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Exhibit 10.12
DESCRIPTION OF COMPENSATION
ARRANGEMENTS FOR NON-EMPLOYEE DIRECTORS
For the period beginning on the date
of the 2008 Annual Meeting until the 2009 Annual Meeting, directors
who are not employees of State Street or the Bank received the
following compensation:
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Annual retainer—$75,000,
payable at their election in shares of the Registrant’s
common stock or in cash;
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Meeting fees—$1,500 for
each Board and committee meeting attended, payable in
cash;
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A deferred stock award in an
amount equal to $110,000 divided by the closing price of the stock
on April 30, 2008 (together with additional stock amounts
to reflect dividend and distribution amounts paid during
deferral);
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An additional annual retainer for
the Lead Director of $25,000, payable at his or her election in
shares of the Registrant’s common stock or in
cash;
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An additional annual retainer for
the Examining and Audit Committee Chair of $25,000, payable at his
or her election in shares of the Registrant’s common stock or
in cash;
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An additional annual retainer for
each o
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