Document:

exhibit1015descriptionof

                                 DESCRIPTION OF COMPENSATION ARRANGEMENTS                                        FOR NON-EMPLOYEE DIRECTORS         For the period between each annual meeting  of shareholders (the “Board Year”), non-employee directors    receive the following compensation:         • an annual equity award of $195,000 granted in shares of State Street common stock; and        • an annual retainer of $90,000, plus the following additional annual retainers:                •  Lead Director: $125,000;                •  Examining and Audit Committee Chair and Risk Committee Chair: $30,000;                 •  Executive Compensation Committee Chair: $25,000;                 •  Nominating  and  Corporate Governance  Committee   Chair  and Technology Committee  Chair:                    $20,000; and                 •  Each member of the Examining and Audit Committee and each member of the Risk Committee,                   other than the Chairs: $20,000.         Each retainer is payable at the director’s election in shares of State Street common stock or in cash. All   awards of  shares of State Street common stock are calculated based on the closing price of our common stock on   the NYSE   on the date of election (or the date of joining the Board, if later), rounded up to the nearest whole   share. Annual  retainers and annual equity awards  are prorated for any director joining the Board after the   beginning of the Board Year.        Beginning with the eleventh Board meeting attended during the Board Year, each non-employee director is   entitled to meeting fees of $1,500 per Board meeting attended, payable in cash.        Pursuant to State Street’s Deferred Compensation Plan for Directors, directors may elect to defer the receipt   of 0% or 100% of their (1) annual equity award, (2) retainers or (3) meeting fees. Directors who elect to defer the   cash payment  of their retainers or meeting fees may choose from four notional investment fund returns for such   deferred cash. Deferrals of shares  of State Street common   stock  are adjusted to reflect the hypothetical   reinvestment in additional shares of State Street common stock for any dividends or distributions on State Street   common   stock. Deferred amounts will be paid (a) as elected by the director, on either the date of the director’s   termination of service on the Board or on the earlier of such termination and a future date specified, and (b) in the   form elected by the director as either a lump sum or in installments over a two- to five-year period.        Non-employee  directors are also entitled to reimbursement of expenses incurred as a result of attending   Board and committee meetings.    Non-Executive Chairman Compensation          For Mr.  Hooley’s 2019 service  as  a director  and  Chairman, he will  receive a $250,000  cash retainer  and  a   $250,000 equity award. The cash retainer will be payable on January 2, 2019, and the equity award will be made in   shares of State Street common stock on the date of State Street’s 2019 annual meeting of shareholders based on   the closing price of State Street’s common stock on the New York Stock Exchange on that date. The equity award   is  subject  to  Mr.  Hooley’s  re-election  to  the  Board  at  the  2019  annual  meeting.  Mr.  Hooley’s  2019  director   compensation  will  be  eligible for  deferral  under  State Street’s  Deferred  Compensation  Plan  for  Directors. He  will   serve as Chairman until December 31, 2019.exhibit1020formofamended

                                                                  EMPLOYMENT AGREEMENT       AGREEMENT by and between State Street Corporation, a Massachusetts corporation (the  “Company”), and                                            (the “Executive”), dated as of the __ day of  ________, 20__.       The Board of Directors of the Company (the “Board”) has determined that it is in the best  interests of the Company and its shareholders to assure that the Company will have the continued  dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of  Control (as defined in Section 2) of the Company.  The Board believes that it is imperative to  diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and  risks created by a pending or threatened Change of Control and to encourage the Executive’s full  attention and dedication to the Company Group (as defined in Section 1) currently and in the  event of any threatened or pending Change of Control, and to provide the Executive with  compensation and benefits arrangements upon a Change of Control which ensure that the  compensation and benefits expectations of the Executive will be addressed appropriately.   Therefore, in order to accomplish these objectives, the Board caused the Company to enter into  this Agreement.          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:           1. Certain Definitions.  For purposes of this Agreement, including, without limitation,  Sections 5 and 6, the terms described in Sections 1(a), 1(b) and 1(c) shall have the meanings set  forth therein:               (a)  The “Effective Date” shall mean the first date during the Change of  Control Period (as defined in Section 1(b)) on which a Change of Control occurs.  Anything in  this Agreement to the contrary notwithstanding, if a Change of Control occurs and if the  Executive’s employment with the Company Group is terminated prior to the date on which the  Change of Control occurs, and if it is reasonably demonstrated by the Executive that such  termination of employment (i) was at the request of a third party who has taken steps reasonably  calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation  of a Change of Control, then for all purposes of this Agreement the “Effective Date” shall mean  the date immediately prior to the date of such termination of employment.                (b)  The “Change of Control Period” shall mean the period commencing on the  date hereof and ending on December 31, 2020; provided, however, that commencing on  December 31, 2019, and on each annual anniversary of such date (such date and each annual  anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously  terminated, the Change of Control Period shall be automatically extended so as to terminate two  years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company  shall give notice to the Executive that the Change of Control Period shall not be so extended.                (c)  The “Company Group” shall mean the Company and any company  controlled by, controlling or under common control with the Company.           2. Change of Control.  For the purpose of this Agreement, a “Change of Control” shall  mean:                (a)  The acquisition by any individual, entity or group (within the meaning of  Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (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 (i) the then-outstanding shares of common  stock of the Company (the “Outstanding Company Common Stock”) or (ii) 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”); provided, however, that for  purposes of this subsection (a), the following acquisitions shall not constitute a Change of  Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company,  (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by  the Company or any corporation controlled by the Company or (D) any acquisition by any  corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of  subsection (c) of this Section 2; or                (b)  Individuals who, as of the date hereof, constitute the Board (the  “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,  however, that any individual becoming a director subsequent to the date hereof whose election,  or nomination for election by the Company’s shareholders, was approved by a vote of at least a  majority of the directors then comprising the Incumbent Board shall be considered as though  such individual were a member of the Incumbent Board, but excluding, for this purpose, any  such individual whose initial assumption of office occurs as a result of an actual or threatened  election contest with respect to the election or removal of directors or other actual or threatened  solicitation of proxies or consents by or on behalf of a Person other than the Board; or                (c)  Consummation of a reorganization, merger or consolidation or sale or  other disposition of all or substantially all of the assets of the Company (a “Business  Combination”), in each case, unless, following such Business Combination, (i) all or  substantially all of the individuals and entities who were the beneficial owners, respectively, of  the Outstanding Company Common Stock and Outstanding Company Voting Securities  immediately prior to such Business Combination beneficially own, directly or indirectly, more  than 50% of, respectively, the then-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 (excluding any corporation  resulting from such Business Combination or any employee benefit plan (or related trust) of the  Company or such corporation resulting from such Business Combination) beneficially owns,  directly or indirectly, 25% or more of, respectively, the then-outstanding shares of common stock  of the corporation resulting from such Business Combination or the combined voting power of  the then-outstanding voting securities of such corporation except to the extent that such  ownership existed 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                (d)  Approval by the shareholders of the Company of a complete liquidation or  dissolution of the Company.           3. Employment Period.  The Company hereby agrees to continue the Executive in the                                           2  

