Document:

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                                                                 Exhibit 10(vi)

                    NORTHERN TRUST CORPORATION SEVERANCE PLAN

                                    ARTICLE I
                                    ---------

                                     Purpose

The purpose of the Northern Trust Corporation Severance Plan ("Plan") is to
provide severance payments to certain Employees in the event their employment is
terminated by their Employer in specified circumstances such as job
eliminations, reductions in force and similar situations described in this Plan.

                                   ARTICLE II
                                   ----------

                                   Definitions

2.1      "Administrator" means the Corporation or such person(s) or committee(s)
         designated by the Corporation. Where appropriate, Administrator also
         means any duly authorized delegate of the Administrator. The
         Administrator shall be the "plan administrator" and the "named
         fiduciary" of the Plan for purposes of the Employee Retirement Income
         Security Act of 1974, as amended ("ERISA").

2.2      "Base Pay" means: (i) (A) for a salaried Employee, that Employee's
         weekly base salary as determined from the personnel records of an
         Employer at Termination and (B) for an Employee who is paid on an
         hourly basis, that Employee's hourly rate of pay multiplied by the
         number of hours the Employee is schedule to work during a week, as
         determined from the personnel records of the Employer at Termination,
         plus (ii) for any Employee, that Employee's scheduled weekly shift
         differential, if any, as determined from the personnel records of the
         Employer at Termination. In all instances, Base Pay excludes overtime,
         commissions, bonuses, reimbursements, pay for time worked in excess of
         hours scheduled and all other forms of compensation.

2.3      "Corporation" means Northern Trust Corporation, a Delaware corporation,
         and its successors and assigns.

2.4      "Company" means The Northern Trust Company, an Illinois state bank, and
         its successors and assigns.

2.5      "Committee" means the Employee Benefit Administrative Committee of the
         Company, as constituted from time to time.

2.6      "Eligible  Employee" means an Employee who is determined by the
         Administrator to be entitled to Severance  Benefits under the Plan,
         subject to Section 4.4.

2.7      "Employee" means an individual employed in the service of an Employer
         as a regular full-time or part-time common-law employee (i) on the
         active payroll; (ii) on a leave of absence with a reemployment
         guarantee; or (iii) receiving disability benefits. An Employee does not
         include individuals in jobs classified by an Employer as "temporary" or
         "limited post" positions or any other individual in the temporary
         employ of an Employer. No individual

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         will be considered an Employee nor will such individual be otherwise
         eligible to receive benefits under the Plan during any period in which
         such individual is providing services to an Employer under a contract,
         arrangement, or understanding with such individual, or with an agency
         or leasing organization that treats the individual as either an
         independent contractor or an employee of such agency or leasing
         organization, even if such individual is later determined (by judicial
         action or otherwise) to have been a common law employee of an Employer
         rather than an independent contractor or an employee of such agency or
         leasing organization.

2.8      "Employer" means the Corporation and its U.S. affiliates, including the
         Company. The term "affiliate" means any corporation which is a member
         of the same controlled group of corporations as the Corporation under
         section 1563(a) of the Internal Revenue Code of 1986, as amended (the
         "Code") or an unincorporated trade or business under Section 414(c) of
         the Code.

2.9      "Severance Benefits" means the benefits described in the Severance
         Schedule to the Plan to which an Eligible Employee may be entitled
         under the provisions of the Plan.

2.10     "Termination" means, for purposes of determining entitlement to
         Severance Benefits under the Plan, a complete severance of an
         Employee's employment relationship with Employer. "Termination" does
         not include situations involving (i) temporary absence, such as a
         Family and Medical Leave Act ("FMLA") leave or a temporary layoff, in
         which an Employee retains any entitlement to reinstatement; (ii) the
         total or partial sale or transfer of ownership of an Employer or a
         business unit of an Employer (stock or asset sale) if the Employee is
         offered employment with the purchasing or new entity as part of or at
         the time of the sale or transfer; (iii) the outsourcing of Employer
         work to a non-Employer if the Employee is offered employment with such
         non-Employer as part of or at the time of the outsourcing; or (iv) the
         elimination of the position or job of an Employee if the Employee is
         offered comparable employment with an Employer (as determined by the
         Employer in the Employer's sole discretion) in a position which does
         not require relocation to a non-commutable distance.

2.11     "Termination for Unacceptable Performance" means the Termination of an
         Employee for reasons related to his or her performance of job duties
         and responsibilities, which performance is considered unacceptable to
         an Employer.

2.12     "Termination for Cause" means the Termination of an Employee for
         engaging in conduct which violates an Employer's policies and/or is
         harmful to an Employer, including but not limited to excessive
         unauthorized absenteeism or tardiness, abuse of controlled substances
         and/or alcohol, reporting to work under the influence of controlled
         substances and/or alcohol, gambling, possession of firearms on Employer
         property, theft or unauthorized use of Employer property, conduct which
         creates a conflict of interest, unauthorized use of insider information
         and offering or accepting bribes, and all other misconduct, as
         determined by an Employer.

2.13     "Termination Based on Employer Action" means any Termination of an
         Eligible Employee at the request of an Employer due to: (i) the
         elimination of such Employee's job, (ii) a reduction in force, (iii)
         the outsourcing of Employer work to a non-Employer, (iv) the

                                     - 2 -

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         consolidation of positions or functions, (v) the relocation of work to
         a non-commutable distance as provided in an Employer's policies and
         practices, or (vi) the sale or transfer of all or part of the stock or
         assets of an Employer or a business unit of Employer; provided,
         however, that a Termination Based on Employer Action, shall not be
         considered to have occurred if the Employee is offered (A) a comparable
         position (as determined by the Employer in the Employer's sole
         discretion) with an Employer which does not require relocation to a
         non-commutable distance or (B) employment with a purchaser, transferee
         or outsourcing non-Employer or an affiliate of a purchaser, transferee,
         or outsourcing non-Employer, regardless of whether the Employee elects
         to accept any such offer.

