Street also agree that this Agreement will not affect the rights and  responsibilities of the United States Equal Employment Opportunity Commission (“EEOC”) and  state or local Fair Employment Practices Agencies to enforce the anti-discrimination laws of the  United States, and that nothing in this Agreement prevents you from filing, cooperating with, or  participating in any proceeding before the EEOC or any state or local Fair Employment Practices  Agency. However, you represent and warrant that you knowingly and voluntarily waive all rights  and claims arising prior to your execution of this Agreement, as well as rights to any payment,  benefit, attorneys’ fees or other personal remedial relief as a consequence of any charge filed  with or by the EEOC or analogous state or local agency and/or any litigation pursued by the  EEOC concerning any facts alleged in any such charge. Nothing in this Agreement prevents you  from complying with a lawful subpoena or court order.        16.   EMPLOYEE’S BREACH OF THIS AGREEMENT. You acknowledge that  your right to receive the Severance Benefits and the other benefits provided under this  Agreement is expressly conditioned on your continuing and complete performance of your  material obligations under this Agreement, including without limitation the covenant not to sue  contained in Paragraph 14 of the Agreement as limited by Paragraph 15. If you materially breach  any of the terms of this Agreement, the Employment Agreement, the Award Agreements, the  Confidentiality Agreement, the Non-Competition Agreement or the Non-Solicitation Agreement,  State Street reserves its right, if applicable, to cease payment of any then-remaining Severance  Pay or other benefits set forth in this Agreement. You agree that such cessation or recoupment  will not invalidate this Agreement, and further acknowledge that you will remain bound by all of  the terms of this Agreement, including without limitation the release of claims in Paragraph 13.  Further, if you breach the covenant not to sue contained in Paragraph 14 of this Agreement, as  determined by a court of competent jurisdiction, you will be liable for all expenses, costs and  attorneys’ fees incurred in defending such claims, complaint or causes of action to the fullest  extent allowed by applicable law.                                                                                                                                     Conway Transition and Separation Agreement                                        10    

 

        17.   NOTICE OF RIGHTS.        (a)   You may consider the terms of this Agreement for 21 days from the day you first  received it, which was March 21, 2019. You agree that if there have been any changes to a prior  version of this Agreement (material or immaterial), the 21-day period set forth here will not be  reset.        (b)   You may elect to revoke this Agreement for a period of seven (7) business days  after signing the Agreement. Your written notice to revoke must be received by State Street  within seven (7) business days of the date you signed this Agreement. The Agreement shall not  be effective or binding until the expiration of this seven (7)-business-day revocation period (the  “Revocation Period”).        (c)   You are hereby notified of your right to consult an attorney of your choosing, and  you are advised to do so before signing and returning this Agreement.        18.   ACKNOWLEDGEMENTS.         (a)   You acknowledge that this Agreement is written in a manner which you  understand, and that you understand your obligations under this Agreement.         (b)   You acknowledge that your execution of this Agreement is in exchange for good  and valuable consideration paid by State Street which you would not otherwise be entitled to  receive.        (c)   You acknowledge that no other promises or agreements of any kind have been  made to or with you by any person or entity whatsoever to cause you to sign this Agreement, that  you freely and voluntarily assent to all of the terms and conditions of this Agreement, and that  you sign your name as your own free act and deed.        19.   COOPERATION. You agree to cooperate reasonably with State Street with  respect to all matters arising during or related to your employment, including, but not limited to,  all matters (formal or informal) in connection with any government investigation, internal State  Street investigation, litigation (potential or ongoing), regulatory or other proceeding which may  have arisen prior to or which may arise following the signing of this Agreement. State Street  agrees that such cooperation shall be at mutually agreed upon times and locations, and shall not  interfere with any subsequent employment you may have. State Street shall reimburse you for  any reasonable out-of-pocket and properly documented expenses you incur in connection with  any such cooperation.        20.   REFERENCES. It is State Street policy not to provide references to potential  future employers of its former employees. You agree that you will refer potential future  employers only to the Company’s job information line, The Work Number, at either  www.theworknumber.com or via telephone at (800) 367-5690. The Work Number will verify  your dates of employment, your final rate of pay and the positions you held. For the purpose of  accessing the Work Number, you will give potential future employers the Company’s company  code, which is 70027.                                                                                                                                      Conway Transition and Separation Agreement                                        11    

 

        21.   NON-ADMISSION. You understand and agree that neither this Agreement nor  anything provided herein constitutes an admission that State Street and/or any of the Releasees  has violated any law or has any legal liability to you.        22.   APPLICABLE LAW. This Agreement will be governed by and construed under  the laws of the Commonwealth of Massachusetts. If any case or controversy arises under this  Agreement, any action will be brought in a court of the Commonwealth of Massachusetts or the  United States District Court for the District of Massachusetts, and each party will submit to each  such court’s jurisdiction.        23.   VALIDITY. If any provisions of this Agreement (or, with respect to Paragraph  13, the release of any Claim) shall be determined by any court of competent jurisdiction to be  illegal or invalid, the validity of the remaining terms will not be affected thereby, and said illegal  or invalid term will be deemed not to be part of this Agreement. Provided, however, if Paragraph  13 is deemed to be invalid in its entirety, then this Paragraph 23 shall not apply.        24.   NO WAIVER. No delay or omission by State Street in exercising any right under  this Agreement or its attachments shall operate as a waiver of that or any other right. A waiver or  consent given by State Street on any one occasion shall be effective only in that instance, and  shall not be construed as a bar or waiver of any right on any other occasion.        25.   ENTIRE AGREEMENT. More than one copy of this Agreement may be signed,  each of which when signed will be deemed an original. This Agreement constitutes the complete  understanding and agreement between the parties to this Agreement with respect to the  settlement of all matters between them, and, except as provided herein, supersedes and cancels  all previous oral and written negotiations, agreements, and representations regarding such  matters. For the avoidance of doubt, the Continuing Obligations and Award Agreements shall  remain in full force and effect in accordance with their terms, including but not limited to any  restrictive covenants and other conditions contained therein.         26.   NOTICES. All notices and correspondence concerning this Agreement will be in  writing and may be mailed or delivered to:              In the Case of State Street: Kathryn M. Horgan, Executive Vice President, Chief              Global Human Resources and Citizenship Officer, State Street Bank and Trust              Company, One Lincoln Street, SFC-11, Boston, MA 02111.              In the Case of Employee:  The last home address you have provided to State              Street during employment or thereafter to the State Street GHR Service Center at              (1-855-447-7007).                     (The remainder of this page is intentionally left blank.)                                                                                                                                                                               Conway Transition and Separation Agreement                                        12    

 

        27.   BINDING EFFECT OF AGREEMENT; RIGHT TO MODIFY. This  Agreement will be binding upon and will inure to the benefit of the parties to the Agreement and  their respective heirs, successors and assigns. Notwithstanding anything else to contrary, nothing  in this Agreement will in any way affect State Street’s right to change, modify, or terminate any  employee benefit plan or program, including the cost of coverage charged, at any time in the  future with respect to any benefits provided to active, inactive, retired, or former employees of  State Street or their covered dependents.    STATE STREET BANK AND TRUST COMPANY                      By: _/s/ Kathryn M. Horgan________  Date:  4/3/19                Kathryn M. Horgan     Executive Vice President     Chief Global Human Resources      and Citizenship Officer        Voluntarily accepted and agreed to by Employee:      __/s/ Jeff Conway__________________  Date:  4/4/19            Jeff Conway                                                                                                                                                                               Conway Transition and Separation Agreement                                        13    

 

 

 

                                   EXHIBIT A                POST-EMPLOYMENT GENERAL RELEASE OF CLAIMS        FOR AND IN CONSIDERATION OF certain benefits to be provided me in connection  with the termination of my employment, as set forth in the agreement between me and State  Street Bank and Trust Company, its parent, and their respective direct and indirect subsidiaries  and other affiliates (collectively, “State Street” or the “Company”), dated as of March 20, 2019  (the “Agreement”), which are conditioned on my signing this Post-Employment General Release  of Claims (this “Release of Claims”) and to which I am not otherwise entitled, I, individually and  on behalf of my respective heirs, executors, beneficiaries, representatives, administrators,  successors and assigns, hereby fully, forever, irrevocably, and unconditionally release, remise,  and discharge State Street, State Street’s employee benefit and compensation plans, programs or  arrangements, welfare benefit and pension benefit plans and plan administrators, predecessors,  successors, and assigns, and any and all of its or their past, present and future directors, officers,  shareholders, agents, employees, trustees, fiduciaries, representatives, insurers, and assigns  (whether acting as agents for State Street or in their individual capacity) (individually and  collectively referred to as “Releasees”) from and with respect to any and all claims, demands,  charges, liabilities, damages, actions, causes of action and suits of every type whatsoever, in law  or at equity (collectively, “Claims”), including without limitation Claims related to or arising out  of my employment or its termination, including but not limited to:         (a)   all Claims under any local, state or federal discrimination, fair employment  practices and other employment-related statute, regulation or executive order (as they may have  been amended) prohibiting discrimination, harassment or retaliation based upon any protected  status including, without limitation, race, ethnicity, national origin, age, gender, pregnancy,  marital status, disability, veteran status and sexual orientation. Without limitation, specifically  included in this paragraph are any Claims arising under the Age Discrimination in Employment  Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the  Civil Rights Act of 1991, the Americans with Disabilities Act, the Rehabilitation Act of 1973,  Section 806 of the Corporate Fraud Accountability Act of 2002, the Equal Pay Act, the Vietnam  Era Veterans' Readjustment Assistance Act of 1974, Executive Orders 11246 and 11141, and, to  the fullest extent enforceable under applicable law, all similar federal, state or local statutes,  regulations and orders;          (b)   all Claims under any other local, state or federal employment-related statute,  regulation or executive order (as they may have been amended) relating to any terms and  conditions of employment or separation from employment, to the fullest extent enforceable  under applicable law. Without limitation, specifically included in this paragraph are any Claims  arising under the Family and Medical Leave Act of 1993, the National Labor Relations Act, the  Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget  Reconciliation Act of 1985 (“COBRA”), the Worker Adjustment Retraining Notification Act  (“WARN”), including any claims regarding advance notice of termination pursuant to WARN,  the Fair Credit Reporting Act, and all similar federal, state or local statutes, regulations and  orders;          (c)   all Claims for short-term disability benefits, and Claims to any non-vested  ownership interest in State Street provided through participation in a State Street plan or program  other than the awards subject to the Award Agreements (as defined in the Agreement);                                                                                                                                                                                                                    Conway Transition and Separation Agreement                                  Exhibit A Page 1  