 

   employ of the Company Group, and the Executive hereby agrees to remain in the employ of the  Company Group, subject to the terms and conditions of this Agreement, for the period  commencing on the Effective Date and ending on the second anniversary of the Effective Date  (the “Employment Period”).           4. Terms of Employment.  (a) Position and Duties. (i) During the Employment Period,  (A) the Executive’s position (including status, offices, titles and reporting requirements),  authority, duties and responsibilities shall be at least commensurate in all material respects with  the most significant of those held, exercised and assigned at any time during the 120-day period  immediately preceding the Effective Date and (B) the Executive’s services shall be performed at  the location where the Executive was employed immediately preceding the Effective Date or any  office or location less than 35 miles from such location.                    (ii)   During the Employment Period, and excluding any periods of  vacation and sick leave to which the Executive is entitled, the Executive agrees to devote  reasonable attention and time during normal business hours to the business and affairs of the  Company Group and, to the extent necessary to discharge the responsibilities assigned to the  Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and  efficiently such responsibilities.  During the Employment Period, it shall not be a violation of  this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or  committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions  and (C) manage personal investments, so long as such activities do not significantly interfere  with the performance of the Executive’s responsibilities as an employee of the Company Group  in accordance with this Agreement.  It is expressly understood and agreed that to the extent that  any such activities have been conducted by the Executive prior to the Effective Date, the  continued conduct of such activities (or the conduct of activities similar in nature and scope  thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the  performance of the Executive’s responsibilities to the Company Group.               (b)   Compensation.  (i) Base Salary. During the Employment Period, the  Executive shall receive the Executive’s annual base salary plus the annualized value of any role  based allowance in place as of the Effective Date, (together referred to as “Annual Base Salary”),  which shall be paid at a monthly rate.  The calculation of Annual Base Salary shall be in an  amount at least equal to 12 times the highest monthly base salary (plus any applicable role based  allowance) paid or payable, including any base salary (plus any applicable role based allowance)  which has been earned but deferred, in respect of the 12-month period immediately preceding the  month in which the Effective Date occurs.  Such Annual Base Salary shall be payable as earned  in equal installments, no less frequently than monthly, pursuant to the Company Group’s  customary payroll policies applicable to the Executive in force at the time of payment, less any  required or authorized payroll deductions, and unless the Executive shall elect to defer the  receipt of a portion of such Annual Base Salary in accordance with the requirements of  Section 409A of the Internal Revenue Code of 1986 (the “Code”).  During the Employment  Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary  increase awarded to the Executive prior to the Effective Date and thereafter at least annually.   Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the  Executive under this Agreement.  Annual Base Salary shall not be reduced after any such  increase and the term “Annual Base Salary” as utilized in this Agreement shall refer to Annual  Base Salary as so increased.                                            3  

 

                    (ii)   Annual Bonus.  In addition to Annual Base Salary, the Executive  shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus  (the “Annual Bonus”) in cash at least equal to the product of the Annual Base Salary and the  ratio (expressed as a percentage) obtained by dividing (A) the cash portion of the annual  incentive compensation award actually awarded to the Executive under the Company Group  annual incentive plan applicable to the Executive, or any successor plan in effect from time to  time, for the last full fiscal year prior to the Effective Date by (B) the Annual Base Salary (or, in  the event that the Executive was not employed by the Company during such fiscal year or was  otherwise not a participant in any such plan, 200%) (the “Recent Annual Bonus Percentage”).   For the purposes of this section 4(b)(ii), the cash portion of the Executive’s annual incentive  compensation award will be deemed to include any award denominated in cash (as opposed to  equity interests), whether payable immediately or on a deferred basis, and, if deferred, whether  notionally invested in Company stock or other notional investment option for the deferral period.   Each such Annual Bonus shall be paid in a single lump sum in cash no later than March 15th of  the year succeeding the year for which the Annual Bonus is earned, unless the Executive shall  elect to defer receipt of such Annual Bonus in accordance with the requirements of Section 409A  of the Code.                    (iii)  Incentive, Savings and Retirement Plans.  During the Employment  Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans,  practices, policies and programs applicable generally to other peer executives of the Company  Group, but in no event shall such plans, practices, policies and programs provide the Executive  with incentive opportunities (measured with respect to both regular and special incentive  opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and  retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most  favorable of those provided by the Company Group for the Executive under such plans, practices,  policies and programs as in effect at any time during the 120-day period immediately preceding  the Effective Date or, if more favorable to the Executive, those provided generally at any time  after the Effective Date to other peer executives of the Company Group in the country in which  the Executive is employed.  To the extent applicable, the benefits provided to the Executive  pursuant to this Section 4(b)(iii) shall be provided and paid in compliance with the relevant  requirements of Section 409A of the Code.                    (iv)   Welfare Benefit Plans.  During the Employment Period, the  Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in  and shall receive all benefits under welfare benefit plans, practices, policies and programs  provided by the Company Group (including, without limitation, medical, prescription, dental,  disability, employee life, group life, accidental death and travel accident insurance plans and  programs) to the extent applicable generally to other peer executives of the Company Group, but  in no event shall such plans, practices, policies and programs provide the Executive and/or the  Executive’s family with benefits that are less favorable, in the aggregate, than the most favorable  of such plans, practices, policies and programs in effect for the Executive at any time during the  120-day period immediately preceding the Effective Date or, if more favorable to the Executive,  those provided generally at any time after the Effective Date to other peer executives of the  Company Group in the country in which the Executive is employed.  To the extent applicable,  the benefits provided to the Executive and/or the Executive’s family pursuant to this  Section 4(b)(iv) shall be provided and paid in compliance with the relevant requirements of  Section 409A of the Code.                                            4  

 

