Document:

Employment Security Agreement

 Exhibit (10)(i) 

EMPLOYMENT SECURITY AGREEMENT 
 Tier 1 
 THIS EMPLOYMENT SECURITY AGREEMENT (this “Agreement”) is
entered into this          day of [    ], 2011, between NORTHERN TRUST CORPORATION, a Delaware corporation (the “Company”), and
                     (the “Executive”). 
 WITNESSETH THAT: 
 WHEREAS, Executive is employed by the Company or
one of its wholly-owned subsidiaries and the Company desires to provide certain security to Executive in connection with any potential change in control of the Company; and 

[WHEREAS, Executive and the Company have previously entered into an Employment Security Agreement (the “Prior
Agreement”) and desire to have this Agreement supersede the Prior Agreement, as more fully set forth
herein.]1 

NOW, THEREFORE, it is hereby agreed by and between the parties, for good and valuable consideration the receipt and sufficiency of which
are hereby acknowledged, as follows: 
  

	1.	Payments and Benefits Upon a Change in Control. 

  

	 	(a)	If within two (2) years after a Change in Control or during the Period Pending a Change in Control, (i) the Company shall terminate Executive’s
employment with the Company without Good Cause, or (ii) Executive shall voluntarily terminate such employment with Good Reason, the Company shall make the payments and provide the benefits described below. Capitalized terms used but not
otherwise defined herein shall have the meaning set forth in Section 2 hereof. 

  

	 	(i)	Cash Payment. The Company shall make a cash payment to Executive equal to three times the Executive’s Annual Compensation. 

 

	 	(ii)	Short-Year Bonus. The Company shall make a cash payment to Executive equal to a pro rata portion (based on the date on which Executive’s Employment
Termination occurs) of the Amounts Payable Under Any Cash Bonus Plans, less any amounts paid to the Executive under any cash-based incentive or bonus plan with respect to completed performance periods occurring within the year in which
Executive’s Employment Termination occurs. 

  

	1 	 For executives with existing ESAs. 

	 	(iii)	Welfare Benefit Plans. With respect to each Welfare Benefit Plan, for the period beginning on Executive’s Employment Termination and ending on the earlier
of (i) three years following Executive’s Employment Termination, or (ii) the date Executive becomes covered by a welfare benefit plan or program maintained by an entity other than the Company or any of its subsidiaries which provides
coverage or benefits at least equal, in all respects, to such Welfare Benefit Plan, Executive (and the Executive’s eligible dependents) shall continue to participate in such Welfare Benefit Plan on the same basis and at the same cost to
Executive as was the case immediately prior to a Change in Control (or, if more favorable to Executive, as was the case at any time thereafter), or, if any benefit or coverage cannot be provided under a Welfare Benefit Plan because of applicable
law, contractual provisions or adverse tax consequences to Executive, Executive shall be provided with substantially similar benefits and coverage for such period through a third-party insurer. Immediately following the expiration of the
continuation period required by the preceding sentence, Executive shall be entitled to continued group health benefit plan coverage (so-called “COBRA coverage”) in accordance with Section 4980B of the Internal Revenue Code of 1986, as
amended (the “Code”), it being intended that COBRA coverage shall be consecutive to the benefits and coverage provided for in the preceding sentence. 

 

	 	(iv)	Supplemental Retirement Plans. All amounts accrued or accumulated on behalf of Executive under the Northern Trust Corporation Supplemental Pension Plan (or any
successor plan thereto)(the “Supplemental Pension Plan”), the Northern Trust Corporation Supplemental Thrift-Incentive Plan (the “Supplemental TIP”) and the Northern Trust Corporation Supplemental Employee Stock Ownership Plan
(the “Supplemental ESOP”) will immediately be fully vested upon a Change in Control, and the Company shall pay or distribute all such amounts to Executive in accordance with the terms of such plans. 

 

	 	(v)	Salary to Date of Employment Termination. The Company shall pay to Executive any unpaid salary or other compensation of any kind earned with respect to any
period prior to Executive’s Employment Termination and a cash payment for accumulated but unused vacation earned through such Employment Termination. 