 

        (d)   all Claims under any state or federal common law theory including, without  limitation, wrongful discharge, breach of express or implied contract, promissory estoppel,  unjust enrichment, breach of a covenant of good faith and fair dealing, defamation, interference  with contractual relations, intentional or negligent infliction of emotional distress, invasion of  privacy, misrepresentation, deceit, fraud or negligence;         (e)   any other Claims, whether known or unknown, suspected or unsuspected, and  whether or not concealed or hidden, which I now have, may have or may have had against any of  the Releasees, up to the date I sign this Release of Claims, including without limitation claims  arising out of or in any way related to my employment with or separation from State Street  (including claims for retaliation); and        (f)   all Claims arising under the wage and hour and wage payment laws of the  Commonwealth of Massachusetts.        Subject to Paragraph 12 of the Agreement, and to the extent permitted by law, I represent  that I have not filed any complaints, claims or actions concerning any of the Claims released by  me above with any state, federal, or local agency or court. In addition to waiving and releasing  Claims as described above, I hereby covenant not to sue the Releasees in respect of any of the  Claims released above. This “covenant not to sue” is different from the general release of claims  contained above; for by covenanting not to sue the Releasees, I am agreeing that I will not  hereafter pursue any individual Claim concerning any of the Claims I released above by filing  such a Claim in any local, state, or federal court.         My execution of this Release of Claims shall not release or restrict me from making (a)  claims to enforce the provisions of the Agreement; (b) claims and rights under the Award  Agreements (as defined in the Agreement) with respect to any deferred compensation awards  that I continue to hold following the date hereof; (c) claims that cannot be waived as a matter of  law, including claims for unemployment benefits; (d) rights to vested benefits under any  applicable welfare, retirement and/or pension plans (e) claims challenging the knowing and  voluntary nature of this release under the Workers Benefit Protection Act and the Age  Discrimination in Employment Act; (f) rights I may have to defense, indemnification, and  contribution from State Street for actions taken by me in the course and scope of my employment  with State Street, including rights pursuant to applicable law, the foundational documents of  State Street or any of its subsidiaries or other affiliates, any applicable D&O policy of State  Street or any of its subsidiaries or other affiliates, or any other applicable agreement, program or  arrangement; or (g) claims that arise after the date of this Release.        I and State Street also agree that this Release of Claims will not affect the rights and  responsibilities of the United States Equal Employment Opportunity Commission (“EEOC”) and  state or local Fair Employment Practices Agencies to enforce the anti-discrimination laws of the  United States, and that nothing in this Release of Claims prevents me from filing, cooperating  with, or participating in any proceeding before the EEOC or any state or local Fair Employment  Practices Agency. However, I represent and warrant that I knowingly and voluntarily waive all  rights and claims arising prior to my execution of this Release of Claims, as well as rights to any  payment, benefit, attorneys’ fees or other personal remedial relief as a consequence of any  charge filed with or by the EEOC or analogous state or local agency and/or any litigation  pursued by the EEOC concerning any facts alleged in any such charge. Nothing in this Release  of Claims prevents me from complying with a lawful subpoena or court order.                                                                                                                                                                                                                    Conway Transition and Separation Agreement                                  Exhibit A Page 2  

 

        In signing this Release of Claims, I acknowledge my understanding that I may not sign it  prior to the termination of my active employment, but that I may consider the terms of this  Release of Claims until the later of the date that is (i) five (5) business days from the Separation  Date and (ii) twenty-one (21) days from the date that I received the Agreement and this Exhibit  A. I also acknowledge that I am advised by State Street to seek the advice of an attorney prior to  signing this Release of Claims; that I have had sufficient time to consider this Release of Claims  and to consult with an attorney, if I wished to do so, or to consult with any other person of my  choosing before signing (subject to Section 10(b) of the Agreement); and that I am signing this  Release of Claims voluntarily and with a full understanding of its terms.          I further acknowledge that, in signing this Release of Claims, I have not relied on any  promises or representations, express or implied, that are not set forth expressly in the Agreement.  I understand that I may revoke my acceptance of this Release of Claims as to claims under the  Age Discrimination in Employment Act at any time within seven (7) business days of the date of  my signing by written notice delivered to State Street in accordance with the terms of the  Agreement, and that this Release of Claims will take effect as to the release of such claims only  upon the expiration of such seven-business-day revocation period and only if I have not timely  revoked it.        This Release of Claims, together with the Agreement, constitute the complete  understanding and agreement between me and State Street with respect to the settlement of all  matters between us, and, except as provided herein, supersede and cancel all previous oral and  written negotiations, agreements, and representations regarding such matters. For the avoidance  of doubt, the Continuing Obligations and Award Agreements shall remain in full force and effect  in accordance with their terms, including but not limited to any restrictive covenants and other  conditions contained therein.         Intending to be legally bound, I have signed this Release of Claims under seal as of the  date written below.        Signature: __/s/ Jeff Conway______________________    Name (please print):      Date Signed: __4/4/19____________________________                                                                                                                                                                                                                      Conway Transition and Separation Agreement                                  Exhibit A Page 3  

 

 

 

                        NON-SOLICITATION AGREEMENT  In consideration of the Severance Benefits, the Additional Consideration, and the other benefits  to be provided to you under the Transition and Separation Agreement to which this Non- Solicitation Agreement is appended and of which it forms a material part, you agree that the  restrictions set forth in this Non-Solicitation Agreement are necessary to protect the goodwill,  Confidential Information (including trade secrets) and other legitimate interests of State Street.   You agree that during your employment and for a period of eighteen (18) months from the date  of termination of your employment you will not, without the prior written consent of State Street  or the legal entity with whom you are employed:         (a)   solicit,  directly  or  indirectly  (other  than  through  a  general  solicitation  of        employment not specifically directed to employees of State Street or its Subsidiaries), the        employment  of, hire  or  employ, recruit,  or  in  any  way  assist  another  in  soliciting  or        recruiting the employment of, or otherwise induce the termination of the employment of,        any person who then or within the preceding eighteen (18) months was an officer of State        Street (excluding any such officer whose employment was involuntarily terminated); or         (b)   engage in the Solicitation of Business from any Client on behalf of any person or        entity other than State Street.  The provisions in subsections (a) and (b) above do not limit, amend or supersede any greater or  more  restrictive  obligations  or  undertakings  you  may  have  under  applicable  law  or  other  agreements or arrangements with State Street.  As used here—  “Officer”  means  any  person  holding  a  position  title  of  Assistant  Vice  President  or  SSGA  Principal 4 or higher.   “Client” means a present or former customer or client of State Street with whom you have had,  or with whom persons you have supervised have had, substantive and recurring personal contact  during  your  employment  with  State  Street.  A  former  customer  or  client  means  a  customer  or  client for which State Street stopped providing all services within twelve months prior to the date  your employment with State Street ends.  “Solicitation of Business” means the attempt through direct or indirect contact by you or by any  other person or entity with your assistance to induce a Client to:          (i)   transfer the Client’s business from State Street to any other person or entity;         (ii)  cease or curtail the Client’s business with State Street; or         (iii) divert  a  business  opportunity  from  State  Street  to  any  other  person  or  entity,        which  business  or  business  opportunity  concerns  or  relates  to  the  business  with  which        you were actively connected during your employment with State Street.                                                                                                                                      Conway Transition and Separation Agreement                             Non-Solicitation Agreement  

 

 

 

                        NON-COMPETITION AGREEMENT  In consideration of the Severance Benefits, the Additional Consideration, and the other benefits  to be provided to you under the Transition and Separation Agreement to which this Non- Competition Agreement is appended and of which it forms a material part, you agree that the  restrictions set forth in this Non-Competition Agreement are necessary to protect the goodwill,  Confidential Information (including trade secrets) and other legitimate interests of State Street.   You agree that, for eighteen (18) months following the date of the termination of your  employment under the Transition and Separation Agreement for any reason (in the aggregate, the  “Non-Compete Period”), you will not, anywhere in the Restricted Area, for yourself or any other  person or entity, directly or indirectly, in any capacity, engage in, provide services to, consult  for, or be employed by any of the businesses (including any of their affiliated and subsidiary  entities or successors) listed in the memorandum from Kathy Horgan to you dated as of March  21, 2019. By signing the Transition and Separation Agreement, you acknowledge receipt of the  memorandum.    As used here—  “Restricted Area” means anywhere that State Street markets its products or services (which you  acknowledge specifically includes the entire world).                                                         Conway Transition and Separation Agreement                                           

 