                    (v)    Expenses.  During the Employment Period, the Executive shall be  entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive  in accordance with the most favorable policies, practices and procedures of the Company Group  in effect for the Executive at any time during the 120-day period immediately preceding the  Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter  with respect to other peer executives of the Company Group in the country in which the  Executive is employed.  Reimbursement shall be made as soon as practicable after a request for  reimbursement is received by the Company Group, but in no event later than the last day of the  calendar year next following the calendar year in which such expense was incurred.                    (vi)   Fringe Benefits.  During the Employment Period, the Executive  shall be entitled to fringe benefits, including, without limitation, if applicable, use of an  automobile and payment of related expenses, in accordance with the most favorable plans,  practices, programs and policies of the Company Group in effect for the Executive at any time  during the 120-day period immediately preceding the Effective Date or, if more favorable to the  Executive, as in effect generally at any time thereafter with respect to other peer executives of  the Company Group in the country in which the Executive is employed.  Reimbursements or  payments shall be made as soon as practicable after a request for reimbursement or payments is  received by the Company Group, but in no event later than the last day of the calendar year next  following the calendar year in which such expense was incurred; provided that the amount of any  fringe benefits to be reimbursed or paid by the Company Group in one year shall not affect any  fringe benefits to be reimbursed or paid by the Company Group in any other calendar year.                    (vii)  Office and Support Staff.  During the Employment Period, the  Executive shall be entitled to an office or offices of a size and with furnishings and other  appointments, and to exclusive personal secretarial and other assistance, at least equal to the  most favorable of the foregoing provided to the Executive by the Company Group at any time  during the 120-day period immediately preceding the Effective Date or, if more favorable to the  Executive, as provided generally at any time thereafter with respect to other peer executives of  the Company Group in the country in which the Executive is employed.                    (viii) Vacation.  During the Employment Period, the Executive shall be  entitled to paid vacation in accordance with the most favorable plans, policies, programs and  practices of the Company Group as in effect for the Executive at any time during the 120-day  period immediately preceding the Effective Date or, if more favorable to the Executive, as in  effect generally at any time thereafter with respect to other peer executives of the Company  Group in the country in which the Executive is employed.            5.   Termination of Employment.  For purposes of this Agreement, the terms  “terminate,” “terminated” and “termination” mean a termination of the Executive’s employment  that constitutes a “separation from service” within the meaning of the default rules set forth in  Section 1.409A-1(h) of the Treasury Regulations; provided, however, that for purposes of  determining which entities are treated as a single “service recipient” with the Company, the  phrase “at least 80 percent” shall be retained in each place it appears in Sections 1563(a)(1),  (2) and (3) of the Code and Section 1.414(c)-2 of the Treasury Regulations, as permitted under  Section 1.409A-1(h)(3) of the Treasury Regulations; and provided further that in the event that  the Executive is absent from work due to 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] [for Hong Kong employees: the foreseeable future, and no                                           5  

 

   reasonable accommodation can be made to facilitate a return to work] (an “Impairment”), where  such Impairment causes the Executive to be unable to perform the duties of his position or any  substantially similar position of employment, the Executive shall incur a separation from service  29 months after the date on which the Executive was first Impaired.                (a)  Death or Disability.  The Executive’s employment shall terminate  automatically upon the Executive’s death during the Employment Period.  If the Company  determines in good faith that the Disability of the Executive has occurred during the  Employment Period (pursuant to the definition of Disability set forth below), it may give to the  Executive written notice in accordance with Section 14(b) of its intention to terminate the  Executive’s employment.  In such event, the Executive’s employment with the Company Group  shall terminate effective on the 30th day after receipt of such notice by the Executive (the  “Disability Effective Date”); provided that, within the 30 days after such receipt, the Executive  shall not have returned to full-time performance of the Executive’s duties.  For purposes of this  Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties  with the Company Group on a full-time basis for 180 consecutive days as a result of incapacity  due to mental or physical illness which is determined to be total and permanent by a physician  selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal  representative.                (b)  Cause.  The Company may terminate the Executive’s employment during  the Employment Period for Cause.  For purposes of this Agreement, “Cause” shall mean:                    (i)   the willful and continued failure of the Executive to perform  substantially the Executive’s duties with the Company Group (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 Executive by the Board or the Chief Executive  Officer of the Company which specifically identifies the manner in which the Board or Chief  Executive Officer believes that the Executive has not substantially performed the Executive’s  duties; or                    (ii)   the willful engaging by the Executive in illegal conduct or gross  misconduct that is materially and demonstrably injurious to the Company.       For purposes of this provision, no act or failure to act, on the part of the Executive, shall be  considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or  without reasonable belief that the Executive’s action or omission was in the best interests of the  Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly  adopted by the Board or upon the instructions of the Chief Executive Officer of the Company or  a senior officer of the Company who is a member of the Company’s executive management  committee or based upon the advice of counsel for the Company shall be conclusively presumed  to be done, or omitted to be done, by the Executive in good faith and in the best interests of the  Company.  The cessation of employment of the Executive shall not be deemed to be for Cause  unless and until there shall have been delivered to the Executive a copy of a resolution duly  adopted by the affirmative vote of not less than three-quarters of the entire membership of the  Board at a meeting of the Board called and held for such purpose (after reasonable notice is  provided to the Executive and the Executive is given an opportunity, together with counsel, to be  heard before the Board), finding that, in the good faith opinion of the Board, the Executive is  guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars  thereof in detail.                                            6  

 

                (c) Good Reason.  The Executive’s employment may be terminated by the  Executive for Good Reason during the Employment Period.  For purposes of this Agreement,  “Good Reason” shall mean:                    (i)   the assignment to the Executive of any duties materially inconsistent in  any respect with the Executive’s position (including status, offices, titles and reporting  requirements), authority, duties or responsibilities as contemplated by Section 4(a), or any other  action by the Company Group which results in a material diminution in such position, authority,  duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent  action not taken in bad faith and which is remedied by the Company Group promptly after  receipt of notice thereof given by the Executive; or                   (ii)   any failure by the Company Group to comply with any of the  provisions of Section 4(b), other than an isolated, insubstantial and inadvertent failure not  occurring in bad faith and which is remedied by the Company promptly after receipt of notice  thereof given by the Executive; or                   (iii)   the Company’s requiring the Executive to be based at any office or  location other than as provided in Section 4(a)(i)(B) or the Company’s requiring the Executive to  travel on Company business to a substantially greater extent than required immediately prior to  the Effective Date; or                   (iv)   any purported termination by the Company Group of the Executive’s  employment otherwise than as expressly permitted by this Agreement; or                    (v)   any failure by the Company to comply with and satisfy Section 13(c).       For purposes of this Section 5(c), any good faith determination of “Good Reason” made by  the Executive shall be conclusive.                (d)  Resignation without Good Reason.  Notwithstanding anything in this  Agreement to the contrary, following the Effective Date, the Executive may, voluntarily,  terminate his employment without Good Reason during the Employment Period.               (e)  Notice of Termination.  Any termination by the Company for Cause, or by  the Executive for Good Reason, shall be communicated by Notice of Termination to the other  party hereto given in accordance with Section 14(b).  For purposes of this Agreement, a “Notice  of Termination” means a written notice which (i) indicates the specific termination provision in  this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts  and circumstances claimed to provide a basis for termination of the Executive’s employment  under the provision so indicated and (iii) if the Date of Termination (as defined in Section 5(f)) is  other than the date of receipt of such notice, specifies the termination date (which date shall be  not [for Hong Kong employees: less than 7 days and not] more than 30 days  after the giving of  such notice [for Hong Kong employees: in all cases other than termination for cause or the death  of the Executive]).  The failure by the Executive or the Company to set forth in the Notice of  Termination any fact or circumstance which contributes to a showing of Good Reason or Cause  shall not waive any right of the Executive or the Company, respectively, hereunder or preclude  the Executive or the Company, respectively, from asserting such fact or circumstance in  enforcing the Executive’s or the Company’s rights hereunder.                (f)  Date of Termination.  “Date of Termination” means (i) if the Executive’s  employment is terminated by the Company for Cause, [or by the Executive for Good Reason,]                                          7  

