Document:

EX-10.1

 Exhibit 10.1 

SEPARATION, CONSULTING AND RELEASE AGREEMENT 

This SEPARATION, CONSULTING AND RELEASE AGREEMENT (together with any Exhibits hereto, this “Agreement”) is entered into
by and between 2U, Inc. (the “Company”) and Mark Chernis (“Executive” and, together with the Company, the “Parties”), dated as of July 27, 2022. 

WHEREAS, Executive, as of the date set forth below, hereby enters into this Agreement with and for the benefit of the Company; 

WHEREAS, Executive participates in the 2U, Inc. Severance Pay and Change in Control Plan (the “Plan”) as a Tier II
Participant; 
 WHEREAS, Executive’s employment with the Company will terminate on October 3, 2022 (the “Separation
Date”), and such termination of employment will constitute a Qualifying Termination pursuant to, and in accordance with, the terms of the Plan; 

WHEREAS, the effectiveness of this Agreement pursuant to Section 14(a) is a condition precedent to Executive receiving the benefits set
forth in this Agreement and the Plan; and 
 WHEREAS, capitalized terms and phrases used but not defined herein shall the meanings ascribed
to them in the Plan. 
 NOW, THEREFORE, the Company and Executive, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged and agreed, and intending to be legally bound, hereby agree as follows: 
 1. Resignation of
Employment. The Parties agree that Executive’s employment will terminate effective as of the Separation Date. Effective as of the Separation Date, Executive hereby resigns from all positions Executive holds as an officer, director or
otherwise with respect to the Company, its subsidiaries and its affiliates. Upon request of the Company, Executive agrees to execute any additional documents and take such additional actions as may be necessary or desirable to effectuate the
foregoing. 
 2. Consulting Period. 

(a) Provided that this Agreement becomes effective pursuant to Section 14(a), for the period of time beginning on the Separation Date
through January 3, 2024 (the “Consulting Period”), Executive shall provide consulting services to the Company as an independent contractor, to provide transition services and work on special projects as requested by the Company
(the “Services”). Executive shall be available to provide such Services as reasonably requested by the Company at mutually agreed upon times; provided, however, that the Parties reasonably expect that the performance
of the Services shall not require Executive to provide more than twenty percent (20%) of the average level of services rendered by Executive to the Company, its subsidiaries and its affiliates during the
thirty-six (36) months immediately preceding the Separation Date and the provision of Services shall not preclude Executive from performing other employment or consulting duties for other entities;
subject to any Restrictive Covenants (as defined below). During the Consulting Period, the Company shall pay Executive a monthly consulting fee of $12,500.00 (prorated for partial months). 

 (b) During the Consulting Period, the Parties agree that Executive is and shall act as an
independent contractor under this Agreement, and not as an employee of the Company. Subject only to such specific limitations as are contained in this Agreement, the manner, means, details or methods by which Executive performs the Services shall be
solely within Executive’s discretion. Executive acknowledges and agrees that Executive shall be solely responsible for all income, business or other taxes such as social security and unemployment payable as a result of fees paid for the
Services under this Section 2. 
 (c) The Consulting Period may be terminated by the Company for Cause. If the Company terminates the
Consulting Period for Cause, Executive’s outstanding equity awards shall immediately cease vesting as of the effective date of Executive’s termination. 

3. Payments and Benefits. 

(a) Provided that this Agreement becomes effective in accordance with Section 14(a) of this Agreement and Executive complies with his
obligations under this Agreement and the Plan, (i) Executive shall have incurred a Qualifying Termination effective as of the Separation Date and shall, as a Tier II Participant, be the severance amounts, payments and benefits provided under
Section 2.2 or Section 2.3 of the Plan in accordance with the terms of, and at the time(s) provided in, the Plan and (ii) subject to the terms and conditions of the applicable equity incentive plan and corresponding award agreement,
Executive shall continue to vest in Executive’s outstanding equity awards during the Consulting Period; provided, however, if this Agreement does not become effective in accordance with Section 14(a), the Consulting Period
shall immediately terminate and Executive shall not be entitled to the payments and benefits set forth in this Section 3. Each of Executive’s outstanding awards under the Company’s equity incentive plan and corresponding award
agreements shall be treated in accordance with their terms as of the Separation Date 
 (b) Provided that this Agreement becomes effective
in accordance with Section 14(b) of this Agreement, Executive complies with Executive’s obligations under this Agreement and the Consulting Period is not terminated for Cause, the Company agrees to pay Executive $200,000, which amount
shall be paid to Executive as soon as administratively practicable after this Agreement becomes effective in accordance with Section 14(b) and if the time provided therein spans two calendar years, the payment shall be made in the second
calendar year. 
 4. Release. 

(a) Executive, on behalf of Executive and Executive’s heirs, executors, administrators, successors and assigns, hereby voluntarily
irrevocably and unconditionally releases the Company, its parent entities, affiliates, subsidiaries, predecessors, successors and assigns, and all of their present and former shareholders, owners, partners, directors, board of managers, officers,
employees, agents, attorneys and anyone acting on their behalf (collectively, 

