Document:

<PAGE>

                           GRANT OF SECURITY INTEREST
                 (TRADEMARKS, COPYRIGHTS, PATENTS AND LICENSES)

                                     -------

         GRANT OF SECURITY INTEREST ("Agreement"), dated December [26], 2000, by
CYTOMEDIX, INC., a Delaware corporation (the "Grantor"), in favor of TSENVI,
LLC, a Delaware limited liability company, as collateral agent under the terms
hereof and in accordance with the Security Agreement referenced below
("Grantee").

         WHEREAS, Grantor and Grantee are parties to a Security Agreement, dated
as of the date hereof ("Security Agreement"), pursuant to which Grantee is
acting as the collateral agent for the benefit of TSENVI, LLC, a Delaware
limited liability company, Bel-Cap Delaware Investments, LLC, a Delaware limited
liability company, Bristol Investment Fund, Ltd., Curative Health Services, Inc.
(collectively, the "Lenders"); and

         WHEREAS, terms which are capitalized but undefined herein shall have
the meanings herein ascribed thereto in the Security Agreement; and

         WHEREAS, the Grantor owns the trademarks (including service marks),
trademark applications, trademark registrations and trade names listed on
SCHEDULE 1 hereto, along with any and all (i) renewals thereof, (ii) income,
royalties, damages and payments now and hereafter due and/or payable with
respect thereto, including, without limitation, damages and payments for past or
future infringements thereof, (iii) rights to sue for past, present and future
infringements thereof, and (iv) rights corresponding to all of the foregoing
throughout the world (all of the foregoing trademarks (including service marks),
trademark applications, trademark registrations, trade names, fictitious names,
service marks, together with the items described in the foregoing clauses (i)
through (iv), are sometimes hereinafter individually and/or collectively
referred to as the "Trademarks"); and

         WHEREAS, the Grantor owns the copyrights, copyright applications and
copyright registrations listed on SCHEDULE 2 hereto, along with any and all (i)
renewals thereof, (ii) income, royalties, damages and payments now and hereafter
due and/or payable with respect thereto, including, without limitation, damages
and payments for past or future infringements thereof, (iii) rights to sue for
past, present and future infringements thereof, and (iv) rights corresponding to
all of the foregoing throughout the world (all of the foregoing copyrights and
applications, together with the items described in the foregoing clauses (i)
through (iv), are sometimes hereinafter individually and/or collectively
referred to as the "Copyrights"); and

         WHEREAS, the Grantor owns the patents, patent registrations and patent
applications listed on SCHEDULE 3 hereto, along with any and all (i) renewals
thereof, (ii) income, royalties, damages and payments now and hereafter due
and/or payable with respect thereto, including, without limitation, damages and
payments for past or future infringements thereof, (iii) rights to sue for past,
present and future infringements thereof, and (iv) rights corresponding to all
of the foregoing throughout the world (all of the foregoing patents and
applications, together with the items described in the foregoing clauses (i)
through (iv), are sometimes hereinafter individually and/or collectively
referred to as the "Patents"); and

         WHEREAS, the Grantor is a party to certain license agreements with
third parties whether the Grantor is a licensor or licensee under any such
license agreement, including, without limitation, the license agreements listed
on SCHEDULE 4 hereto, along with any and all (i) renewals, extensions,
supplements and continuations thereof, (ii) income, royalties, damages and
payments now and hereafter due and/or payable with respect thereto, including,
without limitation, damages and payments for past or future breaches or
infringements thereof, (iii) rights to sue for past, present and future breaches
or infringements thereof, (iv) rights to sell, prepare for sale or rental, sell,
rent, and advertise for sale or rental, all inventory now or hereafter owned by
the Grantor and now or hereafter covered by such licenses, and (v) rights
corresponding to all of the foregoing (all of the foregoing licenses together
with the items described in the foregoing

<PAGE>

clauses (i) through (v) are sometimes hereinafter individually and/or
collectively referred to as the "Licenses"); and

         WHEREAS, the Grantor has agreed to grant to the Grantee (ratably for
the benefit of the Lenders), a first priority security interest (subject only to
Permitted Liens) in substantially all of its assets to secure the payment of
obligations owing by Grantor to Lenders, in a form which may be recorded with
the United States Patent and Trademark Office against all existing and future
applications to register and registrations of the Trademarks; and

         WHEREAS, the Grantor has mortgaged, pledged and granted to the Grantee
(ratably for the benefit of the Lenders) a lien on and security interest in all
right, title and interest of the Grantor in, to and under all of the Trademarks,
Copyrights, Patents and Licenses, together with any reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof, and all
products and proceeds thereof, and the goodwill of the business in connection
therewith including, without limitation, any and all causes of action which may
exist by reason of infringement thereof for the full term of the Trademarks,
Copyrights, Patents and Licenses.

