Document:

Sixth Amendment of the Supplemental Thrift-Incentive Plan

 Exhibit 10(i) 
  
 SIXTH AMENDMENT 
 OF THE 
 NORTHERN TRUST CORPORATION 
 SUPPLEMENTAL THRIFT-INCENTIVE PLAN 
  
 WHEREAS, the Northern Trust Corporation (the “Corporation”) sponsors the Northern Trust Corporation Supplemental Thrift-Incentive Plan, as amended and restated effective as of July 20, 1999, (the
“Plan”); and 
  
 WHEREAS, pursuant to Section 7.1
of the Plan, the Corporation has the right to amend the Plan when the Corporation deems such amendment to be advisable; and 
  
 WHEREAS, the Corporation deems it advisable to amend the Plan; 
  
 NOW, THEREFORE, the Plan is hereby amended to add the attached as Supplement #1 to the Plan. 
  
 IN WITNESS WHEREOF, the Corporation has caused this amendment to be
executed on its behalf this 10th of February, 2005 effective such 10th day of February, 2005. 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	 /s/ Timothy P. Moen

	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and
	 	 	Human Resources Department Head

 SUPPLEMENT #1 
  
 Special 2005 Supplemental Before-Tax Deposit Agreement 
  
 This Supplement #1 to the Northern Trust Corporation Supplemental Thrift-Incentive Plan, as amended and restated effective as of July 20,
1999 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase
used or defined in the Plan is similarly used or defined for purposes of this Supplement #1. 
  

	1.	Effective Date. February 10, 2005. 

  

	2.	Application. This Supplement #1 shall apply to all Participants who were eligible to make a Supplemental Before-Tax Deposit for the Plan Year beginning January 1, 2005 (the
“2005 Plan Year”), but who failed to execute and deliver a Supplemental Before-Tax Deposit Agreement to the Committee prior to the date specified by the Committee before the beginning of the 2005 Plan Year (individually, a “Special
Election Participant” and, collectively, the “Special Election Participants”). 

  

	3.	Special Provision. The following special provision shall apply to the Special Election Participants: 

  
 Special 2005 Election: Pursuant to and in accordance with Notice
2005-1 issued by the U.S. Treasury Department and the Internal Revenue Service, each Special Election Participant shall have the opportunity to execute and deliver to the Committee a Supplemental Before-Tax Deposit Agreement for the 2005 Plan Year
to be applied only to Salary in excess of Code Section 401(a)(17) limitations, in any amount equal to at least one percent (1%), but not to exceed forty percent (40%), subject to the requirements specified in paragraphs 4 through 6 below.

  

	4.	Special Election Deadline. To be effective, a Supplemental Before-Tax Deposit Agreement referred to in paragraph 3 above must be executed and delivered to the Committee by
the Special Election Participant on or before the date specified by the Committee that is after the Effective Date of this Supplement #1, but no later than March 15, 2005. 

  

	5.	Special Salary Limitation. A Supplemental Before-Tax Deposit Agreement executed and delivered by a Special Election Participant pursuant to this Supplement #1 shall only
apply to Salary of the Special Election Participant that has not been paid or become payable at the time the Special Election Participant executes and delivers such Supplemental Before-Tax Deposit Agreement. 

  

	6.	Limitations on Supplement. Nothing in this Supplement #1 shall be construed to provide any Special Election Participant with any rights or benefits under the Plan other than
those described in Paragraphs 3 through 5 above.Second Amendment of the Severance Plan

 Exhibit 10(ii) 
  
 SECOND AMENDMENT 
 OF THE 
 NORTHERN TRUST CORPORATION 
 SEVERANCE PLAN 
  
 WHEREAS, the Northern Trust Corporation (the “Corporation”) maintains the Northern Trust Corporation Severance Plan (the “Plan”); and 
  
 WHEREAS, amendment of the Plan is now considered desirable; 
  
 NOW, THEREFORE, by virtue and in exercise of the amending power
reserved to the Corporation under Section 6.1 of the Plan, the Plan is hereby amended as follows effective as of January 1, 2005: 
  

	1.	Paragraph (A) of Section 2.13 of Plan shall be deleted in its entirety and the following substituted therefor: 

  
 “(A) comparable employment with an Employer (as determined by the
Employer in the Employer’s sole discretion) in a position which does not require relocation to a non-commutable distance, or.” 
  