 

   the date of receipt of the Notice of Termination or any later date specified therein, as the case  may be; (ii) if the Executive’s employment is terminated by the Company other than for Cause or  Disability, [for Hong Kong employees: or by the Executive for Good Reason,] the Date of  Termination shall be [for Hong Kong employees: 7 days after] the date on which the Company  notifies the Executive of such termination [for Hong Kong employees: (unless payment in lieu of  notice is made)]; and (iii) if the Executive’s employment is terminated by reason of death or  Disability, the Date of Termination shall be the date of death of the Executive or the Disability  Effective Date, as the case may be.           6.  Obligations of the Company upon Termination.  (a) Good Reason; Other Than for  Cause, Death or Disability.  If, during the Employment Period, the Company shall terminate the  Executive’s employment other than for Cause, death or Disability or the Executive shall  terminate employment for Good Reason:                    (i)   the Company shall pay to the Executive in a lump sum in cash within  [30 days] [for Hong Kong employees: 7 days] after the Date of Termination the aggregate of the  following amounts:                    (A) the sum of (1) the Executive’s Annual Base Salary through the Date of               Termination to the extent not theretofore paid, (2) any earned Annual Bonus in               respect of the fiscal year ended immediately prior to the Date of Termination to               the extent not theretofore paid, (3) the product of (x) the Recent Annual Bonus               Percentage and (y) the Executive’s Annual Base Salary and (z) a fraction, the               numerator of which is the number of days in the current fiscal year through the               Date of Termination, and the denominator of which is 365 and (4) any accrued               vacation pay, to the extent not theretofore paid (the sum of the amounts               described in clauses (1), (2), (3) and (4) shall be hereinafter referred to as the               “Accrued Obligations”); and                    (B) the amount equal to the product of (1) two and (2) the sum of (x) the               Executive’s Annual Base Salary and (y) the product of (I) the Recent Annual               Bonus Percentage and (II) the Executive’s Annual Base Salary; provided that               any amount payable to the Executive pursuant to this clause (B) shall not exceed               $10,000,000 (ten million dollars) (“Base and Bonus Cap”) and all rights to any               amount payable under this subparagraph 6(i)(B) exceeding the Base and Bonus               Cap shall be cancelled and the Executive shall have no further rights or               entitlement to the amounts payable under this subparagraph 6(i)(B) that exceed               the Base and Bonus Cap; and                   (C) [for Hong Kong employees: to the extent applicable,] the amount equal               to the product of (1) two and (2) an amount equal to the sum of any Company               Group contributions allocated to the Executive under (x) the Company Group               tax-favored defined contribution retirement plans applicable to the Executive               and (y) the State Street Corporation Management Supplemental Savings Plan or               any successor plan (the “Supplemental Savings Plan”) for the most recent full               fiscal year; and                   [(D) to the extent applicable, an amount equal to the excess of (a) the               actuarial equivalent of the benefit under the State Street Retirement Plan (the               “Retirement Plan”) (utilizing actuarial assumptions no less favorable to the                                           8  

 

                Executive than those in effect under the Retirement Plan immediately prior to               the Effective Date), and any excess or supplemental defined benefit pension               under the State Street Corporation Management Supplemental Retirement Plan               (the “MSRP”) , the State Street Corporation Executive Supplemental Retirement               Plan (the “ESRP DB”) and/or the Supplemental Pension Plan of Investors Bank               & Trust Company, or any successor plan(s),  in which the Executive participates               immediately prior to the Effective Date (collectively, the “SERP”) which the               Executive would receive under the terms thereof as in effect immediately prior               to the Effective Date, if the Executive’s employment continued for two years               after the Date of Termination assuming that the Executive’s compensation in               each of the two years is that required by Section 4(b)(i) and Section 4(b)(ii),               over (b) the actuarial equivalent of the Executive’s actual benefit (paid or               payable), if any, under the Retirement Plan and the SERP as of the Date of               Termination; provided that for purposes of calculating the payment pursuant to               this subparagraph 6(a)(i)(D), there shall be no additional accruals included under               the respective Retirement Plan and SERP calculations to the extent that said               plans are frozen and do not provide for new accruals as of the Effective Date;               and]                     (ii)   for two years after the Date of Termination, or such longer period as  may be provided by the terms of the appropriate plan, program, practice or policy, the Company  shall continue benefits to the Executive and/or the Executive’s family at least equal to those  which would have been provided to them in accordance with the plans, programs, practices and  policies described in Section 4(b)(iv) if the Executive’s employment had not been terminated or,  if more favorable to the Executive, as in effect generally at any time thereafter with respect to  other peer executives of the Company Group and their families in the country in which the  Executive is employed on the same basis as in effect prior to the Date of Termination; provided,  however, that if the Executive becomes reemployed with another employer and is eligible to  receive medical or other welfare benefits under another employer provided plan, the medical and  other welfare benefits described herein shall be secondary to those provided under such other  plan during such applicable period of eligibility; provided further that to the extent necessary to  avoid the imposition of additional taxes, penalties and interest under Section 409A of the Code,  any reimbursements of expenses pursuant to this Section 6(a)(ii) shall be made on or before the  last day of the calendar year next following the calendar year in which such expense was  incurred.  For purposes of determining eligibility (but not the time of commencement of benefits)  of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the  Executive shall be considered to have remained employed until two years after the Date of  Termination and to have retired on the last day of such period; and                   (iii)   the Company shall, at its sole expense as incurred, provide the  Executive with reasonable outplacement services, the scope and provider of which shall be  selected by the Executive in his sole discretion; provided, however, that such outplacement  services shall not be provided to the Executive beyond the last day of the second calendar year  following the calendar year which contains the Executive’s Date of Termination; and                   (iv)   to the extent not theretofore paid or provided, the Company shall  timely pay or provide to the Executive any other amounts or benefits required to be paid or  provided or which the Executive is entitled to receive as of the Date of Termination under any                                           9  

