Document:

EX-10.(xi)

 Exhibit (10)(xi) 

Northern Partners Incentive Plan – APAC Plan 
 1. Purpose of Plan 
  

	 	•	 	 The purpose of the Northern Partners Incentive Plan (the “Plan”) is to promote the achievement of superior financial and operating
performance of Northern Trust Corporation and its subsidiaries (hereinafter referred to as “Northern Trust”), and further the objective of delivering unrivaled service quality to its clients and partners through the awarding of incentive
payments to selected employees. 

  

	 	•	 	 The Plan supercedes all incentive plans previously established or maintained by Northern Trust providing for any form of incentive, bonus or commission
compensation, including, but not limited to the 2003 Annual Performance, Annual Incentive, and respective Business Unit Specialized Incentive Plans.1 No further awards will be made under any such predecessor plans for any period after June 30, 2004.

 2. Plan Year / Effective Date / Termination 

 

	 	•	 	 The Plan Year is the calendar year from January 1 to December 31. 

 

	 	•	 	 The Plan was adopted by the Board of Directors of Northern Trust Corporation on July 19, 2004. 

 

	 	•	 	 The Plan shall remain in effect until terminated by the Board of Directors of Northern Trust Corporation. 

3. Plan Performance Periods 
  

	 	•	 	 Under the Plan, incentives may be determined and paid on a quarterly, semi-annual, or an annual basis, depending upon the incentive category to which a
participant is assigned and the structure of the potential award determined for the participant. The applicable performance periods and frequency of award payments are determined by Business Unit management. 

 

	 	•	 	 The performance periods for the Plan Year for incentives with quarterly payments are as follows: 

 

	 	•	 	 January 1 to March 31; 

 

	1 	 However, nothing herein shall be interpreted to supercede the Management Performance Plan. 

	 	•	 	 April 1 to June 30; 

  

	 	•	 	 July 1 to September 30; and 

  

	 	•	 	 October 1 to December 31. 

  

	 	•	 	 The performance periods for the Plan Year incentives with semi-annual payments are as follows: 

 

	 	•	 	 January 1 to June 30; and 

  

	 	•	 	 July 1 to December 31. 

  

	 	•	 	 The performance period for all other awards under the Plan is the Plan Year, unless otherwise approved by the Executive Vice President of Human
Resources. 

 4. Eligibility / Participation 
  

	 	•	 	 Participants in the Plan for the Plan Year are those employees designated by their respective Business Units as eligible to participate in the Plan.
Participants are generally designated at the beginning of the Plan Year. In addition, those employees who have a change in job duties are promoted, or who are hired during the performance period may be considered for inclusion and designated by
their respective Business Units for partial Plan Year participation. 

  

	 	•	 	 Designation for participation in this Plan for one Plan Year or a portion thereof does not establish eligibility for participation in any subsequent
Plan Year or for any form of incentive, bonus or commission compensation with respect to any subsequent period. 

  

	 	•	 	 Participants are assigned for the Plan Year to one of the following incentive categories within the Plan as their primary eligibility for their current
role. However, participants may receive payments under multiple incentive categories within a Plan Year: 

  

	 	•	 	 Northern Performance Incentives 

  

	 	•	 	 Northern Sales Incentives 

  

	 	•	 	 Northern Technical Incentives 

 5. Award Targets 
  

	 	•	 	 An award target, generally expressed as a percent of a participant’s base salary at the beginning of the Plan Year, will be communicated to each
participant annually as a potential award goal provided that Corporate and Business Unit goals and individual performance expectations are achieved. 

  
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	 	•	 	 The award and payment of any incentive amount is at the absolute discretion of Northern Trust. Management has the discretion not to award participants
an incentive payout or to reduce the amount of the incentive payout if either Corporate, Business Unit or individual performances are not in line with expectations or due to any other reason as the Management deems fit in its sole discretion. This
may mean that, regardless of individual performance, where Corporate or Business Unit performance is not in line with expectations (or any other factors as Northern Trust determines appropriate), participants may receive no payout.

 6. Individual Performance Measures 
  

	 	•	 	 Each participant will receive performance expectations, including a risk management expectation, for the Plan Year that will consist of both objective
goals and subjective performance assessments. 

  

	 	•	 	 Each participant’s manager will establish the participant’s performance expectations as early in the Plan Year as practicable.

  

	 	•	 	 Weighting of each individual performance expectation will be determined by the participant’s manager, with the exception that the risk management
expectation cannot be weighted less than 10%. 

