MELLON FINANCIAL CORP
EMPLOYMENT AGREEMENT
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>5
<FILENAME>dex1018.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
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<TITLE>EMPLOYMENT AGREEMENT</TITLE>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Exhibit 10.18
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">EMPLOYMENT AGREEMENT </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">THIS AGREEMENT, made effective as of January 1, 2003 by and
between Mellon Financial Corporation, a Pennsylvania corporation (the &#147;Company&#148;), and David F. Lamere (the &#147;Executive&#148;) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">WITNESSETH THAT: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">WHEREAS, the Executive is currently serving as Chairman and Chief Executive Officer of Mellon New England and Executive Vice President
Mellon Bank, N.A. (the &#147;Bank&#148;), responsible for Mellon Private Wealth Management (&#147;MPWM&#148;), and Vice Chairman of the Company and the Company desires to induce the Executive to continue to serve in such capacity effective as of
January 1, 2003, and the Executive is willing to continue to serve in such capacity, on the terms and conditions herein set forth; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, each intending to be legally bound hereby,
agree as follows: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.&nbsp;&nbsp;<U>Employment</U>.&nbsp;&nbsp;The Company agrees to continue to employ the Executive, and the Executive agrees to continue to be employed by the Company, for the Term provided in Paragraph 3(a) below and upon the other
terms and conditions hereinafter provided. The Executive hereby represents and warrants that he has the legal capacity to execute and perform this Agreement, that it is a valid and binding agreement, enforceable against him according to its terms,
and that its execution and performance by him do no violate the terms of any existing agreement or understanding to which the Executive is a party. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2.&nbsp;&nbsp;<U>Position and Responsibilities</U>.&nbsp;&nbsp;During the Term, the Executive agrees to serve as Chairman and Chief
Executive Officer of Mellon New England, Executive Vice President Bank, N.A. (the &#147;Bank&#148;), responsible for Mellon Private Wealth Management and Vice Chairman of the Company. In his capacity as Chairman and Chief Executive Officer of Mellon
New England, Executive Vice President Bank, N.A. (the &#147;Bank&#148;), responsible for Mellon Private Wealth Management and Vice Chairman of the Company, the Executive shall be responsible for the general management of the affairs of MPWM. The
Executive shall be given such authority as is appropriate to carry out the duties described above. The Executive agrees to serve, if elected, as an officer and/or director of any other subsidiary or affiliate of the Company. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.&nbsp;&nbsp;<U>Term and Duties</U>. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)&nbsp;&nbsp;<U>Term of Agreement</U>.&nbsp;&nbsp;The term
of the Executive&#146;s employment under this Agreement shall commence on January 1, 2003 and shall continue thereafter through December 31, 2005 (the &#147;Term&#148;). Unless either party shall have given written notice to </FONT></P>

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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the other on or before June 30, 2005 that the Executive&#146;s employment with the Company and its
subsidiaries and affiliates (collectively, the &#147;Companies&#148;) will terminate at the end of the Term, the parties shall be obligated during the period from July 1 to November 15, 2005 to negotiate in good faith an agreement for the
continuation of the Executive&#146;s employment. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(b)&nbsp;&nbsp;<U>Duties</U>.&nbsp;&nbsp;During the Term, and except for illness or incapacity and reasonable vacation periods of no more than 4 weeks in any calendar year (or such other periods as shall be consistent with the
Companies&#146; policies for other key executives), the Executive shall devote all of his business time, attention, skill and efforts exclusively to the business and affairs of the Companies, shall not be engaged in any other business activity, and
shall perform and discharge faithfully the duties which may be assigned to him from time to time and that are consistent with his position and status; <U>provided</U>, <U>however</U>, that nothing in this Agreement shall preclude the Executive from
devoting time during reasonable periods required for: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;Serving, in accordance with the Companies&#146; policies, as a director of any company or organization involving no actual or potential conflict of interest with the Companies; </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;delivering lectures and
fulfilling speaking engagements; </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(iii)&nbsp;&nbsp;engaging in charitable and community activities; and </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iv)&nbsp;&nbsp;investing his personal assets in businesses in which his participation is solely that of an investor in
such form and manner as will not violate Section 7 below or require any services on the part of the Executive in the operation or the affairs of such business, </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>provided</U>, <U>however</U>, that such activities do not materially affect or interfere with the performance of the Executive&#146;s duties and
obligations to the Companies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">4.&nbsp;&nbsp;<U>Compensation</U>.&nbsp;&nbsp;For all services rendered by the Executive in any capacity required hereunder during the Term, including, without limitation, services as an executive, officer, director, or member of any
committee of the Bank, the Company or any subsidiary, affiliate or division of any thereof, the Executive shall be compensated as set forth below: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)&nbsp;&nbsp;<U>Base Salary</U>.&nbsp;&nbsp;The Executive shall be paid a fixed salary (&#147;Base Salary&#148;) of $400,000 per annum
as of the effective date of this Agreement. The Base Salary amount will be reviewed annually, in the manner generally applicable to members of the Company&#146;s Vice Chairs and may be increased, but not decreased, during the Term. Base Salary shall
be payable in accordance with the customary payroll practices of the Companies, but in no event less frequently than monthly. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)&nbsp;&nbsp;<U>Annual Bonus</U>.&nbsp;&nbsp;The Executive shall be eligible to be paid
an annual bonus of up to three times the amount of his Base Salary in effect at the end of the annual bonus period (&#147;bonus potential&#148;). The Company evaluates performance giving consideration to a number of criteria, all criteria will be
considered when determining the overall rating for Executive. If the Executive receives an overall annual performance rating of &#147;O&#148; (Outstanding), management of the Company will recommend to the Human Resources Committee of the Board of
Directors (&#147;HRC&#148;) that the Executive receive at least 100% of his bonus potential for such annual bonus period and at the discretion of management, up to 133% of his bonus potential. If the Executive&#146;s overall annual performance
rating for such annual bonus period is less than &#147;O,&#148; management of the Company will recommend to the HRC a bonus for Executive for the annual bonus period based upon the same bonus methodology used as that used to calculate the bonus
potential for other similarly situated Vice Chairs of the Company. It is understood that the Executive may be paid at the Company&#146;s election up to 25% of his annual bonus in the form of an award of restricted stock, <U>provided however</U>,
such restriction is applied to similarly situated Vice Chairs of the Company and with such awards to be made on the same terms as apply to other Vice Chairs of the Company. The Executive shall receive his bonus award for any year no later than other
