Document:

2012 Long Term Cash Incentive Plan

 Exhibit (10)(i) 
 NORTHERN TRUST CORPORATION 2012 LONG TERM CASH INCENTIVE PLAN 
 The
Northern Trust Corporation 2012 Long Term Cash Incentive Plan (the “Plan”) was adopted on February 13, 2012 and became effective on that date (the “Effective Date”). 

 

	1.	Purpose. The purpose of the Plan is to promote the growth and profitability of the Corporation and its Subsidiaries by encouraging outstanding individuals to
accept or continue employment with the Corporation and its Subsidiaries through the provision of incentive compensation opportunities in the form of Long Term Cash Incentive Awards (“Awards”). 

 

	2.	Administration. 

  

	 	(a)	The Committee shall administer the Plan, except as otherwise determined by the Board. The Committee shall consist of at least two (2) Directors as the Board may
designate from time to time. Notwithstanding anything to the contrary contained herein, membership of the Committee shall be limited to Board members who meet the “non–employee director” definition in Rule 16b-3 under
Section 16 of the Exchange Act. 

  

	 	(b)	The Committee shall have full power and authority to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, to determine
the terms and provisions of any Long Term Cash Incentive Award Agreement entered into under the Plan, and to make all other determinations that may be necessary or desirable for the administration of the Plan. Any interpretation of the Plan by the
Committee shall be final and binding on all persons. 

  

	 	(c)	The Committee may delegate the administration of the Plan, in whole or in part, on such terms and conditions as it may impose, to such other person or persons as it may
determine in its discretion, except with respect to Awards to officers subject to Section 16 of the Exchange Act and except to the extent prohibited by applicable law or the applicable rules of a stock exchange. 

 

	3.	Participants. 

  

	 	(a)	Participants shall consist of Employees whom the Committee may designate from time to time to receive Awards under the Plan. Awards may be granted to Participants who
are or were previously Participants under this or other plans of the Corporation or any Subsidiary, and the Corporation may continue to award bonuses and other compensation to Participants under other programs now in existence or hereafter
established. 

  

	 	(b)	The Committee shall have the authority to amend the terms and conditions relating to an Award, provided that no amendment shall adversely affect the rights of any
Participant under any outstanding Award in any material way 

	 	without the written consent of the Participant unless such amendment is required by applicable law, or is necessary to cause the Award to be exempt from, or comply
with, Code Section 409A. 

	4.	Long Term Cash Incentive Awards. The Committee may in its discretion award Long Term Cash Incentive Awards under the Plan to Participants hereunder. Each Award
shall be subject to such terms and conditions as the Committee may determine at the time of grant, the general provisions of the Plan, the terms and conditions of the applicable Long Term Cash Incentive Award Agreement and the following specific
rules: 

  

	 	(a)	Each Award shall be governed by a Long Term Cash Incentive Award Agreement (“Award Agreement”), which shall specify such terms and conditions, not
inconsistent with the terms and conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	An Award shall consist of a commitment by the Corporation to distribute at the time specified in, and in accordance with the terms of, the applicable Award Agreement,
an amount set forth in the Award Agreement (“Award Amount”), increased for interest in accordance with paragraph (c), below. An Award may be subject to a vesting schedule and such other conditions, restrictions or contingencies, as
determined by the Committee and described in the Award Agreement. 

  

	 	(c)	The Corporation shall maintain an account (“Account”) on its books on behalf of each Participant which shall reflect the Award Amount specified in the
Participant’s Award Notice, plus interest at a rate specified by the Committee in the Award Agreement to be credited in accordance with the terms of such Award Agreement. Interest specified in the Award Agreement shall in no event exceed 120
percent of the long-term applicable federal rate, as defined in Code Section 1274(d) for the month in which the Award is granted. 

  

	 	(d)	Distribution of any Award by the Company or its Subsidiaries shall be made on the date or dates specified in the Award Agreement, subject to the provisions of the Plan,
including without limitation Section 8. 

