Document:

Exhibit 10.2

Exhibit 10.2

STATE STREET CORPORATION
Executive Supplemental Retirement Plan
(Amended and Restated January 1, 2008)

    

    
 

Table of Contents
	
				
	 
	 
	 

	ARTICLE 1
	Establishment and Purpose
	1
	

	1.1
	Restatement
	1
	

	1.2
	Purpose
	1
	

	1.3
	Section 409A
	1
	

	ARTICLE 2
	Definitions
	1
	

	2.1
	Account
	1
	

	2.2
	Account Balance
	1
	

	2.3
	Account Vesting Commencement Date
	1
	

	2.4
	Active Participant
	1
	

	2.5
	Administrative Procedures
	1
	

	2.6
	Administrator
	1
	

	2.7
	Affiliate
	1
	

	2.8
	Annual Credit Date
	2
	

	2.9
	Basic Plan
	2
	

	2.10
	Beneficiary
	2
	

	2.11
	Board
	2
	

	2.12
	Business Day
	2
	

	2.13
	Cause
	2
	

	2.14
	Claimant
	2
	

	2.15
	Code
	2
	

	2.16
	Committee
	2
	

	2.17
	Company
	3
	

	2.18
	Company Credit
	3
	

	2.19
	Continuing Participant
	3
	

	2.20
	Credit Date
	3
	

	2.21
	Default Investment Option
	3
	

	2.22
	Domestic Partner
	3
	

	2.23
	Early Retirement
	3
	

	2.24
	Early Retirement Age
	3
	

	2.25
	Early Retirement Date
	3
	

	2.26
	Effective Date
	3
	

	2.27
	Eligible Employee
	3
	

	2.28
	Employee
	3
	

	2.29
	Employer
	3
	

	2.30
	Employment
	3
	

	2.31
	Equity Plan
	3
	

	2.32
	ERISA
	4
	

	2.33
	ESRP Share Award
	4
	

	2.34
	Fair Market Value
	4
	

	2.35
	FICA Amount
	4
	

	2.36
	Final Company Credit
	4
	

	2.37
	Final Credit Date
	4
	

	2.38
	Impairment.
	4
	

	
				
	2.39
	Investment Earnings/Losses
	4
	

	2.40
	Investment Election Form
	4
	

	2.41
	Investment Options
	4
	

	2.42
	Normal Retirement
	4
	

	2.43
	Normal Retirement Age
	4
	

	2.44
	Normal Retirement Date
	4
	

	2.45
	Operating Group Participant
	5
	

	2.46
	Participant
	5
	

	2.47
	Plan
	5
	

	2.48
	Plan Year
	5
	

	2.49
	Prior Plan
	5
	

	2.50
	Reference Date
	5
	

	2.51
	Retirement
	5
	

	2.52
	Retirement Date
	5
	

	2.53
	Schedule
	5
	

	2.54
	Section 409A
	5
	

	2.55
	Section 409A Compliance
	5
	

	2.56
	Separated Participant
	5
	

	2.57
	Separation From Service
	6
	

	2.58
	Service
	6
	

	2.59
	Spouse
	6
	

	2.60
	Stock
	6
	

	2.61
	Supplemental Benefits
	6
	

	2.62
	Supplemental Defined Benefit
	6
	

	2.63
	Supplemental Defined Contribution Benefit
	6
	

	2.64
	Top Hat Plan
	6
	

	2.65
	Total Disability
	6
	

	2.66
	Transition Participant
	7
	

	2.67
	Treasury Regulations
	7
	

	ARTICLE 3
	Participation
	7
	

	3.1
	Eligibility
	7
	

	3.2
	Participation
	7
	

	3.3
	Age/Service Requirements for Supplemental Benefits Upon Retirement
	7
	

	3.4
	Supplemental Benefits Upon Death
	8
	

	3.5
	Supplemental Benefits Upon Total Disability
	8
	

	3.6
	Forfeiture
	8
	

	ARTICLE 4
	Supplemental Defined Contribution Benefits
	9
	

	4.1
	Company Credits
	9
	

	4.2
	Accounts
	11
	

	4.3
	Vesting
	12
	

	4.4
	Distribution
	12
	

	ARTICLE 5
	Special Payment Rules
	13
	

	5.1
	Delay in Payment
	13
	

	5.2
	Acceleration of Payment
	14
	

	5.3
	No Suspension of Payment
	14
	

	5.4
	Designation of Taxable Year
	14
	

	
				
	ARTICLE 6
	Administration
	14
	

	6.1
	Authority of the Committee
	14
	

	6.2
	Agents
	15
	

	6.3
	Decisions Binding
	15
	

	6.4
	Indemnity of Committee
	15
	

	6.5
	Cost of Administration
	15
	

	ARTICLE 7
	Amendment and Termination
	15
	

	7.1
	Amendment/Termination of Plan
	15
	

	7.2
	Termination of Participant Interests
	15
	

	ARTICLE 8
	Miscellaneous
	15
	

	8.1
	Claims
	15
	

	8.2
	Unfunded Plan
	16
	

	8.3
	Unsecured General Creditor
	16
	

	8.4
	Trust Fund
	16
	

	8.5
	Nonassignability
	16
	

	8.6
	Not a Contract of Employment
	16
	

	8.7
	Validity
	17
	

	8.8
	Incompetency
	17
	

	8.9
	Successors
	17
	

	8.10
	Tax Withholdings
	17
	

	8.11
	Governing Law
	17
	

	EXHIBIT A
	 
	18
	

	EXHIBIT B
	 
	25
	

	Schedule 1
	 
	25
	

	Schedule 2
	 
	26
	

	EXHIBIT C
	 
	31
	

		
	ARTICLE 1
	Establishment and Purpose.

1.1     Restatement.  The Plan is an amendment and restatement of the Prior Plan, effective as of the Effective Date, unless otherwise provided.  Employees who experienced a Separation From Service prior to the Effective Date shall have their benefits determined under the Prior Plan.

1.2    Purpose.  The principal purposes of the Plan are to provide certain key Employees with competitive retirement benefits and to encourage the continued employment of such Employees with the Employer.

1.3    Section 409A.  The Plan is intended to comply with Section 409A and shall be construed and administered accordingly.

		
	ARTICLE 2
	Definitions.

To the extent not otherwise defined in the text of the Plan, including, without limitation, any Exhibits and Schedules of the Plan, capitalized terms shall have the following meaning:
2.1    Account.  “Account” means a bookkeeping account (including any subaccounts) maintained by the Administrator for a Participant to record the Participant's Account Balance from time to time.

2.2    Account Balance.  “Account Balance” means the value of an Account, as credited and/or debited in accordance with Article IV, from time to time.

2.3    Account Vesting Commencement Date.  “Account Vesting Commencement Date” shall have the meaning set forth in Section 4.3(a).

2.4    Active Participant.  “Active Participant” means an Eligible Employee who is participating in the Plan and who has not experienced a Separation from Service, Total Disability or death.

2.5    Administrative Procedures.  “Administrative Procedures” means the policies and procedures established by the Committee and/or the Administrator from time to time governing elections to participate in the Plan, maintenance of Accounts, Investment Options, calculation of Investment Earnings/Losses, Investment Election Forms, distributions from the Plan and such other matters as are necessary for the proper administration of the Plan.

2.6    Administrator.  “Administrator” means that person or persons, including a committee, as is or are delegated by the Board from time to time to discharge the responsibility of administering the Plan.

2.7    Affiliate.  “Affiliate” means any corporation which is included in a controlled group of corporations (within the meaning of Section 414(b) of the Code), which includes the Company and any trade or business (whether or not incorporated) which is 

1

under common control with the Company (within the meaning of Section 414(c) of the Code).

2.8    Annual Credit Date.  “Annual Credit Date” means, with respect to a Plan Year, the date of the first regularly scheduled meeting of the Committee that occurs after February 1 of the immediately following Plan Year.

2.9    Basic Plan.  “Basic Plan” means the State Street Retirement Plan as the same may be amended from time to time.

2.10    Beneficiary.  “Beneficiary” means the beneficiary designated to receive a death benefit by the Participant in writing in a form and manner satisfactory to the Administrator.  If no Beneficiary is so designated, any death benefits shall be paid at the Administrator's direction in the following order of priority:  Spouse, Domestic Partner, children, parents, siblings, estate.

2.11    Board.  “Board” means the Board of Directors of the Company.

2.12    Business Day.  “Business Day” means each day that the New York Stock Exchange is open for business.

2.13    Cause.  “Cause” means, in the case of any Participant:
		
	(i)
	the willful and continued failure of the Participant to perform substantially the Participant's duties with the Employer (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Participant by the Participant's supervisor which specifically identifies the manner in which it is asserted that the Participant has not substantially performed the Participant's duties, or

		
	(ii)
	the willful engaging by the Participant in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Employer.

For purposes of this definition, no act or failure to act on the part of the Participant shall be considered “willful” unless it is done or omitted to be done by the Participant in bad faith or without reasonable belief that the Participant's action or omission was in the best interests of the Employer.
2.14    Claimant.  “Claimant” has the meaning set forth in Section 8.1.

2.15    Code.  “Code” means the Internal Revenue Code of 1986, as the same may be amended from time to time.

2.16    Committee.  “Committee” means the Executive Compensation Committee of the Board.

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2.17    Company.  “Company” means State Street Corporation and any successor company.

2.18    Company Credit.  “Company Credit” means a notional amount credited to a Participant's Account in accordance with Section 4.1.

2.19    Continuing Participant.  “Continuing Participant” means an Active Participant in the Prior Plan on December 31, 2007.

2.20    Credit Date.  “Credit Date” means, as applicable, the Annual Credit Date or the Final Credit Date.

2.21    Default Investment Option.  “Default Investment Option” means the default investment option specified from time to time by the Committee for the hypothetical investment of a Participant's Account in the event the Participant fails to allocate all or a portion of his or her Account to a particular Investment Option.

2.22    Domestic Partner.  “Domestic Partner” means the person designated in a manner and form satisfactory to the Administrator as the Participant's domestic partner with respect to eligibility for company‐provided benefits.

2.23    Early Retirement.  “Early Retirement” means a Participant's Separation From Service upon or after the Participant's attainment of Early Retirement Age and prior to the Participant's attainment of Normal Retirement Age but excluding a Separation From Service for Cause.

2.24    Early Retirement Age.  “Early Retirement Age” means age 53.

2.25    Early Retirement Date.  “Early Retirement Date” means the date of a Participant's Early Retirement.

2.26    Effective Date.  “Effective Date” means January 1, 2008.

2.27    Eligible Employee.  “Eligible Employee” means an Employee who is appointed to the office of Executive Vice President of the Company or to a position superior to that of Executive Vice President of the Company.

2.28    Employee.  “Employee” means an individual who renders services to the Employer (or who has rendered services to the Employer but is currently subject to an Impairment) as a common-law employee.

2.29    Employer.  “Employer” means the Company and its Affiliates.

2.30    Employment.  “Employment” means the period or periods during which a Participant is an Employee of the Employer and has not experienced a Separation From Service.

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2.31    Equity Plan.  “Equity Plan” means the 2006 Equity Incentive Plan, as may be amended from time to time, or such other equity plan of the Company as the Committee may designate from time to time.

2.32    ERISA.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor act thereto.

2.33    ESRP Share Award.  “ESRP Share Award” has the meaning set forth in Section 4.1(b).

2.34    Fair Market Value.  “Fair Market Value” of a share of Stock on any given day shall mean closing price per share of Stock on the New York Stock Exchange, on the date as of which such value is being determined or, if there shall be no sale on that date, then on the basis of the closing price per share of Stock on the nearest date before the date on which such value is being determined.
2.35    FICA Amount.  “FICA Amount” shall mean the amount of Federal Insurance Contributions Act tax imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code, where applicable, on compensation under the Plan.

2.36    Final Company Credit.  “Final Company Credit” has the meaning set forth in Section 4.1(a)(iii).

2.37    Final Credit Date.  “Final Credit Date” has the meaning set forth in Section 4.1(a)(iii).

2.38    Impairment.  “Impairment” means any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months.

2.39    Investment Earnings/Losses.  “Investment Earnings/Losses” means the amounts that would have been realized had an amount deferred hereunder actually been invested in the Investment Option or Options selected by a Participant during the effectiveness of such selections.

2.40    Investment Election Form.  “Investment Election Form” means such form or other means designated by the Company from time to time by which a Participant elects the Investment Options in which the Participant's Account is deemed to be invested in accordance with Section 4.2.

2.41    Investment Options.  “Investment Options” means the Default Investment Option and such other investment options as selected from time to time by the Committee that are used as hypothetical investment options among which the Participant may allocate all or a portion of his or her Account.

2.42    Normal Retirement.  “Normal Retirement” means a Participant's Separation From Service upon or after the Participant's Normal Retirement Age, other than a Separation From Service for Cause.

2.43    Normal Retirement Age.  “Normal Retirement Age” means age 65.

4

2.44    Normal Retirement Date.  “Normal Retirement Date” means the date of a Participant's Normal Retirement.
2.45    Operating Group Participant.  “Operating Group Participant” means, in respect of a Plan Year, an Active Participant who is identified in the records of the Committee as being a member of the Company's Operating Group during the Plan Year (or a portion thereof) or otherwise designated by the Committee to be a member of the Operating Group.

2.46    Participant.  “Participant” means an Active Participant or a Separated Participant (for so long as he or she is receiving a distribution of Supplemental Benefits under the Plan).

2.47    Plan.  “Plan” means this State Street Corporation Executive Supplemental Retirement Plan (including the Exhibits and Schedules hereto and the Committee actions referenced herein), as the same may be amended from time to time in accordance with the terms hereof.

2.48    Plan Year.  “Plan Year” means the calendar year.

2.49    Prior Plan.  “Prior Plan” means the terms of the Plan (formerly known as the “State Street Corporation Supplemental Defined Benefit Pension Plan”) in effect immediately prior to the Effective Date, as set forth in the Company's written documentation, rules, practices and procedures applicable to the Plan.

2.50    Reference Date.  “Reference Date” means the dates that are 30 days prior to each of the payment dates specified in Section 4.4; provided that if a Reference Date is not a Business Day, such Reference Date shall be deemed to be the immediately following Business Day.

2.51    Retirement.  “Retirement” means Normal Retirement or Early Retirement.

2.52    Retirement Date.  “Retirement Date” means the date of a Participant's Normal Retirement or Early Retirement, as applicable.

2.53    Schedule.  “Schedule” means, in the case of any Participant to whom the “separate rule” provisions of Section 3.2(c) below apply, an attachment to the Plan or a separate action of the Committee duly recorded in the Committee's records that sets forth identifying information concerning the separate rules applicable to such Participant.

2.54    Section 409A.  “Section 409A” means Section 409A of the Code and the applicable rulings, regulations and guidance promulgated thereunder, as each may be amended or issued from time to time.

2.55    Section 409A Compliance.  “Section 409A Compliance” has the meaning set forth in Section 7.1.

5

2.56    Separated Participant.  “Separated Participant” means an Active Participant who has experienced a Separation From Service, Total Disability or death.

2.57    Separation From Service.  “Separation From Service” means a separation from service with the Employer for purposes of Section 409A within the meaning of the default rules of Treasury Regulation Section 1.409A-(h)(1) and correlative terms shall be construed to have a corresponding meaning; provided that in the event that an Active Participant is absent from work due to an Impairment, other than a Total Disability, where such Impairment causes the Participant to be unable to perform the duties of his position or any substantially similar position of employment, the Participant shall incur a Separation From Service 29 months after the date on which the Participant was first Impaired.  Notwithstanding the foregoing, if an Active Participant would otherwise incur a Separation From Service in connection with a sale of assets of the Company, the Committee shall retain the discretion to determine whether a Separation From Service has occurred in accordance with Treasury Regulation Section 1.409A-1(h)(4).

2.58    Service.  “Service” means a Participant's years (and fraction thereof) of service for vesting and eligibility (as determined under the terms of the Basic Plan as in effect on the Effective Date).
2.59    Spouse.  “Spouse” means the individual (if any) who is legally married to the Participant at the time that payment of the Participant's Supplemental Benefits commences or at death if death occurs prior to such benefit commencement date.
    
2.60    Stock.  “Stock” means common stock of the Company, par value $1.00 per share.

2.61    Supplemental Benefits.  “Supplemental Benefits” means Supplemental Defined Benefits and/or Supplemental Defined Contribution Benefits.

2.62    Supplemental Defined Benefit.  “Supplemental Defined Benefit” means the benefits provided under Exhibit A and Exhibit B to the Plan and any Schedule to the Plan.

2.63    Supplemental Defined Contribution Benefit.  “Supplemental Defined Contribution Benefit” means the benefits provided under Article IV of this Plan.

2.64    Top Hat Plan.  “Top Hat Plan” means an unfunded plan maintained primarily to provide deferred compensation benefits to a select group of management or highly compensated Employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.

2.65    Total Disability.  “Total Disability” or “Totally Disabled” means (i) a Participant's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months or (ii) a Participant's receipt, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, of income replacement benefits for a 

6

period of not less than six months under an accident and health plan covering Employees of the Employer.