  

	 	(vi)	Age and Service Credit. Executive will be deemed to have an additional 36 months of age and service credit with respect to the Supplemental Pension Plan. Any
additional benefits resulting from the additional 36 months of age and service credit will be calculated under and paid from the Supplemental Pension Plan, in accordance with its terms, and shall not be paid from or affect Executive’s benefits
under The Northern Trust Company Pension Plan (or any successor plan thereto). 

  
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	 	(vii)	Retiree Medical Care. For purposes of determining the Executive’s eligibility to participate in the Company’s retiree medical care program, the
Executive will be deemed to have up to an additional thirty-six (36) months of age and/or service credit. The additional credit described in this Section 1(a)(vii) shall be deemed to exist only for purposes of determining the
Executive’s eligibility and subsidy for participation in the Company’s retiree medical care program. The provisions of this Section 1(a)(vii) shall have no effect on the Company’s ability to amend or terminate the retiree medical
care program and shall not be construed as requiring the Company to maintain any such program in any manner or for any period of time. If the operation of this Section 1(a)(vii) would result in adverse tax consequences to Executive as a result
of Executive’s participation in the Company’s retiree medical program, the Company shall instead provide substantially similar benefits and coverage through a third party insurer. 

 

	 	(b)	Timing of Payments and Benefits. The cash payments provided in clauses (i), (ii) and (v) shall be made in a lump-sum on the first regularly scheduled
pay date occurring after the fifteenth day following Executive’s Employment Termination. 

  

	 	(c)	Incentive Stock Plans. All outstanding stock options granted under any stock plan or program of the Company (collectively referred to as the “ISPs”),
will immediately become fully vested and exercisable upon a Change in Control (or upon Employment Termination during a Period Pending a Change in Control). All restricted stock and stock units granted under the ISPs will immediately become fully
vested upon a Change in Control (or upon Employment Termination during a Period Pending a Change in Control) and will be distributed in accordance with the distribution provisions set forth in the applicable stock plan agreements between the Company
and the Executive, but subject to compliance with the requirements of Section 409A of the Code). In addition, each other equity based award shall become fully vested (and, to the extent applicable, exercisable or distributable) upon a Change in
Control (or upon Employment Termination during a Period Pending a Change in Control). Notwithstanding anything to the contrary contained in an ISP or an option agreement issued pursuant to an ISP, following any Employment Termination, (i) all
outstanding non-qualified stock options granted to the Executive under an ISP and (ii) all outstanding incentive stock options granted to the Executive on or following September 25, 2001 shall remain outstanding and exercisable until the
earliest of (a) the exercise of such option by the Executive, (b) the fifth anniversary of the Executive’s Employment Termination or (c) the original expiration date of the respective award. For the avoidance of doubt, the
provisions of this Section 1(c) shall not be construed as superseding any provisions of any equity or equity-based award (whether in existence on the date hereof or granted in the future) which provides for more favorable treatment.

  
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	2.	Definitions. For purposes of this Agreement: 

  

	 	(a)	“Good Cause” shall mean: (i) Executive’s conviction of any criminal violation involving dishonesty, fraud or breach of trust which involves the
business of the Company or any of its subsidiaries; (ii) Executive’s willful engagement in any misconduct in the performance of Executive’s duty that materially injures the Company; (iii) Executive’s performance of any act
which, if known to the customers, clients, stockholders or regulators of the Company or any of its subsidiaries, would materially and adversely impact on the business of the Company or any of its subsidiaries; (iv) any act or omission by
Executive that causes a regulatory body with jurisdiction over the Company or any of its subsidiaries, to demand, request, or recommend that Executive be suspended or removed from any position in which Executive serves with the Company or any of its
subsidiaries; or (v) Executive’s willful and substantial nonperformance of assigned duties, provided that such nonperformance has continued more than ten days after the Company has given written notice of such nonperformance and of its
intention to terminate Executive’s employment because of such nonperformance. For purposes of clauses (ii) and (v) of this definition, no act, or failure to act, on Executive’s part shall be deemed “willful” unless
done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s act, or failure to act, was in the best interest of the Company. In the event of a dispute concerning the application of this provision,
no claim by the Company that Good Cause exists shall be given effect unless the Company establishes to the Board of Directors of the Company by clear and convincing evidence that Good Cause exists. 

