Document:

EXHIBIT
10.8A

STATE STREET CORPORATION

2006
EQUITY INCENTIVE PLAN

Stock
Appreciation Rights Award Agreement

Subject
to your acceptance of the terms set forth in this agreement (the “Agreement”),
State Street Corporation (the “Company”) has awarded to you “stock
appreciation rights” (“SARs”) (the “Award”)  with 
respect to the number of shares of common stock of the Company (“Stock”)
detailed in your Award statement on this website maintained by Smith Barney (the
“Statement”) and pursuant to the State Street Corporation 2006 Equity Incentive
Plan (the “Plan”) and the terms set forth below.  Each SAR represents the right, subject to the
terms and conditions of this Award, to obtain upon exercise an amount equal to
the appreciation in value of one share of Stock, as more fully described below.

A
copy of the Plan document and the Company’s Prospectus are located on this
website for your reference. The provisions of the Plan are incorporated herein
by reference, and all terms used herein shall have the meaning given to them in
the Plan, except as otherwise expressly provided herein.  In the event of any conflict between the
provisions of the Agreement and the provisions of the Plan, the provisions of
the Plan shall control.

The
terms of your Award are as follows:

1.                                       Term and Exercise Period. 
Subject to paragraphs 5 and 6 hereof and to this paragraph 1, the Award
shall vest according to the vesting schedule detailed in your Statement.  The term “vest” as used herein means the
lapsing of the restrictions described herein and in the Plan with respect to
the exercise of the Award or portion thereof. 
To vest in all or any portion of this Award as of any date, you must
have been continuously employed with the Company or any of its Subsidiaries
from and after the date hereof and until (and including) the applicable vesting
date, except as otherwise provided herein. 
In no event, however, may you (or your beneficiary in the case of your
death) exercise any SAR later than 10 years from the original grant date of the
Award (the “Final Exercise Date”).  You
may not exercise fewer than 50 SARs at any one time except when the number of
remaining SARs is less than 50; and, except as is otherwise provided herein,
you may not exercise any SAR unless you are then an employee of the Company or
one of its Subsidiaries.

2.                                       Method of Exercise.  To
exercise vested SARs you must state the number of vested SARs being exercised
in accordance with specific instructions that are found on this website.  Payment shall be made in whole shares of Stock
plus cash in lieu of any fractional share, with the number of shares of Stock
payable to you (before any reduction for withholding taxes or other deductions
in accordance with paragraph 8, below) determined by multiplying (i) times (ii)
and dividing the resulting product by (iii), where:

(i) is the number of SARs
being exercised;

(ii) is the excess of (A)
the closing price of one share of Stock on the date of exercise, over (B) the
per-share grant price specified in your Statement; and

(iii) is the closing price
of one share of Stock on the date of exercise.

For purposes of illustration only:  assume an Award of 100 SARs with a grant
price of $63 per share, and assume further that 50 SARs are exercised when the
closing price of the Stock is $75 per 

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share. Upon exercise, you would be entitled
to 8 shares of Stock (that is:  (i) 50 times
(ii) $12 per share (the per-share appreciation amount), divided by (iii) $75),
less applicable taxes and other withholdings in accordance with paragraph 8,
below.

3.                                       Shareholder Rights; Employee Rights.  You
are not entitled to any rights as a shareholder with respect to any shares of
Stock subject to the Award until you exercise the Award, and then you shall
have the rights of a shareholder only as to those shares of Stock that are
transferred to you upon exercise.  Without
limiting the foregoing, you will have no right to receive dividends or amounts
in lieu of dividends with respect to the shares of Stock subject to the Award
prior to any shares being transferred to you. 
Nothing in this Award shall be construed to guarantee you any right of
employment with the Company or any Subsidiary or to limit the discretion of any
of them to terminate your employment at any time, with or without cause.

