Document:

Amendment to Change in Control Severance Agree. for Steven Elliott

 Exhibit 10.52 
 AMENDMENT TO AGREEMENTS 
 WHEREAS, Mellon Financial Corporation, a Pennsylvania corporation
(the “Company”) and Steven G. Elliott, an employee of the Company (the “Executive”) have previously entered into an agreement regarding Executive’s employment and the possibility of a change in control, dated as of
February 1, 1997 (the “Change in Control Agreement”), an employment agreement dated February 1, 2004 (the “Employment Agreement”), and various equity award agreements specified on Exhibit I hereto, dated as of the dates
specified thereon (the “Equity Award Agreements” and, together with the Employment Agreement and the Change in Control Agreement, the “Agreements”); and 
 WHEREAS, the parties desire to terminate the Change in Control Agreement and amend the Employment Agreement and Equity Award Agreements in a manner which
reflects the parties best efforts to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), for the benefit of the Executive, and to make certain other changes to the Agreements;

 NOW THEREFORE, the Company and the Executive, for good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, and intending to be legally bound hereby, agree as follows: 
 I. Change in Control Agreement. 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the Change in Control Agreement shall be terminated and shall be of no further force and effect, without any
liability on the part of the Company or the Executive, including without limitation any liability with respect to the Transaction. 

 II. The Employment Agreement shall be amended as follows: 
 Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New
York Company, Inc. dated as of December 3, 2006, as may be amended from time to time (the “Merger Agreement”): 
 1.
Notwithstanding anything in the Employment Agreement to the contrary, none of the following shall constitute Constructive Discharge: (i) any change in duties and/or responsibilities which would reduce the ranking or level, dignity,
responsibility, importance or scope of such position (including reporting responsibilities and contemplating changes provided for in Section 5.19(d) of the Merger Agreement), status, title, offices (including, if applicable, membership on the
Board), associated with Executive’s initial position assumed in connection with the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of
December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in the “Transaction”); (ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control
occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year prior to the year in which such Change in Control occurs; (iii) any requirement that Executive be based for his Initial Position anywhere
more than fifty (50) miles from the office where Executive is located at the time of the Change of Control; (iv) any requirement that Executive travel on Company business to an extent substantially greater than the travel obligations of
Executive immediately prior to such Change in Control, specifically to the extent that Executive is required to be at the Company’s headquarters in New York, New York following the Transaction for three to five business days per week, allowing
for business travel; or (v) any failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating immediately prior to such Change
in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan, provided that the Company evaluates and analyzes such plans following the
Transaction with a view toward developing appropriate and effective compensation plans on a going forward non-discriminatory basis. 
 2.
Notwithstanding anything in the Employment Agreement to the contrary, the Change in Control provisions in the Employment Agreement are hereby waived and shall be of no further force and effect. 
 3. Section 8 of the Employment Agreement, pertaining to the Supplemental Retirement Benefit, which originally read as set forth below in italics,
shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 8. Supplemental Retirement
Benefit. The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the “Supplemental Retirement Benefit”) commencing on the first day of the month coincident with or following the later
of the Executive’s termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and
survivor annuity which shall be unreduced for the actuarial value of the survivor’s benefit. If the Executive’s spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to
50% of the Executive’s benefit and shall be payable to his spouse for the remainder of the spouse’s life. If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit payable to
the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and
survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive 

  

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makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the “Supplemental
Plans” defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall
be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries
subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive’s death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no
further benefits will be payable under this Section. 
 The amount of the monthly retirement benefit as an unreduced
50% joint and survivor annuity shall be equal to the product of (A) the “Service Percentage” multiplied by (B) the Executive’s “Final Average Compensation,” with such product reduced by (C) the total monthly
amount of benefits (measured for purposes of this offset as if the Executive elected a 50% joint and survivor annuity payable as of the date benefits commence under this Agreement) provided to or in respect of the Executive under all tax-qualified
retirement plans and related excess benefit and other benefit restoration plans maintained by the Company or the Bank for the Executive, including the Mellon Bank Benefit Restoration Plan and the Mellon Bank IRC Section 401(a)(17) Plan (the
“Supplemental Plans”) and benefits paid pursuant to Section 4.7 of the Mellon Financial Corporation Elective Deferred Compensation Plan for Senior Officers, but not including payments of any compensation previously deferred under any
deferred compensation plan of the Company or the Bank, or interest thereon, or payments from the Mellon Financial Corporation Retirement Savings Plan, a 401(k) plan. 
 The Executive owns interests in life insurance policies (the “Policies”) as a participant in the Mellon Bank Senior Executive
Life Insurance Plan. The Supplemental Retirement Benefit payable to the Executive hereunder shall be further reduced by the Executive’s interest in the cash value of the Policies. This reduction shall be calculated in the same manner as under
the Supplemental Plans. In the event the United States federal income tax laws change or are interpreted so as to cause Executive’s ownership interest in Policies to be subject to taxation, the Executive and the Company will negotiate in good
faith to mitigate the effects of such change. 
 The Executive shall be bested in the Supplemental Retirement Benefit
provided under this Paragraph as of February 1, 1998. 
 The Executive shall elect the form of payment of his
Supplemental Retirement Benefit at the same time and subject to the same provisions (including timing requirements and all reductions and/or penalties for late elections) as provided under the Supplemental Plans. After retirement, the Executive (or
beneficiary who is receiving payments) may elect to receive his remaining Supplemental Retirement Benefits which are payable hereunder in a lump sum payment, calculated in the same manner and subject to the same reductions as under the Supplemental
Plans. In the event that the Executive elects a form of payment of his Supplemental Retirement Benefits which provides for payments to continue after his death and the Executive dies without having received all payments of Supplemental Retirement
Benefits that may be payable hereunder, then the unpaid balance of such benefits shall be paid in accordance with the form of payment elected by the Executive. Any such remaining payments shall be made to the Executive’s beneficiary provided
under the Supplemental Plans, subject to any contrary written instructions from the Executive designating a different beneficiary for such payments. 
  

