LETTER AGREEMENT with RELEASESLetter Agreement • June 30th, 2006 • Bank of New York Co Inc • State commercial banks
This Letter Agreement (“Letter Agreement”) sets forth our agreement regarding the termination of your employment with The Bank of New York (the “Company”) upon the consummation of the sale of BNY Brokerage, Inc., BNY Research, Commission and Payment Services LLC and Global Execution Technologies Limited, as described in the Contribution Agreement by and among The Bank of New York Company, Inc. (“BNY Co.”) and ConvergEx Holdings, LLC (“Holdings”) dated as of the date herewith (“Contribution Agreement”). It sets forth the payments and benefits that you will receive upon your termination of employment as set forth herein as well as the additional payments and benefits that you will receive if you sign the attached First and Second Releases (Attachments A and B respectively) as described in Section II(13) below.