2.14     "Voluntary Termination" means an Employee's voluntary Termination of
         his or her employment.

2.15     "Year of Service" means a 12-consecutive month period beginning on the
         Employee's hire date with an Employer and on each anniversary thereof
         during which he or she continues to be an Employee.

                                   ARTICLE III
                                   -----------

                       Eligibility for Severance Benefits

3.1      Termination Based on Employer Action. Subject to Section 4.4, an
         Employee whose Termination of employment is a Termination Based on
         Employer Action, as defined in Section 2.13, will be considered an
         Eligible Employee and entitled to Severance Benefits.

3.2      Ineligible Employees. An Employee whose Termination of employment is
         for any reason other than a Termination Based on Employer Action,
         including but not limited to Termination for Cause, Termination for
         Unacceptable Performance, or Voluntary Termination, shall not be
         entitled to Severance Benefits under this Plan.

3.3      Employees on Leave or Receiving Disability Benefits. (i) (A) Except as
         otherwise required by applicable law, no Eligible Employee may apply
         for or commence any leave of absence after the beginning of such
         Eligible Employee's Notification Period described in Section 4.2, even
         if such leave was previously approved before such Notification Period.
         (B) If an Eligible Employee commences an authorized leave of absence
         during the Notification Period pursuant to applicable law as described
         in Section 3.3(i)(A) or if an Eligible Employee has commenced an
         authorized leave of absence under an Employer's leave policies before
         such Eligible Employee's Notification Period, such Eligible Employee
         may remain on such leave until the earlier of the authorized end of the
         leave or the end of such Notification Period. At the end of such
         Notification Period, such Eligible Employee's employment will be
         terminated, and such Eligible Employee will be entitled to Severance
         Benefits, subject to Section 4.4.

         (ii) If, before or during the Eligible Employee's Notification Period
         described in Section 4.2, an Eligible Employee begins receiving
         benefits under an Employer's short-term disability plan, the Eligible
         Employee will continue to receive such disability benefits through the
         end of the certification period under such short-term disability plan.
         At the end of the certification period, such Eligible Employee's
         employment will be terminated, and

                                     - 3 -

<PAGE>

         such Eligible Employee will be entitled to Severance Benefits, subject
         to Section 4.4 and subsection (iii) of this Section 3.3.

         (iii) If, before or during the Eligible Employee's Notification Period
         (or immediately following an Eligible Employee's receipt of short-term
         disability benefits pursuant to subsection (ii) of this Section 3.3),
         an Eligible Employee begins receiving benefits under an Employer's
         long-term disability plan, such Eligible Employee will continue to
         receive such disability benefits in accordance with such long-term
         disability plan. If such Eligible Employee is able to return to active
         employment during the first six (6) months of such long-term disability
         benefits, such Eligible Employee's employment will be terminated, and
         such Eligible Employee will be entitled to Severance Benefits, subject
         to Section 4.4. However, if such an Eligible Employee receives such
         long-term disability benefits for more than six (6) months, such
         Eligible Employee will no longer be entitled to any Severance Benefits
         regardless of the reasons for or timing of such Employee's Termination
         of employment.

         (iv) Anything in the Plan to the contrary notwithstanding, an Eligible
         Employee who, during his or her Notification Period, is on an
         authorized, unpaid personal leave with a medical condition pursuant to
         his or her Employer's leave policies, shall be treated for purposes of
         this Plan as if he or she were receiving benefits under such Employer's
         short-term disability plan. Such an Eligible Employee's employment
         termination and eligibility for Severance Benefits shall be determined
         under Section 3.3(ii) of this Plan.

                                   ARTICLE IV
                                   ----------

                               Severance Benefits

4.1      Severance Benefits. An Eligible Employee shall be entitled to severance
         benefit payments in accordance with the Severance Schedule attached
         hereto. In addition, an Eligible Employee shall be entitled to certain
         welfare benefits and enhanced retirement benefits in accordance with
         the Severance Schedule. Welfare benefits and enhanced retirement
         benefits shall only be provided pursuant to the Plan in accordance with
         the provisions of the applicable welfare and retirement plans sponsored
         by an Employer.

4.2      Payment. Severance Benefits will generally be paid in the form elected
         by an Eligible Employee under the Plan. An Eligible Employee may elect
         to receive Severance Benefits in the form of a lump sum cash payment to
         be made as soon as practicable following Termination Based on Employer
         Action or in a specified number of periodic payments as provided in the
         Severance Schedule. All payments will be made from an Employer's
         general assets. Severance Benefits will commence upon the Eligible
         Employee's Termination Based on Employer Action following a
         notification period of no less than sixty (60) days (the "Notification
         Period"). At the Employer's sole discretion, an Eligible Employee may
         or may not be required to report to his or her usual work location and
         to continue to perform his or her regular duties during the
         Notification Period. Payment of Severance Benefits is conditioned upon
         the execution of a release in accordance with the provisions of Section
         4.4.

4.3      Withholding.  An Employer  shall  withhold from any  Severance Benefits
         paid hereunder all federal and state income,  FICA and other employment
         taxes, and any other amounts

                                     - 4 -

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         required or permitted to be withheld under any agreement with the
         Eligible Employee, applicable law or other employee benefit plans of an
         Employer.

4.4      Payments Conditioned on Release. Except as otherwise provided in this
         Section 4.4, eligibility for the receipt of any and all Severance
         Benefits under the Plan is expressly conditioned upon the execution by
         an Eligible Employee of a comprehensive settlement agreement, waiver
         and release ("Release"), in a form and manner to be determined in the
         sole discretion of the Administrator. An Eligible Employee who does not
         execute such a Release or who revokes such a Release during the
         applicable revocation period will receive only (i) one week of Base Pay
         for Non-Officers and two weeks of Base Pay for Officers as described in
         the Severance Schedule, (ii) access to the Employer's Family Assistance
         and LifeWorks(R) Programs for a period of ninety (90) days following
         such Eligible Employee's Termination date and basic outplacement
         assistance, and (iii) the opportunity to work with a recruiting
         consultant to perform an internal search for a new position during the
         Notification Period, and will not be eligible for any other Severance
         Benefits under the Plan regardless of the reason for Termination.