                         CONFIDENTIALITY AGREEMENT  Subject to Paragraph 12 of the Transition and Separation Agreement to which this is attached  and of which it forms a material part, you acknowledge that during your employment you had  access to Confidential Information and that such Confidential Information is the property of  State Street and/or its licensors, suppliers or clients. You agree specifically as follows, in each  case whether during your employment or following its termination:   (a)   You will always preserve as confidential all Confidential Information, and will never use  it for your own benefit or for the benefit of others or in any way that could have a negative  impact on the financial condition or reputation of State Street, its Subsidiaries, and/or its or their  licensors, suppliers or customers; this includes that you will not use the knowledge of activities  or positions in clients’ securities portfolio accounts or cash accounts for your own personal gain  or for the gain of others.  (b)   You will not disclose, divulge, or communicate Confidential Information to any  unauthorized person, business or corporation during or after the termination of your employment  with State Street. You will use your best efforts and exercise due diligence to protect, to not  disclose and to keep as confidential all Confidential Information.  (c)   You will not initiate or facilitate any unauthorized attempts to intercept data in  transmission or attempt entry into State Street systems or files. You will not intentionally affect  the integrity of any State Street data or systems through the introduction of unauthorized code or  data, or through unauthorized deletion or addition. You will abide by all applicable Corporate  Information Security procedures.  The terms of this agreement do not apply to any information which was previously known to you  prior to the date of your employment with State Street without an obligation of confidence or  without breach of this agreement, is or was publicly disclosed (other than by a violation by you  of the terms of this agreement) either prior to or subsequent to your receipt of such information,  or was rightfully received by you from a third party without obligation of confidence and other  than in relation to your employment with State Street.  As used here, “Confidential Information” means any and all information of State that is not  generally available to the public, and includes any information received by State Street from any  third party with the understanding, express or implied, that it would be kept confidential. By way  of example, Confidential Information includes but is not limited to all trade secrets, trade  knowledge, systems, software, code, data documentation, files, formulas, processes, programs,  training aids, printed materials, methods, books, records, client files, policies and procedures,  client and prospect lists, employee data and other information relating to the operations of State  Street and to its customers, and information concerning any and all discoveries, inventions or  improvements thereof made or conceived by you or others for State Street whether or not  patented or copyrighted, as well as cash and securities account transactions and position records  and track records of clients, regardless of whether such information is formally designated as   “confidential.”                                                            Conway Transition and Separation Agreementexhibit105statestreetsma

                                                                          Exhibit 10.5                              STATE STREET CORPORATION                    MANAGEMENT SUPPLEMENTAL SAVINGS PLAN  Amended and Restated Effective as of January 1, 2014   FINAL 2014 Restatement 9.15.14.DOC -i-                                  TABLE OF CONTENTS                                                                                   Page  ARTICLE I NAME AND PURPOSE OF PLAN AND DEFINITIONS          1      1.1 Name and effective date 1      1.2 Status of Plan 1      1.3 Definitions    1  ARTICLE II ELIGIBILITY AND PARTICIPATION 5      2.1 Eligibility to participate 5      2.2 Commencement of participation 5     2.3  Termination of participation 5  ARTICLE III DEFERRED COMPENSATION AGREEMENTS, MATCHING CREDITS, performance- based credits, NOTIONAL INVESTMENT OF ACCOUNTS        6      3.1 Deferred Compensation Agreement; Elective Credits 6      3.2 Election procedures and deadlines. 6      3.3 Amount of deferrals. 6      3.4 Matching Credit 7      3.5 Accounts 7      3.6 Cancellation of Deferral Elections 7  ARTICLE IV VESTING      9 

 

     4.1 Vesting of Accounts  9  ARTICLE V PLAN DISTRIBUTIONS        10      5.1 Time and form of payment:  Matching Credits and Performance-Based Credits 10      5.2 Time and form of payment:  other portions of the Account 10      5.3 Special rules. 11      5.4 Unforeseeable emergency    12      5.5 Certain tax matters  12      5.6 Distribution of taxable amounts 12      5.7 Special Rule for 2007 12  ARTICLE VI ADMINISTRATION OF THE PLAN 14      6.1 Plan Administrator   14      6.2 Outside services 14      6.3 Indemnification 14      6.4 Claims procedure 14  ARTICLE VII AMENDMENT AND TERMINATION           15      7.1 Amendment; termination 15      7.2 Effect of amendment or termination 15  ARTICLE VIII MISCELLANEOUS PROVISIONS 16      8.1 Source of payments   16      8.2 Other arrangements made subject to the Plan 16      8.3 No warranties  16      8.4 Inalienability of benefits 16      8.5 Reclassification of Employment Status 16      8.6 Expenses 16      8.7 No right of employment 17      8.8 Headings 17      8.9 Acceptance of Plan terms 17      8.10 Construction  17  EXHIBIT A   List of Employers................................................................................................18 EXHIBIT B   Claims Procedures...............................................................................................19       ARTICLE I  ARTICLE II  NAME AND PURPOSE OF PLAN AND DEFINITIONS 

 

1.    Name and effective date.  The Plan set forth herein is an amendment, restatement and continuation        of the State Street Corporation 401(k) Restoration and Voluntary Deferral Plan, originally        established effective July 1, 1999, as subsequently amended and restated effective January 1, 2008,        and renamed the State Street Corporation Management Supplemental Savings Plan.  This        amendment and restatement reflects changes adopted by the Committee under the First and        Second Amendments to the Plan as amended and restated effective January 1, 2008.  Such        amendments are effective as of the dates set forth in such First and Second Amendments.  The        Plan is further amended to reflect certain administrative changes, clarifications, and design        changes, which further modifications are effective January 1, 2014 unless otherwise provided        herein.  2.    Status of Plan.  The Plan is intended to be “a plan which is unfunded and is maintained by an        employer primarily for the purpose of providing deferred compensation for a select group of        management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3),        401(a)(1) and 4021(b)(6) of ERISA, and shall be interpreted and administered consistent with that        intent.  The Plan is intended to be operated in accordance with the requirements applicable to a        “nonqualified deferred compensation plan” under Code section 409A and the regulations        thereunder and shall be interpreted and administered consistent with that intent. 3.    Definitions.  When used herein, the following words shall have the meanings indicated below.         Terms not defined herein shall have the meanings assigned to them in the State Street Salary        Savings Program, as from time to time amended and in effect.         (a)   “Account” means, for each Participant, an account established for his or her benefit under              Section 3.5.  All references to a Participant’s Account shall include, as the context requires,              any sub-accounts that the Plan Administrator may establish.       (b)   “Base Pay” means, in the case of any Employee for any period, the Employee’s regular              base salary or wages, including differential pay  (shift deferential and differential pay paid              to an Employee while on military duty or otherwise), paid in the period in question for              services rendered to the Employer as an Employee.  The following special rules shall apply              in determining an Employee’s Base Pay:             (i)   Base Pay shall be determined without regard to the limitations of Section 401(a)                   (17) of the Code and without excluding amounts electively deferred under the Plan.             (ii)  Base Pay includes any such amounts that would have been received by the                    individual from the Employer but for an election under this Plan or under Code                    sections 125, 132(f) or 401(k).  Amounts under Code section 125 include any                    amounts not available to a Participant in cash in lieu of group health coverage                    because the Participant is unable to certify that he or she has other health coverage.                     To the extent required by applicable law or IRS guidance, an amount will be treated                    as an amount under Code section 125 only if the Employer does not request or                    collect information regarding the Participant’s other health coverage as part of the                    enrollment process for the health plan.             (iii) Base Pay excludes all other forms of compensation not listed above paid by an                    Employer, including but not limited to the following: all commissions and bonuses                    (including incentive pay), as well as supplemental wage payments, severance                    (however characterized), reimbursed expenses, life insurance premiums included in                    compensation for income tax purposes, amounts paid by an Employer to a                    Participant for not selecting Employer-provided medical coverage under the State                    Street Corporation Employee Benefit Plan, and any other items not constituting                    direct compensation for services.       (c)   “Basic Plan” means the State Street Salary Savings Program, as from time to time              amended and in effect. 

 

(d)   “Beneficiary” means the person or persons designated by the Participant in writing, subject        to such rules as the Plan Administrator may prescribe, to receive benefits under the Plan in        the event of the Participant’s death.  Except for purposes of Section 5.4, in the absence of        an effective designation at the time of the Participant’s death the Participant’s Beneficiary        shall be his or her surviving Spouse or Domestic Partner, or, if the Participant is then        unmarried or has no Domestic Partner or his or her Spouse or Domestic Partner does not        survive, the Participant’s estate. (e)   “Committee” means the Executive Compensation Committee of the Board of Directors of        State Street. (f)    “Credit” means any or all, as the context requires, of an Elective Credit, a Matching        Credit, or a Performance-Based Credit. (g)   “Deferred Compensation Agreement” means the written (or electronic) agreement        described in Section 3.1. (h)   “Disabled” means, for any Participant, that the Participant, as determined in the sole        discretion of the Plan Administrator:        (i)   is unable to engage in any substantial gainful activity by reason of any medically              determinable physical or mental impairment that can be expected to result in death              or can be expected to last for a continuous period of not less than 12 months, or       (ii)  is, by reason of any medically determinable physical or mental impairment that can              be expected to result in death or can be expected to last for a continuous period of              not less than 12 months, receiving income replacement benefits for a period of not              less than 6 months under an accident and health plan covering employees of the              Employer. (i)   “Elective Credit” means an amount credited under Section 3.1. (j)   “Eligible Compensation” for a Plan Year means the sum of an Employee’s Base Pay for the        Plan Year plus the Employee’s Incentive Pay for the Plan Year (k)   “Eligibility Date” means each December 1 or such other determination date(s) (such as the        date open enrollment begins) as determined by the Plan Administrator.  (l)   “Eligible Employee” means an Employee who meets the eligibility criteria set forth in        Section 2.1.   (m)   “Employee” means, except as otherwise provided by the Plan Administrator, a United        States-based common-law employee of an Employer including, without limitation, such an        employee while on a temporary international assignment outside of the U.S. and excluding,        without limitation, a non-U.S. based employee who is temporarily residing in the U.S.        while on a temporary international assignment to the U.S. (n)   “Employer” means any or all, as the context requires, of State Street and any other        company (or branch) that (i) would be treated as a single employer with State Street under        the first sentence of Treas. Regs. §1.409A-1(h)(3), and (ii) is shown on Exhibit A as        described in clause (i) and as having adopted this Plan with State Street’s approval.   Only        an otherwise eligible Employee of State Street or another entity listed on Exhibit A may        make an election to defer compensation under the Plan or be eligible to share in Matching        Credits, but in determining whether a Separation from Service has occurred, service for        State Street or any other company that is described in clause (i) above shall be treated as        service for the Employer.  (o)   “Entry Date” means each January 1. (p)   “Incentive Pay” means, in the case of any Employee for any Plan Year, the Employee’s        cash bonus and/or cash incentive pay (other than commissions) paid, in accordance with        the Employer’s normal annual incentive bonus processing cycle, in the Plan Year under a        bonus and/or incentive plan maintained by the Employer or pursuant to an agreement or  