2.66    Transition Participant.  “Transition Participant means a Continuing Participant (i) who, as of the Effective Date, (x) was at least age 50 and (y) has been employed with the Employer for at least five years as an Executive Vice President (or superior position) or (ii) who is otherwise identified as a Transition Participant in the records of the Committee.

2.67    Treasury Regulations.  “Treasury Regulations” means the regulations adopted by the Internal Revenue Service under the Code, as they may be amended from time to time.

		
	ARTICLE 3
	Participation

3.1    Eligibility.  Subject to Section 3.2, all Eligible Employees shall participate in the Plan unless the Committee specifies otherwise in a particular case.  The Committee may designate other Employees as eligible to participate in the Plan, but only if they are management or highly compensated employees as those terms are used in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.
3.2    Participation.

(a)Continuing Participants shall continue to participate under the Plan in accordance with the terms hereof.

(b)Except as otherwise provided by the Committee, each Eligible Employee who became an Eligible Employee on or after January 1, 2007 and who is not a Continuing Participant shall become an Active Participant upon the earlier of the (i) Effective Date and (ii) the effective date of his or her becoming an Eligible Employee.

(c)The Committee may determine that separately applicable rules (or exceptions to the generally applicable rules) (the “separate rules”) shall apply to certain Participants.  Such Participants and the relevant separate rules are set forth on Exhibits A and B to the Plan and in any Schedules to the Plan.  With respect to any such Participant, the separate rules applicable to such Participant shall be treated as part of the Plan, shall be incorporated herein by reference, and shall apply, in a manner that results in Section 409A Compliance, in lieu of the generally applicable rules set forth below to the extent of any inconsistency.

(d)Participation in the Plan as an Active Participant is terminable by the Committee, in its discretion, upon written notice to the Active Participant, and such termination of participation shall be effective as of the date contained therein, but in no event earlier than the date of such notice; provided, however, that such termination of participation may not reduce or adversely affect an Active Participant's accrued benefit for which the Active Participant has satisfied the age and service requirements of Section 3.3 hereunder.

7

3.3    Age/Service Requirements for Supplemental Benefits Upon Retirement.  A Participant shall be eligible to receive a Supplemental Benefit in connection with Retirement only if he or she has (i) attained Early Retirement Age and (ii) satisfied the “rule of 60” (age plus completed years of Service must equal at least 60).

3.4    Supplemental Benefits Upon Death.  In the event of an Active Participant's death prior to satisfying the age and service requirement of Section 3.3, the Supplemental Benefits set forth in Section 4.4(b) and, if applicable, Section A.2.4 of Exhibit A, shall be payable to the Participant's designated Beneficiary.  

3.5    Supplemental Benefits Upon Total Disability.  In the event that an Active Participant becomes Totally Disabled prior to meeting the age and service requirements set forth in Section 3.3, the Supplemental Benefits set forth in Section 4.4(c) and, if applicable, Section A.2.5 of Exhibit A, shall be payable to the Participant.  

3.6    Forfeiture.
  
(a)Failure to Satisfy Age/Service Requirements.  In the event of a Participant's Separation From Service prior to satisfying the age and service requirements of Section 3.3, such Participant shall forfeit his or her right to receive any and all Supplemental Benefits set forth in this Plan.

(b)Nonsolicitation/Noncompetition.  Notwithstanding any other provisions hereof, all payments of Supplemental Benefits shall immediately cease and neither Participant nor his or her Spouse, nor any other Beneficiary of the Participant shall receive any benefits hereunder if the Participant, without the prior written consent of the Committee, engages, either directly or indirectly, in any of the activities described in subparagraph (i), (ii) or (iii) below within two years after his or her Separation From Service:

		
	(i)
	solicitation of the employment or retention of any person whom the Employer has employed or retained during the two-year period prior to the Participant's Separation From Service.  For purposes of the foregoing sentence, a person retained by the Employer means anyone who has rendered substantial consulting services to the Employer and has thereby acquired material confidential information concerning any aspect of the Employer's operations;

		
	(ii)
	any sale, offer to sell or negotiation with respect to orders or contracts for any product or service similar to or competitive with a product or service or any equipment or system containing any such product or service sold or offered by the Employer, other than for the Employer's account, during the two-year period after the Participant's Separation From Service, to or with anyone with whom the Employer has so dealt or anywhere in any state of the United States or in any other country, territory or 

8

possession in which the Employer has, during said period, sold, offered or negotiated with respect to orders or contracts for any such product, service, equipment or system; or

		
	(iii)
	ownership of any direct or indirect interest (other than a less-than-one-percent stock interest in a corporation) in, or affiliation with, or rendering any services for, any person or business entity which engages, during the two-year period after the Participant's Separation From Service, either directly or indirectly, in any of the activities described in subparagraph (i) or (ii) above.

ARTICLE 4Supplemental Defined Contribution Benefits.
        
4.1    Company Credits.

(a)Generally.  For Plan Years commencing on and after the Effective Date, an Active Participant shall be entitled to receive Company Credits as follows:

		
	(i)
	An Active Participant who was a Participant for an entire Plan Year shall receive a Company Credit in the amount of $200,000 on the Annual Credit Date for the Plan Year to his or her Account.

		
	(ii)
	An Active Participant who became an Active Participant during a Plan Year pursuant to Section 3.2(b) shall receive for such Plan Year a Company Credit equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year after the date on which the Active Participant became an Active Participant and the denominator of which is twelve.  Such Company Credit shall be credited to the Active Participant's Account on the Annual Credit Date for the relevant Plan Year.

		
	(iii)
	An Active Participant who becomes a Separated Participant due to Retirement, death or Total Disability during a Plan Year shall receive a Company Credit equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year prior to (I) the Active Participant's Retirement Date, (II) the date of the Active Participant's death or (III) the date the Active Participant became Totally Disabled, as applicable, and the denominator of which is twelve (a “Final Company Credit”).  Such prorated Company Credit shall be credited to the Participant's Account on the last Business Day of the month in which the Participant's Retirement, death or Total Disability occurred (the “Final Credit Date”).

For the avoidance of doubt, the first Company Credits under the Plan shall relate to the Plan Year commencing on January 1, 2008.

9

(b)Operating Group Participants.  In addition to Company Credits pursuant to Section 4.1(a), an Operating Group Participant shall be entitled to receive the following for Plan Years commencing on and after the Effective Date:

		
	(i)
	An Active Participant who is an Operating Group Participant for an entire Plan Year shall be granted on the Annual Credit Date for such Plan Year a deferred share unit award under the Equity Plan (an “ESRP Share Award”) with a Fair Market Value on such Annual Credit Date equal to $200,000.  The terms of the ESRP Share Award shall, in a manner that results in Section 409A Compliance, provide that the award will vest in accordance with Section 4.3 of the Plan and the underlying shares of Stock will be settled to the Operating Group Participant in accordance with Section 4.4 of the Plan, subject, in each case, to Section 7 of the Equity Plan or any successor provision.  In addition, the ESRP Share Award shall provide for dividend equivalents.  The other terms of the ESRP Share Award shall be governed by the Equity Plan.

		
	(ii)
	An Active Participant who is an Operating Group Participant for a portion of a Plan Year shall receive an ESRP Share Award with a Fair Market Value on such Annual Credit Date equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year during which the Active Participant was an Operating Group Participant and the denominator of which is twelve.  Such ESRP Share Award shall be granted to the Active Participant on the Annual Credit Date for the relevant Plan Year.

		
	(iii)
	An Operating Group Participant who becomes a Separated Participant due to Retirement, death or Total Disability during a Plan Year, shall not be entitled to an ESRP Share Award in respect of such Plan Year but instead shall be entitled to receive a second Final Company Credit on the applicable Final Credit Date with a value equal to the Final Company Credit to which he or she is entitled pursuant to Section 4.1(a)(iii) above).

For the avoidance of doubt, the first ESRP Share Award granted in connection with the Plan shall relate to the Plan Year commencing on January 1, 2008.
(c)Transition Participants.  Notwithstanding Section 4.1(a) and Section 4.1(b) above, Company Credits (including any Final Company Credits) shall not be credited to the Account of a Transition Participant and ESRP Share Awards shall not be granted to a Transition Participant in respect of any period commencing prior to the Freeze Date applicable to the Transition Participant.  A Transition Participant shall continue to earn a Supplemental Defined Benefit in accordance with the relevant terms of the Plan (including any Schedules hereto) until the Freeze Date applicable to the Transition Participant.

(d)Adjustment by Committee.  Notwithstanding anything to the contrary in Section 4.1(a) and 4.1(b) above, the Committee shall have the discretion to adjust, in 

10

a manner that results in Section 409A Compliance:  (i) the amount of a Company Credit (including any Final Company Credits or ESRP Share Award credited or granted, as applicable, in respect of a Participant's status as an Active Participant or an Operating Group Participant for a portion of a Plan Year); and (ii) the medium of settlement of an ESRP Share Award, in each case, to the extent necessary to avoid adverse tax consequences to an Operating Group Participant; provided, however, that in no event shall such adjustment diminish the economic benefit to the Participant of a Company Credit or an ESRP Share Award without the Participant's consent.

4.2    Accounts.

(a)Generally.  An Account shall be established and maintained under the Plan on behalf of each Participant.  The Account shall track the Company Credits (including any Final Company Credits), Investment Earnings/Losses, distributions or other elections applicable to such accounts.  The Account shall have subaccounts, established and maintained as appropriate to reflect the Company Credits and Investment Option(s) selected by the Participant.

(b)Crediting/Debiting of Account.  A Company Credit (including any Final Company Credits) shall be credited to a Participant's Account in accordance with the Administrative Procedures; provided that a Company Credit shall not be credited or debited with Investment Earnings/Losses prior to the applicable Credit Date for such Company Credit.  A Participant's Account shall be credited or debited with Investment Earnings/Losses based upon the Investment Options selected by the Participant pursuant to Section 4.2(c) and in accordance with the Administrative Procedures.

(c)Election of Investment Options.  A Participant shall elect, in accordance with the Administrative Procedures, one or more Investment Option(s) from a menu of Investment Options provided by the Committee to be used to determine Investment Earnings/Losses credited or debited to his or her Account.  A Participant may reallocate the existing balance of his or her Account among the available Investment Options and change Investment Options with respect to future deferrals under the Plan in accordance with the Administrative Procedures.  In the event that a Participant fails to select one or more Investment Options for all or a portion of his or her Account (including in the situation where the Investment Option is discontinued and the Participant fails to designate an alternative in accordance with the Administrative Procedures), such amounts shall be deemed invested in the Default Investment Option.  Notwithstanding the foregoing, the Final Company Credits credited to the Account of a Participant on the Final Credit Date in connection with his or her death or Total Disability shall not be deemed invested in any Investment Option.

(d)Investment Options.  The Committee shall select the Investment Options.  The Committee shall be permitted to add, remove or change Investment Options, as it deems appropriate; provided that any such addition, deletion or change shall not be effective with respect to any period prior to the effective date of the change.  Each Participant, as a condition to his or her participation in the Plan, agrees to indemnify 

11

and hold harmless the Committee, the Administrator and the Company, and their agents and representatives, from any losses or damages of any kind relating to the Investment Options made available hereunder.

(e)Crediting or Debiting Method.  The performance of each elected Investment Option (either positive or negative) will be determined based on the performance of the actual Investment Option.  A Participant's Account shall be credited or debited with Investment Earnings/Losses as determined by the Administrator in accordance with the Administrative Procedures.  The Administrator shall establish procedures for valuing the balance of a Participant's Account, from time to time, including upon distribution, in accordance with the Administrative Procedures.

(f)No Actual Investment.  Notwithstanding any other provision of the Plan, the Investment Options are to be used for measurement purposes only, and a Participant's election of any such Investment Options and the crediting or debiting of Investment Earnings/Losses to a Participant's Account shall not be considered or construed in any manner as an actual investment of his or her Account in any such Investment Options.  In the event that the Company decides to invest funds in any or all of the Investment Options, no Participant shall have any rights in or to such investments themselves.  Without limiting the foregoing, a Participant's Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company.  The Participant shall at all times remain an unsecured creditor of the Company.

4.3    Vesting.

(a)Generally.  An Active Participant shall commence vesting in his or her Account on the date that the Active Participant (i) attains Early Retirement Age and (ii) satisfies the rule of 60 under Section 3.3 (the “Account Vesting Commencement Date”).  An Active Participant shall vest in a cumulative basis in one-third (33.3%) of his or her Account on the Account Vesting Date, and each of the Active Participant's first two birthdays immediately subsequent to the Account Vesting Commencement Date.  Notwithstanding the foregoing, a Continuing Participant who was first elected an Executive Vice President (or to a superior position) prior to March 1, 2000 shall immediately vest in full in his or her Account on the date such Continuing Participant attains Early Retirement Age.

(b)Death.  In the event of an Active Participant's death, the Active Participant shall become fully vested in his or her Account effective as of the date of the Active Participant's death.

(c)Total Disability.  If an Active Participant becomes Totally Disabled, the Active Participant shall become fully vested effective as of the date the Active Participant became Totally Disabled.

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4.4    Distribution.

(a)Retirement.  Upon an Active Participant's Retirement, the vested balance of the Participant's Account shall be payable to the Participant in cash in three installment payments.  The amount of each installment payment shall be the amount determined by multiplying the value of a Participant's Account calculated as of the close of business on the applicable Reference Date by a fraction, the numerator of which is one and the denominator of which is the remaining number of payments due to the Participant.  The installment payments shall be made on the following dates:  (i) the first Business Day after the date that follows the Participant's Retirement Day by six months; (ii) the first anniversary of the Participant's Retirement Date (or if such date is not a Business Day, the immediately following Business Day); and (iii) the second anniversary of the Participant's Retirement Date (or if such date is not a Business Day, the immediately following Business Day).

(b)Death.

(i)Upon the death of an Active Participant, the balance of the Active Participant's Account, calculated as of the close of business on the Reference Date, shall be paid to the Active Participant's Beneficiary in a single lump sum cash distribution within 90 days following the date of the Active Participant's death.

(ii)Upon the death of a Separated Participant, the Committee shall commute any or all remaining payments to the Separated Participant's Beneficiary by paying the remaining balance of the Separated Participant's Account, calculated as of the close of business on the Reference Date, in a single lump sum cash distribution within 90 days following the date of the Separated Participant's death.

(c)Total Disability.   Upon the Total Disability of an Active Participant, the balance of the Active Participant's Account, calculated as of the close of business on the Reference Date, shall be paid to the Active Participant in a single lump sum cash distribution by the later of (i) the end of the calendar year in which the Active Participant becomes Totally Disabled, and (ii) the fifteenth day of the third month following the date on which the Active Participant becomes Totally Disabled, provided the Active Participant has remained Totally Disabled through the date of payment.

ARTICLE 5Special Payment Rules.

5.1    Delay in Payment.  Notwithstanding anything in the Plan to the contrary, neither the Committee nor the Administrator shall have the discretionary authority to delay payment of Supplemental Benefits, except to the extent that the Administrator determines, in its discretion, that any such delay can be effected in a manner that results in Section 409A Compliance (as hereinafter defined).  Without limiting the generality of the foregoing, payment of the Supplemental Benefits may be delayed, at the discretion of the Committee or Administrator, to the extent that the Committee or the Administrator reasonably anticipates that (i) if payment were made as scheduled, the Employer's deduction with respect to such payment 

13

would not be permitted due to the application of Section 162(m) of the Code, or (ii) payment of the Supplemental Benefits would violate federal securities laws or other applicable law.  Payment of any amount delayed pursuant to this Section 5.1 shall earn interest at the then prevailing applicable federal rate provided for in Section 7872(f)(2)(A) of the Code and made in a manner that results in Section 409A Compliance.

5.2    Acceleration of Payment.

(a)Notwithstanding anything in the Plan to the contrary, neither the Committee nor the Administrator shall have the discretionary authority to accelerate payment of any Supplemental Benefits except as set forth in the remainder of this Section 5.2(a) or to the extent the Committee or the Administrator determines, in its discretion, that any such acceleration may be effected in a manner that results in Section 409A Compliance.

(b)The Administrator may, in a manner that results in Section 409A Compliance, determine to accelerate the time or schedule of a Participant's distribution to pay (i) the FICA Amount and/or (ii) the income tax at source on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the payment of the FICA Amount (and any additional tax due as a result of such payment).  The total amount accelerated under this Section 5.2(b) may not exceed the aggregate of the FICA Amount and the income tax withholding related to such FICA Amount.

(c)The Administrator may, in a manner that results in Section 409A Compliance, determine to accelerate the time or schedule of a Participant's distribution if at any time the Plan, as applicable to such Participant, fails to meet the requirements of Section 409A of the Code and the corresponding Treasury Regulations.  Such amount may not exceed the amount required to be included in income as a result of the failure to comply with Section 409A of the Code and the corresponding Treasury Regulations.

5.3    No Suspension of Payment.  Notwithstanding anything to the contrary in the Plan, in the event (i) a Separated Participant is subsequently rehired by the Employer or (ii) a Separated Participant who was Totally Disabled subsequently recovers and recommences performing services for the Employer, the payment of such Separated Participant's Supplemental Benefits accrued prior to such Separation From Service or Total Disability shall not be suspended or otherwise delayed.