4.5      Right of Offset. By accepting Severance Benefits under the Plan, an
         Eligible Employee agrees that the Administrator, in its sole
         discretion, may withhold from any amounts payable under the Plan any
         amounts owed to the Employer by the Eligible Employee.

4.6      Reduction for Other Severance Payments. The amount of Severance
         Benefits to which an Eligible Employee is otherwise entitled under the
         Plan upon a Termination Based on Employer Action shall be reduced by
         the amount, if any, of any other severance payments payable by reason
         of such Termination to the Eligible Employee by an Employer under any
         other plan, program or individual contractual arrangement.

4.7      Death of Eligible Employee. If an Eligible Employee dies after his or
         her date of Termination Based on Employer Action under this Plan and
         prior to the receipt of all Severance Benefits to which he or she is
         entitled under the Plan, any such remaining Severance Benefits shall be
         paid on his or her behalf in the form of a single, lump sum cash
         payment to the Eligible Employee's estate or to the court presiding
         over the deceased Eligible Employee's estate, if in the opinion of the
         Administrator, the administration of the estate is in dispute.

         If an Eligible Employee dies, after the beginning of his or her
         Notification Period but before his or her date of Termination Based on
         Employer Action, no Severance Benefits or other payments of any kind
         will be made to him or her or on his or her behalf under this Plan at
         any time. Instead, such pay and/or benefits as are provided upon the
         death of any other active Employee shall be payable with respect to
         such deceased Eligible Employee.

4.8      Reemployed Eligible Employees. If an Eligible Employee has a
         Termination of employment and he or she is later reemployed by an
         Employer, his or her prior service with the Employer will be treated as
         follows for Plan purposes if his or her employment is terminated under
         the Plan following such reemployment: (i) If such Eligible Employee is
         reemployed within a year of the prior Termination date, the period of
         absence and such Eligible Employee's prior service as of the prior
         Termination date will be considered

                                     - 5 -

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         continuous service for purposes of determining eligibility for and the
         amount of Plan benefits under the Plan.

         (ii) If such Eligible Employee is reemployed more than one year after
         the prior Termination date, neither such Eligible Employee's prior
         service nor the period of absence will be considered as service for any
         purpose under the Plan. Instead, such former Eligible Employee's date
         of reemployment with an Employer will determine such Employee's
         subsequent eligibility for and amount of Plan benefits under the Plan,
         if any.

                                    ARTICLE V
                                    ---------

                               Plan Administration

5.1      Operation and Administration of Plan by the Administrator. The
         Administrator shall have the complete authority to control and manage
         the operation and administration of the Plan. The Administrator has
         full and exclusive discretionary authority to:

         a.       construe and interpret the provisions of the Plan;

         b.       adopt any rules, procedures and forms necessary for the
                  operation and administration of the Plan;

         c.       determine all questions relating to the eligibility, benefits
                  and other rights of Employees under the Plan;

         d.       keep all records necessary for the operation and
                  administration of the Plan;

         e.       designate or employ agents (who may also be Employees of an
                  Employer) and delegate to such agents the exercise of one or
                  specific powers of the Administrator;

         f.       delegate any or all of its authority under the Plan to any
                  individual, organization or committee either within an
                  Employer or an unrelated third party; and

         g.       retain any legal, accounting or other expert advisers (who may
                  also be advisers to an Employer) in connection with the
                  Administrator's operation and administration of the Plan.

5.2      Reliance on Documents, Instruments, etc. The Administrator may rely on
         any certificate, statement or other representation made on behalf of an
         Employer or any Employee which it in good faith believes to be genuine,
         and on any certificate, statement, report or other representation made
         to it by any agent or any attorney, accountant or other expert retained
         by it or an Employer in connection with the operation and
         administration of the Plan.

5.3      Administrative Expenses. All expenses of operating and administering
         the Plan, including, but not limited to, fees of any agents and experts
         retained by the Administrator under Sections 5.1 and 5.2, will be paid
         by the Employers.

                                     - 6 -

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5.4  Bond, Compensation, Indemnification of Administrator. No bond or other
     security will be required of the Administrator except as provided by law.
     No compensation will be paid to any person for performing his or her duties
     as Administrator. If the Administrator is not an Employer, the
     Administrator will be indemnified by the Corporation for any liabilities
     (including legal expenses) arising from any act or failure to act which is
     done in good faith in accordance with the Plan's provisions.

5.5  Claims. Any person (a "claimant") may make a claim for benefits under the
     Plan by filing a written request for benefits with the Administrator. If
     the claim is wholly or partially denied, the Administrator will cause the
     claimant to receive written or electronic notice of the adverse benefit
     determination within ninety (90) days after receipt of the claim. Notice of
     an adverse benefit determination shall be written in a manner calculated to
     be understood by the claimant and shall contain (1) the specific reason or
     reasons for the adverse benefit determination, (2) a specific reference to
     the pertinent Plan provisions upon which the adverse determination is
     based, (3) a description of any additional material or information
     necessary for the claimant to perfect the claim, together with an
     explanation of why such material or information is necessary, and (4) an
     explanation of the Plan's review procedures and the time limits applicable
     to such procedures including a statement of the claimant's right to bring a
     civil action under section 502(a) of ERISA following an adverse benefit
     determination. If the Administrator determines that an extension of time is
     necessary for processing the claim, the Administrator shall notify the
     claimant in writing or electronically of such extension, the special
     circumstances requiring the extension and the date by which the
     Administrator expects to render the benefit determination. In no event
     shall the extension exceed a period of ninety (90) days from the end of the
     initial ninety (90) day period. If notice of the denial of a claim is not
     furnished within ninety (90) days after the Administrator receives it (or
     within one hundred and eighty (180) days after such receipt if the
     Administrator determines an extension is necessary), the claim shall be
     deemed denied and the claimant shall be permitted to proceed to the review
     stage described in Section 5.6.