 

            other arrangement with the Employer, other than (i) any such bonus or incentive pay that is              automatically deferred pursuant to the terms of such bonus and/or incentive plan,              agreement or arrangement and/or (ii) any such bonus or incentive pay that is determined by              the Plan Administrator, in advance of the deadline for electing any deferral hereunder, to be              ineligible for deferral under the Plan.  The following special rules shall apply in              determining an Employee’s Incentive Pay:             (i)   Incentive Pay shall be determined without regard to the limitations of Section                    401(a)(17) of the Code and without excluding amounts electively deferred under                    the Plan.             (ii)  Incentive Pay includes any such amounts that would have been received by the                    individual from the Employer but for an election under this Plan or under Code                    sections 125, 132(f) or 401(k).  Amounts under Code section 125 include any                    amounts not available to a Participant in cash in lieu of group health coverage                    because the Participant is unable to certify that he or she has other health coverage.                     To the extent required by applicable law or IRS guidance, an amount will be treated                    as an amount under Code section 125 only if the Employer does not request or                    collect information regarding the Participant’s other health coverage as part of the                    enrollment process for the health plan.       (q)   “Match-Eligible Compensation” means, for each Plan Year commencing on and after              January 1, 2013, an amount calculated as the lesser of (i) the Employee’s Eligible              Compensation, or (ii) $500,000, in either case reduced by the dollar limitation in effect              with respect to the Plan Year under Code section 401(a)(17).       (r)   “Matching Credit” means an amount credited under Section 3.4.       (s)   “Participant” means an Employee who has an Account under the Plan.       (t)   “Plan” means this State Street Corporation Management Supplemental Savings Plan              (formerly the State Street Corporation 401(k) Restoration and Voluntary Deferral Plan), as              from time to time amended and in effect.       (u)   “Plan Administrator” means the Plan Administrator appointed pursuant to Section 6.1.       (v)   “Performance-Based Credit” means amounts credited under Plan during certain Plan Years              prior to January 1, 2014, which amounts were determined, in part, based upon whether a              performance-based contribution was made under the Basic Plan for the Plan Year. .       (w)   “Separation from Service” means a separation from service, within the meaning of Treas.              Regs. §1.409A-1(h), with State Street and any other company that would be treated as a              single employer with State Street under the first sentence of Treas. Regs. §1.409A-1(h)(3);              and correlative terms shall be construed to have a corresponding meaning.       To the extent permitted by the Plan Administrator, the terms “written,” “in writing,” and terms of        similar import shall include communications by electronic media.     ARTICLE III  ARTICLE IV  ELIGIBILITY AND PARTICIPATION 1.    Eligibility to participate.  An Employee who is an Eligible Employee on December 31, 2007 shall        (subject to the last sentence of this Section 2.1) continue to be an Eligible Employee as of January        1, 2008.  Any other Employee shall become an Eligible Employee on the first Eligibility Date he        or she satisfies the requirements of both (a) and (b) below.  For purposes of the foregoing, an        Employee must:        (a)   have a title of Vice President or above, and       (b)   effective for Plan Years commencing on and after January 1, 2013, an annual rate of Base              Pay which when added to Incentive Pay for a Plan Year that exceeds the dollar limitation in  

 

            effect with respect to the Plan Year under Code section 401(a)(17) by $10,000 or more.               Notwithstanding the foregoing, a Participant who timely elected to defer Base Pay or              Incentive Pay earned in 2013 shall be deemed to remain an Eligible Employee through              December 31, 2013.       An Eligible Employee shall remain an Eligible Employee during continuous employment by the        Employer so long as he or she continues to satisfy the requirements of (a) and (b) above as of the        applicable Eligibility Date for subsequent Plan Years.  2.    Commencement of participation.  Except as the Plan Administrator otherwise determines, any such        determination to be made in a manner that is consistent with the requirements of Section 409A of        the Code, and subject to the annual election process set forth in Section 3.2, an individual upon        first becoming an Eligible Employee may elect to defer (a) Base Pay under Section 3.3(a) starting        with Base Pay earned for the Plan Year that begins on the Entry Date next following his or her        initial Eligibility Date, and (b) Incentive Pay under Section 3.3(b) starting with Incentive Pay        earned for the Plan Year that begins on the Entry Date next following his or her initial Eligibility        Date. 3.    Termination of participation.  The Plan Administrator may terminate an Employee’s participation        in the Plan at any time.  If an Employee’s participation in the Plan terminates hereunder, the        Participant’s Account shall continue to be adjusted for notional earnings or other notional        investment experience until it is distributed.  No termination of participation shall result in a        cessation or refund of deferrals for which the deferral election has already been made, except in a        manner that is consistent with compliance with the requirements of Section 409A of the Code.     ARTICLE V  ARTICLE VI  DEFERRED COMPENSATION AGREEMENTS, MATCHING CREDITS, performance-                   based credits, NOTIONAL INVESTMENT OF ACCOUNTS 1.    Deferred Compensation Agreement; Elective Credits.  An Eligible Employee may elect to defer a        portion of his or her Base Pay and/or Incentive Pay earned during the applicable Plan Year by        entering into a Deferred Compensation Agreement through the enrollment process established by        the Plan Administrator for such Plan Year.  An otherwise Eligible Employee who is not provided        effective access to the enrollment process for a Plan Year shall be deemed ineligible to participate        for such Plan Year.  Elective Credits equal to the amounts deferred shall be credited to the        Participant’s Account as soon as practicable after the deferral is withheld from pay. 2.    Election procedures and deadlines.       (a)   Advance elections required.  A Deferred Compensation Agreement with respect to Base              Pay and/or Incentive Pay must be made in accordance with such procedures as the Plan              Administrator may establish and prior to the beginning of the Plan Year in which such Base              Pay and/or Incentive Pay is to be earned.  .               A Deferred Compensation Agreement, once made, may not be modified or revoked after              the applicable election deadline except as otherwise expressly provided in Article V below.        (b)   Other requirements.  Except as otherwise determined by the Plan Administrator, a new              Deferred Compensation Agreement must be timely executed for each Plan Year and shall              be effective only if offered, accepted and approved by the Plan Administrator by the              applicable deadline. 3.    Amount of deferrals.       (a)   Base Pay.  For each Plan Year, an Eligible Employee may elect to defer an amount from              1% to 25% (1% to 50% effective for Plan Years commencing on or after January 1, 2013),              in whole percentages, of his or her Base Pay for the Plan Year.  Notwithstanding the  

 

            foregoing, the Plan Administrator may impose, in advance, a more restrictive minimum or              maximum limit on the amount that may be deferred.        (b)   Incentive Pay. For each Plan Year or other applicable performance period an Eligible              Employee may elect to defer an amount that is expressed either as a percentage (from 5%              to 92%, in whole-percentage increments) of the Participant’s Incentive Pay for the Plan              Year (or other period), or as a whole dollar amount not less than $1,000 and not exceeding              92% of such Incentive Pay.  Effective for Plan Years commencing on and after January 1,              2014, for each Plan Year an Eligible Employee may elect to defer an amount that is              expressed either as a percentage (from 5% to 100%, in whole-percentage increments) of              the Participant’s net of FICA withholding Incentive Pay for the Plan Year (or other period),              or as a whole dollar amount not less than $1,000 and not exceeding 100% of such net of              FICA withholding Incentive Pay. 4.    Matching Credit.  For each Plan Year commencing on and after January 1, 2012, a Matching        Credit shall be added to each Participant’s Account equal to the lesser of (a) 100% of the total        amount, if any, deferred under all Deferred Compensation Agreements made by the Participant for        such Plan Year, and (b) 5% of the Participant’s Match-Eligible Compensation for such Plan Year.         Effective for Plan Years commencing on and after January 1, 2013, Matching Credits for a Plan        Year shall be added to the Participant’s Account as soon as practicable following the earlier of (i)        the last day of the Plan Year, or (ii) the last day of the calendar quarter following the date of the        Participant’s Separation from Service or Disability.. 5.    Accounts.  The Plan Administrator shall establish for each Participant an Account together with        such sub-accounts as in the determination of the Plan Administrator are needed or appropriate to        reflect the Credits described above as well as debits and other adjustments, including without        limitation adjustments for notional (hypothetical) investment experience as described in this        Section 3.5.  The Plan Administrator shall designate for purposes of the Plan one or more existing        investment or investment-fund alternatives (each, a “tracking option”), including, if the Plan        Administrator so determines, a tracking option that offers a return of notional interest (for        example, as in a bank savings account), and shall give each Participant and the Beneficiary(ies) of        each deceased Participant for whom an Account continues to be maintained the opportunity to        allocate his or her Account among the available tracking options.  Amounts allocated under the        Plan to a tracking option shall be treated as though notionally invested in that tracking option.  In        the absence of an affirmative allocation by a Participant or Beneficiary, the Plan Administrator        may designate a default tracking option and treat all or a portion of the balance of any Account, or        of any amount newly credited under the Plan, as being notionally invested in the default tracking        option.  The Plan Administrator shall periodically adjust Accounts to reflect increases or decreases        attributable to these notional investments.  Except as otherwise determined by the Plan        Administrator, a Participant or Beneficiary may make notional investment changes once per        calendar month (daily, commencing on and after October 1, 2012).  The Plan Administrator may at        any time and from time to time eliminate or add tracking options or substitute a new for an        existing tracking option, including with respect to balances already notionally invested under the        Plan.  The Employer may, but need not, purchase securities or other investments with        characteristics similar to the tracking options from time to time offered under the Plan, but any        such securities or other investments shall remain part of the Employer’s general assets unless held        in a trust described in Section 8.1 in a manner not inconsistent with the requirements of Section        409A(b) of the Code.  By selecting a tracking option hereunder, a Participant agrees, on his or her        behalf and on behalf of his or her Beneficiaries, that none of the Committee, the Plan        Administrator, the Employer, or any of their agents or representatives, shall be liable for any losses        or damages of any kind relating to any tracking option made available hereunder. 