5.4    Designation of Taxable Year.  In no event may any Participant or any Beneficiary designate the taxable year of payment of any Supplemental Benefits.  The timing of payment of a Participant's Supplemental Benefits shall be determined by the Committee, in its sole discretion, in accordance with the provisions of the Plan and in a manner that results in Section 409A Compliance.

		
	ARTICLE 6
	Administration.

6.1    Authority of the Committee.  The Plan shall be administered by the Committee.  Subject to the provisions of the Plan, including Section 7.1, the Committee shall have the discretionary authority to make, amend, interpret and enforce all appropriate 

14

rules and regulations for the administration of the Plan and to decide or resolve any and all questions, including interpretations of the Plan, that may arise in connection with this Plan.  The Committee's powers and duties shall include, but shall not be limited to, permitting the acceleration of vesting in individual cases in its sole and exclusive discretion.

6.2    Agents.  In the administration of the Plan, the Committee may, from time to time, employ agents and delegate to such agents such administrative duties as it deems advisable and allowable under the terms of the Plan.

6.3    Decisions Binding.  The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and any rules or guidelines made in connection with the Plan shall be final, binding and conclusive upon all persons and entities having or claiming any interest in the Plan.

6.4    Indemnity of Committee.  The Company shall indemnify and hold harmless the Committee and its individual members against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to the Plan.

6.5    Cost of Administration.  The Company shall bear all expenses of administration of the Plan.

		
	ARTICLE 7
	Amendment and Termination.

7.1    Amendment/Termination of Plan.  Subject to Section 7.2 below, the Company hereby reserves the right to amend, modify or terminate the Plan at any time by action of a majority of the members of the Committee.  Except as described below in this Article 7, no such amendment or termination shall in any material manner reduce or adversely affect any Participant's accrued benefit without the consent of the Participant.  Upon termination of the Plan, payment of a Participant's Supplemental Benefits shall be made in accordance with the terms of the Plan and the elections in effect prior to such termination, unless the Board or the Committee, in its discretion, determines to accelerate payment, and such acceleration may be effected in a manner that will not cause any Participant or Beneficiary to recognize income for U.S. federal income tax purposes prior to the time of a distribution of Supplemental Benefits or to incur interest or additional tax under Section 409A (“Section 409A Compliance”).

7.2    Termination of Participant Interests.  The Plan is intended to be a Top Hat Plan and therefore to be exempt from the provisions of Parts 2, 3 and 4 of Subtitle B of Title I of ERISA.  Accordingly, subject to Section 7.1 above, the Board may terminate the Plan and commence termination distributions for all or certain Participants, or remove certain Employees as Participants, if it is determined by the United States Department of Labor, or a court of competent jurisdiction, that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA which is not so exempt.  If distribution is commenced pursuant to the operation of this Article 7, the payment of such amounts shall be made consistent with Section 7.1.

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	ARTICLE 8
	Miscellaneous.

8.1    Claims.  If a Participant or his or her Beneficiary or the authorized representative of one of the foregoing (hereinafter, the “Claimant”) does not receive the timely payment of the benefits which he or she believes are due under the Plan, the Claimant may make a claim for benefits in accordance with the Claims Procedures set forth on Exhibit C to this Plan.  Notwithstanding Section 7.1, the Claims Procedures may be amended by the Administrator from time to time.

8.2    Unfunded Plan.  It is intended that this Plan's status as a Top Hat Plan shall not be adversely affected by the establishment of any trust pursuant to Section 8.4.

8.3    Unsecured General Creditor.  No Participant, nor any Spouse, Domestic Partner or other Beneficiaries of a Participant, shall have any legal or equitable right, interest or claim in any property or assets of the Employer, other than that of an unsecured general creditor of the Employer.  Without limiting the generality of the foregoing, no such person shall have any right, claim or interest in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Employer.  Except as provided in Section 8.4, such policies, annuity contracts or other assets of the Employer shall not be held under any trust for the benefit of a Participant, his or her Beneficiaries, heirs, successors or assigns, or held, in any way, as collateral security for the fulfilling of any obligations of the Employer under this Plan.  The Employer's assets shall be, and shall remain for purposes of this Plan, the general assets of the Employer.  The Employer's obligation under this Plan shall be that of an unfunded and unsecured promise to pay money in the future.

8.4    Trust Fund.  At its discretion and in a manner intended to result in Section 409A Compliance, the Employer may establish one or more grantor trusts, with such trustees as the Committee may approve, for the purpose of providing for the payment of benefits under this Plan.  Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Employer's general creditors in the event of bankruptcy or insolvency of the grantor.  To the extent any benefits provided under this Plan are actually paid from any such trust, the Employer shall have no further obligation with respect to the benefits so paid, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Employer.

8.5    Nonassignability.  Neither a Participant nor any other person shall have any right to sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be nonassignable and nontransferable.  No part of the amount payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor shall such amounts or rights to such amounts be transferable by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency.

8.6    Not a Contract of Employment.  The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Employer and any Participant, and the Participants (and a Participant's Spouse, Domestic Partner or other 

16

Beneficiaries) shall have no rights against the Employer except as may otherwise be specially provided herein.  Moreover, nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Employer or to interfere with the right of the Employer to discipline or discharge any Participant at any time.

8.7    Validity.  If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced, in a manner intended to result in Section 409A Compliance, as if such illegal and invalid provision had never been inserted herein.

8.8    Incompetency.  If the Committee determines in its discretion that a payment under the Plan is to be paid to a minor, a person declared incompetent or a person incapable of handling the disposition of such person's property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person.  Any payment of a benefit shall be a payment for the account of the Participant and the Participant's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

8.9    Successors.  The provisions of this Plan shall bind and inure to the benefit of the Employer and its successors and assigns, and the Employer shall require all its successors and assigns to expressly assume its obligations hereunder.  The term “successors,” as used herein, shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and assets of the Employer.

8.10    Tax Withholdings.  The Employer shall have the right to deduct from payments made pursuant to the Plan amounts sufficient to satisfy federal, state and local income and/or employment tax withholding requirements.

8.11    Governing Law.  The provisions of this Agreement shall be construed and interpreted according to the laws of the Commonwealth of Massachusetts except as preempted by federal law.
            

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EXHIBIT A

The terms and conditions in this Exhibit A shall apply to the Supplemental Defined Benefits of Continuing Participants.  Except as otherwise defined in this Exhibit A, capitalized terms shall have the meaning given to such terms in Article 2 of the Plan.
Article A.1    Definitions.
A.1.1    Actuarially Equivalent.  A benefit is “Actuarially Equivalent” to or the “Actuarial Equivalent” of a benefit payable in a different form or at a different time if the two benefits are of actuarially equivalent value as determined by the Administrator in Section 409A Compliance based upon a computation by an actuary chosen by the Administrator using the actuarial assumptions with respect to the Basic Plan.
A.1.2    Additional Company Benefit.  “Additional Company Benefit” means the annual Employer-provided retirement supplemental benefits, in each case expressed in the form of a single life annuity, as determined by the Administrator, that are payable to a Continuing Participant at age 65 under the Additional Company Benefit Plans applicable to the Continuing Participant, if any, determined as follows:
		
	(i)
	if the Additional Company Benefit Plan is a defined benefit or funded retirement plan, the retirement benefit shall be the Continuing Participant's benefit accrued as of December 31, 2007, where such accrued benefit includes future cost of living increases at 3.25% from December 31, 2007 through age 65 and reduced to an Actuarially Equivalent non-escalating life annuity (where such escalation would be assumed at 3.25%); and

		
	(ii)
	if the Additional Company Benefit Plan is a defined contribution retirement plan, the retirement benefit shall be a projected benefit at age 65, based on the Continuing Participant's account balance thereunder as of December 31, 2007, assuming 7.0% annual returns, and converted to an age 65 annuity using mortality and interest rates under Section 417(e) of the Code in effect on the applicable Freeze Date.

A.1.3    Additional Company Benefit Plans.  “Additional Company Benefit Plans” means the following Employer-sponsored retirement benefit plans and any other Employer-sponsored Company plan so designated by the Committee: 
		
	(i)
	Mandatory Provision Fund - Dresdner RCM MPF Plan (Hong Kong);

		
	(ii)
	State Street Superannuation Plan (Australia);

		
	(iii)
	State Street Switzerland Pension Plan for Senior Management; and

		
	(iv)
	State Street UK Pension & Life Assurance Plan.

A.1.4    Basic Plan Offset.  “Basic Plan Offset” means the annual benefit, expressed in the form of a single life annuity as determined by the Administrator payable to a 

18

Continuing Participant from the Basic Plan that is the greater of (i) the Continuing Participant's Grandfathered Benefit (as defined under Section 4.6 of the Basic Plan), if any, thereunder payable at age 65 or (ii) the Continuing Participant's Cash Balance Benefit (as defined under the Basic Plan) based on the Continuing Participant's account balance as of December 31, 2007 projected to age 65, assuming a 5% interest rate, and converted to an age 65 annuity using mortality and interest rates under Section 417(e) of the Code in effect on the Freeze Date; provided, however, that the Cash Balance Account of a Transition Participant under the foregoing clause (ii) shall be increased on a notional basis until the Freeze Date applicable to the Transition Participant by deemed Basic Credits (as defined under the Basic Plan) that would have been contributed to the Cash Balance Account of the Transition Participant pursuant to Section 4.4 of the Basic Plan had the Basic Plan not been frozen and credited with 5% interest.  For the avoidance of doubt, any Basic Credits under Section 4.4(b) of the Basic Plan credited to the Cash Balance Account of a Continuing Participant shall not be included in the Basic Plan Offset.
A.1.5    Earnings.  “Earnings” means the following:
		
	(a)
	For years prior to 2007, a Continuing Participant's annualized rate of base salary as of January 1 of that year and annual incentive compensation under the Employer's annual incentive plan relating to performance in the prior fiscal year, regardless of when paid.

		
	(b)
	For 2007 and any year thereafter including the applicable Freeze Date, a Continuing Participant's annualized rate of base salary as of January 1 of that year and annual incentive compensation awards under the incentive plan applicable to the Continuing Participant relating to performance in the prior fiscal year and, in the case of members of the Operating Group, the annual incentive compensation awarded or paid under the Senior Executive Annual Incentive Plan (“SEAIP”) or any successor thereto, regardless of whether or when awarded or paid.

		
	(c)
	In lieu of other amounts, the calculation of the amount of annual incentive award to be included for purposes of determining “Earnings” through January 1, 2008, with respect to a Continuing Participant who was employed by SSgA in an SSgA Plan shall be the lesser of (i) his or her actual annual incentive cash bonus or (ii) the percentage of base pay earned for the respective year as determined by the Administrator and recorded in the records of the Company.

		
	(d)
	For the avoidance of doubt, prior to January 1, 2007, “Earnings” shall not include any long‐term incentive awards.

A.1.6    Final Average Earnings.  “Final Average Earnings” means, for any Continuing Participant, the average annual Earnings amount obtained by averaging the Continuing Participant's Earnings over the five‐consecutive‐year period during the last ten years of such Continuing Participant's Employment ending with the applicable Freeze Date 

19

which yields the highest such annual average.  A Continuing Participant's annual Earnings after the applicable Freeze Date shall not be taken into account for any purpose under the Plan.
A.1.7    Freeze Date.  “Freeze Date” means (i) with respect to a Continuing Participant other than a Transition Participant, the Effective Date; and (ii) with respect to a Transition Participant, (x) January 1, 2010 or (y) such other date as may be specified in a schedule to this Exhibit A.
A.1.8    Indexing End Date.  “Indexing End Date” means, with respect to a Continuing Participant, the first to occur of (i) the date of the Continuing Participant's Separation From Service, Total Disability or death or (ii) December 31, 2017.
A.1.9    MSRP Benefit.  “MSRP Benefit” means the annual retirement supplemental benefits, expressed in the form of a single life annuity as determined by the Administrator, that are payable to a Continuing Participant under the State Street Corporation Management Supplemental Retirement Plan (the “MSRP”) of (i) the Continuing Participant's Grandfathered Benefit (as provided under the MSRP), if any, thereunder payable at age 65 or (ii) the Continuing Participant's Cash Balance Account (as provided under the MSRP) based on the Continuing Participant's account balance as of December 31, 2007 projected to age 65, assuming a 5% interest rate, and converted to an age 65 annuity using mortality and interest rates under Section 417(e) of the Code in effect the applicable Freeze Date; provided, however, that the Cash Balance Account of a Transition Participant under the foregoing clause (i) shall be increased on a notional basis until the Freeze Date applicable to the Transition Participant by deemed Basic Credits (as provided under the MSRP) that would have been contributed to the Cash Balance Account of the Transition Participant had the MSRP not been frozen and credited with 5% interest.
A.1.10    Other Retirement Income.  “Other Retirement Income” means the sum of the following:
(a)the Basic Plan Offset; plus

(b)the MSRP Benefit; plus

(c)any Additional Company Benefit; plus

(d)any retirement income payable under plans of a Continuing Participant's employers other than the Employer, as identified by the Administrator and recorded in the records of the Company in accordance with the Administrative Procedures and expressed in the form of a single life annuity, as determined by the Administrator in a manner that results in Section 409A Compliance.

A.1.11    SSgA.  “SSgA” means the State Street Global Advisors business unit of the Company.
A.1.12    SSgA Plans.  “SSgA Plans” means the SSgA annual incentive plan for each of the years 2003, 2004, 2005, 2006 and 2007.

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Article A.2    Supplemental Defined Benefits.
A.2.1    Eligibility for Supplemental Defined Benefits.
(a)A Participant is eligible to receive a Supplemental Defined Benefit under the Plan only if he or she is a Continuing Participant.  No Eligible Employee (i) who was not a Continuing Participant on December 31, 2007 or (ii) who is hired or rehired by the Employer on or after the Effective Date shall become eligible to receive a Supplemental Defined Benefit.

(b)Effective as of the applicable Freeze Date, the Supplemental Defined Benefit of a Continuing Participant shall be frozen such that (i) any annual Earnings of a Continuing Participant after the applicable Freeze Date shall not be taken into account for any purpose under the Plan and (ii) no additional Supplemental Defined Benefit shall accrue on or after the applicable Indexing End Date on behalf of a Continuing Participant or any other individual.

A.2.2    Normal Retirement.  Subject to the terms of the Plan (including this Exhibit A and Exhibit B), the annual Supplemental Defined Benefit payable to a Continuing Participant in connection with Normal Retirement, expressed as a single life annuity commencing at the later of (i) Normal Retirement Age or (ii) the Continuing Participant's Normal Retirement Date, shall equal either (a) or (b) below, whichever shall be applicable, minus (c) below, increased by the factors in (d) below, and adjusted pursuant to (e) below:
(a)For a Continuing Participant who was first elected an Executive Vice President (or to a superior position) prior to March 1, 2000, 50% of the Continuing Participant's Final Average Earnings.

(b)For a Continuing Participant who was first elected an Executive Vice President (or to a superior position) on or after March 1, 2000, 2.5% of the Participant's Final Average Earnings multiplied by the Continuing Participant's years of Service prior to the applicable Freeze Date, but not more than 20 years of such Service, shall be taken into account.

(c)Other Retirement Income, as accrued or as deemed to be accrued under the respective plans as of the earlier to occur of (i) the Freeze Date and (ii) the date of the Continuing Participant's Separation From Service.

(d)Three percent for each whole calendar year following the applicable Freeze Date until the Continuing Participant's Indexing End Date, plus an additional amount equal to the product of (i) the excess of whole calendar months elapsed prior to the Indexing End Date for the Plan Year in which the Indexing End Date occurs over twelve and (ii) 3%.

(e)Where the pre-offset benefit is determined under (b), the benefit amount determined by subtracting (c) from (b) and increased by (d) (the “unadjusted benefit”) shall be multiplied by (A) one‐third (33.3%) if the Continuing Participant's Separation From Service is prior to attainment of his or her birthday next following the date (the “age/service eligibility date”) on which the Continuing Participant first satisfied the age 

21

and service requirements of Section 3.3 of the Plan; (B) two‐thirds (66.7%) if the Continuing Participant's Separation From Service is on or after attainment of such first birthday following the age/service eligibility date, but before attainment of his or her second birthday following such date; and (C) one (100%) in every other case.

A.2.3    Early Retirement.

(a)Subject to the terms of the Plan (including this Exhibit A and Exhibit B), the annual Supplemental Defined Benefit payable in connection with Early Retirement to a Continuing Participant who on January 1, 2005 had reached the age of 55, completed ten years of Service and previously been elected an Executive Vice President (or to a superior position), expressed as a single life annuity commencing as of the Continuing Participant's Early Retirement Date, shall equal (i) reduced by the factors in (ii), and further where:

		
	(i)
	the supplemental benefit determined under Section A.2.2 above, reduced by:

		
	(ii)
	the sum of (A) and (B) below:

		
	(A)
	.0833% for each whole calendar month by which the Continuing Participant's Early Retirement Date commencement precedes his or her 65th birthday, excluding any period prior to the Continuing Participant's 60th birthday; and

		
	(B)
	.2083% for each whole calendar month by which the Continuing Participant's Early Retirement Date precedes his or her 60th birthday.

