Document:

Third Amendment to Lease

 Exhibit 10(xi)(3) 
 THIRD AMENDMENT TO LEASE 
 This THIRD AMENDMENT TO LEASE (this
“Amendment”) is made and entered into as of the 21st day of December, 2007 (the “Effective Date”) between 181 WEST MADISON CF BORROWER, LLC, a Delaware limited liability company (“Landlord”),
and THE NORTHERN TRUST COMPANY, an Illinois banking corporation (“Tenant”). 
 RECITALS: 
 A. LaSalle Bank National Association, as successor trustee to American National Bank and Trust Company of Chicago, as Trustee under Trust Agreement dated
April 5, 1990 and known as Trust No. 110513-07 (“Original Landlord”), as landlord, and Tenant, as tenant, entered into that certain Lease dated as of November 29, 2000 (the “Original Lease”), for
certain premises in a building located on the real estate commonly known as 181 West Madison Street, Chicago, Illinois (the “Building”). 
 B. Original Landlord or its successors-in-interest (collectively, the “Former Landlords”) and Tenant modified the Original Lease by entering into (i) those certain letter agreements listed on
Exhibit A attached hereto and made a part hereof (collectively, the “Letter Agreements”), (ii) that certain First Amendment to Lease dated July 11, 2002 (the “First Amendment”), and (iii) that
certain Second Amendment to Lease dated April 13, 2005 (the “Second Amendment”). The Original Lease, as modified by the Letter Agreements, the First Amendment and the Second Amendment, is herein referred to as the
“Lease.” 
 C. Landlord has succeeded to all of the Former Landlords’ right, title and interest in and to the Lease.

 D. As of the Effective Date, Tenant leases 311,000 rentable square feet (the “Existing Premises”) in the Building
pursuant to the Lease. 
 E. Landlord and Tenant desire to modify the Lease to, among other things, (i) expand the Existing Premises,
(ii) extend the Term (as defined in the Lease), and (iii) adjust the Rent (as defined in the Lease), upon the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1. Incorporation. The Recital paragraphs set forth above are hereby incorporated herein as if fully set forth herein. 
 2. Defined Terms. All capitalized terms used herein but not defined herein which are defined in the Lease shall have the same meaning for purposes
hereof as they do for purposes of the Lease. 
  

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 3. Expansion Space. Paragraph 4 of the First Amendment and Paragraph 4 of the Second
Amendment are hereby deleted. Section 52 of the Original Lease is hereby deleted and replaced with the following: 
  

	 	52.	EXPANSION SPACE. 

 A.
Three-Phase Expansion. Tenant hereby agrees to lease the space in the Building set forth in the table below (collectively, the “Expansion Space”) in three separate phases (collectively, the “Phases”) on the
terms and conditions set forth in this Section 52.A. Except as set forth in this Section 52.A, effective as of each Expansion Space Commencement Date (as defined below), such Expansion Space shall be leased to Tenant on all
of the terms, covenants, conditions and provisions of this Lease and such Expansion Space shall for all purposes of this Lease constitute a part of the Premises. 
  

			
	 Expansion Space
	  	Rentable Area
	 17th Floor
	  	21,715 RSF
	 21st Floor
	  	22,318 RSF
	 22nd Floor
	  	22,233 RSF
	 27th Floor
	  	22,284 RSF
	 28th Floor
	  	22,284 RSF

 (i) Expansion Space Commencement Date. The “Expansion Space
Commencement Date” with respect to the Expansion Space shall occur on three separate dates as described in the table below. With respect to all Expansion Space leased during each of Phase I and Phase II (as such terms are used in the table
below), each Expansion Space Notice Date (as such term is used in the table below) and each Expansion Space Commencement Date shall be the date occurring on the specified date or within the periods set forth in the table below as selected by Tenant,
in its sole discretion. With respect to Phase I, on the Expansion Space Notice Date, Tenant shall deliver to Landlord written notice (the “Phase I Expansion Notice”) of (a) the Expansion Space to be leased by Tenant (i.e.,
either the 27th and 28th Floors or the 17th and 21st Floors) and (b) the Expansion Space Commencement Date (as such term is used in the table below). As indicated in the table below, the Expansion Space Notice Date for Phase I shall occur not
later than January 31, 2008, and the Expansion Space Commencement Date for Phase I shall be July 1, 2008. With respect to Phase II, on the Expansion Space Notice Date Tenant shall deliver to Landlord written notice (the “Phase II
Expansion Notice”) of the Expansion Space Commencement Date. As indicated in the table below, the Expansion Space Notice Date for Phase II shall occur not later than May 31, 2009, and the Expansion Space Commencement Date for Phase II
shall occur not later than December 1, 2009. 
  

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	 Phase
	  	 Expansion Space
	  	 Expansion Space
 Notice Date
	  	 Expansion Space
 Delivery Date
	  	 Expansion Space
 Commencement Date

					
	Phase I	  	 27th and 28th Floors
  
 or
  
 17th
and 21st Floors (either, the “Phase I Expansion Space”)
	  	A date occurring within the period commencing on the Effective Date and ending on January 31, 2008	  	March 1, 2008	  	July 1, 2008
					
	Phase II	  	Expansion Space not selected in Phase I (the “Phase II Expansion Space”)	  	A date occurring within the period commencing on January 31, 2008 and ending on May 31, 2009	  	No later than 120 days prior to the Phase II Expansion Space Commencement Date specified in the Phase II Expansion Space Notice	  	A date specified in the Phase II Expansion Space Notice occurring within the period commencing on January 1, 2009 and ending on December 1, 2009
					
	Phase III	  	22nd Floor	  		  	No later than September 1, 2009	  	January 1, 2010

 (ii) Delivery of Possession. Landlord shall deliver possession of the
Expansion Space to Tenant for the installation of Tenant improvements on a date that is not less than 120 days prior to the Expansion Space Commencement Date (each, the “Expansion Space Delivery Date”). Notwithstanding the
foregoing, Landlord’s failure to deliver all or any portion of the Expansion Space to Tenant on or before the applicable Expansion Space Delivery Date shall not affect the validity of this Lease or the obligations of either Landlord or Tenant
under the Lease or be construed to extend the expiration of the Term either as to the Expansion Space or as to the balance of the Premises; provided, however, that (a) the applicable Expansion Space Commencement Date shall be delayed by the
exact number of days that the applicable Expansion Space Delivery Date is delayed, (b) if the delay is more than thirty (30) days, then Expansion Space Rent payable by Tenant shall abate on a per diem basis at the rate of two
(2) days’ Expansion Space Rent for each day of delay, (c) if the delay is more than 90 days, Tenant shall have all remedies at law and equity (except Tenant shall not have any right to terminate the Lease), (d) if the delay was
caused by an existing tenant, then Tenant shall be entitled to receive from Landlord the amount by which the rent paid to Landlord during any holdover by such existing tenant (“Holdover Rent”) exceeds the amount of rent for a like
period of time immediately prior to the holdover paid to Landlord by such existing tenant, less the reasonable costs and fees associated with such holdover including, without limitation, the reasonable costs of collecting Holdover Rent, and
(e) if the 

  

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delay is more than 6 months, Tenant may, at its election, by notice to Landlord within ten (10) days thereafter (but no later than delivery of such
space), elect to terminate its lease of such Expansion Space notwithstanding the prohibition on terminating the Lease set forth above in this paragraph (ii). 
 (iii) Expansion Space Rent. Beginning on the initial Expansion Space Commencement Date and continuing through December 31,
2020, with respect to the Expansion Space (but not the Existing Premises), Tenant shall not be required to pay Rent or any component thereof as defined and provided in Section 3 of the Original Lease, but Tenant shall pay Landlord in
lieu thereof the “Expansion Space Rent,” which shall consist of: (a) annual base rent equal to $15.00 per RSF (the “Expansion Space Base Rent”) of the total Expansion Space then leased by Tenant and
(b) Tenant’s Proportionate Share of Operating Expenses and Operating Expense Deposits with respect to the total Expansion Space then leased by Tenant. The Expansion Space Base Rent shall increase by 2.5% annually on each anniversary of the
initial Expansion Space Commencement Date. The Expansion Space Rent shall be payable in the same manner and at the same time as Rent is paid for the Existing Premises; provided, however, that notwithstanding anything to the contrary contained in
this Lease, beginning on the respective Expansion Space Commencement Date for each Phase and continuing for a period of ten (10) months thereafter, the Expansion Space Rent with respect to only the particular Expansion Space which Tenant has
begun to lease during such Phase shall abate in its entirety and Tenant shall have no liability therefor during the particular ten (10) month period. For purposes of clarification, such abatement shall apply only to (1) the Phase I
Expansion Space during the ten (10) month period following the Expansion Space Commencement Date related to Phase I, (2) the Phase II Expansion Space during the ten (10) month period following the Expansion Space Commencement Date
related to Phase II, and (3) the 22nd Floor during the ten (10) month period beginning on January 1, 2010. 
 (iv) Verification of RSF. Notwithstanding anything to the contrary contained herein or in the Original Lease, including but not limited to Section 1.B (xli) and Exhibit B thereof, Landlord has caused the
Rentable Areas of Expansion Space, as indicated in Section 52.A above, to be calculated using current methods for measuring rentable area and usable area as described in the Standard Method for Measuring Floor Area in Office Buildings,
ANSI Z65.1-2006, as promulgated by the Building Owners and Managers Association (BOMA) International. Tenant shall have the right, but not the obligation, to cause its architect to confirm any or all of Landlord’s measurements of the Expansion
Space, and in the event that Landlord’s architect and Tenant’s architect disagree regarding the Rentable Area of the applicable Expansion Space, the parties’ architects shall work together in good faith to agree upon such Rentable
Area on or before thirty (30) days after Tenant notifies Landlord of its architect’s calculation of the Rentable Area, which notice shall be accompanied by documentation which supports such calculation. 
  