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 The Executive may also elect, upon not less than 12 months’ advance written
notice, to have the payment of the Supplemental Retirement Benefit commence on the first day of any month coincident with or after the later of his termination of employment or attainment of age 55. In this event, the Supplemental Retirement
Benefits will be subject to an early payment reduction amount equal to 0.5% per month (6% per annum) for each month that payments commence before attainment of age 60. In the event of such retirement, the Term and the Company’s obligations
to make payments under Section 4 above shall cease as of the retirement date. 
 The Executive may also elect,
upon not less than 12 months’ advance written notice prior to the commencement of Supplemental Retirement Benefit payments, to have the lump sum value of the Supplemental Retirement Benefit to which the Executive would otherwise be entitled
applied to the purchase of a single premium annuity in a form and from an issuer selected or concurred in by the Executive. In the event of such an election by the Executive, the sole responsibilities of the Company shall be to apply the amount of
the limp sum value of the Supplemental Retirement Benefit to the purchase of the annuity selected or concurred in by the Executive and the distribution of such annuity to the Executive. Thereafter, the Executive shall look solely to the issuer of
the annuity for payment on account of or in connection with the Supplemental Retirement Benefit and agrees that the Company and its affiliates, and each of their officers, directors and employees, shall have no further liability in respect of the
Supplemental Retirement Benefit or by reason of the application of the lump sum value as elected by the Executive or the selection of the form or issuer of the annuity. 
 Notwithstanding the foregoing, in no event shall the Executive receive any payments under this Section 8 or be deemed to be
retired from the Company while the Executive is entitled to payments under Paragraph 6(a) or Paragraph 6(b) or during any period for which the Executive receives additional service credit in respect of a “Qualifying Termination” as
provided in clause (B) of the definition of “Service Percentage” below. 
 As used in this
Section 8: 
 (i) “Service Percentage” means 2% for each full or partial year of the Executive’s
employment with the Company (plus service with a prior employer if treated as credited service with the Company) commencing August 10, 1987 and ending as of the date his active employment with the Company terminates, plus 2% for (A) each
full year, if any, that the Executive receives payments under Paragraph 6(a) or 6(b) hereof (with such percentage pro-rated for the partial contract year in which such final termination of the Executive’s employment occurs or in which such
final payments under Paragraph 6(a) or 6(b) hereof are made, whichever shall be applicable) or (B) for each of the three years following any “Qualifying Termination” of the Executive’s Employment during the “Termination
Period,” each as defined in the Prior Agreement. 
 (ii) Final Average Compensation” means one-twelfth
(1/12th) of the sum of the Executive’s Base Salary paid and the Cash Bonus Amount of any bonus award earned for the calendar year within the final three (3) full calendar years of the Executive’s employment by the Company which
produces the highest amount. For purposes of determining Final Average Compensation (A) Bonus Plan awards shall be attributed to the calendar year in which earned, whether paid in that calendar year or the year 

  

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following or deferred and (B) any portion of the Executive’s Base Salary and bonus award which is deferred by the Executive under agreements
with the Company or under any Company employee benefit plan shall be included for purposes of determining Final Average Compensation. 
 Notwithstanding the foregoing, in the event of a “Qualifying Termination” of the Executive’s employment during the “Termination Period,” each as defined in the Prior Agreement, “Final
Average Compensation” for purposes of computing the Supplemental Retirement Benefit shall mean one-twelfth (1/12th) of the sum of (i) the Executive’s highest annual rate of base salary during the 12-month period immediately prior to the Executive’s Date of Termination and (ii) the Executive’s Bonus Amount, as
defined in the Prior Agreement. In addition, the Supplemental Retirement Benefit shall be payable without any reduction for early payment in the event the Executive is less than age 60 at the time that payment is made. In the event of such a
“Qualifying Termination,” the present value of the Supplemental Retirement Benefit shall be payable to the Executive in a lump sum at the time payments are due to the Executive under Section 4(a) of the Prior Agreement (i.e., within
20 days following the Executive’s Date of Termination). The present value shall be calculated in the same manner and using the actuarial factors set forth in the Supplemental Plans as of the effective date of this Agreement.