 7. Plan Funding 

 

	 	•	 	 At the beginning of each Plan Year, the Compensation and Benefits Committee of the Board of Directors of Northern Trust Corporation will determine a
Corporate Earnings Target and projected funding for awards under the Plan. Likewise, Business Unit management will determine appropriate earnings targets, performance standards, and projected funding for awards to Plan participants in their
respective Business Unit. Management reserves the right to either increase or decrease the original projected funding amount for the Corporate and Business Unit levels due to actual results and each Business Unit’s relative contribution to
actual results, effective risk management, or for any other reason as Management deems fit in its sole discretion. Where funding is reduced in respect of Corporate or Business Unit amounts, this may result in no incentive payout, regardless of
individual performance or any other factors. In addition, the funding amount is subject to final approval by, and may be further reduced by, the Committee after the end of the performance period, as described at Section 10, below.

 8. Individual Award Determination 
  

	 	•	 	 All awards (if any) are impacted by available Plan funding, as determined and adjusted by Corporate and Business Unit management in its discretion.

  

	 	•	 	 Awards (if any) are determined by Business Unit management after the end of the applicable performance period, based upon an assessment of individual
performance during the applicable performance period, taking into consideration: 

  

	 	•	 	 Individual performance expectations, including the risk management expectation; 

  
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	 	•	 	 Overall contribution to Corporate and Business Unit earnings, relative to peers; and 

 

	 	•	 	 Competitiveness of a participant’s total compensation; and 

 

	 	•	 	 The participant has not served or been served with notice to terminate the participant’s employment prior to the first day in February after the
close of the plan year. 

  

	 	•	 	 Formula-driven performance measures are one of several factors for determination of award amounts. Both quantitative and qualitative performance
criteria will be used to evaluate performance. Thus, management has the full discretion both during and after the performance period, up until the actual settlement of the award, as described in Paragraph 10, not to make an award or to adjust all
awards up or down based on subjective performance evaluation, funding considerations, and any other factors which management, in its absolute discretion, determines appropriate. 

 

	 	•	 	 In addition to the foregoing, all awards must also comply with applicable regulatory requirements and may be risk-adjusted within management’s
discretion for all individual employees or groups of employees who, individually or collectively, may expose Northern Trust Corporation to more substantial amounts of risk. 

 9. Conditions on Eligibility for Payment of Awards. 
  

	 	•	 	 In order for a participant to be eligible for payment of an award, except as specifically set forth below, the participant must continue in employment
with Northern Trust and the Business Unit that designated him or her as a participant, and contribute toward achievement of Corporate and Business Unit goals, throughout the applicable performance period and not be under notice of termination
(whether given by him or Northern Trust). . 

  

	 	•	 	 A participant who was designated by a Business Unit and transfers to another Business Unit during the applicable performance period may, as determined
by management of the transferring Business Unit in its sole discretion, be determined eligible for a pro-rata payment of an award for work performed during the performance period for the transferring Business Unit, provided that Corporate and
Business Unit goals and individual performance expectations, and any other factors which Northern Trust may determine applicable, are achieved. Payment of such pro-rata awards will be made at the same time all other awards are paid for such
performance period. 

  

	 	•	 	 In order for a participant to be eligible for consideration for payment of an award, the participant must continue employment with Northern Trust in
good standing during the entire performance period established for the award. Good standing means: 

  

	 	•	 	 The participant has satisfactorily met performance expectations, including risk management performance expectations, as determined by the
participant’s manager; 

  
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	 	•	 	 The participant has complied with all Northern Trust policies and standards of conduct; 

 

	 	•	 	 The participant has not engaged in any activity competitive with Northern Trust’s business or otherwise detrimental to Northern Trust’s
business; and 

  

	 	•	 	 The participant has not served or been served with notice to terminate the participant’s employment. 

 

	 	•	 	 Notwithstanding the foregoing, management may, in its absolute discretion, determine that a pro-rata award will be paid in the event of termination of
employment with Northern Trust by a participant on account of death, disability (as defined below), retirement (as defined below), or involuntary termination by Northern Trust without cause (as defined below), such as job elimination or redundancy,
taking into consideration the portion of the performance period worked by the participant, the individual performance of the participant during such portion of the performance period worked, and the availability of Corporate, Business Unit and
individual performance measurements as of the date of termination and any other factors as Northern Trust may from time to time take into account. 

  

	 	•	 	 For this purpose, “cause” means the participant’s conviction for a criminal offence (other than a minor road traffic offence); the
employee being prevented by regulatory requirements from carrying out his duties; or a determination by management that the participant has failed to meet performance expectations to the extent that termination, whether with or without notice is
warranted; the participant has violated Northern Trust policies or standards of conduct to the extent that termination with or without notice is warranted; the participant has been negligent to a material extent with respect to his or her
responsibilities; the participant has been engaged in fraud upon Northern Trust, or has disclosed Northern Trust confidential or proprietary information to an unauthorized person, or his or her actions amount to misconduct under common law.