 

	 	(b)	“Good Reason” shall exist if, without Executive’s express written consent: 

 

	 	(i)	The Company (or an affiliate) shall materially diminish (A) the Executive’s authority, duties, or responsibilities; (B) the authority, duties, or
responsibilities of the position or entity to which Executive is required to report; or (C) the budget, if any, over which Executive has authority, in each case as compared to Executive’s circumstances immediately prior to a Change in
Control; 

  

	 	(ii)	The Company (or an affiliate) shall materially diminish Executive’s base compensation from that in effect as of the date of this Agreement (or as of a Change in
Control, if greater), including a diminution of Executive’s salary or the material diminution in the aggregate value to Executive of participation in cash or stock-based incentive or bonus plans, retirement plans, welfare benefit plans, or
other benefit plans, programs or arrangements (as computed by an independent employee benefits consultant selected by the Company); 

  

	 	(iii)	The Company (or an affiliate) shall materially change the geographic location at which Executive must perform services from that in effect prior to a Change in Control
(including by assigning to Executive duties that would reasonably require such relocation or which would require Executive to spend more than fifty normal working days away from the location in effect prior to a Change in Control); or

  
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	 	(iv)	Any other action or inaction by the Company (or an affiliate) that constitutes a material breach of the agreement, if any, under which Executive provides services to
the Company. 

 Executive’s continued employment shall not constitute consent to, or a waiver of rights with
respect to, any act or failure to act constituting Good Reason hereunder, provided, however, that in order for Good Reason to exist hereunder, Executive must provide notice to the Company of the existence of the condition described in clauses
(i) through (v) above within 90 days of the initial existence of the condition (or, if later, within 90 days of the Executive’s becoming aware of such condition), and the Company must have failed to cure such condition within 30 days
of the receipt of such notice. 
  

	 	(c)	A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

  

	 	(i)	any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person
any securities acquired directly from the Company or its affiliates) representing 20% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with
a transaction described in clause (i) of paragraph (3) below; or 

  

	 	(ii)	The election to the Board of Directors of the Company, without the recommendation or approval of two thirds of the incumbent Board of Directors of the Company, of the
lesser of: (A) three directors; or (B) directors constituting a majority of the number of directors of the Company 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 Company will not be considered as incumbent members of the Board of Directors of the Company 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 Company with any other company, other
than (i) a merger or consolidation which would result in the voting securities of the Company 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 Company or such surviving entity or any parent thereof

  
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outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 20%
or more of the combined voting power of the Company’s then outstanding securities; or 

  

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by
the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’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 Company 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 Company 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 Company immediately following such transaction or series of transactions. 
 For purposes of a Change in Control definition, 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 Company 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 Company in substantially the same proportions as their ownership of stock of the Company. 

  
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	 	(d)	“Annual Compensation” shall mean the sum of: (i) Executive’s salary at the greater of (A) Executive’s salary rate in effect on the date of
a Change in Control, or (B) Executive’s salary rate in effect on Executive’s Employment Termination; and (ii) the Amounts Payable Under Any Cash Bonus Plans in which Executive participates. 

 

	 	(e)	“Employment Termination” shall mean the effective date of: (i) Executive’s voluntary termination of employment with the Company with Good Reason;
(ii) the termination of Executive’s employment by the Company without Good Cause; or (iii) termination of Executive’s employment during the Period Pending a Change in Control under circumstances which entitle him to benefits
hereunder. 

  

	 	(f)	“Welfare Benefit Plan” shall mean each welfare benefit plan maintained or contributed to by the Company in which Executive was participating at the time of a
Change in Control that provides health (including medical and dental), life, accident or disability benefits or insurance, vision care or long-term care insurance. 

