Document:

Form of Non-Solicitation Agreement

 Exhibit 10.5 
  
 FORM OF 
 NON-SOLICITATION AGREEMENT 
  
 In consideration of my employment
with The Northern Trust Company and any affiliated companies by which I become employed (“Company”), I agree as follows: 
  

	 	1.	I agree and acknowledge: (1) that in the course of and as a consequence of my employment with the Company and because of the nature of my responsibilities I will have access to and
will be entrusted with Confidential Information concerning the Company’s business; (2) that I will occupy a position of trust and confidence with respect to such Confidential Information; (3) that the Company entrusts me with Confidential
Information in reliance on a confidential relationship arising out of my employment with the Company and my execution of this Agreement; (4) that such Confidential Information that I may acquire or to which I may have access is of great value to the
Company. 

  

	 	2.	Upon termination, I will not remove physically, electronically or in any other way any Confidential Information from premises owned, used or leased by the Company. Upon any
termination of my employment, all Confidential Information (including all copies) will be turned over immediately to my supervisor or other designee at the Company, and I shall retain no copies thereof. 

  

	 	3.	I agree that, during the course of my employment with the Company and after I cease to be employed by the Company for any reason, I will not, directly or indirectly, for my own or
another’s benefit, use, make known or divulge any Confidential Information. 

  

	 	4.	I agree that, during the course of my employment with the Company, I will not directly or indirectly, nor will I assist anyone else to, engage in any activity that is competitive
with the Company or any of its subsidiaries or affiliates. 

  

	 	5.	I agree that for a period of twelve (12) months after I cease to be employed by the Company for any reason, I will not, directly or indirectly: (1) provide, or assist in the
provision of, any Competitive Services or Products to any Client or Prospective Client; (2) Solicit, or assist in the Solicitation of, any Client or Prospective Client; or (3) Solicit, encourage, advise, induce or cause any employee of the Company
to terminate his or her employment with the Company or any of its subsidiaries or affiliates, nor provide any assistance, encouragement, information, or suggestion to any person or entity regarding the solicitation or hiring of any employee of the
Company or any of its subsidiaries or affiliates. 

	6.	For purposes of this Agreement: 

  

	 	a.	“Competitive Service or Product” means any service or product: (1) that is substantially similar to or competitive with any service or product that I created or provided,
or of which I assisted in the creation or provision, during my employment by the Company; or (2) about which I had access to Confidential Information during my employment by the Company. 

  

	 	b.	“Client” means any person or entity with which the Company, or any of its subsidiaries or affiliates, did business and with which I had contact, or about which I had
access to Confidential Information, during the last twelve (12) months of my employment. “Prospective Client” means any person or entity to which the Company, or any of its subsidiaries or affiliates, provided, or from which the Company,
or any of its subsidiaries or affiliates received, a proposal, bid, or written inquiry (general advertising or promotional materials and mass mailings excepted) and with which I had contact, or about which I had access to Confidential Information,
during the last twelve (12) months of my employment. 

  

	 	c.	“Solicit” and “Solicitation” (with respect to Clients or Prospective Clients) mean directly or indirectly, and without the Company’s written authorization,
to invite, encourage, request, or induce (or to assist another to invite, encourage, request or induce) any Client or Prospective Client of the Company, or any of its subsidiaries and/or affiliates, to: (1) surrender, redeem or terminate a product,
service or relationship with the Company, or any of its subsidiaries and/or affiliates; (2) obtain any Competitive Service or Product from me or any third party; or (3) transfer a product, service or relationship from the Company, or any of its
subsidiaries and/or affiliates, to me or any third party. 

  

	 	d.	“Confidential Information” means any trade secrets or other information, including, but not limited to, any client information (for example, client lists, information
about client accounts, borrowings, and current or proposed transactions), any internal analysis of clients, marketing strategies, financial reports or projections, business or other plans, data, procedures, methods, computer data or system program
or design, devices, lists, tools, or compilation, which relate to the present or planned business of the Company or any of its subsidiaries or affiliates and which has not been made generally known to the public by authorized representatives of the
Company. 

  

	7.	I acknowledge that my duties for the Company are not confined to any specific geographic area. Rather, my duties pertain to particular customers, and the identities and locations of
these particular customers may change from time to time. I therefore agree that the restrictions in this Agreement attach to Clients and Prospective Clients wherever they may be located during the twelve (12) month period after I cease to be
employed by the Company. 

  

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	 	8.	The provisions of Paragraph 5 shall not prohibit my Solicitation of any Client or Prospective Client with whom I had a business relationship prior to the start of my employment with
the Company, provided that no Confidential Information, directly or indirectly, is used in such Solicitation. 