	2.	The second and third sentences of Section 3.3(iii) of the Plan shall be deleted in their entirety and the following substituted therefor: 

  
 “If such an Eligible Employee is able to return to active employment
within six (6) months from such Eligible Employee’s first day of absence due to disability, such Eligible Employee’s employment will be terminated, and such Eligible Employee will be entitled to Severance Benefits, subject to Section 4.4.
However, if such an Eligible Employee is absent from employment due to disability for more than six (6) months, such Eligible Employee will no longer be entitled to any Severance Benefits regardless of the reasons for or timing of such
Employee’s Termination of employment.” 
  

	3.	The first two sentences of Section 4.2 of the Plan shall be deleted in their entirety and the following sentence substituted therefor: 

  
 “An Eligible Employee will receive Severance Benefits in the form of a
lump sum cash payment to be made as soon as practicable following Termination Based on Employer Action.” 
  

					
	4.	  	      (a)	  	To delete the third sentence of Section 5.6 of the Plan in its entirety and to substitute the following therefor:
			
	 	  	 	  	“The Committee shall render a decision on the appeal no later than the date of the Committee meeting which immediately follows the

					
	 	  	 	  	Committee’s receipt of the claimant’s request for review, unless the request for review is filed within thirty (30) days preceding the date of such meeting. In such case, a decision
will be made no later than the date of the second meeting following the Committee’s receipt of the claimant’s request for review. The Committee may extend this review until no later than its third meeting following the claimant’s
request for review if special circumstances apply and the Committee notifies the claimant of such extension.”
			
	 	  	      (b)	  	To delete the fifth sentence of Section 5.6 of the Plan in its entirety and to substitute the following therefor:
			
	 	  	 	  	“The Committee shall notify the claimant of its decision in writing or electronically within a reasonable time (but not later than five (5) business days) after the Committee meeting at
which the claimant’s request for review is considered.”
			
	 	  	      (c)	  	To add the following at the end of Section 5.6 of the Plan:
			
	 	  	 	  	“The Committee has full discretion and authority to construe and interpret all provisions of the Plan. The claimant may not bring a legal action in any court under the Plan until the
claim and appeal rights described in this Section have been exercised and exhausted, and the eligibility or benefits requested in the appeal have been denied, in whole or in part.”
		
	5.	  	 To delete the Severance Schedule for Termination by Employer Action in its entirety and to substitute therefor the Several Schedule for Termination
by Employer Action that is attached to this Second Amendment.

  
 IN WITNESS
WHEREOF, the Corporation has caused this amendment to be executed on its behalf this 9th of March, 2005 effective as of January 1, 2005. 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	 /s/ Timothy P. Moen

	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and Human Resources Department Head

  

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 REVISED EFFECTIVE 1/1/05 
  
 Severance Schedule for Termination By Employer Action* 
  
 SEVERANCE BENEFITS PAYMENTS** 
  

							
	 Official Status

	  	 Years of Service

	 	  	Less than 3 Years	  	 Greater than or equal to 3 Years
 but less than 25 Years
	  	Greater than or equal to 25 Years
	Officer*	  	4 weeks of Base Pay	  	2 weeks of Base Pay per completed Year of Service	  	52 weeks of Base Pay
	Non-Officer*	  	2 weeks of Base Pay	  	1 week of Base Pay per completed Year of Service	  	26 weeks of Base Pay

	**	Minimum Severance Benefits Pay is 2 weeks of Base Pay and Maximum Severance Benefits Pay is 52 weeks of Base Pay. Total Severance Benefits payments may not exceed twice an
Eligible Employee’s annual Base Pay in the year prior to Termination. Severance Benefits Payments and any COBRA Subsidy will be paid as a lump sum. 