5.6  Appeals. Within sixty (60) days after the claimant receives the written or
     electronic notice of an adverse benefit determination, or the date the
     claim is deemed denied pursuant to Section 5.5, the claimant may file a
     written request with the Committee that it conduct a full and fair review
     of the adverse benefit determination. In connection with the claimant's
     appeal of the adverse benefit determination, the claimant may review
     pertinent documents and may submit issues and comments in writing. The
     Committee shall render a decision on the appeal within sixty (60) days
     after the receipt of the claimant's request for review, unless special
     circumstances require an extension of time for processing, in which case
     the sixty (60) day period may be extended to one hundred and twenty (120)
     days. The Committee shall notify the claimant in writing or electronically
     of any such extension, the special circumstances requiring the extension,
     and the date by which the Committee expects to render the determination on
     review. The Committee shall notify the claimant of its decision in writing
     or electronically. In the case of an adverse determination, such notice
     shall (1) include specific reasons for the adverse determination, (2) be
     written in a manner calculated to be understood by the claimant, (3)
     contain specific references to the pertinent Plan provisions upon which the
     benefit determination is based, (4) contain a statement that the claimant
     is entitled to receive upon request and free of charge, reasonable access
     to, and copies of, all documents, records, and other information relevant
     to the claimant's claim for

                                      - 7 -

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     benefits, and (5) contain a statement of the claimant's right to bring an
     action under Section 502(a) of ERISA.

5.7  Rules Governing Claim and Appeal Procedures. The Administrator or the
     Committee may adopt additional rules for implementing the claim and appeal
     procedures under the Plan, so long as they are consistent with Department
     of Labor Regulation (S)2560.503-1 or any applicable successor to such
     regulation.

                                   ARTICLE VI
                                   ----------

                               General Provisions

6.1  Amendment and Termination. The Corporation may at any time and without
     prior notice amend or terminate the Plan, provided, that in no event shall
     any such amendment or termination in any manner affect the entitlement to
     Severance Benefits of an Eligible Employee who became eligible for such
     Severance Benefits prior to the date of such amendment or termination.

6.2  Governing Law. To the extent not preempted by ERISA or any other federal
     law, the Plan shall be governed by and construed in accordance with the
     laws of Illinois, excluding conflicts of laws provisions.

6.3  Nonassignability. Severance Benefits under the Plan may not be assigned or
     alienated by any Employee.

6.4  Gender and Number. Unless the context clearly indicates otherwise, words in
     any gender will include any other gender, words in the singular will
     include the plural and words in the plural will include the singular.

6.5  Severance Benefits Not Compensation. The period for which Severance
     Benefits are paid and the Severance Benefits provided under the Plan shall
     not constitute employment, compensation or salary for purposes of
     determining eligibility, entitlement to benefits or the amount of benefits
     under any other employee benefit plan of an Employer.

6.6  Severability. Any provision in the Plan that may be unenforceable will be
     deemed severed from the remainder hereof, with such remaining provisions
     being given full force and effect.

6.7  Effective Date:  The Plan is effective as of March 1, 2002.

IN WITNESS WHEREOF, the Corporation has caused the Northern Trust Corporation
Severance Plan to be executed on its behalf by its duly authorized officer this
30th day of April, 2002.

                                              NORTHERN TRUST CORPORATION

                                              By:  /s/ Timothy P. Moen
                                                   -------------------
                                                   Timothy P. Moen
                                                   Executive Vice President

                                     - 8 -

<PAGE>

             Severance Schedule for Termination By Employer Action*

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
                                     SEVERANCE BENEFITS PAYMENTS**

---------------------------------------------------------------------------------------------------------
Official Status                                   Years of Service
---------------------------------------------------------------------------------------------------------
<S>            <C>                   <C>                                <C>
                Less than 3 Years    Greater than or equal to 3 Years   Greater than or equal to 25 Years
                                          but less than 25 Years
---------------------------------------------------------------------------------------------------------
Officer*       4 weeks of Base Pay   2 weeks of Base Pay per completed  52 weeks of Base Pay
                                     Year of Service
---------------------------------------------------------------------------------------------------------
Non-Officer*   2 weeks of Base Pay   1 week of Base Pay per completed   26 weeks of Base Pay
                                     Year of Service
---------------------------------------------------------------------------------------------------------
</TABLE>

**Minimum Severance Benefits Pay is 2 weeks of Base Pay and Maximum Severance
Benefits Pay is 52 weeks of Base Pay. Total Severance Benefits payments may not
exceed twice an Eligible Employee's annual Base Pay in the year prior to
Termination. Severance Benefits Payments and any COBRA Subsidy will be paid
either as a lump sum or in periodic payments in accordance with the Employer's
regular payroll cycle, as elected by the Eligible Employee.
--------------------------------------------------------------------------------

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                                WELFARE BENEFITS

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COBRA Continuation Coverage: An Eligible Employee and eligible dependents have
the right to continue medical, dental and vision coverage in accordance with the
time periods set forth under the provisions of the federal Consolidated Omnibus
Budget Reconciliation Act of 1985 ("COBRA"). Medical, dental and vision coverage
will automatically cease on the last day of the month in which an Eligible
Employee's Termination of employment occurs unless an Eligible Employee elects
such continuation coverage under the provisions of COBRA. The costs of such
coverage shall be payable by the Eligible Employee for the duration of the COBRA
coverage, to be paid monthly by personal check, as the premiums become due.
--------------------------------------------------------------------------------
COBRA Subsidy*: The Employer shall provide a COBRA subsidy payment to assist the
Eligible Employee in paying the costs of coverage under applicable employee
welfare benefit plans (medical and dental). The amount of the COBRA subsidy
payment shall equal the difference between an Eligible Employee's active
employee medical and/or dental premium(s) as of the first day of the
Notification Period (described in Section 4.2) and the rate under COBRA on such
date, including the 2% administrative fee, multiplied by the number of weeks to
which an Eligible Employee is eligible for Severance Benefits Payments as
described above. The COBRA subsidy payment shall be made in same form as the
Severance Benefits Payments, in accordance with the Eligible Employee's election
under Section 4.2 to receive payment in the form of a lump sum or in periodic
payments.