  

	 	9.	I recognize that the restrictions set forth in this Agreement are reasonable in scope, including as to time, geography, and the nature of the activities they prohibit, and that they
are necessary in order to protect the legitimate interests of the Company, its subsidiaries, and/or its affiliates. I further recognize that the Company, its subsidiaries, and/or its affiliates will suffer immediate and irreparable harm as the
result of any breach of such restrictions and that monetary damages will not be adequate to compensate the Company, its subsidiaries and/or its affiliates for such breach. I understand that the Company, its subsidiaries and/or its affiliates may
seek injunctive relief, in addition to monetary damages, to enforce those restrictions. In the event that the Company, its subsidiaries and/or its affiliates shall successfully enforce any part of this Agreement through legal proceedings, I agree to
pay to the Company, all costs and attorneys’ fees reasonably incurred by it in that endeavor. In the event that I am found to have breached any of the restrictions in this Agreement, the twelve (12) month time period provided for shall be
deemed tolled (i.e., it will not begin to run) for so long as I was in violation of that restriction. 

  

	 	10.	If any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be
construed as if such invalid, illegal, or unenforceable provision had never been contained herein and the remainder of this Agreement shall be enforceable and binding upon the parties. 

  

	 	11.	I understand and acknowledge that if I transfer positions or locations between or among Northern Trust Corporation subsidiaries or affiliates, I may be required to sign another,
substantially similar Non-Solicitation Agreement. I agree that the Company may assign this Agreement, and I hereby consent to such assignment and to the enforcement of this Agreement by the Company’s successors and assigns.

  
 Accepted and agreed as provided above: 
  

			
	  

	  	

	 Signature
	  	 Date

	
	

	 Print Name

  

 -3-Form of Director Stock Agreement

 Exhibit 10.6 
  
 FORM OF 
 DIRECTOR STOCK AGREEMENT 
 UNDER THE NORTHERN TRUST CORPORATION 
 2002 STOCK PLAN 
  
 This Agreement is entered into as of the      day of             , 200    , between Northern Trust Corporation
(“Northern”) and                      (“Participant”). 
  
 The Northern Trust Corporation 2002 Stock Plan (“Plan”) provides in Section 10 of the Plan for the awarding of stock units
(“Stock Units”) to participants, who may include directors of Northern who are not employees of the Corporation or its subsidiaries (collectively, the “Corporation”), as approved by the Compensation and Benefits Committee
(“Committee”) of the Board of Directors of Northern. 
  
 In the exercise
of its discretion under the Plan, the Committee has determined that the Participant should participate in the Plan and receive an award of Stock Units under Section 10 of the Plan, and, accordingly, Northern and the Participant hereby agree as
follows: 
  

	1.	Grant. Northern hereby grants to the Participant an award of [             Stock Units] [ Stock Units equal
in value to $60,000, as determined by the average of the high and low sale prices of Northern’s Common Stock (as defined below) on the date of the 200_ annual meeting of stockholders], subject to the terms and conditions of the Plan and this
Agreement. A Stock Unit is the right, subject to the terms and conditions of the Plan and this Agreement, to receive a distribution of a share of common stock, $1.66 2/3 par value per share, of Northern (“Common Stock”),
pursuant to Paragraph 6 of this Agreement. 

  

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

  

	3.	Dividend Equivalents. Except as provided below in Paragraph 7 of this Agreement, upon the payment of any dividend on Common Stock occurring during the period preceding the
distribution of the Participant’s Stock Unit award pursuant to Paragraph 6 of this Agreement, Northern shall promptly pay to the Participant an amount in cash equal in value to the dividends that the Participant would have received had the
Participant been the actual owner on the record date of the number of shares of Common Stock represented by the Stock Units in the Participant’s Stock Unit Account on that date (“Dividend Equivalents”). 

  

	4.	 Forfeiture. If the Participant’s service on the Board of Directors of Northern terminates for any reason prior to the Annual Meeting of the Stockholders
of Northern held in 200_, the Participant’s Stock Units that have not yet vested shall be forfeited and revert to Northern. Northern shall have no further obligation to the Participant under this Agreement with respect to any forfeited Stock
Units. 

	5.	Vesting. The Stock Units shall become vested in accordance with the vesting schedule attached as Exhibit A to this Agreement. 

