Document:

Thrift Incentive Plan

 Exhibit (10)(xix) 

The Northern Trust Company 
 Thrift-Incentive Plan 
 (As Amended and Restated Effective as of
January 1, 2010) 

 The Northern Trust Company 
 Thrift-Incentive Plan 
 (As Amended and Restated Effective January 1, 2010) 

Contents 
  

 

							
	 Section
	  	 	  	Page	 
	 ARTICLE I.
	  	NAME OF PLAN	  	 	1	  
			
	 1.1
	  	Establishment and Last Amendment of the Plan	  	 	1	  
	 1.2
	  	Purpose of the Plan	  	 	1	  
	 1.3
	  	Provisions of this Plan	  	 	1	  
			
	 ARTICLE II.
	  	DEFINITIONS	  	 	2	  
			
	 2.1
	  	Definitions	  	 	2	  
			
	 ARTICLE III.
	  	PARTICIPATION AND SERVICE	  	 	10	  
			
	 3.1
	  	Participation	  	 	10	  
	 3.2
	  	Duration of Participation	  	 	10	  
	 3.3
	  	Transferred or Rehired Employees	  	 	10	  
	 3.4
	  	Vesting	  	 	11	  
	 3.5
	  	Break in Service	  	 	12	  
	 3.6
	  	One-Year Break in Service	  	 	13	  
			
	 ARTICLE IV.
	  	PARTICIPANT SALARY REDUCTION CONTRIBUTIONS	  	 	14	  
			
	 4.1
	  	Participant Salary Reduction Contributions	  	 	14	  
	 4.2
	  	Changing Rate of Salary Reduction Contributions	  	 	15	  
	 4.3
	  	Limitations on Salary Reduction Contributions	  	 	15	  
	 4.4
	  	Recharacterization and Return of Certain Salary Reduction Contributions	  	 	16	  
	 4.5
	  	Treatment of Associated Matching Contributions	  	 	17	  
	 4.6
	  	Supplemental Company Contributions	  	 	17	  
	 4.7
	  	Uniformed Services Employment and Reemployment Rights Act	  	 	18	  
	 4.8
	  	Catch-Up Contributions	  	 	18	  
			
	 ARTICLE V.
	  	COMPANY CONTRIBUTIONS	  	 	19	  
			
	 5.1
	  	Company Matching Contributions	  	 	19	  
	 5.2
	  	Profit Sharing Contributions	  	 	20	  
	 5.3
	  	Limitations on Deposits and Contributions	  	 	21	  
	 5.4
	  	Time of Matching and Profit Sharing Contributions	  	 	21	  
	 5.5
	  	Forfeitures	  	 	22	  
	 5.6
	  	Limitations on Contributions	  	 	22	  
	 5.7
	  	Rules Governing Matching Contributions and Participant After-Tax Deposits	  	 	22	  
	 5.8
	  	Transfers from Former ESOP Plan	  	 	23	  

  
 i 

 The Northern Trust Company 
 Thrift-Incentive Plan 
 (As Amended and Restated Effective January 1, 2010) 

Contents 
  

 

							
	 Section
	  	 	  	Page	 
	 5.9
	  	Change in Control	  	 	24	  
			
	 ARTICLE VI.
	  	INVESTMENT FUNDS	  	 	26	  
			
	 6.1
	  	Investment Funds	  	 	26	  
	 6.2
	  	Administration of Funds	  	 	26	  
	 6.3
	  	Selection of and Transfers Between Investment Funds	  	 	26	  
	 6.4
	  	Restrictions on Investment Activity	  	 	27	  
	 6.5
	  	Voting Rights; Tender Offers	  	 	29	  
	 6.6
	  	Individual Accounts	  	 	31	  
	 6.7
	  	Dividends	  	 	31	  
			