  
 2 

 
the “Company Releasees”) of and from any and all actions, causes of action, claims, charges, complaints, compensation, costs, demands, damages, debts, obligations, expenses,
injuries, liabilities, and losses of whatsoever nature, known or unknown (collectively, “Claims”) which Executive or Executive’s heirs, executors, administrators, successors or assigns ever had, now have or hereafter can, will
or may have (either directly, indirectly, derivatively or in any other representative capacity) by reason of any matter, fact or cause whatsoever against the Company Releasees: (a) arising from the beginning of time through the date upon which
Executive signs this Agreement, including, but not limited to, (i) any such Claims relating in any way to Executive’s employment relationship or consulting relationship, as applicable, with the Company or any other Company Releasee or the
termination of such relationship, whether based on contract, understanding, promise, tort, public policy, common law or any other basis, and (ii) any such Claims arising under any federal, local or state statute or regulation, including, but
not limited to, the following (all statutory references include any amendments thereto): the Age Discrimination in Employment Act of 1967 (if applicable); the Older Workers Benefit Protection Act; 42 U.S.C. § 1981 (if applicable); the Federal
Civil Rights Acts of 1866, 1870, 1871, 1964, 1972, 1988, and 1991; Title VII of the Civil Rights Act of 1964; the National Labor Relations Act; the Labor Management Relations Act, 1947; the Equal Pay Act of 1963; the Rehabilitation Act of 1973; the
Consolidated Omnibus Budget Reconciliation Act of 1985; the Americans With Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment and Retraining Notification Act; the Fair Labor Standards Act; the Employee
Retirement Income Security Act; any applicable Executive Order Programs; and any other applicable federal, state, or local laws; including but limited to the New York State Human Rights Law, the New York Labor Law (including but not limited to the
New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York State Correction Law, the New York State Civil Rights Law,
Section 125 of the New York Workers’ Compensation Law and the New York City Human Rights Law. Nothing in this Release shall be deemed to release or impair or any rights that cannot be waived under applicable law, including as to
unemployment compensation or workers’ compensation benefits, or Employee’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated
under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation. Executive represents and warrants that
Executive has no complaints, charges, or lawsuits pending against the Company Releasees. Executive understands and agrees that nothing in this Release is intended to, or shall, interfere with or affect Executive’s right to participate or
cooperate in any federal, state, or local administrative or government agency (such as the Equal Employment Opportunity Commission or Securities Exchange Commission) proceeding or investigation or to file a charge or Claim with such an agency.
Executive further covenants and agrees that, except to the extent prohibited by applicable law, neither Executive nor Executive’s heirs, executors, administrators, successors, or assigns will be entitled to any personal recovery or relief in
any proceeding of any nature whatsoever against the Company Releasees arising out of any of the matters released in this Agreement. 

  
 3 

 Notwithstanding the foregoing, this Agreement does not limit Executive’s right to
receive an award for information provided to the SEC. In addition, this Agreement does not limit or release Executive’s rights (a) to benefits accrued and vested prior to the Separation Date under any employee benefit plan, policy or
arrangement maintained by the Company, (b) to the Accrued Amounts (as defined in the Plan), (c) as a shareholder or in respect of outstanding equity awards pursuant to the applicable equity plan and award agreement, (d) to indemnification
under contract, applicable corporate law, the by-laws or certificate of incorporation of the Company, any Company benefit plan, or as an insured under any director’s and officer’s liability insurance
policy, or (e) under this Agreement. 
 (b) Executive acknowledges and agrees that the Company and the Company Releasees have fully
satisfied any and all obligations owed to Executive arising out of or relating to Executive’s employment or engagement, as applicable, with the Company, and no further sums, payments or benefits are owed to Executive by the Company or any of
the Company Releasees arising out of or relating to Executive’s employment or engagement, as applicable, with the Company, except as expressly provided in this Agreement. 

5. Continuing Obligations. Executive represents and warrants that he has fully complied with the Employee Intellectual
Property, Non-Competition, and Non-Solicitation Agreement, dated as of April 26, 2022, which is attached as Exhibit A (the “Restrictive Covenant
Agreement”) and Executive agrees that he will continue to comply with the Restrictive Covenant Agreement, as modified below, during and after the Consulting Period. Executive and the Company agree that during the Consulting Period and
thereafter the terms of the Restrictive Covenant Agreement are modified as follows: (a) the restrictions set out in Section 7 (“Non-Interference and
Non-Solicitation of Employees”) will not extend to former employees of the Company whose employment was terminated without cause; (b) the restrictions set out in Section 5(a) (“Non-Competition During and After Employment”) will be limited to a list of companies set forth separately in writing; and (c) the restrictions set out in Section 5(a) (“Non-Competition During and After Employment”) will terminate on January 1, 2024. 
 6.
Permitted Disclosures. Pursuant to 18 U.S.C. § 1833(b), Executive understands that he will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company
that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or Executive’s attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of
law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Executive understands that if he files a lawsuit for retaliation by the Company for reporting a suspected violation of law, he may
disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding if he (I) files any document containing the trade secret under seal, and (II) does not disclose the trade secret, except
pursuant to court order. Nothing in this Agreement, or any other agreement that Executive has with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by
such section. Further, nothing in this Agreement or any other agreement that Executive has with the Company shall prohibit or restrict Executive from making any voluntary disclosure of information or documents related to any violation of law to any
governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company. 