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 (v) Condition. Subject to Section 52.A(vi), Landlord shall deliver
each Expansion Space to Tenant in its “as is” condition with no obligation for Landlord to improve the Expansion Space or give Tenant an improvement allowance with respect thereto, provided, however, that all pre-existing and unused
allowances credited to Tenant under the Lease (the “Unused Allowances”) shall remain in place and may be used by Tenant in the Existing Premises and/or the Expansion Space at its sole discretion, including for any construction hard
and soft costs, including, but not limited to, architectural and engineering fees, project management fees and the cost of technology cabling, equipment and other items required to support Tenant’s operations. Upon delivery of each Expansion
Space, Landlord, at its own cost, shall provide Tenant’s design firm full architectural and engineering drawings in CADD format for the base Building and any as-built tenant conditions to the extent Landlord has such drawings in its possession.
The parties agree that as of the date of final execution and delivery of this Amendment, the total amount of Unused Allowances is $1,951,907.42. 
 (vi) Landlord’s Work. Landlord, at its own cost, shall (a) make available to Tenant at the core of each floor on which the Premises are located (including the Expansion Space and any First Offer
Space) electrical capacity equal to 7.0 watts per usable square foot, demand load, in addition to any watts needed to operate any base Building equipment and HVAC equipment servicing the Premises, (b) modify the sub-metering on the 21st Floor
and the 27th Floor to provide a single central meter to allow Tenant to feed all existing panels on each floor, (c) provide Tenant a pathway, which shall be reasonably contiguous with minimal offsets, within the Building core for two
(2) four (4) inch openings and associated pull boxes from Tenant’s existing data center within the Building to each Expansion Space floor and allow Tenant or a contractor hired by Tenant to install conduits and cabling, provided that
Landlord may require Tenant to submit for Landlord’s approval (which shall not be unreasonably withheld) construction drawings detailing Tenant’s conduit and cabling work and Landlord, at its own cost, may monitor such work,
(d) provide ten (10) tons of supplemental condenser water per year for cooling with 2.5-inch valved take offs at each floor of the Premises [including Expansion Space and any First Offer Space] to be available twenty-four (24) hours a
day, every day of the year (subject to shutdowns for emergency repairs or, after providing notice to Tenant, other repairs or maintenance), provided that Tenant shall be responsible for all other costs associated with supplementary cooling,
including but not limited to the costs of additional condenser water and installation, repair, maintenance, replacement and operation of such supplementary cooling. Landlord shall complete its work not less than 30 days prior to the applicable
Expansion Space Commencement Date and may perform the foregoing work while Tenant is constructing improvements in accordance with Section 52.A(vii) of this Amendment, provided that Landlord shall not unreasonably interfere with
Tenant’s work. 
  

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 (vii) Tenant’s Work. At its own expense, Tenant shall have the right to
(a) construct improvements in each Expansion Space in accordance with the terms of the Lease, (b) design and decorate the elevator lobby of any full floor it leases within the Building, and include Tenant’s logo and signage within
such lobbies, (c) on any partial floor that Tenant leases, use Tenant’s standard logo and graphics on entrances to the Premises that are visible from the elevator lobby on each floor of the Building, (d) install an uninterruptible
power supply (“UPS”) with the initial build out of the Expansion Space (or in connection with future alterations to the Premises in accordance with the Lease), and (e) tie into the Building toilet exhaust riser for exhaust of
its UPS room in accordance with Law. In connection with the permitted improvements to the Expansion Space, Tenant may use its own project management firm, architects, engineers, general contractors, subcontractors and vendors. Landlord shall not
charge a fee to review Tenant’s design for the Expansion Space or to supervise or monitor construction in the Expansion Space, except that Landlord may require Tenant to pay for a review of the UPS construction drawings by the Building’s
structural engineer. 
 (viii) Tenant’s Exterior Signs. Tenant, at its own expense, shall have the right at any
time and from time to time to design, construct, install and attach to the uppermost portions of each of the North and South exteriors of the Building an identifying sign depicting the “Northern Trust” name and logo (the
“Signage”) in order to identify Tenant’s occupancy in the Building, subject to the satisfaction of the following conditions at all times during which such Signage has been installed on the Building (collectively, the
“Signage Conditions”): (a) there shall be no Default under the Lease, (b) Tenant or an Affiliate of Tenant shall lease and personally occupy at least 370,000 RSF (which number shall not include any portion of the Premises
occupied by any other party) in the Building, (c) the size, design, style, location and method of attachment of the Signage shall have been approved by Landlord (which approval, with respect to Signage depicting the “Northern Trust”
name and logo specifically, shall not be unreasonably withheld, delayed or conditioned), (d) the Signage shall comply with all applicable governmental rules and regulations and Tenant, at its sole cost, shall be solely responsible for obtaining
any necessary approvals from any governmental authority, (e) the Signage shall not obstruct any views from the Building, and (f) Tenant, at its sole cost, shall maintain the Signage in good condition and repair. If Tenant fails to satisfy
any Signage Condition, Landlord may elect, in its sole discretion and as applicable, to (y) cure such Signage Condition or (z) remove the Signage, and in either case, Landlord may charge Tenant for the cost thereof and Tenant shall
reimburse Landlord for such costs in accordance with this Section 52.A(viii). The rights described in this Section 52.A(viii) are personal to Tenant and any Affiliate of Tenant and, without the prior written consent of
Landlord, which consent Landlord may withhold in its sole and absolute discretion, shall not be transferable or assignable to any person or entity to which the Lease is assigned or deemed to be assigned pursuant to Section 16.A of the
Original Lease or to any sublessee or to any person or entity that 

  

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takes possession of the Premises (or any portion thereof), and upon any assignment, sublease or other transfer of the Lease to any other person or entity,
the terms and provisions of this Section 52.A(viii) shall become null and void and of no further force or effect. Notwithstanding anything to the contrary contained herein, including but not limited to Section 52.A(viii)(c)
above, in the event that at any time during the Term Tenant desires to install Signage that depicts a name and logo other than the name and logo of “Northern Trust,” then the content, design and style of such Signage shall be subject to
Landlord’s prior written approval, which may be withheld in Landlord’s sole discretion. At the end of the Term, by lapse of time or otherwise, Tenant, at its expense, shall remove all Signage and promptly repair any damage to the exterior
of the Building caused by the installation and attachment of such signs or by the removal of such signs. Tenant shall not be obligated to pay Landlord any Rent or fee of any kind for its exterior signage rights as described herein, except that
Tenant shall reimburse Landlord for any costs Landlord incurs in connection with the Signage within ten (10) days after receipt of an invoice therefor. 
 (ix) Directory. Landlord, at its cost, shall add personnel listings to the ground floor lobby directory following each Expansion
Space Commencement Date and shall update such directory in connection with any changes to the business units and leadership within the Existing Premises and the Expansion Space, provided that Tenant shall be responsible for the cost of any other
revisions to the listings. 
 (x) Restoration. With respect to the Expansion Space, Tenant shall comply with the
restoration obligations set forth in Section 15 of the Lease, provided, however, that Landlord agrees that Tenant shall not be obligated to remove the existing stairway between the 27th and 28th floors. 
 B. Option to Expand. Subject to the renewal rights of Material Service Corporation or any successor in interest thereto (the
“Existing Tenant”) and the terms of this Section 52.B, Landlord hereby grants Tenant the option (the “Expansion Option”), effective January 1, 2014 (the “Expansion Option Commencement
Date”), to lease the portions of the 18th Floor and 19th Floor, totaling approximately 36,018 RSF (the “Option Space”), that are currently leased to the Existing Tenant. 
 (i) Landlord shall notify Tenant on or before January 1, 2012 whether the Existing Tenant has exercised its renewal right, and if the
Existing Tenant has not exercised such right, Tenant may exercise the Expansion Option by delivering written notice to Landlord on or before January 1, 2013. If Tenant does not so exercise the Expansion Option, the Expansion Option shall
thereupon terminate and Tenant shall not thereafter have any right to lease any Option Space pursuant to the Expansion Option. 
 (ii) Tenant may not elect to lease less than all Option Space in an Expansion Option. 
  

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 (iii) Tenant may only exercise the Expansion Option, and an exercise thereof shall only
be effective if, at the time of Tenant’s exercise of the Expansion Option and on the Expansion Option Commencement Date, this Lease is in full force and effect and Tenant is not in Default under this Lease. 
 (iv) If Tenant has validly exercised its Expansion Option, then effective as of the Expansion Option Commencement Date, the Option Space
which Tenant will lease shall be included in the Premises, subject to all of the terms, conditions and provisions of this Lease, except that: 
 (1) Rent per square foot of Rentable Area shall be at the rate of 95% of the Market Rental Rate as defined in Section 43 of the Original Lease and shall commence upon the Expansion Option Commencement
Date; 
 (2) the Rentable Area of the Premises shall be increased by the Rentable Area of the Option Space; and 

(3) the terms of the demise covering the Option Space shall commence on the Expansion Option Commencement Date and shall expire
simultaneously with the expiration or earlier termination of the term of this Lease, as extended; 
 (4) the Option Space
shall be leased in its “as is” condition as of the Expansion Option Commencement Date, and Landlord shall have no obligation to improve such space for Tenant’s occupancy, unless the Market Rental Rate includes as a component thereof
tenant improvements, specific base building condition or any construction allowance, in which case Landlord shall furnish a construction allowance in lieu of providing any tenant improvement or specific base building condition, which allowance to
Tenant shall be paid in the manner set forth in Section 48A(iv) of the Original Lease (except for the dollar amount thereof); and 
 (5) As a material consideration for this Lease, Landlord shall deliver possession of the Option Space to Tenant on a date that is not less than 120 days prior to the Expansion Option Commencement Date. In the event
Landlord is unable for any reason to deliver possession of Option Space to Tenant on a date that is not less than 120 days prior to the applicable Expansion Option Commencement Date, Landlord shall not be subject to any liability for failure to
deliver possession, except as hereinafter provided. Such failure to deliver possession shall not affect either the validity of this Lease or the obligations of either Landlord or Tenant hereunder, or be construed to extend the expiration of the Term
of this Lease either as to the Option Space or the Existing Premises; provided, however, that (a) the applicable Expansion Option Commencement Date shall be delayed by a number of days equal to the number of days Landlord is delayed in
delivering possession of the Option Space to Tenant, (b) if the delay is more than thirty (30) days, then Rent payable by Tenant for the Option Space shall abate on a per diem basis at the rate of two 