(b)Subject to the terms of the Plan (including this Exhibit A and Exhibit B), the annual Supplemental Defined Benefit in connection with Early Retirement of a Continuing Participant who as of January 1, 2005 had not both reached the age of 55 and completed ten years of Service, expressed as a single life annuity commencing as of the Continuing Participant's Early Retirement Date, shall equal the benefit determined under A.2.3(a) above except that in lieu of the reductions described in Section A.2.3(a)(ii) above, the Supplemental Defined Benefit determined under Section A.2.2 above shall be reduced by 0.25% for each whole calendar month by which the Continuing Participant's Early Retirement Date precedes his or her 65th birthday.

(c)Notwithstanding the above, with respect to a Transition Participant, if Early Retirement occurs prior to the applicable Freeze Date, the reductions in (a) and (b) will apply to the pre-offset benefit as defined in A.2.2(a) and A.2.2(b) and the offsets for Other Retirement Income as defined in A.2.2(c) will be computed on an early retirement basis in accordance with the provisions of the plan or plans providing such Other Retirement Income; provided, however, that if such Additional Company Benefit Plan (or Additional Company Benefit Plans) does/do not contain provisions for early retirement, or such provisions are not ascertainable as of the date of determination, the Committee shall determine the actuarial equivalence basis to be used for such purpose. For this purpose, the Basic Plan and MSRP Cash Balance Accounts will be increased on 

22

a notional basis from December 31, 2007 until Early Retirement by deemed Basic Credits that would have been contributed to the Cash Balance Accounts of the Transition Participant had the Basic Plan and MSRP not been frozen and credited with 5% interest through Early Retirement.  The offsets so computed will be subtracted from the reduced preoffset benefit.

A.2.4    Death Before Retirement Eligibility.  If a Continuing Participant dies under the circumstances described in Section 3.4, a Supplemental Defined Benefit shall be paid to his or her designated Beneficiary which equals the amount derived by multiplying (a) times (b) times (c), where (a) equals the net amount calculated under either Section A.2.2, as if the Continuing Participant's Normal Retirement Date was the date of his or her death (determined without the adjustments described in Section A.2.2(e)); (b) equals a fraction of which the numerator is the sum of the Continuing Participant's age at his or her date of death plus the number of completed years of Service prior to the applicable Freeze Date and the denominator is 85; and (c) equals 50%.  Payment shall be made in an Actuarially Equivalent single lump sum cash distribution within 90 days following the date of the Continuing Participant's death.
A.2.5    Total Disability Before Retirement Eligibility.  If a Continuing Participant becomes Totally Disabled as described in Section 3.5, a Supplemental Defined Benefit shall be paid to him or her equal to the product of (a) and (b) where (a) equals the amount calculated under either Section A.2.2, as if the Continuing Participant's Normal Retirement Date was on the date on which he or she became Totally Disabled (determined without the adjustments described in Section A.2.2(e)), and (b) equals a fraction the numerator of which is the sum of the Continuing Participant's age at the date he or she became Totally Disabled plus the number of completed years of Service prior to the applicable Freeze Date and the denominator of which is 85.  A Continuing Participant's Supplemental Defined Benefit shall be paid in cash in three equal installment payments, which in the aggregate, are the Actuarial Equivalent of the Supplemental Defined Benefit as of the Continuing Participant's Total Disability Date, provided the Continuing Participant has remained Totally Disabled through the first date of payment.  The first installment payment shall be made by the later of (A) the end of the calendar year in which the Continuing Participant becomes Totally Disabled and (B) the 15th day of the third month following the date on which the Continuing Participant becomes Totally Disabled, and the remaining installment payments shall be made on the first and second anniversaries of the first installment payment date, provided that if any such payment date is not Business Day, payment shall be made on the immediately following Business Day.
A.2.6    Distribution Following Retirement Eligibility.
(a)Retirement.  In the event of a Continuing Participant's Retirement after satisfying the age and service requirements of Section 3.3, a Continuing Participant's Supplemental Defined Benefit shall be paid in cash in three equal installment payments which, in the aggregate, are the Actuarial Equivalent of the Supplemental Defined Benefit as of the Continuing Participant's Retirement Date.  The installment payments shall be made on the following dates:  (i) the first Business Day after the date that follows the Participant's Retirement Date by six months; (ii) the first anniversary of the Continuing Participant's Retirement Date (or if such date is not a Business Day, the immediately following Business Day); and (iii) the second anniversary of the Continuing Participant's Retirement Date (or if such date is not a Business Day, the immediately following Business Day).

23

(b)Death.

		
	(i)
	Death Benefits.  Upon the death of a Continuing Participant after satisfying the age and service requirements of Section 3.3, but before commencement of benefit payments, a death benefit shall be payable to the Continuing Participant's designated Beneficiary.  The amount of such death benefit shall be the Actuarial Equivalent of 50% of the Continuing Participant's Supplemental Defined Benefit calculated pursuant to Section A.2.2 (determined without the adjustments described in Section A.2.2(e)), payable as an Actuarially Equivalent single lump sum cash distribution within 90 days following the date of the Continuing Participant's death.

		
	(ii)
	Commutation Due to Death.  Upon the death of a Continuing Participant who is receiving the distribution of his or her accrued Supplemental Defined Benefit pursuant to Section A.2.6(a), the Committee shall commute any or all remaining payments by paying the remainder of the accrued Supplemental Defined Benefit to the Continuing Participant's Beneficiary in an Actuarially Equivalent single lump sum cash distribution within 90 days following the date of the Continuing Participant's death.

(c)Total Disability.  Upon the Total Disability of a Continuing Participant after satisfying the age and service requirements of Section 3.3 but before commencement of benefit payments, a Continuing Participant's Supplemental Defined Benefit shall be paid in cash in three equal installment payments, which in the aggregate are the Actuarial Equivalent of the Supplemental Defined Benefit as of the Continuing Participant's Total Disability Date, provided the Continuing Participant has remained Totally Disabled through the date of payment.  The first installment payment shall be made by the later of (A) the end of the calendar year in which the Continuing Participant becomes Totally Disabled and (B) the 15th day of the third month following the date on which the Continuing Participant becomes Totally Disabled, and the remaining installment payments shall be made on the first and second anniversaries of the first installment payment date, provided that if any such payment date is not Business Day, payment shall be made on the immediately following Business Day.

24

EXHIBIT B
Schedule 1 (2005 Restatement)
Section 3.2(c) Separate Rules Applicable to J. Hooley
	
		
	Status:
	Active

	 
	 

	Participation Date:
	September 1, 2000

	 
	 

	Section A.2.2 Supplemental Defined Benefit at Normal Retirement:
	Subject to the terms of the Plan, Exhibit A, and the Special Benefit hereafter described, the supplemental benefit under Section A.2.2 of the Plan shall be the benefit set forth in this Schedule 1 of Exhibit B.

	 
	 

	Special Benefit:
	The Participant's Special Benefit under the Plan and Exhibit A shall be equal to his cash balance account benefit which shall consist of an opening cash balance account in the sum of $500,000 as of September 1, 2000 and earnings credited thereafter in the same percentage and in the same manner as though such cash balance account were provided under the terms of the Basic Plan.  There shall be no additional contributions to this “cash balance account.”

	 
	If the Participant's benefit under the Plan is subsequently determined under the generally applicable rules of the Plan, the value of the Special Benefit set forth above shall be payable in addition to such generally applicable Plan benefit.

	 
	The Special Benefit is in addition to any Supplemental Benefits under the Plan and Exhibit A.

	 
	 

	Section A.2.2(e) Applicability:
	The offset for Other Retirement Income is not applicable to the Special Benefit pursuant to this Schedule 1 of Exhibit B.

	 
	 

	Age/Service Requirements:
	The Participant's prior years of service with the Employer as well as the Participant's years of service with Boston Financial Data Services shall be considered as Service hereunder.

	 
	The age and service requirements to qualify for a benefit set forth in Section A.2.2 of the Plan above are as follows:

	 
	(1)     The Service requirement of completion of ten full years of Employment is satisfied by the recognition of prior Service above.

	 
	(2)     There is no age requirement to qualify for the Special Benefit pursuant to this Schedule 1 of Exhibit B.

25

EXHIBIT B
Schedule 2 (2008 Restatement)
Section 3.2(c) Separate Rules for Edward Resch
	
		
	Status:
	Active

	 
	 

	Participation Date:
	January 1, 2003

	 
	 

	Freeze Date:
	For purposes of the Plan, the Freeze Date applicable to the Participant is December 31, 2010.

	 
	 

	Section A.2.2 Supplemental Defined Benefit at Normal Retirement:
	Subject to the terms of the Plan and Exhibit A, the maximum Supplemental Defined Benefit under Section A.2.2 of the Plan before offsets shall be equal to 20% of the Participant's Final Average Earnings.

	 
	 

	Section A.2.3 Supplemental Defined Benefit at Early Retirement:
	The Participant's Supplemental Defined Benefit shall be determined under Section A.2.3(a) of the Plan.  Subject to the terms of the Plan and Exhibit A, the maximum Supplemental Defined Benefit under Section A.2.3 of the Plan before offsets shall be equal to 20% of the Participant's Final Average Earnings.

	 
	 

	Section A.2.2(c) Applicability:
	The offset for Other Retirement Income is applicable to the benefit under Section A.2.2 of the Plan.

 

26

EXHIBIT C
CLAIMS PROCEDURES
STATE STREET CORPORATION
DEFERRED COMPENSATION PLAN CLAIMS PROCEDURES
(Amended and Restated Effective January 1, 2008)
These Claims Procedures for filing and reviewing claims have been established and adopted for the State Street Corporation Executive Supplemental Retirement Plan (the “Plan”) and are intended to comply with Section 503 of ERISA and related Department of Labor regulations.  These amended and restated Claims Procedures are effective for claims made under the Plan on or after January 1, 2008.
		
	1.
	In General.  Any employee or former employee, or any person claiming to be a beneficiary with respect to such a person, may request, with respect to the Plan:

		
	a)
	a benefit payment,

		
	b)
	a resolution of a disputed amount of benefit payment, or

		
	c)
	a resolution of a dispute as to whether the person is entitled to the particular form of benefit payment.

A request described above and filed in accordance with these Procedures is a claim, and the person on whose behalf the claim is filed is a claimant.  A claim must relate to a benefit which the claimant asserts he or she is already entitled to receive or will become entitled to receive within one year following the date the claim is filed.
		
	2.
	Effect on Benefit Requests in Due Course.  The Plan has established procedures for benefit applications, selection of benefit forms, and designation of beneficiaries, determination of qualified domestic relations orders, and similar routine requests and inquiries relating to the operation of the Plan.

		
	3.
	Filing of Claims.

		
	a)
	Each claim must be in writing and delivered by hand or first-class mail (including registered or certified mail) to the Administrator, at the following address:

GHR U.S. Benefits Planning
State Street Corporation
c/o Vice President, GHR-U.S. Benefits Planning
2 Avenue de Lafayette, LCC 1E 
Boston, MA  02111-1724
A claim must clearly state the specific outcome being sought by the claimant.

27

		
	b)
	The claim must also include sufficient information relating to the identity of the claimant and such other information reasonably necessary to allow the claim to be evaluated.

		
	c)
	In no event may a claim for benefits be filed by a Claimant more than 120 days after the applicable “Notice Date,” as defined below.

		
	i)
	In any case where benefits are paid to the Claimant as a lump sum, the Notice Date shall be the date of payment of the lump sum.

		
	ii)
	In any case where benefits are paid to the Claimant in the form of an annuity or installments, the Notice Date shall be the date of payment of the first installment of the annuity or payment of first installment.

		
	iii)
	In any case where the Plan (prior to the filing of a claim for benefits) determines that an individual is not entitled to benefits (for example (without limitation) where an individual terminates employment and the Plan determines that he has not vested) and the Plan provides written notice to such person of its determination, the Notice Date shall be the date of the individual's receipt of such notice.

		
	iv)
	In any case where the Plan provides an individual with a written statement of his account as of a specific date or the amounts credit to, or charged against, his account within a specified period, the Notice Date with regard to matters described in such statement shall be the date of the receipt of such notice by such individual (or beneficiary).

4.Processing of Claims.  A claim normally shall be processed and determined by the Administrator within a reasonable time (not longer than 90 days) following actual receipt of the claim.  However, if the Administrator determines that additional time is needed to process the claim and so notifies the claimant in writing within the initial 90-day period, the Administrator may extend the determination period for up to an additional 90 days.  In addition, where the Administrator determines that the extension of time is required due to the failure of the claimant to submit information necessary in order to determine the claim, the period of time in which the claim is required to be considered pursuant to this Paragraph 4 shall be tolled from the date on which notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information.  Any notice to a claimant extending the period for considering a claim shall indicate the circumstances requiring the extension and the date by which the Administrator expects to render a determination with respect to the claim.  The Administrator shall not process or adjudicate any claim relating specifically to his or her own benefits under the Plan.

5.Determination of Claim.  The Administrator shall inform the claimant in writing of the decision regarding the claim by registered or certified mail posted within the time period described in Paragraph 4.  The decision shall be based on governing Plan documents.  If there is an adverse determination with respect to all or part of the claim, the written notice shall include:
		
	a)
	the specific reason or reasons for the denial,

		
	b)
	reference to the specific Plan provisions on which the denial is based,

		
	c)
	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary,

		
	d)
	reference to and a copy of these Procedures, so as to provide the claimant with a description of the relevant Plan's review procedures and the time limits 

28

applicable to such procedures, a description of the claimant's rights regarding documentation as described in Paragraph 9, and
		
	e)
	a statement of the claimant's rights under Section 502(a) of ERISA to bring a civil action with respect to an adverse determination upon review of an appeal filed under Paragraph 6.

For purposes of these Procedures, an adverse determination shall mean determination of a claim resulting in a denial, reduction, or termination of a benefit under a Plan, or the failure to provide or make payment (in whole or in part) of a benefit or any form of benefit under a Plan.  Adverse determinations shall include denials, reductions, etc., based on the claimant's lack of eligibility to participate in the relevant Plan.  All decisions made by the Administrator under these Procedures shall be summarized in a report to be maintained in the files of the Administrator.  The report shall include reference to the applicable governing Plan provision(s) and, where applicable, reference to prior determinations of claims involving similarly situated claimants.
6.Appeal of Claim Denials - Appeals Committee.  A claimant who has received an adverse determination of all or part of a claim shall have 60 days from the date of such receipt to contest the denial by filing an appeal.  An appeal must be in writing and delivered to the Administrator.  An appeal will be considered timely only if actually received by the Administrator within the 60-day period or, if sent by mail, postmarked within the 60-day period.  The timely review will be completed by the Appeals Committee and should be sent to:
Appeals Committee
State Street Corporation
c/o Vice President, GHR-U.S. Benefits Planning
2 Avenue de Lafayette, LCC 1E 
Boston, MA  02111-1724

The Appeals Committee shall meet at such times and places as it considers appropriate, shall keep a record of such meetings and shall periodically report its deliberations to the Administrator.  Such reports shall include the basis upon which the appeal was determined and, where applicable, reference to prior determinations of claims involving similarly situated claimants.  The vote of a majority of the members of the Appeals Committee shall decide any question brought before the Appeals Committee.
7.Consideration of Appeals.  The Appeals Committee shall make an independent decision as to the claim based on a full and fair review of the record.  The Appeals Committee shall take into account in its deliberations all comments, documents, records and other information submitted by the claimant, whether submitted in connection with the appeal or in connection with the original claim, and may, but need not, hold a hearing in connection with its consideration of the appeal.  The Appeals Committee shall consider an appeal within a reasonable period of time, but not later than 60 days after receipt of the appeal, unless the Appeals Committee determines that special circumstances (such as the need to hold a hearing) require an extension of time.  If the Appeals Committee determines that an extension of time is required, it will cause written notice of the extension, including a description of the circumstances requiring an extension and the date by which the Appeals Committee expects to render the determination on review, to be furnished to the claimant before the end of the initial 

29

60-day period.  In no event shall an extension exceed a period of 60 days from the end of the initial period; provided, that in the case of any extension of time required by the failure of the claimant to submit information necessary for the Appeals Committee to consider the appeal, the period of time in which the appeal is required to be considered under this Paragraph 7 shall be tolled from the date on which notification of the extension is sent to the claimant until the date on which the claimant responds to the Appeals Committee's request for additional information.

8.Resolution of Appeal.  Notice of the Appeals Committee's determination with respect to an appeal shall be communicated to the claimant in writing by registered or certified mail posted within the time period described in Paragraph 7.  If the determination is adverse, such notice shall include:

		
	a)
	the specific reason or reasons for the adverse determination,

		
	b)
	reference to the specific plan provisions on which the adverse determination was based,

		
	c)
	reference to and a copy of these Procedures, so as to provide the claimant with a description of the claimant's rights regarding documentation as described in Paragraph 9, and

		
	d)
	a statement of the claimant's rights under Section 502(a) of ERISA to bring a civil action with respect to the adverse determination.

