01—Abstract
Summary
Summary of the 8-K filed November 13, 2024. Cited figures are marked; the original filing is the authoritative source.
State Street Corporation (STT) announced a change to its Board of Directors via an 8-K filing on November 13, 2024.
The company elected Patricia Halliday as a new director, effective November 8, 2024. This appointment fills a vacancy on the board and brings new expertise to State Street's governance. Ms. Halliday's compensation will be pro-rated for the current 2024-2025 term, reflecting standard director compensation practices.
This includes an annual retainer of $100,000a and a stock retainer of $195,000, with the stock award's value tied to the closing price of STT's common stock on the date of her election. She will also be entitled to the standard director compensation arrangements and an indemnification agreement, consistent with those provided to other non-employee directors.
02—Key points
Key Highlights
- Election of Patricia Halliday as a new director to the Board of Directors, effective November 8, 2024.
- Ms. Halliday's compensation will be pro-rated for the 2024-2025 term.
- Annual cash retainer for directors is $100,000.
- Annual stock retainer for directors is $195,000.
- The value of the stock retainer will be based on the closing price of STT common stock on her election date.
- Ms. Halliday will receive standard director compensation and enter into an indemnification agreement.
- Details of director compensation and indemnification agreements are consistent with previously disclosed filings.
03—Questions
Frequently Asked Questions
Who is Patricia Halliday and what is her role at State Street?
Patricia Halliday has been elected as a new director to the Board of Directors of State Street Corporation, effective November 8, 2024. Her election is part of the company's governance structure and does not involve any special arrangements with other individuals for her election.
How will Patricia Halliday be compensated as a director?
Ms. Halliday's compensation will be pro-rated for the 2024-2025 director term. She will receive an annual retainer of $100,000 and a stock retainer valued at $195,000, with the stock award's value determined by the closing price of State Street's common stock on her election date. She will also be entitled to other standard director compensation.
Are there any special conditions or agreements related to Ms. Halliday's appointment?
No, there are no unusual arrangements or understandings tied to Ms. Halliday's election. She will enter into a standard indemnification agreement, similar to those held by other non-employee directors, ensuring her protection in accordance with company policy.
04—Continue