 In the event the Executive’s termination of employment is due to death prior to the commencement of the
payment of Supplemental Retirement Benefits under this Section 8, and he shall be survived by a spouse, entitlement to Supplemental Retirement Benefits will become fully vested and such spouse shall be entitled to receive a pre-retirement death
benefit, payable in the form of a lifetime annuity, equal to the benefit that would have been payable had he retired immediately prior to death and elected a 50% joint and survivor annuity, but without any early payment reductions applicable for
payments prior to age 60. If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the survivor shall be reduced to a benefit having the same actuarial value as the benefit
that would have been payable had the spouse been four years younger than the Executive. 
 4. The following new Section 8 shall be
added in place of the deleted Section 8, which new Section shall read as follows below. For sake of convenience, additions are shown in bold type, but deletions are not shown: 
 8. Supplemental Retirement Benefit. The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the “Supplemental
Retirement Benefit”) commencing on the first day of the month coincident with or following the later of the Executive’s termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise
elected by the Executive as provided herein, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor’s benefit. If the
Executive’s spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive’s benefit and shall be payable to his spouse for the remainder of the
spouse’s life. If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would
have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect on or before December 31, 2007 a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum
payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the “Supplemental Plans” defined in this
Section 8. Actuarial reductions 

  

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shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement,
actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump
sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive’s death to reflect the age of the subsequent spouse. If the Executive elects a lump sum
payment at retirement, no further benefits will be payable under this Section. 
 The amount of the monthly retirement benefit
as an unreduced 50% joint and survivor annuity shall be equal to the product of (A) the “Service Percentage” multiplied by (B) the Executive’s “Final Average Compensation,” with such product reduced by (C) the
total monthly amount of benefits (measured for purposes of this offset as if the Executive elected a 50% joint and survivor annuity payable as of the date benefits commence under this Agreement) provided to or in respect of the Executive under all
tax-qualified retirement plans and related excess benefit and other benefit restoration plans maintained by the Company or the Bank for the Executive, including the Mellon Bank Benefit Restoration Plan and the Mellon Bank IRC Section 401(a)(17)
Plan (the “Supplemental Plans”) and benefits paid pursuant to Section 4.7 of the Mellon Financial Corporation Elective Deferred Compensation Plan for Senior Officers, but not including payments of any compensation previously deferred
under any deferred compensation plan of the Company or the Bank, or interest thereon, or payments from the Mellon Financial Corporation Retirement Savings Plan, a 401(k) plan. 
 The Executive owns interests in life insurance policies (the “Policies”) as a participant in the Mellon Bank Senior Executive
Life Insurance Plan. The Supplemental Retirement Benefit payable to the Executive hereunder shall be further reduced by the Executive’s interest in the cash value of the Policies. This reduction shall be calculated in the same manner as under
the Supplemental Plans. In the event the United States federal income tax laws change or are interpreted so as to cause Executive’s ownership interest in Policies to be subject to taxation, the Executive and the Company will negotiate in good
faith to mitigate the effects of such change. 
 The Executive shall be vested in the Supplemental Retirement Benefit provided
under this Paragraph as of February 1, 1998. 
 The Executive shall elect, on or before December 31, 2007,
the form of payment of his Supplemental Retirement Benefit; provided, however, that no amounts so elected may be received in 2007. In the event that the Executive elects a form of payment of his Supplemental Retirement Benefits which provides
for payments to continue after his death and the Executive dies without having received all payments of Supplemental Retirement Benefits that may be payable hereunder, then the unpaid balance of such benefits shall be paid in accordance with the
form of payment elected by the Executive. Any such remaining payments shall be made to the Executive’s beneficiary provided under the Supplemental Plans, subject to any contrary written instructions from the Executive designating a different
beneficiary for such payments. 
 Solely for amounts vested on or before December 31, 2004, and amounts earned
thereon, the Executive may also elect, upon not less than 12 months’ advance written notice, to have the payment of the Supplemental Retirement Benefit commence on the first day of any month coincident with or after the later of his
termination of employment or attainment of age 55. In this event, the Supplemental Retirement Benefits will be subject to an early payment reduction amount equal to 0.5% per month (6% per 

  