  

	 	(e)	An Award will generally be satisfied by a distribution in cash to the Participant, provided, however, that, at the discretion of the Committee, an Award may be
satisfied by payment of shares of Common Stock in lieu of cash, or a combination of cash and shares of Common Stock. The number of shares of Common Stock shall be equal to (i) the amount of the Award to be paid in stock in accordance with this
paragraph (e) divided by (ii) the Fair Market Value on the date preceding the date of distribution of a share of Common Stock, provided that the issuance of any shares of Common Stock in accordance with this paragraph (e) shall be
contingent on the availability of shares of Common Stock under any shareholder-approved plan of the Corporation providing for the issuance of Stock in satisfaction of the Awards hereunder (which in no event shall be an employee stock purchase plan).

  
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	 	(f)	In the case of Awards under the Plan that are settled in shares of Common Stock, such shares shall be distributed under a stock plan adopted by the Corporation and
approved by the shareholders thereof that provides for the issuance of Common Stock in satisfaction of Awards hereunder (which in no event shall be an employee stock purchase plan.) In the event of any conflict between this document and such stock
plan, the provisions of the stock plan shall govern. 

  

	5.	Adjustment. In the event of any reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination,
subdivision, consolidation or exchange of shares, any change in the capital structure of the Corporation or any similar corporate transaction, the Committee or the Board shall make such adjustments as are necessary and appropriate to preserve the
benefits or intended benefits of the Plan and Awards granted under the Plan. 

  

	6.	Nontransferability. Except as provided below, each Award granted under the Plan to a Participant shall not be transferable by the Participant other than by will
or the laws of descent and distribution. In the event of the death of a Participant during employment or prior to the termination, expiration, cancellation or forfeiture of any Award held by the Participant hereunder, each vested Award theretofore
granted to the Participant shall be exercisable or payable to the extent and to such persons as provided in, and in accordance with the terms of, the applicable Award Agreement. 

 

	7.	Change in Control. 

  

	 	(a)	The Committee may, in its discretion, at the time an Award is made hereunder or at any time prior to a Change in Control of the Corporation, provide for the
acceleration of any time periods relating to the realization of such Awards (such as the vesting requirements) so that such Awards may be realized as of the date of a Change in Control of the Corporation. The Committee may, in its discretion,
include such further provisions and limitations in the Award Agreement as it may deem equitable and in the best interests of the Corporation. 

 Provisions for acceleration and any further provisions and limitations included by the Committee pursuant to this paragraph (a) must satisfy the requirements of Code Section 409A and applicable
regulations and other guidance promulgated thereunder so as to avoid the income tax, interest and penalty provisions of Section 409A. 
  

	 	(b)	A “Change in Control” shall be deemed to have occurred if: 

  
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	 	(i)	any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities beneficially owned by such
Person any securities acquired directly from the Corporation or its Affiliates) representing 20% or more of the combined voting power of the Corporation’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clause (A) of clause (iii) below; or 

  

	 	(ii)	the election to the Board of Directors of the Corporation, without the recommendation or approval of two-thirds of the incumbent Board of Directors of the Corporation,
of the lesser of: (A) three directors; or (B) directors constituting a majority of the number of directors of the Corporation then in office, provided, however, that directors whose initial assumption of office is in connection with an
actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation will not be considered as incumbent members of the Board of Directors of the Corporation for
purposes of this section; or 

  

	 	(iii)	there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation with any other company, other than (A) a
merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof), at least 60% of the combined voting power of the securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or
(B) a merger or consolidation effected to implement a recapitalization of the Corporation (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in
the securities Beneficially Owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 20% or more of the combined voting power of the Corporation’s then outstanding securities; or

  

	 	(iv)	the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement for the sale or
disposition by the Corporation of all or substantially all of the Corporation’s assets, other than a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least 60% of the combined
voting power of the voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

  
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 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Common Stock of the Corporation immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

For purposes of the foregoing, the following definitions shall apply: 

“Affiliate” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act; “Beneficial
Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of any securities with respect to which such Person has properly filed a form 13-G; “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time; and “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (i) the Corporation or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefits plan of the Corporation or any of its subsidiaries, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the
Corporation. 
  