         NOW, THEREFORE, for good and valuable consideration, receipt of which
is hereby acknowledged, to secure all of Grantor's obligations to the Grantee
and the Lenders, the Grantor does hereby mortgage, pledge and grant to the
Grantee (ratably for the benefit of the Lenders) a lien on and security interest
in all of the Grantor's right, title and interest in, to and under the
following, whether presently existing or hereafter arising or acquired:

         i. each Trademark, each registration of the Trademarks and each
application for registration of Trademarks owned by the Grantor, including,
without limitation, each Trademark referred to in SCHEDULE 1 hereto;

         ii. each Copyright and application for registration of Copyrights owned
by the Grantor, including, without limitation, each Copyright and Copyright
application referred to in SCHEDULE 2 hereto;

         iii. each Patent and application for registration of Patents owned by
the Grantor, including, without limitation, each Patent and Patent application
referred to in SCHEDULE 3 hereto;

         iv. each interest in a License, including, without limitation, each
License listed in SCHEDULE 4 hereto;

          v. all products and proceeds of the foregoing, including, without
limitation, any claim by the Grantor against third parties for past, present
or future infringement or breach of any Trademark, Copyright, Patent or
License;

         vi. all unregistered Trademarks and Copyrights owned by the Grantor,
each such Trademark set forth in SCHEDULE 1 hereto, and all future applications
to register and registrations of the Trademarks;

         vii. the entire goodwill of the Grantor's business connected with the
use of and symbolized by the Trademarks, Copyrights, Patents and Licenses; and

         viii. all trade styles, trade dress, copyrights and other intellectual
property owned by Grantee and used in connection with the Trademarks.

                                      * * *

         THIS AGREEMENT SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF
THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED
TO CONFLICTS OF LAW PROVISIONS) OF THE STATE

<PAGE>

OF ILLINOIS. AS PART OF THE CONSIDERATION FOR NEW VALUE THIS DAY RECEIVED, THE
GRANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN CHICAGO, STATE OF ILLINOIS. EACH OF THE GRANTOR AND THE GRANTEE
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY SUIT OR
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. THE GRANTOR WAIVES ANY
OBJECTION WHICH THE GRANTOR MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER
VENUE OR FORUM NON CONVENIENS TO ANY SUIT OR PROCEEDING INSTITUTED BY THE
GRANTEE UNDER THIS AGREEMENT IN ANY STATE OR FEDERAL COURT LOCATED WITHIN
CHICAGO, STATE OF ILLINOIS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF THE GRANTEE TO BRING ANY ACTION OR PROCEEDING AGAINST
THE GRANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH HAS
JURISDICTION OVER THE GRANTOR OR ITS PROPERTY. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE LENDERS TO ADVANCE CREDIT TO THE GRANTOR.

                            [SIGNATURES ON NEXT PAGE]

<PAGE>

                  IN WITNESS WHEREOF, the Grantor has caused this Grant of
Security Interest to be executed and sealed in its corporate name by its duly
authorized corporate officer as of the date first above written.

                     CYTOMEDIX, INC, a Delaware corporation

                               By: /s/ Christopher J. Caywood
                                  ----------------------------------------------
                                        Name:  Christopher J. Caywood
                                             -----------------------------------
                                        Title: Vice President
                                              ----------------------------------

ILLINOIS
----------------  )
LAKE                             ) SS:
----------------  )

         The foregoing instrument was acknowledged before me this _____ day of
__________________, 2000 by Christopher Caywood, as OFFICER of CYTOMEDIX, a
DEL corporation, on behalf of the corporation. He/she is personally known to me
or has produced a driver's license as identification and did (did not) take an
oath.