  
 4 

 7. Non-Disparagement by the Executive.
As a material inducement to the Company to enter into this Agreement, while Christopher J. Paucek is serving as the Company’s Chief Executive Officer (the “Non-Disparagement Period”),
Executive agrees not to make any disparaging or derogatory statements, in any manner or form, to any person or entity about the Company, its employees (including, without limitation, Mr. Paucek), agents, directors, officers, subsidiaries,
affiliates or University partners including, without limitation, the making of any disparaging or derogatory statements to any current or former employee of the Company, to any contractor or vendor of the Company, to any current or prospective
university partner(s) of the Company, to any applicant for employment with the Company, and to any member of the print or broadcast media (“print” and “broadcast” to be interpreted with the broadest possible definitions,
including online), and/or to otherwise attempt to injure or interfere with the Company’s business. The Company agrees to instruct its executive officers to refrain, during the Non-Disparagement Period,
from making, any disparaging or derogatory statements, in any manner or form, to any person or entity about Executive. Nothing in this paragraph (or otherwise in this Agreement) is intended or shall be construed to suggest or imply that Executive or
the Company cannot provide truthful information in response to a government investigation, a court and/or administrative agency-issued subpoena, or other valid legal process, or otherwise exercise any protected rights that cannot be waived by
agreement. 
 8. Cooperation. During and after the Consulting Period, Executive agrees that, upon reasonable notice and
without the necessity of the Company obtaining a subpoena or court order, Executive shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or proceeding), and any investigation
and/or defense of any claims asserted against the Company or any of its affiliates, that relates to events occurring during the Executive’s employment with the Company as to which Executive may have relevant information (including but not
limited to furnishing relevant information and materials to the Company or its designee and/or providing testimony at depositions and at trial), provided that the Company agrees to reimburse Executive for out-of-pocket expenses reasonably incurred in connection with any such cooperation, and provided that any such cooperation shall be scheduled to the extent reasonably practicable so as not to unreasonably
interfere with Executive’s business or personal affairs. 
 9. Return of Property. Executive represents that he has
returned or has agreed with the Company to a plan to return, as of the expiration or earlier termination of the Consulting Period, to the Company all Company property which was in Executive’s possession, custody or control, including, but not
limited to, documents, files, forms, customer information and lists, confidential business information, keys, and Company-issued credit cards. Notwithstanding the foregoing, Executive shall be permitted to retain any computer equipment such as
laptop computers and printers, cell phones, and similar handheld devices; provided that the Company is given full access to such devices to ensure that all Confidential Information has been removed. 

10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
without regard to the application of any choice-of-law rules that would result in the application of another state’s laws. The Parties irrevocably agree that the
competent courts of the State of Delaware are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement. 

  
 5 

 11. Legally Authorized. Each Party represents that it is competent to enter
into this Agreement and has the requisite authority to enter into this Agreement. No Party has agreed or promised to do or omit to do any act or thing not herein set forth, and the Parties further understand that a purpose of this Agreement is to
compromise and terminate all Claims of whatever nature, known or unknown, held by Executive. 
 12. Joint Preparation. This
Agreement shall be deemed to have been prepared jointly by the Parties. Any uncertainty or ambiguity existing herein shall not be interpreted against any Party. 

13. No Admission. Executive understands that this Agreement shall not in any way be construed as an admission by the Company or
any other Company Releasee of any wrongdoing whatsoever against Executive. The Company specifically disclaims any liability for any wrongdoing against Executive and denies any such wrongdoing, on the part of itself, or its employees, its agents, or
any of the other Company Releasees. 
 14. Advice of Counsel/Revocation Period.  

(a) Executive hereby acknowledges that he has been advised to seek the advice of independent counsel. Executive acknowledges that Executive
is acting of his own free will, that Executive has been afforded a reasonable time to read and review the terms of the Agreement, especially the release set forth in Section 4 herein, and that Executive is voluntarily entering into this
Agreement with full knowledge of its provisions and effects. Executive intends that this Agreement shall not be subject to any claim for duress. Executive further acknowledges that Executive has been given at least forty-five (45) days within
which to consider this Agreement (including the Older Workers Benefit Protection Act disclosure attached hereto as Exhibit B) and that if Executive decides to execute this Agreement before the forty-five day period has expired, Executive does
so voluntarily and waives the opportunity to use the full review period. Executive also acknowledges that Executive has seven (7) days following his execution of this Agreement to revoke acceptance of the Agreement. This Agreement will not
become effective until the eighth (8th) calendar day after the date it is executed. If Executive revokes Executive’s consent within such seven (7) calendar day period, the Company’s offer of the payments and benefits set forth in
Section 3 above shall be null and void, and Section 4 above shall be of no force or effect. Executive acknowledges that, absent the execution of this Agreement, Executive would not be entitled to the payments and benefits set forth in
Section 3. 
 (b) Notwithstanding anything in this Agreement to the contrary, Executive must again
re-execute this Agreement following the expiration of the Consulting Period in order to be entitled to the payments and benefits in Paragraph 3(b). Executive acknowledges that Executive has been given at least
twenty-one (21) days following the expiration of the Consulting Period within which to consider this Agreement and that if Executive decides to re-execute this
Agreement before the twenty-one day period has expired, Executive does so voluntarily and waives the opportunity to use the full review period; provided, however, that Executive may not re-execute this Agreement prior to the end of the Consulting Period. Executive also acknowledges that Executive has seven (7) days following his re-execution of this
Agreement to revoke his re-execution of the Agreement. This Agreement will not become effective until the eighth (8th) calendar day after the date it is re-executed by
Executive. If Executive revokes his consent within such seven (7) calendar day period, the Company’s offer of the payments and benefits set forth in Section 3(b) above shall be null and void. Executive’s failure to re-execute 