	8.	Other Provisions. 

  

	 	(a)	Any Award under the Plan shall be subject to such other provisions as the Committee determines, including, provisions permitting the lapse of restrictions in the event
of death, disability or retirement, understandings or conditions as to the Participant’s employment in addition to those specifically provided for under the Plan, provisions for the forfeiture of Awards and/or the recoupment of all amounts
received in connection with an award in the event of breach of noncompetition, nonsolicitation, or confidentiality agreements, restatement of the financial statements of the Corporation or Subsidiary or Business Unit thereof, misconduct, or the
occurrence of risk based events or conditions identified by the Committee, or such other conduct or events as the Committee shall specify, during or following termination of employment, and provisions permitting the deferral of the receipt of Awards
for such period and upon such terms and conditions as the Committee shall determine. 

  
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	 	(b)	Notwithstanding anything herein or in any Award Agreement to the contrary, provisions permitting the deferral of the receipt of Awards must satisfy the requirements of
Code Section 409A and applicable regulations and guidance promulgated thereunder, including without limitation all deadlines for deferral elections, so as to avoid the income tax, interest and penalty provisions of Section 409A.

  

	 	(c)	An Award that is subject to Code Section 409A shall not be distributable on account of retirement or termination of employment, unless the individual incurs a
Separation from Service. 

  

	 	(d)	 An Award that would otherwise be distributed to a Participant in a given calendar year may be delayed, in the Committee’s discretion, to the
extent that the Committee reasonably anticipates that if the payment were made as scheduled the Corporation’s deduction with respect to such payment would not be permitted due to the application of Code Section 162(m). Awards not paid as a
result of the above limitation shall be paid in the earlier of (i) the Corporation’s first taxable year in which the Committee reasonably anticipates that if the payment is made during such year the deduction of such payment will not be
barred by application of Section 162(m), or (ii) the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the taxable year of the Corporation in which the Participant
incurs a Separation from Service or the 15th day of the
third month following the Participant’s Separation from Service. 

  

	 	(e)    (i)	Anything in the Plan to the contrary notwithstanding, including without limitation Section 8(d), if as of the date a Participant incurs a Separation from Service,
the Participant is a Key Employee, any distribution of an Award that is subject to the provisions of Code Section 409A to such Participant due to such Separation from Service that would otherwise be made during the six months following such
Separation from Service shall be made on the date that is six months and one day following such Separation from Service. 

  

	 	(ii)	“Key Employee” means a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i). The Corporation’s
Key Employees shall be identified annually pursuant to Section 8(e)(iii). 

  

	 	(iii)	 The Specified Employee Identification Date as defined in Treas. Reg. §1.409A-1(i)(3), to be used in determining Key Employees of the Corporation
shall be September 30 of any calendar year. The January 1 of the calendar year next following that calendar year shall be the Specified Employee Effective Date, as defined in Treas. Reg. §1.409A-1(i)(4), for Participants identified as
Key Employees on the immediately preceding Specified Employee Identification Date. Participants identified as Key Employees on a Specified Employee Identification 

  
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Date (September 30) shall be treated as Key Employees under the Plan for the 12-month period beginning on the Specified Employee Effective Date (January 1) next following such Specified Employee
Identification Date. 

  

	9.	Taxes. The Corporation shall have the right to deduct from any payment to be made under the Plan the amount of any taxes required by law to be withheld from such
payment, or to require a Participant to pay to the Corporation such amount required to be withheld prior to the issuance or delivery of any shares of Common Stock or the payment of any cash in connection with any Award under the Plan. The Committee
may, in its discretion and subject to such rules as it may adopt, permit a Participant to elect to satisfy such withholding obligations through cash payment by the Participant, or through the surrender of shares of Common Stock which the Participant
is otherwise entitled to receive under the Plan. 