  

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(2) days’ Rent for the Option Space for each day of delay, (c) if the delay is more than 90 days, Tenant shall have all remedies at law and
equity (except Tenant shall not have any right to terminate this Lease), (d) if the delay was caused by an existing tenant, then Tenant shall be entitled to receive from Landlord the amount by which the Holdover Rent exceeds the amount of rent
for a like period of time immediately prior to the holdover paid to Landlord by such existing tenant, less the reasonable costs and fees associated with such holdover including, without limitation, the reasonable costs of collecting Holdover Rent,
and (e) if the delay is more than 6 months, Tenant may, at its election, by notice to Landlord within ten (10) days thereafter (but no later than delivery of such space), elect to terminate its lease of the Option Space, notwithstanding
the prohibition on terminating the Lease set forth above in this paragraph (5). 
 C. Tenant’s Proportionate
Share. Effective upon each Expansion Space Commencement Date and the Expansion Option Commencement Date, Tenant’s Proportionate Share shall be adjusted as provided in Section 4A(ii) of the Original Lease. 
 D. Use. Tenant shall use and occupy the Expansion Space and the Option Space only for the uses described in Section 6
of the Lease. 
 E. Acknowledgement. Promptly following the addition of any space to the Premises, Landlord and Tenant
shall confirm the agreed-upon Rentable Area of the Premises, Tenant’s Proportionate Share, and Base Rent with respect to any space added to the Premises by executing an Additional Space Acknowledgement in the form attached hereto as Exhibit
B. 
 4. Term. Section 2 of the Original Lease is hereby deleted and replaced with the following: “The term of
this Lease (the “Term”) commences on the 1st day of December, 2000 (the “Commencement Date”) and shall expire on December 31, 2025 (the “Expiration Date”), unless sooner terminated or extended
as hereinafter provided.” 
 5. Rent. Notwithstanding anything to the contrary contained in the Lease, the Rent due under the
Lease shall be modified as follows: 
 A. Provided Tenant is not then in Default under any of the terms, covenants or
conditions of the Lease, effective on July 1, 2008 and continuing through December 31, 2020, annual Base Rent for the Existing Premises only shall be reduced by $2.25 per RSF of the Existing Premises per annum. 
 B. Beginning on the date of final execution and delivery of this Amendment, Tenant shall receive from Landlord an immediate Rent credit in
the amount of $3,000,000.00 (“Rent Credit”), to be applied as provided in this Paragraph B in Tenant’s sole discretion as it elects in a written notice to be given to Landlord, including, at any time or from time to time during
the Term, toward all or any portion of Rent or any component of Rent, provided that at the time Tenant seeks to apply the Rent Credit, Tenant is not in Default under any of the terms, covenants or conditions of the Lease. 
  

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 C. Effective January 1, 2021, the Base Rent shall be adjusted to equal one hundred
percent (100%) of the Prevailing Market Rent (as defined below) for the Premises, including the Existing Premises, the Expansion Space and the Option Space. “Prevailing Market Rent” shall mean the annual market rental rate or
rates for renewal leases of space in the Building and other comparable office buildings within the central business district of Chicago consisting of more than 100,000 rentable square feet and otherwise comparable to the extent practicable with
respect to the condition, location and use of the Premises (“Comparable Leases”) for a term of five (5) years, adjusting for all concessions, landlord work and expenses, brokerage commissions, allowances and other incentives
provided in the Comparable Leases. Only Comparable Leases executed during the twelve (12) month period prior to the date of Landlord’s written notice to Tenant of Landlord’s determination of the Prevailing Market Rent during such
period shall be considered in determining the Prevailing Market Rent. Notwithstanding the foregoing, Prevailing Market Rent shall take into account the future value of the following, calculated as provided below: (i) the reduction in annual
Base Rent pursuant to Paragraph 5.A above, and (ii) applicable leasing commissions payable for the period from January 1, 2021 to December 31, 2025 in connection with the extension of the Term with respect to the Premises
(including the Existing Premises, the Expansion Premises and the Option Space) through December 31, 2025 pursuant to this Amendment (collectively, the “Concessions and Costs”). The future value of Concessions and Costs shall be
(1) calculated using an interest rate of 8.5% per annum beginning on the date each commission is paid, and the date each such rent reduction inures to the benefit of Tenant, and (2) compounded on a monthly basis. An example of the
methodology used to determine Prevailing Market Rent taking into consideration the adjustments to Concessions and Costs listed above is attached to this Amendment as Exhibit C and made a part hereof as if fully set forth herein. Landlord will
deliver written notice to Tenant of its determination of the Prevailing Market Rent not later than July 1, 2020. If Tenant believes that the Prevailing Market Rent quoted by Landlord is not consistent herewith, Tenant may object in writing
within ten (10) days after receipt of Landlord’s written notice, and Landlord and Tenant shall commence negotiations to attempt to agree upon the Prevailing Market Rent. If Landlord and Tenant are unable to reach agreement on the
Prevailing Market Rent within ten (10) days after the date the parties commence negotiations, then Landlord and Tenant shall follow the procedure set forth in Section 43.C of the Original Lease, provided that the term “Market
Rental Rate” therein shall be “Prevailing Market Rent” as defined herein. 
 6. Contraction Option. 
 A. If Tenant exercises its third Contraction Option in accordance with Section 45 of the Original Lease, in addition to the
Contraction Fee, Tenant shall reimburse Landlord for an amount equal to the Concessions and Costs, calculated in accordance with Paragraph 5.C of this Amendment (including the interest thereon), multiplied by a fraction, the numerator of
which is the RSF of the Excluded Premises and the denominator of which is the RSF of the Existing Premises, provided that such Contraction Option shall be null and void if Tenant exercises the Expansion Option. 
 B. Tenant, in its sole discretion, shall have the right to reduce the Premises by one (1) floor between the 21st Floor and the 28th
Floor, effective December 31, 2020 (the “Expansion Space Contraction Option”), on the same terms and conditions set forth in Section 45 of the Lease with respect to the Contraction Options, except that the
Contraction Fee payable by Tenant to Landlord shall be an amount equal to one (1) year of Expansion Space Rent paid in the calendar year 2020. 
  

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 7. Extension Options. Landlord hereby grants Tenant the options to extend the Term of this Lease
for either (i) one ten-year period, or (ii) one or two (2) five-year periods in accordance with all of the terms, conditions and provisions of the Original Lease including Rent, as modified by this Paragraph 7. On or before
eighteen (18) months prior to December 31, 2025, Tenant by written notice to Landlord shall notify Landlord whether it elects to extend the Term of this Lease for five (5) years from January 1, 2026, with an option to extend the
Term for an additional five (5) years from January 1, 2031, or for ten (10) years from January 1, 2026. 
 In the event
that Tenant elects to extend the Term for ten (10) years, then the following revisions shall be deemed to be made to the Original Lease: (a) Section 41 of the Original Lease shall be deleted; (b) throughout the Lease,
including but not limited to Section 42 of the Original Lease, the terms “Second Extension Period” and “Second Extension Period Commencement Date” shall be replaced with the terms “Extension Period” and
“Extension Period Commencement Date”; and (c) the first sentence of Section 42 of the Original Lease shall be deleted and replaced with the following: 
 Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the option to extend the Term on the same terms, conditions and
provisions as contained in the Lease, except as otherwise provided herein, for ten (10) additional years (the “Extension Period”), commencing on January 1, 2026 (the “Extension Period Commencement Date”)
and expiring on December 31, 2035 (the “Extension Period Expiration Date”). 
 In the event that Tenant elects to
extend the Term for five (5) years, with an additional option to extend the Term for a further five (5) years, then the following revisions shall be deemed to be made to the Original Lease: (x) in Section 41 of the
Original Lease, the dates “January 1, 2021” and “December 31, 2025” shall be replaced with the dates “January 1, 2026” and “December 31, 2030,” respectively; and (y) in Section 42 of the
Original Lease, the dates “January 1, 2026” and “December 31, 2030” shall be replaced with the dates “January 1, 2031” and “December 31, 2035,” respectively. 
 8. Relocation. Notwithstanding anything to the contrary contained in the Lease, Landlord shall not have the right to relocate all or any portion
of Tenant’s space to any other space in the Building at any time during the Term, including the Extension Period. 
 9.
Subordination. Landlord and Tenant acknowledge and agree that Section 20 of the Original Lease captioned “Subordination and Superiority of This Lease” shall remain in full force and effect. 
 10. Brokers. Landlord and Tenant each represent and warrant to the other that the only brokers they have dealt with in connection with this
Amendment are MB Real Estate Services LLC and Staubach Midwest LLC, both of whose commissions and 

  