  
 6 

 
this Agreement under this Section 14(b) on or within twenty-one (21) days following the end of the Consulting Period in no way affects
Executive’s prior release of claims under this Agreement. By Executive’s re-execution of this Agreement, the release set forth in Paragraph 4 shall be deemed to cover any Claims which Executive has,
may have had, or thereafter may have against the Company or any other Releasee by reason of any matter, cause or thing whatsoever arising from the beginning of time until the date on which Executive
re-executes this Agreement. 
 15. Acknowledgement. Executive acknowledges and agrees
that he remains subject to the restrictive covenants contained in (a) this Agreement, (b) the Plan, (c) any equity award documents, (d) any employment agreement between Executive and the Company and (e) the Restrictive
Covenant Agreement (collectively, the “Restrictive Covenants”) and that Executive has complied with such Restrictive Covenants and will continue to do so following the date hereof, to the extent required by such Restrictive
Covenants as modified by this Agreement. 
 16. Representations. Executive represents and agrees that: Executive has disclosed
to the Company any information Executive has which Executive believes concerns any fraudulent or unlawful conduct involving the Company or any Company Releasee, or any conduct that violates the Company’s policies; Executive has not formally or
informally raised or asserted any claims of sexual harassment or sexual abuse against the Company or any Company Releasee, and represents and acknowledges that Executive has no such claims; Executive is receiving valuable consideration in exchange
for executing this Agreement, and agrees that Executive will not argue that the Agreement, in whole or in part, is not supported by sufficient consideration; and Executive has no known work-related injuries, illnesses, or occupational diseases
arising out of or related to Executive’s employment with the Company. 
 17. Section 409A. The intent of the Parties is
that the payments provided hereunder comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the extent subject thereto. The Company makes no representation that any or
all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. 

18. Miscellaneous. 

(a) This Agreement sets forth the entire agreement of the Parties in respect of Executive’s resignation of employment and the Services
to be provided by Executive to the Company following the Separation Date and, except as explicitly stated herein, supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by either Party or any officer, employee or representative of either Party hereto with respect to such subject matter, other than as set forth in Section 6 above. This Agreement shall not be modified or amended except by written
agreement of Executive and the Company. 
 (b) The provisions of this Agreement shall inure to the benefit of, and be binding upon, the
Parties and their respective successors and assigns. Nothing in this Agreement shall be construed to give any rights to any third parties to enforce or benefit under the terms of this Agreement. 

  
 7 

 (c) No waiver of any one or more of the terms, conditions or obligations of this Agreement,
and no partial waiver thereof, shall be construed as a waiver of any succeeding breach of any of such terms, conditions or obligations or of any of the other terms, conditions or obligations of this Agreement. No failure or delay by either Party at
any time to enforce one or more of the terms, conditions or obligations of this Agreement shall constitute a waiver of such terms, conditions or obligations or shall preclude such Party from requiring performance by the other Party at any time. 

(d) The headings of this Agreement are inserted for convenience only and neither constitute a part of this Agreement nor affect in any way
the meaning or interpretation of this Agreement. When a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. 

(e) This Agreement may be executed in one or more counterparts, including emailed. .pdf-ed or
telecopied facsimiles, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(f) Executive agrees that the Company would suffer irreparable harm if he were to breach, or threaten to breach, any material provision of
this Agreement and that the Company would by reason of such breach, or threatened breach, be entitled to seek injunctive relief in a court of appropriate jurisdiction, without the need to post any bond. This section shall not, however, diminish the
right of the Company to claim and recover damages in addition to injunctive relief. 
 (g) In the event that any one or more of the
provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Moreover, if any one or more of the
provisions contained in this Agreement shall be held to be excessively broad as to duration, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by applicable
law. Furthermore, a determination in any jurisdiction that this Agreement, in whole or in part, is invalid, illegal or unenforceable shall not in any way affect or impair the validity, legality or enforceability of this Agreement in any other
jurisdiction. 
 (h) Any payments provided for herein shall be reduced by any amounts required to be withheld by the Company under
applicable law then in effect. 
 (i) The Company shall be entitled to withhold (or to cause the withholding of) the amount, if any, of all
taxes of any applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to
withhold any taxes hereunder and the amount thereof. 
 [signature page to follow] 

  
 8 

 IN WITNESS WHEREOF, the Parties, acknowledging that they are acting of their own free will,
have caused the execution of this Agreement as of this day and year written below. The Parties also acknowledge that they have had a sufficient opportunity to read and review the terms of this Agreement and that they have each received the advice of
their respective counsel with respect hereto. 
 Execution pursuant to Section 14(a) 

 

							
	Mark Chernis	 		 	2U, Inc.
				
	 /s/ Mark Chernis
	 		 	By:	 	 /s/ Paul S. Lalljie

		 		 	 Name: Paul S. Lalljie
 Title: Chief
Financial Officer

			
	Dated: July 27, 2022	 		 	Dated: July 27, 2022

  

	
	 Re-Execution pursuant to
Section 14(b):

	
	 Mark Chernis
  

	  