 

   plan, program, policy or practice or contract or agreement of the Company Group (such other  amounts and benefits shall be hereinafter referred to as the “Other Benefits”); and                    (v)   to the extent not theretofore vested, the Executive shall immediately  vest, as of the Date of Termination, in his benefits under the [plans comprising the defined  contribution component of the State Street Corporation Executive Supplemental Retirement Plan,  or successor plan, as in effect immediately prior to the Effective Date (“ESRP DC”),   Supplemental Savings Plan,  and/or any applicable SERP in which he participates on the Date of  Termination, including, notwithstanding Section 3.6 (Forfeitures) under the terms of the State  Street Corporation Executive Supplemental Retirement Plan] [for Hong Kong employees:  Supplemental Savings Plan and the State Street Corporation Executive Supplemental Retirement  Plan (“ESRP”)]                (b)  Death.  If, during the Employment Period, the Executive’s employment is  terminated by reason of the Executive’s death, this Agreement shall terminate without further  obligations to the Executive’s legal representatives under this Agreement, other than for payment  of Accrued Obligations, the timely payment or provision of Other Benefits, and immediate  vesting, as of the Date of Termination and to the extent not theretofore vested, of the Executive’s  benefits under the [plans comprising the ESRP DC, Supplemental Savings Plan and/ or any  applicable SERP  in which he participates on the Date of Termination] [for Hong Kong  employees: Supplemental Savings Plan and the ESRP].  The Accrued Obligations shall be paid  to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within [30 days]  [for Hong Kong employees: 7 days] after the Date of Termination.  With respect to the provision  of Other Benefits, the term Other Benefits as utilized in this Section 6(b) shall include, without  limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at  least equal to the most favorable benefits provided by the Company Group to the estates and  beneficiaries of peer executives of the Company Group under such plans, programs, practices  and policies relating to death benefits, if any, as in effect with respect to other peer executives  and their beneficiaries at any time during the 120-day period immediately preceding the  Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries,  as in effect on the date of the Executive’s death with respect to other peer executives of the  Company Group and their beneficiaries in the country in which the Executive is employed.                (c)  Disability.  If, during the Employment Period, the Executive’s  employment is terminated by reason of the Executive’s Disability, this Agreement shall  terminate without further obligations to the Executive under this Agreement, other than for  payment of Accrued Obligations, the timely payment or provision of Other Benefits, and  immediate vesting, as of the Date of Termination and to the extent not theretofore vested, of the  Executive’s benefits under the [plans comprising the ESRP DC, Supplemental Savings Plan  and/or any applicable SERP in which he participates on the Date of Termination] [for Hong  Kong employees: Supplemental Savings Plan and the ESRP].  The Accrued Obligations shall be  paid to the Executive in a lump sum in cash within [30 days] [for Hong Kong employees: 7 days]  after the Date of Termination.  With respect to the provision of Other Benefits, the term Other  Benefits as utilized in this Section 6(c) shall include, and the Executive shall be entitled after the  Disability Effective Date to receive, disability and other benefits at least equal to the most  favorable of those generally provided by the Company Group to disabled executives and/or their  families in accordance with such plans, programs, practices and policies relating to disability, if  any, as in effect generally with respect to other peer executives and their families at any time                                           10  

 

   during the 120-day period immediately preceding the Effective Date or, if more favorable to the  Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect  to other peer executives of the Company Group and their families in the country in which the  Executive is employed.                (d)  For Cause; Other than for Good Reason.  If, during the Employment  Period, the Executive’s employment shall be terminated for Cause, this Agreement shall  terminate without further obligations to the Executive other than the obligation to pay or to  provide to the Executive (x) his Annual Base Salary through the Date of Termination within [30  days] [for Hong Kong employees: 7 days] thereafter and (y) Other Benefits, in each case to the  extent theretofore unpaid.  Subject to Section 7, if, during the Employment Period, the Executive  voluntarily terminates employment, excluding a termination for Good Reason, this Agreement  shall terminate without further obligations to the Executive, other than for Accrued Obligations  and the timely payment or provision of Other Benefits.  In such case, all Accrued Obligations  shall be paid to the Executive in a lump sum in cash within [30 days] [for Hong Kong employees:  7 days] after the Date of Termination.               7.   Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or  limit the Executive’s continuing or future participation in any plan, program, policy or practice  provided by the Company Group and for which the Executive may qualify, nor, subject to  Section 14(g), shall anything herein limit or otherwise affect such rights as the Executive may  have under any contract or agreement with the Company Group, including, without limitation,  the ESRP [DC, Supplemental Savings Plan and/or any applicable SERP in which the Executive  participates on the Date of Termination]; provided, however, that, following the Effective Date,  the severance provisions of this Agreement shall supersede any Company severance pay plan in  which the Executive may otherwise participate.  Amounts which are vested benefits or which the  Executive is otherwise entitled to receive under any plan, policy, practice or program of or any  contract or agreement with the Company Group at or subsequent to the Date of Termination shall  be payable in accordance with such plan, policy, practice or program or contract or agreement  except as explicitly modified by this Agreement; provided that, for the avoidance of doubt, any  such modifications made by this Agreement shall comply with, and shall be effected and  implemented, in accordance with the requirements of Section 409A of the Code.  [Anything in  the State Street Corporation Executive Supplemental Retirement Plan (the “ESRP”) to the  contrary notwithstanding, during the Employment Period: (I) Section 7.1 (Amendments) thereof  shall be inapplicable to the Executive to the extent such amendment reduces the accrued benefit  or contribution rate or otherwise adversely affects the right of the Executive to accrue an ESRP  benefit; and (II) Section 3.6 (Forfeitures) thereof shall be inapplicable to the Executive in  connection with any termination of employment (other than for Cause (as defined under this  Agreement)).  Anything in the MSRP to the contrary notwithstanding, the first sentence of  Section 5 thereof shall be inapplicable to the Executive in connection with any termination of  employment (other than for Cause (as defined under this Agreement)).]          8.  Full Settlement.  The Company’s obligation to make the payments provided for in  this Agreement and otherwise to perform its obligations hereunder shall not be affected by any  set-off, counterclaim, recoupment, defense or other claim, right or action which the Company  may have against the Executive or others, except as required by applicable law or regulation.  In  no event shall the Executive be obligated to seek other employment or take any other action by  way of mitigation of the amounts payable to the Executive under any of the provisions of this                                           11  

 