9.Certain Information.  In connection with the determination of a claim or appeal, a claimant may submit written comments, documents, records and other information relating to the claim and may request (in writing) copies of any documents, records and other information relevant to the claim.  An item shall be deemed relevant to a claim if it:

		
	a)
	was relied on in determining the claim,

		
	b)
	was submitted, considered or generated in the course of making such determination (whether or not actually relied on), or

		
	c)
	demonstrates that such determination was made in accordance with governing Plan documents (including, for this purpose, these Procedures) and that, where appropriate, Plan provisions have been applied consistently with similarly situated claimants.

The Administrator shall furnish free of charge copies of all relevant documents, records and other information so requested; provided, that nothing in these Procedures shall obligate the Company, the Administrator, or any person or committee to disclose any document, record or information that is subject to a privilege (including, without limitation, the attorney-client privilege) or the disclosure of which would, in the Administrator's judgment, violate any law or regulation.
10.Rights of a Claimant Where Appeal is Denied.
		
	a)
	The claimant's actual entitlement, if any, to bring suit and the scope of and other rules pertaining to any such suit shall be governed by, and subject to the limitations of, applicable law, including ERISA.  By extending to an employee or former employee the right to file a claim under these Procedures, neither the Company nor any person or committee appointed as Administrator acknowledges or concedes that such individual is a participant in any particular Plan within the meaning of such Plan or ERISA, and reserves the right to assert that an individual is not a participant in any action brought under Section 502(a).

		
	b)
	In no event may any legal proceeding regarding entitlement to benefits or any aspect of benefits under the Plan be commenced later than the earliest of:

30

		
	i)
	two years after the applicable Notice Date; or

		
	ii)
	one year after the date a claimant receives a decision from the Appeals Committee regarding his appeal; or

		
	iii)
	the date otherwise prescribed by applicable law.

		
	c)
	Before any legal proceeding can be brought, a participant must exhaust the claim appeals procedures as set forth herein.

11.Special Rules Regarding Disability.  Certain benefits under the Plans are contingent upon an individual's incurring a disability.  Where a claim requires a determination by the Company as to whether an individual is “disabled” as defined under the Plan, the additional rules set forth in Schedule 1 to these Procedures shall apply to the claim.  However, where disabled status is based upon actual entitlement to benefits under a separate plan in which the individual participates or is otherwise covered, the determination of such status for purposes of each Plan shall be made under such separate disability plan, and any claims or disputes as to disabled status under such plan or program shall be resolved in accordance with the procedures established for that purpose under the separate plan or program.

12.Authorized Representation.  A claimant may authorize an individual to represent him/her with respect to a claim or appeal made under these Procedures.  Any such authorization shall be in writing, shall clearly identify the name and address of the individual, and shall be delivered to the Plan Administrator at the address listed in Paragraph 3.  On receipt of a letter of authorization, all parties authorized to act under these Procedures shall be entitled to rely on such authorization, until similarly revoked by the claimant.  While an authorization is in effect, all notices and communications to be provided to the claimant under these Procedures shall also be provided to his/her authorized representative.

13.Form of Communications.  Unless otherwise specified above, any claim, appeal, notice, determination, request, or other communication made under these Procedures shall be in writing, with original signed copy delivered by hand or first class mail (including registered or certified mail).  A copy or advance delivery of any such claim, appeal, notice, determination, request, or other communication may be made by electronic mail or facsimile.  Any such electronic or facsimile communication, however, shall be for the convenience of the parties only and not in substitution of a writing required to be mailed or delivered under these Procedures, and receipt or delivery of any such claim, appeal, notice, determination, request, or other written communication shall not be considered to have been made until the actual posting or receipt of original signed copy, as the case may be.

14.Reliance on Outside Counsel, Consultants, etc.  The Administrator and the Appeals Committee may rely on or take into account advice or information provided by such legal, accounting, actuarial, consulting or other professionals as may be selected in determining a claim or appeal, including those individuals and firms that may render advice to the Company or the Plans from time to time.

31

FIRST AMENDMENT
TO THE
STATE STREET CORPORATION 
EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

Pursuant to the provisions of Section 7.1 of the State Street Corporation Executive Supplemental Retirement Plan, Amended and Restated January 1, 2008 (“the Plan”), State Street Corporation as plan sponsor hereby amends the Plan as follows: 
		
	1.
	Effective for actions taken on or after August 1, 2012, a new Section 2.9 is added to Article 2 as follows and all subsequent definitions in this section are renumbered:

“2.9   Authorized Person.  “Authorized Person” means the Authorized Person appointed pursuant to Section 6.1(b).”
		
	2.
	Effective for determinations made on or after January 1, 2013, current Section 2.9 is amended in its entirety as follows:

“2.9   Basic Plan.  “Basic Plan” means the State Street Salary Saving Program as the same may be amended from time to time for all purposes except with respect to i) Exhibit A, and ii) Exhibit B- Schedule 1, in which cases the Basic Plan shall mean the State Street Retirement Plan as the same may be amended from time to time.”
		
	3.
	Effective for all determinations made on or after October 1, 2012, the current Section 2.50 is amended in its entirety as follows:

“2.50   Reference Date.  “Reference Date” means a date that is as soon as administratively feasible but no later than 5 business days prior to each applicable payment date specified in Section 4.4; provided that if a Reference Date is not a Business Day, such Reference Date shall be deemed to be the immediately following Business Day.
		
	4.
	Effective for all determinations made on or after August 1, 2012, current Section 2.58 is amended in its entirety as follows:

“2.58   Service.  “Service” means a Participant's years (and fraction thereof) of service with the Employer for vesting and eligibility (as determined under the terms of the Basic Plan as in effect on the Effective Date).  For the avoidance of doubt, for any Participant who was terminated at any time and subsequently rehired on or after August 1, 2012, only Service after rehire will be counted.” 
		
	5.
	Effective for employees hired or rehired on or after August 1, 2012, Section 3.3 is amended in its entirety as follows:

“3.3   Age/Service Requirements for Supplemental Benefits Upon Retirement 
(a)    Any Participant who became an Eligible Employee before August 1, 2012 shall be eligible to receive a Supplemental Benefit in connection with Retirement only if he or she has (i) attained Early Retirement Age and (ii) satisfied the “rule of 60” (age plus completed years of Service must equal at least 60).

32

(b)    Any Participant hired or rehired, or first elected an Executive Vice President (or to a superior position), on or after August 1, 2012, shall be eligible to receive a Supplemental Benefit in connection with Retirement only if he or she has (i) attained Early Retirement Age, (ii) satisfied the “rule of 60” (age plus completed years of Service must equal at least 60), and (iii) has completed a minimum of 5 years of Service.”
		
	6.
	Effective as if incorporated in the January 1, 2008 amendment and restatement of the Plan, Section 3.6(a) is amended by adding the following sentence to the end thereof:

“For the avoidance of doubt, if a Participant is rehired by the Employer, the Supplemental Benefits forfeited upon such Participant's Separation From Service shall remain forfeited.” 
		
	7.
	Effective August 1, 2012, Section 4.3(a) is amended in its entirety as follows:

“Generally.  An Active Participant shall commence vesting in his or her Account on the date that the Active Participant (i) attains Early Retirement Age and (ii) satisfies the requirements under Section 3.3 (the “Age/Service Requirements for Supplemental Benefits Upon Retirement”).  An Active Participant shall vest on a cumulative basis in one-third (33.3%) of his or her Account on the Account Vesting Date, and each of the Active Participant's first two birthdays immediately subsequent to the Account Vesting Commencement Date.  Notwithstanding the foregoing, a Continuing Participant who was first elected an Executive Vice President (or to a superior position) prior to March 1, 2000 shall immediately vest in full in his or her Account on the date such Continuing Participant attains Early Retirement Age.”
		
	8.
	Effective for Retirements after October 1, 2012, Section 4.4 (a) is amended in its entirety as follows:

“Retirement.  
(i) Upon an Active Participant's Retirement, the vested balance of the Participant's Account, other than the ESRP Share Award if applicable, shall be payable to the Participant in cash in three installment payments.  The amount of each cash installment payment shall be the amount determined by multiplying the value of a Participant's Account, other than the ESRP Share Award if applicable, calculated as of the close of business on the applicable Reference Date by a fraction, the numerator of which is one and the denominator of which is the remaining number of payments due to the Participant.  The installment payments shall be payable on the following dates: (i) the first Business Day of the month following the date that is six months after the Participant's Retirement Date, (ii) the first Business Day of the month coinciding with or following the first anniversary of the Participant's Retirement Date, and (iii) the first Business Day of the month coinciding with or following the second anniversary of the Participant's Retirement Date, or, in each case, as soon as administratively feasible thereafter in a manner that is consistent with Section 409A Compliance.
(ii) Upon an Active Participant's Retirement, the vested balance of the Participant's ESRP Share Award if applicable shall be distributed to the Participant in the form of shares of Stock, also in three installment payments.  The number of 

33

shares in any installment payment of an ESRP Share Award if applicable shall the total number of shares under such Award remaining unpaid on the applicable Reference Date multiplied by a fraction, the numerator of which is one and the denominator of which is the remaining number of payments due to the Participant.  The installment payments shall be payable on the following dates: (i) the first Business Day following the date that is six months after the Participant's Retirement Date, (ii) the first Business Day coinciding with or following the first anniversary of the Participant's Retirement Date, and (iii) the first Business Day coinciding with or following the second anniversary of the Participant's Retirement Date, or, in each case, as soon as administratively feasible thereafter in a manner that is consistent with Section 409A Compliance.”
		
	9.
	Effective for disability determinations after October 1, 2012, Section 4.4(c) is amended in its entirety as follows:

“Total Disability.   
Upon the Total Disability of an Active Participant, the balance of the Active Participant's Account, including the ESRP Share Award if applicable, calculated as of the close of business on the Reference Date, shall be paid to the Active Participant in a single lump sum cash distribution as soon as administratively feasible following the date on which the Active Participant becomes Totally Disabled, and in any event by the later of A) the fifteenth day of the third month following the date on which the Participant becomes Totally Disabled, or B) the end of the calendar year in which the Participant becomes Disabled, in a manner that is consistent with Section 409A Compliance, provided the Active Participant has remained Totally Disabled through the date of payment.  
		
	10.
	Effective for actions taken on or after August 1, 2012, Section 6.1 is amended in its entirety as follows:

“6.1   Administration. 
		
	(a)
	Authority of the Committee.  The Administrator of the Plan shall be the Committee.  The Administrator shall have complete discretionary authority to interpret the Plan and to decide all matters under the Plan.  Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Administrator acted arbitrarily and capriciously.  The Administrator shall establish such rules and procedures, maintain such records and prepare such reports as it considers to be necessary or appropriate to carry out the purposes of the Plan.  As the Administrator, the Committee's powers and duties shall include, but shall not be limited to, permitting the acceleration of vesting in individual cases in its sole and exclusive direction.

		
	(b)
	Authorized Person.  Except as the Committee may otherwise determine, the Authorized Person shall be the Executive Vice President-Global Human Resources, as from time to time in office, and his or her delegates.  The Authorized Person shall have the power and responsibility to (i) undertake routine administrative tasks related to the Plan, (ii) make amendments to 

34

the Plan (in general or with respect to one or more individual Participants or Beneficiaries) that are administrative in nature and that do not materially increase the financial obligations of the Employer, and (iii) add, remove or change investment options (including with respect to balances already notionally invested) under the Plan.  References to “Committee” in Sections 6.2, 6.3 and 6.4 below shall be deemed to include the Authorized Person acting within the scope of his or her responsibilities as described in the immediately preceding sentence.
		
	(c)
	Notwithstanding any other provision in this Section, no individual acting, directly or by delegation (including, for the avoidance of doubt, the Authorized Person), as the Administrator may determine his or her own rights or entitlements under the Plan.”

		
	11.
	Effective for actions taken on or after August 1, 2012, Section 6.2 is amended in its entirety as follows:

“6.2   Outside Services.  The Committee may engage counsel and such clerical, financial, investment, accounting, and other specialized services as the Committee may deem necessary or appropriate in the administration of the Plan.  The Committee shall be entitled to rely upon any opinions, reports, or other advice furnished by counsel or other specialists engaged for that purpose and, in so relying, shall be fully protected by the Company in any action, determination, or omission made in good faith.
		
	12.
	Effective for amendments made on or after August 1, 2012, Section 7.1 is amended in its entirety as follows:

“7.1   Amendment/Termination of Plan.  Subject to Section 7.2 below, the Company hereby reserves the right to amend, modify or terminate the Plan at any time by action of a majority of the members of the Committee.  In addition, the Authorized Person shall have the right at any time and from time to time to make amendments to the Plan as specified in Section 6.1(b).  Except as described below in this Article 7, no such amendment or termination shall in any material manner reduce or adversely affect any Participant's accrued benefit without the consent of the Participant.  Upon termination of the Plan, payment of a Participant's Supplemental Benefits shall be made in accordance with the terms of the Plan and the elections in effect prior to such termination, unless the Board or the Committee, in its discretion, determines to accelerate payment, and such acceleration may be effected in a manner that will not cause any Participant or Beneficiary to recognize income for U.S. federal income tax purposes prior to the time of a distribution of Supplemental Benefits or to incur interest or additional tax under Section 409A (“Section 409A Compliance”).”
		
	13.
	Effective for disability determinations after October 1, 2012, Section A.2.5 is amended by replacing the last sentence thereof in its entirety as follows: 

“The first installment payment shall be made by the later of (A) the fifteenth day of the third month following the date on which the Continuing Participant becomes Totally Disabled or (B) the end of the calendar year in which the Continuing Participant becomes Totally Disabled, and the remaining installments shall be made on the first Business Day of the month coinciding with or following the first and second anniversaries of the first installment payment date, or, in each case, as soon 

35

as administratively feasible thereafter in a manner that is consistent with Section 409A Compliance.”
		
	14.
	Effective for Retirements after October 1, 2012, Section A.2.6(a) is amended in its entirety as follows:

“Retirement.  In the event of a Continuing Participant's Retirement after satisfying the age and service requirements of Section 3.3, a Continuing Participant's Supplemental Defined Benefit shall be paid in cash in three equal installment payments which, in the aggregate, are the Actuarial Equivalent of the Supplemental Defined Benefit as of the Continuing Participant's Retirement Date.  The installment payments shall be made on the following dates:  (i) the first Business Day of the month following the date that is six months after the Continuing Participant's Retirement Date, (ii) the first Business Day of the month coinciding with or following the first anniversary of the Continuing Participant's Retirement Date, and (iii) the first Business Day of the month coinciding with or following the second anniversary of the Continuing Participant's Retirement Date, or, in each case, as soon as administratively feasible thereafter in a manner that is consistent with Section 409A Compliance.” 
		
	15.
	Effective for disability determinations after October 1, 2012, Section A.2.6(c) is amended in its entirety as follows:

“Total Disability.  Upon the Total Disability of a Continuing Participant after satisfying the age and service requirements of Section 3.3 but before commencement of benefit payments, a Continuing Participant's Supplemental Defined Benefit shall be paid in cash in three equal installment payments, which in the aggregate are the Actuarial Equivalent of the Supplemental Defined Benefit as of the Continuing Participant's Total Disability Date, provided the Continuing Participant has remained Totally Disabled through the date of payment.  The first installment payment shall be made by the later of (A) the fifteenth day of the third month following the date on which the Continuing Participant becomes Totally Disabled or (B) the end of the calendar year in which the Continuing Participant becomes Totally Disabled, and the remaining installments shall be made on the first Business Day of the month coinciding with or following the first and second anniversaries of the first installment payment date, or, in each case, as soon as administratively feasible thereafter in a manner that is consistent with Section 409A Compliance.”
IN WITNESS WHEREOF, State Street Corporation has caused this instrument to be executed by its duly authorized officer this 20th day of November, 2012. 