similarly situated Vice Chairs of the Company receive their bonus awards for such year. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)&nbsp;&nbsp;<U>Long-Term Incentive Award</U>.&nbsp;&nbsp;Each January during the Term, commencing in January 2003, the Executive will receive an annual long-term incentive award under the Mellon
Financial Corporation Long-Term Profit Incentive Plan (1996) (together with any successor Plan &#147;LTIP&#148;) composed of the following three components: (1) MPWM Performance Accelerated Restricted Stock (&#147;MPWM PARS&#148;); (2) Asset
Management Performance Accelerated Restricted Stock (&#147;Asset Management PARS&#148;); and (3) Mellon Financial Corporation Type I stock options (non-qualified stock options with double re-load rights) (&#147;Options&#148;). The amount of the LTIP
award will be reviewed annually. Each award shall be divided equally (based on net present value) among the three components described immediately above and provided however, such shares are available and the award is consistent with the LTIP, shall
have an aggregate net present value as of the date of award of $700,000 (or such greater amount as the Company may then deem appropriate based on a review to be conducted annually, prior to the date of award, beginning with the award to be made in
January 2004.) Each component of the annual long term incentive award is subject to the terms of the LTIP and the individualized agreement required. The LTIP and individualized agreements cover all aspects of the long-term incentive award. Vesting
in the MPWM PARS and the Asset Management PARS shall be subject to the terms of the LTIP and the respective PARS agreement. Appendix A, attached hereto summarizes the acceleration schedule for the 2003 award. Vesting of the Options shall be subject
to the LTIP and the individualized Option agreements. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(d)&nbsp;&nbsp;<U>Additional Benefits</U>.&nbsp;&nbsp;Except as modified by this Agreement and as permitted by law, the Executive shall be entitled to participate in all compensation or employee benefit plans or programs, and to
receive all benefits, perquisites and </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">emoluments, which are generally available to Vice Chairs of the Company under any plan or program now or
hereafter established and maintained by the Company or the Bank for senior officers, to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions thereof, including group
hospitalization, health, dental care, senior executive life or other life insurance, travel or accident insurance, disability plans, tax-qualified or non-qualified pension, savings, thrift and profit-sharing plans, deferred compensation plans,
sick-leave plans, and executive contingent compensation plans, including, without limitation, capital accumulation programs and stock purchase plans. Notwithstanding the foregoing, the Executive acknowledges and agrees that the severance payments
provided in certain circumstances under this Agreement are in lieu of any rights which the Executive might otherwise have under any and all other displacement, separation or severance plans or programs of the Companies, including without limitation
the Mellon Financial Corporation Displacement Program and the Mellon Financial Corporation Supplemental Unemployment Compensation Benefits Plan, and the Executive hereby waives all rights to participate in any of such plans or programs in the event
of the termination of his employment during the Term. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">5.&nbsp;&nbsp;<U>Business Expenses</U>.&nbsp;&nbsp;The Companies shall pay or reimburse the Executive for all reasonable travel and other expenses incurred by the Executive in connection with the performance of his duties and
obligations under this Agreement, subject to the Executive&#146;s presentation of appropriate vouchers in accordance with such policies and procedures as the Companies from time to time establish for senior officers. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.&nbsp;&nbsp;<U>Effect of Termination of Employment;
Disability; Death</U>. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)&nbsp;&nbsp;<U>Without
Cause Termination or Constructive Discharge</U>.&nbsp;&nbsp;In the event the Executive&#146;s Employment hereunder terminates due to either a Without Cause Termination or a Constructive Discharge as defined in this Section 6(e), earned but unpaid
Base Salary as of the Date of Termination (as defined in Section 14(b)) and any earned but unpaid bonuses for prior years (collectively, the &#147;Accrued Obligations&#148;) shall be promptly paid in full. In addition, subject to (1) the
Executive&#146;s continuing compliance with his obligations under the provisions of Section 7 below and (2) the Executive&#146;s execution and delivery to the Company of a separation agreement, including an irrevocable general release of claims, in
a form acceptable to the Company, the Executive may continue to earn the following termination benefits. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;the Company shall: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(A)&nbsp;&nbsp;continue to pay the Executive&#146;s Base Salary, as in effect at the Date of
Termination, from the Date of Termination until the end of the Term. In addition, subject to Executive&#146;s continuing compliance with Section 7, with the exception of 7(e) in the event Executive&#146;s employment hereunder terminates due to a
Without Cause Termination within six (6) months of the </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">end of the
Term, the Company will continue to pay the Executive&#146;s Base Salary after the end of the Term for the period in which the Executive has not accepted full-time employment for up to six (6) months after the Date of Termination; and </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(B)&nbsp;&nbsp;pay to the Executive for the
year of termination and for each subsequent calendar year, if any, during the remainder of the Term, an amount equal to the Cash Bonus Amount as defined in this Section 6(e) of the highest annual bonus awarded to the Executive for any year in the
three years preceding the Date of Termination, such payments to be made at the normal times for payment of bonuses under the annual bonus plan applicable to the Executive (the &#147;Bonus Plan&#148;). </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">With respect to the payments provided for in this Section
6(a)(i), the Executive shall be, entitled, to the extent permitted by law as determined by the Company in good faith, to participate in any compensation deferral plans or arrangements then provided by the Company to senior executives. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;To the extent permitted by
law, the Company shall continue to provide the Executive for the period of salary continuation set forth in Section 6(a)(i)(A) above with (A) service credit under all qualified and nonqualified retirement plans and excess benefit plans in which the
Executive participated as of his Date of Termination and (B) eligibility to receive employer matching contributions on any pre-tax contributions made by the Executive to the Retirement Savings Plan at the maximum rate which would have been available
to the Executive had his employment continued. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(iii)&nbsp;&nbsp;To the extent permitted by law, the Company shall continue to provide Executive (and Executive&#146;s dependents, if applicable) for the period of salary continuation set forth in Section 6(a)(i)(A) above with
medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by the Executive for such benefits) as those of the applicable employee benefit plans in effect from
time to time as applied to employees; <U>provided</U>, <U>however</U>, that if the Executive cannot continue to participate under the terms of the Company plans providing such benefits, the Company shall otherwise provide such benefits on (as nearly
as reasonably practicable) the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event the Executive becomes re-employed with another employer and becomes eligible to receive welfare
benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of the Executive&#146;s eligibility, but only to the extent that the Company reimburses the Executive for any increased cost and
provides any additional benefits necessary to give the Executive the benefits provided hereunder. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(iv)&nbsp;&nbsp;The Company shall provide the Executive with career counseling and outplacement services of the type historically provided by the Company to similarly situated executives of comparable rank and responsibility.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(v)&nbsp;&nbsp;To the extent
that the restrictions on the Third Century PARS have not lapsed at the Date of Termination, the Third Century PARS shall remain outstanding, and the restrictions thereon shall lapse in full at the close of business on September 30, 2006. To the
extent that the restrictions on the MPWM PARS and the Asset Management PARS have not lapsed at the Date of Termination, the MPWM PARS and the Asset Management PARS shall remain outstanding, and the restrictions thereon shall lapse in full at the
close of business on December 31, of the seventh year of the PARS agreements. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(vi)&nbsp;&nbsp;The restrictions on the portion of Executive&#146;s annual bonus(s) received under this Agreement in the form of an award of restricted stock lapse. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)&nbsp;&nbsp;<U>Disability</U>.&nbsp;&nbsp;In the event of
the Executive&#146;s Disability as defined in this Section 6(e), the Company may, by giving a Notice of Disability as provided in Section 14(c), remove the Executive from active employment and in that event shall provide the Executive for the
remainder of the Term with the same payments and benefits as those provided in Section 6(a), except that: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;in lieu of the bonus payments provided in Section 6(a)(i)(B), the Executive shall receive, at the same time
as bonus payments for the year of Disability would otherwise be made under the Bonus Plan, a prorated bonus for the year of Disability only equal to the Cash Bonus Amount of the bonus award the Executive would have received had he been actively
employed throughout the bonus year, prorated on a daily basis as of the Date of Disability; </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;except for Accrued Obligations, Base Salary payments shall be offset by any amounts otherwise payable to
the Executive under the Company&#146;s disability program generally available to other employees; and </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iii)&nbsp;&nbsp;to the extent that the restrictions on the Third Century PARS, MPWM PARS and Asset Management PARS have
not lapsed at the Date of Disability, the restrictions thereon shall lapse in full as of the Date of Disability. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)&nbsp;&nbsp;<U>Death</U>.&nbsp;&nbsp;In the event the Executive&#146;s employment hereunder terminates due to death, Accrued
Obligations as of the date of death shall be payable in full, and the Company shall pay to the Executive&#146;s estate, at the same time as bonus payments for the year of death would otherwise be made under the Bonus Plan, a prorated bonus for the
year of death only equal to the Cash Bonus Amount of the bonus award the Executive would have received had he been employed throughout the bonus year, prorated on a daily basis as of the date of death. The Third Century PARS, MPWM PARS and Asset
Management PARS shall become immediately and fully vested. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(d)&nbsp;&nbsp;<U>Other Termination of Employment</U>.&nbsp;&nbsp;In the event the Executive&#146;s employment hereunder terminates due to a Termination for Cause as defined in this Section 6(e) or the Executive terminates employment
for reasons other than due to a Without Cause Termination, a Constructive Discharge, Disability or death, Accrued Obligations as of the Date of termination shall be payable in full, and vested stock options may be exercised according to the terms of
the LTIP and the restrictions on the portion of Executive&#146;s annual bonus(s) received under this Agreement in the form of an award of restricted stock lapse. No other payments shall be made, or benefits provided, by the Company except for
benefits which have already become vested under the terms of employee benefit programs maintained by the Company or its affiliates for its employees generally as provided in Section 10. Notwithstanding the above, </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;In the event the Company
provides written notice on or before June 30, 2005 that the Executive&#146;s employment will terminate at the end of the Term and provided the Executive executes and delivers to the Company a separation agreement, including an irrevocable general
release of claims, in a form acceptable to the Company, the following vesting schedule will apply to all unvested MIAM and Asset Management PARS: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom" WIDTH="46%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Years Between January Grant Date and</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Termination Date</B></FONT></P><HR WIDTH="221" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="46%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Cumulative Percent of Shares of Stock</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>as to Which Restrictions Shall Lapse</B></FONT></P><HR WIDTH="217" SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;1 year ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">14%</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 years ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">28%</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 years ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">42%</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4 years ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">56%</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 years ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">70%</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6 years ending 12/31</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">84%</FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(ii)&nbsp;&nbsp;If the Company has not provided notice in accordance with Section 3(a) that the Executive&#146;s employment will terminate at the end of the Term and the Parties have negotiated in good faith but an agreement is not
reached by December 31, 2005, subject to (1) the Executive&#146;s continuing compliance with his obligations under the provisions of Section 7 below, with the exception of 7(e). and (2) the Executive&#146;s execution and delivery to the Company of a
separation agreement, including an irrevocable general release of claims, in a form acceptable to the Company, the Company will pay the Executive&#146;s Base Salary, as well as those benefits provided in Section 6 (a) (ii), (iii) and (iv) for the
period in which the Executive has not accepted full-time employment for up to six (6) months after the Date of Termination. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(e)&nbsp;&nbsp;<U>Definitions</U>.&nbsp;&nbsp;For purposes of this Agreement, the following terms have the following meanings:
</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(i)&nbsp;&nbsp;&#147;Termination for Cause&#148; means, to the maximum extent permitted by applicable law, a termination of the Executive&#146;s employment by the Company because the Executive has (A) been convicted of or has entered
a plea of <I>nolo contendere</I> with respect to a felony, or any misdemeanor evidencing moral </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-7- </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">turpitude,
deceit, dishonesty or fraud, including without limitation a criminal offense covered by Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. &#167; 1829, or any successor provisions, (B) engaged in conduct which constitutes a willful and