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fees shall be paid by Landlord pursuant to a separate written agreement. Landlord and Tenant each agree to defend, indemnify and hold the other harmless from
and against all claims by any other broker for fees, commissions or other compensation to the extent such broker alleges to have been retained by the indemnifying party in connection with the execution of this Amendment. The provisions of this
paragraph shall survive the expiration or sooner termination of the Lease. 
 11. Limitation of Landlord’s Liability. The
obligations of Landlord under the Lease as amended by this Amendment do not constitute personal obligations of the individual partners, members, directors, officers, shareholders, trustees or beneficiaries of Landlord, and Tenant shall not seek
recourse against the partners, members, directors, officers, shareholders, trustees or beneficiaries of Landlord, or any of their personal assets for satisfaction of any liability with respect to the Lease as amended by this Amendment. In the event
of any Default by Landlord under the Lease as amended by this Amendment, Tenant’s sole and exclusive remedy shall be against Landlord’s interest in the Building and the real property on which it is located. The provisions of this paragraph
are not designed to relieve Landlord from the performance of any of its obligations hereunder, but rather to limit Landlord’s liability in the case of the recovery of a judgment against it, as aforesaid, nor shall any of the provisions of this
paragraph be deemed to limit or otherwise affect Tenant’s right to obtain injunctive relief or specific performance or availability of any other right or remedy which may be accorded Tenant by law or the Lease. In the event of sale or other
transfer of Landlord’s right, title and interest in the Building, through which the purchaser or transferee, as Landlord’s successor, assumes all liability and obligations thereafter accruing under the Lease, as amended by this Amendment,
Landlord shall be released from all liability and obligations thereafter accruing under the Lease as amended by this Amendment; provided, that this paragraph shall inure to the benefit of any such purchaser or transferee. 
 12. Controlling Language. Except as amended and modified hereby, the Lease and all of the terms and provisions thereof shall remain unmodified and
in full force and effect in accordance with its terms. As amended and modified by this Amendment, the Lease is hereby ratified, adopted and confirmed. In the event of any conflict or inconsistency between the provisions of the Lease and the
provisions of this Amendment, the provisions of this Amendment shall control. 
 13. Successors and Assigns. This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their respective beneficiaries, successors and assigns. 
 14.
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but such counterparts shall together constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

 12 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment to Lease as of the day and
year first above written. 
  

			
	LANDLORD:
	
	181 WEST MADISON CF BORROWER, LLC, a Delaware limited liability company
		
	By:	 	/s/ Gerald Karr
	Name:	 	Gerald Karr
	Title:	 	Executive Vice President
	
	TENANT:
	
	THE NORTHERN TRUST COMPANY, an Illinois banking corporation
		
	By:	 	/s/ E. Paul Dunn
	Name:	 	E. Paul Dunn
	Title:	 	Senior Vice President

  

 13 

 EXHIBIT A 
 THE LETTER AGREEMENTS 
  

	1.	Letter dated May 15, 2001 re: Special Tenant Fee 

  

	2.	Letter dated April 26, 2001 re: Termination of right to purchase 

  

	3.	Letter dated April 4, 2001 re: Revising Exhibit II base rent 

  

	4.	Letter dated March 30, 2001 re: Notice of Landlord intent to sell Building 

  

	5.	Letter dated April 27, 2001 re: Change in put space 

  

	6.	Letter dated March 15, 2001 re: Right of First Offer 22nd and 26th floors 

  

	7.	Letter dated December 21, 2000 re: Right of First Offer suite 2135 

  

	8.	License Agreement dated February 2, 1994 - ATM 

  

	9.	License Agreement dated March 25, 1998 - Antenna 

  

	10.	Letter dated July 2, 2001 re: Right of First offer suite 3650 

  

	11.	Letter dated July 27, 2001 re: Right of First offer suite 3525 

  

	12.	Letter dated August 3, 2001 re: Approval of payment for 23rd floor Tenant Improvement 

  

	13.	Letter dated October 22, 2001 re: Right of First Offer Suite 3850 

  

	14.	Letter dated October 11, 2002 re Operating Audit 2001 

  

	15.	Letter dated November 4, 2002 re Right of First Offer Suite 3800 

  

	16.	Letter dated August 21, 2003 re Operating Audit 2002 

  

	17.	Letter dated February 24, 2004 Right of First Offer Suite 3610 

  

	18.	Letter dated March 24, 2004 35th Floor Right of First Offer 

  

	19.	Letter dated April 13, 2005 re Right to Contract Floor 18 

  

	20.	Letter dated April 13, 2005 re Right to Contract Floor 19 

  

 14 

 EXHIBIT B 
 FORM OF ADDITIONAL SPACE ACKNOWLEDGMENT 
 THIS ACKNOWLEDGEMENT is made this
         day of
                                ,
20        , between 181 WEST MADISON CF BORROWER, LLC, a Delaware limited liability company (“Landlord”), and THE NORTHERN TRUST COMPANY, an Illinois banking corporation
(“Tenant”). 
 A. WHEREAS, Landlord and Tenant are parties to a Lease dated November 29, 2000 (collectively with all
letter agreements and amendments thereto, the “Lease”) pursuant to which Tenant leased from Landlord certain premises in a building located on the real estate commonly known as 181 West Madison Street, Chicago, Illinois. All
capitalized terms used herein but not defined herein which are defined in the Lease shall have the same meaning for purposes hereof as they do for purposes of the Lease. 
 B. WHEREAS, in accordance with Section 52 of the Lease, Tenant has commenced occupancy of the [Phase I/Phase II/Phase III] Expansion Space. 
 NOW THEREFORE, pursuant to the provisions of the Lease, Landlord and Tenant mutually agree as follows: 
 1. The Expansion Space Commencement Date with respect to the [Phase I/Phase II/Phase III] Expansion Space is
                                        
    . 
 2. The Expansion Space Rent with respect to the [Phase I/Phase II/Phase III] Expansion Space is
                                        ,
subject to Section 52 of the Lease. 
 3. The ten (10) month period during which the Expansion Space Rent abates with respect to
the [Phase I/Phase II/Phase III] Expansion Space commenced on the date set forth in Paragraph 1 and expires on
                                        .

 4. The Rentable Area of the Premises is
                                        
    . 
 5. Tenant’s Proportionate Share is
                                        
    (            %). 
 6. The total Unused
Allowance as of the date hereof is
                                        
    . 
 7. Exhibit B to the Lease is replaced with Exhibit A attached hereto. 
 [SIGNATURE PAGE FOLLOWS] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Acknowledgement as of the date and year
first above stated. 
  

			
	LANDLORD:
	
	181 WEST MADISON CF BORROWER, LLC, a Delaware limited liability company
		
	By:	 	 
	Name:	 	Gerald Karr
	Title:	 	Executive Vice President
	
	TENANT:
	
	THE NORTHERN TRUST COMPANY, an Illinois banking corporation
		
	By:	 	 
	Name:	 	E. Paul Dunn
	Title:	 	Senior Vice President

  

 16 

 EXHIBIT A TO LEASE COMMENCEMENT ACKNOWLEDGEMENT 
 Rentable Area 
 [Attached] 

 

 17 

 EXHIBIT C 
 Methodology Used to Determine Prevailing Market Rent 
 [Attached Hereto] 
  

 18 

 Exhibit C 
 Northern Trust 5 Year Extension at Market (2021 - 2025) 
 Adjusted Base Rental Rate Calculation 
 Methodology 
 As indicated in Section 5.C. of the Third
Amendment to Lease, beginning 1/1/2021, the Base Rent for TNT’s entire premises at 181 W. Madison shall adjust to equal one hundred percent (100%) of the Prevailing Market Rent as defined within the Amendment. As described, Prevailing
Market Rent shall take into account the future value of the existing lease rent reduction and applicable leasing commissions paid for the period from January 1, 2021 to December 31, 2025 (collectively referred to as the “Value of
Landlord Concession and Costs”) and calculated to equal $63.13 per rsf. This amount will be utilized as the Value of Landlord’s Concession and Costs to determine TNT’s Base Rent, which results in an equivalent Net Effective Rent (NER)
of the then Prevailing Market Rent. The following offers an example of this calculation based upon a potential Prevailing Market Rent as defined in the Lease. 
 

 
  

				
	 Given the value of the Landlord Concessions and Costs and under these assumed Prevailing Market Rent terms, TNT’s Base Rent effective
1/1/2021 would reset to:
	  	$	31.55

  

																												
	 NER Calculations for Example
	  	Discount Rate	  	 	8.50	%	 			  			  			  			  			  			  		
		  		  	 	2020	 	 	 	2021	  	 	2022	  	 	2023	  	 	2024	  	 	2025	  	 	2026	  	 	2027
	 Prevailing Market Rent Terms
	  	Net Rents	  				 	$	25.00	  	$	25.63	  	$	26.27	  	$	26.92	  	$	27.60	  	$	28.29	  	$	28.99
		  	Total Leasing & Capital Costs	  	($	50.00	)	 			  			  			  			  			  			  		
		  		  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
		  	CASH FLOW	  	($	50.00	)	 	$	25.00	  	$	25.63	  	$	26.27	  	$	26.92	  	$	27.60	  	$	28.29	  	$	28.99
		  		  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
		  	NPV (r%)	  	$	86.87	 	 			  			  			  			  			  			  		
		  	NER (r%)	  	$	16.51	 	 			  			  			  			  			  			  		
	 TNT 2021 Adjusted Base Rent Terms
	  	Net Rents	  				 	$	31.55	  	$	32.34	  	$	33.15	  	$	33.98	  	$	34.83	  			  		
		  	Total Leasing & Capital Costs	  	($	63.13	)	 			  			  			  			  			  			  		
		  		  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  			  		
		  	CASH FLOW	  	($	63.13	)	 	$	31.55	  	$	32.34	  	$	33.15	  	$	33.98	  	$	34.83	  			  		
		  		  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  			  		
		  	NPV (r%)	  	$	67.05	 	 			  			  			  			  			  			  		
		  	NER (r%)	  	$	16.51	 	 			  			  			  			  			  			  		

 Value of Landlord Concessions and Costs: Future Value of Existing Premises Rent Credit and Leasing Costs 

  

														
	 Assumptions:
	  	 	  	SF	 	 	Existing Premises
Rent Credit	  	Leasing
Costs	  	 
		  	Existing Premises	  	311,000	 	 	$	2.25	  	$	8.75	  	(LC = Landlord + Tenant Commissions at $1.75/yr * 5 Years = $8.75/rsf)
		  	Expansion Premises	  	110,834	 	 			  	$	8.75	  
		  	Discount Rate	  	8.5	%	 			  			  	
		  	LC Payout Date	  	02/01/08	 	 			  			  	
		  	Rent Credit Start Date	  	07/01/08	 	 			  			  	
		  	Rent Credit Stop Date	  	12/31/20	 	 			  			  	
		  	Extension Start Date	  	01/01/21	 	 			  			  	