  

	10.	Amendment, Suspension or Termination of Plan. The Board may at any time amend, suspend or terminate the Plan as it deems advisable and in the best interests of
the Corporation; provided, that no amendment, suspension or termination shall adversely affect the right of any Participant under any outstanding Award in any material way without the written consent of the Participant, unless such amendment,
suspension or termination is required by applicable law. No amendment of the Plan shall be made without stockholder approval if stockholder approval is required by law, regulation or stock exchange rule. Anything in this Section 10 or elsewhere
in the Plan to the contrary notwithstanding: 

  

	 	(a)	the Plan may be amended in any manner necessary to ensure that the Plan complies in all applicable respects with Code Section 409A; and 

 

	 	(b)	the Plan may not be amended in any manner that would cause the Plan to fail to comply in any applicable respect with Code Section 409A. 

 

	11.	No Contract of Employment. Neither the adoption of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Corporation or any
Subsidiary to continue the employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone the retirement date of any Participant. 

 

	12.	Applicable Law. All questions pertaining to the validity, construction and administration of the Plan and any Award Agreement, and all claims or causes of action
arising under, relating to, or in connection with, the Plan or any Award granted under the Plan shall be determined in conformity with the laws of the State of Delaware, without regard to the conflict of law provisions of any state.

  

	13.	Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

  
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	 	(a)	“Award” shall mean any Long Term Cash Incentive Award granted under the Plan. 

 

	 	(b)	“Award Agreement” shall mean, as applicable, a Long Term Cash Incentive Award Agreement. 

 

	 	(c)	“Board” shall mean the Board of Directors of the Corporation. 

  

	 	(d)	“Change in Control” shall have the meaning set forth in Section 7(b) of the Plan. 

 

	 	(e)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

 

	 	(f)	“Committee” shall mean the Compensation and Benefits Committee of the Board or such other committee of the Board as maybe designated by the Board from time to
time to administer the Plan. 

  

	 	(g)	“Common Stock” shall mean the Common Stock of the Corporation. 

  

	 	(h)	“Corporation” shall mean Northern Trust Corporation, a Delaware corporation. 

 

	 	(i)	Effective Date” shall mean February 13, 2012. 

  

	 	(j)	“Employee” shall mean an employee of the Corporation or any Subsidiary. 

 

	 	(k)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

 

	 	(l)	“Fair Market Value” shall mean the fair market value of the Common Stock, as determined by the Committee. 

 

	 	(m)	“Participant” shall mean any Employee selected to receive an Award. 

 

	 	(n)	“Plan” shall mean the Northern Trust Corporation 2012 Long Term Cash Incentive Plan. 

 

	 	(o)	 “Separation from Service” shall mean that a Participant dies, retires or otherwise has a termination of employment with the Corporation. A
termination of employment will be deemed to occur when the Corporation and the Participant reasonably anticipate that the level of bona fide services the Participant will perform for the Corporation (as an Employee or independent contractor, but not
as a director) after a certain date will permanently decrease to less than 50 percent of the average level of bona fide services performed by the Participant for the Corporation (as an Employee or independent contractor, but not as a director) in
the immediately preceding 36 months (or the full period of the 

  
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Participant’s services to the Corporation if the Participant has been providing services to the Corporation for less than 36 months), determined in accordance with Treas. Reg. Sec.
1.409A-1(h). The employment relationship will be treated as continuing intact while the Participant is on a bona fide leave of absence (determined in accordance with Treas. Reg. Sec. 409A-1(h)) but (i) only if there is a reasonable expectation
that the Participant will return to active employment status, and (ii) only to the extent that such leave of absence does not exceed 6 months, or, if longer, for so long as the Participant has a statutory or contractual right to reemployment.
For purposes of this Section, references to the Corporation shall include the Corporation and any person with whom the Corporation is considered to be a single employer under Section 414(b) of the Code and all persons with whom the Corporation
would be considered a single employer under Code Section 414(c) substituting 50% for the 80% standard that would otherwise apply. For purposes of determining whether an Employee has incurred a Separation from Service under this Plan with
respect to Awards made to him as an Employee, his services as a Director shall be disregarded. 