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annum) for each month that payments commence before attainment of age 60. In the event of such retirement, the Term and the Company’s obligations to
make payments under Section 4 above shall cease as of the retirement date. 
 The Executive may also elect, on or
before December 31, 2007, and upon not less than 12 months’ advance written notice prior to the commencement of Supplemental Retirement Benefit payments, to have the lump sum value of the Supplemental Retirement Benefit to which the
Executive would otherwise be entitled applied to the purchase of a single premium annuity in a form and from an issuer selected or concurred in by the Executive. In the event of such an election by the Executive, the sole responsibilities of the
Company shall be to apply the amount of the lump sum value of the Supplemental Retirement Benefit to the purchase of the annuity selected or concurred in by the Executive and the distribution of such annuity to the Executive. Thereafter, the
Executive shall look solely to the issuer of the annuity for payment on account of or in connection with the Supplemental Retirement Benefit and agrees that the Company and its affiliates, and each of their officers, directors and employees, shall
have no further liability in respect of the Supplemental Retirement Benefit or by reason of the application of the lump sum value as elected by the Executive or the selection of the form or issuer of the annuity. 
 Notwithstanding the foregoing, in no event shall the Executive receive any payments under this Section 8 or be deemed to be retired
from the Company while the Executive is entitled to payments under Paragraph 6(a) or Paragraph 6(b) or during any period for which the Executive receives additional service credit in respect of a “Qualifying Termination” as provided in
clause (B) of the definition of “Service Percentage” below. 
 As used in this Section 8: 
 (i) “Service Percentage” means 2% for each full year of the Executive’s employment with the Company (plus service with a
prior employer if treated as credited service with the Company) commencing August 10, 1987 and ending as of the later of (i) the date his active employment with the Company terminates or (ii) the last date during any period
for which the Executive receives Continuing Payments, plus 2% for (A) each full year, if any, that the Executive receives payments under Paragraph 6(a) or 6(b) hereof (with such percentage pro-rated for the partial contract year in which
such final termination of the Executive’s employment occurs or in which such final payments under Paragraph 6(a) or 6(b) hereof are made, whichever shall be applicable) or (B) for each of the three years following any “Qualifying
Termination” of the Executive’s Employment during the “Termination Period,” each as defined in the Prior Agreement; plus 2% for either the partial year in which such final termination of the Executive’s employment occurs
or the partial year in which such final Continuing Payments are made, whichever shall be applicable (with such 2% pro-rated for such partial year).  
 (ii) “Final Average Compensation” means one-twelfth (1/12th) of the sum of the Executive’s Base Salary paid and the Cash Bonus Amount of any bonus award earned for (a) the calendar year within
the final three (3) full calendar years of the Executive’s employment by the Company which produces the highest amount or (b) the average of the highest amounts within any three (3) full calendar years of the final five
(5) full calendar years of the Executive’s employment by the Company, whichever of (a) or 

  

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(b) produced the higher amounts. For purposes of determining Final Average Compensation (A) Bonus Plan awards shall be attributed to the calendar
year in which earned, whether paid in that calendar year or the year following or deferred and (B) any portion of the Executive’s Base Salary and bonus award which is deferred by the Executive under agreements with the Company or under any
Company employee benefit plan shall be included for purposes of determining Final Average Compensation. 
 Notwithstanding the
foregoing, in the event of a “Qualifying Termination” of the Executive’s employment during the “Termination Period,” each as defined in the Prior Agreement, “Final Average Compensation” for purposes of computing
the Supplemental Retirement Benefit shall mean one-twelfth (1/12th) of the sum of (i) the Executive’s
highest annual rate of base salary during the 12-month period immediately prior to the Executive’s Date of Termination and (ii) the Executive’s Bonus Amount, as defined in the Prior Agreement. In addition, the Supplemental Retirement
Benefit shall be payable without any reduction for early payment in the event the Executive is less than age 60 at the time that payment is made. Further, if during the Termination Period the employment of Executive shall terminate pursuant to a
Qualifying Termination, the Company shall provide Executive with three (3) additional years of service credit under all non-qualified retirement plans and excess benefit plans in which the Executive participated as of his Date of Termination;
provided, however, that if Executive’s Date of Termination is within three (3) years of the earliest date on which termination by the Executive could otherwise be considered a retirement (“Retirement Date”), the
number of years of additional service credit shall be equal to the product of (x) three, and (y) a fraction, the numerator of which is equal to the number of full months from the Date of Termination to the Retirement Date, and the
denominator of which is equal to 36. In the event of such a “Qualifying Termination,” if elected by Executive on or before December 31, 2007, the present value of the Supplemental Retirement Benefit shall be payable to the
Executive in a lump sum at the time payments are due to the Executive under that certain Agreement between Executive and the Company dated as of February 1, 1997, as amended. The present value shall be calculated in the same manner and
using the actuarial factors set forth in the Supplemental Plans as of the effective date of this Agreement. 
 In the event
the Executive’s termination of employment is due to death prior to the commencement of the payment of Supplemental Retirement Benefits under this Section 8, and he shall be survived by a spouse, entitlement to Supplemental Retirement
Benefits will become fully vested and such spouse shall be entitled to receive a pre-retirement death benefit, payable in the form of a lifetime annuity, equal to the benefit that would have been payable had he retired immediately prior to death and
elected a 50% joint and survivor annuity, but without any early payment reductions applicable for payments prior to age 60. If the Executive’s spouse at the time of his death is more than four years younger than the Executive, the benefit
payable to the survivor shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. 
 5. Except as provided in this amendment, the Employment Agreement is, in all other respects, unchanged and is and shall continue to be in full force and
effect through the end of its term on January 31, 2007, and applicable to successive Change in Control transactions following the Transaction and is hereby in all respects ratified and confirmed. 
  