STATE STREET CORPORATION

By: /s/ Raji Antoun______________
        
Name: Raji Antoun_________________

Title: Senior Vice President__________

36

SECOND AMENDMENT
TO THE
STATE STREET CORPORATION 
EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

Pursuant to the provisions of Section 7.1 of the State Street Corporation Executive Supplemental Retirement Plan, Amended and Restated January 1, 2008 (“the Plan”), State Street Corporation as plan sponsor hereby amends the Plan as follows: 
		
	16.
	Effective for actions taken on or after January 1, 2013, the current Section 4.1 is amended in its entirety as follows:

4.1     Company Credits.
(a)    Generally.  For Plan Years commencing on and after the Effective Date, an Active Participant shall be entitled to receive Company Credits as follows:
(i)  An Active Participant who was a Participant for an entire Plan Year shall receive a Company Credit in the amount of $200,000 on the Annual Credit Date for the Plan Year to his or her Account; provided, however, that the Company Credit received under this Section 4.1(a)(i) for the 2013 Plan Year shall be in the amount of $100,000 and shall not be provided to an Active Participant who is an Operating Group Participant.
(ii) An Active Participant who became an Active Participant during a Plan Year shall receive for such Plan Year a Company Credit equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year during which the Active Participant was an Active Participant, and the denominator of which is twelve; provided, however, that the Company Credit received under this Section 4.1(a)(ii) for the 2013 Plan Year shall be equal to the product of (x) $100,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year during which the Active Participant was an Active Participant but not an Operating Group Participant, and the denominator of which is twelve.  Such Company Credit shall be credited to the Active Participant's Account on the Annual Credit Date for the relevant Plan Year. 
(iii) An Active Participant who becomes a Separated Participant due to Retirement, death or Total Disability during a Plan Year shall receive a Company Credit equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year when such Participant was an Active Participant prior to (I) the Active Participant's Retirement Date, (II) the date of the Active Participant's death or (III) the date the Active Participant became Totally Disabled, as applicable, and the denominator of which is twelve; provided, however, that the Company Credit received under this Section 4.1(a)(iii) for the 2013 Plan Year shall be equal to the product of (x) $100,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year when such Participant was an Active Participant but not an Operating Group Participant prior to (I) the 

37

Active Participant's Retirement Date, (II) the date of the Active Participant's death or (III) the date the Active Participant became Totally Disabled, as applicable, and the denominator of which is twelve).  Such prorated Company Credit shall be credited to the Participant's Account on the last Business Day of the month in which the Participant's Retirement, death or Total Disability occurred (the "Final Credit Date").
(b) Operating Group Participants.  An Operating Group Participant shall be entitled to receive the following for Plan Years commencing on and after the Effective Date:  
(i) An Active Participant who is an Operating Group Participant for an entire Plan Year shall be granted on the Annual Credit Date for such Plan Year a deferred share unit award under the Equity Plan (an "ESRP Share Award") with a Fair Market Value on such Annual Credit Date equal to $200,000.  The terms of the ESRP Share Award shall, in a manner that results in Section 409A Compliance, provide that the award will vest in accordance with Section 4.3 of the Plan and the underlying shares of Stock will be settled to the Operating Group Participant in accordance with Section 4.4 of the Plan, subject, in each case, to Section 7 of the Equity Plan or any successor provision.  In addition, the ESRP Share Award shall provide for dividend equivalents.  The other terms of the ESRP Share Award shall be governed by the Equity Plan.
(ii) An Active Participant who is an Operating Group Participant for a portion of a Plan Year, other than an Active Participant who becomes a Separated Participant during the Plan Year, shall receive an ESRP Share Award with a Fair Market Value on such Annual Credit Date equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year during which the Active Participant was an Operating Group Participant and the denominator of which is twelve.  Such ESRP Share Award shall be granted to the Active Participant on the Annual Credit Date for the relevant Plan Year. 
(iii) An Active Participant who becomes a Separated Participant due to Retirement, death or Total Disability during a Plan Year at a time when he/she is an Operating Group Participant, shall not be entitled to an ESRP Share Award in respect of such Plan Year but instead for the period of the Plan Year, if any,  when the Active Participant was an Operating Group Participant shall be entitled to receive a Company Credit  equal to the product of (x) $200,000 and (y) a fraction, the numerator of which is the number of complete calendar months in the Plan Year when the Active Participant was an Operating Group Participant prior to (I) the Operating Group Participant's Retirement Date, (II) the date of the Operating Group Participant's death or (III) the date the Operating Group Participant became Totally Disabled, as applicable, and the denominator of which is twelve.  Such prorated Final Company Credit shall be credited to the Participant's Account on the Final Credit Date.
For the avoidance of doubt, an Operating Group Participant shall also be entitled to Company Credits pursuant to Section 4.1(a); provided, however that for the 2013 Plan Year, an Operating Group Participant shall not be entitled to 

38

Company Credits pursuant to Section 4.1(a) for any period during a Plan Year when the Active Participant was an Operating Group Participant.

IN WITNESS WHEREOF, State Street Corporation has caused this instrument to be executed by its duly authorized officer this 12th day of December, 2012. 

STATE STREET CORPORATION

By: /s/ Todd Gershkowitz_________

        
Name: Todd Gershkowitz____________

Title: Senior Vice President_________

39Exhibit 10.7

Exhibit 10.7

STATE STREET CORPORATION
2006 EQUITY INCENTIVE PLAN
as Amended and Restated (2012)

1.DEFINED TERMS; EFFECTIVE DATE
Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.  The Plan shall take effect on the Effective Date.

2.PURPOSE
The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock-based Awards.

3.ADMINISTRATION
The Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan, determine eligibility for and grant or cancel Awards; determine, modify or waive the terms and conditions, size, or type of any Award, prescribe forms, rules and procedures, and otherwise do all things necessary to carry out the purposes of the Plan.  In the case of any Award intended to be eligible for the performance-based compensation exception under Section 162(m), the Administrator will exercise its discretion consistent with qualifying the Award for that exception.  Determinations of the Administrator made under the Plan will be conclusive and will bind all parties.
4.LIMITS ON AWARDS UNDER THE PLAN
(a)Number of Shares.  The number of shares of Stock available for delivery in satisfaction of Awards under the Plan shall be determined in accordance with this Section 4(a).
(1)  Subject to Section 7(b), the maximum number of shares of Stock that may be delivered in satisfaction of Awards under the Plan shall be 52,500,000 plus the number (not to exceed 8,000,000) of unused Prior Plan shares.  For purposes of the preceding sentence, shares of Stock shall be unused Prior Plan shares (i) if they were subject to awards under the Prior Plan, other than restricted stock awards, that were outstanding on the day preceding the Effective Date to the extent such Prior Plan awards are exercised or are satisfied, or terminate or expire, on or after the Effective Date without the delivery of such shares, or (ii) if they were outstanding on the day preceding the Effective Date as restricted stock awards under the Prior Plan and are thereafter forfeited.  The number of shares of Stock delivered in satisfaction of an Award shall be, for purposes of the first sentence of this Section 4(a)(1), the number of shares of Stock subject to the Award reduced by the number of shares of Stock (a) withheld by the Company in payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award, or (b) awarded under the Plan as Restricted Stock but thereafter forfeited, or (c) made subject to an Award that is exercised or satisfied, or that terminates or expires, without the delivery of such shares.
(2)  To the extent consistent with the requirements of Section 422 and with other applicable legal requirements (including applicable stock exchange requirements), Stock issued under awards of an acquired company that are converted, replaced, or adjusted in connection with the acquisition shall not reduce the number of shares available for Awards under the Plan.  

(b)Type of Shares.  Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company.  No fractional shares of Stock will be delivered under the Plan.
(c)Section 162(m) Limits.  Subject to Section 7(b), the maximum number of shares of Stock for which Stock Options may be granted to any person in any calendar year and the maximum number of shares of Stock subject to SARs granted to any person in any calendar year shall each be 2,000,000, and the maximum number of shares subject to other Awards granted to any person in any calendar year shall be 2,000,000 shares.  The provisions of this Section 4(c) shall be construed in a manner consistent with Section 162(m).

5.ELIGIBILITY AND PARTICIPATION
The Administrator will select Participants from among those key Employees and directors of, and consultants and advisors to, the Company or its Subsidiaries who, in the opinion of the Administrator, are in a position to make a significant contribution to the success of the Company and its Subsidiaries.  Eligibility for ISOs is limited to employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in Section 424 of the Code.
6.RULES APPLICABLE TO AWARDS
(a)All Awards
(1)  Award Provisions.  The Administrator will determine the terms of all Awards, subject to the limitations provided herein.  By accepting any Award granted hereunder, the Participant agrees to the terms of the Award and the Plan.  Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.
(2)  Term of Plan.  No Awards may be made after May 15, 2022, but previously granted Awards may continue beyond that date in accordance with their terms.
(3)  Transferability.  Neither ISOs nor, except for gratuitous transfers (i.e., transfers for no consideration) to the extent permitted by the Administrator, other Awards may be transferred other than by will or the laws of descent and distribution, and during a Participant's lifetime ISOs (and, except as the Administrator otherwise expressly provides, other non-transferable Awards requiring exercise) may be exercised only by the Participant.
(4)  Vesting, Etc.   The Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an Award requiring exercise will remain exercisable.  Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax consequences resulting from such acceleration.  Unless the Administrator expressly provides otherwise, however, the following rules will apply:  immediately upon the cessation of the Participant's Employment, each Award requiring exercise that is then held by the Participant or by the Participant's permitted transferees, if any, will cease to be exercisable and will terminate, and all other Awards that are then held by the Participant or by the Participant's permitted transferees, if any, to the extent not already vested will be forfeited, except that:
(A)  subject to (B) and (C) below, all Stock Options and SARs held by the Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Employment, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of three months or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon terminate;
(B)  all Stock Options and SARs held by a Participant or the Participant's permitted transferees, if any, immediately prior to the Participant's death, to the extent then exercisable, will remain exercisable for the lesser of (i) the one year period ending with the first anniversary of the 

Participant's death or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon terminate; and
(C)  all Stock Options and SARs held by a Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Employment will immediately terminate upon such cessation if the Administrator in its sole discretion determines that such cessation of Employment has resulted for reasons which cast such discredit on the Participant as to justify immediate termination of the Award.
(5)  Taxes.  The Administrator will make such provision for the withholding of taxes as it deems necessary.  The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law).
(6)  Dividend Equivalents, Etc.  The Administrator may provide for the payment of amounts in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award.  Any entitlement to dividend equivalents or similar entitlements shall be established and administered consistent either with exemption from, or compliance with, the requirements of Section 409A to the extent applicable.
(7)  Rights Limited.  Nothing in the Plan will be construed as giving any person the right to continued employment or service with the Company or its Subsidiaries, or any rights as a shareholder except as to shares of Stock actually issued under the Plan.  The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or Subsidiary to the Participant.
(8)  Section 162(m).  This Section 6(a)(8) applies to any Performance Award intended to qualify as performance-based for the purposes of Section 162(m) other than a Stock Option or SAR.  In the case of any Performance Award to which this Section 6(a)(8) applies, the Plan and such Award will be construed to the maximum extent permitted by law in a manner consistent with qualifying the Award for such exception. With respect to such Performance Awards, the Administrator will preestablish, in writing, one or more specific Performance Criteria no later than 90 days after the commencement of the period of service to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m)).  Prior to grant, vesting or payment of the Performance Award, as the case may be, the Administrator will certify whether the applicable Performance Criteria have been attained and such determination will be final and conclusive.  No Performance Award to which this Section 6(a)(8) applies may be granted after the first meeting of the shareholders of the Company held in 2017 until the listed performance measures set forth in the definition of “Performance Criteria” (as originally approved or as subsequently amended) have been resubmitted to and reapproved by the shareholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such approval.

(b)Awards Requiring Exercise
(1)  Time And Manner Of Exercise.  Unless the Administrator expressly provides otherwise, an Award requiring exercise by the holder will not be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator) signed by the appropriate person and accompanied by any payment required under the Award.  If the Award is exercised by any person other than the Participant, the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so.
(2)  Section 409A Exemption.  Except as the Administrator otherwise determines, no Award requiring exercise shall have deferral features, or shall be administered in a manner, that would cause such Award to fail to qualify for exemption from Section 409A.
(3)  Exercise Price.  The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise shall be 100% of the fair market value of the Stock subject 

to the Award, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant.  No such Award, once granted, may be repriced other than in accordance with the applicable shareholder approval requirements of the New York Stock Exchange.  Fair market value shall be determined by the Administrator consistent with the requirements of Section 422 and Section 409A.
(4)  Payment Of Exercise Price.  Where the exercise of an Award is to be accompanied by payment, the Administrator may determine the required or permitted forms of payment, subject to the following:  all payments will be by cash or check acceptable to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of shares of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have a fair market value equal to the exercise price, (ii) through a broker-assisted exercise program acceptable to the Administrator, (iii) by other means acceptable to the Administrator, or (iv) by any combination of the foregoing permissible forms of payment.  The delivery of shares in payment of the exercise price under Section 6(b)(3)(i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

(c)Awards Not Requiring Exercise
Restricted Stock and Unrestricted Stock, whether delivered outright or under Awards of Stock Units or other Awards that do not require exercise, may be made in exchange for such lawful consideration, including services, as the Administrator determines.   Any Award resulting in a deferral of compensation subject to Section 409A shall be construed to the maximum extent possible, as determined by the Administrator, consistent with the requirements of Section 409A.

		
	7.
	EFFECT OF CERTAIN TRANSACTIONS

(a)Mergers, etc.  Except as otherwise provided in an Award, the following provisions shall apply in the event of a Covered Transaction:
(1)   Assumption or Substitution.  If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for the assumption of some or all outstanding Awards or for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.
(2)   Cash-Out of Awards.  If the Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether cash, non-cash or a combination of the foregoing), the Administrator may provide for payment (a “cash-out”), with respect to some or all Awards, equal in the case of each affected Award to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator in its reasonable discretion) times the number of shares of Stock subject to the Award, over (B) the aggregate exercise or purchase price, if any, under the Award (in the case of an SAR, the aggregate base price above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of Stock) and other terms, and subject to such conditions, as the Administrator determines.
(3)  Acceleration of Certain Awards.  If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which there is no assumption, substitution or cash-out, each Award requiring exercise will become fully exercisable, and the delivery of shares of Stock deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated and such shares will be delivered, prior to the Covered Transaction, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the shares, as the case may be, to participate as a shareholder in the Covered Transaction. 
(4)  Termination of Awards Upon Consummation of Covered Transaction.  Each Award (unless assumed pursuant to Section 7(a)(1) above), other than outstanding shares of Restricted Stock (which shall be treated in the same manner as other shares of Stock, subject to Section 7(a)(5) 

below), will terminate upon consummation of the Covered Transaction.
(5)  Additional Limitations.  Any share of Stock delivered pursuant to Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was subject.  In the case of Restricted Stock, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.

(b)Change in and Distributions With Respect to Stock; Other Adjustments
(1)  Basic Adjustment Provisions.  In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in the Company's capital structure, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section 4(a) that may be delivered under the Plan and to the maximum share limits described in Section 4(c), and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other provision of Awards affected by such change. 
(2)  Certain Other Adjustments.  The Administrator may also make adjustments of the type described in Section 7(b)(1) above to take into account distributions to shareholders other than those provided for in Section 7(a) and 7(b)(1), material changes in law or accounting practices, principles, or interpretations, mergers, consolidations, acquisitions, dispositions, or similar corporate transactions, or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan, having due regard for the qualification of ISOs under Section 422, the requirements of Section 409A, and the performance-based compensation rules of Section 162(m), where applicable.
(3)  Continuing Application of Plan Terms.  References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7.
(c)Change in Control Provisions.   Notwithstanding any other provision of the Plan to the contrary, in the event of a Change of Control:
(1)    Acceleration of Stock Options and SARs; Effect on Other Awards.  All Stock Options and SARs outstanding as of the date such Change of Control is determined to have occurred and which are not then exercisable shall (prior to application of the provisions of Section 7(a), above, in the case of a Change of Control that also constitutes a Covered Transaction) become exercisable to the full extent of the original grant, all shares of Restricted Stock which are not otherwise vested shall vest, and holders of Performance Awards granted hereunder as to which the relevant performance period has not ended as of the date such Change of Control is determined to have occurred shall be entitled at the time of such Change of Control to receive a cash-out with respect to each Performance Award in the amount and in a form described in Section 7(a)(2).

(2)    Restriction on Application of Plan Provisions Applicable in the Event of Termination of Employment.  After a Change of Control, Stock Options and SARs granted under Section 7(a)(1) as substitution for existing Awards shall remain exercisable following a termination of employment or other service relationship (other than termination by reason of death, disability (as determined by the Company) or retirement (as defined in the Award)) for the lesser of (i) a period of seven (7) months, or (ii) the period ending on the latest date on which such Stock Option or SAR could otherwise have been exercised.

(3)    Restriction on Amendment.  In connection with or following a Change of Control, neither the Committee nor the Board may impose additional conditions upon exercise or otherwise amend or restrict any Award, or amend the terms of the Plan in any manner adverse to the holder thereof, 

without the written consent of such holder.

(d)    Section 409A.  Notwithstanding the foregoing provisions of this Section 7, Awards subject to and intended to satisfy the requirements of Section 409A shall be construed and administered consistent with such intent.
8.LEGAL CONDITIONS ON DELIVERY OF STOCK
The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived.  If the sale of Stock has not been registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act.  The Company may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 

9.AMENDMENT AND TERMINATION
The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator may not, without the Participant's consent, alter the terms of an Award so as to affect materially and adversely the Participant's rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the Award.  Any amendments to the Plan shall be conditioned upon shareholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange requirements), as determined by the Administrator.

10.OTHER COMPENSATION ARRANGEMENTS
The existence of the Plan or the grant of any Award will not in any way affect the Company's right to award a person bonuses or other compensation in addition to Awards under the Plan.

11.MISCELLANEOUS
(a)    Waiver of Jury Trial.   By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before a court and not before a jury.  By accepting an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.
(b)    Limitation of Liability.  Notwithstanding anything to the contrary in the Plan, neither the Company nor the Administrator, nor any person acting on behalf of the Company or the Administrator, shall be liable to any Participant or to the estate or beneficiary of any Participant by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the 

requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 11(b) shall limit the ability of the Administrator or the Company to provide by express agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax. 
(c)    Special Terms for Non-U.S. Participants.  The Administrator may establish special rules under the Plan (which may be, but need not be, consistent with the rules applicable to Participants and Awards generally) for Awards to Participants who are or are expected to be employed by or otherwise providing services outside the United States or to a non-U.S. Subsidiary, provided, that no such rules shall be established without the approval of the shareholders of the Company to the extent they would be ineffective without such shareholder approval if accomplished as an amendment to the Plan pursuant to Section 9.