  

													
	Value of Landlord Concessions at Extension Start Date
		 	FV (r%) =	  	$	26,632,188	  	$	63.13	  	per rsf	  	

 Note: Detailed Calculations Shown on Following Pages 
  

 C-1 

 Northern Trust 5 Year Extension at Market 
 Value of Landlord Concessions and Costs 
 Assumptions: 
  

												
	  	  	SF	 	 	Existing Premises
Rent Credit	  	Leasing
Costs	  	 
	 Existing Premises
	  	311,000	 	 	$	2.25	  	$	8.75	  	(LC = Landlord + Tenant Commissions
	 Expansion Premises
	  	110,834	 	 			  	$	8.75	  	at $1.75/yr * 5 Years = $8.75/rsf)
	 Discount Rate
	  	8.5	%	 			  			  	
	 LC Payout Date
	  	02/01/08	 	 			  			  	
	 Rent Credit Start Date
	  	07/01/08	 	 			  			  	
	 Rent Credit Stop Date
	  	12/31/20	 	 			  			  	
	 Extension Start Date
	  	01/01/21	 	 			  			  	

  

											
	Value of Landlord Concessions and Costs at Extension Start Date
		  	$	26,632,188	  	$	63.13	  	per rsf	  	

 Calculations: 
  

										
	 	  	Leasing Costs	  	Rent Credit	  	FV
	 02/01/08
	  	$	3,691,047.50	  	$	—  	  	$	11,022,699.86
	 03/01/08
	  	$	—  	  	$	—  	  	$	—  
	 04/01/08
	  	$	—  	  	$	—  	  	$	—  
	 05/01/08
	  	$	—  	  	$	—  	  	$	—  
	 06/01/08
	  	$	—  	  	$	—  	  	$	—  
	 07/01/08
	  	$	—  	  	$	58,312.50	  	$	168,102.03
	 08/01/08
	  	$	—  	  	$	58,312.50	  	$	166,919.69
	 09/01/08
	  	$	—  	  	$	58,312.50	  	$	165,745.65
	 10/01/08
	  	$	—  	  	$	58,312.50	  	$	164,579.88
	 11/01/08
	  	$	—  	  	$	58,312.50	  	$	163,422.30
	 12/01/08
	  	$	—  	  	$	58,312.50	  	$	162,272.87
	 01/01/09
	  	$	—  	  	$	58,312.50	  	$	161,131.52
	 02/01/09
	  	$	—  	  	$	58,312.50	  	$	159,998.20
	 03/01/09
	  	$	—  	  	$	58,312.50	  	$	158,872.85
	 04/01/09
	  	$	—  	  	$	58,312.50	  	$	157,755.42
	 05/01/09
	  	$	—  	  	$	58,312.50	  	$	156,645.84
	 06/01/09
	  	$	—  	  	$	58,312.50	  	$	155,544.07
	 07/01/09
	  	$	—  	  	$	58,312.50	  	$	154,450.05
	 08/01/09
	  	$	—  	  	$	58,312.50	  	$	153,363.73
	 09/01/09
	  	$	—  	  	$	58,312.50	  	$	152,285.04
	 10/01/09
	  	$	—  	  	$	58,312.50	  	$	151,213.94
	 11/01/09
	  	$	—  	  	$	58,312.50	  	$	150,150.38
	 12/01/09
	  	$	—  	  	$	58,312.50	  	$	149,094.29
	 01/01/10
	  	$	—  	  	$	58,312.50	  	$	148,045.64
	 02/01/10
	  	$	—  	  	$	58,312.50	  	$	147,004.35
	 03/01/10
	  	$	—  	  	$	58,312.50	  	$	145,970.40
	 04/01/10
	  	$	—  	  	$	58,312.50	  	$	144,943.71
	 05/01/10
	  	$	—  	  	$	58,312.50	  	$	143,924.25
	 06/01/10
	  	$	—  	  	$	58,312.50	  	$	142,911.96
	 07/01/10
	  	$	—  	  	$	58,312.50	  	$	141,906.78
	 08/01/10
	  	$	—  	  	$	58,312.50	  	$	140,908.68
	 09/01/10
	  	$	—  	  	$	58,312.50	  	$	139,917.60
	 10/01/10
	  	$	—  	  	$	58,312.50	  	$	138,933.49
	 11/01/10
	  	$	—  	  	$	58,312.50	  	$	137,956.29
	 12/01/10
	  	$	—  	  	$	58,312.50	  	$	136,985.98
	 01/01/11
	  	$	—  	  	$	58,312.50	  	$	136,022.48
	 02/01/11
	  	$	—  	  	$	58,312.50	  	$	135,065.77
	 03/01/11
	  	$	—  	  	$	58,312.50	  	$	134,115.78
	 04/01/11
	  	$	—  	  	$	58,312.50	  	$	133,172.48
	 05/01/11
	  	$	—  	  	$	58,312.50	  	$	132,235.81
	 06/01/11
	  	$	—  	  	$	58,312.50	  	$	131,305.72
	 07/01/11
	  	$	—  	  	$	58,312.50	  	$	130,382.18
	 08/01/11
	  	$	—  	  	$	58,312.50	  	$	129,465.14
	 09/01/11
	  	$	—  	  	$	58,312.50	  	$	128,554.54
	 10/01/11
	  	$	—  	  	$	58,312.50	  	$	127,650.35
	 11/01/11
	  	$	—  	  	$	58,312.50	  	$	126,752.52

  

 C-2 

										
	 12/01/11
	  	$	—  	  	$	58,312.50	  	$	125,861.01
	 01/01/12
	  	$	—  	  	$	58,312.50	  	$	124,975.76
	 02/01/12
	  	$	—  	  	$	58,312.50	  	$	124,096.75
	 03/01/12
	  	$	—  	  	$	58,312.50	  	$	123,223.91
	 04/01/12
	  	$	—  	  	$	58,312.50	  	$	122,357.21
	 05/01/12
	  	$	—  	  	$	58,312.50	  	$	121,496.61
	 06/01/12
	  	$	—  	  	$	58,312.50	  	$	120,642.06
	 07/01/12
	  	$	—  	  	$	58,312.50	  	$	119,793.53
	 08/01/12
	  	$	—  	  	$	58,312.50	  	$	118,950.96
	 09/01/12
	  	$	—  	  	$	58,312.50	  	$	118,114.31
	 10/01/12
	  	$	—  	  	$	58,312.50	  	$	117,283.56
	 11/01/12
	  	$	—  	  	$	58,312.50	  	$	116,458.64
	 12/01/12
	  	$	—  	  	$	58,312.50	  	$	115,639.53
	 01/01/13
	  	$	—  	  	$	58,312.50	  	$	114,826.17
	 02/01/13
	  	$	—  	  	$	58,312.50	  	$	114,018.54
	 03/01/13
	  	$	—  	  	$	58,312.50	  	$	113,216.59
	 04/01/13
	  	$	—  	  	$	58,312.50	  	$	112,420.28
	 05/01/13
	  	$	—  	  	$	58,312.50	  	$	111,629.57
	 06/01/13
	  	$	—  	  	$	58,312.50	  	$	110,844.42
	 07/01/13
	  	$	—  	  	$	58,312.50	  	$	110,064.80
	 08/01/13
	  	$	—  	  	$	58,312.50	  	$	109,290.66
	 09/01/13
	  	$	—  	  	$	58,312.50	  	$	108,521.96
	 10/01/13
	  	$	—  	  	$	58,312.50	  	$	107,758.67
	 11/01/13
	  	$	—  	  	$	58,312.50	  	$	107,000.75
	 12/01/13
	  	$	—  	  	$	58,312.50	  	$	106,248.16
	 01/01/14
	  	$	—  	  	$	58,312.50	  	$	105,500.86
	 02/01/14
	  	$	—  	  	$	58,312.50	  	$	104,758.82
	 03/01/14
	  	$	—  	  	$	58,312.50	  	$	104,021.99
	 04/01/14
	  	$	—  	  	$	58,312.50	  	$	103,290.35
	 05/01/14
	  	$	—  	  	$	58,312.50	  	$	102,563.86
	 06/01/14
	  	$	—  	  	$	58,312.50	  	$	101,842.48
	 07/01/14
	  	$	—  	  	$	58,312.50	  	$	101,126.17
	 08/01/14
	  	$	—  	  	$	58,312.50	  	$	100,414.89
	 09/01/14
	  	$	—  	  	$	58,312.50	  	$	99,708.62
	 10/01/14
	  	$	—  	  	$	58,312.50	  	$	99,007.32
	 11/01/14
	  	$	—  	  	$	58,312.50	  	$	98,310.95
	 12/01/14
	  	$	—  	  	$	58,312.50	  	$	97,619.48
	 01/01/15
	  	$	—  	  	$	58,312.50	  	$	96,932.87
	 02/01/15
	  	$	—  	  	$	58,312.50	  	$	96,251.09
	 03/01/15
	  	$	—  	  	$	58,312.50	  	$	95,574.11
	 04/01/15
	  	$	—  	  	$	58,312.50	  	$	94,901.89
	 05/01/15
	  	$	—  	  	$	58,312.50	  	$	94,234.40
	 06/01/15
	  	$	—  	  	$	58,312.50	  	$	93,571.60
	 07/01/15
	  	$	—  	  	$	58,312.50	  	$	92,913.46
	 08/01/15
	  	$	—  	  	$	58,312.50	  	$	92,259.95
	 09/01/15
	  	$	—  	  	$	58,312.50	  	$	91,611.04
	 10/01/15
	  	$	—  	  	$	58,312.50	  	$	90,966.69
	 11/01/15
	  	$	—  	  	$	58,312.50	  	$	90,326.88
	 12/01/15
	  	$	—  	  	$	58,312.50	  	$	89,691.56
	 01/01/16
	  	$	—  	  	$	58,312.50	  	$	89,060.72
	 02/01/16
	  	$	—  	  	$	58,312.50	  	$	88,434.31
	 03/01/16
	  	$	—  	  	$	58,312.50	  	$	87,812.30
	 04/01/16
	  	$	—  	  	$	58,312.50	  	$	87,194.67
	 05/01/16
	  	$	—  	  	$	58,312.50	  	$	86,581.39
	 06/01/16
	  	$	—  	  	$	58,312.50	  	$	85,972.42
	 07/01/16
	  	$	—  	  	$	58,312.50	  	$	85,367.73
	 08/01/16
	  	$	—  	  	$	58,312.50	  	$	84,767.29
	 09/01/16
	  	$	—  	  	$	58,312.50	  	$	84,171.08
	 10/01/16
	  	$	—  	  	$	58,312.50	  	$	83,579.06
	 11/01/16
	  	$	—  	  	$	58,312.50	  	$	82,991.21
	 12/01/16
	  	$	—  	  	$	58,312.50	  	$	82,407.49
	 01/01/17
	  	$	—  	  	$	58,312.50	  	$	81,827.88
	 02/01/17
	  	$	—  	  	$	58,312.50	  	$	81,252.34
	 03/01/17
	  	$	—  	  	$	58,312.50	  	$	80,680.85
	 04/01/17
	  	$	—  	  	$	58,312.50	  	$	80,113.38
	 05/01/17
	  	$	—  	  	$	58,312.50	  	$	79,549.90
	 06/01/17
	  	$	—  	  	$	58,312.50	  	$	78,990.39
	 07/01/17
	  	$	—  	  	$	58,312.50	  	$	78,434.81
	 08/01/17
	  	$	—  	  	$	58,312.50	  	$	77,883.13
	 09/01/17
	  	$	—  	  	$	58,312.50	  	$	77,335.34