   Agreement and such amounts shall not be reduced whether or not the Executive obtains other  employment.  Furthermore, the Executive shall be entitled to receive from the Company payment  in respect of all direct and indirect damages as a result of any material breach by the Company of  this Agreement.  From the date hereof until the 20th anniversary of the later of (i) the Date of  Termination and (ii) the date of the Executive’s death, the Company agrees to pay as incurred, to  the full extent permitted by law, any legal fees and/or expenses which the Executive may  reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company,  the Executive or others of the validity or enforceability of, or liability under, or breach by the  Company of, any provision of this Agreement or any guarantee of performance thereof  (including as a result of any contest by the Executive about the amount of any payment pursuant  to this Agreement), plus in each case interest on any delayed payment at the applicable Federal  rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that payment of legal  fees and/or expenses shall not be provided to the Executive later than the last day of the second  calendar year in which the relevant fees or expenses were incurred; provided, further, that the  amount of any legal fees and/or expenses paid by the Company on behalf of the Executive during  a calendar year shall not affect any legal fees and/or expenses to be paid by the Company on  behalf of the Executive in any other calendar year.           9.  Application of Section 4999 of the Code.  (a) This Section 9 shall apply, in the  event it shall be determined that any payment or distribution by the Company Group to or for the  benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the  terms of this Agreement or otherwise) (the “Payments”) could reasonably be expected to be  subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are  incurred by the Executive with respect to such excise tax (such excise tax, together with any such  interest and penalties, are hereinafter collectively referred to as the “Excise Tax”).                (b)   If it shall be determined that the Parachute Value of the Payments (as  defined below) is equal to or less than 110% of the Safe Harbor Amount (as defined below), then  the amount of the Payments otherwise due to, or for the benefit of, the Executive shall be  reduced to the extent necessary, and in a manner intended to comply with Section 409A of the  Code, to assure that the Parachute Value of the Payments, as calculated for the Payments  remaining after such reduction, does not exceed the Safe Harbor Amount (a “Cutback”).  To the  extent any such reduction to the Executive’s Payments becomes necessary by reason of the  preceding sentence; the reduction shall be applied by (x) reducing the cash payments and  benefits due to the Executive under this Agreement in the following order:  Section 6(i)(B),  Section 6(i)(C) and then, if applicable, Section 6(i)(D),or (y) an order of reduction specified by  the Executive; provided, however, that the Executive’s right to specify the order of reduction of  the payments or benefits shall apply only to the extent that it does not directly or indirectly alter  the time or method of payment of any amount that is deferred compensation subject to Section  409A.  For the purposes of this Section 9, (i) “Parachute Value of the Payments” shall mean the  present value, as of the Effective Date, for purposes of Section 280G of the Code of the portion  of such Payments that constitutes a “parachute payment” under Section 280G(b)(2), as  determined by the Accounting Firm (as defined in Section 9(c)) for purposes of determining  whether and to what extent the Excise Tax will apply to such Payments, and (ii) “Safe Harbor  Amount” shall mean the maximum Parachute Value of the Payments that the Executive can  receive without any Payments being subject to the Excise Tax.              (c)   If it shall be determined that the Parachute Value of the Payments is                                           12  

 

   greater than 110% of the Safe Harbor Amount, then the value of the Payments to be made to the  Executive shall be either (i) subject to a Cutback or (ii) delivered in full, whichever of the  foregoing results in the receipt by the Executive of the greatest benefit on an after-tax basis  (taking into account the Executive’s actual marginal rate of federal, state and local income  taxation and the Excise Tax).              (d)   All determinations required to be made under this Section 9, including  whether and when a Cutback is required and the amount of such Cutback and the assumptions to  be utilized in arriving at such determination, shall be made by Ernst & Young LLP or such other  nationally recognized certified public accounting firm as may be designated by the Executive  (the “Accounting Firm”); provided that such Accounting Firm shall be independent of the  Executive.  In the event that the Accounting Firm is serving as accountant or auditor for the  individual, entity or group effecting the Change of Control, the Executive shall appoint another  independent nationally recognized accounting firm to make the determinations required  hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).   All fees and expenses of the Accounting Firm shall be borne solely by the Company.  Any  determination by the Accounting Firm shall be binding upon the Company and the Executive.   The Accounting Firm shall make the determinations required under this Section 9 on a  preliminary basis and provide to both the Company and the Executive the detailed supporting  calculations on an initial basis, as soon as reasonably practicable prior to the making of any  Payment, but in no event later than 10 days prior to the Effective Date.  Thereafter, the  Accounting Firm shall timely make any further determinations as may be required under this  Section 9 and provide to both the Company and the Executive additional detailed supporting  calculations as necessary or appropriate to effectuate the provisions of this Section 9.  If, as a  result of the uncertainty in the application of Section 4999 of the Code at the time of the  preliminary or a subsequent determination by the Accounting Firm hereunder, amounts that  should have been subject to a Cutback were instead paid or provided to the Executive  (“Overpayment”), consistent with the calculations required to be made hereunder, then, in the  event that the Executive is required to make a payment of any Excise Tax solely as a result of an  Overpayment, the Accounting Firm shall determine the amount of the Overpayment that has  occurred and the Company shall indemnify the Executive for any damages, including, without  limitation, the Excise Tax, and costs incurred by him resulting from any Overpayment.  Any  amounts payable by the Company or any other member of the Company Group to the Executive  as a result of the Company’s indemnification obligations as provided for in the immediately  preceding sentence shall be paid no later than the last day of the calendar year following the  calendar year in which the Executive remits the related taxes.           10.  Confidential Information; Restriction on Solicitation of Employees and Clients.   By and in consideration of the compensation and benefits provided for by the Company under  this Agreement, including the severance arrangements set forth herein, the Executive agrees that:              (a)   The Executive shall hold in a fiduciary capacity for the benefit of the  Company all secret or confidential information, knowledge or data relating to the Company  Group, and the respective businesses of the members of the Company Group and their Clients (as  defined below), which shall have been obtained by the Executive during the Executive’s  employment by the Company Group and which shall not be or become public knowledge (other  than by acts by the Executive or representatives of the Executive in violation of this Agreement).   After termination of the Executive’s employment with the Company Group, the Executive shall                                           13  

 