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 III. The Equity Award Agreements enumerated as # 2, # 3, and # 4 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. The following sentence is added to the end of Section 4.3: 
 If the Optionee’s employment is terminated by reason of retirement with the consent of the Corporation within three years after the occurrence of a
Change in Control Event, as defined in the Plan, the Option shall fully vest upon such termination of employment. 
 3. All references in
such Equity Award Agreements to the “Employment Agreement” shall be to the Employment Agreement, as amended. 
 4. Except as
provided in this amendment, such enumerated Equity Award Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the
Transaction, and are hereby in all respects ratified and confirmed. 
  

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

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 2.6 of such Equity Award Agreement, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Reload Option shall become fully exercisable immediately and automatically upon the occurrence of a
Change in Control Event, as defined in the Plan. 
 2. A new Section 2.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated by the Corporation “without cause” as defined in the Plan, by Constructive Discharge, as defined
in the employment agreement between the Optionee and the Corporation, as amended, or by retirement with the consent of the Corporation, in either case within three years after the occurrence of a Change in Control Event, as defined in the Plan, the
Option shall fully vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 3.3:

 If the Optionee’s employment is terminated by Constructive Discharge, as defined in the employment agreement between the Optionee and
the Corporation, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Option, to the extent vested upon termination of employment, until the later of (i) the 15th day of the third month following the date of termination of employment or (ii) December 31 of the calendar year in which
termination of employment occurred. 
 4. The following subclauses (vi) and (vii) are added to the end of Section 4.7:

 (vi) the termination of Optionee’s employment by the Corporation “without cause” as defined in the Plan; or (vii) the
termination of Optionee’s employment by Constructive Discharge, as defined in the employment agreement between the Optionee and the Corporation, as amended. 
 5. Section 4.7(c) of such Equity Award Agreement, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 the date of any Change of Control Event, as defined in the Plan. 
 6. Except as provided in this amendment, such enumerated Equity Award Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in
Control Transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

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 V. The Equity Award Agreements enumerated as # 5, # 6, # 7 and # 8 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 4.7, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the Restrictions shall lapse immediately upon the occurrence of a Change in Control Event; provided
however, that if the Securities and Exchange Commission (the “SEC”) deems such acceleration to preclude a pooling of interests by the Corporation, this acceleration provision shall be modified to the extent necessary to remove the
SEC’s objection and, provided further, that where Grantee’s employment with the Corporation terminates due to a “Without Cause Termination” or a “Constructive Discharge”, as defined in the Employment Agreement,
following the occurrence of a Change in Control Event, any such Deferred Shares which have not previously vested shall not be forfeited but shall remain outstanding and the Restrictions shall continue to lapse in accordance with Sections 4.1 through
4.3 hereof. 
 2. A new Section 4.7 shall be added, which shall read as follows: 
 If Grantee’s employment with the Corporation terminates at any time due to retirement with the consent of the Corporation, any portion of this grant
which remains subject to the Restrictions shall not be forfeited but shall remain outstanding and shall continue to lapse in accordance with Section 4.1 through 4.3 hereof, regardless of such termination of employment. 
 3. All referenced in such Equity Award Agreements to the “Employment Agreement” shall be to the Employment Agreement, as amended. 

4. The Performance Conditions set forth in Section 4.2 shall be revised to reflect the consummation of the transactions contemplated by that
Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, to reflect the combined organizational objectives as determined
in good faith in the discretion of the Corporation. 
 5. Except as provided in this amendment, such enumerated Equity Award Agreements are,
in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control Transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

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 VI. The Equity Award Agreements enumerated as # 10 and # 11 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.7, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 3.7
shall be added, which shall read as follows: 
 If Grantee’s employment with the Corporation terminates at any time due to retirement
with the consent of the Corporation, any portion of this grant which remains subject to the Restrictions shall not be forfeited but shall remain outstanding and shall continue to lapse in accordance with Sections 3.1 through 3.3 hereof, regardless
of such termination of employment. 
 3. All references in such Equity Award Agreements to the “Employment Agreement” shall be to
the Employment Agreement, as amended. 
 4. The Performance Conditions set forth in Section 3.2 shall be revised to reflect the
consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, to reflect
the combined organizational objectives as determined in good faith in the discretion of the Corporation. 
 5. Except as provided in this
amendment, such enumerated Equity Awards Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control Transactions following the Transaction, and are
hereby in all respects ratified and confirmed. 
  