--------------------------------------------------------------------------------

<PAGE>

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Outplacement Assistance*: Varied levels of outplacement assistance will be
offered through a firm selected by the Employer. Outplacement assistance will be
available immediately following the Eligible Employee's Termination of
employment or last day worked, whichever occurs first. The level and duration of
outplacement assistance will be determined by an Eligible Employee's official
status in accordance with the Employer's policies and practices. In order to use
outplacement assistance, an Eligible Employee must begin outplacement assistance
no later than 30 days after Termination of employment.

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Non-contributory Life Insurance, Business        Coverage ends upon Termination.
Travel, Workers Compensation

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Contributory Life Insurance, Dependent           Coverage ends on the last day
Life Insurance, 24-Hour Accident Insurance       of the month for which a
                                                 premium contribution from an
                                                 Eligible Employee's salary was
                                                 made.

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Health Care Account, Day Care Account            Eligible Employees may submit
                                                 claims for expenses incurred
                                                 prior to Termination date in
                                                 accordance with applicable plan
                                                 terms and administrative
                                                 requirements. Claims must be
                                                 submitted prior to end of first
                                                 quarter of the year following
                                                 Termination. Health Care
                                                 Account may be extended on
                                                 after-tax basis through a valid
                                                 COBRA election.

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Educational Assistance*                          Existing tuition reimbursement
                                                 repayment obligations will be
                                                 waived. At the Eligible
                                                 Employee's Termination of
                                                 employment, if enrolled and
                                                 attending course(s), the
                                                 Eligible Employee will be
                                                 reimbursed in accordance with
                                                 the Educational Assistance
                                                 Program.

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Short-Term Disability, Long-Term Disability      Coverage ends upon Termination,
                                                 unless disabled on the date of
                                                 Termination. If disabled on the
                                                 date of Termination, coverage
                                                 will generally continue until
                                                 individual determined to be
                                                 medically able to return to
                                                 work, in accordance with
                                                 applicable disability plan
                                                 terms. See also Plan Section
                                                 3.3 (ii) and (iii).

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Family Assistance and LifeWorks(R) Programs      Eligible Employees will have
                                                 access to these programs for 90
                                                 days following Termination.

--------------------------------------------------------------------------------

                                      - 2 -

<PAGE>

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                     ENHANCED RETIREMENT AND OTHER BENEFITS

--------------------------------------------------------------------------------
Pension Plan, TIP and ESOP*      Enhanced retirement eligibility, vesting and
                                 related benefits will be provided in accordance
                                 with the applicable retirement plans.

--------------------------------------------------------------------------------
Stock Options*                   Enhanced vesting and other benefits may be
                                 provided in accordance with the applicable
                                 stock option plan and the Eligible Employee's
                                 stock option agreements.

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*NOTE: Eligibility for receipt of all benefits is conditioned on execution (and
non-revocation) of a settlement agreement, waiver and release ("Release") in
accordance with Section 4.4., provided that an Eligible Employee who does not
execute (or who revokes within the revocation period) such a Release shall be
entitled to (i) severance benefits, payable in the form of a lump sum, in the
amount of one (1) week of Base Pay for non-officers and two (2)weeks of Base Pay
for officers, (ii) access to (A) the Employer's Family Assistance and
LifeWorks(R) Programs for 90 days following Termination and (B) basic
outplacement assistance and (iii) the opportunity to work with a recruiting
consultant to perform an internal search for a new position during the
Notification Period.

                                      - 3 -<PAGE>

                                                                  EXHIBIT 10.8.6

           Arthur J. Gallagher & Co. and AJG Financial Services, Inc.
                       Sixth Amendment to Credit Agreement

Harris Trust and Savings Bank                 Citibank, N.A.
Chicago, Illinois                             New York, New York

Bank of America, N.A.                         LaSalle Bank National Association
Chicago, Illinois                             Chicago, Illinois

The Northern Trust Company
Chicago, Illinois

Ladies and Gentlemen:

     This Sixth Amendment to Credit Agreement dated as of April 23, 2002, but
effective as of March 31, 2002 (herein, the "Amendment"), is entered into by and
between the undersigned, Arthur J. Gallagher & Co, a Delaware corporation
("Gallagher"), AJG Financial Services, Inc., a Delaware corporation ("AJG";
Gallagher and AJG being referred to herein collectively as the "Borrowers" and
individually as a "Borrower"), Citibank, N.A., Bank of America, N.A., LaSalle
Bank National Association, The Northern Trust Company and Harris Trust and
Savings Bank, individually and as Agent (the "Agent"). Reference is hereby made
to that certain Credit Agreement dated as of September 11, 2000, as amended,
between the Borrowers, the Banks and the Agent (the "Credit Agreement"). All
capitalized terms used herein without definition shall have the same meanings
herein as such terms have in the Credit Agreement.

     The Borrowers desire to modify certain financial covenants and make certain
other amendments to the Credit Agreement, and the Banks are willing to do so
under the terms and conditions set forth in this Amendment.

Section 1.   Amendments.

     Subject to the satisfaction of the conditions precedent set forth in
Section 2 below, the Credit Agreement shall be and hereby is amended (effective
as of March 31, 2002) as follows:

             1.1.  Section 6.1 of the Credit Agreement shall be amended by
     inserting the following new definitions in the appropriate alphabetical
     order:

             ""Birchwood" means Birchwood Acres Limited Partnership,
             LLP, a limited partnership.