  

 C-3 

										
	 10/01/17
	  	$	—  	  	$	58,312.50	  	$	76,791.40
	 11/01/17
	  	$	—  	  	$	58,312.50	  	$	76,251.29
	 12/01/17
	  	$	—  	  	$	58,312.50	  	$	75,714.97
	 01/01/18
	  	$	—  	  	$	58,312.50	  	$	75,182.43
	 02/01/18
	  	$	—  	  	$	58,312.50	  	$	74,653.64
	 03/01/18
	  	$	—  	  	$	58,312.50	  	$	74,128.56
	 04/01/18
	  	$	—  	  	$	58,312.50	  	$	73,607.17
	 05/01/18
	  	$	—  	  	$	58,312.50	  	$	73,089.46
	 06/01/18
	  	$	—  	  	$	58,312.50	  	$	72,575.38
	 07/01/18
	  	$	—  	  	$	58,312.50	  	$	72,064.92
	 08/01/18
	  	$	—  	  	$	58,312.50	  	$	71,558.05
	 09/01/18
	  	$	—  	  	$	58,312.50	  	$	71,054.75
	 10/01/18
	  	$	—  	  	$	58,312.50	  	$	70,554.98
	 11/01/18
	  	$	—  	  	$	58,312.50	  	$	70,058.73
	 12/01/18
	  	$	—  	  	$	58,312.50	  	$	69,565.98
	 01/01/19
	  	$	—  	  	$	58,312.50	  	$	69,076.68
	 02/01/19
	  	$	—  	  	$	58,312.50	  	$	68,590.83
	 03/01/19
	  	$	—  	  	$	58,312.50	  	$	68,108.40
	 04/01/19
	  	$	—  	  	$	58,312.50	  	$	67,629.35
	 05/01/19
	  	$	—  	  	$	58,312.50	  	$	67,153.68
	 06/01/19
	  	$	—  	  	$	58,312.50	  	$	66,681.36
	 07/01/19
	  	$	—  	  	$	58,312.50	  	$	66,212.35
	 08/01/19
	  	$	—  	  	$	58,312.50	  	$	65,746.65
	 09/01/19
	  	$	—  	  	$	58,312.50	  	$	65,284.22
	 10/01/19
	  	$	—  	  	$	58,312.50	  	$	64,825.04
	 11/01/19
	  	$	—  	  	$	58,312.50	  	$	64,369.09
	 12/01/19
	  	$	—  	  	$	58,312.50	  	$	63,916.35
	 01/01/20
	  	$	—  	  	$	58,312.50	  	$	63,466.79
	 02/01/20
	  	$	—  	  	$	58,312.50	  	$	63,020.40
	 03/01/20
	  	$	—  	  	$	58,312.50	  	$	62,577.15
	 04/01/20
	  	$	—  	  	$	58,312.50	  	$	62,137.01
	 05/01/20
	  	$	—  	  	$	58,312.50	  	$	61,699.97
	 06/01/20
	  	$	—  	  	$	58,312.50	  	$	61,266.00
	 07/01/20
	  	$	—  	  	$	58,312.50	  	$	60,835.08
	 08/01/20
	  	$	—  	  	$	58,312.50	  	$	60,407.20
	 09/01/20
	  	$	—  	  	$	58,312.50	  	$	59,982.33
	 10/01/20
	  	$	—  	  	$	58,312.50	  	$	59,560.44
	 11/01/20
	  	$	—  	  	$	58,312.50	  	$	59,141.52
	 12/01/20
	  	$	—  	  	$	58,312.50	  	$	58,725.55
	 Total
	  			  			  	$	26,632,188.15

  

 C-4Amended and Restated 2002 Stock Plan

 Exhibit 10(xiv) 
 AMENDED AND RESTATED 
 NORTHERN TRUST CORPORATION 2002 STOCK PLAN 
 (Effective January 1, 2008) 
 The Northern Trust Corporation 2002 Stock Plan (the “2002 Plan”) was adopted on February 19, 2002 and became effective as of April 16, 2002. The 2002 Plan was amended on February 17, 2004 and was amended and
restated effective as of April 17, 2007. The amended and restated 2002 Plan was designated the “Amended and Restated Northern Trust Corporation 2002 Stock Plan.” The Amended and Restated Northern Trust Corporation 2002 Stock Plan is
hereby further amended and restated generally effective January 1, 2008 (with such other effective dates as are noted herein) to comply with various changes in applicable law, including the American Jobs Creation Act of 2004. 
  

	1.	Purpose. The purpose of the Plan is to promote the growth and profitability of the Corporation and its Subsidiaries by (a) encouraging outstanding individuals to accept
or continue employment with the Corporation and its Subsidiaries or to serve as Directors of the Corporation, and (b) providing those persons with incentive compensation opportunities in the form of Stock Options and other Awards based on the
value or increase in the value of shares of Common Stock of the Corporation, thereby aligning their interests with those of the Corporation’s stockholders. 

  

	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 and the “outside director” definition under Section 162(m) of the Code and the regulations thereunder. 

  

	 	(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 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 or officers who are or may be Covered Employees and except to the extent prohibited by applicable law or the applicable rules of a stock
exchange. 

  

	3.	Participants. 

  

	 	(a)	Participants shall consist of Directors and 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, with the agreement of the Participant, may be granted in substitution, exchange or cancellation of any rights or benefits then or theretofore
held under this or other plans of the Corporation or any Subsidiary. 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 Plan or the terms and conditions relating to an Award to the extent necessary or appropriate to comply with applicable law,
regulation or accounting rules in order to permit Employees who are located outside of the United States to participate in the Plan. 

  

	4.	Awards. 

  

	 	(a)	The following types of Awards may be granted under the Plan, either alone or in combination with other Awards: (i) Stock Options, (ii) Stock Appreciation Rights,
(iii) Performance Shares, (iv) Stock Awards and (v) Stock Units. 

  

	 	(b)	The Committee may, in its discretion, provide that any Award granted under the Plan shall be subject to the attainment of performance goals in order to qualify such Award as
“performance-based compensation” within the meaning of Section 162(m) of the Code. Performance goals may be based on one or more business criteria, including, but not limited to: (i) return on equity, (ii) earnings or
earnings per share, (iii) Common Stock price, (iv) return on assets, (v) return on investment, (vi) net income, (vii) expense management, (viii) credit quality, (ix) revenue growth, or (x) operating leverage.
Corporate performance goals may be absolute in their terms or measured against or in relationship to the performance of other companies or indices selected by the Committee. In addition, corporate performance goals may be adjusted for any events or
occurrences (including extraordinary charges, losses from discontinued operations, restatements and accounting charges, and other unplanned special charges such as restructuring expenses, acquisition expenses and strategic loan loss provisions) as
may be determined by the Committee. Corporate performance goals may be particular to one or more business units, lines of business or Subsidiaries or may be based on the performance of the Corporation as a whole. The corporate performance goals and
the performance targets established thereunder by the Committee may be identical for all Participants for a given performance period or, at the discretion of the Committee, may differ among such Participants. 

  

 - 2 - 

	5.	Shares Issuable Under the Plan. 

  

	 	(a)	An aggregate of 40,000,000 shares of Common Stock, consisting of authorized but unissued shares or treasury shares, may be issued under the Plan from and after the date of its
initial adoption. Such aggregate number of shares shall be adjusted in accordance with the provisions of Section 11 of the Plan. 