  

	 	•	 	 For this purpose, termination on account of “retirement” means termination of the participant’s employment by reason of the participant
having qualified for Normal or Early Retirement Pension benefits under any of Northern Trust’s Asia pension plans. 

  

	 	•	 	 For this purpose, termination on account of “disability” means the participant’s employment is terminated pursuant to Northern
Trust’s Long Term Ill Health Procedure as amended from time to time. 

  

	 	•	 	 In no circumstances will a pro-rata award or any accrued and retained but unpaid award be paid to a participant who terminates employment by resigning
before the end of the applicable performance period or whose employment is terminated by Northern Trust for cause (as defined above). 

  

	 	•	 	 A participant who is terminated with cause (as defined above) after the end of the Plan Year but before the date of payment will forfeit entitlement to
any unpaid award (and termination includes having received notice of termination). 

  
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	 	•	 	 A participant who resigns after the end of the Plan Year but prior to the first day in February (or the first day of January if a resident of India)
after the close of the plan year will forfeit entitlement to any unpaid award (and resignation includes having given notice of resignation). 

 10. Payment of Awards 
  

	 	•	 	 After the end of the performance period, Northern Trust shall make recommendations with respect to the final funding amount for the performance period,
and whether each Participant’s award shall be settled in cash, a grant of equity-based compensation (e.g., restricted stock units or options) under the Northern Trust Corporation 2012 Stock Plan, or a combination thereof. Such
recommendations (including the terms and conditions of each equity grant, which may include, but are not limited to, a deferred vesting schedule and possible forfeiture upon the occurrence of specified events (such as termination of employment,
regulatory events, risk based events or behaviors, or changes in business conditions)), are subject to the review and approval of the Compensation and Benefits Committee of the Board of Directors of Northern Trust Corporation, and no grant of any
equity award shall occur until the date of Committee action. 

  

	 	•	 	 Notwithstanding anything herein to the contrary, until the date of settlement of the award (whether by actual payment in cash and/or the grant by the
Committee of equity-based compensation in accordance with the preceding paragraph), Northern Trust may in its absolute discretion reduce or eliminate any award. 

 

	 	•	 	 It is intended that all cash-settled awards made under the Plan shall constitute short-term deferrals for purposes of the regulations issued under Code
Section 409A, and shall be paid within the deadline for short term deferrals, that all other awards hereunder shall constitute short-term deferrals for purposes of the regulations under Code Section 409A or comply with that Code Section
and the regulations thereunder, and all provisions of this Plan shall be interpreted in all events in a manner consistent with such intent, to the extent 409A could apply. 

 11. Administration 
  

	 	•	 	 The Plan shall be administered by the Executive Vice President of Human Resources and the Compensation Division of the Human Resources Department.
Subject to the provisions of the Plan, the Executive Vice President of Human Resources shall be authorized to interpret the Plan, to establish, amend, and rescind rules and regulations relating to the Plan, and to make all other determinations
necessary or advisable for the administration of the Plan. The determination of the Executive Vice President of Human Resources in the administration of the Plan, as described herein, shall, upon consultation with members of the Management Group, be
final and conclusive. The Executive Vice President of Human Resources shall be responsible for final approval of all awards to be paid under the Plan. 

  

	 	•	 	 Responsibilities of the Compensation Division of the Human Resources Department: 

 

	 	•	 	 Guide incentive award determinations; 

  
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	 	•	 	 Review and monitor financial accruals in conjunction with the Controller’s Department; 

 

	 	•	 	 Prepare communications to Plan participants; 

  

	 	•	 	 Participate in a yearly review of all compensation plans so that the designs do not encourage imprudent risk taking; 

 

	 	•	 	 Participate in a yearly assessment of the full range of inherent risks in order to identify those partners whose responsibilities might lead to
imprudent risk-taking; and 

  

	 	•	 	 Direct processing of incentive awards. 