EXHIBIT A

Definition of Terms

The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:

“Administrator”:  The Executive Compensation Committee or, if the Board so determines, another committee of the Board, except that the Executive Compensation Committee or such other committee may delegate (i) to one or more of its members such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the  power and authority to grant or to allocate, consistent with the requirements of Chapter 156D of the Massachusetts General Laws and subject to such limitations as the Executive Compensation Committee or such other committee may impose, Awards among such persons (other than officers of the Company) eligible to receive Awards under the Plan as such delegated officer or officers determine consistent with such delegation; and (iii) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate.  In the event of any delegation described in the preceding sentence, the term “Administrator” shall include the person or persons so delegated to the extent of such delegation.  If the Executive Compensation Committee or such other committee includes members who are not “non-employee directors” within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, or “outside directors” within the meaning of paragraph (4)(c)(i)  of Section 162(m), it shall act and shall be deemed to have acted, in any case where it would be required to do so with respect to Awards to directors or executive officers of the Company to ensure exemption under Rule 16b-3 or Section 162(m), through a subcommittee consisting solely of its non-employee and outside director members. 

“Award”:  Any or a combination of the following:  

(i) Stock Options. 

(ii) SARs.

(iii) Restricted Stock.

(iv) Unrestricted Stock.

(v)  Stock Units, including Restricted Stock Units. 

(vi) Performance Awards.

(vii)  Awards (other than Awards described in (i) through (vi) above) that are convertible into or otherwise based on Stock. 

“Board”:  The Board of Directors of the Company.

“Change in Control”:  Any of the following:
 (1)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (x) the then outstanding shares of Stock of the Company (the "Outstanding Company Common Stock") or (y) the combined voting power of the then 

outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); excluding, however, the following acquisitions of Outstanding Company Common Stock and Outstanding Company Voting Securities:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of this definition; or

(2)    Individuals who, as of the effective date of the Plan, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a member of the Board subsequent to such effective date, whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

(3)    Consummation by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company ("Business Combination"); excluding, however, such a Business Combination pursuant to which (i) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (other than any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or such corporation resulting from such Business Combination) will beneficially own, directly or indirectly, 25% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed with respect to the Company prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

(4)    The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company; provided, that, to the extent necessary to ensure compliance with the requirements of Section 409A, where applicable, an event described above shall be treated as a Change in Control only if it also constitutes or results in a change in ownership or control of the Company, or a change in ownership of assets of the Company, described in Section 409A.

 “Code”:  The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.  Any reference to a provision of the Code shall 

include, as determined by the Administrator, a reference to applicable regulations and Internal Revenue Service guidance with respect to such provision. 

“Company”:  State Street Corporation.

“Covered Transaction”:  Any of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company's then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company's assets, or (iii) a dissolution or liquidation of the Company.  Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction shall be deemed to have occurred upon consummation of the tender offer.

“Effective Date”:  The date on which the shareholders of the Company approve the Plan.

“Employee”:  Any person who is employed by the Company or a Subsidiary.

“Employment”:  A Participant's employment or other service relationship with the Company and its Subsidiaries.  Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 5 to the Company or its Subsidiaries.  If a Participant's employment or other service relationship is with a Subsidiary and that entity ceases to be a Subsidiary, the Participant's Employment will be deemed to have terminated when the entity ceases to be a Subsidiary unless the Participant transfers Employment to the Company or its remaining Subsidiaries.

“Executive Compensation Committee”:  The Executive Compensation Committee of the Board.
    
“ISO”:  A Stock Option intended to be an “incentive stock option” within the meaning of Section 422.  Each option granted pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive stock option unless, as of the date of grant, it is expressly designated as an ISO.  No ISO shall be exercisable beyond ten years from the date of grant.

“Participant”:  A person who is granted an Award under the Plan.

“Performance Award”:  An Award subject to Performance Criteria.  The Committee in its discretion may grant Performance Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) and Performance Awards that are not intended so to qualify.

“Performance Criteria”:  Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award.  For purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m), a Performance Criterion will mean an objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof):  sales; revenue; assets; expenses; expense control; earnings before or after 

deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; capital or capital ratios; one or more operating ratios; operating leverage; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; shareholder return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings.  A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss.  To the extent consistent with the requirements for satisfying the performance-based compensation exception under Section 162(m), the Administrator may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Criteria applicable to such Award will be adjusted in an objectively determinable manner to reflect events (for example, but without limitation, acquisitions or dispositions, changes in accounting principles or interpretations, impairment charges) occurring during the performance period that affect the applicable Performance Criterion or Criteria.

“Plan”:  The State Street Corporation 2006 Equity Incentive Plan as from time to time amended and in effect.

“Prior Plan”:  The State Street Corporation 1997 Equity Incentive Plan as amended and in effect prior to the Effective Date.

“Restricted Stock”:  Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if specified conditions are not satisfied.

“Restricted Stock Unit”:  A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions.

“SAR”:  A right entitling the holder upon exercise to receive an amount (payable in shares of Stock of equivalent value) equal to the excess of the fair market value of the shares of Stock subject to the right over the fair market value of such shares at the date of grant.    

“Section 409A”:  Section 409A of the Code.

“Section 422”:  Section 422 of the Code.

“Section 162(m)”:  Section 162(m) of the Code.

“Stock”:  The Common Stock of the Company, par value $1 per share.

“Stock Option”:  An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

“Stock Unit”:  An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the future.

“Subsidiary”:  Any corporation or other entity that stands in a relationship to the Company that would result in the Company and such corporation or other entity being treated as one employer under Section 414(b) or Section 414(c) of the Code, except that in determining eligibility for the grant of a Stock 

Option or SAR by reason of service for a Subsidiary, Sections 414(b) and 414(c) of the Code shall be applied by substituting “at least 50%” for “at least 80%” under Section 1563(a)(1), (2) and (3) of the Code and Treas. Regs. § 1.414(c)-2; provided, that to the extent permitted under Section 409A, “at least 20%” shall be used in lieu of “at least 50%”; and further provided, that the lower ownership threshold described in this definition (50% or 20% as the case may be) shall apply only if the same definition of affiliation is used consistently with respect to all compensatory stock options or stock awards (whether under the Plan or another plan).  The Company may at any time by amendment provide that different ownership thresholds (consistent with Section 409A) apply.  Notwithstanding the foregoing provisions of this definition, except as otherwise determined by the Administrator a corporation or other entity shall be treated as a Subsidiary only if its employees would be treated as employees of the Company for purposes of the rules promulgated under the Securities Act of 1933, as amended, with respect to the use of Form S-8.

“Unrestricted Stock”:  Stock not subject to any restrictions under the terms of the Award.

STATE STREET CORPORATION
2006 EQUITY INCENTIVE PLAN

1.    2012 Deferred Stock Award Agreement

Subject to your acceptance of the terms set forth in this agreement (the “Agreement”), State Street Corporation (the “Company”) has awarded you a contingent right to receive the number of shares of Stock (the “Deferred Shares”) (the “Award”) detailed in your Award information on the website maintained by the Equity Administrator (Fidelity or another third party designated by the Company) (the “Statement”) and pursuant to the State Street Corporation 2006 Equity Incentive Plan, as amended (the “Plan”) and the terms set forth below.  A copy of the Plan document and the Company's U.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 this Agreement and the provisions of the Plan, the provisions of the Plan shall control. 
The terms of your Award, are as follows: 
		
	2.
	Grant of Deferred Stock Award. 

To be entitled to any payment under the Award, you must accept your Award and in so doing agree to comply with the terms and conditions of this Agreement and Appendix A (which is incorporated into, and forms a part of, this Agreement).  Failure to accept the Award within 120 days following the posting of this Agreement on the Equity Administrator website will result in forfeiture of the Award1. For purposes of clarity the 120 day period shall run from date of delivery of your Statement.  Should the end of this period fall on a non-business day this period shall extend until the next succeeding business day.  Subject to paragraphs 4 and 5 and this paragraph 1, your right to receive shares of Stock 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 one or more shares of Stock.  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 Subsidiary from and after the date hereof and until (and including) the applicable vesting date, except as otherwise provided herein.
		
	3.
	Form of Payment; Shareholder Rights.  

Shares of Stock will be issued and transferred to you, pursuant to the vesting schedule in your Statement, only if and when all requirements of this Agreement have been satisfied.  Prior to that time you will have no rights as a shareholder with respect to the Deferred Shares.  Without limiting the foregoing, you will have no right to receive dividends or amounts in lieu of dividends with respect to the Deferred Shares and no right to vote the Deferred Shares.  The Company's obligation to issue and transfer Stock in the future pursuant to the Agreement is an unsecured and unfunded contractual obligation.
		
	4.
	Payment of Stock.  

Upon your becoming vested, the Company will issue and transfer to you, upon but no later than 60 days following such vesting dates, the number of shares of Stock specified.
		
	5.
	Termination of Employment.  

(a)In the event you cease to be employed by the Company and its Subsidiaries due to Circumstances of Forfeiture, you will immediately forfeit any and all rights to receive shares of Stock under this Agreement, less any shares that have previously vested.
(b)If your employment terminates by reason of Retirement, Disability or for reasons other than for Circumstances of Forfeiture, your unvested right to receive shares of Stock shall continue to vest in 

accordance with the vesting schedule detailed in your Statement and subject to the restrictions in Appendix A. 
(c)For purposes hereof:
(i)“Circumstances of Forfeiture” means the termination of your employment with the Company and its Subsidiaries either (A) voluntarily (other than Retirement) or (B) involuntarily for reasons determined by the Company in its sole and exclusive discretion to constitute “gross misconduct” (including while you are Retirement eligible).  
(ii)“Retirement” means your attainment of age 55 and completion of 5 years of service with the Company and its Subsidiaries. 
(iii)“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 described in subparagraph (A), receive income replacement benefits for a period of not less than 3 months under a plan of the Company or a Subsidiary.

		
	6.
	Acceleration of Award.  

(a)If you die while employed by the Company or its Subsidiaries, or in the event that you die after your employment has terminated for a reason permitting continued vesting pursuant to subparagraph 4(b) above, the Award shall become fully vested on the date of your death and the Company will issue and deliver to your beneficiary (designated in accordance with the terms of the Plan) within 60 days of your death any shares under this Award that you had not otherwise had a right to receive prior to your death.
(b)In the event that a Change in Control as defined in the Plan (and provided that such Change in Control constitutes a “change in control event” as that term is defined under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Treasury Regulations 1.409A-3(i)(5)) occurs prior to the full settlement of your Award, the Award shall become fully vested on the date of such Change in Control and the Company will promptly issue and deliver to you within 30 days of such Change in Control any shares under this Award that you had not otherwise had a right to receive prior to such Change in Control.

		
	7.
	Withholding.  

Regardless of any action the Company or the Subsidiary that employs you (the “Employer”) takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account of other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility.  Furthermore, the Company and/or your Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the Award and the issuance of shares of Stock in settlement, the subsequent sale of any shares of Stock acquired upon vesting and the receipt of any dividends and/or dividend equivalents; and (b) do not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.
Prior to the delivery of the Stock upon the vesting of the Award, if any taxing jurisdiction requires withholding of Tax-Related Items, the Company may withhold a sufficient number of whole shares of Stock otherwise issuable upon the vesting of the Award that have an aggregate fair market value sufficient to pay the minimum Tax-Related Items required to be withheld with respect to the Award; provided, however, that the total tax withholding cannot exceed the Company's minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).  The cash equivalent of the shares of Stock withheld will be used to settle the obligation to withhold the Tax-Related Items (determined in the Company's reasonable discretion).  

No fractional shares of Stock will be withheld or issued pursuant to the grant of the Deferred Shares and the issuance of Stock hereunder.  Alternatively, the Company and/or your Employer may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your salary or other amounts payable to you, with no withholding in shares of Stock.  In the event the withholding requirements are not satisfied through the withholding of shares of Stock or through your salary or other amounts payable to you, no shares of Stock will be issued upon vesting of the Award unless and until satisfactory arrangements (as determined by the Company or Employer) have been made by you with respect to the payment of any Tax-Related Items which the Company and your Employer determines, in its sole discretion, must be withheld or collected with respect to such Award.  By accepting the grant of this Award, you expressly consent to the withholding of shares of Stock and/or cash as provided for hereunder.  All other Tax-Related Items related to the Award and any Stock delivered in payment thereof are your sole responsibility.  
		
	8.
	Changes in Capitalization or Corporate Structure.

The number and kind of Deferred Shares subject to this Award, and the number and kind of shares of Stock to be delivered in satisfaction of the Company's obligations hereunder, shall be subject to adjustment in accordance with Section 7(b) of the Plan.
		
	9.
	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.
		
	10.
	Non-Transferability, Etc.  

This Award shall not be transferable other than by will or the laws of descent and distribution.  Any attempt by you (or in the case of your death, by 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.
		
	11.
	Compliance with Section 409A of the Code.  

The provisions of this Award are intended to be exempt from, or compliant with, Section 409A of the Code, and shall be construed and interpreted consistently therewith.  Notwithstanding the foregoing, the Company shall have no liability to you or to any other person if the Award is not so exempt or compliant.
		
	12.
	Miscellaneous.

		
	(a)
	The grant of the Award is a one-time benefit and does not create any contractual or other right to receive an award or benefits in lieu of an award in the future.

		
	(b)
	The Company reserves the right to impose other requirements on the Award, any shares of Stock acquired pursuant to the Award, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with applicable laws or regulations or to facilitate the administration of the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

		
	(c)
	Your participation in the Plan is voluntary.  The value of the Award is an extraordinary item of compensation, and the Award is not part of your normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.

		
	(d)
	The Company may, in its sole discretion, decide to deliver any documents related to the Award by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and 

maintained by the Company, Equity Administrator or another third party designated by the Company.
		
	(e)
	By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Agreement and the Plan, and it shall be deemed to have been accepted by the Company.

		
	(f)
	You acknowledge and agree that it is your express intent that this Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Award, be drawn up in English.  If you have received the Agreement, the Plan or any other documents related to the Award translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.

		
	(g)
	Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions for your country of residence (and country of employment, if different), as may be set forth in an applicable Addendum to the Agreement.  Further, if you transfer residence and/or employment to another country reflected in an Addendum to the Agreement, the special terms and conditions for such country will apply to you to the extent the Company determines, in its sole discretion, that the application of such terms are necessary or advisable in order to comply with applicable laws or regulations or to facilitate administration of the Plan.  Any such Addendum is hereby incorporated into, and forms a part of, this Agreement.

STATE STREET CORPORATION
2006 EQUITY INCENTIVE PLAN

1.    2012 Deferred Stock Award Agreement

Subject to your acceptance of the terms set forth in this agreement (the “Agreement”), State Street Corporation (the “Company”) has awarded you a contingent right to receive the number of shares of Stock (the “Deferred Shares”) (the “Award”) detailed in your Award information on the website maintained by the Equity Administrator (Fidelity or another third party designated by the Company) (the “Statement”) and pursuant to the State Street Corporation 2006 Equity Incentive Plan, as amended (the “Plan”) and the terms set forth below.  A copy of the Plan document and the Company's U.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 this Agreement and the provisions of the Plan, the provisions of the Plan shall control. 
The terms of your Award, are as follows: 
		
	2.
	Grant of Deferred Stock Award. 

To be entitled to any payment under the Award, you must accept your Award and in so doing agree to comply with the terms and conditions of this Agreement and Appendix A (which is incorporated into, and forms a part of, this Agreement).  Failure to accept the Award within 120 days following the posting of this Agreement on the Equity Administrator website will result in forfeiture of the Award2. For purposes of clarity the 120 day period shall run from date of delivery of your Statement.  Should the end of this period fall on a non-business day this period shall extend until the next succeeding business day.  Subject to paragraphs 4, 5, 6 and this paragraph 1, your right to receive shares of Stock 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 one or more shares of Stock.  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 Subsidiary from and after the date hereof and until (and including) the applicable vesting date, except as otherwise provided herein.
		
	3.
	Form of Payment; Shareholder Rights.  

Shares of Stock will be issued and transferred to you, pursuant to the vesting schedule in your Statement, only if and when all requirements of this Agreement have been satisfied.  Prior to that time you will have no rights as a shareholder with respect to the Deferred Shares.  Without limiting the foregoing, you will have no right to receive dividends or amounts in lieu of dividends with respect to the Deferred Shares and no right to vote the Deferred Shares.  The Company's obligation to issue and transfer Stock in the future pursuant to the Agreement is an unsecured and unfunded contractual obligation.
		
	4.
	Payment of Stock.  

Upon your becoming vested, the Company will issue and transfer to you, upon but no later than 60 days following such vesting dates, the number of shares of Stock specified.
		