  

	 	(b)	The maximum number of shares of Common Stock as to which a Participant may receive Stock Options or Stock Appreciation Rights in any calendar year is 500,000, as such number shall
be adjusted in accordance with the provisions of Section 11 of the Plan. The maximum number of shares for Awards (other than Stock Options and Stock Appreciation Rights) intended to qualify as “performance-based compensation” in
accordance with Section 4(b) of the Plan that may be granted to any Participant in any calendar year is 150,000, as such number shall be adjusted in accordance with the provisions of Section 11 of the Plan. The maximum number of shares of
Common Stock issuable under the Plan as Incentive Stock Options is 22,000,000, as such number shall be adjusted in accordance with the provisions of Section 11 of the Plan. The maximum number of shares of Common Stock available for Awards other
than Stock Options or Stock Appreciation Rights after April 17, 2007 is 10,000,000, as such number shall be adjusted in accordance with the provisions of Section 11 of the Plan. 

  

	 	(c)	Any shares of Common Stock subject to an Award may thereafter be subject to a new Award under the Plan if there is a lapse, cancellation, forfeiture, surrender, expiration or
termination of any such prior Award, or if shares are issued under such Award and thereafter are reacquired by the Corporation pursuant to rights reserved by the Corporation upon issuance thereof. 

  

	 	(d)	A share of Common Stock subject to a Stock Option and its related Stock Appreciation Right shall only be counted once for purposes of this Section 5. 

 

	6.	Stock Options. The Committee may, in its discretion, grant Stock Options under the Plan to any Participant hereunder. Each Stock Option granted hereunder 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 Stock Option Agreement, and the following specific rules: 

  

	 	(a)	Stock Options granted to a Participant under the Plan shall be governed by a Stock Option Agreement, which shall specify such terms and conditions, not inconsistent with the terms
and conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	Stock Options shall consist of options to purchase Common Stock at exercise prices not less than 100% of the Fair Market Value thereof on the date the Stock Options are granted.

  

 - 3 - 

	 	(c)	Stock Options shall be exercisable for such period as specified by the Committee, but in no event may Stock Options be exercisable for a period of more than ten years after their
date of grant, 

  

	 	(d)	In addition to the general terms and conditions set forth in this Section 6 in respect of Stock Options granted under the Plan, Incentive Stock Options granted under the Plan
shall be subject to the following additional terms and conditions: (i) the exercise price of each Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock subject to such Incentive Stock Option on the date of
grant; (ii) Incentive Stock Options shall be exercisable not later than ten years after the date of grant; (iii) in the case of an Incentive Stock Option granted to a Participant who, at the time of grant, owns (as determined under
Section 424(d) of the Code) stock of the Corporation or its Subsidiaries possessing more than 10% of the total combined voting power of all classes of stock of any such corporation, the exercise price shall be at least 110% of the Fair Market
Value of the Common Stock subject to the Incentive Stock Option at the time it is granted, and the Incentive Stock Option, by its terms, shall not be exercisable after the expiration of five (5) years from the date of its grant; and
(iv) the aggregate Fair Market Value (determined with respect to each Incentive Stock Option as of the time such Incentive Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by a Participant during any calendar year (under all Incentive Stock Option plans of the Corporation and its Subsidiaries) shall not exceed $100,000. 

  

	 	(e)	Stock Options may provide that they may be exercised by payment of the exercise price (i) in cash, (ii) by the Corporation’s withholding a portion of the shares of
Common Stock otherwise distributable to the Participant, (iii) by the Participant’s actual delivery of previously acquired shares of Common Stock that are acceptable to the Committee, (iv) by certification of ownership by attestation
of such previously acquired shares, (v) by delivery of a properly executed notice of exercise, together with irrevocable instructions to a broker or similar third party to deliver promptly to the Corporation the amount of sale proceeds from the
sale of the option shares to pay the exercise price and any withholding taxes due to the Corporation, or (vi) by any other method of payment as the Committee, in its discretion, deems appropriate. In the event that the exercise price of a Stock
Option is paid in whole or in part by the withholding or delivery of shares of Common Stock pursuant to clause (ii), (iii) or (iv) above, the number of shares so withheld or delivered shall be the number of shares having an aggregate Fair
Market Value equal to the exercise price, or portion thereof, so paid. 

  

	 	(f)	 If a Participant delivers shares of Common Stock to pay all or a part of the exercise price of a Stock Option, or uses shares of Common Stock to satisfy any
federal, state or local tax withholding requirements, the Participant may receive, at the discretion of the Committee, an additional Stock Option 

  

 - 4 - 

	 	 
(“Replacement Option”) equal to the sum of the number of shares delivered in payment of the exercise price and the number of shares used to pay
withholding taxes. A Replacement Option shall have a term that shall not extend beyond the term of the Stock Option to which it relates and shall have an exercise price equal to the Fair Market Value of the Common Stock on the grant date of the
Replacement Option. Replacement Options may be subject to such other terms and conditions, not inconsistent with the terms and conditions of the Plan, as the Committee shall determine. Replacement Options may be granted in connection with the
exercise of Stock Options granted under this Plan or any other plan of the Corporation. 

  

	 	(g)	The Committee may prescribe such other terms and conditions applicable to Stock Options granted to a Participant under the Plan that are neither inconsistent with nor prohibited by
the Plan or any Stock Option Agreement. 

  

	7.	Stock Appreciation Rights. The Committee may, in its discretion, grant a Stock Appreciation Right under the Plan to the holder of any Stock Option granted hereunder. Each
Stock Appreciation Right granted hereunder 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 Stock Appreciation Right
Agreement, and the following specific rules: 

  

	 	(a)	Stock Appreciation Rights granted to a Participant under the Plan shall be governed by a Stock Appreciation Right Agreement, which shall specify such terms and conditions, not
inconsistent with the terms and conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	A Stock Appreciation Right may be granted in connection with a Stock Option at the time of the grant of the Stock Option or at any time thereafter up to six months prior to the
expiration of the Stock Option. 

  

	 	(c)	Each Stock Appreciation Right will entitle the holder to elect to receive, in lieu of exercising the Stock Option to which it relates, an amount (payable in cash or in shares of
Common Stock of the Corporation, or a combination thereof, determined by the Committee and set forth in the related Stock Appreciation Right Agreement) of up to 100% (or such lesser percentage as determined by the Committee and set forth in the
related Stock Appreciation Right Agreement) of the excess of (i) the Fair Market Value per share of Common Stock on the date of exercise of such Stock Appreciation Right, multiplied by the number of shares of the Common Stock with respect to
which the Stock Appreciation Right is being exercised, over (ii) the aggregate exercise price under the terms of the related Stock Option for such number of shares. 

  

	 	(d)	Each Stock Appreciation Right will be exercisable at the time and to the extent that the Stock Option to which it relates is exercisable, provided that no Stock Appreciation Right
shall be exercisable during the first six months following the date of its grant. 

  

 - 5 - 

	 	(e)	Upon exercise of a Stock Appreciation Right, the Stock Option (or portion thereof) with respect to which such Stock Appreciation Right is exercised and any other Stock Appreciation
Rights with respect to such Stock Option (or portion thereof) shall be surrendered to the Corporation and shall not thereafter be exercisable. 

  

	 	(f)	Exercise of a Stock Appreciation Right will reduce the number of shares of Common Stock purchasable pursuant to the related Stock Option and available under the Plan to the extent
of the total number of shares of Common Stock with respect to which the Stock Appreciation Right is exercised. 

  

	 	(g)	The Committee may prescribe such other terms and conditions applicable to Stock Appreciation Rights granted to a Participant under the Plan that are neither inconsistent with nor
prohibited by the Plan or any Stock Appreciation Right Agreement. 

  

	8.	Performance Shares. The Committee may, in its discretion, grant Performance Shares under the Plan to any Participant hereunder. Each Performance Share granted hereunder 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 related Performance Share Agreement, and the following specific rules:

  

	 	(a)	Performance Shares granted to a Participant under the Plan shall be governed by a Performance Share Agreement, which shall specify such terms and conditions, not inconsistent with
the terms and conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	With respect to each performance period, the Committee shall establish such performance goals relating to one or more of the business criteria identified in Section 4(b) of the
Plan. 

  

	 	(c)	With respect to each performance period, the Committee shall establish targets for Participants for achievement of performance goals. No later than two and one-half months following
the calendar year in which a performance period ends, the Committee shall determine the extent to which performance goals for that performance period have been achieved and shall authorize credit as of the end of such performance period of
Performance Shares to the accounts of Participants for whom targets were established, in accordance with the terms of the applicable Performance Share Agreements. 

  

	 	(d)	The Committee may prescribe such other terms and conditions applicable to Performance Shares granted to a Participant under the Plan that are neither inconsistent with nor
prohibited by the Plan or any Performance Share Agreement. 

  

 - 6 - 

	9.	Stock Awards. The Committee may, in its discretion, grant, or sell for such amount of cash, Common Stock or such other consideration as the Committee deems appropriate (which
amount may be less than the Fair Market Value of the Common Stock on the date of grant or sale), shares of Common Stock under the Plan to any Participant hereunder. Each share of Common Stock granted or sold hereunder shall be subject to such
restrictions, conditions and other terms as the Committee may determine at the time of grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement, and the following specific rules:

  

	 	(a)	Shares of Common Stock issued to a Participant under the Plan shall be governed by a Stock Award Agreement, which shall specify whether the shares of Common Stock are granted or
sold to the Participant and such other provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	The Corporation shall issue, in the name of the Participant, stock certificates representing the total number of shares of Common Stock granted or sold to the Participant, as soon
as may be reasonably practicable after such grant or sale, which shall be held by the Secretary of the Corporation as provided in subsection (e) hereof. 

  

	 	(c)	Subject to the provisions of subsection (b) hereof, and the restrictions set forth in the related Stock Award Agreement, the Participant receiving a grant of or purchasing
Common Stock shall thereupon be a stockholder with respect to all of the shares represented by such certificate or certificates and shall have the rights of a stockholder with respect to such shares, including the right to vote such shares and to
receive dividends and other distributions paid with respect to such shares. 

  

	 	(d)	The Committee, in its discretion, shall have the power to accelerate the date on which the restrictions contained in any Stock Award Agreement shall lapse with respect to any or all
shares of Common Stock granted or sold under the Plan. 