   not, without the prior written consent of the Company or as may otherwise be required by law or  legal process, communicate or divulge any such information, knowledge or data to anyone other  than the Company and those designated by it.  For the purposes of this Section 10, the term  “Client” means any person or entity that is a customer or client of any member of the Company  Group.                (b)  During the term of employment of the Executive and following the  termination thereof, the Executive shall not make any false, disparaging, or derogatory  statements to any media outlet (including, but not limited to, Internet-based chat rooms, message  boards, any and all social media, and/or web pages), industry group or financial institution, or to  any current, former or prospective employee, consultant or Client of the Company or its  subsidiaries regarding the Company, its subsidiaries or any of their respective directors, officers,  employees, agents, or representatives, or about the business affairs and financial condition of the  Company or its subsidiaries.               (c)  During the term of employment of the Executive and following the  termination thereof, the Executive shall cooperate with the Company with respect to any matters  arising during or related to the Executive’s employment with the Company Group, including but  not limited to any litigation, governmental investigation, or regulatory or other proceeding which  may have arisen as of or which may arise following the execution of this Agreement.  The  Company shall reimburse the Executive for any reasonable out-of-pocket and properly  documented expenses the Executive incurs in connection with such cooperation.               (d)  During the term of employment of the Executive and during the  Nonsolicitation Period (as defined below), the Executive shall not, without the prior written  consent of the Company, solicit, directly or indirectly (other than through a general solicitation  of employment not specifically directed to employees of the Company or its subsidiaries), the  employment of any person who within the previous 12 months was an officer of the Company or  any of its subsidiaries.  For purposes of this Section 10, the term “Nonsolicitation Period” means  the period beginning on the date of termination of the Executive’s employment with the  Company Group (the “Termination Date”) and ending on the earlier of (i) [18 months after the  Termination Date] [for Hong Kong employees: 6 months after the Termination Date and for a  further 6 month period after that initial period] and (ii) [one year after the Effective Date (if any)]  [for Hong Kong employees: 6 months after the Effective Date (if any) and for a further 6 month  period after that initial period].  If the Executive violates a restriction to which the  Nonsolicitation Period applies under this Section 10(d) or 10(e), then the Nonsolicitation Period  shall be extended, with respect only to the restriction violated by the Executive, by the amount of  time for which the Executive was out of compliance with such restriction.                (e)  During the term of employment of the Executive and during the  Nonsolicitation Period, the Executive shall not, without the prior consent of the Company, [for  Hong Kong employees: directly or indirectly,] engage in the Solicitation of Business (as defined  below) from any Client on behalf of any person or entity other than the Company and its  subsidiaries.  For the purposes of this Section 10(c), the term “Solicitation of Business” shall  mean the attempt through direct personal contact on the part of the Executive with a Client with  whom the Executive has had significant personal contact while serving in a Line-Function  Capacity (as defined below) during his period of employment to [for Hong Kong employees:  solicit or] induce such Client to transfer its business relationship [for Hong Kong employees: in  whole or in part] from the Company and its subsidiaries to any other person or entity.  The term                                           14  

 

   “Line-Function Capacity” means service to the Company and its subsidiaries in a primary  capacity other than a staff function, in which the Executive has direct and regular contact with  Clients and responsibility for managing the business relationship of the Company and its  subsidiaries with such Clients.  During the Nonsolicitation Period, the Executive may accept  employment with or enter into a business relationship with a person or entity that has or seeks to  establish business relationships with one or more Clients provided that the Executive does not  engage in the Solicitation of Business from such Clients and does not disclose confidential  information concerning such Client and its relationship with the Company and its subsidiaries to  any such person or entity.                (f)  In no event shall an asserted violation of the provisions of this Section 10  constitute a basis for deferring or withholding any amounts otherwise payable to the Executive  under this Agreement.                (g)  This Section 10 shall be effective from and after the date of this  Agreement notwithstanding that an Effective Date has not occurred, and the restrictions and  covenants set forth in this Section 10 shall be in addition to, and shall not supersede, any  restrictions or covenants to which the Executive may be subject pursuant to other plans,  programs or agreements with the Company, including, without limitation, the nonsolicitation and  noncompetition provisions contained in Section 3.6 of the ESRP (except to the extent  specifically provided otherwise in Section 7 of this Agreement).               (h)  The provisions contained in this Section 10 are necessary to the protection  of the Company’s business and good will, and are material and integral to the undertakings of the  Company under this Agreement.  The Executive agrees that the Company and its subsidiaries  will be irreparably harmed in the event such provisions are not performed in accordance with  their specific terms or are otherwise breached by the Executive.  Accordingly, if the Executive  fails to comply with such provisions, the Company or any of its subsidiaries shall be entitled to  injunctive or other equitable relief or remedy in addition to, and not in lieu of, any other relief or  remedy at law to which it or they may be entitled hereunder in order to protect its or their  legitimate business interests. Therefore, the Executive agrees that the Company or any of its  subsidiaries shall, in the event of any breach or threatened breach by the Executive of the  provisions of this Section 10, in addition to such other remedies as may be available, be entitled  to specific performance and injunctive relief without posting a bond.  The Executive hereby  waives the adequacy of a remedy at law as a defense to such relief.               (i)  No delay or waiver by the Company in exercising any right under this  Section 10 shall operate as a waiver of that right or of any other right. Any waiver or consent as  to any of the provisions herein provided by the Company must be in writing, is effective only in  that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement  of the provision(s) at issue on any other occasion.               (j)  The restrictions and covenants set forth in this Section 10 shall be  construed and interpreted in any judicial or other adjudicatory proceeding to permit their  enforcement to the maximum extent permitted by law, and each such provision is severable and  independently enforceable without reference to the enforcement of any other provision.  If any  restriction set forth in this Section 10 is found by any court of competent jurisdiction to be  unenforceable because it extends for too long a period of time or over too great a range of  activities or in too broad a geographic area, it shall be interpreted to extend only over the                                           15  

 

   maximum period of time, range of activities or geographic area as to which it may be  enforceable.                  (k)    Nothing in this Agreement prohibits Executive from reporting possible  violations of federal law or regulation to any governmental agency or regulatory authority or  from making other disclosures that are protected under the whistleblower provisions of Federal  law or regulation. Moreover, nothing in this Agreement requires Executive to notify the  Company that Executive has made any such report or disclosure.  However, in connection with  any such activity, Executive must take reasonable precautions to ensure that any confidential  information that is disclosed to such authority is not made generally available to the public,  including by informing such authority of the confidentiality of the same.                  (l)    Executive shall not be held criminally or civilly liable under any Federal  or state trade secret law if Executive discloses a Company or a Company affiliated organization  trade secret (i) in confidence to a Federal, state, or local government official, either directly or  indirectly, or to an attorney, solely for the purposes of reporting or investigating a suspected  violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if  such filing is made under seal.                  (m)      Despite the foregoing, Executive is not permitted to disclose to any  third-party, including any governmental or regulatory authority, any information learned in the  course of his or her employment that is protected from disclosure by any applicable privilege,  including but not limited to the attorney-client privilege, attorney work product doctrine, the  bank examiner’s privilege, and/or privileges applicable to information covered by the Bank  Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or  contemplated filing of a suspicious activity report. The Company and its affiliated organizations  do not waive any applicable privileges or the right to continue to protect its or their privileged  attorney-client information, attorney work product, and other privileged information.           11.  Section 409A of the Code.  (a) This Agreement is intended to satisfy the  requirements of Section 409A of the Code with respect to amounts subject thereto and shall be  interpreted and construed and shall be performed by the parties consistent with such intent, and  the Company shall not accelerate any payment or the provision of any benefits under this  Agreement or to make or provide any such payment or benefits if such payment or provision of  such benefits would, as a result, be subject to tax under Section 409A of the Code.                (b)  Except as expressly provided otherwise herein, no reimbursement payable  to the Executive pursuant to any provisions of this Agreement or pursuant to any plan or  arrangement of the Company covered by this Agreement shall be paid later than the last day of  the calendar year following the calendar year in which the related expense was incurred, and no  such reimbursement during any calendar year shall affect the amounts eligible for reimbursement  in any other calendar year, except, in each case, to the extent that the right to reimbursement does  not provide for a “deferral of compensation” within the meaning of Section 409A of the Code.   To the extent providing for deferral of compensation within the meaning of Section 409A of the  Code, any payments or benefits to which the Executive is entitled upon a termination of  employment shall be paid no earlier than the date on which the Executive incurs a “separation  from service” as set forth in Section 5.               (c)  Notwithstanding anything herein to the contrary, if the Executive is a  “specified employee,” for purposes of Section 409A of the Code, as determined under the                                           16  