                               /s/ Patricia A. Micek
                              -------------------------------------------------
                              Print or Stamp Name: Patricia A. Micek
                              Notary Public,            at Large
                                            ------------
                              My Commission Expires: 3/3/01

                                              OFFICIAL SEAL
                                            PATRICIA A. MICEK
                                      NOTARY PUBLIC, STATE OF ILLINOIS
                                       MY COMMISSION EXPIRES: 03/03/01

<PAGE>

                                                                      SCHEDULE 1

                          U.S. TRADEMARK REGISTRATIONS
                            AND PENDING APPLICATIONS

                           REGISTERED U.S. TRADEMARKS

MARK                           REG. NO.            DATE OF ISSUE
----                           --------            -------------

Autologous                     US 75/507,641        6/23/98  Issued 4/11/00
Autologous Platelet Gel        US 75/507,346        6/23/98
Autologous Platelet Jel        US 75/507,345        6/23/98
Autolo-Gel                     US 75/759,746        7/26/99
Autolo                         US 75/759,747        7/26/99
Cytomedix

                       PENDING U.S. TRADEMARK APPLICATIONS

MARK                          SERIAL NO.           FILING DATE
----                          ----------           -----------

<PAGE>

                         FOREIGN TRADEMARK REGISTRATIONS
                            AND PENDING APPLICATIONS

                          REGISTERED FOREIGN TRADEMARKS

MARK                         REG. NO.                      DATE OF ISSUE
----                         --------                      -------------

                               Canada 512700                     7/07/99
                               Japan 2400316                     4/30/92
                               Sweden 220805                     2/01/99
                               US 1,596,010                      5/15/90

                     PENDING FOREIGN. TRADEMARK APPLICATIONS

MARK                           SERIAL NO.                    FILING DATE
----                           ----------                    -----------

                               Philippines App. No. 01601         2/16/99

<PAGE>

                                                                      SCHEDULE 2

                    U.S. COPYRIGHTS, COPYRIGHT REGISTRATIONS
                            AND PENDING APPLICATIONS

                        NON-REGISTERED COPYRIGHTS CLAIMED

                           REGISTERED U.S. COPYRIGHTS

COPYRIGHT                     REG. NO.                      DATE OF ISSUE
---------                     --------                      -------------

                               PENDING U.S. COPYRIGHT APPLICATIONS

COPYRIGHT                     SERIAL NO.                    FILING DATE
---------                     ----------                    -----------

<PAGE>

                                                                      SCHEDULE 3

                       U.S. PATENTS, PATENT REGISTRATIONS
                            AND PENDING APPLICATIONS

                             REGISTERED U.S. PATENTS

<TABLE>
<S><C>

PATENT                                                    REG. NO.                         DATE OF ISSUE
------                                                    --------                         -------------
Improved Enriched Platelet Wound Healant                               PCT/US99/02981            2/13/99
Improved Enriched Platelet Wound Healant                               US Patent (to be assigned)7/19/00
                                                                        US 5470,831             11/28/95
                                                                        US 5,776,892             7/07/98
Wound Healing Agents                                                    US
Wound Healing Agents                                                    US
Wound Healing Agents                                                    US
Wound Healing Agents (Hair Growth)                                      US 4,957,742             9/18/90
Isolating Wound Capillary Endothelial Cells                             US
Wound Healing Agents                                                    US
Wound Healing Agents                                                    US
Wound Healing Agents                                                    US
Platelet Releasale for Efficacious Treatment of Tissue                  US
Virus Free Platelet Derivative & Method of Making Same                  US
Coating a  Prosthetic Surface w/ Mammalian Cells                        US
Method for Promoting Hair Growth                                        US 5,178,883             1/12/93
Coating a Prosthetic Surface w/ Mammalian Cells                         US
Coating a  Prosthetic Surface w/ Mammalian Cells                        US
Wound Healing Agents                                                    US
Method for Isolating Wound Capillary Endotheral Cells                   US
Platelet Releasale for Efficacious Treatment of Tissue                  US
Wound Healing Agents                                                    US
Wound Healing Agents                                                    US
Virus Free Platelet Derivative & Method of Making Same                  US
Method & Assay Improved Specific Binding Reactivity of a Polypeptide    US
Method & Assay Improved Specific Binding Reactivity of a Polypeptide    US

                        PENDING U.S. PATENT APPLICATIONS

PATENT                                                             SERIAL NO.             FILING DATE
------                                                             ----------             -----------

Platelet Releasale for Efficacious Treatment of Tissue          US 5,599,558                2/04/97
</TABLE>