	 ARTICLE VII.
	  	VALUATION AND ADJUSTMENTS	  	 	33	  
			
	 7.1
	  	Valuation and Adjustments	  	 	33	  
			
	 ARTICLE VIII.
	  	BENEFITS	  	 	34	  
			
	 8.1
	  	Normal Retirement Date, Pension, Disability	  	 	34	  
	 8.2
	  	Death	  	 	34	  
	 8.3
	  	Termination of Service	  	 	35	  
	 8.4
	  	Deemed Cashout	  	 	35	  
	 8.5
	  	Restrictions on Mandatory Distributions	  	 	35	  
	 8.6
	  	Required Distributions	  	 	36	  
	 8.7
	  	Withdrawals as of Right	  	 	37	  
	 8.8
	  	Hardship Withdrawals	  	 	39	  
	 8.9
	  	Loans to Participants	  	 	41	  
			
	 ARTICLE IX.
	  	DISTRIBUTION OF BENEFITS	  	 	44	  
			
	 9.1
	  	Termination of Service or Retirement	  	 	44	  
	 9.2
	  	Death	  	 	44	  
	 9.3
	  	Time and Amount of Payment	  	 	44	  
	 9.4
	  	Deferral of Payment of Benefit	  	 	44	  
	 9.5
	  	Distributions from Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund	  	 	45	  
	 9.6
	  	Direct Rollover of Eligible Rollover Distributions	  	 	45	  
	 9.7
	  	Payment of Small Amounts	  	 	46	  
	 9.8
	  	Distribution of Before-Tax Deposits for Members Performing Military Service	  	 	46	  

  
 ii 

 The Northern Trust Company 
 Thrift-Incentive Plan 
 (As Amended and Restated Effective January 1, 2010) 

Contents 
  

 

							
	 Section
	  	 	  	Page	 
	 ARTICLE X.
	  	PLAN ADMINISTRATION AND COMMITTEES	  	 	47	  
			
	 10.1
	  	Powers	  	 	47	  
	 10.2
	  	Directions to Trustee	  	 	47	  
	 10.3
	  	Uniform Rules	  	 	47	  
	 10.4
	  	Reports	  	 	47	  
	 10.5
	  	Members; Compensation	  	 	47	  
	 10.6
	  	Claims Procedure	  	 	48	  
	 10.7
	  	Indemnity for Liability	  	 	49	  
			
	 ARTICLE XI.
	  	AMENDMENT AND TERMINATION	  	 	50	  
			
	 11.1
	  	Amendment	  	 	50	  
	 11.2
	  	Termination	  	 	50	  
	 11.3
	  	Merger and Consolidation	  	 	50	  
	 11.4
	  	Distribution Upon Termination	  	 	51	  
			
	 ARTICLE XII.
	  	EXTENSION OF PLAN TO AFFILIATES	  	 	52	  
			
	 12.1
	  	Participation in the Plan	  	 	52	  
	 12.2
	  	Withdrawal from the Plan	  	 	52	  
			
	 ARTICLE XIII.
	  	TOP-HEAVY PROVISIONS	  	 	53	  
			
	 13.1
	  	Top-Heavy Provisions	  	 	53	  
			
	 ARTICLE XIV.
	  	MISCELLANEOUS PROVISIONS	  	 	54	  
			
	 14.1
	  	Spendthrift Provisions	  	 	54	  
	 14.2
	  	Incompetency	  	 	54	  
	 14.3
	  	Unclaimed Funds	  	 	55	  
	 14.4
	  	Rights Against the Company	  	 	55	  
	 14.5
	  	Illegality of Particular Provision	  	 	55	  
	 14.6
	  	Effect of Mistake	  	 	55	  
	 14.7
	  	No Discrimination	  	 	55	  
	 14.8
	  	Exclusive Benefit of Members	  	 	55	  
	 14.9
	  	Governing Law	  	 	56	  
	 14.10
	  	Electronic or Telephonic Notices	  	 	56	  
		
	 SUPPLEMENT #1
	  	 	58	  
		
	 SUPPLEMENT #2
	  	 	59	  

  
 iii

 The Northern Trust Company 
 Thrift-Incentive Plan 
 (As Amended and Restated Effective January 1, 2010) 

Contents 
  

 

