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| | 2020 NOTICE OF MEETING AND PROXY STATEMENT
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Summary Compensation Table
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Name and Principal Position | | Year | | Salary(1) ($) | | | Bonus(2) ($) | | | Stock Awards(3) ($) | | | Non-Equity Incentive Plan Compensation(4) ($) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings(5) ($) | | | All Other Compensation(1)(6) ($) | | | Total ($) | |
(a) | | (b) | | (c) | | | (d) | | | (e) | | | (g) | | | (h) | | | (i) | | | (j) | |
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Ronald P. O’Hanley President and Chief Executive Officer | | 2019 | | $ | 800,000 | | | $ | — | | | $ | 4,926,560 | | | $ | 2,837,004 | | | $ | — | | | $ | 135,837 | | | $ | 8,699,401 | |
| 2018 | | | 800,000 | | | | — | | | | 5,034,952 | | | | 2,378,391 | | | | — | | | | 123,322 | | | | 8,336,665 | |
| 2017 | | | 800,000 | | | | — | | | | 5,299,912 | | | | 4,068,768 | | | | — | | | | 79,215 | | | | 10,247,895 | |
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Eric W. Aboaf Executive Vice President and Chief Financial Officer | | 2019 | | | 700,000 | | | | — | | | | 2,584,015 | | | | 2,010,066 | | | | — | | | | 82,925 | | | | 5,377,006 | |
| 2018 | | | 700,000 | | | | — | | | | 5,099,903 | | | | 1,585,609 | | | | — | | | | 52,711 | | | | 7,438,223 | |
| 2017 | | | 700,000 | | | | 892,500 | | | | 1,657,398 | | | | 2,648,207 | | | | — | | | | 237,246 | | | | 6,135,351 | |
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Francisco Aristeguieta Executive Vice President and Chief Executive Officer for International Business | | 2019 | | | 325,505 | | | | — | | | | 9,511,387 | | | | 2,380,000 | | | | — | | | | 1,135,364 | | | | 13,352,256 | |
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Jeffrey N. Carp Executive Vice President, Chief Legal Officer and Secretary | | 2019 | | | 650,000 | | | | — | | | | 2,580,012 | | | | 1,810,265 | | | | 1,205,255 | | | | 245,747 | | | | 6,491,279 | |
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Andrew J. Erickson Executive Vice President and Head of Global Services | | 2019 | | | 500,480 | | | | — | | | | 2,283,584 | | | | 2,070,122 | | | | — | | | | 1,312,673 | | | | 6,166,859 | |
| 2018 | | | 487,040 | | | | — | | | | 1,999,976 | | | | 1,111,299 | | | | — | | | | 1,616,081 | | | | 5,214,396 | |
| 2017 | | | 436,253 | | | | — | | | | 5,430,042 | | | | 1,538,168 | | | | — | | | | 1,022,205 | | | | 8,426,668 | |
| Ronald P. O’Hanley
President and Chief
Executive Officer
| | | 2020 | | | $950,000 | | | $8,250,050 | | | $8,303 | | | $101,627 | | | $9,309,980 | |
| 2019 | | | 800,000 | | | 4,926,560 | | | 2,837,004 | | | 135,837 | | | 8,699,401 | |
| 2018 | | | 800,000 | | | 5,034,952 | | | 2,378,391 | | | 123,322 | | | 8,336,665 | |
| Eric W. Aboaf
Executive Vice President and Chief Financial Officer | | | 2020 | | | 700,000 | | | 3,656,248 | | | 2,209,463 | | | 62,956 | | | 6,628,667 | |
| 2019 | | | 700,000 | | | 2,584,015 | | | 2,010,066 | | | 82,925 | | | 5,377,006 | |
| 2018 | | | 700,000 | | | 5,099,903 | | | 1,585,609 | | | 52,711 | | | 7,438,223 | |
| Francisco Aristeguieta
Executive Vice President and Chief Executive Officer of State Street Institutional Services | | | 2020 | | | 709,500 | | | 4,419,955 | | | 2,152,500 | | | 3,164,761 | | | 10,446,716 | |
| 2019 | | | 325,505 | | | 9,511,387 | | | 2,380,000 | | | 1,135,364 | | | 13,352,256 | |
| Andrew J. Erickson
Executive Vice President, Chief Productivity Officer and Head of International | | | 2020 | | | 658,223 | | | 3,786,254 | | | 2,050,654 | | | 1,326,483 | | | 7,821,614 | |
| 2019 | | | 500,480 | | | 2,283,584 | | | 2,070,122 | | | 1,312,673 | | | 6,166,859 | |
| 2018 | | | 487,040 | | | 1,999,976 | | | 1,111,299 | | | 1,616,081 | | | 5,214,396 | |
| Louis D. Maiuri
Executive Vice President and Chief Operating Officer | | | 2020 | | | 637,500 | | | 3,932,464 | | | 2,366,074 | | | 55,528 | | | 6,991,566 | |
(1)
| Salaries and compensation included in the “All Other Compensation” column for Messrs. Aristeguieta and Erickson were converted from HK$ to US$ using an exchange rate of 0.129 for 2020 and 0.128 for 2019 and 2018. Mr. Aristeguieta’s 2019 salary reflects thepro-rated portion of his annual salary of $704,000 from commencement of his employment in July 2019 through December 31, 2019. Salaries and compensation included in the “All Other Compensation” column for Mr. Aristeguieta and Mr. Erickson were converted from HK$ to US$ using an exchange rate of 0.128 for 2019 and 2018, and 0.128359 for Mr. Erickson in 2017. |
(2)
| Reflects a 2017 cash payment made in connection with Mr. Aboaf’s commencement of employment with State Street to compensate him for the loss of incentive compensation from his prior employer.