  

	 	(p)	“Subsidiary” shall mean any entity that is directly or indirectly controlled by the Corporation or any entity in which the Corporation has a significant
equity or other interest, as determined by the Committee in its discretion. 

  

	15.	The Long Term Cash Incentive Awards granted under the Plan are intended to be exempt from, or to comply in all applicable respects with, the requirements of Code
Section 409A, and the Plan shall be construed and administered so as to cause such Awards to be exempt from or comply with that Code section, respectively, as applicable. 

  
 - 9 -2012 Form of Director Stock Agreement

 Exhibit (10)(iii) 

FORM OF DIRECTOR STOCK UNIT AGREEMENT 
 UNDER THE NORTHERN TRUST CORPORATION 2012 STOCK PLAN 
 This Agreement is entered into as of
the          day of             , 20    , between Northern Trust Corporation (“Northern”) and
                    (“Participant”). 
 The Northern Trust Corporation 2012 Stock Plan (“Plan”) provides in Section 10 of the Plan for the awarding of stock units (“Stock Units”) to participants, who may include
directors of Northern who are not employees of the Corporation or its Subsidiaries (collectively, the “Corporation”), as approved by the Compensation and Benefits Committee (“Committee”) of the Board of Directors of Northern.
Capitalized terms not defined in this Agreement shall have the meanings assigned to them in the Plan. 
 In the exercise of its discretion under
the Plan, the Committee has determined that the Participant should participate in the Plan and receive an award of Stock Units under Section 10 of the Plan, and, accordingly, Northern and the Participant hereby agree as follows: 

 

	1.	Grant. Northern hereby grants to the Participant an award of Stock Units equal in value to [$90,000,] as determined by the closing sale price of
Northern’s Common Stock (as defined below) on the date of the 20     annual meeting of stockholders, subject to the terms and conditions of the Plan and this Agreement. A Stock Unit is the right, subject to the terms and
conditions of the Plan and this Agreement, to receive a distribution of a share of common stock (“Common Stock”), pursuant to Paragraph 6 of this Agreement. 

 

	2.	Stock Unit Account. Northern shall maintain an account (“Stock Unit Account”) on its books in the name of the Participant which shall reflect
the number of Stock Units awarded to the Participant that the Participant is eligible to receive in distribution pursuant to Paragraph 6 of this Agreement. 

 

	3.	Dividend Equivalents. Except as provided below in Paragraph 7 of this Agreement, upon the payment of any dividend on Common Stock occurring during the
period preceding the distribution of the Participant’s Stock Unit award pursuant to Paragraph 6 of this Agreement, Northern shall credit to a cash account maintained by Northern on its books in the name of the Participant with respect to the
Stock Units (“Dividend Equivalent Account”) an amount equal in value to the dividends that the Participant would have received had the Participant been the actual owner on the record date of the number of shares of Common Stock represented
by the Stock Units in the Participant’s Stock Unit Account on that date (“Dividend Equivalents”). No interest or earnings shall be credited to the Dividend Equivalent Account. Such Dividend Equivalents shall be subject to the same
forfeiture, vesting, and distribution provisions of this Agreement applicable to the Stock Units to which such Dividend Equivalents relate. 

  

	4.	Forfeiture. If the Participant incurs a Separation from Service, as defined in Paragraph 7(c) below prior to the vesting date set forth in Paragraph 5 of
this Agreement, the Participant’s Stock Units shall be forfeited and revert to Northern, and Northern shall have no obligation after such date to pay Dividend Equivalents pursuant to Paragraph 3 of this Agreement. Northern shall have no further
obligation to the Participant under this Agreement with respect to such Stock Units. 