					
	 Section
	  	Page	 
	 SUPPLEMENT #3
	  	 	60	  
		
	 SUPPLEMENT #4
	  	 	61	  
		
	 SUPPLEMENT #5
	  	 	62	  
		
	 SUPPLEMENT #6
	  	 	63	  
		
	 SUPPLEMENT #7
	  	 	64	  
		
	 SUPPLEMENT #8
	  	 	65	  
		
	 SUPPLEMENT #9
	  	 	66	  
		
	 SUPPLEMENT #10
	  	 	68	  
		
	 SUPPLEMENT #11
	  	 	70	  
		
	 SUPPLEMENT #12
	  	 	72	  
		
	 SUPPLEMENT #13
	  	 	74	  
		
	 SUPPLEMENT #14
	  	 	76	  
		
	 SCHEDULE A
	  	 	78	  
		
	 SCHEDULE B
	  	 	82	  

  
 iv 

 Article I. Name of Plan 

 

	1.1	Establishment and Last Amendment of the Plan 

 Effective April 1, 1958, The Northern Trust Company established a defined contribution profit sharing plan qualified under Internal Revenue Code section 401 (a) known as “The Northern Trust
Company Thrift-Incentive Plan” (hereinafter referred to as the “Plan”). The Plan is for the exclusive benefit of its Members and their Beneficiaries (defined below). The Plan was last restated, effective as of January 1, 2002,
and has been amended from time to time since such date. 
 Effective March 1, 2002, the Plan was amended to provide that the portion of the
Plan invested in shares of Company Stock) in the Northern Trust Stock Fund (including any such shares held in the Northern Trust Stock Fund as of March 1, 2002) constituted an employee stock ownership plan (the “TIP ESOP”) intended to
meet the applicable requirements of sections 401(a) and 4975(e)(7) of the Code and section 407(d)(6) of ERISA. Amounts transferred out of the Northern Trust Stock Fund to another Investment Fund are not considered part of the TIP ESOP following such
transfer out of the Northern Trust Stock Fund. 
 Effective January 1, 2005, the Northern Trust Employee Stock Ownership Plan (the
“Former ESOP Plan”) was merged with and into the Plan, and the Plan was amended and restated at that time. Amounts transferred from the Former ESOP Plan were credited to a separate account under the Plan, referred to as the Former ESOP
Account. No additional contributions shall be made under the Plan to such separate account. The amounts transferred from the Former ESOP Plan were initially invested in the Former ESOP Northern Trust Stock Fund and are not part of the TIP ESOP, but
instead shall constitute a separate employee stock ownership plan within the meaning of Code section 4975(e)(7) and section 407(6)(d) of ERISA, referred to as the “Former ESOP”. Amounts transferred out of the Former ESOP Northern Trust
Stock Fund to another Investment Fund are not considered part of the Former ESOP following such transfer out of the Former ESOP Northern Trust Stock Fund. 
 The Plan is hereby amended and restated, effective as of January 1, 2010, except as otherwise specifically stated herein, to incorporate prior amendments, and to make various other changes to the
Plan, as set forth herein. 
  

	1.2	Purpose of the Plan 

 The purpose of this
Plan is to permit Eligible Employees of the Company and Participating Employers to make tax-deferred and after-tax savings and to provide the Company and Participating Employers an opportunity to contribute additional amounts on behalf of Eligible
Employees for use upon the Eligible Employees’ retirement, death, or other separation from service. 
  

	1.3	Provisions of this Plan 

 The provisions
of this Plan apply only to Members (or Beneficiaries of Members) who are eligible to participate in the Plan on or after January 1, 2010. Except as so provided herein, any person who was covered under the Plan prior to January 1, 2010, and
whose Vesting Service terminated prior to January 1, 2010, shall be entitled to receive under the Plan the rights and benefits, if any, in accordance with the provisions of the Plan (or, if applicable, the Former ESOP Plan, with respect to the
benefits of such individuals that were transferred from the Former ESOP Plan to this Plan) in effect on the date his or her Vesting Service terminated. 

  
 1 

 Article II. Definitions 

 

	2.1	Definitions 

 The following terms shall
have the meaning specified in this Article II. 
  