  

	 	(e)	The Secretary of the Corporation shall hold the certificate or certificates representing shares of Common Stock issued under this Section 9 of the Plan on behalf of each
Participant who holds such shares, whether by grant or sale, until such time as the Common Stock is forfeited, resold to the Corporation, or the restrictions lapse. 

  

	 	(f)	The Committee may prescribe such other restrictions, terms and conditions applicable to the shares of Common Stock issued to a Participant under the Plan that are neither
inconsistent with nor prohibited by the Plan or any Stock Award Agreement, including, without limitation, terms providing for a lapse of the restrictions of this Section 9 or in any Stock Award Agreement, in installments.

  

 - 7 - 

	 	(g)	Notwithstanding the provisions of subsections (b) and (e) above, the Corporation, in lieu of issuing stock certificates, may reflect the issuance of shares of Common Stock
to a Participant on a non–certificated basis, with the ownership of such shares by the Participant evidenced solely by book entry in the records of the Corporation’s transfer agent; provided, however that following the lapse of all
restrictions with respect to the shares granted or sold to a Participant, the Corporation, upon the written request of the Participant, shall issue, in the name of the Participant, stock certificates representing such shares.

  

	10.	Stock Units. The Committee may, in its discretion, award Stock Units under the Plan to Participants hereunder. Each Stock Unit granted hereunder 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 Stock Unit Agreement and the following specific rules: 

  

	 	(a)	Grants of Stock Units to a Participant under the Plan shall be governed by a Stock Unit Agreement, which shall specify such terms and conditions, not inconsistent with the terms and
conditions of the Plan, as the Committee shall determine. 

  

	 	(b)	Stock Units shall be denominated in an equal number of shares of Common Stock of the Corporation, as determined by the Committee, and shall be payable either in shares of Common
Stock or in cash, as provided in the Stock Unit Agreement. 

  

	 	(c)	Any Stock Unit may provide that the Participant shall receive, on the date of payment of any dividend on Common Stock occurring during the period preceding payment of the Award, an
amount in cash equal in value to the dividends that the Participant would have received had he been the actual owner of the number of shares of Common Stock designated by the Committee at the time of the Award. 

  

	 	(d)	The Corporation’s obligation to make payments or distributions with respect to Stock Units shall not be funded or secured in any manner. 

  

	 	(e)	The Committee may prescribe such other terms and conditions applicable to Stock Units granted to a Participant under the Plan that are neither inconsistent with nor prohibited by
the Plan or any Stock Unit Agreement. 

  

	11.	 Adjustment. ln 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 

  

 - 8 - 

	 	 
make such adjustments as are necessary and appropriate to preserve the benefits or intended benefits of the Plan and Awards granted under the Plan. Such
adjustments may include: (a) adjustment in the number and kind of shares reserved for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise price of
outstanding Stock Options and SARs or the price of other Awards under the Plan; (d) adjustments to any of the shares limitations set forth in Section 5 of the Plan; and (e) any other changes that the Committee or the Board determine
to be equitable under the circumstances. 

  

	12.	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 and shall be exercisable, during the Participant’s lifetime, only by the Participant or, in the event of disability, by the Participant’s personal representative. 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 Award theretofore granted to the Participant shall be exercisable or payable to the extent provided therein
but no later than five years after his death and then only: 

  

	 	(a)	by or to the executor or administrator of the estate of the deceased Participant or the person or persons to whom the deceased Participant’s rights under the Award shall pass
by will or the laws of descent and distribution or as provided in the Award Agreement; and 

  

	 	(b)	to the extent set forth in the Award Agreement. 

 Notwithstanding the foregoing, the Committee may set forth in the Stock Option Agreement for a Non-Qualified Stock Option, at the time of grant or thereafter, that the Non-Qualified Stock Option may be transferred by the Participant,
subject to such terms and conditions as may be established by the Committee. 
  

	13.	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 exercise or realization of such Awards so that such Awards may be exercised or realized as of the date of a Change in Control of the Corporation, including specifically that as of such date: (i) all outstanding Stock
Options and Stock Appreciation Rights shall become fully vested and exercisable; (ii) all performance goals under any Award shall be deemed fully achieved; (iii) all outstanding Performance Shares shall become fully vested and
distributable; (iv) all restrictions on outstanding Stock Awards shall lapse; and (v) all restrictions on outstanding Stock Units shall lapse and such Stock Units shall become fully vested and, in the case of Stock Units that are not
subject to Code Section 409A, distributable. 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.

  

 - 9 - 

 Provisions for acceleration and any further provisions and limitations included by the Committee pursuant
to this subsection (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: 

  

	 	(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 paragraph (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 

  

 - 10 - 

	 	 
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. 

 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. 
  

	14.	Other Provisions. 

  

	 	(a)	 Any Award under the Plan shall be subject to other provisions as the Committee determines, including, without limitation, provisions for the installment purchase of
Common Stock under Stock Options, provisions to assist the Participant in financing the acquisition of Common Stock, provisions for the forfeiture of, or restrictions on resale or other disposition of shares 

  

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acquired under any Award, provisions to comply with Federal or state securities laws and stock exchange requirements, provisions permitting acceleration of
exercise or 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 in the event of breach of noncompetition or confidentiality agreements during or following termination of employment, provisions permitting the deferral of the receipt of Awards for such period and upon such terms and conditions as the
Committee shall determine, provisions giving the Corporation the right to repurchase shares acquired under any Award in the event the Participant elects to dispose of such shares, provisions requiring the achievement of specified performance goals,
and provisions permitting acceleration of exercise upon the occurrence of specified events or otherwise in the discretion of the Committee. Notwithstanding the preceding provisions of this Section, provisions permitting the deferral of the receipt
of Awards must satisfy the requirements of Code Section 409A and applicable regulations and guidance promulgated thereunder so as to avoid the income tax, interest and penalty provisions of Section 409A. 

  

	 	 (b)
	 An Award that would otherwise be distributed to a Participant in a given calendar year may be delayed to the extent that
the Corporation 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 Corporation 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. 

 

					
	(c)	  	(i)  	  	Anything in the Plan to the contrary notwithstanding, 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 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 14(c)(iii). 

  

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	 	(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 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. 

  

	15.	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, the surrender of shares of Common Stock acceptable to the Committee which the
Participant already owns or through the surrender of shares of Common Stock which the Participant is otherwise entitled to receive under the Plan. 

  

	16.	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 16 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. 

  

	17.	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. 

  

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	18.	Effective Date. 

  

	 	(a)	The Plan was adopted by the Board on February 19, 2002 and became effective as of April 16, 2002 upon approval by the Corporation’s stockholders at the 2002 annual
meeting of stockholders. 

  

	 	(b)	Notwithstanding anything to the contrary contained herein, no Awards shall be granted under the Plan on or after April 16, 2012. 

  

	19.	Applicable Law. All questions pertaining to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined in conformity
with the laws of the State of Illinois, without regard to the conflict of law provisions of any state, and, in the case of Incentive Stock Options, Section 422 of the Code and regulations issued thereunder. 

  

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

  

	 	(a)	“Award” shall mean any award or benefit granted under the Plan, including, without limitation, Stock Options, Stock Appreciation Rights, Performance Shares, Stock Awards
and Stock Units. 

  

	 	(b)	“Award Agreement” shall mean, as applicable, a Stock Option Agreement, Stock Appreciation Agreement, Performance Share Agreement, Stock Award Agreement, Stock Unit
Agreement or such other agreement evidencing an Award granted under the Plan. 

  

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

  

	 	(d)	“Change in Control” shall have the meaning set forth in Section 13(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, par value $1.66 2/3 per share, of the Corporation. 

  

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

  

	 	(i)	“Covered Employee” shall mean “covered employee” as that term is defined in Section 162(m) of the Code or any successor provision. 

 

 - 14 - 

	 	(j)	“Director” shall mean a director of the Corporation. 

  

	 	(k)	“Employee” shall mean an employee of the Corporation or any Subsidiary; it being understood that an Award (other than an Incentive Stock Option) may be granted in
connection with the hiring of a person prior to the date the person becomes an employee of the Corporation or any Subsidiary, provided that such Award shall not vest prior to the commencement of employment. 

  

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

  

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

  

	 	(n)	“Incentive Stock Option” shall mean an option granted under Section 6 of the Plan that meets the requirements of Section 422(b)of the Code or any successor
provision. 

  

	 	(o)	“Non-Qualified Stock Option” shall mean an option granted under Section 6 of the Plan that is not an Incentive Stock Option. 

  

	 	(p)	“Participant” shall mean any Employee or Director selected to receive an Award. 

  

	 	(q)	“Performance Share” shall mean a grant of a right to receive shares of Common Stock under Section 8 of the Plan. 

  

	 	(r)	“Plan” shall mean the Amended and Restated Northern Trust Corporation 2002 Stock Plan, as amended and restated effective January 1, 2008. 

  

	 	(s)	“Replacement Option” shall mean an option granted under Section 6(f) of the Plan. 

  

	 	(t)	 “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 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 in the immediately preceding 36 months (or the full period of the Participant’s services to the Corporation if the Participant has been
providing services to the Corporation for less than 36 months). 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 

  

 - 15 - 

	 	 
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 20(t), 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. 

  

	 	(u)	“Stock Appreciation Right” shall mean any right granted under Section 7 of the Plan. 

  

	 	(v)	“Stock Award” shall mean a grant of shares of Common Stock under Section 9 of the Plan. 

  

	 	(w)	“Stock Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option granted under Section 6 of the Plan. 

  

	 	(x)	“Stock Unit” shall mean a grant of a right to receive shares of Common Stock or cash under Section 10 of the Plan. 

  

	 	(y)	“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. 

  

	21.	The Stock Options, Stock Appreciation Rights, Performance Shares and Stock Awards granted under the Plan are intended to be exempt from, and the Stock Units granted under the Plan
are intended 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. 

  

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