State Street 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2010
State Street Corporation
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (617) 786-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On February 25, 2010, State Street Corporation awarded incentive compensation for the 2009 fiscal year to its executive officers. These awards included incentive compensation for Ronald E. Logue, Joseph L. Hooley, Joseph C. Antonellis, James S. Phalen and Edward J. Resch, none of whom received incentive compensation for the 2008 fiscal year. Incentive compensation for these officers for 2009 was comprised of the following primary components: four-year performance-based restricted stock units, deferred cash and non-deferred cash. These components are summarized below.
The deferred cash awards were made under a newly adopted Supplemental Cash Incentive Plan for which all employees are eligible. Under the plan, cash awards may be made in such amounts and with such vesting and interest provisions as may be determined at the time of award. Outstanding awards under the plan will continue to vest if the employee is involuntarily terminated for reasons other than the employees gross misconduct or voluntarily leaves employment while retirement-eligible (55 years old with five years of service). Messrs. Logue, Antonellis, Phalen and Resch are all eligible for retirement. Awards will vest in full upon the employees death or disability. Any continued vesting of awards after a separation from State Street is subject to confidentiality, non-solicitation and non-competition provisions for the benefit of State Street. Awards will be forfeited, to the extent unvested, if the employee breaches those provisions.
Messrs. Logue, Hooley, Antonellis, Phalen and Resch were the officers named for compensation purposes in State Streets proxy statement for its 2009 annual meeting of shareholders. As previously disclosed, on March 1, 2010, Mr. Logue retired as Chief Executive Officer, and Mr. Hooley now serves as President and Chief Executive Officer. Effective March 1, 2010, Mr. Logue now serves as non-executive Chairman of the Board.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 3, 2010