  

	 	•	 	 Business Unit Responsibilities: 

  

	 	•	 	 Identification of Plan participants; 

  

	 	•	 	 Prepare and communicate individual performance expectations; 

 

	 	•	 	 Determine and recommend awards for approval by Business Unit Head; and 

 

	 	•	 	 Communicate award decisions to participants 

  

	 	•	 	 Risk Management Responsibilities 

  

	 	•	 	 Participate in a yearly review of all compensation plans so that the designs do not encourage imprudent risk taking; 

 

	 	•	 	 Undertake a yearly assessment of the full range of inherent risks in order to identify those partners whose responsibilities might lead to imprudent
risk-taking; 

  

	 	•	 	 Participate in the design of any NPIP Addendum and any other new or revised incentive plan to assess plans’ effectiveness in balancing imprudent
risk taking; and 

 12. Contractual Rights 
  

	 	•	 	 Neither the Plan, nor any action taken thereunder, shall be construed as creating a contract or any contractually enforceable rights to any
employee, retiree, terminated employee, or other person. The Plan is entirely discretionary in nature; the award of any incentive and its amount will be at Northern Trust’s absolute discretion. No employee, retiree, terminated employee or other
person shall have any claim or right to be designated a participant or granted an award under the Plan. No participant, or any other person claiming a right under the Plan, shall have any right to any specific assets of Northern Trust, regardless of
whether Northern Trust establishes an account for purposes of accumulating funds to be used for payment of Plan awards. Neither the Plan, nor any action taken thereunder, shall be construed as giving any employee or other person any right to be
retained in the 

  
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employ of Northern Trust. For India participants, any award made under this Plan are not and shall not be deemed or construed to be wages, allowance, compensation or benefits payable to the
employee either under their contract of employment or under any applicable law 

 13. Other Provisions 

The following miscellaneous provisions are applicable to the Plan: 

 

	 	•	 	 Except in the event of death of a participant, the rights and interests of the participant under the Plan shall not be assigned, encumbered, or
transferred. In the event of the death of a participant, the Plan will be administered in accordance with applicable local rules. 

  

	 	•	 	 All awards are subject to legally required withholdings and deductions. 

 

	 	•	 	 All questions pertaining to the validity, construction, interpretation and administration of the Plan and any award hereunder shall be determined in
conformity with the applicable local laws of the jurisdiction in which the employee primarily provides services. 

 14.
Internal Audit 
  

	 	•	 	 All awards may be subject to review and approval by the Auditing Department and final review and approval by the Executive Vice President of Human
Resources, prior to any award distribution. 

 15. Plan Amendment and Termination 

 

	 	•	 	 Northern Trust reserves the right to suspend or terminate the Plan, or to amend any or all of the provisions of the Plan, at any time, including during
a performance period and without prior notice to participants. The Board of Directors of Northern Trust Corporation shall approve any material amendments to the Plan. The Executive Vice President of Human Resources shall have the authority to make
any non-material amendments to the Plan or amendments deemed required, authorized or desirable under applicable statutes, regulations or rulings without the approval of the Board of Directors of Northern Trust Corporation. In the event of
termination of the Plan, only awards determined for completed performance periods and which are approved by the Executive Vice President of Human Resources shall be payable. 

  
 8EX-10.1

 Exhibit 10.1 
 SECOND AMENDMENT 
 TO THE 

APPLIED INDUSTRIAL TECHNOLOGIES, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT BENEFITS PLAN 
 (Restated Post-2004
Terms) 
 WHEREAS, the Applied Industrial Technologies, Inc. Supplemental Executive Retirement Benefits Plan
(originally known as the Bearings, Inc. Supplemental Executive Retirement Benefits Plan and hereinafter referred to as the “Plan”) was established on January 21,1988, by Bearings, Inc., the predecessor to Applied Industrial
Technologies, Inc. (hereinafter referred to as the “Company”) for the benefit of certain officers and key executives; and 
 WHEREAS, the Plan was most recently restated, effective as of January 1, 2005, to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and regulations issued
thereunder; and 
 WHEREAS, said Plan restatement was amended subsequently on one occasion; and 

WHEREAS, the Board of Directors of the Company has decided to eliminate any service increase in the accrued benefits of Plan
participants in the event of a Change in Control; 
 NOW, THEREFORE, effective as of August 1, 2012, the Plan is
hereby amended to provide as follows: 
 1. Paragraph (6) of Section 1.1 of the Plan is hereby amended to provide as
follows: 
 (6) The term “Cause” shall mean: (i) the willful and continued failure by a
Participant to perform substantially his or her duties with the Company or one of its Affiliates (other than for Disability or Good Reason), after a written demand for substantial performance is delivered to the Participant by the Board or the Chief
Executive Officer of the Company which specifically identifies the manner in which the Board or Chief Executive Officer believes that the Participant has not substantially performed his or her duties; or (ii) the willful engagement by the
Participant in illegal conduct or gross misconduct involving moral turpitude that is materially and demonstrably injurious to the Company; provided, however, that no act or failure to act shall be considered “willful” unless it is done, or
omitted to be done, in bad faith or without his or her reasonable belief that such action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given the Participant pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, in good faith and
in the best interests of the Company. A Participant’s Separation from Service with the Company shall not be deemed to be for Cause unless and until there shall have been delivered to the Participant a copy of a resolution duly adopted by the
affirmative vote of not less than threequarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Participant and the Participant being given an opportunity,
together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Participant is guilty of the conduct described in clauses (i) or (ii) above, and specifying the particulars thereof in detail.