 

6.    Cancellation of Deferral Elections.  A Participant’s deferral elections under Section 3.1 shall be        cancelled as to future deferrals if the Participant has an unforeseeable emergency described in        Section 5.4 below.  Effective November 1, 2014, a Participant’s outstanding Base Pay deferral        election  shall be cancelled if the Participant receives a hardship distribution under the Basic Plan        pursuant to §1.401(k)-1(d)(3).  A Participant may also cancel his or her deferral elections as to        future deferrals upon the occurrence of any medically determinable physical or mental impairment        resulting in the Participant’s inability to perform the duties of his or her position or any        substantially similar position, where such impairment can be expected to result in death or can be        expected to last for a continuous period of not less than six months, provided such cancellation is        made by the later of (a) the end of the calendar year in which such impairment occurs and (b) the        15th day of the third month following the date on which such impairment occurs.  If a Participant’s        deferral elections are cancelled pursuant to this Section 3.6, any later deferral election by the        Participant will be subject to the timing requirements of Section 3.2. ARTICLE VII  ARTICLE VIII VESTING 1.    Vesting of Accounts.  The portions of each Account that reflect Performance-Based Credits and        Matching Credits, and related adjustments, shall be fully vested upon the Participant’s completion        of one Year of Vesting Service, or upon the Participant’s death, becoming Disabled, or attainment        of age 65, the termination of the Plan, the full or partial termination of the Basic Plan with respect        to the Participant, whichever is first to occur.  The remainder of each Account shall be fully vested        at all times.  The fact that an Account or any portion thereof is fully vested shall not give the        Participant (or his or her Beneficiary(ies)) or any other person any right to receive the value of        such Account (as the same may from time to time be adjusted) except in accordance with the terms        of the Plan. ARTICLE IX  ARTICLE X   PLAN DISTRIBUTIONS 1.    Time and form of payment:  Matching Credits and Performance-Based Credits.  The portions of        each Account that reflect a Participant’s Matching Credits and Performance--Based Credits, and        related adjustments, shall be paid in a single lump sum to the Participant on the first business day        of the month following the date that is six months after the date of the Participant’s Separation        from Service..   5.2   Time and form of payment:  other portions of the Account.  Effective for the deferral of amounts        earned on or after January 1, 2013:        (a)   Each Participant shall elect, not later than as part of his or her Deferred Compensation              Agreement, whether the deferral of Base Pay and/or Incentive Pay accrued during the              applicable Plan Year, if any, is to be paid or commence to be paid:              (i) at the same time and in the same form of payment as that specified in Section 5.1 above;               (ii) in annual installments over a period of from two (2) to ten (10) years commencing on              the first business day of the month following the date that is six months after the date of the              Participant’s Separation from Service.   Each installment payment shall be determined by              dividing the applicable Account balance (or remaining applicable Account balance)              immediately prior to the payment date by the number of installments remaining to be paid;              or              (iii)  in the form of a lump sum payable as of a specified date that is at least 3 years after              the effective date of the applicable Deferred Compensation Agreement, provided that if the  

 

            Participant’s Separation from Service occurs prior to such specified date, the Participant’s              benefits under the Plan shall be paid on the same date as that specified in Section 5.1              above.        (b)   A Participant may make a separate election each Plan Year with respect to Base Pay and              Incentive Pay earned in the Plan Year that are subject to the election(s).  In the absence of              an affirmative election, the Participant shall be deemed to have elected payment of all              subject deferrals in a single lump sum on the date specified in Section 5.1 above.          (c)   Subject to such additional rules and conditions as the Plan Administrator may prescribe, a              Participant who has made or who is deemed to have made an election under this Section              5.2 may later change the timing of such election (or deemed election) (a “re-deferral              election”) as long as the Participant remains an Employee at the time of the election, but              only if all of the following additional conditions are satisfied: (i) the re-deferral election is              made at least 12 months prior to the date on which payment would have otherwise been              made or commenced; (ii) the re-deferral election cannot be given effect sooner than twelve              (12) months after the date it becomes irrevocable; and (iii) the new payment (or payment              commencement) date must follow by at least five (5) years the date on which the benefit              would have been paid absent the re-deferral election.        (d)   For amounts earned prior to January 1, 2013 that have been deferred under the Plan, the              payment of all portions of an Account payable under this Section 5.2 shall be governed by              the Participant’s initial election or, if there has been a re-deferral election, the most recently              effective such re-deferral election. The following information applies to amounts deferred              prior to January 1, 2013, and is provided for pre-2013 deferral process historical context --              Notwithstanding the foregoing: (i) if payment is made to a Participant as of a specified date              during his or her employment by the Employer, the payment terms for any Base Pay or              Incentive Pay deferred from the Plan Year in which such distribution event occurred              (“distribution-year deferrals”) shall be governed by a new payment election made at the              time of the earliest Deferred Compensation Agreement applicable to any such distribution-             year deferrals (and if there is no such new payment election, shall be deemed to have been              elected to be paid in a single lump sum on the date specified in Section 5.1 above); and (ii)              the payment election or deemed payment election made with respect to any distribution-             year deferrals shall apply to any and all subsequent deferrals of amounts earned prior to              January 1, 2013 unless the distribution-year deferral rule described in clause (v) above              would apply to such subsequent deferrals.  2.    (e) . 3.    Special rules.       (a)   Payments on account of Disability.  Effective for Disability determinations after October 1,              2012, if the Participant is determined to be Disabled, the balance of a Participant’s Account shall be              distributed to the Participant in a single lump sum as soon as administratively feasible following the              date on which the Participant becomes Disabled, and in any event by the later of A) the              fifteenth day of the third month following the date on which the Participant becomes Disabled, or B)              the end of the calendar year in which the Participant becomes Disabled, in a manner that complies with              Code section 409A.       (b)   Payment upon death.  As soon as practicable (and in all events within 90 days) following a              Participant’s death, the Participant’s remaining Account, if any, shall be distributed in a              single lump sum cash payment to the Participant’s Beneficiary or Beneficiaries. 

 

      (c)   Rehire.  Notwithstanding anything to the contrary in the Plan, in the event a Participant              who has Separated from Service subsequently returns to employment with an Employer,              payment of the Participant’s benefits under the Plan accrued prior to such Separation from              Service shall not be suspended or otherwise delayed. 4.    Unforeseeable emergency.  If a Participant has a severe financial hardship resulting from an illness        or accident of the Participant, his or her Federal Spouse, Beneficiary, or dependent (as defined in        Code section 152(a)), a loss of property due to casualty, or other similar extraordinary and        unforeseeable circumstances arising as a result of events beyond the Participant’s control, he or        she may request a withdrawal of a portion or all of his or her vested Account.  No withdrawal may        be made under this Section 5.4 to the extent that such emergency is or can be relieved through        reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s        assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.         A withdrawal under this Section 5.4 will be permitted only to the extent reasonably necessary to        satisfy the emergency need, which may include any amounts necessary to pay any federal, state or        local income taxes or penalties reasonably anticipated to result from the withdrawal.  The Plan        Administrator shall have sole discretion to determine whether a withdrawal may be made under        this Section 5.4 and the amount of the withdrawal that may be made.  5.    Certain tax matters.  Payments hereunder shall be reduced by required tax withholdings.  To the        extent any deferral or credit under the Plan results in current “wages” for FICA purposes, a        Participant’s Employer may reduce other pay of the Participant to satisfy withholding requirements        related thereto; but if there is no other pay (or if the Employer fails to withhold from such other        pay to satisfy its FICA withholding obligations), the Participant’s Account shall be appropriately        reduced by the amount of the required withholding. 6.    Distribution of taxable amounts.  Notwithstanding the foregoing, if any portion of an Account is        determined by the Plan Administrator to be includible, by reason of Section 409A of the Code, in a        Participant’s or Beneficiary’s income, such portion shall be paid by the Employer (or by the        Employers, on an allocated basis determined by the Plan Administrator) to such Participant or        Beneficiary. 7.    Special Rule for 2007.  Notwithstanding any provision herein to the contrary, the Plan        Administrator may establish special rules and procedures to permit Participants or Beneficiaries        with an Account under the Plan (as in effect prior to January 1, 2008) and whose distribution date        or dates with respect to such Account would fall after December 31, 2007 to elect, in a manner        consistent with transition guidance under Section 409A of the Code, a new form and time of        distribution (commencing not earlier than 2008), subject to such limitations and restrictions as the        Plan Administrator may impose.  A Participant who fails to elect a new form and time of        distribution pursuant to this Section 5.7 shall be deemed to have revoked his or her previous        distribution elections with respect to benefits that have not commenced as of December 31, 2007        and to have elected for all such benefits to be paid in accordance with the other provisions of this        Article V.  This Section 5.7 shall be effective as of January 1, 2007.   8.    Timely Payments.  A payment shall be treated as made upon the date specified under the Plan        provided the payment is made at such specified date or a later date within the same calendar year        or, if later, by the fifteenth (15th) day of the third calendar month following the date specified under        the Plan.  Further, a payment is not treated as an accelerated payment if the payment is made no        earlier than 30 days before the date specified under the Plan.  Notwithstanding the above, neither a        Participant nor Beneficiary shall have any influence over the tax year in which a payment falls.                                                                                                       ARTICLE VI 

 