  
 WELFARE BENEFITS 
  
 COBRA Continuation Coverage: An Eligible Employee and eligible dependents have the right to continue medical, dental and vision coverage in accordance with the
time periods set forth under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Medical, dental and vision coverage will automatically cease on the last day of the month in which an Eligible
Employee’s Termination of employment occurs unless an Eligible Employee elects such continuation coverage under the provisions of COBRA. The costs of such coverage shall be payable by the Eligible Employee for the duration of the COBRA
coverage, to be paid monthly by personal check, as the premiums become due. 
  
 COBRA Subsidy*: The Employer shall provide a COBRA subsidy payment to assist the Eligible Employee in paying the costs of coverage under applicable employee welfare benefit plans (medical and dental). The amount of the COBRA subsidy
payment shall equal the difference between an Eligible Employee’s active employee medical and/or dental premium(s) as of the first day of the Notification Period (described in Section 4.2) and the rate under COBRA on such date, including the 2%
administrative fee, multiplied by the number of weeks to which an Eligible Employee is eligible for Severance Benefits Payments as described above. The COBRA subsidy payment shall be made in the form of a lump sum. 

 Outplacement Assistance*: Varied levels of outplacement assistance will be offered through a firm selected by the
Employer. Outplacement assistance will be available on the first day of an Eligible Employee’s Notification Period. The level and duration of outplacement assistance will be determined by an Eligible Employee’s official status in
accordance with the Employer’s policies and practices. In order to use outplacement assistance, an Eligible Employee must begin outplacement assistance no later than 30 days after Termination of employment. 
  

			
	Non-contributory Life Insurance, Business Travel, Workers Compensation	  	Coverage ends upon Termination.
		
	Contributory Life Insurance, Dependent Life Insurance, 24-Hour Accident Insurance	  	Coverage ends on the last day of the month for which a premium contribution from an Eligible Employee’s salary was made.
		
	Health Care Account, Day Care Account	  	Eligible Employees may submit claims for expenses incurred prior to Termination date in accordance with applicable plan terms and administrative requirements. Claims must be submitted prior to
end of first quarter of the year following Termination. Health Care Account may be extended on after-tax basis through a valid COBRA election.
		
	Educational Assistance*	  	Existing tuition reimbursement repayment obligations will be waived. At the Eligible Employee’s Termination of employment, if enrolled and attending course(s), the Eligible Employee will be
reimbursed in accordance with the Educational Assistance Program.
		
	Short-Term Disability, Long-Term Disability	  	Coverage ends upon Termination, unless disabled on the date of Termination. If disabled on the date of Termination, coverage will generally continue until individual determined to be medically
able to return to work, in accordance with applicable disability plan terms. See also Plan Section 3.3 (ii) and (iii).
		
	Family Assistance and LifeCare® Programs	  	Eligible Employees will have access to these programs for 90 days following Termination.

 ENHANCED RETIREMENT AND OTHER BENEFITS 
  

			
	Pension Plan and TIP*	  	Enhanced retirement eligibility, vesting and related benefits will be provided in accordance with the applicable retirement plans.
		
	Stock Options*	  	Enhanced vesting and other benefits may be provided in accordance with the applicable stock option plan and the Eligible Employee’s stock option agreements.

	*	NOTE: Eligibility for receipt of all benefits is conditioned on execution (and non-revocation) of a settlement agreement, waiver and release (“Release”) in accordance with
Section 4.4., provided that an Eligible Employee who does not execute (or who revokes within the revocation period) such a Release shall be entitled to (i) severance benefits, payable in the form of a lump sum, in the amount of one (1) week
of Base Pay for non-officers and two (2)weeks of Base Pay for officers, (ii) access to (A) the Employer’s Family Assistance and LifeCare® Programs for 90 days following Termination and (B) basic outplacement assistance and (iii) the
opportunity to work with a recruiting consultant to perform an internal search for a new position during the Notification Period. 

  

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