 2. Section 1.1 of the Plan is hereby amended by the addition of Paragraph (32) at
the end thereof to provide as follows: 
 (32) The term “Good Reason” shall
mean: (i) a material diminution in a Participant’s authority, duties, or responsibilities; (ii) a material diminution in the authority, duties, or responsibilities of the person to whom a Participant reports immediately prior to a
Change of Control; (iii) a material diminution by the Company of a Participant’s annual base salary that was paid to the Participant immediately prior to the Change of Control; (iv) a material change of the geographic location where a
Participant provides service to the Company; or (v) any failure of any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by
agreement in form and substance satisfactory to a Participant, to expressly assume and agree to comply with the terms of the Plan in the same manner and to the same extent that the Company would have been required to perform it if no such succession
had taken place; provided, however, that, Good Reason shall not have occurred unless a Participant gives the Company written notice within 90 days of the initial existence of the condition claimed by the Participant in good faith to constitute Good
Reason and the Company fails to remedy the condition within 30 days of such notice. 
 3. Article VIII of the Plan is hereby
amended to provide as follows: 
 ARTICLE VIII 
 CHANGE OF CONTROL 
 8.1 Separation from
Service. If, during the two-year period commencing upon the occurrence of a Change of Control, a Participant incurs a Separation from Service with the Company and its Affiliates that is initiated by the Company other than for Cause or by
the Participant for Good Reason, such Participant shall receive, pursuant to the provisions of Section 8.5, a supplemental retirement benefit equal to the Accrued Portion his supplemental normal retirement benefit determined in accordance with
the provisions of Section 3.2; provided, however, that for purposes of calculating the single sum payment of such supplemental retirement benefit under Section 8.5, if such Participant has not yet attained age 55 on the date of his
Separation from Service, he shall be credited with additional years of age (but not Service) equal to the difference between his age on his Separation from Service date and age 55. 

8.2 Disabled. If, upon the occurrence of a Change in Control, a Participant is Disabled and is receiving
supplemental disability benefits pursuant to the provisions of Section 5.3, such supplemental disability benefits shall cease and he shall receive, pursuant to the provisions of Section 8.5, a supplemental retirement benefit equal to the
Accrued Portion of his supplemental normal retirement benefit determined in accordance with the provisions of Section 3.2, and for purposes of calculating the single sum payment of such supplemental retirement benefit under Section 8.5,
his age shall be deemed to be his actual age on the date the Change of Control occurs or age 55, whichever is greater. 

 8.3 Previously Terminated Participant. Any Participant, who incurred
a Separation from Service prior to a Change of Control and who is eligible for a supplemental deferred retirement benefit, shall receive the present value of his supplemental deferred retirement benefit determined under Section 6.2 in a single
sum calculated under the provisions of Section 8.5. 
 8.4 Payments in Pay Status. Any supplemental
retirement benefits being paid under the Plan at the time a Change of Control occurs to a retired or terminated Participant or to the Contingent Annuitant of a deceased Participant shall cease and such Participant or Contingent Annuitant shall
receive the actuarial present value of any future payments of such benefits in a single sum pursuant to the provisions of Section 8.5. 
 8.5 Payment of Benefits Upon a Change of Control. Any supplemental retirement benefit to which a Participant or Contingent Annuitant is eligible under Section 8.1, 8.2, 8.3 or 8.4 shall be
paid in a single sum determined using the actuarial factors and interest rate set forth in Section 7.6. Except as otherwise provided in this Section 8.5, any such single sum payment payable under this Section 8.5 shall be made to an
eligible Participant or an eligible Contingent Annuitant as soon as reasonably practicable but in no event later than 30 days after such Change of Control; provided, however, that in the event a supplemental retirement benefit is payable pursuant to
the provisions of Section 8.1, payment thereof shall be made no later than 30 days after the Participant’s Separation from Service. 

Executed at Cleveland, Ohio, this 23 day of October, 2012. 

 

			
	APPLIED INDUSTRIAL TECHNOLOGIES, INC.
	
	 /s/ Neil A. Schrimsher

	By:	 	Neil A. Schrimsher
	Title:	 	Chief Executive Officer

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