continued failure to perform his duties hereunder (other than by reason of disability), after notice to the Executive and reasonable opportunity to correct the same, (C) been dismissed for violating a material provision of the Company&#146;s Code of
Conduct (as the same may be modified from time to time), (D) willfully engaged in any misconduct which has the effect of being materially injurious to the Companies or any of its subsidiaries or affiliates or (E) violated the representations made in
Section 1 above, or any of the provisions of Section 7 (a), 7(c), 7(d), 7(e) or 7 (i)below; <U>provided</U>, <U>however</U>, that the Company has given the Executive advance notice of such Termination for Cause including the reasons therefor,
together with a reasonable opportunity for the Executive to dispute the factual basis of such notice. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;&#147;Constructive Discharge&#148; means a termination of the Executive&#146;s employment by the Executive
due to a failure of the Company or any successor to fulfill its obligations under this Agreement in any material respect, including (A) any material change by the Companies without the consent of the Executive in the functions, duties or
responsibilities of the Executive&#146;s position with the Companies which would reduce the ranking or level, dignity, responsibility, importance or scope of such position, (B) any imposition on the Executive of a requirement to be permanently based
at a location more than fifty miles from his principal business location as of the date of this Agreement without the consent of the Executive, or (C) any reduction without the consent of the Executive in the Executive&#146;s Base Salary below the
amount then in effect under Section 4(a) hereof; provided that no change in position, responsibilities or compensation, attempted relocation or other event shall be deemed to constitute a Constructive Discharge unless the Executive provides written
notice thereof to the Company at least 30 days in advance of any Notice of Termination with respect thereto and gives the Company the opportunity to remedy or cure the asserted basis for such Constructive Discharge within such 30-day period.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iii)&nbsp;&nbsp;&#147;Without
Cause Termination&#148; means a termination of the Executive&#146;s employment by the Company other than due to Disability or expiration of the Term and other than a Termination for Cause. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iv)&nbsp;&nbsp;&#147;Disability&#148; for
purposes of this Agreement means the Executive shall be disabled so as to be unable to perform for 180 days in any 365-day period, or for a period of six (6) full months during any eight (8) month period, with or without reasonable accommodation,
the essential functions of his then existing position or positions under this Agreement, as determined by the person or entity responsible for making determinations under the Company&#146;s long-term disability plan or, if any such person or entity
is not able for any reason to make this determination, by another independent person or entity experienced in this </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-8- </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">field selected by the Company and acceptable to the Executive or his representative.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(v)&nbsp;&nbsp;The &#147;Cash
Bonus Amount&#148; of a Bonus Plan award for any period means the sum of (A) the amount of such award paid or payable in cash (whether or not deferred) plus (B) with respect to any portion of the award paid or payable in restricted stock, phantom
stock or other interests in Company securities, the amount of cash which would otherwise have been paid, excluding any premium in value given to compensate for risk of forfeiture or otherwise. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(vi)&nbsp;&nbsp;The &#147;Date of
Termination&#148; and &#147;Date of Disability&#148; shall have the meanings ascribed to them in Section 14. To the fullest extent permitted by applicable law; to the extent this Agreement requires the payment of Base Salary and/or provision of
coverages and benefits subsequent to the Date of Termination or Date of Disability, the Executive&#146;s Date of Termination or Date of Disability, as applicable, shall not be treated as a termination of employment (a &#147;Benefit Plan Termination
Date&#148;) from the Companies for purposes of determining the Executive&#146;s rights, responsibilities and tax treatment under any and all employee pension, welfare and fringe benefit plans maintained by the Companies. Rather, the Benefit Plan
Termination Date shall be the day following the last day for which any Base Salary and/or coverages and benefits are required to be provided by this Agreement.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(f)&nbsp;&nbsp;<U>Change in Control</U>.&nbsp;&nbsp;Notwithstanding anything else contained herein, if any
termination of the Executive&#146;s employment hereunder constitutes a &#147;Qualifying Termination&#148; during the &#147;Termination Period,&#148; each as defined in the Agreement between the Executive and the Company dated as of September 17,
2001, 2001 (the &#147;Change in Control Agreement&#148;), then the provisions of the Change in Control Agreement shall apply to such termination in lieu of the provisions of this Section 6. Section 5 of the Change in Control Agreement shall apply to
any Payment (as therein defined) under this Agreement to the extent provided therein. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">7.&nbsp;&nbsp;<U>Other Duties of Executive During and After Term</U>. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)&nbsp;&nbsp;<U>Confidential Information</U>.&nbsp;&nbsp;Executive acknowledges that, by reason of his duties, he will be given or may
have access to and become informed of confidential or proprietary information which the Companies possess or to which the Companies have rights, which relates to the Companies and which is not generally known to the public or in the trade and is a
competitive asset of the Companies, or information which constitutes a &#147;trade secret&#148; of the Companies, as that term is defined by the Uniform Trade Secrets Act, as amended and approved by the National Conference of Commissioners on
Uniform State Laws in 1985 (&#147;Confidential Information&#148;), including without limitation, (i) the Companies&#146; planning data and marketing strategies; (ii) non-public terms of any new products and investment strategies of the Companies;
(iii) non-public information relating to the Companies&#146; personnel matters; (iv) the Companies&#146; financial results and information about their business condition; (v) non-public terms of any investment, </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-9- </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">management or advisory agreement or other material contract of the Companies; (vi) the Companies&#146;
proprietary software and related documents; (vii) the Companies&#146; client and prospecting lists and contact persons at such clients and prospects; and (viii) non-public material information concerning the Companies&#146; customers or their
operations, condition (financial or otherwise) or plans. &#147;Confidential Information&#148; shall not include any information (A) generally known to the public except as a result of disclosure by Executive, (B) disclosed by the Company without an
obligation of confidentiality on the part of the recipient or (C) required to be disclosed by law, rule, regulation or order without an obligation of confidentiality on the part of the recipient, <U>provided</U> that prior to making any disclosure
under this clause (C), Executive shall provide the Company with notice and the opportunity to contest such disclosure. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Executive acknowledges that his employment creates a relationship of confidence and trust between himself and the Companies with respect
to Confidential Information and that Confidential Information, whether compiled or created by him or the Companies, is and shall remain the sole property of the Companies. Executive will faithfully keep Confidential Information in strict confidence