 - 12 - 

 VII. The Equity Award Agreement enumerated as # 9 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Subclause (i) of Section 4.2, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 (i) upon the occurrence of a Change in Control Event 
 2. All references in such Equity Award Agreement to the “Employment Agreement” shall be to the Employment Agreement, as amended. 
 3. Except as provided in this amendment, such enumerated Equity Award Agreements is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in
Control Transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 13 - 

 VIII. The Equity Award Agreement enumerated as # 12 on Exhibit I shall be amended as follows:

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

 - 14 - 

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

  

					
	MELLON FINANCIAL CORPORATION
			
	By:	 	/s/ R. P. Kelly	 	12/22/06
		 	 
	Name:	 		 	Date Signed
	Title:	 	Chairman, President and CEO
	
	Executive
		
	/s/ Steven G. Elliott	 	12/20/06
	 
	Steven G. Elliott	 	Date Signed

  

 - 15 - 

 EXHIBIT I 
 Equity Award Agreements 
  

					
	 Agreement Number
	 	Type	 	Grant Date
			
	 #1
	 	Type III Stock Option	 	1/21/98
	 #2
	 	Type I Stock Option	 	5/17/04
	 #3
	 	NQ Stock Option	 	5/17/05
	 #4
	 	NQ Stock Option	 	5/15/06
	 #5
	 	PARs (DSA)	 	5/15/00
	 #6
	 	PARs (DSA)	 	5/14/01
	 #7
	 	PARs (DSA)	 	5/20/02
	 #8
	 	PARs (DSA)	 	5/19/03
	 #9
	 	Restricted Stock (DSA)	 	1/23/04
	 #10
	 	PARs	 	5/17/04
	 #11
	 	PARs	 	5/17/05
	 #12
	 	Restricted Stock	 	5/15/06

  

 - 16 -Amendment to Change in Control Severance Agree. for Ronald O'Hanley

 Exhibit 10.53 
 AMENDMENT TO AGREEMENTS 
 WHEREAS, Mellon Financial Corporation, a Pennsylvania corporation
(the “Company”) and Ronald P. O’Hanley, an employee of the Company (the “Executive”) have previously entered into an agreement regarding Executive’s employment and the possibility of a change in control, dated as of
June 18, 2001 (the “Change in Control Agreement”), a letter dated April 19, 2006 (the “Letter Agreement”), and various equity award agreements specified on Exhibit I hereto, dated as of the dates specified thereon (the
“Equity Award Agreements” and, together with the Letter Agreement and the Change in Control Agreement, the “Agreements”); and 
 WHEREAS, the parties desire to amend the Agreements in a manner which reflects the parties best efforts to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), for the
benefit of the Executive, and to make certain other changes to the Agreements; 
 NOW THEREFORE, the Company and the Executive, for good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound hereby, agree as follows: 
 I. The Change in Control Agreement shall be amended as follows: 
 1. Solely with respect to the transactions contemplated by
that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the second paragraph of the Good Reason definition,
Section 1(f) of the Change in Control Agreement, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding anything herein to the contrary, termination of employment by Executive for any reason during the 30-day period commencing one
(1) year after the date of a Change in Control shall constitute Good Reason. 
 2. Solely with respect to the transactions
contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the following new paragraph shall be added
as a second paragraph of the Good Reason definition, Section 1(f) of the Change in Control Agreement: 
 Notwithstanding anything herein
to the contrary, none of the following shall constitute Good Reason: (i) any change in duties and responsibilities (excepting reporting responsibilities to Robert P. Kelly), status, title, offices (including, if applicable, membership on the
Board), associated with Executive’s initial position assumed in connection with the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of
December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in the “Transaction”); (ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control
occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year prior to the year in which such Change in Control occurs, provided that the Company maintains competitive compensation relative to the
Executive’s and the Company’s performance; (iii) any requirement that Executive be based for his Initial Position anywhere more than fifty (50) miles from the office where Executive is located at the time of the Change in 