	(a)	“Account” means the separate accounts maintained for each Member (or deceased Member’s Beneficiary) which represent his or her total proportionate
interest in the Thrift Trust as of any Valuation Date and which consist of the sum of the Member’s (or deceased Member’s)- 

  

	 	(1)	After-Tax Deposit Account, 

	 	(2)	Basic Contribution Account, 

	 	(3)	Matching Contribution Account, 

	 	(4)	Before-Tax Deposit Account, 

	 	(5)	Profit Sharing Contribution Account, 

	 	(6)	ESOP Contribution Account, 

	 	(7)	Former ESOP Account, 

	 	(8)	Rollover Deposit Account, 

	 	(9)	Acquired Company Prior Plan Account. 

  

	(b)	“Acquired Company Prior Plan Account” means the aggregate of an acquired company’s contributions (other than employer match), as adjusted, that
have been transferred by a Member to an Investment Fund from a retirement plan maintained by an Affiliate of the Company prior to its becoming an Affiliate or to such a plan that has been merged into the Plan. 

 

	(c)	“Actual Contribution Percentage” for a specified group of Eligible Employees for a given Plan Year means the average of the ratios, calculated
separately for each Eligible Employee in such group, of (i) the sum of the after-tax deposits, if any, contributed by the Eligible Employee to the Plan for such Plan Year and the Matching Contributions, if any, contributed by the Company or a
Participating Employer on behalf of such Eligible Employee to the Plan for such Plan Year, to (ii) the Eligible Employee’s compensation (as defined in this section 2.1(c)) for the period of time during such Plan Year in which he or she was
an Eligible Employee. The Actual Contribution Percentage for any Highly Compensated Participant who is also eligible to participate in one or more other tax-qualified plans maintained by the Company or its Affiliates with after-tax or matching
contributions, shall be calculated as if all such contributions were made under this Plan. For purposes of determining the Actual Contribution Percentages and Actual Deferral Percentages, the term “compensation” shall mean an Eligible
Employee’s compensation within the meaning of Code section 414(s) and Treas. Reg. 1.414(s)-1, from the Company and/or any Affiliate for such Plan Year, including any amounts that are not includible in the Eligible Employee’s gross income
by reason of sections 125, 132(f)(4), 402(g) and 457 of the Code. 

  

	(d)	“Actual Deferral Percentage” for a specified group of Eligible Employees for a given Plan Year means the average of the ratios, calculated separately
for each Eligible Employee in such group, of: (i) the before-tax Salary Reduction Contributions, contributed by the Company or a Participating Employer on behalf of each such Eligible Employee for such Plan Year to (ii) the Eligible
Employee’s compensation (as defined in section 2.1(c) above) for the period of time during such Plan Year in which he or she was an Eligible Employee. The Actual Deferral Percentage for any Highly Compensated Participant who is also eligible to
make elective deferrals under one or more other tax-qualified plans maintained by the Company or its Affiliates, shall be calculated as if all such contributions were made under this Plan. 

  
 2 

	(e)	“Affiliate” means any corporation which is a member of the same controlled group of corporations (within the meaning of Code section 414(b)) as the
Company, or an unincorporated trade or business which is under common control with the Company (within the meaning of Code section 414(c)), any organization which is a member of an affiliated service group (within the meaning of Code section
414(m)) of which the Company is also a member, and any other entity required to be aggregated under Code section 414(o). 

  

	(f)	“After-Tax Deposit Account” means the aggregate of a Member’s deposits, as adjusted, to an Investment Fund made pursuant to section 4.1 from the
Member’s Salary which is subject to federal income tax in the year paid. 

  

	(g)	“Annual Additions” means the total of: (1) Company or Participating Employer contributions allocated to a Member under this Plan and any Related
Plan during any Limitation Year; (2) the amount of employee contributions (within the meaning of Code section 415(c)(2)) made by the Member in this Plan and any Related Plan; and (3) Forfeitures allocated to a Member under this Plan and
any Related Plan. 

  

	(h)	“Basic Contribution Account” means the aggregate of the Company’s and Participating Employers’ contributions, as adjusted, made for Plan
Years prior to January 1, 1989 to an Investment Fund on behalf of a Member. 