	
	 Dated: _______ __, 202_

  
 9 

 Exhibit A 

Employee Intellectual Property, Non-Competition, and
Non-Solicitation Agreement 

  
 10 

 Exhibit B 

  
 11ex-10x1fatransition

Aristeguieta Transition and Separation Agreement  1  TRANSITION AND SEPARATION AGREEMENT  This Agreement is made between Francisco Aristeguieta (“you”) and State Street Bank  and Trust Company (together with its parent, and their respective subsidiaries and affiliates  “State Street”), as of May 9, 2022.   State Street has informed you of its intention to eliminate the role of Chief Executive  Officer of State Street Institutional Services and end your employment. In order to ensure a  smooth transition of your duties, you and State Street have agreed to enter into this Transition  and Separation Agreement (the “Agreement”).  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.  You and State Street agree as follows:  1. TRANSITION PERIOD AND TERMINATION OF EMPLOYMENT. (a) Your employment will terminate on January 31, 2023 unless earlier terminated in accordance with the terms of this Agreement. The actual date your employment terminates is  referred to below as the “Separation Date.” The period from the date of this Agreement through  the Separation Date is referred to below as the “Transition Period.”  (b) At all times during the Transition Period, you will continue to be an Executive Vice President. You will cease to be a member of the Operating Group and the Management  Committee as of May 9, 2022. Then, on a date selected by State Street in its sole discretion  (which, without limitation may be May 9, 2022), you will transition to a role as Special Advisor  to the President and Chief Operating Officer, reporting to Lou Maiuri, or his successor (including  without limitation an individual appointed to serve as your supervisor during any period Mr.  Maiuri is unable to perform the role due to disability or similar unexpected circumstance) (the  “Manager”). In this Special Advisor role, you will, as requested, use your best efforts to support  matters associated with the leadership transition for Institutional Services, including the  maintenance of State Street’s relationships with clients and personnel, and other financial and  organizational objectives, among other matters reasonably requested by the Manager from time  to time.  (c) Throughout 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.  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, you will not be  entitled to earn any other remuneration of any kind during the Transition Period. For the  avoidance of doubt, you will not receive an incentive compensation award for 2022. You will  comply with all of State Street’s written policies and procedures, your obligations under your  offer letter dated as of June 22, 2021 (the “Offer Letter”), your obligations under this Agreement,  your obligations under the change of control agreement captioned “Employment Agreement”  and dated as of August 1, 2019 (the “Change of Control Agreement”), your obligations under  Exhibit 10.1 

 

     Aristeguieta Transition and Separation Agreement    2  your existing deferred compensation award agreements (the “Award Agreements”) and your  obligations with respect to confidentiality and intellectual property under the Confidentiality,  Intellectual Property and Restrictive Covenant Protective Agreement between you and State  Street Asia Limited dated as of July 15, 2019. Your obligations under all of these agreements are  collectively referred to below as your “Continuing Obligations.”  (d) The Manager may place you on a garden leave at any time during the Transition  Period, at their sole discretion. During garden leave, you will not be required to report to the  office or perform any work for State Street; provided, however, that you will make yourself  reasonably available in person or by telephone or other communications technology upon request  to perform such services as the Manager may reasonably request from time to time.  (e) State Street may terminate your employment for Cause at any time during the  Transition Period upon notice. “Cause” means your doing of any of the following, as determined  by State Street in its sole, good faith, discretion: (i) materially breaching your obligations under  this Agreement or any of the Award Agreements (after receiving written notice and failing to  cure within 30 days, where the conduct is susceptible of cure); (ii) engaging in conduct that has a  material adverse effect on State Street’s interests (after receiving written notice and failing to  cure within 30 days, where the breach is susceptible of cure); (iii) committing (or being  discovered to have previously committed) a felony or any crime of dishonesty, breach of trust or  money laundering; or (iv) willfully and repeatedly failing 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.   (f) You may request that State Street terminate your employment during the  Transition Period to allow you to commence new employment, provided such employment is  consistent with your Continuing Obligations. State Street will consider any such request in good  faith but may grant or deny such request in its sole discretion (any such granted request, an  “Early Termination”). Following an Early Termination,you will still be eligible to receive the  Severance Benefits and the Accrued Pay described below. An Early Termination will not cause  the forfeiture of unvested deferred compensation awards subject to the Award Agreements, i.e.,  such awards will not be forfeited and will continue to vest pursuant to the terms of the Award  Agreements following an Early Termination.  (g) Not later than 21 days following the Separation Date, 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 summarizes the benefits State Street will  provide you pursuant to the Plan (the “Severance Benefits”) subject to your meeting in full your  obligations under this Agreement, including without limitation, your timely providing and non- revocation of the executed Post-Employment Release.  (a) Base Severance Payment. State Street will pay you an amount equal to your  weekly rate of base pay for twelve (12) weeks following the Separation Date (such period the  “Severance Period” and such payments the “Base Severance Payment”).   (b) Subsidized Benefits Continuation. You will be eligible to continue coverage  under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at a subsidized rate  

 

     Aristeguieta Transition and Separation Agreement    3  (with State Street paying its regular employer's share) until the Benefits End Date (as defined in  Paragraph 3 below), provided you are timely enrolled in COBRA coverage and make timely  payments for such coverage. The cost of COBRA coverage will not be deducted from your Base  Severance Payment. After the Benefits End Date, you will be eligible to continue coverage for  the remainder of your legally required COBRA period (if any), but the continuation of this  remaining coverage will be entirely at your expense.  (c) Outplacement Services. You will be eligible for outplacement services from State  Street’s vendor at the EVP level. You must initiate the services prior to the termination of the  Severance Period.  (d) Special Severance Payment. If your employment terminates on or after December  1, 2022, you will also be eligible to receive a one-time cash payment in the gross amount of  $1,808,750, which is equal to 25% of the incentive compensation award you received for the  2021 performance year (the “Special Severance Payment”).   3. PAYMENT RULES AND NEW EMPLOYMENT.   (a) Any amounts payable under this Agreement will be paid in accordance with the  administrative payroll practices and policies set by State Street and will be subject to all  applicable deductions for taxes.   (b) Base Severance Payments are normally paid in installments on State Street’s  regularly scheduled payroll dates and any Special Severance Payment is normally paid 60 days  after the Separation Date. However, because you are a “specified employee”, the Base Severance  Payments and the Special Severance Payment 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  Termination Date.  (c) After first providing written notice to you and allowing you at least seven  business days to respond, State Street will deduct from the Base Severance Payments and any  Special Severance Payment you receive any outstanding financial obligations that you may have  to State Street, including without limitation such items as expense account balances, and credit  card balances.. If the Base Severance Payments and any Special Severance Payment 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.   (d) If you accept new employment with State Street or any other employer (either  full-time or part-time employment) or 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 of the date you are scheduled to begin such employment (the  “New-employment Date”).   (e) Your right to subsidized benefit continuation ends on the last day of the month in  which (i) your New-employment Date occurs, or (ii) your Severance Period ends, whichever is  earlier (such date referred to as the “Benefits End Date”). Your receipt of Base Severance  Payments and any Special Severance Payment 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  