  

	6.	Distribution. Except as provided below in Paragraph 7 of this Agreement, the Participant’s Stock Units shall be distributed to the Participant as soon as practicable
after vesting. Stock Units shall be distributed only in shares of Common Stock so that, pursuant to Paragraph 1 of this Agreement and this Paragraph 6, a Participant shall be entitled to receive one share of Common Stock for each Stock Unit in the
Participant’s Stock Unit Account. No distribution shall be made prior to the first date that shares of Common Stock may be distributed to the Participant without penalty or forfeiture under federal or state laws or regulations governing short
swing trading of securities. In determining whether a distribution would result in such a penalty or forfeiture, Northern may rely upon information reasonably available to it or upon representations of the Participant’s legal or personal
representative. 

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

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

  

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

  

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

  

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

  

	 	•	 	The Participant’s estate. 

  
 Such distribution shall be made as soon as practicable after the death of the Participant or on such other date designated by the Participant or the
Participant’s Beneficiary, but in any event not later than two years after the death of the Participant. 
  

	7.	Voluntary Deferral. 

  

	 	(a)	 Subject to applicable law, the Participant may elect to defer receipt of the payment of all or any portion of the Stock Units until the date on which the
Participant’s service on the Board of Directors of Northern terminates. Any such election would likewise apply to the Dividend Equivalents payable with respect to such deferred Stock Units. Deferred Dividend Equivalents shall be credited to a
cash account (“Cash Account”) maintained by Northern on its books in the name of the Participant. Until the entire balance of a Cash Account has been paid to the 

  

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Participant or to the Participant’s Beneficiaries (as defined in Paragraph 6), such balance shall be increased on the last day of each calendar quarter
to reflect accrued interest on such balance based on the rate of interest determined from time to time by the Committee. 
  

	 	(b)	The Participant shall make any election to defer receipt of the payment of all or any portion of the Stock Units by filing a deferral election form with the Committee prior to the
first day of the calendar year in which the Participant would become entitled to such payment or by such other date as the Committee may from time to time establish. 

  

	 	(c)	The entire balance of deferred Stock Units in the Stock Unit Account and deferred Dividend Equivalents in the Cash Account shall be paid to the Participant or to the Beneficiaries
of the Participant (i) in a single lump sum on the 10th business day following the date the Participant’s
service on the Board of Directors of Northern terminates for any reason, or (ii) in up to 10 annual installments beginning on the 10th business day following the date the Participant’s service on the Board of Directors of Northern terminates for any reason, as designated by the Participant or the Beneficiaries of the Participant. In the absence of a
designation, the entire balance of deferred Stock Units in the Stock Unit Account and deferred Dividend Equivalents in the Cash Account shall be paid in a single lump sum. 

  

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

  

	 	(e)	 Deferred Dividend Equivalents in the Participant’s Cash Account shall be distributed in cash. In the event of a single lump sum distribution in cash, the
entire balance of the Participant’s Cash Account shall be distributed to the Participant or the Beneficiaries of the Participant on the distribution date described in Paragraph 7(c) above. In the event of a distribution in cash in up to 10
annual installments, the balance of the Cash Account shall continue to accrue interest and shall be distributed to the Participant or the Beneficiaries of the 

  

 -3- 

 
Participant on the distribution date in each year of the installment period in an amount equal to the then current balance in the Cash Account multiplied by
a fraction, the numerator of which shall be one, and the denominator of which shall be the number of years remaining in the installment period. 
  

	8.	Delivery of Shares. Northern shall not be required to issue or deliver any shares of Common Stock pending compliance with applicable federal and state securities laws
(including any registration required) and compliance with applicable stock exchange rules and practices. Northern shall use its reasonable efforts to cause compliance with those laws, rules and practices. 

  

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

  

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

  

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

  

	12.	Withholding. Northern shall have the right to deduct from any distribution hereunder in cash any sum required to be withheld by Northern for federal, state or local taxes. In
the case of any distribution made hereunder in shares of Common Stock, Northern requires as a condition of distribution that the Participant or the Participant’s Beneficiary pay Northern the amount which Northern determines to be required to be
withheld for federal, state or local taxes. Unless the Participant otherwise elects, the tax withholding obligation with respect to shares of Common Stock shall be satisfied by Northern’s withholding a portion of such shares otherwise
distributable to the Participant. The Participant may elect to satisfy the tax withholding obligation by the delivery to Northern of shares of Common Stock acceptable to the Corporation. Any shares withheld or delivered shall be valued at their fair
market value as of the date of distribution. 

  

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

  

 -4- 

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

  

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

  

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

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

			
	Northern Trust Corporation
		
	 By:
	 	  

	 	 	       Its Chairman and Chief Executive Officer

	  

	 Participant

  

 -5- 

 Exhibit A 
  
 Your Stock Units will vest according to the following schedule: 
  

			
	 Vesting Date

	 	 Vesting Percentage

  

 A-1

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