  

	(i)	“Basic Profit Sharing Contribution” means the contribution made by the Company and Participating Employers with respect to all eligible Members for
Plan Years beginning on or after January 1, 2005 and prior to January 1, 2010, if any, as provided in sections 5.2(a) and 5.2(c). 

  

	(j)	“Before-Tax Deposit Account” means the aggregate of the deposits, as adjusted, to an Investment Fund made pursuant to section 4.1 which a Member
elected to have the Company or a Participating Employer contribute to the Thrift Trust for his or her benefit in lieu of the Company or a Participating Employer paying the amounts to the Member in cash or depositing the amounts in the Member’s
After-Tax Deposit Account. 

  

	(k)	“Beneficiary” means the person or persons, including a trust, designated as such by the Member, provided that, a married Member may designate a
Beneficiary other than the Member’s Spouse only if the requirements of section 8.2 are met. If the Member does not designate a Beneficiary, or if the designation is for any reason ineffective, as determined by the Committee, the Member’s
Beneficiary shall be: 

  

	 	(i)	the Member’s Spouse or, if none, 

  

	 	(ii)	the Member’s biological or legally adopted children (in equal amounts) or, if none, 

 

	 	(iii)	the Member’s parents (in equal amounts) or, if none, 

  

	 	(iv)	the Member’s brothers and sisters (in equal amounts) or, if none, 

  

	 	(v)	the Member’s estate. 

 Any
designation of the Member’s Spouse as Beneficiary under the Plan shall become null and void on the date a judicial order or decree is entered dissolving the marriage of the Member and Spouse, except as otherwise provided in a qualified domestic
relations order within the meaning of Code section 414(p). If a designated Beneficiary shall die before the Member, his or her interest shall 

  
 3 

 
terminate and, unless otherwise provided in the Member’s designation, if the designation included more than one Beneficiary, such interest shall be paid in equal shares to those
Beneficiaries, if any, who survive the Member. To make an effective Beneficiary designation, the Member must use the applicable paper or electronic form provided by the Plan, and any attempt by a Member to designate a Beneficiary by any other means
or method shall be ineffective, null and void, and shall not be recognized by the Plan. With respect to any Member whose death occurs on or after January 1, 2005, the Member’s valid Beneficiary form under the Plan shall apply to all of the
Member’s Accounts under the Plan (including the Former ESOP Account), and any beneficiary designation form previously executed under the Former ESOP shall be null and void as of January 1, 2005. 

 

	(l)	“Board of Directors” or “Board” means the Board of Directors of the Company. 

 

	(m)	“Break in Service” means the event described in section 3.5. 

 

	(n)	“Catch Up Contribution” means an elective pre-tax deferral made by a Catch Up Eligible Participant in accordance with section 414(v) of the Code.

  

	(o)	“Catch Up Eligible Participant” means, with respect to any Plan Year, a Participant who has attained the age of 50 before the close of such Plan Year.

  

	(p)	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	(q)	“Committee” means the Employee Benefit Administrative Committee of the Company, as constituted from time to time, which has the responsibility for
administering the Plan and which shall be deemed to be the Plan administrator and the named fiduciary for the purposes of ERISA as to that responsibility. Where appropriate, the term ‘Committee’ shall also mean any applicable subcommittee
or duly authorized delegate of the Committee. Such duly authorized delegate may be an individual or an organization within the Company or the Committee, or may be an unrelated third party individual or organization. 

 

	(r)	“Company” means The Northern Trust Company, an Illinois state bank, and its successors and assigns. 

 

	(s)	“Company Stock” means common stock of Northern Trust Corporation. 

 

	(t)	“Discretionary Profit Sharing Contribution” means the contribution made by the Company and Participating Employers with respect to
Discretionary Profit Sharing Eligible Employees for Plan Years beginning on or after January 1, 2005 and prior to January 1, 2009, if any, as provided in sections 5.2(b) and 5.2(c). 

