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2003 Long-term Incentive Plan

This is an actual contract by Bank Of New York.
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Sectors: Banking
Governing Law: New York, View New York State Laws
Effective Date: January 01, 2003
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THE BANK OF NEW YORK COMPANY, INC.
2003 LONG-TERM INCENTIVE PLAN


2006 STOCK OPTION TERMS AND CONDITIONS


Pursuant to the 2003 Long-Term Incentive Plan of the Bank of New York Company, Inc. ("Plan"), you have been granted a non-statutory stock option to purchase shares of Common Stock upon the following terms and conditions and the terms and conditions of the Plan ("Option"). You will be notified in a separate communication of the number of shares granted under the Option, the date the Option was granted ("Grant Date"), as well as the vesting schedule and exercise price for these shares ("Option Shares").


A copy of the Plan has been made available to you through The Bank of New York Employee Stock Plan Website (www.bnymystock.com/bny). Unless defined herein, capitalized terms used herein shall be as defined in the Plan.


1. Your right to exercise the Option shall expire ten years from the Grant Date; provided, however, in the event your employment with the Company and its subsidiaries shall cease for any reason prior to the tenth anniversary of the Grant Date, your right to exercise the Option may expire at an earlier date, as provided in Paragraph 3 herein ("Option Termination Date").


2. The Option may be exercised in whole at any time or in part from time to time as specified above.


3. In the event your employment with the Company and its subsidiaries is terminated prior to the tenth anniversary of the Grant Date, your right to exercise the Option shall expire as of the applicable time period specified below, measured from the date of such termination:


Reason for Termination Applicable Time Period
---------------------- ---------------------- Voluntary Must be Exercised by Termination Date*


Cause Must be Exercised by Termination Date*


Disability 3 years


Retirement:
At or after age 55 but
prior to age 60 Shares Vested as of Retirement - 5 years*


At or after age 60 Full Grant - 5 years


Death 3 years


Joint Venture or Divestiture by
Company or subsidiary 3 years
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