 

     Aristeguieta Transition and Separation Agreement    4  Severance Period your right to receive any remaining Base Severance Payments, Subsidized  Benefits Continuation and Outplacement will end immediately.    4. FINAL COMPENSATION & UNVESTED DEFERRED COMPENSATION.   (a) 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”). You will receive the Accrued Pay irrespective of whether you accept this  Agreement. By signing this Agreement, you acknowledge that you have received all other  remuneration otherwise due, including but not limited to, pay for all hours worked, commissions,  and bonuses through the date you sign this Agreement.  (b) The deferred compensation awards you hold that have not vested as of the  Separation Date shall continue to vest during the Transition Period and following the Separation  Date and/or the Early Termination date, in accordance with and subject to the terms of the  applicable incentive plans and the Award Agreements; provided, however, that in case State  Street terminates your employment for gross misconduct (as defined in such incentive plans and  Award Agreements) or you terminate your employment for any reason prior to the Separation  Date (other than an Early Termination), the portions of any such awards that had not vested as of  the Separation Date shall expire and be of no further force and effect.  (c) You acknowledge that no other remuneration, except as set forth herein or as  available to you in the ordinary course under any ERISA-protected benefit plans, is owed or will  be paid to you following the Separation Date.  5. CONFIDENTIALITY.   Subject to Paragraph 12, below:  (a) You acknowledge that during your employment you had and will continue to have  access to Confidential Information not generally known or made available to the general public,  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 the remainder  of your employment or following its termination:   (i) 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 and/or its 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.  (ii) 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.  

 

     Aristeguieta Transition and Separation Agreement    5  (iii) 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  written Corporate Information Security procedures.  (b) The terms of this agreement do not apply to any information which you knew  prior to the date of your employment with State Street without an obligation of confidence or is  or was publicly disclosed (other than by a violation by you of the terms of this agreement) either  prior to or after 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.  (c) As used here, “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, corporate strategies (written or  otherwise), whether related to corporate, litigation or otherwise, and other information relating to  the operations of State Street and to its customers, and 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  of clients, regardless of whether such information is stamped “confidential.”  (d) You agree that the 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.   6. NON-SOLICITATION.   (a) You agree that during the remainder of your employment and for a period of 36  months from its termination you will not, without prior written consent of State Street, solicit,  directly or indirectly (other than through a general solicitation of employment not specifically  directed to employees of State Street), the employment of, hire or employ, recruit, or in any way  assist another in soliciting or recruiting the employment or engagement as a contractor or similar  of, or otherwise induce the termination of the employment of, any person who then or within the  preceding 12 months was an Officer (excluding any such Officer whose employment was  involuntarily terminated).  (b) You agree that during the remainder of your employment and for a period of 18  months from its termination you will not, without prior written consent of State Street, engage in  the Solicitation of Business from any Client on behalf of any person or entity other than State  Street.  (c) As used here –   

 

     Aristeguieta Transition and Separation Agreement    6  (i) “Officer” includes any current or former State Street employee holding a  title of Assistant Vice President or higher.   (ii) “Client” means a present or former customer or client of State Street with  whom you have had, or with whom persons you have directly or indirectly 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 12 months prior to the date your employment with State Street ends.  (iii) “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 transfer  the Client’s business from State Street to any other person or entity, to cease or curtail the  Client’s business with State Street or to divert a business opportunity from State Street to any  other person or entity, in each case where such business or business opportunity concerns or  relates to the business with which you were actively connected during your employment with  State Street.  7. NON-COMPETITION.  (a) You further agree that, during the remainder of your employment and for 12  months from its termination, you will not, anywhere in the Restricted Area, for yourself or any  other person or entity, directly or indirectly, in any Restricted Capacity, engage in, provide  services to, consult for, or be employed by a business that provides products or services  competitive with any products or services of State Street with respect to which you were  involved at any time during your employment or, with respect to the portion of such 12 month  period that follows termination of your employment, with respect to which you were involved  within the two years preceding the date of the termination of your employment with State Street.  If you violate a fiduciary duty to State Street, then the post-employment period of restriction  under this Paragraph 7(a) shall be extended by the time during which you engage in such  activities, for up to a total of two (2) years following termination of your employment.  (b) As used here –  (i) “Restricted Area” means (A) anywhere that State Street markets its  products or services (which you acknowledge specifically includes the entire world) for the  duration of your employment and (B) with respect to the period that follows termination of your  employment, means anywhere in which you provided services or had a material presence or  influence on behalf of State Street at any time within the 2-year period immediately preceding  such termination.  (ii) “Restricted Capacity” means any capacity, or with respect to any period of  restriction under this Paragraph 7 that follows termination of your employment, any capacity that  is the same or similar to the capacity in which you were employed by State Street at any time  within the 2-year period immediately preceding such termination.  (c) You may seek a waiver from State Street for the non-competition obligations  above and those contained in your Continuing Obligations by contacting Ronald O’Hanley or  Kathy Horgan, and State Street agrees timely to consider and respond in good faith to such  request.  8. ENFORCEMENT.    