<PAGE>

                      FOREIGN PATENTS, PATENT REGISTRATIONS
                            AND PENDING APPLICATIONS

                           REGISTERED FOREIGN PATENTS

<TABLE>
<CAPTION>

PATENT                                                    REG. NO.                               DATE OF ISSUE
------                                                    --------                               -------------
<S>                                                    <C>                                   <C>
Improved Enriched Platelet Wound Healant               Australia 53122/99                            2/29/00
Improved Enriched Platelet Wound Healant               Brazil (TBA)                                  1/31/00
Improved Enriched Platelet Wound Healant               Canada 2,301,794                              2/18/00
Improved Enriched Platelet Wound Healant               Japan 2000-555609                             1/31/00
Improved Enriched Platelet Wound Healant               Mexico 000009                                 1/03/00
Improved Enriched Platelet Wound Healant               Great Britain 00024257                        2/02/00
                                                       Austria E 164 167                             3/18/98
                                                       Belgium 0 563 329B                            3/18/98
                                                       Canada  2,098,921                     Filing Date 12/20/91
                                                       Switzerland 0 563 329B                        3/18/98
                                                       Germany 69129121                              3/18/98
                                                       Denmark 0 563 329B                            3/18/98
                                                       European 0 563 329B                           3/18/98
                                                       Spain 2117045                                 3/18/98
                                                       France 0 563 329B                             3/18/98
                                                       Great Britain 0 563 329B                      3/18/98
                                                       Italy 0 563 329B                              3/18/98
                                                       Korea 204,400                                 3/29/99
                                                       Netherlands 0 563 329B                        3/18/98
                                                       Sweden 0 563 329B                             3/18/98
                                                       WO PCT (US91/09813)                           12/20/91
                                                       Europe (Published) 94921322.7                 (6/17/94)
                                                       WO PCT (US94/06888)                           (6/17/94)
Wound Healing Agents                                   AR 235,349                                    8/31/87
Wound Healing Agents                                   CA 1,261,259                                  9/26/89
Wound Healing Agents                                   IE 57,894                                     5/05/98
Wound Healing Agents                                   IL 77,096                                     11/19/85
Wound Healing Agents                                   WO
Wound Healing Agents                                   AU 596,954
Wound Healing Agents                                   BR
Wound Healing Agents                                   DK 165,169                                    3/01/93
Wound Healing Agents                                   FI 85,219                                     3/25/92
Wound Healing Agents                                   HU
Wound Healing Agents                                   JP 1,986,949                                  11/08/95
Wound Healing Agents                                   NO 170,194                                    9/23/92
Wound Healing Agents                                   RU
Wound Healing Agents                                   AT 202,298                                    7/15/92
Wound Healing Agents                                   BE 202,298                                    7/15/92
Wound Healing Agents                                   CH 202,298                                    7/15/92
Wound Healing Agents                                   DE 202,298                                    7/15/92
Wound Healing Agents                                   EP 202,298                                    7/15/92
Wound Healing Agents                                   EP
Wound Healing Agents                                   FR 202,298                                    7/15/92
Wound Healing Agents                                   GB 202,298                                    7/15/92
Wound Healing Agents                                    IT 202,298                                   7/15/92
Wound Healing Agents                                    LU 202,298                                   7/15/92