4.                                       Non-Transferability.  This
Award shall not be transferable otherwise than by will or the laws of descent
and distribution and it may be exercised during your lifetime only by you.  Any attempt by you (or in the case of your
death, your beneficiary) to assign or transfer the Award, either voluntarily or
involuntarily, contrary to the provisions hereof, shall be null and void and
without effect and shall render the Award itself null and void.

5.                                       Termination of Employment.

(a)  If your employment
terminates by reason of (i) Disability or (ii) any reason other than
Retirement, death, or Circumstances of Forfeiture (“Other Reasons”), any SAR
that has not earlier expired or been exercised, surrendered or canceled shall
be treated, subject to paragraph (e), below, and Section 7 of the Plan, as
follows:

(i)  if the SAR was not exercisable immediately
prior to such termination of employment, it shall become exercisable thereafter
in accordance with the Plan and this Agreement on the same basis as if there
had been no termination of employment, and shall remain exercisable until and
including the Termination Date, and

(ii)
if the SAR was already exercisable at the time of termination of employment, it
shall continue to be exercisable thereafter until and including the Termination
Date.

For
purposes of this Agreement, “Disability” shall mean (a) your inability to
engage in any substantially gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
your death or can be expected to last for a continuous period of not less than
12 months (an “impairment”) or (b) if you, as a result of the impairment,
receive income replacement benefits for a period of not less than 3 months
under a plan of the Company or a Subsidiary. 
“Termination Date” shall mean the date which is the later of (i) the day
immediately preceding the first anniversary of the date the last vesting
tranche under the Award first becomes exercisable (or the day preceding the
first anniversary of the date the whole Award becomes exercisable, if the whole
Award vests on a single date), and (ii) the day immediately preceding the first
anniversary of the date of termination of employment by reason of Disability or
Other Reasons, but not later than the Final Exercise Date.  If you die after your employment has
terminated by reason of Disability or Other Reasons but before you have
exercised all SARs or your right to exercise has expired, the Award shall
instead expire on the day immediately preceding the first anniversary of your
death but not later than the Final Exercise Date. During that one-year period,
the Award may be exercised at any time by your executor or administrator or the
person(s) 

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to
whom your rights with respect thereto are transferred by will or the applicable
laws of descent and distribution, to the full extent of the Award that had not
earlier expired, or been exercised, surrendered, or canceled on the date of
your death.

(b) If your employment terminates by reason of Retirement, any SAR that
has not earlier expired or been exercised, surrendered or canceled shall be
treated, subject to paragraph (e), below, and Section 7 of the Plan, as follows:

(i)             if the SAR was not exercisable immediately
prior to such termination of employment, it shall become exercisable thereafter
in accordance with the Plan and this Agreement on the same basis as if there
had been no termination of employment, and shall remain exercisable until and
including the Retirement Termination Date, and

(ii)          if the SAR was already exercisable at the time of such termination of
employment, it shall continue to be exercisable thereafter until and including
the Retirement Termination Date.

For
purposes of this Agreement, “Retirement” shall mean termination of employment
at or after your having reached age 55 and completed 10 years of service with
the Company and its Subsidiaries or your having attained age 65 and completed
five years of service with the Company and its Subsidiaries.  “Retirement Termination Date” shall mean the
day immediately preceding the fifth anniversary of the date of such termination
of employment but not later than the Final Exercise Date.  If you die after your employment has
terminated by reason of Retirement but before you have exercised all SARs or
your right to exercise has expired, the Award shall instead expire on the day
immediately preceding the first anniversary of your death but not later than
the Final Exercise Date.  During that one-year
period, the Award may be exercised at any time by your executor or
administrator or the person(s) to whom your rights with respect thereto are
transferred by will or the applicable laws of descent and distribution, to the full
extent of the Award that had not earlier expired, or been exercised,
surrendered, or canceled on the date of your death.