 
Control; (iv) any requirement that Executive travel on Company business to an extent substantially greater than the travel obligations of Executive
immediately prior to such Change in Control, with specific recognition by the Executive that it is necessary for Executive to maintain a significant presence at the Company’s headquarters in New York, New York following the Transaction,
allowing for business travel; or (v) any failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating immediately prior to
such Change in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan, provided that the Company evaluates and analyzes such plans
following the Transaction with a view toward developing appropriate and effective compensation plans on a going forward non-discriminatory basis. 
 3. Section 4(a)(i) and (ii) of the Change in Control Agreement shall be amended to delete the phrase “within twenty (20) days following the Date of Termination” from the first sentence of each subsection, and the
following paragraph shall be added to the end of Section 4(a): 
 The amounts set forth in Section 4(a)(i)(A) and (C) shall be
payable on the first regularly scheduled payroll date following the Date of Termination. The amounts set forth in Section 4(a)(i)(B) shall be payable on the date set forth and in accordance with the terms of the plan under which the bonus is
provided. The amounts set forth in Section 4(a)(ii) shall be payable upon the first day following the six-month anniversary of the Date of Termination. 
 4. The “provided, however” clause of the first sentence of Section 4(b) of the Change in Control Agreement shall be deleted and the following new sentence shall be inserted immediately after the first
sentence: 
 To the extent any such benefits cannot be provided on a non-taxable basis to Executive and the provision thereof would cause any
part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be deferred until the first day following the six-month anniversary of the Date of Termination.

 5. The following new sentences are added to the end of Section 7 of the Change in Control Agreement: 
 Such reasonable legal fees and expenses incurred by Executive within the first six months following the Date of Termination shall be reimbursed by the
Company on the first day following the six-month anniversary of Executive’s separation from service. Expenses incurred thereafter shall be reimbursed on a monthly basis for expenses incurred in the preceding month by the Company in accordance
with the Company’s expense policies applicable to employees. 
 6. As contemplated by Section 9(a) of the Change in Control
Agreement, following consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time
to time, all references to “Company” within the Change in Control Agreement shall be deemed to refer to The Bank of New York Mellon Corporation. 
  

 - 2 - 

 7. Any “separation from service” within the Change in Control Agreement shall be construed
consistent with Section 409A of the Code and the regulations thereunder. The term “termination” or phrase “Date of Termination”, when used within the Change in Control Agreement in the context of a condition to, or timing
of, payment shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. 
 8.
Except as provided in this amendment, the Change in Control Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the
Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 3 - 

 II. The Letter Agreement shall be amended as follows: 
 Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New
York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Notwithstanding anything in the Letter
Agreement to the contrary, none of the following shall constitute Constructive Discharge: (i) any change in functions, duties and/or responsibilities (excepting reporting responsibilities to Robert P. Kelly), status, title, offices, reduction
in ranking or level, dignity, importance or scope of position (including, if applicable, membership on the Board), associated with Executive’s initial position assumed in connection with the transactions contemplated by that Agreement and Plan
of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in the “Transaction”);
(ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year prior to the year in which such
Change in Control occurs, provided that the Company maintains competitive compensation relative to the Executive’s and the Company’s performance; (iii) any requirement that Executive be based for his Initial Position anywhere more
than fifty (50) miles from the office where Executive is located at the time of the Change in Control; (iv) any requirement that Executive travel on Company business to an extent substantially greater than the travel obligations of
Executive immediately prior to such Change in Control, with specific recognition by the Executive that it is necessary for Executive to maintain a significant presence at the Company’s headquarters in New York, New York following the
Transaction, allowing for business travel; or (v) any failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating
immediately prior to such Change in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan, provided that the Company evaluates and
analyzes such plans following the Transaction with a view toward developing appropriate and effective compensation plans on a going forward non-discriminatory basis. 
 2. Notwithstanding anything in the Letter Agreement to the contrary, the Change in Control provisions in the Letter Agreement are hereby waived and shall be of no further force and effect. 
 3. Except as provided in this amendment, the Letter Agreement is, in all other respects, unchanged and is and shall continue to be in full force and
effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 4 - 

 III. The Equity Award Agreements enumerated as # 1, # 2, and # 3 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. A new Section 3.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated by the Corporation “without cause” as defined in the Plan or by the Optionee for “Good
Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in either case within three years after the occurrence of a Change in Control Event, as defined in the Plan, the Option shall fully
vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 4.3: 
 If the Optionee’s employment is terminated by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between
Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Option, to the extent vested upon termination of employment, until the later of (i) the 15th day of the third month following the date of termination of employment or (ii) December 31 of the calendar year in which
termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award Agreements are, in all other
respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 5 - 

 IV. The Equity Award Agreement enumerated as # 18 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 2.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Reload Option shall become fully exercisable immediately and automatically upon the occurrence of a
Change in Control Event, as defined in the Plan. 
 2. A new Section 2.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated by the Corporation “without cause” as defined in the Plan or by the Optionee for “Good
Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in either case within three years after the occurrence of a Change in Control Event, as defined in the Plan, the Reload Option shall
fully vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 3.3: 
 If the Optionee’s employment is terminated by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between
Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Reload Option, to the extent vested upon termination of employment, until the later of (i) the 15th day of the third month following the date of termination of employment or (ii) December 31 of the calendar year in
which termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award Agreement is, in all other
respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 6 - 

