Summary
State Street Corporation (STT) announced a significant addition to its Board of Directors on October 15, 2013, with the election of José E. Almeida. This move is primarily informational, as it details the appointment of a new director and the associated compensation and legal arrangements. Investors should note that Mr. Almeida's election was not based on any specific understandings with other parties, indicating a straightforward board addition. The compensation for Mr. Almeida will be prorated for the current year and will follow the established director compensation structure, including meeting fees, an annual retainer, and a stock award. These arrangements are consistent with previously disclosed policies for non-employee directors, ensuring transparency and alignment with existing shareholder information. His appointment also extends to the Board of Directors of State Street Bank and Trust Company, and he will be subject to standard indemnification agreements.
Key Highlights
- 1José E. Almeida elected as a new director to the State Street Corporation Board of Directors, effective October 15, 2013.
- 2Mr. Almeida's election was not based on any specific arrangements or understandings with other individuals.
- 3He will receive prorated compensation for the 2013-2014 period, including meeting fees, an annual retainer, and a stock award.
- 4Director compensation for Mr. Almeida aligns with previously disclosed arrangements for non-employee directors.
- 5The stock award will be prorated based on the closing price of State Street's common stock on the election date.
- 6Mr. Almeida was also appointed to the Board of Directors of State Street Bank and Trust Company.
- 7He will enter into standard indemnification agreements with State Street Corporation and its bank subsidiary.