(c) If your employment terminates by reason of death, all of the
outstanding SARs held by you on the date of your death, whether or not then
exercisable, may be exercised, subject to Section 7 of the Plan, by your
executor or administrator or the person(s) to whom your rights with respect to
the Award are transferred by will or the applicable laws of descent and
distribution during the period that ends on the day immediately preceding the
first anniversary of your death, but not later than the Final Exercise Date.

(d) If your employment terminates for reasons of Circumstances of
Forfeiture, any SAR that was exercisable immediately prior to such termination
of employment shall expire, subject to Section 7 of the Plan, on the day
preceding the three-month anniversary of the date of such termination of
employment (but not later then the Final Exercise Date) and may be exercised
during that period.  If you die within
such three-month period, the SARs that were exercisable on the date your
employment terminated shall expire, subject to Section 7 of the Plan, on the
day immediately preceding the first anniversary of your death (but not later
than the Final Exercise Date), during which period such SARs may be exercised
at any time by the person(s) to whom your rights with respect to the Award are
transferred by will or by the applicable laws of descent or distribution.  For purposes of this Agreement, “Circumstances
of Forfeiture” means your ceasing to be employed 

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by
the Company and its Subsidiaries either (i) voluntarily, or (ii) involuntarily
and you are classified by the Company as ineligible for rehire.

(e) Your rights with respect to any unexercised SARs after termination
of your  employment other than by reason
of death shall be subject to the conditions that until any such SARs are
exercised, you  (i) shall not, without
the prior written consent of the Company, (A)(1) solicit, directly or
indirectly (other than through a general solicitation of employment not
specifically directed to employees of the Company and its Subsidiaries) the
employment of, (2) hire or employ, (3) recruit, or (4) in any way assist
another in soliciting or recruiting the employment of, or (B) induce the
termination of the employment of, any person who within the previous 12 months
was an officer or principal of the Company or any of its Subsidiaries; and (ii)
shall not, without the prior written consent of the Company, engage in the
Solicitation of Business (as defined below) from any client on behalf of any
person or entity other than the Company and its Subsidiaries.  The term “Solicitation of Business” means the
attempt through direct or indirect contact by you or by any other person or
entity with your assistance with a client with whom you have had or with whom
persons supervised by you have had significant personal contact while employed
by the Company and its Subsidiaries to induce such client to (A) transfer its
business from the Company and its Subsidiaries to any other person or entity,
(B) cease or curtail its business with the Company and its Subsidiaries, or (C)
divert a business opportunity from the Company and its Subsidiaries to any
other person or entity of the business with which you were actively connected
during your employment.  In the event
that you do not comply with the above conditions, all unexercised SARs under
this Award shall be forfeited.  Any
determination by the Administrator that you are, or have engaged in, prohibited
conduct as described above shall be conclusive and binding on all persons.  Notwithstanding the foregoing, this paragraph
5(e) shall be inapplicable following a Change of Control.

6.                                       Acceleration of SARs.  Upon
a Change of Control, all SARs outstanding as of the date such Change of Control
is determined to have occurred and which are not then exercisable shall become
fully exercisable.  If you are subject to
Section 16 of the Securities Exchange Act of 1934, you shall have certain
rights to receive cash in lieu of exercising the SARs in the amount of the
Spread, all as set forth in the Plan; provided, that for purposes of this Award,
“Spread” shall mean, with respect to any share of Stock subject to the SARs,
the excess of the fair market value of such share on the date of exercise over
the per-share grant price.  After a
Change of Control (but subject to Section 7 of the Plan), the SARs will remain
exercisable following a termination of your employment other than by reason of
your Death, Disability, or Retirement for a period of seven months after
termination of employment, or until the Final Exercise Date, whichever period
is shorter.  For purposes hereof, “fair
market value” shall mean the closing price of a share of Stock on the reference
date.

7.                                       Changes in Capitalization, etc.  The Award is subject to adjustment pursuant
to Section 7(b) of the Plan in the circumstances therein described.