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(3) | Amounts represent the grant date fair value of DSA and performance-based RSUs. The fair value of each award is computed in accordance with GAAP (FASB ASC 718), using the assumptions stated in note 18 to the consolidated financial statements in our Annual Report on Form10-K for the year ended December 31, 2019.2020. The amounts included for the 20192020 performance-based RSUs reflect target level performance, as reflected in the 2019“2020 Grants of Plan-Based AwardsAwards” table. Based on the grant date value and assuming that performance results in the maximum number of shares vesting, each NEO’s 2020 performance-based RSUs would have a maximum payout as follows: Mr. O’Hanley – 132,297 shares and value of $8,250,041; Mr. Aboaf – 54,122 shares and value of $3,375,048; Mr. Aristeguieta – 65,426 shares and value of $4,079,965; Mr. Erickson – 56,046 shares and value of $3,495,029; and Mr. Maiuri – 58,211 shares and value of $3,630,038. Based on the grant date value and assuming that performance results in the maximum number of shares vesting, each NEO’s 2019 performance-based RSUs would have a maximum payout as follows: Mr. O’Hanley – 66,666 shares and value of $4,433,956; Mr. Aboaf – 34,967 shares and value of $2,325,655; Mr. Aristeguieta – 67,017 shares and value of $3,527,105; Mr. Carp – 32,205 shares and value of $2,141,955; and Mr. Erickson – 30,902 shares and value of $2,055,292. Based on the grant date value and assuming that performance results in the maximum number of shares vesting, the 2018 performance-based RSUs would have a maximum payout as follows: Mr. O’Hanley – 44,751 shares and value of $4,531,272; Mr. Aboaf – 57,179 shares and value of $5,789,672; and Mr. Erickson –17,777– 17,777 shares and value of $1,800,099. Based on the grant date value and assuming that performance results in the maximum number of shares vesting, the 2017 performance-based RSUs would have a maximum payout as follows: Mr. O’Hanley – 60,137 shares and value of $4,451,942; Mr. Aboaf – 18,807 shares and value of $1,392,282; and Mr. Erickson – 83,371 shares and value of $7,201,288. |
(3)
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| | 2020 NOTICE OF MEETING AND PROXY STATEMENT
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(4) | Represents the immediate and deferred cash (granted in DVAs) portions of incentive compensation, as well as dividends credited on DVAs outstanding during 2019,2020, as shown in the table below. DVAs are units that receive a notional investment return of a money market instrument. During the deferral period, DVAs are credited with additional notional units based on the return of the State Street Institutional U.S. Government Money Market Fund if the monthly dividend rate is at least equal to 0.001 per unit. These dividends vest and are paid at the same time and in the same form as the related DVA unit. |
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| | 2019Non-Equity Incentive Plan Compensation | |
Name | | Immediate Cash | | | DVAs | | | Dividends Credited on Outstanding DVAs | | | Total | |
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Ronald P. O’Hanley | | $ | 1,100,000 | | | $ | 1,650,000 | | | $ | 87,004 | | | $ | 2,837,004 | |
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Eric W. Aboaf | | | 562,500 | | | | 1,406,250 | | | | 41,316 | | | | 2,010,066 | |
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Francisco Aristeguieta | | | 1,020,000 | | | | 1,360,000 | | | | — | | | | 2,380,000 | |
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Jeffrey N. Carp | | | 500,000 | | | | 1,250,000 | | | | 60,265 | | | | 1,810,265 | |
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Andrew J. Erickson | | | 582,500 | | | | 1,456,250 | | | | 31,372 | | | | 2,070,122 | |
(5) | Because our deferred compensation plans do not provide above-market earnings, no earnings are included in this column. The amounts in this column represent the change in the actuarial present value of the accumulated benefits under our qualified and nonqualified defined benefit pension plans. The plans were frozen as of December 31, 2010 (December 31, 2017 for the Executive Supplemental Retirement Plan defined benefit provisions(ESRP-DB)), and therefore there were no accruals during 2019. Mr. Carp is the only NEO with accrued benefits under our defined benefit pension plans. For 2019, the change in value presented in the Summary Compensation Table above reflects a year-over-year update to applicable actuarial calculation assumptions from December 31, 2018 to December 31, 2019, including a decrease in the discount rate assumption for the State Street Retirement Plan (Retirement Plan), the Management Supplemental Retirement Plan (MSRP) and theESRP-DB, as well as formula-driven changes due to a participant being older and closer to retirement. These updates resulted in increases in the actuarial present value of Mr. Carp’s benefits totaling $1,205,255, of which $289,094 is attributable to Mr. Carp’s age in proximity to the normal retirement age of 65 and $916,161 is attributable to changes in assumptions. The change in pension value presented in the Summary Compensation Table above represents actuarial calculations based upon assumptions on the relevant dates to the extent relevant factors are unknown. The actuarial present value of the accumulated pension benefits calculated on future dates may increase or decrease, based on assumptions applicable on those future dates and on formula-driven changes due to the executive’s age at the time.
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