 

	(u)	“Discretionary Profit Sharing Eligible Employee” means, with respect to any Plan Year, an Eligible Employee who is not eligible to
participate in an incentive or bonus plan maintained by the Company or a Participating Employer for such Plan Year (as determined by the Company and Participating Employers in their sole discretion). The determination of whether an Eligible Employee
is eligible to participate in an incentive or bonus plan for a Plan Year shall be based on the Eligible Employee’s eligibility for such a plan as of the last day of the Plan Year. 

 

	(v)	“Effective Date” means January 1, 2010. 

  

	(w)	 “Eligible Employee” means any Employee of the Company or a Participating Employer other than (1) an Employee employed by any
office or branch of the Company located in a foreign country who, as to the United States, is a nonresident alien, and (2) an Employee who (A) as to the United States, is

  
 4 

	 	 
a foreign national, (B) is working for the Company or a Participating Employer at a location in the United States, and (C) is covered by a retirement plan sponsored by a non-U.S.
Affiliate in the country in which an Affiliate is located. Any other provision of the Plan to the contrary notwithstanding, no individual will be considered an Eligible Employee nor will such individual be otherwise eligible to participate in or
receive benefits under the Plan during any period in which such individual is providing services to the Company or a Participating Employer under a contract, arrangement or understanding with either 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
the Company or a Participating Employer rather than an independent contractor or an employee of such agency or leasing organization. 

  

	(x)	“Employee” means an individual employed by the Company or an Affiliate. A person who is considered a “leased employee” (as defined below) of
the Company or an Affiliate shall not be considered an Employee for purposes of the Plan. If such a person subsequently becomes an Employee, and thereafter participates in the Plan, that person shall receive Vesting Service for employment as a
leased employee except to the extent that the requirements of section 414(n)(5) of the Code were satisfied with respect to such Employee while he or she was a leased employee. For purposes of the Plan a leased employee is a person who is not
employed by the Company or an Affiliate but who performs services for the Company or an Affiliate pursuant to an agreement between the Company or an Affiliate and a leasing organization, other than a person described in Code section 414(n)(5), if
such person performed the services for a year and the services are performed under the primary direction or control of the Company or Affiliate. 

  

	(y)	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	(z)	“ESOP Contribution Account” means the aggregate of transfers made prior to January 1, 2005, as adjusted, to an Investment Fund from a
Member’s account in the Former ESOP in accordance with section 5.8. 

  

	(aa)	“Forfeitures” means the Unvested Portion of a Member’s Account that becomes forfeited pursuant to section 8.3. 

 

	(bb)	“Former ESOP” means the amounts transferred from the Former ESOP Plan and credited to Members’ Former ESOP Accounts that are invested in the
Former ESOP Northern Trust Stock Fund. The Former ESOP shall constitute a separate “employee stock ownership plan” within the meaning of section 4975(e)(7) of the Code and section 407(d)(6) of ERISA. Amounts transferred out of the Former
ESOP Northern Trust Stock Fund to another Investment Fund shall not be considered part of the Former ESOP following such transfer. 

  

	(cc)	“Former ESOP Account” means the aggregate of amounts transferred to the Plan from the Former ESOP Plan effective January 1, 2005, as
adjusted. The portion of the Former ESOP Account that is invested in the Former ESOP Northern Trust Stock Fund shall constitute the Former ESOP. 

  

	(dd)	“Former ESOP Plan” means the Northern Trust Employee Stock Ownership Plan, which was merged into this Plan effective January 1,
2005. 

  

	(ee)	“Former Participant” means a person who has been a Participant but who has incurred a Break in Service. 

  
 5 

	(ff)	“Highly Compensated Participant” means an Eligible Employee who (a) during the current Plan Year or the preceding Plan Year was at any time a
five-percent owner of the Company, or (b) during the preceding Plan Year received compensation (as defined in section 5.3(e)) from the Company and its Affiliates in excess of $80,000 (or such greater amount provided by the Secretary of the
Treasury pursuant to section 414(q) of the Code) and was in the top paid group of Employees for such Plan Year. The provisions of section 414(q) of the Code shall apply in determining whether an Eligible Employee is a Highly Compensated Participant.
An Eligible Employee will be in the top paid group of Employees for a Plan Year if such Eligible Employee is in the top twenty percent (20%) of Employees when ranked on the basis of compensation (as defined in section 5.3(e)) paid during such
Plan Year. 