 

	 	(g)	“Amounts Payable Under Any Cash Bonus Plans” shall mean the average of the amounts paid to Executive under any cash-based incentive or bonus plan or plans in
which Executive participates (to the extent that such incentive or bonus plan has a performance period of one year or less) with respect to the last three full fiscal years of Executive’s participation in such plans prior to Employment
Termination or, if higher, prior to a Change in Control. For purposes of the preceding sentence, (A) if Executive’s number of full fiscal years of participation in any such cash-based plan prior to a Change in Control is less than three,
the amount under this paragraph shall be calculated as the average of the annual amounts paid or payable to Executive over the number of full fiscal years of Executive’s participation in such cash-based plan or plans prior to a Change in
Control, or the number of full fiscal years of Executive’s participation in such cash-based plan or plans prior to Employment Termination, whichever produces a higher average annual amount and (B) if Executive has not has not participated
in any such cash-based plan or plans for a full fiscal year prior to a Change in Control, the Amounts Payable Under Any Cash Bonus Plans shall be deemed to equal [    ]% of Executive’s salary rate in effect on the
date of a Change in Control. 

  

	 	(h)	 “Period Pending a Change in Control” shall be deemed to have commenced if the event set forth in any one of the following shall have
occurred: (A) the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; (B) the Company or any Person publicly announces an intention to take or to consider taking actions which,
if consummated, would constitute a Change in Control; (C) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing 15% or more of either the then outstanding shares of common stock of the
Company or the combined voting power of the Corporation’s then outstanding securities (not including in the securities beneficially owned by such 

  
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Person any securities acquired directly from the Company or its Affiliates); or (D) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Period Pending a
Change in Control has commenced. The Period Pending a Change in Control shall lapse upon the occurrence of a Change in Control or, if earlier (i) with respect to a Period Pending a Change in Control occurring pursuant to clause (A) of the
definition, immediately upon the abandonment or termination of the applicable agreement, (ii) with respect to a Period Pending a Change in Control occurring pursuant to clause (B) of the definition, immediately upon a public announcement
by the applicable party that such party has abandoned its intention to take or consider taking actions which if consummated would result in a Change in Control or (iii) with respect to a Period Pending a Change in Control occurring pursuant to
clause (C) or (D) of the definition, upon the one year anniversary of the commencement of the Period Pending a Change in Control (or such earlier date as may be determined by the Board). 

 

	3.	Certain Reductions in Payments by the Company. 

  

	 	(a)	 Limitation on Payments. Anything in this Agreement to the contrary notwithstanding, in the event that any payment or distribution by or on
behalf of the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (the “Payments”) is determined to be an “excess parachute
payment” pursuant to Code Section 280G or any successor or substitute provision of the Code, with the effect that Executive would be liable for the payment of the excise tax described in Code Section 4999 or any successor or
substitute provision of the Code (such excise tax is hereinafter referred to as the “Excise Tax”), then, after taking into account any reduction in the Payments provided by reason of Code Section 280G in such other plan, arrangement
or agreement, the Payments due under Section 1 hereof shall be reduced, in the manner set forth below, to the extent necessary so that no portion of the Payments is subject to the Excise Tax, but only if (A) the net amount of such
Payments, as so reduced (and after subtracting the net amount of federal, state, local and other income taxes and FICA taxes on such reduced Payments) is greater than or equal to (B) the net amount of such Payments without such reduction (but
after subtracting the net amount of federal, state, local and other income taxes and FICA taxes on such Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Payments). Any reduction in the
Payments due under Section 1 hereof pursuant to this Section 3 shall be made in the following order: (1) the cash Payments (other than any such Payments with a value under Code Section 280G that is less than the full economic
value of such Payment, whether pursuant to the application of Q&A 24(c) of the regulations promulgated under Code Section 280G or otherwise (such payments being hereinafter referred to as “Q&A 24(c) Payments”)) due under
Section 1 hereof that do not constitute deferred compensation within the meaning of Code Section 409A shall first be reduced, (2) all other Payments (other than any Q&A 24(c) Payments) due under Section 1 hereof that do not
constitute deferred compensation within the meaning of Code Section 409A shall 

  
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next be reduced, (3) all Payments (other than any Q&A 24(c)) due under Section 1 hereof that do constitute deferred compensation within the meaning of Code Section 409A shall
next be reduced (beginning with those payments last to be paid), (4) the cash Payments due under Section 1 hereof that constitute Q&A 24(c) Payments but do not constitute deferred compensation within the meaning of Code
Section 409A shall next be reduced, (5) all other Payments due under Section 1 hereof that constitute Q&A 24(c) Payments but do not constitute deferred compensation within the meaning of Code Section 409A shall next be
reduced and (6) all Q&A 24(c) Payments due under Section 1 hereof that do constitute deferred compensation within the meaning of Code Section 409A shall next be reduced (beginning with those payments last to be paid); provided,
however, that, to the extent permitted by Code Section 409A, the Executive may elect to have the noncash Payments reduced (or eliminated) prior to any reduction of the cash Payments. 