and shall not, either directly or indirectly, at any time, while an employee of the Companies or thereafter, make known, divulge, reveal, furnish, make available, or use (except for use in the regular course of his duties for the Companies) any
Confidential Information without the written consent of the Company. Executive understands and acknowledges that his obligations under this Section 7 will survive termination of his employment and will continue indefinitely unless and until any such
Confidential Information has become, in the Company&#146;s reasonable judgment, stale, or, through no fault of Executive&#146;s, generally known to the public or he is required by law (after providing the Company will notice and an opportunity to
contest such requirement) to make disclosure. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">The Executive&#146;s obligations under this Section 7(a) are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive may have to the Companies under general or specific
legal or equitable principles. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(b)&nbsp;&nbsp;<U>Return of All Property and Documents</U>.&nbsp;&nbsp;Upon the termination of his employment for any reason or no reason, the Executive immediately shall return to the Companies all of their property, including
without limitation, all documents (including copies) and information, however maintained (including computer files, tapes, and recordings), concerning the Companies or acquired by the Executive in the course and scope of his employment (excluding
only those documents relating solely to the Executive&#146;s own salary and benefits). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)&nbsp;&nbsp;<U>Non-Interference</U>.&nbsp;&nbsp;Until the later of the end of the Term or two (2) years after the termination of the Executive&#146;s employment, whether during or after the Term and
notwithstanding the cause of termination, the Executive shall not (i) hire or employ, directly or indirectly through any enterprise with which he is associated, any exempt employee (as defined under the Fair Labor Standards Act) of the Companies or
(ii) recruit, solicit or induce (or in any way assist another person or enterprise in recruiting, soliciting or inducing) any such employee or any consultant, vendor or supplier of the </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-10- </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Companies to terminate or reduce such person&#146;s employment, consulting or other relationship with the
Companies. Without limiting clause (i) of the preceding sentence, clause (ii) of the preceding sentence shall not be violated by the making of general advertisements not specifically directed to employees of the Companies. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(d)&nbsp;&nbsp;<U>Non-Solicitation</U>.&nbsp;&nbsp;Until the
later of the end of the Term or twelve (12) months after the termination of the Executive&#146;s employment, whether during or after the Term and notwithstanding the cause of termination, the Executive shall not, directly or indirectly, in any
capacity (i) solicit the business or patronage of any Customer as defined in this Section 7(f) for any other person or entity, (ii) divert, entice, or otherwise take away from the Companies the business or patronage of any Customer, or attempt to do
so, or (iii) solicit or induce any Customer to terminate or reduce its relationship with the Companies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(e)&nbsp;&nbsp;<U>Unfair Competition</U>. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;Until six (6) months after the termination of the Executive&#146;s employment, whether during or after the
Term and notwithstanding the cause of termination, the Executive shall not, directly or indirectly, in any capacity (A) provide or assist with the provision of Relevant Financial Services, except as an employee of the Companies or (B) be employed by
or affiliated or associated in a business capacity with any person or entity in the business of providing Relevant Financial Services other than the Companies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;Notwithstanding the foregoing, but without affecting the obligations of the
Executive under any of the other provisions of this Section 7, the obligations of the Executive under this Section 7(e) shall not apply after December 31, 2005 unless, during any period of restriction under this Section 7(e) which follows that date,
the Company pays to the Executive at the times otherwise payable under Section 4(a) hereof an amount equal to the sum of (1) (A) Base Salary at the rate in effect on the date of termination of the Executive&#146;s employment and (B) the average of
the annual cash bonuses paid to the Executive for the two most recent years ending on or prior to the date of termination divided by (2) the number of pay periods in the calendar year multiplied by (3) the number of months of the unfair competition
restriction. In the event the amount payable under clause (B) of the preceding sentence is not determinable at the time such payment would otherwise be made, such amount shall be paid to the Executive as soon as practicable after such amount has
been determined. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(iii)&nbsp;&nbsp;Notwithstanding the foregoing, but without affecting the obligations of the Executive under any of the other provisions of this Section 7, the obligations of the Executive under this Section 7(e) shall not apply: (A)
in the event Executive&#146;s employment hereunder terminates due to a Without Cause Termination within six (6) months of the end of the Term; and (B) if the Company has not provided notice in accordance with Section 3(a) that the Executive&#146;s
employment will terminate at the end of the Term and the Parties have negotiated in good faith but an agreement is not </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">reached by December 31, 2005, and the Executive executed and delivered to the Company of a
separation agreement, including an irrevocable general release of claims, in a form acceptable to the Company. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(f)&nbsp;&nbsp;<U>Certain Definitions</U>.&nbsp;&nbsp;For purposes of this Agreement: </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;&#147;Relevant Financial
Services&#148; shall mean (A) mutual fund management and related advisory services, (B) institutional asset and investment management and related advisory services and (C) any other services or products provided by the Companies from time to time
which, at any time during the twelve (12) months preceding the termination of the Executive&#146;s employment, are within the scope of the Executive&#146;s responsibilities. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)&nbsp;&nbsp;&#147;Customer&#148; means any person or entity to the extent that such
person or entity (A) is receiving Relevant Financial Services from the Companies on the date of termination of the Executive&#146;s employment with the Companies, (B) received such services for compensation at any time during the one-year period
immediately preceding the date of termination of the Executive&#146;s employment with the Companies or (C) at any time during the one-year period immediately preceding the date of termination of the Executive&#146;s employment with the Companies was
solicited by the Executive, directly or indirectly, in whole or in part, on behalf of the Companies to provide Relevant Financial Services. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(g)&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>.&nbsp;&nbsp;During and after the Executive&#146;s employment, notwithstanding
the cause of termination, the Executive shall cooperate fully with the Companies in the defense or prosecution of any claims or actions now inexistence or which may be brought in the future against or on behalf of the Companies which relate to
events or occurrences that transpired while the Executive was employed by the Companies. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial at mutually convenient times and to act as a witness on behalf of the Companies. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Companies in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Companies. The Companies shall reimburse the
Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive&#146;s performance of obligation pursuant to this Section 7(g). To the extent permitted by law, the Company agrees to indemnify Executive in accordance
with the Articles of Incorporation and/or the By-Laws of the Company and to advance litigation expenses. In addition, the Company agrees to maintain Directors and Officers (&#147;D&amp;O&#148;) insurance coverage throughout the Term and for six (6)
years thereafter to the extent that such D&amp;O insurance coverage is then maintained for any other present or former director or officer. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(h)&nbsp;&nbsp;<U>Performance Record</U>.&nbsp;&nbsp;The Executive understands, acknowledges and agrees that the investment performance
record (including without limitation performance </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ratings or rankings provided by any rating or ranking service) of any fund(s) or accounts of Customers
with which he is associated while employed at the Companies is attributable to a team of professionals of the Companies and not solely the efforts of any single individual and that, therefore, the performance records of the fund(s) or accounts
managed by the Companies are and shall be the exclusive property of the Companies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;<U>Nondisparagement</U>.&nbsp;&nbsp;During and after the Executive&#146;s employment, notwithstanding the cause of termination, Executive and the Company each agrees not to, and the
Company shall cause its officers and directors not to, take any action or make any statement, written or oral, to any current or former employee of the Companies or to any other person which disparages Executive or the Companies, their management,
directors or shareholders, as applicable, or their practices or which disrupts or impairs their normal operations, including actions or statements (i) that would harm the reputation of Executive or the Companies, as applicable, with their clients,
suppliers, employees or the public, or (ii) that would interfere with existing or prospective contractual or employment relationships with clients, suppliers or individuals. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(j)&nbsp;&nbsp;<U>Remedies</U>.&nbsp;&nbsp;The Company&#146;s obligation to make payments or provide any
benefits under this Agreement (except to the extent previously vested) shall cease upon any violation of the provisions of this Section 7. In addition, in the event of a violation by the Executive of the provisions of this Section 7, the Company
shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach, or to enforce the specific performance by the Executive of this Section 7 and to enjoin the Executive from any further violation, and may
exercise such remedies cumulatively or in conjunction with such other remedies as may be available to the Companies at law or in equity. The Executive agrees that it would be difficult to measure any damages to the Companies which might result form
any breach by the Executive of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches any provision of this
Agreement, the Companies shall be entitled, in addition to all other remedies that they may have, to an injunction or other appropriate equitable relief to restrain any such breach, without showing or proving any actual damage to the Companies. In
the event the Company withholds any payment based upon a claimed violation of this Section 7 and it is finally determined by a court that Executive is entitled to such payment, the Company shall pay Executive interest on such payment from the date
originally due until the date paid at the rate applicable to judgments under 28 U.S.C. &#167; 1961. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(k)&nbsp;&nbsp;<U>Survival; Authorization to Modify Restrictions</U>.&nbsp;&nbsp;The Executive acknowledges and agrees that the covenants
of the Executive and the restrictions contained in this Section 7 are intended to protect the Companies&#146; interest in its Confidential Information and its commercial relationships and good will with its customers, prospective customers, vendors,
suppliers, consultants and employees. The Executive further acknowledges and agrees that the covenants of the Executive and the restrictions contained in this Section 7 can be assigned by the Company to a successor, subsidiaries, </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">or affiliates and shall
survive the termination of this Agreement and any termination of the Executive&#146;s employment, regardless of reason, for the periods stated herein and shall continue in full force and effect regardless of any change in the Executive&#146;s title,
duties, responsibility, compensation or benefits while he remains employed by the Companies; <U>provided</U>, <U>however</U>, that the covenants contained in Sections 7(d) and 7(e) shall not survive any termination of employment (i) for which a
Notice of Termination is given during the Termination Period following a Change in Control, each as defined in the Prior Agreement or (ii) which is a termination of employment described in the second sentence of Section 1(j) of the Change in Control
Agreement. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Executive represents that he has
read and understands the provisions of this Agreement, including this Section 7, that he has had the opportunity to consult with counsel concerning such provisions, and that he understands the effect of such provisions on his ability to earn his
livelihood upon any termination of his employment with the Company. The Executive acknowledges that it would cause the Companies serious and irreparable injury and cost if Executive were to use his ability and knowledge in competition with the
Companies or to otherwise breach the obligations contained in this Section 7 and, in view of the nature and level of his responsibilities and the level of his compensation, agrees that the provisions of this Section 7 are reasonable. Accordingly, it
is the intention of the parties that the provisions of this Section 7 shall be enforceable to the fullest extent permissible under applicable law, but that if any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then (A) the court may amend such portions or provision so as to comply with law in a manner consistent with the intention of this Agreement, (B) the remainder of this Agreement, or the application
of such illegal or unenforceable portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby and (C) each portion or provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(l)&nbsp;&nbsp;<U>Jurisdiction and Venue</U>.&nbsp;&nbsp;The parties agree that any action by the Company to enforce the covenants and restrictions contained in this Section 7 or ay action by either party to obtain a judgment on an
arbitrator&#146;s award referred to in Section 9 may be instituted and maintained in the state or federal courts in Pittsburgh, Pennsylvania or Boston, Massachusetts or in any other court having jurisdiction. Subject to the first sentence of Section
9 hereof, the parties hereby irrevocably submit to the jurisdiction of the state and federal courts in Pittsburgh, Pennsylvania and Boston, Massachusetts in any suit, action or proceeding arising under or relating to this Agreement and hereby
irrevocably waive any objections to the venue of any of such courts in any such suit, action or proceeding, including any claim that any other court constitutes a more appropriate or convenient forum. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8.&nbsp;&nbsp;<U>Proprietary Development</U>.&nbsp;&nbsp;Any
and all inventions, products, discoveries, improvements, processes, methods, computer software programs, models, techniques, formulae, trade secrets, service marks, trademarks and works of authorship (collectively, hereinafter referred to as
&#147;Intellectual Property&#148;), made, developed or created by the Executive (alone or in conjunction with others, during regular hours of work or </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">otherwise) during the Executive&#146;s employment by the Companies, which may be directly or indirectly