	5.	Vesting. The Participant shall become 100% vested in his Stock Units upon the date (the “vesting date”) that is the earliest to occur of
(a) the date of the Corporation’s 20    Annual Meeting of Stockholders (the “regular vesting date”), (b) the date of the Participant’s death, or (c) the date of a Change in Control, provided
that the Participant has not incurred a Separation from Service prior to the earliest of the foregoing three events. 

  

	6.	Distribution. Except as provided below in Paragraph 7 of this Agreement, 

 

	 	(a)	Subject to Paragraph 6(b), if the Participant has become 100% vested in his Stock Units upon the regular vesting date, the Stock Units shall be distributed upon such
regular vesting date, provided that the distribution shall be treated as made on such date if made within the period described in Treasury Regulation Section 1.409A-3(d), including without limitation the requirement that the Participant shall
in no event have the right directly or indirectly to designate the taxable year of payment. Stock Units shall be distributed only in shares of Common Stock so that, pursuant to Paragraph 1 of this Agreement and this Paragraph 6, a Participant shall
be entitled to receive one share of Common Stock for each Stock Unit in the Participant’s Stock Unit Account. 

  

	 	(b)	If a Participant’s service on the Board of Directors of Northern shall terminate by reason of death prior to the regular vesting date, all cash (as provided in
Paragraph 7) or Common Stock then distributable hereunder with respect to the Participant shall be distributed to such individual, trustee, trust or other entity (“Beneficiary”) as the Participant shall have designated by an instrument in
writing last filed with Northern prior to death, or in the absence of a designation, to the following persons in the order indicated below: 

  

	 	•	 	 The Participant’s spouse; if none, then, 

  

	 	•	 	 The Participant’s children (in equal amounts); if none, then, 

 

	 	•	 	 The Participant’s parents (in equal amounts); if none, then, 

 

	 	•	 	 The Participant’s brothers and sisters (in equal amounts); if none, then, 

 

	 	•	 	 The Participant’s estate. 

 Except as otherwise provided in Paragraph 7(c), such distribution shall be made on the date of death, provided that the distribution shall be treated as made on such date if made within the period
described in Treasury Regulation Section 1.409A-3(d), including without limitation the requirement that neither the Participant (nor the Beneficiary) shall have the right directly or indirectly to designate the taxable year of payment.

  

	 	(c)	If the Participant dies on or after the regular vesting date, but prior to the distribution of all amounts to which the Participant is entitled hereunder, all cash or
Common Stock then distributable hereunder with respect to the Participant shall be distributed to the Beneficiary designated by the Participant, or, if none, to the persons identified in clause (b) of this Paragraph 6, within the period
described in clause (a) of this Paragraph 6, except as otherwise provided in Paragraph 7(c). 

  
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	 	(d)	In the case of Stock Units that become vested as a result of a Change in Control, the Participant shall not be entitled to a distribution of such Stock Units upon such
Change in Control. Instead, any Stock Units that become vested as a result of a Change in Control shall be distributed only upon the date, or the occurrence of the event upon which, distribution would have been made in the absence of such Change in
Control. For purposes of this Paragraph 6(d) the Annual Meeting in 20     shall be deemed to occur upon the third Tuesday in April in that year. 

 

	7.	Voluntary Deferral. 

  

	 	(a)	Subject to applicable law, receipt of the payment of all or any portion of the Stock Units shall be deferred until the date on which the Participant incurs a Separation
from Service, as defined in clause (c) below, if the Participant has filed a deferral election, subject to and in accordance with the provisions of Paragraph 7(b), no later than the deadline described in Paragraph 7(b). Any such election shall
likewise apply to the Dividend Equivalents payable with respect to such deferred Stock Units. Deferred Dividend Equivalents shall be credited to a cash account with respect to the Stock Units (“Cash Account”) maintained by Northern on its
books in the name of the Participant. Until the entire balance of a Cash Account has been paid to the Participant or to the Participant’s Beneficiaries (as defined in Paragraph 6), such balance shall be adjusted on the last day of each calendar
quarter to reflect accrued interest on such balance based on the rate of interest determined from time to time by the Committee. 