8.                                       Withholding. You are required as a condition of exercise to satisfy all applicable
tax and other withholding requirements that may arise in connection with the
exercise.  The Administrator may require
you to remit cash to the Company in an amount sufficient to satisfy any
withholding tax requirements or to make other arrangements satisfactory to the Administrator
with regard to such requirements.  If and
to the extent that such withholding is required, the Administrator may permit
you to elect at such time and in such manner as the Administrator provides to
satisfy your withholding tax requirement with the proceeds from the sale of
shares resulting from exercise of your SARs.

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9.                                       Agreement to be Bound by Plan Terms.  By
accepting this Award electronically or by exercising any SAR hereunder, you
will be deemed to have acknowledged and agreed that you are bound by the terms
of this Agreement and the Plan.

10.                                 Sealed Instrument.  This
Agreement will take effect as a sealed instrument.

 5EXHIBIT
10.8B

STATE
STREET CORPORATION

2006 EQUITY INCENTIVE PLAN

Form of
Performance Award Agreement

[Note:  This form of award agreement is for
illustrative purposes only.  If may be
modified for any particular award, consistent with the terms of the 2006 Equity
Incentive Plan]

(Name)

Re:
Performance Award

Dear
_______:

This letter shall serve as an agreement (the
“Agreement”) between you and State Street Corporation (the “Company”) setting
forth the terms and conditions relating to the Performance Award granted to you
under the Company’s 2006 Equity Incentive Plan, as amended (the “Plan”), which
shall be payable if certain performance and other conditions are satisfied as
described below.

1. Grant of
Performance Award.

You have been granted an award (the “Award)
consisting of a total of ______ units (“Units”).  To be entitled to any payment under the
Award, you must execute this Agreement and return a fully executed copy to
the Company, and all terms and conditions of this Award must have been satisfied.  The Award will be payable, if at all, based
in part on the achievement by the Company of certain performance measures
(described below and in Exhibit I) over the [number of years]-year period
(including any interim periods) commencing [date] and ending on [date] (the
“Performance Period”).  The date on which
the Performance Period ends is referred to herein as the “Maturity Date.”

2. Performance
Targets; Administrator Certification.

Whether your Award will be paid and if so in what amounts will depend in
part on the Company’s achievement of specified performance targets as described
below and in Exhibit I. [Awards can be based entirely on one or more
performance targets or in part based on one or more performance targets and in
part on other target(s).  The permissible
targets are as set forth in the 2006 Equity Incentive Plan.  The targets described below are illustrative
only.]

(a) Earnings Per Share (EPS).  Subject to the other terms and conditions of
the Award, the Company’s fully diluted aggregated earnings per share from
continuing operations (“EPS”) for the Performance Period will determine how
much, if any, of the EPS Portion of the Award will be payable.  Exhibit I sets forth the EPS threshold that
must be achieved if any of the EPS Portion is to be payable and the higher EPS
target that must be achieved if the entire EPS Portion is to be payable, with
interpolation for EPS performance between those limits.

(b) Return on Equity (ROE).  Subject to the other terms and conditions of
the Award, the Company’s average return on shareholders’ equity from continuing
operations (“ROE”) will determine how much, if any, of the ROE Portion of the
Award will be payable. Exhibit I sets forth the ROE threshold that must be
achieved if any of the ROE Portion is to be payable and the

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higher ROE targets that must be achieved if higher
percentages, or the entirety, of the ROE Portion is to be payable, with
interpolation for ROE performance between those limits.

The specific EPS and ROE performance targets for the
Performance Period were established by the Administrator on [date] and are set
forth on Exhibit I.  Subject to the other
terms and conditions of the Award, payment under this Award will only be made
if the Administrator certifies, following the close of the Performance Period,
that the pre-established threshold performance targets have been exceeded on
the Maturity Date and then only to the extent of the level of performance so
certified as having been achieved.