<PAGE>

Wound Healing Agents                                             NL 202,298                          7/15/92
Wound Healing Agents                                             SE 202,298                          7/15/92
Wound Healing Agents                                             AT
Wound Healing Agents                                             DE
Wound Healing Agents                                             GB 2,248,777
Wound Healing Agents                                             8,603,122
Wound Healing Agents                                             NL
Wound Healing Agents                                             SE
Wound Healing Agents                                             CH 310,686                          4/12/89
Wound Healing Agents (Hair Growth)                               AU
Wound Healing Agents (Hair Growth)                               CA
Wound Healing Agents (Hair Growth)                               EP
Wound Healing Agents (Hair Growth)                               JP
Wound Healing Agents (Hair Growth)                               WO
Isolating Wound Capillary Endothelial Cells                      WO
Platelet Releasale for Efficacious Treatment of Tissue           AU 659,405                          9/05/95
Platelet Releasale for Efficacious Treatment of Tissue           CA
Platelet Releasale for Efficacious Treatment of Tissue           DE 417,818                         11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           EP 417,818                         11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           FR 9,011,398                        6/16/95
Platelet Releasale for Efficacious Treatment of Tissue           FR 417,818                         11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           GB 417,818                         11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           IL
Platelet Releasale for Efficacious Treatment of Tissue           IT 417, 818                        11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           JP
Platelet Releasale for Efficacious Treatment of Tissue           KR
Platelet Releasale for Efficacious Treatment of Tissue           NL 417,818                         11/29/95
Platelet Releasale for Efficacious Treatment of Tissue           NO
Platelet Releasale for Efficacious Treatment of Tissue           NZ 235,326                          9/20/93
Platelet Releasale for Efficacious Treatment of Tissue           WO
Platelet Releasale for Efficacious Treatment of Tissue           ZA 907, 276                         5/27/92
Virus Free Platelet Derivative                                   IL
Virus Free Platelet Derivative                                   NZ
Virus Free Platelet Derivative                                   WO
Virus Free Platelet Derivative                                   ZA 911,652                          3/25/92
Coating a  Prosthetic Surface w/ Mammalian Cells                 AU
Coating a  Prosthetic Surface w/ Mammalian Cells                 CA
Coating a  Prosthetic Surface w/ Mammalian Cells                 EP
Coating a  Prosthetic Surface w/ Mammalian Cells                 FI
Coating a  Prosthetic Surface w/ Mammalian Cells                 IL 97,896                           8/27/95
Coating a  Prosthetic Surface w/ Mammalian Cells                 NO
Coating a  Prosthetic Surface w/ Mammalian Cells                 NZ
Coating a  Prosthetic Surface w/ Mammalian Cells                 WO
Coating a  Prosthetic Surface w/ Mammalian Cells                 ZA 912,882                          1/29/92
Method & Assay Improved Specific Binding Reactivity              AU
Method & Assay Improved Specific Binding Reactivity              CA
Method & Assay Improved Specific Binding Reactivity              EP
Method & Assay Improved Specific Binding Reactivity              JP
Method & Assay Improved Specific Binding Reactivity              NZ
Method & Assay Improved Specific Binding Reactivity              WO
</TABLE>

<PAGE>

                       PENDING FOREIGN PATENT APPLICATIONS

PATENT                             SERIAL NO.                     FILING DATE
------                             ----------                     -----------

                      Canada (Pending) Appl. No. 2,165,418        6/17/94
                      Japan (Pending) Appl. No. 4-505279          12/20/91
                      Japan (Pending) Appl. No. 07-502990          6/17/94

<PAGE>

                                                                      SCHEDULE 4

                    TRADEMARK, COPYRIGHT AND PATENT LICENSES

Trademark, Copyright and Patent Licenses with respect to which Grantor is a
licensor:

<TABLE>
<S><C>
---------------------------- ----------------------- -------------------------- -----------------------------
                                                                                Trademark, Copyright or
                                                                                Patent Registration OR
Grantor                      Licensee                Date of License            Serial Number
---------------------------- ----------------------- -------------------------- -----------------------------

---------------------------- ----------------------- -------------------------- -----------------------------

---------------------------- ----------------------- -------------------------- -----------------------------

Trademarks, Copyrights and Patents with respect to which Grantor is a licensee:

---------------------------- ----------------------- -------------------------- -----------------------------
                                                                                Trademark, Copyright or
                                                                                Patent Registration OR
Grantor                      Licensee                Date of License            Serial Number
---------------------------- ----------------------- -------------------------- -----------------------------

---------------------------- ----------------------- -------------------------- -----------------------------

---------------------------- ----------------------- -------------------------- -----------------------------
</TABLE><PAGE>

                                                              Exhibit 10.22

[STATE STREET LETTERHEAD APPEARS HERE]

                                              December 8, 1997

Ms. Maureen Bateman
1192 Park Avenue
New York, NY 10128

Dear Maureen,

     The purpose of this letter is to confirm, on behalf of Marsh Carter,
State Street's offer of employment following your discussions with Trevor
Lukes.

     We would like you to join State Street as Executive Vice President,
General Counsel and Corporate Secretary and as a member of the Senior
Executive Group. In this regard, you will report directly to Marsh Carter.

     Your starting salary will be at the rate of $350,000 per year. Salaries
are reviewed annually on April 1st, and your first salary review will be on
April 1, 1998. In addition, you will be paid a sign on bonus totaling
$300,000. Fifty percent (50%) of this will be paid upon joining State Street,
the remaining 50% will be paid when your family relocates to the Boston area.

     As a member of the Senior Executive Group, you will participate in our
Senior Executive Annual Incentive Plan. The target award (Par) is currently
50% of salary based on actual achievement of performance targets established
by the Executive Compensation Committee of the Board of Directors each year
in December. Payouts can exceed the target award (up to 100% of salary) based
on the achievement of pre-determined financial goals. For your information,
this year our financial performance is projected to exceed the target or Par
award. These bonuses are paid in the first quarter of the year following the
end of the performance period. You will participate in this plan for 1998,
however, you are guaranteed a payout of $275,000, which is payable in
February 1999.