 

     Aristeguieta Transition and Separation Agreement    7  (a) You acknowledge and agree that the promises contained in Paragraphs 5, 6 and 7  are necessary to the protection of the legitimate business interests of State Street, including  without limitation its Confidential Information, trade secrets 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 you do not perform such promises in accordance with  their specific terms or otherwise breach your promises. Accordingly, State Street shall be entitled  to preliminary or permanent injunctive or other equitable relief or remedy without the need to  post bond, and to recover its reasonable attorney’s fees and costs incurred in securing such relief,  in addition to, and not in lieu of, any other relief or remedy at law to which it may be entitled.   You further agree that the periods of restriction contained in Paragraphs 6 and 7 shall be tolled  during any period in which you are in breach of any of your obligations in Paragraphs 5, 6, and  7, so that State Street shall have the full protection of the periods agreed to in this Agreement.  (b) The representations and agreements made by you in Paragraphs 5, 6, and 7 shall  be construed and interpreted in any judicial or other adjudicatory proceeding to permit their  enforcement to the maximum extent permitted by law and is severable and independently  enforceable without reference to the enforcement of any other provision. If any restriction set  forth in Paragraph 5, 6, or 7 is found by any court of competent jurisdiction to be unenforceable  because it extends for too long a period of time or over too great a range of activities or in too  broad a geographic area, it shall be interpreted to extend only over the maximum period of time,  range of activities or geographic area as to which it may be enforceable.  (c) Further, in the event you materially breach of any of your material obligations  under the agreements containing the Continuing Obligations or any other agreement between you  and State Street, including without limitation your obligations under Paragraphs 5, 6, 7 or 10,  then your right to receive all unvested tranches of deferred compensation subject to the Award  Agreements will be forfeited and you agree to return the pre-tax value of any tranches that vested  after the date of this Agreement.   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. NONDISPARAGEMENT.   (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, or to any current, former or prospective employees, consultants, business partners,  clients, or customers of State Street regarding State Street or any of its directors, officers,  employees, agents, or representatives, or about State Street’s business affairs or financial  condition.   (b) It is State Street policy not to provide references to potential future employers of  its former employees. You hereby agree to refer potential future employers only to State Street’s  job information line, The Work Number, at either www.theworknumber.com or via telephone at  (800) 367-5690. The Work Number will verify dates of employment, final rate of pay and the  

 

     Aristeguieta Transition and Separation Agreement    8  positions held by you. For the purpose of accessing the Work Number, you will give potential  future employers State Street’s company code, which is 70027.  11. RETURN OF STATE STREET PROPERTY. You agree that promptly upon  the termination of your employment you will return 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 agree to disclose to State Street any password that would be necessary to  access or that would assist in accessing any information that you have stored in password  protected form on any of its systems.  12. CERTAIN LIMITATIONS.   (a) Nothing in this Agreement 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 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 a complaint or other document filed in  a lawsuit or other proceeding, if such filing is made under seal; or (ii) in confidence to a federal,  state, or local government official, either directly or indirectly, or to an attorney, solely for the  purpose of reporting or investigating a suspected violation of law.   (c) Nothing in this Agreement prevents you from complying with a lawful subpoena  or court order.  (d) 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.  (e) Your promises in Paragraphs 5, 6, 7, and 10 are intended by the parties to  constitute the same undertakings by you as your Continuing Obligations, except to the extent that  Paragraph 6(a) extends the duration of your promise not to solicit certain employees of State  Street for a longer period of time, and are to be interpreted accordingly.   13. RELEASE OF CLAIMS. In exchange for the promises contained in this  Agreement and to the extent permitted by law, you, individually and on behalf of your respective  

 

     Aristeguieta Transition and Separation Agreement    9  heirs, executors, administrators and assigns, hereby unconditionally release State Street, State  Street’s employee benefit and compensation plans, programs or arrangements, welfare benefit  and pension benefit plans and plan administrators, successors, and assigns, and any and all of its  or their past, present and future directors, officers, 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 related to or arising out of your  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, 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 damages, 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  

 

     Aristeguieta Transition and Separation Agreement    10  (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 employment-related 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 release of claims  contained in 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, federal or other court.   15. FURTHER LIMITATIONS. Your execution of this Agreement, including the  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 this Agreement, (b) claims for  worker’s compensation benefits or for vested benefits under a tax-qualified retirement and/or  pension plan, (c) any rights to defense, indemnification or contribution you may have under any  agreement with State Street or any of its subsidiaries or other affiliates, a D&O policy of State  Street or any of its subsidiaries or other affiliates, under the articles of incorporation, bylaws, or  similar documents of any of them, or under common or statutory law, (d) claims challenging the  knowing and voluntary nature of this release under the Age Discrimination in Employment Act,  (e) rights under the Award Agreements, (f) rights under the Change of Control Agreement, or (g)  any claims you cannot release pursuant to applicable laws and regulations.  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 remedial relief because 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.   16. EMPLOYEE’S BREACH OF THIS AGREEMENT. You acknowledge that  your right to receive and retain the consideration 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. If you materially breach any of the material terms of this Agreement, State  Street reserves its right, if applicable, to cease payment of the consideration set forth in this  Agreement after first providing written notice to you and allowing you at least seven business  days to respond. You agree that such cessation 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, you will be liable for all expenses, costs and  

 