  

	 	(b)	A Participant’s election to defer receipt of the payment of all or any portion of the Stock Units granted hereunder and related Dividend Equivalents to the date of
his or her Separation from Service, as defined in clause (c) below, shall be effective if it was made on a deferral election form provided by the Committee and completed and delivered to the Committee no later than the last day of the calendar
year preceding the calendar year in which the grant hereunder is made. Such election, if made, became irrevocable upon December 31 of the calendar year completed and delivered to the Committee. Such election shall remain in effect for grants of
Stock Units in subsequent calendar years and becomes irrevocable as of each December 31 with respect to Stock Units granted for services performed in the immediately following calendar year, until modified or revoked by the Participant by the
completion and delivery to the Committee of a form provided by the Committee for such purpose, setting out such modification or revocation; any such modification or revocation shall be effective only for Stock Units granted to the Participant for
services performed in calendar years beginning after the calendar year in which such modification or revocation is completed and delivered to the Committee and shall have no effect on the Stock Units granted hereunder. 

  
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	 	(c)	 The entire balance of deferred Stock Units in the Stock Unit Account and deferred Dividend Equivalents in the Cash Account shall be paid to the
Participant or to the Beneficiaries of the Participant (i) in a single lump sum on the 10th business day following the date the Participant incurs a Separation from Service, as defined below, or (ii) in up to 10 annual installments
beginning on the 10th business day following the date the Participant incurs a Separation from Service, as defined below, as irrevocably designated by the Participant in the applicable form described in clause (b) above. In the absence of a
designation, the entire balance of deferred Stock Units in the Stock Unit Account and deferred Dividend Equivalents in the Cash Account shall be paid in a single lump sum on the 10th business day following the date the Participant incurs a Separation from Service, as defined below. For purposes of
this Agreement, the term “Separation from Service” shall mean the date on which the Participant dies or otherwise terminates his or her membership on the Board of Directors of Northern. 

 

	 	(d)	Deferred Stock Units in the Stock Unit Account shall be distributed only in shares of Common Stock. In the event of a single lump sum distribution in Common Stock, a
certificate (or a non-certificated book entry) representing the number of full shares of Common Stock equal to the number of such Stock Units in the Stock Unit Account, registered in the name of the Participant or the Beneficiaries of the
Participant, shall be distributed to the Participant or the Beneficiaries of the Participant, on the distribution date described in Paragraph 7(c) above. In the event of a distribution in Common Stock in up to 10 annual installments, a certificate
(or a non-certificated book entry) representing the number of full shares of Common Stock equal to a fraction (the numerator of which shall be the number of Stock Units in the Stock Unit Account, and the denominator of which shall be the number of
annual installments designated by the Participant), registered in the name of the Participant or the Beneficiaries of the Participant, shall be distributed to the Participant or the Beneficiaries of the Participant, on the distribution date
described in Paragraph 7(c) above in each year of the installment period, provided that the number of shares in each of the installments shall be rounded to the nearest whole number of shares. 

 

	 	(e)	Deferred Dividend Equivalents in the Participant’s Cash Account shall be distributed in cash. In the event of a single lump sum distribution in cash, the entire
balance of the Participant’s Cash Account shall be distributed to the Participant or the Beneficiaries of the Participant on the distribution date described in Paragraph 7(c) above. In the event of a distribution in cash in up to 10 annual
installments, the balance of the Cash Account shall continue to accrue interest and shall be distributed to the Participant or the Beneficiaries of the Participant on the distribution date described in Paragraph 7(c) above in each year of the
installment period in an amount equal to the then current balance in the Cash Account multiplied by a fraction, the numerator of which shall be one, and the denominator of which shall be the number of years remaining in the installment period.