     In addition to the above, we will also recommend to the Executive
Compensation Committee of the Board of Directors that you receive 6,000
shares of Restricted Stock, on joining State Street, which will vest on your
one year anniversary with State Street. You will have the option to make a
full or partial deferral of this award, if you wish. We will also recommend
that you receive 20,000 options of State Street Corporation common stock.
These are ten (10) year options and will vest in increments of 1/3 each year
following your start date. Your grant will be comprised of the maximum number
of Incentive Stock Options ($100,000 worth), the remainder of your option
grant will be made up of non-qualified options. These grants will be
effective on the date you join the company and the price would be the fair
market value on that date, pursuant to the provisions of our 1997 Equity
Incentive Plan.
<PAGE>

     In the unlikely event that you should leave State Street's employment at
management's request and without cause, during the five (5) years following
your date of hire, you are eligible to receive severance pay as summarized in
the attached. A formal agreement will be prepared for your signature once you
join State Street.

     We have agreed to provide you with a non-qualified Supplemental Pension
Plan (SPP). The SPP will take effect following your completion of five (5)
years of service. After five full years of employment you will be entitled to
receive a straight life annuity payable upon retirement in line with the
attached schedule. This can be converted to a Joint and Survivor benefit
using conversion rates similar to our Qualified Pension Plan. On the
completion of ten (10) years of service you will then be covered under the
current Supplemental Defined Benefit Pension Plan (Super SERP). A copy of
which has already been provided.

     In the event of a Change in Control (CIC), the company provides
employment agreements to senior executives. The attached agreement will be
executed on your joining the company.

     You have already received a copy of State Street's relocation policy. As
part of your offer, we will also agree to reimburse you for up to six (6)
months rent in the Boston area along with reimbursement of round trip airfare
to New York on weekends during this period.

     Maureen, we appreciate very much the commitment you have already made to
State Street by investing your time and energy in considering our situation.
You have impressed all members of our management team with whom you have met.
I believe the terms of this letter confirm your understanding of our offer of
employment and as such, on behalf of Marsh Carter, I look forward to
receiving your formal acceptance and to a successful relationship. We are
sure you'll be a valuable contributor to State Street's continued growth. In
the meantime, if you have any questions please feel free to call either me,
Marsh Carter or Trevor Lukes.

                                        Sincerely,

                                        /s/ Susan Comeau
                                        Susan Comeau

cc: Marsh Carter
    Trevor Lukes

<PAGE>

Your signature below will confirm acceptance of the offer of employment as
detailed in State Street's letter of December 8, 1997. Your signature below
will also indicate that you have no competitive agreement with your current
or past employers which conflicts with your employment at State Street. A
copy of this offer is enclosed for your records.

Accepted   /s/ Maureen Bateman     12/10/97          12/31/97
         ---------------------    ----------        -----------
         Maureen Bateman          Date              Start Date

<PAGE>

                                   SUMMARY
                     COMPENSATION FOLLOWING TERMINATION
                                SEVERANCE PAY

If employment is terminated without cause during the period beginning with
the date employment commences and ending on the fifth year anniversary date
of employment, you will be entitled to the following:

     -  Severance pay in an amount equal to one year of annual salary in
        effect on the date of termination of employment, payable in agreed
        upon installments.

     -  An amount equal to the annual bonus paid for the year prior to the
        year in which employment is terminated, payable in agreed upon
        installments.

     -  If termination is within the first twelve months, the sum equivalent
        to the value of the initial Restricted Stock Award granted upon
        employment that would not have been vested.

     -  An annuity on the following basis:

                                                    % of Base and Target Bonus
                                                    --------------------------

        If termination between:  Years 0-2                    5%
                                 Years 2-3                   10%
                                 Years 3-4                   15%
                                 Years 4-5                   20%

<PAGE>

                    NON-QUALIFIED SUPPLEMENTAL PENSION PLAN (SPP)
                    ---------------------------------------------

After five years you will be entitled to receive a non-qualified retirement
benefit based on Super SERP formula in relation to the following service:

          Between                 Pay Replacement Maximum*
          -------                 ------------------------

          Years 5-6                         25%
          Years 6-7                         30%
          Years 7-8                         35%
          Years 8-9                         40%
          Years 9-10                        45%
          Years   10                        50%

      * The above pay replacement will be offset by any early retirement
        discount and other pension payments.

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