  

	(gg)	“Hour of Service” means an hour for which an Employee is paid or entitled to payment for the performance of duties for the Company or an Affiliate.

  

	(hh)	“Inactive Participant” means a person who was a Participant who is transferred to and is in a position of employment either –

 (1) as an Employee where he or she is not an Eligible Employee; or 

(2) as an Employee of an Affiliate which has not adopted this Plan. 

 

	(ii)	“Investment Committee” means the Employee Benefit Investment Committee of the Company, as constituted from time to time, which has the investment
responsibilities specifically allocated to it under the Plan and Thrift Trust, and which shall be a named fiduciary for purposes of ERISA as to those responsibilities. Where appropriate, the term “Investment Committee” shall also mean any
applicable subcommittee or duly authorized delegate of the Investment Committee. Such duly authorized delegate may be an individual or an organization within the Company or the Investment Committee, or may be an unrelated third party individual or
organization. 

  

	(jj)	“Investment Fund” and “Fund” mean any fund of the Thrift Trust described in section 6.1. 

 

	(kk)	“Limitation Year” means the 12-consecutive-month period to be used in determining the Plan’s compliance with section 415 of the Code and the
regulations thereunder. The Limitation Year shall be the calendar year unless the Company elects to use another 12-month period. 

  

	(ll)	“Matching Contributions” means contributions made to an Investment Fund on behalf of a Member by the Company or a Participating Employer pursuant to
section 5.1. 

  

	(mm)	“Matching Contribution Account” means the aggregate of the Company’s and Participating Employers’ contributions, as adjusted, to an
Investment Fund on behalf of a Member made pursuant to section 5.1. 

  

	(nn)	“Member” means either a Participant, Inactive Participant, or a Former Participant. 

 

	(oo)	“Normal Retirement Date” means the later of (1) the date on which a Member attains 65 years of age, or (2) the fifth anniversary of the date
on which the Member became eligible to make contributions under section 3.1 or to make or receive contributions under any plan with respect to amounts held in the Acquired Company Prior Plan Account or Former ESOP Account on behalf of such Member.

  

	(pp)	“One-Year Break in Service” means a period of time described in section 3.6. 

  
 6 

	(qq)	“Parental Leave” shall mean an absence from employment with the Company or an Affiliate because of (1) the Employee’s pregnancy, (2) the
birth of the Employee’s child, (3) the placement of a child with the Employee in connection with the Employee’s adoption of the child, or (4) caring for such child immediately following such birth or placement, provided that the
Employee furnishes to the Company or Affiliate such timely information that the Company or Affiliate may reasonably require to establish (A) that the absence from work is for one of the reasons specified and (B) the number of days for
which there was such an absence. 

  

	(rr)	“Participant” means an Eligible Employee who meets the requirements of section 3.1 and who is participating in the Plan. 

 

	(ss)	“Participating Employer” means any Affiliate which has adopted and is participating in the Plan in accordance with Article XII.

  

	(tt)	“Pension Plan” means The Northern Trust Company Pension Plan. 

 

	(uu)	“Permanent Disability” means any physical or mental injury, illness or incapacity which, in the sole judgment of the Committee based on the medical
reports of a physician selected by the Committee and other evidence satisfactory to the Committee, currently and permanently prevents an Employee from satisfactorily performing the Employee’s usual duties for the Company or an Affiliate or the
duties of such other position or job which the Company or an Affiliate makes available to the Employee and for which such Employee is qualified by reason of training, education or experience; provided, however, to the extent that a disability case
manager determines whether an Employee is permanently disabled under the Company’s or an Affiliate’s short or long-term disability plan, such determination shall be binding with respect to the question of whether the Employee has incurred
a Permanent Disability hereunder. 

  

	(vv)	“Plan” means The Northern Trust Company Thrift-Incentive Plan, as amended. 

 

	(ww)	“Plan Year” means the calendar year. 