     Aristeguieta Transition and Separation Agreement    11  attorneys’ fees incurred in defending such claims, complaint or causes of action to the fullest  extent allowed by applicable law.   17. COOPERATION. You agree to reasonably cooperate with State Street in 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.  18. NON-ADMISSION. You understand and agree that neither this Agreement nor  anything provided herein constitutes an admission that you, State Street and/or any of the  Releasees have violated any law or has any legal liability to the other.  19. 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.  20. VALIDITY. If any provisions of this Agreement (or, with respect to Paragraph  14, the release of any individual legal 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 14 is deemed to be invalid in its entirety, then this Paragraph 20  shall not apply.  21. NO WAIVER. No delay or omission by State Street or you 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 or you 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.  22. ENTIRE AGREEMENT. More than one copy of this Agreement may be signed,  each of which when signed will be deemed an original. This Agreement and the Award  Agreements constitute the complete understanding and agreement between the parties to this  Agreement with respect to the settlement of all matters between them and supersedes and cancels  all previous oral and written negotiations, agreements, and representations regarding such  matters. Notwithstanding the above, your Continuing Obligations shall remain in full force and  effect in accordance with their terms. Following execution by you, this Agreement shall become  binding and enforceable.  23. 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 the 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 (and such changes, to the extent applicable  to you, will be so applicable).  

 

     Aristeguieta Transition and Separation Agreement    12  24. 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: Chief Global Human Resources and Corporate Citizenship  Officer, State Street Corporation, One Lincoln Street SFC/11, One Lincoln Street,  Boston, Massachusetts, 02111; with a copy to General Counsel, State Street  Corporation, One Lincoln Street SFC/11, Boston Massachusetts, 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. You can  update your home address with the GHR Service Center by telephone at 1-855-447- 7007.  25. NOTICE OF RIGHTS.  • You may consider the terms of this Agreement for 21 days from the day you first  received it, which was May 5, 2022.  • You may revoke this Agreement for a period of 7 days after signing the Agreement.  Your written notice to revoke must be received by State Street within 7 days of the  date you signed this Agreement. The Agreement shall not be effective or binding until  the expiration of this seven-day revocation period (the “Revocation Period”).  • 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.     

 

     Aristeguieta Transition and Separation Agreement    13  26. ACKNOWLEDGEMENTS.   • You acknowledge that this Agreement is written in a manner which you understand,  and that you understand your obligations under this Agreement.    • You acknowledge that your execution of this Agreement is in exchange for  consideration paid by State Street which you would not otherwise be entitled to  receive.  • 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 the terms and conditions of  this Agreement, and that you sign your name as your own free act and deed.    STATE STREET BANK AND TRUST COMPANY      Date:   6/13/22      By:  /s/ Kathryn M. Horgan     Kathryn M. Horgan     Executive Vice President     Chief Human Resources and Citizenship Officer                                  Voluntarily accepted and agreed to under seal by Francisco Aristeguieta:      Date:   06/08/2022        /s/ Francisco Aristeguieta      Signature     

 

     Aristeguieta Transition and Separation Agreement    14  EXHIBIT A  POST-EMPLOYMENT RELEASE OF CLAIMS   FOR AND IN CONSIDERATION OF the 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 dated as of May 9, 2022 (the “Agreement”), which are conditioned on  my signing this Release of Claims and to which I am not otherwise entitled, I, on my own behalf  and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns,  and all others connected with or claiming through me, hereby release and forever discharge State  Street Bank and Trust Company, its parent State Street Corporation, and all of their respective  past, present and future subsidiaries and other affiliates, and all of their respective past, present  and future officers, directors, trustees, shareholders, employees, agents, general and limited  partners, members, managers, joint venturers, employee benefit plans, representatives,  successors and assigns, and all others connected with any of them, in their official and individual  capacities, from any and all causes of action, rights or claims of any type or description, known  or unknown, which I have had in the past, now have, or might now have, through the date of my  signing of this Release of Claims, in any way resulting from, arising out of or connected with my  employment by or other relationship with State Street or any of its subsidiaries or other affiliates  or the termination of that employment or other relationship, including without limitation any  claims arising pursuant to Title VII of the Civil Rights Act of 1964, the Age Discrimination in  Employment Act, the Americans with Disabilities Act, the wage and hour, wage payment, and  fair employment practices laws of the Commonwealth of Massachusetts, state and federal  securities laws, and any other local, state, or federal regulation or other requirement, each as  amended from time to time.   Excluded from the scope of this Release of Claims are (a) claims to enforce the  provisions of the Agreement, (b) claims for worker’s compensation benefits or for vested  benefits under a tax-qualified retirement and/or pension plan, (c) any rights to defense,  indemnification or contribution I may have under any agreement with State Street or any of its  subsidiaries or other affiliates, a D&O policy of State Street or any of its subsidiaries or other  affiliates, under the articles of incorporation, bylaws, or similar documents of any of them, or  under common or statutory law, (d) claims challenging the knowing and voluntary nature of this  release under the Age Discrimination in Employment Act, (e) rights under the Award  Agreements, (f) rights under the Change of Control Agreement ,or (g) any claims I cannot  release pursuant to applicable laws and regulations.   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 for up to 21 days from the Separation Date (as defined in the Agreement). 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; 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  

 

     Aristeguieta Transition and Separation Agreement    15  Age Discrimination in Employment Act at any time within 7 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 only upon the expiration of such seven-day revocation  period and only if I have not timely revoked it.   Intending to be legally bound, I have signed this Release of Claims under seal as of the  date written below.      Signature: _____________________________________________    Francisco Aristeguieta      .Date Signed: __________________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]