                           ADMINISTRATION OF THE PLAN  6.1  Plan Administrator.  Except as the Committee may otherwise determine, the Plan Administrator shall  be the Executive Vice President-Global Human Resources as from time to time in office, and his or her  delegates.  The Plan Administrator shall have complete discretionary authority to interpret the Plan and to  decide all matters under the Plan.  Such interpretation and decision shall be final, conclusive and binding  on all Participants and any person claiming under or through any Participant, in the absence of clear and  convincing evidence that the Plan Administrator acted arbitrarily and capriciously.  However, no  individual acting, directly or by delegation, as the Plan Administrator may determine his or her own rights  or entitlements under the Plan.  The Plan Administrator shall establish such rules and procedures, maintain  such records and prepare such reports as it considers to be necessary or appropriate to carry out the  purposes of the Plan.   6.2  Outside services.  The Plan Administrator may engage counsel and such clerical, financial,  investment, accounting, and other specialized services as the Plan Administrator may deem necessary or  appropriate in the administration of the Plan.  The Plan Administrator shall be entitled to rely upon any  opinions, reports, or other advice furnished by counsel or other specialists engaged for that purpose and,  in so relying, shall be fully protected in any action, determination, or omission made in good faith.  6.3  Indemnification.  To the extent permitted by law and not prohibited by its charter and by-laws, State  Street will indemnify and hold harmless every person serving (directly or by delegation) as Plan  Administrator and the estate of such an individual if he or she is deceased from and against all claims,  loss, damages, liability and reasonable costs and expenses incurred in carrying out his or her  responsibilities as Plan Administrator, unless due to the gross negligence, bad faith or willful misconduct  of such individual; provided, that counsel fees and amounts paid in settlement must be approved by State  Street; and  further provided,  that this Section 6.3 will not apply to any claims, loss, damages, liability or  costs and expenses which are covered by a liability insurance policy maintained by State Street or by the  individual.  The provisions of the preceding sentence shall not apply to any corporate trustee, insurance  company, investment manager or outside service provider (or to any employee of any of the foregoing)  unless State Street otherwise specifies in writing.  6.4  Claims procedure.  The Plan Administrator has established the procedures set forth on Exhibit B for  determining claims for benefits under the Plan.  The Plan Administrator may modify or update Exhibit B  from time to time without any amendment under Section 7.1 being required.       ARTICLE XI  ARTICLE XII AMENDMENT AND TERMINATION 1.    Amendment; termination.  By action of the Committee or its delegate, State Street reserves the        absolute right at any time and from time to time to amend any or all provisions of the Plan, and to        terminate the Plan at any time.  In addition, the Plan Administrator shall have the right at any time        and from time to time to make amendments to the Plan (in general or with respect to one or more        individual Participants or Beneficiaries) that are administrative in nature and that do not materially        increase the financial obligations of the Employer, including, without limitation, amendments        coordinating the provisions of the Plan with the terms of any severance, separation or similar plan        or agreement. 2.    Effect of amendment or termination.  No action under Section 7.1 shall operate to reduce the        balance of a Participant’s Account as compared to such balance immediately prior to the        effectiveness of such action, other than through a distribution upon a termination and liquidation of        the Plan in accordance with the requirements of Treas. Regs. §1.409A-3(j)(4)(ix)). ARTICLE XIII  

 

ARTICLE XIV MISCELLANEOUS PROVISIONS 1.    Source of payments.  All payments hereunder to Participants and their Beneficiaries shall be paid        from the general assets of the Employer, including for this purpose, if the Employer in its sole        discretion so determines, assets of one or more trusts established to assist in the payment of        benefits hereunder.  Any trust established pursuant to the preceding sentence shall provide that        trust assets remain subject to the employer’s general creditors in the event of insolvency or        bankruptcy and shall otherwise contain such terms as are necessary to ensure that they do not        constitute a “funding” of the Plan for purposes of the Code or ERISA. 2.    Other arrangements made subject to the Plan.  The Plan Administrator in its discretion may        provide that other deferrals of compensation by persons providing services to an Employer shall be        governed in whole or in part by the provisions of the Plan.  In any case where an Employer has        agreed to assume a deferred compensation obligation of another employer (for example, but        without limitation, in connection with the transfer of employment of an individual from such other        employer to the Employer assuming such deferred compensation obligations), the Plan        Administrator may likewise provide that such assumed obligation, expressed as an account, shall        be governed in whole or in part by the provisions of the Plan. 3.    No warranties.  Neither the Plan Administrator nor any Employer warrants or represents in any        way that the value of a Participant’s Account will increase or not decrease.  Each Participant (and        his or her Beneficiary) assumes all risk in connection with any change in such value. 4.    Inalienability of benefits.  Except as required by law, no benefit under, or interest in, the Plan shall        be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,        encumbrance, or charge, and any attempt to do so shall be void.   5.    Reclassification of Employment Status.  Notwithstanding anything herein to the contrary, an        individual who is not characterized or treated as a common law employee by an Employer shall        not be eligible to participate in the Plan notwithstanding any determination of employee status by        the Internal Revenue Service, a court of competent jurisdiction or otherwise.  At the time when any        individual is reclassified or deemed to be reclassified as a common law employee, the individual        shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following        the reclassification date (to the extent such individual otherwise qualifies as an Eligible Employee        hereunder).  If the effective date of any such reclassification is prior to the actual date of such        reclassification, in no event shall the reclassified individual be eligible to participate in the Plan        retroactively to the effective date of such reclassification. 6.    Expenses.  The Employer shall pay all costs and expenses incurred in operating and administering        the Plan. 7.    No right of employment.  Nothing contained herein, nor any action taken under the provisions        hereof, shall be construed as giving any Participant the right to be retained in the employ of an        Employer. 8.    Headings.  The headings of the sections in the Plan are placed herein for convenience of reference,        and, in the case of any conflict, the text of the Plan, rather than such heading, shall control. 9.    Acceptance of Plan terms.  By executing a Deferred Compensation Agreement, a Participant        agrees, on his or her behalf and on behalf of his or her Beneficiaries, to abide by the terms of the        Plan and the determinations of the Plan Administrator with respect thereto. 10.   Construction.  The Plan shall be construed, regulated, and administered in accordance with the        laws of the Commonwealth of Massachusetts and applicable federal laws.  IN WITNESS WHEREOF, the Employer has caused this instrument to be executed by its duly respective  duly authorized officer on the 15 day of September, 2014. 

 

                                                         STATE STREET CORPORATION                                                        By: __/s/ Alison A. Quirk_____                                                                                Alison A. Quirk                                                                        Executive Vice President                                       EXHIBIT A                                  LIST OF EMPLOYERS                                 (as of December 31, 2013)               Currenex, Inc.              Elkins/McSherry, LLC              International Fund Services (N.A.), L.L.C.              Investment Management Services, Inc.              Investors California LLC              State Street Fund Services (U.S.) LLC (f.k.a. Palmeri Fund Administrators, Inc.)              State Street Fund Services (f.k.a. Palmeri Fund Administrators, Inc.)              Princeton Financial Systems, Inc.              State Street Bank & Trust Co. (U.S. branch)              State Street Bank & Trust Co. N.A.              State Street Bank & Trust Co. of CA.              State Street Bank & Trust Co. of NH               State Street Financial Services, Inc.              State Street Global Advisors Capital Management Trust Company              State Street Mass. Securities Corp.              State Street Mutual Fund Service Company, LLC              State Street Investment Management Solutions, LLC               State Street Public Lending Corp. (effective September 1, 2014) 04-2981072               State Street Boston Leasing Co., Inc.   04-2488283                                       EXHIBIT B                                 CLAIMS PROCEDURES                            STATE STREET CORPORATION               DEFERRED COMPENSATION PLAN CLAIMS PROCEDURES                       (Amended and Restated Effective January 1, 2014)  These Claims  Procedures for filing and reviewing claims have been established and adopted for the State  Street Corporation Management Supplemental Savings Plan, and the State Street Corporation  Management Supplemental Retirement Plan (each, a “Plan,” and together, the “Plans”) and are intended to  comply with Section 503 of ERISA and related Department of Labor regulations.  These amended and  restated Claims Procedures are effective for claims made under the Plans on or after January 1, 2008.      1. In General.  Any employee or former employee, or any person claiming to be a beneficiary with        respect to such a person, may request, with respect to any of the Plans:       a)    a benefit payment,       b)    a resolution of a disputed amount of benefit payment, or       c)    a resolution of a dispute as to whether the person is entitled to the particular form of benefit              payment. 

 

A request described above and filed in accordance with these Procedures is a claim, and the person on  whose behalf the claim is filed is a claimant.  A claim must relate to a benefit which the claimant asserts  he or she is already entitled to receive or will become entitled to receive within one year following the  date the claim is filed.     2. Effect on Benefit Requests in Due Course.  Each Plan has established procedures for benefit        applications, selection of benefit forms, designation of beneficiaries, determination of qualified        domestic relations orders, and similar routine requests and inquiries relating to the operation of the        Plan.   3.    Filing of Claims.         a)    Each claim must be in writing and delivered by hand or first-class mail (including              registered or certified mail) to the Plan Administrator, at the following address:                    GHR U.S. Benefits Planning                   State Street Corporation                   c/o Vice President, GHR-U.S. Benefits Planning                   One Lincoln Street, 14th Floor                   Boston, MA 02111             A claim must clearly state the specific outcome being sought by the claimant.          b)    The claim must also include sufficient information relating to the identity of the claimant              and such other information reasonably necessary to allow the claim to be evaluated.        c)    In no event may a claim for benefits be filed by a Claimant more than 120 days after the              applicable “Notice Date,” as defined below.              i)    In any case where benefits are paid to the Claimant as a lump sum, the Notice Date                    shall be the date of payment of the lump sum.              ii)   In any case where benefits are paid to the Claimant in the form of an annuity or                    installments, the Notice Date shall be the date of payment of the first installment of                    the annuity or payment of first installment.              iii)  In any case where the Plan (prior to the filing of a claim for benefits) determines                    that an individual is not entitled to benefits (for example (without limitation) where                    an individual terminates employment and the Plan determines that he has not                    vested) and the Plan provides written notice to such person of its determination, the                    Notice Date shall be the date of the individual’s receipt of such notice.              iv)   In any case where the Plan provides an individual with a written statement of his                    account as of a specific date or the amounts credit to, or charged against, his                    account within a specified period, the Notice Date with regard to matters describe                    in such statement shall be the date of the receipt of such notice by such individual                    (or beneficiary). 4.    Processing of Claims.  A claim normally shall be processed and determined by the Plan  Administrator within a reasonable time (not longer than 90 days) following actual receipt of the claim.   However, if the Plan Administrator determines that additional time is needed to process the claim and so  notifies the claimant in writing within the initial 90-day period, the Plan Administrator may extend the  determination period for up to an additional 90 days.  In addition, where the Plan Administrator  determines that the extension of time is required due to the failure of the claimant to submit information  necessary in order to determine the claim, the period of time in which the claim is required to be  considered pursuant to this Paragraph 4 shall be tolled from the date on which notification of the  extension is sent to the claimant until the date on which the claimant responds to the request for additional  information.  Any notice to a claimant extending the period for considering a claim shall indicate the  circumstances requiring the extension and the date by which the Plan Administrator expects to render a  