 V. The Equity Award Agreement enumerated as # 4 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. A new Section 3.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated under circumstances constituting a “Without Cause Termination”, as defined in that certain
Letter Agreement between the Corporation and Optionee dated April 19, 2006, as amended, or by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in
either case within three years after the occurrence of a Change in Control Event, as defined in the Plan, the Option shall fully vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 4.3: 
 If the Optionee’s employment is
terminated by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this
Option, to the extent vested upon termination of employment, until the later of (i) the 15th day of the third
month following the date of termination of employment or (ii) December 31 of the calendar year in which termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions
following the Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 7 - 

 VI. The Equity Award Agreements enumerated as # 5, # 9, # 14 and # 16 on Exhibit I shall be
amended as follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of
Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.11, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 3.11
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 3.1, if such termination is by reason of (i) a termination by the
Corporation “without cause”, as defined in the Plan, or (ii) a termination by the Grantee for “Good Reason”, as defined in the Grantee’s Change in Control Agreement with the Corporation, as amended. 
 3. The Performance Conditions set forth in Sections 3.2 and 3.3 shall be revised to reflect the consummation of the transactions contemplated by that
Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, to reflect the combined organizational objectives as determined
in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Awards Agreements are,
in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 8 - 

 VII. The Equity Award Agreements enumerated as # 6, # 10, # 13 and # 15 on Exhibit I shall be
amended as follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of
Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.9, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 3.9
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 3.1, if such termination is by reason of (i) a Without Cause Termination, or
(ii) Constructive Discharge, as defined in the Letter Agreement, as amended. 
 3. The Performance Conditions set forth in Sections 3.2
and 3.3 shall be revised to reflect the consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may
be amended from time to time, to reflect the combined organizational objectives as determined in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Awards Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions
following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 9 - 

 VIII. The Equity Award Agreements enumerated as # 8 and # 12 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 4.9, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 3.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 4.9
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 3.1, if such termination is by reason of (i) a Without Cause Termination, or
(ii) Constructive Discharge, as defined in the Letter Agreement, as amended. 
 3. The Performance Conditions set forth in Sections 4.2
and 4.3 shall be revised to reflect the consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may
be amended from time to time, to reflect the combined organizational objectives as determined in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Awards Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions
following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 10 - 

 IX. The Equity Award Agreements enumerated as # 7 and # 11 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 4.12, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 3.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 4.12
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 4.1, if such termination is by reason of (i) a Without Cause Termination, or
(ii) Constructive Discharge, as defined in the Letter Agreement, as amended. 
 3. The Performance Conditions set forth in Sections 4.2
and 4.3 shall be revised to reflect the consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may
be amended from time to time, to reflect the combined organizational objectives as determined in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Awards Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions
following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 11 - 

 X. The Equity Award Agreements enumerated as # 17 and #19 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.3, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding Section 3.1 hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately upon
the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. Except as provided in this
amendment, such enumerated Equity Award Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby
in all respects ratified and confirmed. 
  

 - 12 - 

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

  

					
	 MELLON FINANCIAL CORPORATION

			
	By:	 	/s/ Robert P. Kelly	 	12/22/06
		 	 
	Name:	 		 	Date Signed
	Title:	 	Chairman, President and CEO
	
	Executive
		
	/s/ Ronald P. O’Hanley	 	12/22/06
	 
	Ronald P. O’Hanley	 	Date Signed

  

 - 13 - 

 EXHIBIT I 
 Equity Award Agreements 
  

					
	 Agreement Number
	 	Type	 	Grant Date
			
	 #1
	 	Type I Stock Option	 	1/23/04
	 #2
	 	Type I Stock Option	 	1/24/05
	 #3
	 	Type I Stock Option	 	1/23/06
	 #4
	 	NQ Stock Option	 	4/21/06
	 #5
	 	PARs	 	1/24/03
	 #6
	 	PARs	 	1/24/03
	 #7
	 	PARs (DSA)	 	1/24/03
	 #8
	 	PARs (DSA)	 	1/24/03
	 #9
	 	PARs	 	1/23/04
	   #10
	 	PARs	 	1/23/04
	   #11
	 	PARs (DSA)	 	1/23/04
	   #12
	 	PARs (DSA)	 	1/23/04
	   #13
	 	PARs	 	1/24/05
	   #14
	 	PARs	 	1/24/05
	   #15
	 	PARs	 	1/23/06
	   #16
	 	PARs	 	1/23/06
	   #17
	 	Restricted Stock	 	4/21/06
	   #18
	 	Reload Option	 	5/19/06
	   #19
	 	Restricted Stock	 	1/23/04

 # 5, 7, 9, 11, 14 and 16 are Institutional Asset Management forms 
 # 6, 8, 10, 12, 13 and 15 are Asset Management forms 
  

 - 14 -

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