             "Capitalization" means, at any time the same is to be determined,
             the sum of Funded Debt and Net Worth.

<PAGE>

            "Two Pierce" means HP Itasca Two Pierce L.L.C., a limited
            liability company."

            1.2.  Section 9.5 of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

            "Section 9.5.  Financial Reports. The Borrowers shall, and shall
            cause each Subsidiary to, maintain a standard system of accounting
            in accordance with GAAP and shall furnish to the Agent, each Bank
            and their duly authorized representatives such information
            respecting the business and financial condition of the Borrowers and
            their Subsidiaries as the Agent or such Bank may reasonably request;
            and without any request, shall furnish to the Agent and the Banks:

                  (a)  as soon as available, and in any event within 45 days
            after the close of each fiscal quarter accounting period of
            Gallagher, a copy of the consolidated balance sheet of each Borrower
            and its Subsidiaries as of the last day of such period and the
            consolidated statements of income, retained earnings and cash flows
            of each Borrower and its Subsidiaries for the fiscal quarter and for
            the fiscal year-to-date period then ended, each in reasonable detail
            showing in comparative form the figures for the corresponding date
            and period in the previous fiscal year, prepared by each Borrower in
            accordance with GAAP and certified to by its President or Chief
            Financial Officer or Vice President and Treasurer;

                  (b)  as soon as available, and in any event within 90 days
            after the close of each annual accounting period of Gallagher, a
            copy of the consolidated balance sheet of Gallagher and its
            Subsidiaries as of the last day of the period then ended and the
            consolidated statements of income, retained earnings and cash flows
            of Gallagher and its Subsidiaries for the period then ended, and
            accompanying notes thereto, each in reasonable detail showing in
            comparative form the figures for the previous fiscal year,
            accompanied by an unqualified opinion thereon of Ernst & Young LLP
            or another firm of independent public accountants of recognized
            national standing, selected by Gallagher and satisfactory to the
            Required Banks, to the effect that the financial statements have
            been prepared in accordance with GAAP and present fairly in
            accordance with GAAP the consolidated financial condition of
            Gallagher and its Subsidiaries as of the close of such fiscal year
            and the results of their operations and cash flows for the fiscal
            year then ended and that an examination of such accounts in
            connection with such financial statements has been made in

                                       -2-

<PAGE>

            accordance with generally accepted auditing standards and,
            accordingly, such examination included such tests of the
            accounting records and such other auditing procedures as were
            considered necessary in the circumstances;

                 (c)  as soon as available, and in any event within 45 days
            after the close of each fiscal quarter accounting period of
            Gallagher, a listing of Gallagher's investments accounted for
            under the equity method of accounting and each of these
            investments' contingent commitments, each in reasonable detail
            and prepared by Gallagher in accordance with GAAP and certified
            to by its President or Chief Financial Officer or Vice
            President and Treasurer;

                 (d)  as soon as available, and in any event within 45 days
            after the close of each fiscal quarter accounting period of
            Gallagher and within 90 days after the close of each annual
            accounting period of Gallagher, a summary of the assets and
            liabilities of Gallagher's investments accounted for under the
            equity method of accounting, in reasonable detail and prepared
            by Gallagher in accordance with GAAP and certified to by its
            President or Chief Financial Officer or Vice President and
            Treasurer;

                 (e)  within the period provided in subsection (b) above,
            the written statement of the accountants who certified the
            audit report thereby required that in the course of their audit
            they have obtained no knowledge of any Default or Event of
            Default, or, if such accountants have obtained knowledge of any
            such Default or Event of Default, they shall disclose in such
            statement the nature and period of the existence thereof;

                 (f)  promptly after receipt thereof, any additional written
            reports, management letters or other detailed information
            contained in writing concerning significant aspects of either
            Borrower's or any Subsidiary's operations and financial affairs
            given to it by its independent public accountants;

                 (g)  promptly after the sending or filing thereof, a copies
            of all proxy statements, financial statements and reports which
            each Borrower sends to its shareholders, and copies of all
            regular, periodic and special reports and all registration
            statements which either Borrower files with the Securities and
            Exchange Commission or any successor thereto or with any
            national securities exchange; and

                                       -3-

<PAGE>

                  (h)  promptly after knowledge thereof shall have come to
            the attention of any responsible officer of either Borrower,
            written notice of any threatened or pending litigation or
            governmental proceeding or labor controversy against either
            Borrower or any Subsidiary which, if adversely determined,
            would have a material adverse effect on the financial
            condition, Properties, business or operations of either
            Borrower or any Subsidiary or of the occurrence of any Default
            or Event of Default hereunder.

            Each of the financial statements furnished to the Agent and the
            Banks pursuant to subsections (a) and (b) of this Section shall
            be accompanied by a Compliance Certificate signed by the
            President, the Chief Financial Officer or the Vice President
            and Treasurer of Gallagher to the effect that to the best of
            such officer's knowledge and belief no Default or Event of
            Default has occurred during the period covered by such
            statements or, if any such Default or Event of Default has
            occurred during such period, setting forth a description of
            such Default or Event of Default and specifying the action, if
            any, taken by the Borrowers to remedy the same. Such Compliance
            Certificate shall also (i) set forth the calculations
            supporting such statements in respect of Sections 9.7, 9.8, 9.9
            and 9.12 of this Agreement and (ii) contain a "deconsolidating"
            balance sheet and income statement (in a form reasonably
            acceptable to the Agent) detailing the impact on Gallagher of
            removing the equity investments in Birchwood and Two Pierce
            from the consolidated financial statements of Gallagher as of
            the applicable compliance reporting date and also detailing the
            net effect of such removal on the calculation of the financial
            covenants set forth in Sections 9.7, 9.8 and 9.9 hereof."

            1.3.  Section 9.7 of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

            "Section 9.7.  Net Worth. Gallagher shall not at any time permit
            its Net Worth to be less than $325,000,000 plus 50% of Net
            Income for each fiscal year (if positive for such year)
            completed as of the date of determination, commencing with the
            fiscal year ending December 31, 2002."