useful in, or relate to, business conducted or to be conducted by the Companies shall be the Companies&#146; exclusive property and will be promptly disclosed by the Executive to the Companies. The term &#147;Intellectual Property&#148; shall not be
deemed to include, inventions, products, discoveries, improvements, processes, methods, computer software programs, models, techniques, formulae, trade secrets, service marks, trademarks or works of authorship which were in the possession of the
Executive prior to the Executive&#146;s employment by the Companies and which were not obtained from or through the Companies. To the fullest extent permitted by law, such Intellectual Property shall be deemed works made for hire. Executive hereby
transfers and assigns to the Company or its designated affiliate any proprietary rights which Executive may have or acquire in any such Intellectual Property, and Executive waives any license or other special right which Executive may have or accrue
therein. Executive agrees to execute any documents and to take any actions that may be required, as reasonably determined by the Company&#146;s counsel, to effect and confirm such transfer, assignment and waiver. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Executive will, upon the Company&#146;s request, execute
any documents necessary or advisable in the opinion of the Company&#146;s counsel to direct the issuance of patents, trademarks or copyrights to the Company or its designated affiliate with respect to such Intellectual Property as are to be the
Companies&#146; exclusive property under this Section 8 or to vest in the Company or such affiliate title to such Intellectual Property, the expense of securing any patent, trademark or copyright, however, to be borne by the Company or such
affiliate. The Executive will keep confidential and will hold for sole benefit of the Companies any Intellectual Property which is to be their exclusive property under this Section 8 for which no patent, trademark or copyright is issued.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Executive agrees that non-public terms of
Intellectual Property shall constitute Confidential Information within the meaning of Section 7(a). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The foregoing provisions of this Section 8 shall be binding upon the Executive&#146;s heirs and legal representatives. The agreements of
the Executive in this Section shall be enforceable by injunction and shall survive the termination of this Agreement. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.&nbsp;&nbsp;<U>Resolution of Disputes</U>.&nbsp;&nbsp;Except as otherwise provided in Section 7(j), any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, by three arbitrators in accordance with the employment rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrators&#146; award in any court having jurisdiction. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">10.&nbsp;&nbsp;<U>Full Settlement; No Mitigation: Non-Exclusivity of Benefits</U>.&nbsp;&nbsp;Except as provided in Section 6(f), the Company&#146;s obligation to make any payment provided for in this Agreement and otherwise
to perform its obligations hereunder shall be in lieu and in full settlement of all other severance payments to the Executive under any other severance plan, arrangement or agreement of the Company and its affiliates, including but not limited to
the Mellon Financial Corporation Displacement Program and/or the Mellon </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Financial Corporation Supplemental Unemployment Compensation Benefits Plan, and in full settlement of any
and all claims or rights of the Executive for severance, separation and/or salary continuation payments resulting from the termination of his employment. In no event shall the Executive be obligated to seek other employment or to take other action
by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and except as specifically provided herein, such amounts shall not be reduced whether or not the Executive obtains other employment. Except
as provided above in this Section 10, nothing in this Agreement shall prevent or limit the Executive&#146;s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliates for which the
Executive may qualify, nor, except as otherwise specifically provided in this Agreement, shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliates,
including without limitation any stock option or restricted stock agreement. Amounts or benefits which are vested benefits or which the Executive is otherwise entitled to receive under any such plan, program, policy, practice, contract or agreement
prior to, at or subsequent to any Date of Termination or Date of Disability shall be paid or provided in accordance with the terms of such plan, program, policy, practice, contract or agreement except as explicitly modified by this Agreement.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11.&nbsp;&nbsp;<U>Employment and Payments by
Affiliates</U>.&nbsp;&nbsp;Except as herein otherwise specifically provided, references in this Agreement to employment by the Company shall include employment by affiliates of the Company, and the obligation of the Company to make any payment or
provide any benefit to the Executive hereunder shall be deemed satisfied to the extent that such payment is made or such benefit is provided by any affiliate of the Company. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">12.&nbsp;&nbsp;<U>Withholding Taxes</U>.&nbsp;&nbsp;The Companies may directly or indirectly withhold from
any payments made under this Agreement all Federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">13.&nbsp;&nbsp;<U>Consolidation, Merger, or Sale of Assets</U>.&nbsp;&nbsp;Nothing in this Agreement shall preclude the Company from
consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation or entity which assumes this Agreement and all obligations and undertakings of the Company hereunder. Upon such a consolidation,
merger or transfer of assets and assumption, the term &#147;Company&#148; as used herein shall mean such other corporation or entity, and this Agreement shall continue in full force and effect. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">14.&nbsp;&nbsp;<U>Notices</U>. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)&nbsp;&nbsp;<U>General</U>.&nbsp;&nbsp;All notices,
requests, demands and other communications required or permitted hereunder shall be given in writing and shall be deemed to have been duly given when delivered or 5 days after being deposited in the United States mail, certified and return receipt
requested, postage prepaid, address as follows: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(i)&nbsp;&nbsp;&nbsp;&nbsp;To the Company: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Manager-Human Resources Department </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Mellon Bank, N.A. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">One Mellon Center </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Pittsburgh, PA 15258 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(ii)&nbsp;&nbsp;&nbsp;To the Executive: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">David F. Lamere </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">28 Green Lane </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:19%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Weston, MA 02493 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">or to such other address as the addressee party shall have previously specified in writing to the other. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)&nbsp;&nbsp;<U>Notice of Termination</U>.&nbsp;&nbsp;Except in the case of death of the Executive, any termination of the
Executive&#146;s employment hereunder, whether by the Executive or the Company, shall be effected only by a written notice given to the other party in accordance with this Section 14 (a &#147;Notice of Termination&#148;). Any Notice of Termination
shall (i) indicate the specific termination provision in Section 6 relied upon, (ii) in the case of a termination for Cause or a Constructive Discharge, set forth in reasonable detail the facts and circumstances claimed to provide a basis for such