  
 4 

	8.	Delivery of Shares. Northern may delay the issuance or delivery of shares of Common Stock if Northern reasonably anticipates that such issuance or
delivery will violate federal securities laws or other applicable law, provided that the issuance or delivery is made at the earliest date at which Northern reasonably anticipates that such issuance or delivery will not cause such violation.

  

	9.	Adjustment. The Stock Units provided herein are subject to adjustment in accordance with the provisions of Section 11 of the Plan.

  

	10.	No Obligation to Reelect. Nothing in the Plan or this Agreement shall be deemed to create an obligation on the part of the Board of Directors to nominate
the Participant for reelection by Northern’s stockholders or to fill any vacancy upon action of the Board of Directors. 

  

	11.	Nontransferability. No interest hereunder of the Participant or any Beneficiary shall be assignable or transferable by voluntary or involuntary act
or by operation of law other than by testamentary bequest or devise or the laws of descent or distribution, all rights hereunder shall be wholly unalienable and beyond the power of any person to anticipate or in any way create a lien or encumbrance
thereon; and distribution shall be made only to (i) the Participant, (ii) the Participant’s personal representative in the event of the Participant’s adjudicated disability, or (iii) the Participant’s Beneficiaries in
the event of the Participant’s death, upon his, her or their own personal receipts or endorsements. Any effort to exercise the powers herein denied shall be wholly ineffective and shall be grounds for termination by the Committee of all rights
hereunder. 

  

	12.	Withholding. In the event that federal, state or local taxes must be withheld from any distribution hereunder, (a) the Corporation shall deduct from
any such distribution in cash the amount of such required withholding and, (b) with respect to distributions in shares of Common Stock, subject to such rules and limitations as may be established by the Committee from time to time, withholding
obligations, if any, shall be satisfied from one of the following elected by the Participant: (i) by cash payment by the Participant; (ii) through the surrender of shares of Common Stock already owned by the Participant that are acceptable
to the Committee; or (iii) through the surrender of shares of Common Stock to which the Participant is otherwise entitled under the Plan, provided, however, that such shares under this clause (iii) may be used to satisfy not more than the
Corporation’s minimum statutory withholding obligation, if any (based on minimum statutory withholding rates for Federal and state tax purposes, including payroll taxes, that are applicable to such taxable income). 

 

	13.	Administration. The Plan is administered by the Committee. The rights of the Participant hereunder are expressly subject to the terms and conditions of
the Plan (including continued shareholder approval of the Plan), together with such guidelines as have been or may be adopted from time to time by the Committee. The Participant hereby acknowledges receipt of a copy of the Plan.

  

	14.	No Rights as Shareholder. Except as provided herein, the Participant will have no rights as a shareholder with respect to the Stock Units.

  
 5 

	15.	Interpretation. Any interpretation by the Committee of the terms and conditions of the Plan, this Agreement or any guidelines shall be final. This
Agreement shall be construed under the laws of the State of Delaware without regard to the conflict of law provisions of any state. Capitalized terms not defined in this Agreement shall have the meanings assigned to them in the Plan.

  

	16.	Sole Agreement. This Agreement, together with the Plan, is the entire Agreement between the parties hereto, all prior oral and written representations
being merged herein. No amendment or modification of the terms of this Agreement shall be binding on either party unless reduced to writing and signed by the party to be bound. This Agreement shall be binding upon, inure to the benefit of, and be
enforceable by the parties hereto and their respective successors. 

 IN WITNESS WHEREOF, the Participant and Northern
Trust Corporation by its duly authorized officer have signed this Agreement the day and year first written above. 
  

			
	Northern Trust Corporation
		
	By:	 	 
		
		 	
	Participant

  
 6

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