 

	 	(b)	Determinations. For purposes of determining whether and the extent to which the Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(i) no portion of the Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Code Section 280G(b) shall be taken into
account, (ii) no portion of the Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and selected by the accounting firm (the “Auditor”) which was,
immediately prior to the Change in Control, the Company’s independent auditor, does not constitute a “parachute payment” within the meaning of Code Section 280G(b)(2) (including by reason of Code Section 280G(b)(4)(A)) and,
in calculating the Excise Tax, no portion of the Payments shall be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Code Section 280G(b)(4)(B), in
excess of the Base Amount (as defined in Code Section 280G) allocable to such reasonable compensation, and (iii) the value of any non cash benefit or any deferred payment or benefit included in the Payments shall be determined by the
Auditor in accordance with the principles of Code Sections 280G(d)(3) and (4). For purposes of this Section 3, (1) the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation in the
calendar year in which the applicable Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence in the calendar year in which the applicable Payment is
to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes and (2) except to the extent that the Executive otherwise notifies the Company, the Executive shall be deemed
to be subject to the loss of itemized deductions and personal exemptions to the maximum extent provided by the Code for each dollar of incremental income. 

  

	 	(c)	 Process. At the time that payments are made under this Agreement, the Company shall provide the Executive with a written statement setting forth
the manner in 

  
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which such payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has received from Tax Counsel, the Auditor or other
advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). If the Executive objects to the Company’s calculations, the Company shall pay to the Executive such portion of the Payments due
under Section 1 hereof (up to 100% thereof) as the Executive determines is necessary to result in the proper application of Section 3(a) hereof. All fees and expenses of the Accounting Firm shall be borne solely by the Company.

  

	4.	Mitigation and Set-Off. Executive shall not be required to mitigate Executive’s damages by seeking other employment or otherwise. The Company’s
obligations under this Agreement shall not be reduced in any way by reason of any compensation or benefits received (or foregone) by Executive from sources other than the Company after Executive’s Employment Termination, or any amounts that
might have been received by Executive in other employment had Executive sought such other employment. Executive’s entitlement to benefits and coverage under this Agreement shall continue after, and shall not be affected by, Executive’s
obtaining other employment after his Employment Termination, provided that any such benefit or coverage shall not be furnished if Executive expressly waives the specific benefit or coverage by giving written notice of waiver to the Company.

  

	5.	Litigation Expenses. The Company shall pay to Executive all out-of-pocket expenses, including attorneys’ fees, incurred by Executive in the event Executive
successfully enforces any provision of this Agreement in any action, arbitration or lawsuit, provided that Executive submits an invoice for such expenses to the Company within 60 days following entry of a final order, decree or ruling demonstrating
successful enforcement of any such action, arbitration or lawsuit, in which case the Company shall remit payment to Executive within 15 days of such invoice. 

 

	6.	Assignment; Successors. This Agreement may not be assigned by the Company without the written consent of Executive but the obligations of the Company under this
Agreement shall be the binding legal obligations of any successor to the Company by merger, consolidation or otherwise, and in the event of any business combination or transaction that results in the transfer of substantially all of the assets or
business of the Company, the Company will cause the transferee to assume the obligations of the Company under this Agreement. This Agreement may not be assigned by Executive during Executive’s life, and upon Executive’s death will inure to
the benefit of Executive’s heirs, legatees and legal representatives of Executive’s estate. 

  

	7.	Interpretation. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois, without
regard to the conflict of law principles thereof. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

  
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	8.	Withholding. The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient to satisfy applicable withholding
requirements under any federal, state or local law. 