termination and (iii) specify the effective date of such termination of employment (the &#147;Date of Termination&#148;), which shall not be less than 15 days nor more than 60 days after such notice is given. The failure of the Executive or the
Company to set forth in any Notice of Termination any fact or circumstance which contributes to a showing of Cause or Constructive Discharge shall not waive any right of the Executive or the Company hereunder or preclude the Executive or the Company
form asserting such fact or circumstance in enforcing the Executive&#146;s or the Company&#146;s rights hereunder. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)&nbsp;&nbsp;<U>Notice of Disability</U>.&nbsp;&nbsp;Any finding of Disability by the Company shall be effected only by a written notice
given to the Executive in accordance with this Section 14 (a &#147;Notice of Disability&#148;). Any Notice of Disability shall (i) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such finding of Disability
and (ii) specify an effective date (the &#147;Date of Disability&#148;), which shall not be less than 10 days after such notice is given. The failure of the Company to set forth in any Notice of Disability any fact or circumstance which contributes
to a showing of Disability shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing the Company&#146;s rights hereunder. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">15.&nbsp;&nbsp;<U>No Attachment</U>.&nbsp;&nbsp;Except as
required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or
assignment by operation of law, and any attempt, voluntary or </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">involuntary, to effect any such action shall be null, void and of no effect; <U>provided</U>,
<U>however</U>, that nothing in this Section 15 shall preclude the assumption of such rights by executors, administrators, or other legal representatives of the Executive or his estate or their assigning any rights hereunder to the person or persons
entitled thereto. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">16.&nbsp;&nbsp;<U>Binding
Agreement</U>.&nbsp;&nbsp;This Agreement shall be binding upon, and shall inure to the benefit of, the Executive and the Company and, as permitted by this Agreement, their respective successors, assigns, heirs, beneficiaries and representatives.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">17.&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp;The validity, interpretation, performance and enforcement of this Agreement shall be governed exclusively by the laws of the Commonwealth of Pennsylvania, without regard to principles of conflicts of laws thereof. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">18.&nbsp;&nbsp;<U>Counterparts; Headings;
Interpretation</U>.&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The underlined Section
headings contained in this Agreement are for convenience of reference only and shall not affect the interpretation or construction of any provision hereof. This Agreement is the result of negotiation and compromise between the parties hereto, each
represented by counsel. The fact that either party, in the course of negotiations, agreed to an addition, deletion or change requested by the other party in the language of this Agreement shall not be deemed an admission of fact by the party
agreeing to such change. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">19.&nbsp;&nbsp;<U>Entire Agreement; Amendments</U>.&nbsp;&nbsp;This Agreement and the Change in Control Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supercede all prior
agreements or understandings with regard to the terms and conditions of the Executive&#146;s employment other than those contained in plans, policies and practices of general applicability to members of the Company&#146;s senior management. No
amendment or waiver of this Agreement or any provision hereof shall be effective </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">SPACE LEFT INTENTIONALLY BLANK </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-18- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">unless contained in a writing executed by the party against whom such amendment or waiver is asserted, and
in the case of the Company, by its duly authorized officer. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto duly authorized, and the Executive has signed this Agreement, all as of the first date above
written. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="top" WIDTH="40%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">[CORPORATE SEAL]</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">MELLON FINANCIAL CORPORATION</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Attest:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;Martin G. McGuinn</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;&nbsp;&nbsp;&nbsp; Carl Krasik</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="4%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin G. McGuinn</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="4%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Chairman &amp; Chief Executive Officer</FONT></P></TD></TR>
<TR>
<TD HEIGHT="32"></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;DAVID&nbsp;&nbsp;F.&nbsp;&nbsp;LAMERE</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;12/16/02</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVID&nbsp;&nbsp;F.&nbsp;&nbsp;LAMERE</FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-19- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Appendix A
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Acceleration Schedule for 2003 PARS
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><U>PMW Performance Accelerated Restricted Stock
(PARS</U>) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Annual Performance Conditions</U> </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 110% or more of the sum of the three individual business units&#146; goals is achieved, then 33 1/3% of PARS accelerate. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 100%-109.9% of the sum of the three individual business units&#146; goals is achieved, then 25% of the PARS accelerate. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If less than 100% of the sum of the three individual business units&#146; goals is achieved, then 0% of the PARS accelerate. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Unaccelerated PARS can continue to be available for acceleration based on achievement of goal throughout the first six years. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">At the end of year seven, all unaccelerated PARS are vested. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Cumulative Performance Conditions</U> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">None
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><U>Business Unit Performance Accelerated Restricted Stock
(PARS</U>) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Annual Performance Conditions</U> </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 100% or more of the business unit goal is achieved, then 25% of PARS accelerate. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 90%-99.9% of the business unit goal is achieved, then 18.75% of the PARS accelerate. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If less than 90% of the business unit goal is achieved, then 0% of the PARS accelerate. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">At the end of year seven, all unaccelerated PARS are vested. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Cumulative Performance Conditions</U> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 100% or more of the sum of the 2003, 2004, 2005 and 2006 business unit goals is achieved, then restrictions lapse on all remaining restricted shares.
</FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If 90-99.9% of the sum of the 2003, 2004, 2005 and 2006 business unit goals is achieved, then restrictions lapse on 75% of the number of shares originally awarded
minus the total number of shares to which restrictions have lapsed. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">-20- </FONT></P>

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