            1.4.  Section 9.8 of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

            "Section 9.8.  Funded Debt to Capitalization Ratio. Gallagher
            shall not at any time permit the ratio of Funded Debt to
            Capitalization to be more than 0.40 to 1.0. For purposes of

                                       -4-

<PAGE>

            determining Gallagher's compliance with this Section, Funded
            Debt shall be deemed to exclude any Indebtedness for Borrowed
            Money which is not a legal obligation of Gallagher and which is
            associated with Gallagher's equity investments in Birchwood and
            Two Pierce as shown on Gallagher's most recent quarterly
            financial statements."

            1.5.  Section 9.9 of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

            "Section 9.9.  Fixed Charge Coverage Ratio. Gallagher shall, as
            of the last day of each of its fiscal quarters ending during
            the periods set forth below, maintain its Fixed Charge Coverage
            Ratio for the four fiscal quarters then ended at not less than:

                                                            Fixed Charge
                                                           Coverage Ratio
                    From and              To and            shall not be
                   Including:           Including:            less than:

                     10/1/01             12/31/01            1.50 to 1.0
                      1/1/02              3/31/02            1.25 to 1.0
                      4/1/02        all times thereafter     1.50 to 1.0

            For purposes of determining Gallagher's compliance with this
            Section, the figures used to calculate the Fixed Charge
            Coverage Ratio will be adjusted to exclude from EBITDAR,
            Capital Expenditures, Restricted Payments, or Indebtedness for
            Borrowed Money, as appropriate, any portion of those respective
            consolidated totals which are associated with Birchwood or Two
            Pierce, provided that the Indebtedness for Borrowed Money
            associated with Gallagher's investments in Birchwood and Two
            Pierce and which is part of this consolidation is not a legal
            obligation of Gallagher"

            1.6.  Section 9.10 of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

            "Section 9.10. Indebtedness for Borrowed Money. The Borrowers
            shall not, nor shall they permit any Subsidiary to, issue,
            incur, assume, create or have outstanding any Indebtedness for
            Borrowed Money; provided, however, that the foregoing shall not
            restrict nor operate to prevent:

                  (a)  the Obligations;

                                       -5-

<PAGE>

                           (b) purchase money indebtedness and Capitalized Lease
                  Obligations secured by Liens permitted by Section 9.11(d)
                  hereof in an amount not to exceed $25,000,000 at any one time
                  outstanding for the Borrowers and their Subsidiaries in the
                  aggregate;

                           (c) Indebtedness for Borrowed Money which is not a
                  legal obligation of Gallagher and which is associated with
                  Gallagher's equity investments in Birchwood and Two Pierce as
                  shown on Gallagher's most recent quarterly financial
                  statements; and

                           (d) Indebtedness for Borrowed Money other than that
                  which is permitted by either of the foregoing subsections (a)
                  or (b) or (c) provided such Indebtedness does not exceed
                  $25,000,000 at any time outstanding for the Borrowers and
                  their Subsidiaries in the aggregate."

                  1.7.     Section 9.12 of the Credit Agreement shall be amended
             and restated in its entirety to read as follows:

                  "Section 9.12. Investments, Acquisitions, Loans, Advances and
                  Guaranties. Neither Borrower shall, nor shall they permit any
                  Subsidiary to, directly or indirectly, make, retain or have
                  outstanding any investments (whether through purchase of stock
                  or obligations or otherwise) in, or loans or advances (other
                  than for travel advances, advances for relocation and other
                  similar cash advances made to employees in the ordinary course
                  of business) to, any other Person, or acquire all or any
                  substantial part of the assets or business of any other Person
                  or division thereof, or be or become liable as endorser,
                  guarantor, surety or otherwise for any debt, obligation or
                  undertaking of any other Person, or otherwise agree to provide
                  funds for payment of the obligations of another, or supply
                  funds thereto or invest therein or otherwise assure a creditor
                  of another against loss, or apply for or become liable to the
                  issuer of a letter of credit which supports an obligation of
                  another (other than Letters of Credit issued hereunder), or
                  subordinate any claim or demand it may have to the claim or
                  demand of any other Person; provided, however, that the
                  foregoing shall not apply to nor operate to prevent:

                           (a) investments in direct obligations of the United
                  States of America or of any agency or instrumentality thereof
                  whose obligations constitute full faith and credit obligations
                  of the United States of America, provided that any such
                  obligations shall mature within one year of the date of
                  issuance thereof;

                                      -6-

<PAGE>

                           (b) investments in commercial paper rated at least
                  P-1 by Moody's Investors Services, Inc. and at least A-1 by
                  Standard & Poor's Corporation maturing within 270 days of the
                  date of issuance thereof;

                           (c) investments in certificates of deposit issued by
                  any United States commercial bank having capital and surplus
                  of not less than $100,000,000 which have a maturity of one
                  year or less;

                           (d) investments in money market funds that invest
                  solely, and which are restricted by their respective charters
                  to invest solely, in investments of the type described in the
                  immediately preceding subsections (a), (b) and (c) above;

                           (e) endorsement of items for deposit or collection of
                  commercial paper received in the ordinary course of business;

                           (f) investments for which the projected tax credits
                  exceed the cost of such investments;

                           (g) investments in hedge funds;

                           (h) loans to employees not exceeding $15,000,000 at
                  any one time outstanding for the Borrowers and their
                  Subsidiaries in the aggregate;

                           (i) intercompany loans and advances between the
                  Borrowers and guaranties by either Borrower of the obligations
                  of the other provided that such underlying obligations are not
                  prohibited under the terms of this Agreement;