  

	9.	Amendment or Termination. This Agreement may be amended at any time by written agreement between the Company and Executive. The Company may terminate this
Agreement by written notice given to Executive at least two years prior to the effective date of such termination, provided that, if a Change in Control occurs prior to the effective date such termination, the termination of this Agreement shall not
be effective and Executive shall be entitled to the full benefits of this Agreement. Any such amendment or termination shall be made pursuant to a resolution of the Board. 

 

	10.	Financing. Cash and benefit payments under this Agreement shall constitute general obligations of the Company. Executive shall have only an unsecured right to
payment thereof out of the general assets of the Company. Notwithstanding the foregoing, the Company may, by agreement with one or more trustees to be selected by the Company, create a trust on such terms as the Company shall determine to make
payments to Executive in accordance with the terms of this Agreement. 

  

	11.	Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining
provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 

  

	12.	Entire Agreement. This Agreement sets forth the entire understanding of the parties, and supersedes and preempts all prior oral or written understandings and
agreements with respect to the subject matter hereof, including the Prior Agreement. 

  

	13.	 Compliance with Section 409A. The provisions of this Agreement are intended to comply in all applicable respects with the requirements of
Section 409A of the Code, and shall be construed so as to comply with such section. Notwithstanding anything to the contrary herein, if Executive is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the
Code), any amounts (or benefits) otherwise payable to or in respect of him pursuant this Agreement, the payment of which is required to be delayed pursuant to the provisions of Section 409A of the Code shall be so delayed until the earliest
date permitted by Section 409A(a)(2) of the Code. Without limiting the generality of the foregoing, in the event necessary to comply with the provisions of Section 409A of the Code and the guidance issued thereunder (a) reimbursements
to Executive as a result of the operation of Section 1(a)(iii) hereof shall be made not later than the end of the calendar year following the year in which the reimbursable expense is incurred and (b) if Executive is a “specified
employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code), any reimbursements to Executive as a result of the operation of 1(a)(iii) with respect to a reimbursable event within the first six months following the date of
Employment Termination shall be made as soon as practicable following the date which is six months and one day following the date of Employment Termination (subject to clause (a) of this sentence). The Company and Executive agree to cooperate
in good faith in an effort to comply with Section 409A of the Code 

  
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including, if necessary, amending the agreement based on further guidance issued by the Internal Revenue Service from time to time, provided that the Company shall not be required to assume any
increased economic burden in connection with such amendment. 

 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the day and year first written above. 
 NORTHERN TRUST CORPORATION 

 

					
	By:	 	 	 	 
	  
	 		 	  

	  Its Chairman & Chief Executive Officer	 		 	    Executive

  
 12Third Amendment, dated as of June 17, 2011, to Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT
AGREEMENT (“Amendment”) is made as of June 17, 2011 by and among WESTELL TECHNOLOGIES, INC., a Delaware corporation (“Technologies”), WESTELL, INC., an Illinois corporation (“Westell”), TELTREND LLC,
a Delaware limited liability company (“Teltrend”) and CONFERENCE PLUS, INC., a Delaware corporation (“CPI”, Technologies, Westell, Teltrend and CPI being hereinafter collectively referred to as the
“Borrowers” and individually as a “Borrower”) and THE PRIVATEBANK AND TRUST COMPANY, an Illinois state chartered bank (the “Lender”). 

RECITALS 
 A. The Lender and the Borrowers entered into a Credit Agreement dated as of March 5, 2009, as heretofore amended (as so amended, the “Credit Agreement”). 

B. The parties to the Credit Agreement desire to enter into this Amendment for the purpose of amending certain provisions of the Credit
Agreement. 
 AGREEMENT 
 In consideration of the matters set forth in the recitals and the covenants and provisions herein set forth, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows: 
 1. Definitions. Capitalized terms used but not defined herein are used as defined in the
Credit Agreement. 
 2. Amendments. Upon satisfaction of the conditions precedent hereinafter set forth, the Credit
Agreement shall be amended as follows: 
 2.1 Section 11.4 of the Credit Agreement, Restricted
Payments, is hereby amended by deleting the phrase “an amount of up to $8,500,000 of” appearing therein. 
 3.
Representations and Warranties. To induce the Lender to execute this Amendment, each Borrower represents and warrants to the Lender as follows: 
 3.1 Each Borrower is duly authorized to execute and deliver this Amendment and is duly authorized to perform its obligations hereunder. 