	5.
	Termination of Employment.  

(a)    In the event you cease to be employed by the Company and its Subsidiaries due to Circumstances of Forfeiture, you will immediately forfeit any and all rights to receive shares of Stock under this Agreement, less any shares that have previously vested.
(b)    If your employment terminates by reason of Retirement, Disability or for reasons other than for Circumstances of Forfeiture, your unvested right to receive shares of Stock shall continue to vest in 

accordance with the vesting schedule detailed in your Statement and subject to the restrictions in Appendix A. 
(c)    For purposes hereof:
(i)    “Circumstances of Forfeiture” means the termination of your employment with the Company and its Subsidiaries either (A) voluntarily (other than Retirement) or (B) involuntarily for reasons determined by the Company in its sole and exclusive discretion to constitute “gross misconduct” (including while you are Retirement eligible).  
(ii)    “Retirement” means your attainment of age 55 and completion of 5 years of service with the Company and its Subsidiaries. 
(iii)    “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 described in subparagraph (A), receive income replacement benefits for a period of not less than 3 months under a plan of the Company or a Subsidiary.

6.    Malus-Based Forfeiture
Any amount remaining to be paid in respect of the Award may, in the sole discretion of the Administrator, be reduced or cancelled, in the event that it is determined by the Administrator that your actions exposed the Business to inappropriate risk or risks (including where you failed to timely identify, analyze, assess or raise concerns about such risk or risks, where it was reasonable to expect you to do so), and such exposure has resulted or could reasonably be expected to result in a material loss or losses that are or would be substantial in relation to the revenues, capital and overall risk tolerance of the Business.  The Business shall mean State Street Corporation, on a consolidated basis, or, to the extent you devote substantially all of your business time to a particular business unit (e.g., GSA, GSI, GA or GM) or business division (e.g., AIS, Securities Lending, etc.), Business shall refer to such business unit or business line.

This section 5 is intended to comply with and meet the requirements of applicable banking regulations and regulatory guidance on incentive compensation, including but not limited to that of the Board of Governors of the United States Federal Reserve System and the United Kingdom Financial Services Authority, and will be interpreted and administered accordingly.  In the event that under any of the foregoing banking regulation or regulatory guidance the Administrator is required to reduce or cancel any amount remaining to be paid with respect to any Award, it shall, in its sole discretion, be authorized to do so.   For the purposes hereof, in exercising its discretion, the Administrator shall take into account all factors that it deems appropriate or relevant.  Furthermore, the Administrator may, in its sole discretion, take any and all actions it deems necessary or appropriate, as permitted by applicable law, to implement the intent of this provision.  

		
	7.
	Acceleration of Award.  

(c)If you die while employed by the Company or its Subsidiaries, or in the event that you die after your employment has terminated for a reason permitting continued vesting pursuant to subparagraph 4(b) above, the Award shall become fully vested on the date of your death and the Company will issue and deliver to your beneficiary (designated in accordance with the terms of the Plan) within 60 days of your death any shares under this Award that you had not otherwise had a right to receive prior to your death.
(d)In the event that a Change in Control as defined in the Plan (and provided that such Change in Control constitutes a “change in control event” as that term is defined under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Treasury Regulations 1.409A-3(i)(5)) occurs prior to the full settlement of your Award, the Award shall become fully vested on the date of such Change in Control and the Company will promptly issue and deliver to you within 30 days of such Change in Control any shares under this Award that you had not otherwise had a right to receive prior to such Change in Control.

		
	8.
	Withholding.  

Regardless of any action the Company or the Subsidiary that employs you (the “Employer”) takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account of other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility.  Furthermore, the Company and/or your Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the Award and the issuance of shares of Stock in settlement, the subsequent sale of any shares of Stock acquired upon vesting and the receipt of any dividends and/or dividend equivalents; and (b) do not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.
Prior to the delivery of the Stock upon the vesting of the Award, if any taxing jurisdiction requires withholding of Tax-Related Items, the Company may withhold a sufficient number of whole shares of Stock otherwise issuable upon the vesting of the Award that have an aggregate fair market value sufficient to pay the minimum Tax-Related Items required to be withheld with respect to the Award; provided, however, that the total tax withholding cannot exceed the Company's minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).  The cash equivalent of the shares of Stock withheld will be used to settle the obligation to withhold the Tax-Related Items (determined in the Company's reasonable discretion).  No fractional shares of Stock will be withheld or issued pursuant to the grant of the Deferred Shares and the issuance of Stock hereunder.  Alternatively, the Company and/or your Employer may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your salary or other amounts payable to you, with no withholding in shares of Stock.  In the event the withholding requirements are not satisfied through the withholding of shares of Stock or through your salary or other amounts payable to you, no shares of Stock will be issued upon vesting of the Award unless and until satisfactory arrangements (as determined by the Company or Employer) have been made by you with respect to the payment of any Tax-Related Items which the Company and your Employer determines, in its sole discretion, must be withheld or collected with respect to such Award.  By accepting the grant of this Award, you expressly consent to the withholding of shares of Stock and/or cash as provided for hereunder.  All other Tax-Related Items related to the Award and any Stock delivered in payment thereof are your sole responsibility.  
		
	9.
	Changes in Capitalization or Corporate Structure.

The number and kind of Deferred Shares subject to this Award, and the number and kind of shares of Stock to be delivered in satisfaction of the Company's obligations hereunder, shall be subject to adjustment in accordance with Section 7(b) of the Plan.
		
	10.
	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.
		
	11.
	Non-Transferability, Etc.  

This Award shall not be transferable other than by will or the laws of descent and distribution.  Any attempt by you (or in the case of your death, by 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.
		
	12.
	Compliance with Section 409A of the Code.  

The provisions of this Award are intended to be exempt from, or compliant with, Section 409A of the Code, 

and shall be construed and interpreted consistently therewith.  Notwithstanding the foregoing, the Company shall have no liability to you or to any other person if the Award is not so exempt or compliant.
		
	13.
	Miscellaneous.

		
	(a)
	The grant of the Award is a one-time benefit and does not create any contractual or other right to receive an award or benefits in lieu of an award in the future.

		
	(b)
	The Company reserves the right to impose other requirements on the Award, any shares of Stock acquired pursuant to the Award, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with applicable laws or regulations or to facilitate the administration of the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

		
	(c)
	Your participation in the Plan is voluntary.  The value of the Award is an extraordinary item of compensation, and the Award is not part of your normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.

		
	(d)
	The Company may, in its sole discretion, decide to deliver any documents related to the Award by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company, Equity Administrator or another third party designated by the Company.

		
	(e)
	By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Agreement and the Plan, and it shall be deemed to have been accepted by the Company.

		
	(f)
	You acknowledge and agree that it is your express intent that this Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Award, be drawn up in English.  If you have received the Agreement, the Plan or any other documents related to the Award translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.

		
	(g)
	Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions for your country of residence (and country of employment, if different), as may be set forth in an applicable Addendum to the Agreement.  Further, if you transfer residence and/or employment to another country reflected in an Addendum to the Agreement, the special terms and conditions for such country will apply to you to the extent the Company determines, in its sole discretion, that the application of such terms are necessary or advisable in order to comply with applicable laws or regulations or to facilitate administration of the Plan.  Any such Addendum is hereby incorporated into, and forms a part of this, Agreement.

STATE STREET CORPORATION
2006 Equity Incentive Plan
1.    Restricted Stock Unit Award Agreement with Performance Criteria

Subject to your acceptance of the terms set forth in this agreement (the “Agreement”), State Street Corporation (the “Company”), has awarded you a Restricted Stock Unit Award, 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.  A copy of the Plan document and the Company's U.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 this Agreement and the provisions of the Plan, the provisions of the Plan shall control. 
2.    Grant of Performance Award.
You have been granted an award (the “Award”) of restricted stock units, as detailed in your Award information on the website maintained by the Equity Administrator (Fidelity or another third party designated by the Company) (the “Statement”) subject to the terms of the Plan and this Agreement.  To be entitled to any payment under the Award, you must accept your Award and in so doing agree to comply with the terms and conditions of this Agreement and Appendix A (which is incorporated into, and forms a part of, this Agreement).  Failure to accept the Award within 120 days following the posting of this Agreement on the Equity Administrator website will result in forfeiture of the Award.  The Award will be payable based in part on performance measures (described below and in Exhibit I) over the calendar year period shown on Exhibit I (the “Performance Period”).  
3.    Performance Targets; Administrator Certification.
Whether your Award will be paid and in what amounts will depend on achievement of GAAP return on equity (“ROE”) as described in Exhibit I during the Performance Period and the other terms and conditions as set forth herein. 
The specific ROE performance targets for the Performance Period are established and set forth on Exhibit I attached hereto and made a part hereof.  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 and then only to the extent of the level of performance so certified as having been achieved.
4.    Form of Payment.
Any portion of the Award earned by reason of the Administrator's certification as described above will vest and be payable in shares of the Company's common stock (“Stock”) to you (or your beneficiary, in the case of your death) in four equal annual installments between January 1 and April 30 beginning after the end of the Performance Period and during the same period in the immediately succeeding three calendar years, as shown on Exhibit I.  The total number of shares of Stock to be paid will be determined by multiplying the number of units referred to in your Statement by the Total Vesting Percentage.  For this purpose, “Total Vesting Percentage” means the vesting percentage achieved for the ROE performance target for the Performance Period, as provided in Exhibit I and certified by the Administrator.
5.    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.
6.    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 date of payment.  If your employment with the Company and its Subsidiaries ceases by reason of Retirement, Disability, death, or any reason other than for Circumstances of Forfeiture, then you shall be eligible to receive a payment under this Award subject to the certification of the Administrator in accordance with paragraph 2, and subject to Paragraph 6 and your compliance with Appendix A.  Any amount payable pursuant to this paragraph 5 shall be paid in accordance with paragraph 3.  

(b)For purposes hereof:
(i)“Retirement” means your attainment of age 55 and completion of 5 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 described in subparagraph (A), 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 (other than Retirement) or (B) involuntarily for reasons determined by the Company in its sole and exclusive discretion to constitute “gross misconduct” (including in situation where you are Retirement eligible).

7.    Malus-Based Forfeiture
Any amount remaining to be paid in respect of the Award may, in the sole discretion of the Administrator, be reduced or cancelled, in the event that it is determined by the Administrator that your actions exposed the Business to inappropriate risk or risks (including where you failed to timely identify, analyze, assess or raise concerns about such risk or risks, where it was reasonable to expect you to do so), and such exposure has resulted or could reasonably be expected to result in a material loss or losses that are or would be substantial in relation to the revenues, capital and overall risk tolerance of the Business.  The Business shall mean State Street Corporation, on a consolidated basis, or, to the extent you devote substantially all of your business time to a particular business unit (e.g., GSA, GSI, GA or GM) or business division (e.g., AIS, Securities Lending, etc.), Business shall refer to such business unit or business line.

This section 6 is intended to comply with and meet the requirements of applicable banking regulations and regulatory guidance on incentive compensation, including but not limited to that of the Board of Governors of the United States Federal Reserve System and the United Kingdom Financial Services Authority, and will be interpreted and administered accordingly.  In the event that under any of the foregoing banking regulation or regulatory guidance the Administrator is required to reduce or cancel any amount remaining to be paid with respect to any Award, it shall, in its sole discretion, be authorized to do so.   For the purposes hereof, in exercising its discretion, the Administrator shall take into account all factors that it deems appropriate or relevant.  Furthermore, the Administrator may, in its sole discretion, take any and all actions it deems necessary or appropriate, as permitted by applicable law, to implement the intent of this provision.  

8.    Acceleration of Performance Award.
Notwithstanding anything in this Agreement to the contrary, in the event of a Change in Control occurring prior to the full settlement of your Award, you shall be entitled within 30 days of such Change in Control to receive a cash payment equal to the adjusted fair market value of a share of the Stock (1) multiplied by the number of units referred to in your Statement, (2) in the case of a Change in Control occurring after the end of the Performance Period, further multiplied by the Total Vesting Percentage, and (3) decreased by the number of units paid in accordance with paragraph 3 prior to the date of such Change in Control; provided, to the extent an Award or any portion thereof constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, that such Change in Control constitutes a “change in control event” as that term is defined under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Treasury Regulations 1.409A-3(i)(5).  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 in Control, and (ii) if the Change in Control is the result of a transaction or series of transactions described in paragraph 1 or 2 of the definition of Change in 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).
9.    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.
10.    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 full settlement of your Award without your consent.
11.    Compliance with Section 162(m).
The Administrator shall exercise its discretion with respect to this Award so as to preserve the deductibility of payments under the Award against disallowance by reason of Section 162(m) of the Code, where applicable.
12.    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 nor any right to vote the shares of Stock prior to any shares being transferred to you.
13.    Withholding.
Regardless of any action the Company or the Subsidiary that employs you (the “Employer”) takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account of other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility.  Furthermore, the Company and/or your Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the Award and the issuance of shares of Stock in settlement, the subsequent sale of any shares of Stock acquired upon vesting and the receipt of any dividends and/or dividend equivalents; and (b) do not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.
Prior to the delivery of any Stock upon the vesting of the Award, if any taxing jurisdiction requires withholding of Tax-Related Items, the Company may withhold a sufficient number of whole shares of Stock otherwise 

issuable upon the vesting of the Award that have an aggregate fair market value sufficient to pay the minimum Tax-Related Items required to be withheld with respect to the Award; provided, however, that the total tax withholding cannot exceed the Company's minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).  The cash equivalent of the shares of Stock withheld will be used to settle the obligation to withhold the Tax-Related Items (determined in the Company's reasonable discretion).  No fractional shares of Stock will be withheld or issued pursuant to the issuance of Stock hereunder.  Alternatively, the Company and/or your Employer may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your salary or other amounts payable to you, with no withholding in shares of Stock.  In the event the withholding requirements are not satisfied through the withholding of shares of Stock or through your salary or other amounts payable to you, no shares of Stock will be issued upon vesting of the Award unless and until satisfactory arrangements (as determined by the Company or Employer) have been made by you with respect to the payment of any Tax-Related Items which the Company and your Employer determines, in its sole discretion, must be withheld or collected with respect to such Award.  By accepting the grant of this Award, you expressly consent to the withholding of shares of Stock and/or cash as provided for hereunder.  All other Tax-Related Items related to the Award and any Stock delivered in payment thereof are your sole responsibility.  
14.    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. 
15.    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 U.S. 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.
16.    Compliance with Section 409A of the Code.  
The provisions of this Award are intended to be exempt from, or compliant with, Section 409A of the Code, and shall be construed and interpreted consistently therewith.  Notwithstanding the foregoing, the Company shall have no liability to you or to any other person if the Award is not so exempt or compliant. Each installment of the Award paid in accordance with paragraph 3 shall be treated as a separate payment for purposes of Section 409A of the Code.

17.    Miscellaneous
a)The grant of the Award is a one-time benefit and does not create any contractual or other right to receive an award or benefits in lieu of an award in the future.
b)The Company reserves the right to impose other requirements on the Award, any shares of Stock acquired pursuant to the Award, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

c)Your participation in the Plan is voluntary.  The value of the Award is an extraordinary item of compensation and the Award is not part of your normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.  
d)The Company may, in its sole discretion, decide to deliver any documents related to the Award by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company, Equity Administrator or another third party designated by the Company.
e)By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Agreement and the Plan, and it shall be deemed to have been accepted by the Company.
f)You acknowledge and agree that it is your express intent that this Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Award, be drawn up in English.  If you have received the Agreement, the Plan or any other documents related to the Award translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.
g)Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions for your country of residence (and country of employment, if different), as may be set forth in an applicable Addendum to the Agreement.  Further, if you transfer residence and/or employment to another country reflected in an Addendum to the Agreement, the special terms and conditions for such country will apply to you to the extent the Company determines, in its sole discretion, that the application of such terms are necessary or advisable in order to comply with local law or to facilitate administration of the Plan.  Any such Addendum is hereby incorporated into, and forms a part of, this Agreement.

Exhibit I
2012 Performance-Based Restricted Stock Unit Awards 

		
	◦
	Performance Period: The calendar year period commencing January 1, 2012 and ending on December 31, 2012.

		
	◦
	The number of units eligible to vest is based on 2012 GAAP ROE, adjusted in accordance with the Plan to reflect events (for example, but without limitation, acquisitions or dispositions, changes in accounting principles or interpretations, impairment charges) occurring during the Performance Period.  The Total Vesting Percentage will be the 2012 Vesting Percentage (as determined under Table 1, using linear interpolation to adjust between percentage points and rounding up to the nearest one-tenth of one percent, as determined by the Company in its sole discretion.

		
	◦
	First installment to be paid between January 1, 2013 and April 30, 2013;

Second installment to be paid between January 1, 2014 and April 30, 2014;
Third installment to be paid between January 1, 2015and April 30, 2015;
Fourth installment to be paid between January 1, 2016 and April 30, 2016.    

Table 1: 2012 Vesting Percentage

	
		
	ROE Results (Average)
	Vesting Percentage

	≤0.0%
	—%

	>0% - 3.0%
	30%

	4.0%
	44%

	5.0%
	58%

	6.0%
	72%

	7.0%
	86%

	≥8.0%
	100%

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