 

   Company’s established methodology for determining specified employees, on the date on which  the Executive separates from service, any payment hereunder (including any provision of  continued benefits) that provides for the deferral of compensation within the meaning of  Section 409A of the Code (the “Delayed Payment Amounts”) shall not be paid or commence to  be paid on any date prior to the first business day after the date that is six months following the  Executive’s Date of Termination; provided, however, that payment of the Delayed Payment  Amounts shall commence within 30 days of the Executive’s death in the event of his death prior  to the end of the six-month period.  The Delayed Payment Amounts shall earn interest at the  prime rate published in The Wall Street Journal on the Date of Termination until the date that  payment of such amounts to the Executive or his legal representatives is completed pursuant to  the terms of this Agreement.           12.  Statement of Benefits.  Immediately prior to the Effective Date, the Company  shall provide in writing to the Executive a reasonable, good faith estimate of the payments and  benefits to which the Executive would be entitled in the event of a termination of his  employment pursuant to Section 6(a), assuming that the Effective Date is the Date of  Termination.           13.  Successors. (a) This Agreement is personal to the Executive and without the prior  written consent of the Company shall not be assignable by the Executive otherwise than by will  or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be  enforceable by the Executive’s legal representatives.                (b)  This Agreement shall inure to the benefit of and be binding upon the  Company and its successors and assigns.                (c)  This Agreement may not be assigned by the Company, other than to a  member of the Company Group, without the written consent of the Executive, and the Company  will require any successor (whether direct or indirect, by purchase, merger, consolidation, or  otherwise) to all or substantially all of the business and/or assets of the Company, to assume  expressly and agree to perform this Agreement in the same manner and to the same extent that  the Company would be required to perform it if no such succession had taken place.  In the event  that the Company obtains the express assumption and agreement to perform this Agreement as  contemplated by the preceding sentence, the Executive agrees that his execution of this  Agreement shall serve as his written consent in such circumstance.  As used in this Agreement,  “Company” shall mean the Company as hereinbefore defined and any successor to its business  and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of  law, or otherwise.           14. Miscellaneous.  (a) This Agreement shall be governed by and construed in  accordance with the laws of the Commonwealth of Massachusetts, without reference to  principles of conflict of laws.  This Agreement may not be amended or modified otherwise than  by a written agreement executed by the parties hereto or their respective successors and legal  representatives.                (b)  All notices and other communications hereunder shall be in writing and  shall be given to the other party by hand delivery, by electronic email, or by private overnight  delivery, in each case with proof of receipt, addressed as follows:                                             17  

 

                        If to the Executive, at the most recent address in the records of the                       Company Group.                        If to the Company:                             State Street Corporation                             State Street Financial Center                             One Lincoln Street                             Boston, MA 02111-2900                             Attention: Chief Legal Officer   or to such other address as either party shall have furnished to the other in writing in accordance  herewith.  For purposes of this Agreement, notice and communications shall be effective (i) on  the date of delivery, with respect to hand delivery, or (ii) when posted with respect to email or  private overnight delivery, except with respect to a Notice of Termination, which shall be  effective when actually received by the addressee, with respect to any form of delivery.                (c)  The invalidity or unenforceability of any provision of this Agreement shall  not affect the validity or enforceability of any other provision of this Agreement.                (d)  The headings of sections herein are included solely for convenience of  reference and shall not control the meaning or interpretation of any of the provisions of this  Agreement, and section, paragraph and subparagraph references in this Agreement, unless  otherwise specified, refer to the applicable section, paragraph or subparagraph of this Agreement.   In addition, for the purposes of this Agreement, references to statutes and regulations shall be  deemed to include any amended, modified or successor statutes or regulations.               (e)  The Company may withhold from any amounts payable under this  Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant  to any applicable law or regulation and all other authorized deductions.                (f)  The Executive’s or the Company’s failure to insist upon strict compliance  with any provision of this Agreement or the failure to assert any right the Executive or the  Company may have hereunder, including, without limitation, the right of the Executive to  terminate employment for Good Reason pursuant to Section 5(c)(i) - (v), shall not be deemed to  be a waiver of such provision or right or any other provision or right of this Agreement.                (g)  The Executive and the Company acknowledge that, except as may  otherwise be provided under any other written agreement between the Executive and any  member of the Company Group, the employment of the Executive by the Company Group is “at  will” and, subject to Section 1(a), prior to the Effective Date, the Executive’s employment and/or  this Agreement may be terminated by either the Executive or the Company at any time prior to  the Effective Date, in which case the Executive shall have no further rights under this Agreement.                  (h)  This Agreement sets forth all of the promises, agreements, conditions and  understandings between the parties hereto respecting the subject matter hereof and supersedes all  prior negotiations, conversations, discussions, correspondence, memoranda and agreements  between the parties concerning such subject matter, including any outstanding change in control  employment agreement in effect as of the date of this Agreement.  From and after the Effective  Date, this Agreement shall supersede any other agreement between the parties with respect to the  subject matter hereof. [For certain Hong Kong employees: Further, this Agreement is to be read  in conjunction with your individual contract of employment.  In the event that there is any                                          18  

 

   inconsistency between any of the terms of this Agreement and those set out in your contract of  employment, the terms of this Agreement which are inconsistent shall prevail.]                (i)  This Agreement may be executed in two or more counterparts, each of  which shall be deemed to be an original but all of which together will constitute one and the  same instrument.  For purposes of this Agreement, facsimile signatures shall be deemed originals,  and the parties agree to exchange original signatures as promptly as possible following execution  of this Agreement.               The Executive acknowledges that he is entering into this Agreement of his own  free will and accord, and with no duress, that he has read this Agreement and that he understands  it and its legal consequences.                 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to  the authorization from its Board of Directors, the Company has caused these presents to be  executed in its name on its behalf, all as of the day and year first above written.                                                                                                     [Executive]                                                _______________________________                                                                                                STATE STREET CORPORATION                                                                                                   By                                                       Todd Gershkowitz                                                    EVP, Chief Operating Officer -                                                    Global Human Resources and                                                    Corporate Citizenship                                              19

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