3.2 The execution, delivery and performance by the Borrowers of this Amendment do not and will not (i) require any
consent or approval of any Person (other than any consent or approval which has been obtained and is in full force and effect), (ii) conflict with (A) any provision of law, (B) the charter, by-laws or other organizational documents of
any Borrower or (C) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon any Borrower or any of its properties or (iii) require, or result in, the creation or imposition of any
Lien on any asset of any Borrower other than Liens in favor of the Lender. 
 3.3 This Amendment is the legal,
valid and binding obligation of each Borrower, enforceable against such Borrower in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting enforceability of creditors’ rights generally and to general principles
of equity. 

 3.4 The representations and warranties in the Loan Documents (including but
not limited to Section 9 of the Credit Agreement) are true and correct with the same effect as though made on and as of the date of this Amendment (except to the extent stated to relate to a specific earlier date, in which case such
representations and warranties were true and correct as of such earlier date). 
 3.5 No Unmatured Event of
Default or Event of Default has occurred and is continuing. 
 4. Affirmation. Except as expressly amended hereby, the
Credit Agreement is and shall continue in full force and effect and each Borrower hereby fully ratifies and affirms each Loan Document to which it is a party. Reference in any of this Amendment, the Credit Agreement or any other Loan Document to the
Credit Agreement shall be a reference to the Credit Agreement as amended hereby and as further amended, modified, restated, supplemented or extended from time to time. This Amendment shall constitute a Loan Document for purposes of the Credit
Agreement and the other Loan Documents. 
 5. Costs and Expenses. The Borrowers agree to pay or reimburse the Lender
within five (5) Business Days after demand for all reasonable costs and expenses (including Attorney Costs) incurred by the Lender in connection with the preparation, negotiation and delivery of this Amendment. 

6. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all
of which when taken together shall constitute one instrument. Delivery of an executed counterpart of this Amendment by facsimile or electronic transmission shall be effective as delivery for an original counterpart. 

7. Headings. The headings and captions of this Amendment are for the purposes of reference only and shall not affect the
construction of, or be taken into consideration in interpreting, this Amendment. 
 8. Conditions to Amendment. This
Amendment shall become effective upon the satisfaction in full of all of the following conditions precedent, each of which shall be satisfactory to the Lender: 
 8.1 Amendment. The Borrowers shall have executed and delivered to the Lender this Amendment. 
 8.2 Other. The Lender shall have received such other documents as the Lender shall reasonably request. 
 9. APPLICABLE LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS WITHOUT GIVING EFFECT TO ILLINOIS CHOICE OF LAW DOCTRINE. 

Signature pages follow 

  
 2 

 The parties hereto have caused this Amendment to be executed by their duly authorized
officers, all as of the day and year first above written. 
  

			
	BORROWERS:
	
	WESTELL TECHNOLOGIES, INC., as a Borrower and Borrower Representative
		
	By:	 	 /s/ Brian S. Cooper

	Name:	 	 Brian S. Cooper

	Title:	 	 CFO

	
	WESTELL, INC., as a Borrower
		
	By:	 	 /s/ Brian S. Cooper

	Name:	 	 Brian S. Cooper

	Title:	 	 CFO

	
	TELTREND LLC, as a Borrower
		
	By:	 	 /s/ Brian S. Cooper

	Name:	 	 Brian S. Cooper

	Title:	 	 CFO

	
	CONFERENCE PLUS, INC., as a Borrower
		
	By:	 	 /s/ Brian S. Cooper

	Name:	 	 Brian S. Cooper

	Title:	 	 CFO

 Third Amendment Signature Page 

 
			
	LENDER:
	
	THE PRIVATEBANK AND TRUST COMPANY
		
	By:	 	 /s/ William J. Robertson

	Name:	 	 William J. Robertson

	Title:	 	 Managing Director

 Third Amendment Signature Page

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