3. Form of
Payment.

Any portion of the Award earned by reason of the
Administrator’s certification as described above will be payable in shares of
the Company’s common stock (“Stock”) to you (or your beneficiary, in the case
of your death) on or before the March 15 next following the end of the Performance
Period.  The number of shares to be paid
will be determined by multiplying the number of Units set forth in paragraph 1,
above, by the Total Funding Percentage. 
For this purpose, “Total Funding Percentage” means the sum of the
weighted funding percentages, if any, 
achieved for each of the performance targets for the Performance Period
as certified by the Administrator.

4. Non-Transferability,
Etc.

This Award shall not be transferable otherwise than by will or the laws
of descent and distribution.  Any attempt
by you (or in the case of your death, your beneficiary) to assign or transfer
the Award, either voluntarily or involuntarily, contrary to the provisions
hereof, shall be null and void and without effect and shall render the Award
itself null and void.

5. Termination
of Employment.

(a)                No amount shall be paid in respect of the
Award in the event that you cease to be employed by the Company and its
Subsidiaries due to Circumstances of Forfeiture prior to the end of the
Performance Period.  If your employment
with the Company and its Subsidiaries ceases by reason of Disability,
Retirement, death, or any reason other than for Circumstances of Forfeitures,
then you shall be eligible to receive a pro-rated Award, taking into account
the time between the date on which your employment so terminated and the end of
the Performance Period subject to paragraph b, below.  Any amount payable pursuant to this paragraph
5 shall be paid in accordance with paragraph 3.

(b)
Payment to you of any pro-rated Award after termination of your employment
otherwise than by reason of your death shall be subject to the conditions that
until the date on which the Award is paid you (i) shall not, without the prior
written consent of the Company, (A)(1) solicit, directly or indirectly (other
than through a general solicitation of employment not specifically directed to
employees of the Company and its Subsidiaries) the employment of, (2) hire or
employ, (3) recruit, or (4) in any way assist another in soliciting or
recruiting the employment of, or (B) induce the termination of the employment
of, any person who within the previous 12 months was an officer or principal of
the Company or any of its Subsidiaries; (ii) shall not, without the prior
written consent of the Company, engage in the Solicitation of Business (as
defined below) from any client on behalf of any person or entity other than the
Company and its Subsidiaries.  The term
“Solicitation of Business” means the attempt through direct or indirect contact
by you or by any other person or entity with your assistance with a client with
whom you have had or with 

 2
 

 

whom
persons supervised by you have had significant personal contact while employed
by the Company and its Subsidiaries to induce such client to (A) transfer its
business from the Company and its Subsidiaries to any other person or entity,
(B) cease or curtail its business with the Company and its Subsidiaries, or (C)
divert a business opportunity from the Company and its Subsidiaries to any
other person or entity; and (iii) shall not engage whether directly or
indirectly, in any manner or capacity as advisor, principal, agent, partner,
officer, director, employee, member of any association, or otherwise, in any
business or activity which is at the time competitive with any business or
activity conducted by the Company or any of its direct or indirect
Subsidiaries.  If you do not comply with
the above conditions, you shall receive no payment under this Award.  Any determination by the Administrator that
you are, or have engaged in any prohibited conduct as described above shall be
conclusive and binding on all persons. 
Notwithstanding the foregoing, this paragraph 5 (b) shall be
inapplicable following a Change of Control.

(c)  For
purposes hereof; (i) “Retirement” means your attainment of age 55 and
completion of 10 years of service with the Company and its Subsidiaries or your
attainment of age 65 and completion of five years of service with the Company
and its Subsidiaries,

(ii) 
“Disability” means (A) your inability to engage in any substantially
gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in your death or can be expected to
last for a continuous period of not less than 12 months (an “impairment”) or
(B) if you, as a result of the impairment, receive income replacement benefits
for a period of not less than 3 months under a plan of the Company or a
Subsidiary

(iii) 
“Circumstances of Forfeiture” means the termination of your employment
with the Company and its Subsidiaries either (A) voluntarily or (B)
involuntarily and you are classified by the Company as ineligible for rehire.