 

determination with respect to the claim.  The Plan Administrator shall not process or adjudicate any claim  relating specifically to his or her own benefits under a Plan.  5.    Determination of Claim.  The Plan Administrator shall inform the claimant in writing of the  decision regarding the claim by registered or certified mail posted within the time period described in  Paragraph 4.  The decision shall be based on governing Plan documents.  If there is an adverse  determination with respect to all or part of the claim, the written notice shall include:       a)    the specific reason or reasons for the denial,       b)    reference to the specific Plan provisions on which the denial is based,       c)    a description of any additional material or information necessary for the claimant to perfect              the claim and an explanation of why such material or information is necessary,        d)    reference to and a copy of these Procedures, so as to provide the claimant with a              description of the relevant Plan’s review procedures and the time limits applicable to such              procedures, a description of the claimant’s rights regarding documentation as described in              Paragraph 9, and       e)    a statement of the claimant’s rights under Section 502(a) of ERISA  to bring a civil action              with respect to an adverse determination upon review of an appeal filed under Paragraph 6.  For purposes of these Procedures, an adverse determination shall mean determination of a claim resulting  in a denial, reduction, or termination of a benefit under a Plan, or the failure to provide or make payment  (in whole or in part) of a benefit or any form of benefit under a Plan.  Adverse determinations shall  include denials, reductions, etc. based on the claimant’s lack of eligibility to participate in the relevant  Plan.  All decisions made by the Plan Administrator under these Procedures shall be summarized in a  report to be maintained in the files of the Plan Administrator.  The report shall include reference to the  applicable governing Plan provision(s) and, where applicable, reference to prior determinations of claims  involving similarly situated claimants.     6. Appeal of Claim Denials - Appeals Committee.  A claimant who has received an adverse        determination of all or part of a claim shall have 60 days from the date of such receipt to contest        the denial by filing an appeal.  An appeal must be in writing and delivered to the Plan        Administrator.  An appeal will be considered timely only if actually received by the Plan        Administrator within the 60-day period or, if sent by mail, postmarked within the 60-day period.         The timely review will be completed by the Appeals Committee and should be sent to:                   Appeals Committee                   State Street Corporation                   c/o Vice President, GHR-U.S. Benefits Planning                   One Lincoln Street, 14th Floor                   Boston, MA 02111  The Appeals Committee shall meet at such times and places as it considers appropriate, shall keep a  record of such meetings and shall periodically report its deliberations to the Plan Administrator.  Such  reports shall include the basis upon which the appeal was determined and, where applicable, reference to  prior determinations of claims involving similarly situated claimants.  The vote of a majority of the  members of the Appeals Committee shall decide any question brought before the Appeals Committee.     7. Consideration of Appeals.  The Appeals Committee shall make an independent decision as to the        claim based on a full and fair review of the record.  The Appeals Committee shall take into account        in its deliberations all comments, documents, records and other information submitted by the        claimant, whether submitted in connection with the appeal or in connection with the original        claim, and may, but need not, hold a hearing in connection with its consideration of the appeal.         The Appeals Committee shall consider an appeal within a reasonable period of time, but not later  

 

      than 60 days after receipt of the appeal, unless the Appeals Committee determines that special        circumstances (such as the need to hold a hearing) require an extension of time.  If the Appeals        Committee determines that an extension of time is required, it will cause written notice of the        extension, including a description of the circumstances requiring an extension and the date by        which the Appeals Committee expects to render the determination on review, to be furnished to the        claimant before the end of the initial 60-day period.  In no event shall an extension exceed a period        of 60 days from the end of the initial period; provided, that in the case of any extension of time        required by the failure of the claimant to submit information necessary for the Appeals Committee        to consider the appeal, the period of time in which the appeal is required to be considered under        this Paragraph 7 shall be tolled from the date on which notification of the extension is sent to the        claimant until the date on which the claimant responds to the Appeals Committee’s request for        additional information.  8.    Resolution of Appeal.  Notice of the Appeals Committee’s determination with respect to an  appeal shall be communicated to the claimant in writing by registered or certified mail posted within the  time period described in Paragraph 7.  If the determination is adverse, such notice shall include:       a)    the specific reason or reasons for the adverse determination,        b)    reference to the specific plan provisions on which the adverse determination was based,        c)    reference to and a copy of these Procedures, so as to provide the claimant with a              description of the claimant’s rights regarding documentation as described in Paragraph 9,              and       d)    a statement of the claimant’s rights under Section 502(a) of ERISA to bring a civil action              with respect to the adverse determination.  9.    Certain Information.  In connection with the determination of a claim or appeal, a claimant may  submit written comments, documents, records and other information relating to the claim and may request  (in writing) copies of any documents, records and other information relevant to the claim.  An item shall  be deemed relevant to a claim if it:       a)    was relied on in determining the claim,        b)    was submitted, considered or generated in the course of making such determination              (whether or not actually relied on), or       c)    demonstrates that such determination was made in accordance with governing Plan              documents (including, for this purpose, these Procedures) and that, where appropriate, Plan              provisions have been applied consistently with similarly situated claimants.  The Plan Administrator shall furnish free of charge copies of all relevant documents, records and other  information so requested; provided, that nothing in these Procedures shall obligate State Street  Corporation ("State Street"), the Plan Administrator, or any person or committee to disclose any  document, record or information that is subject to a privilege (including, without limitation, the attorney- client privilege) or the disclosure of which would, in the Plan Administrator’s judgment, violate any law  or regulation.     10. Rights of a Claimant Where Appeal is Denied.         a)    The claimant’s actual entitlement, if any, to bring suit and the scope of and other rules              pertaining to any such suit shall be governed by, and subject to the limitations of,              applicable law, including ERISA.  By extending to an employee or former employee the              right to file a claim under these Procedures, neither State Street nor any person or              committee appointed as Plan Administrator acknowledges or concedes that such individual              is a participant in any particular Plan within the meaning of such Plan or ERISA, and              reserves the right to assert that an individual is not a participant in any action brought under              Section 502(a). 

 

      b)    In no event may any legal proceeding regarding entitlement to benefits or any aspect of              benefits under the Plan be commenced later than the earliest of              i)     two years after the applicable Notice Date; or              ii)   one year after the date a claimant receives a decision from the Appeals Committee                    regarding his appeal, or              iii)  the date otherwise prescribed by applicable law.       c)    Before any legal proceeding can be brought, a participant must exhaust the claim appeals              procedures as set forth herein. 11.   Special Rules Regarding Disability.  Certain benefits under the Plans are contingent upon an  individual’s incurring a disability.  Where a claim requires a determination by State Street as to whether an  individual is “disabled” as defined under the Plan, the additional rules set forth in Schedule 1 to these  Procedures shall apply to the claim.  However, where disabled status is based upon actual entitlement to  benefits under a separate plan in which the individual participates or is otherwise covered, the  determination of such status for purposes of each Plan shall be made under such separate disability plan,  and any claims or disputes as to disabled status under such plan or program shall be resolved in  accordance with the procedures established for that purpose under the separate plan or program.  12.   Authorized Representation.  A claimant may authorize an individual to represent him/her with  respect to a claim or appeal made under these Procedures.  Any such authorization shall be in writing,  shall clearly identify the name and address of the individual, and shall be delivered to the Plan  Administrator at the address listed in Paragraph 3.  On receipt of a letter of authorization, all parties  authorized to act under these Procedures shall be entitled to rely on such authorization, until similarly  revoked by the claimant.  While an authorization is in effect, all notices and communications to be  provided to the claimant under these Procedures shall also be provided to his/her authorized  representative. 13.   Form of Communications.  Unless otherwise specified above, any claim, appeal, notice,  determination, request, or other communication made under these Procedures shall be in writing, with  original signed copy delivered by hand or first class mail (including registered or certified mail).  A copy  or advance delivery of any such claim, appeal, notice, determination, request, or other communication  may be made by electronic mail or facsimile.  Any such electronic or facsimile communication, however,  shall be for the convenience of the parties only and not in substitution of a writing required to be mailed or  delivered under these Procedures, and receipt or delivery of any such claim, appeal, notice, determination,  request, or other written communication shall not be considered to have been made until the actual posting  or receipt of original signed copy, as the case may be. 14.   Reliance on Outside Counsel, Consultants, etc.  The Plan Administrator and the Appeals  Committee may rely on or take into account advice or information provided by such legal, accounting,  actuarial, consulting or other professionals as may be selected in determining a claim or appeal, including  those individuals and firms that may render advice to State Street or the Plans from time to time. 15.   Amendment of Procedures - Interpretation.  These Procedures may be modified at any time and  from time to time by written action of the Plan Administrator and shall be deemed automatically modified  to incorporate any requirement attributable to a change in the applicable Department of Labor regulations  after the date hereof.  The Plan Administrator shall have complete discretion to interpret and apply these  Procedures, including, for purposes of applying these Procedures, such regulations.  Further, nothing in  these Procedures shall be construed to limit the discretion of the Plan Administrator or its designee to  interpret the Plans or, subject to the right of appeal of an adverse determination, the finality of the decision  of the Plan Administrator or its designee, all as set forth in the Plans.                                        Schedule 1                               Special Rules Regarding Certain                                     Disability Claims 