                           (j) (i) investments in real estate limited
                  partnerships not included in subsection (f) above, (ii) equity
                  investments (including investments in preferred and common
                  stock) and (iii) investments, guarantees and contingent
                  obligations which are not specifically permitted by
                  subsections (a) through (i) above or by the foregoing clauses
                  (i) or (ii) of this subsection (j), provided that, (x) the
                  aggregate amount of all such investments under this subsection
                  (j) does not at any time exceed 90% of Net Worth as then
                  determined and computed, (y) the aggregate amount of the
                  relevant Borrower's or Subsidiary's initial investment in any
                  single asset does not exceed $25,000,000 and (z) the
                  investment in any such asset (computed as of any time
                  subsequent to the one year anniversary date of the initial
                  investment in such asset) does not exceed $50,000,000 unless
                  the Required Banks have consented in writing; and

                                      -7-

<PAGE>

                           (k) acquisitions of all or substantially all of the
                  assets or business of any other Person or division thereof, or
                  all or any part of the Voting Stock of or other equity
                  interest in any Person (including as such an acquisition, any
                  action to participate as a joint venturer in any joint venture
                  or as a partner in any partnership), in each case if and so
                  long as (i) no Default or Event of Default exists or would
                  exist after giving effect to such acquisition, (ii) the Board
                  of Directors or other governing body of such Person whose
                  Property or Voting Stock or other equity interest is being so
                  acquired has approved the terms of such acquisition and (iii)
                  such acquisition involves a line of business which is
                  complementary to the lines of business in which the Borrower
                  or the Subsidiary, as the case may be, making such acquisition
                  is engaged on the Effective Date.

                  In determining the amount of investments, acquisitions, loans,
                  advances and guarantees permitted under this Section,
                  investments and acquisitions shall always be taken at the
                  original cost thereof (regardless of any subsequent
                  appreciation or depreciation therein), loans and advances
                  shall be taken at the principal amount thereof then remaining
                  unpaid, and guarantees shall be taken at the amount of
                  obligations guaranteed thereby."

                  1.8. The Attachment to the form of Compliance Certificate
         appearing on Exhibit J to the Credit Agreement shall be amended and
         restated in its entirety to read as set forth on Annex I attached
         hereto.

Section 2.        Conditions Precedent.

         The effectiveness of this Amendment is subject to the satisfaction of
all of the following conditions precedent:

                  2.1. The Borrowers and the Required Banks shall have executed
         and delivered this Amendment.

                  2.2. The Borrowers shall have paid to the Agent, for the
         ratable benefit of those Banks which have executed this Amendment as of
         the date hereof, an amendment fee in an amount agreed to between the
         Agent and the Borrowers.

                  2.3. Legal matters incident to the execution and delivery of
         this Amendment shall be satisfactory to the Agent and its counsel.

Section 3.        Representations.

         In order to induce the Agent and the Banks to execute and deliver this
Amendment, the Borrowers hereby represent to the Agent and the Banks that as of
the date hereof the

                                      -8-

<PAGE>

representations and warranties set forth in Section 7 of the Credit Agreement
are and shall be and remain true and correct (except that the representations
contained in Section 7.5 shall be deemed to refer to the most recent financial
statements of the Borrowers delivered to the Agent and the Banks) and the
Borrowers are in compliance with the terms and conditions of the Credit
Agreement and no Default or Event of Default has occurred and is continuing
under the Credit Agreement or shall result after giving effect to this
Amendment.

Section 4.        Miscellaneous.

        4.1. Except as specifically amended herein, the Credit Agreement shall
continue in full force and effect in accordance with its original terms.
Reference to this specific Amendment need not be made in the Credit Agreement,
the Notes, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or
with respect to the Credit Agreement, any reference in any of such items to the
Credit Agreement being sufficient to refer to the Credit Agreement as amended
hereby.

        4.2. The Borrowers agree to pay on demand all costs and expenses of or
incurred by the Agent in connection with the negotiation, preparation, execution
and delivery of this Amendment, including the fees and expenses of counsel for
the Agent.

        4.3. This Amendment may be executed in any number of counterparts, and
by the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement. Any of the parties
hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original. This
Amendment shall be governed by the internal laws of the State of Illinois.

                  [Remainder of Page Intentionally Left Blank]

                                      -9-

<PAGE>

         This Sixth Amendment to Credit Agreement is entered into as of the date
and year first above written.

                                        Arthur J. Gallagher & Co.

                                        By   /s/ Jack H. Lazzaro
                                             -----------------------------------
                                             Name:  Jack H. Lazzaro
                                                    ----------------------------
                                             Title: Vice President & Treasurer
                                                    ----------------------------

                                        AJG Financial Services, Inc.

                                        By   /s/ Jack H. Lazzaro
                                             -----------------------------------
                                             Name:  Jack H. Lazzaro
                                                    ----------------------------
                                             Title: Vice President and CFO
                                                    ----------------------------

                                      -10-

<PAGE>

Accepted and agreed to.
                                              Harris Trust and Savings Bank,
                                                      individually and as Agent

                                              By /s/ Len E. Meyer
                                                 ------------------------------
                                                 Name  Len E. Meyer
                                                       ------------------------
                                                 Title Vice President
                                                       ------------------------

                                              Citibank, N.A.

                                              By /s/ Peter C. Bickford
                                                 ------------------------------
                                                 Name  Peter C. Bickford
                                                       ------------------------
                                                 Title Vice President
                                                       ------------------------

                                              Bank of America, N.A.

                                              By /s/ Mehul Mehta
                                                 ------------------------------
                                                 Name  Mehul Mehta
                                                       ------------------------
                                                 Title Vice President
                                                       ------------------------

                                              LaSalle Bank National Association

                                              By /s/ Kyle Freimuth
                                                 ------------------------------
                                                 Name  Kyle Freimuth
                                                       ------------------------
                                                 Title Vice President
                                                       ------------------------

                                              The Northern Trust Company

                                              By /s/ Eric Dybing
                                                 ------------------------------
                                                 Name  Eric Dybing
                                                       ------------------------
                                                 Title Second Vice President
                                                       ------------------------

                                      -11-

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