6. Acceleration
of Performance Award.

Notwithstanding anything in this Agreement to the
contrary, in the event of a Change of Control occurring prior to the Maturity
Date, you shall be entitled at the time of such Change of Control to receive a
cash payment equal to the adjusted fair market value of a share of the Stock
multiplied by the number of Units set forth in paragraph 1, above.  For purposes of the preceding sentence,
“adjusted fair market value” shall mean the higher of the (i) the highest
average of the reported daily high and low prices per share of the Stock during
the 60-day period prior to the first date of actual knowledge by the Board of
circumstances that resulted in a Change of Control, and (ii) if the Change of
Control is the result of a transaction or series of transactions described in
paragraph 1 or 2 of the definition of Change of Control in the Plan, the highest
price per share of the Stock paid in such transaction series of transactions
(which in the case of a transaction described in paragraph 1 of such definition
in the Plan shall be the highest price per share of the Stock as reflected in a
Schedule 13D filed by the person having made the acquisition).

7. Changes in
Capitalization or Corporate Structure.

The Award is subject to adjustment pursuant to
Section 7(b) of the Plan in the circumstances therein described.

 3
 

 

8. Amendments
to Performance Units.

Subject to the specific limitations set forth in the Plan, the
Administrator may at any time suspend or terminate any rights or obligations
relating to the Award prior to the Maturity Date without your consent.

9. Compliance
with Section 162(m).

The Administrator shall exercise its discretion with
respect to this Award in all cases so as to preserve the deductibility of
payments under the Award against disallowance by reason of Section 162(m) of
the Code.

10. Shareholder
Rights.

You are not entitled to any rights as a Shareholder with respect to any
shares of Stock subject to the Award until they are transferred to you.  Without limiting the foregoing, you will have
no right to receive dividends or amounts in lieu of dividends with respect to
the shares of Stock subject to the Award prior to any shares being transferred
to you.

11. Withholding.

The Company shall be obligated to issue Stock pursuant to this
Agreement only if you first deliver to the Company funds sufficient to satisfy,
or make other arrangements acceptable to the Company for satisfying, any tax
withholding or similar withholding obligations to which the Company or its
Subsidiaries may be subject by reason of such transfer under this Award.  You expressly acknowledge and agree that your
rights hereunder are subject to your paying to the Company any applicable taxes
required to be withheld in connection with the Award in a form and manner
satisfactory to the Company.

12. Employee
Rights.

Nothing
in this Award shall be construed to guarantee you any right of employment with
the Company or any Subsidiary or to limit the discretion of any of them to
terminate your employment at any time, with or without cause.

13. Provisions
of the Plan.

The provisions of the Plan are incorporated herein
by reference, and all terms not otherwise defined herein shall have the meaning
given to them in the Plan.  In the event
of any conflict between the provisions of this Agreement and the provisions of
the Plan, the provisions of the Plan shall control.  You acknowledge that you have received a copy
of the Plan and a copy of the Prospectus for the Plan.

If the Award and the foregoing terms and conditions are acceptable to
you, please sign the enclosed counterpart of this letter and return the same to
the undersigned.  By signing this letter,
you acknowledge and agree that you are bound by the terms of the Agreement and
the Plan, and the Agreement will take effect as a sealed instrument.

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  Very truly yours,

  
	
  

  	
   

  	
  STATE STREET
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
  Boon S. Ooi

  
	
   

  	
   

  	
   

  	
  Senior Vice President

  

 

The undersigned hereby accepts the Award on the terms and subject to
the conditions set forth above.

	
   

  	
   

  
	
  

  	
  (Name)

  
	
  Dated:

  	
   

  	
   

  	
   

  
				

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Exhibit I

Performance Targets

Start of Performance Period — End of Performance Period

 6

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