 

Pursuant to Paragraph 11 in the Claims Procedures, the following special rules supplement the Claims  Procedures and apply only in the case of a claim (“Disability Claim”) which requires a determination by  State Street as to whether an individual is “disabled” as defined under the Plan.    Time to Process Claims.  The Plan Administrator will process and inform the claimant of the  determination of the Disability Claim in accordance with Paragraphs 4 and 5 of the Claims Procedures,  except that a period of 45 days shall apply instead of the initial 90 days in which to process and determine  the Disability Claim.  This period may be extended initially by the Plan Administrator for 30 days if the  claimant is notified before the end of the original 45-day period that the extension is necessary due to  matters beyond the control of the Plan Administrator.  This 30-day extension period may be extended by  the Plan Administrator for an additional 30 days if the claimant is notified before the end of the first 30- day extension that the extension is necessary due to circumstances beyond the control of the Plan  Administrator.  Any notice of an extension will explain the reason for the extension, when the Plan  Administrator expects to rule on the Disability Claim, the standards on which entitlement to a benefit is  based, the unresolved issues that prevent a decision on the Disability Claim, and any additional  information needed to resolve those issues.  If the claimant is informed that he/she needs to provide  additional information necessary to resolve Disability Claim issues, the claimant will have 45 days from  the date he/she receives the extension notice to provide the additional information.   Determination of Claim and Notice of Determination.  If disabled status is based on eligibility for  benefits under a long-term disability plan maintained by State Street, the Plan Administrator will  determine which long-term disability plan is the applicable plan for the claimant, and whether the  claimant would be certified as disabled under such long-term disability plan by applying the standards and  definitions used in the long-term disability plan.  The Plan Administrator may require and rely on the  written report or certification from a licensed physician selected or approved by the Plan Administrator.   In addition to the requirements of Paragraph 5 in the Claims Procedures, any written notice of an adverse  determination of a Disability Claim will include a copy of any internal rules, guidelines, protocols, or  other similar criteria that were relied on in the decision-making, or a statement that the determination was  based on the applicable items mentioned above, and that copies of the applicable items will be provided,  free of charge, on the claimant’s request.  In addition, if the adverse determination is based on a medical  necessity, experimental treatment or similar exclusion or limit, the notice will contain an explanation of  the scientific or clinical judgment used in the determination, applying the terms of the relevant long-term  disability plan to the claimant’s medical circumstances, or a statement that such explanation will be  provided, free of charge, upon the claimant’s request.  Appeal of a Claim Denial.  Notwithstanding Paragraph 6 of the Claims Procedures, a claimant who has  received an adverse determination of all or part of a Disability Claim shall have 180 days from the date of  receipt to appeal the denial (“Disability Appeal”).  Notwithstanding Paragraph 7 of the Claims Procedures,  review of a Disability Appeal will be conducted by the Appeals Committee without deference to the initial  adverse benefit determination by the Plan Administrator, and no member of the Appeals Committee will  participate in the review of a Disability Claim if such member made the adverse benefit determination that  is the subject of the Disability Appeal or is the subordinate of the person who made such determinations.  If the adverse determination was based in whole or in part on a medical judgment, including  determinations with regard to whether a particular treatment, drug, or other item is experimental,  investigational, or not medically necessary or appropriate, the Appeals Committee shall consult with a  health care professional who has appropriate training and experience in the field of medicine involved in  the medical judgment and who was not consulted in connection with the initial claim denial (and who is  not the subordinate of any such person).  Any medical or vocational experts whose advice was obtained  

 

will be identified, without regard to whether the advice was relied upon in making the benefit  determination.  Notwithstanding Paragraphs 7 and 8 of the Claims Procedures, the Appeals Committee  shall consider and communicate its determination with respect to a Disability Appeal within a reasonable  time, but not later than 45 days after receipt of the Disability Appeal, unless special circumstances require  an extension for processing, in which case a decision will be made within a 45-day extension period.   Resolution of Appeal.  In addition to the information required by Paragraph 8 of the Claims Procedures,  any written notice by the Appeals Committee of an adverse determination on a Disability Appeal will  include a description of any specific internal rules, guidelines, protocols, or other similar criteria that were  relied on in making the decision, or a statement that the decision was based on the applicable items  mentioned above, and copies of the applicable items will be provided, free of charge, upon the claimant’s  request.  In addition, if the adverse determination of the Disability Appeal is based on a medical necessity,  experimental treatment or similar exclusion or limit, the notice will contain an explanation of the scientific  or clinical judgment used in the determination, applying the terms of the relevant long-term disability plan  to the claimant’s medical circumstances, or a statement that such explanation will be provided, free of  charge, at the claimant’s request.                                    FIRST AMENDMENT                                        TO THE                             STATE STREET CORPORATION                     MANAGEMENT SUPPLEMENTAL SAVINGS PLAN  Pursuant to the provisions of Section 7.1 of the State Street Corporation Management Supplemental  Savings Plan, Amended and Restated Effective as of January 1, 2014 (“the Plan”), State Street  Corporation as plan sponsor hereby amends the Plan effective October 1, 2016 as follows:   1.    Effective for Plan eligibility determinations made on or after October 1, 2016 subsection 1.3(k) is        replaced in its entirety as follows:              “(k) “Eligible Compensation” for a Plan Year means the sum of an Employee’s Base Pay              paid in the Plan Year plus the Employee’s Incentive Pay paid in the Plan Year, or such other              reasonable proxy amount(s) determined by the Plan Administrator in the event of a              corporate transaction that contemplates subject employee eligibility during the Plan Year.”   IN WITNESS WHEREOF, State Street Corporation has caused this instrument to be executed by its duly  authorized officer this 21st day of November, 2016.                                        STATE STREET CORPORATION                                       By: /s/ Alison Quirk                                      Name: Alison Quirk                                                   Title: Executive Vice President, Global Human Resources 

 

                                  Amendments to the:                        State Street Corporation Employee Benefit Plan                         State Street Corporation Flexible Benefit Plan                    State Street Corporation Medical Reimbursement Program                         State Street Corporation Dependent Care Plan                       State Street Corporation Adoption Assistance Plan                           State Street Corporation Severance Plan                              State Street Salary Savings Program                                State Street Retirement Plan                 State Street Corporation Management Supplemental Savings Plan                             Other State Street Benefits Programs  Approved: Effective as of December 26, 2016, or such other date specified by an officer of State Street Corporation,  the State Street Global Advisor Trust Company (SSGA) shall become a participating employer in each of  the State Street benefit plans/programs available to active State Street employees for purposes of SSGA  employee eligibility to participate (or continued participation) in such plans/programs, including, but not  limited to the, State Street Corporation Employee Benefit Plan, State Street Corporation  Flexible Benefit  Plan, State Street Corporation Medical Reimbursement Program, State Street Corporation Dependent Care  Plan, State Street Corporation Adoption Assistance Plan, State Street Corporation Severance Plan, State  Street Salary Savings Program, State Street Retirement Plan (for limited applicable purposes given the  plan is frozen) and State Street Corporation Management Supplemental Savings Plan; and it is intended  that any transferring employees from other State Street organizations to SSGA shall have continued and  uninterrupted coverage under applicable plans/programs based upon outstanding elections at the time of  transfer, consistent with otherwise applicable plan/program terms and applicable law.  And that the officers of State Street Corporation, the Managing Director, Global Human Resources - Head  of Global Benefits, and members of the State Street North America Regional Benefits Committee are  individually and severally authorized to take such actions and execute such documents that are deemed  necessary in furtherance of the approved to add SSGA as a participating employer in the State Street  benefit plans/programs, such actions or execution being conclusive evidence of having been approved and  adopted. IN WITNESS WHEREOF, State Street Corporation has caused this instrument to be executed by its duly authorized  officer this 21st day of December, 2016.                                                              STATE STREET CORPORATION                                                           By: /s/ Alison A. Quirk                                                                                                  Alison A. Quirk                                                                     Executive Vice President 

 

                                  Amendments to the:                        State Street Corporation Employee Benefit Plan                        State Street Corporation Flexible Benefit Plan                   State Street Corporation Medical Reimbursement Program                      State Street Corporation Adoption Assistance Plan                          State Street Corporation Severance Plan                            State Street Salary Savings Program                State Street Corporation Management Supplemental Savings Plan                           Other State Street Benefits Programs                                            Approved:   Effective as of January 1, 2019, or such other date specified by an officer of State Street Corporation, the  Charles River Systems, Inc. (also known as Charles River Development or “CRD”) shall become a  participating employer in each of the State Street benefit plans/programs available to active State Street  employees for purposes of CRD employee eligibility to participate (or continued participation) in such  plans/programs, including, but not limited to the, State Street Corporation Employee Benefit Plan, State  Street Corporation  Flexible Benefit Plan, State Street Corporation Medical Reimbursement Program,  State Street Corporation Adoption Assistance Plan, State Street Corporation Severance Plan, State Street  Salary Savings Program and State Street Corporation Management Supplemental Savings Plan; and it is  intended that any transferring employees from other State Street organizations to CRD shall have  continued and uninterrupted coverage under applicable plans/programs based upon outstanding elections  at the time of transfer, consistent with otherwise applicable plan/program terms and applicable law.    And that the officers of State Street Corporation, the Vice President, Global Human Resources - Head of  Global Benefits, SVP, Global Head of Total Rewards and members of the State Street U.S. Benefits  Committee are individually and severally authorized to take such actions and execute such documents that  are deemed necessary in furtherance of the approved to add CRD as a participating employer in the State  Street benefit plans/programs, such actions or execution being conclusive evidence of having been  approved and adopted.   IN WITNESS WHEREOF, State Street Corporation has caused this instrument to be executed by its duly  authorized officer.                                                          STATE STREET CORPORATION                                                                                                                                        By:        /s/   Kathryn M. Horgan                                                                                                                    Kathryn M. Horgan                                                                                       Executive Vice President                                                                                                                         December 18, 2018

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