  

	(xx)	“Profit Sharing Contribution Account” means the aggregate of any Basic Profit Sharing Contributions and Discretionary Profit Sharing Contributions, as
adjusted, which the Company or a Participating Employer has contributed to the Thrift Trust for the benefit of a Member in accordance with section 5.2. 

  

	(yy)	“Profit Sharing Contributions” means the aggregate of a Member’s Basic Profit Sharing Contributions and Discretionary Profit Sharing
Contributions. 

  

	(zz)	“Related Plan” means any other defined contribution plan (as defined in section 415(k) of the Code) maintained by the Company or an Affiliate.

  

	(aaa)	“Rollover Deposit Account” means the aggregate of a Member’s rollover deposits, as adjusted, to an Investment Fund made pursuant to section 4.1.

  

	(bbb)	“Salary” means the base salary paid by the Company or a Participating Employer to a Participant, plus any amounts paid as shift differential, but
exclusive of severance pay or any other types of compensation. Base salary includes amounts which the Participant elects under section 4.1 to have contributed to his or her Before-Tax Deposit Account, any amounts contributed by or on behalf of the
Participant to a cafeteria plan established by the Company, and any pre-tax qualified transportation fringe benefit plan provided pursuant to Code section 132(f). Base salary also includes any amounts paid to a Participant under any short-term
disability benefit plan of the Company or a Participating Employer. 

  
 7 

 In addition to other applicable limitations set forth in the Plan, and notwithstanding any
other provision of the Plan to the contrary, the Salary of each Participant taken into account under the Plan shall not exceed $200,000 or other applicable annual compensation limit under section 401(a)(17) of the Code, as adjusted by the
Commissioner of the Internal Revenue Service for increases in the cost of living in accordance with Code section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which
Salary is determined (the “determination period”) beginning in that calendar year. If a determination period consists of fewer than 12 months, the annual compensation limit will be multiplied by a fraction, the numerator of which is the
number of months in the determination period, and the denominator of which is 12. Effective January 1, 2009, Salary shall also include any differential wage payment (within the meaning of Code Section 3401(h)(2)) made while a Participant
is performing service in the uniformed services. 
  

	(ccc) 	“Salary Reduction Agreement” means an agreement entered into by a Participant pursuant to section 4.1 of the Plan. 

 

	(ddd) 	“Salary Reduction Contributions” means amounts contributed by the Company or a Participating Employer on behalf of Participants pursuant to the
provisions of section 4.1 of the Plan. 

  

	(eee) 	“Severance Eligible Participant” means a Participant whose employment has terminated in a manner entitling such Participant to severance pay under any
formal severance plan maintained by Northern Trust Corporation providing severance benefits to certain employees as a result of job elimination or termination of employment due to the acquisition or disposition of a business entity, provided such
Participant has executed an effective settlement agreement, waiver and release under such severance plan. 

  

	(fff) 	“Spouse” means the person to whom a Member is married or, in the case of a deceased Member, the person to whom a Member was married on the date of the
Member’s death. 

  

	(ggg) 	“Supplemental Company Contribution” means a contribution made by the Company or a Participating Employer pursuant to the provisions of section 4.6 of
the Plan. 

  

	(hhh) 	“Thrift Trust” means the trust created by The Northern Trust Company Master Retirement Savings Trust agreement dated as of December 21, 1994 as
the funding medium for the Plan, as amended. The Thrift Trust forms a part of the Plan. 

  

	(iii)	“Trustee” means The Northern Trust Company as Trustee of the Thrift Trust. 

 

	(jjj)	“Unvested Portion” means the remaining Account balance after subtracting the Vested Portion. 

 

	(kkk) 	“Valuation Date” means each business date as of which the Investment Funds are valued and the Accounts of Members and Beneficiaries adjusted.

  

	(lll)	“Valuation Period” means the period commencing on the day following a Valuation Date and ending on the next Valuation Date. 

 

	(mmm) 	“Vested Portion” means that percentage of a Member’s Matching Contribution Account, Profit Sharing Contribution Account and Former ESOP Account
constituting the Member’s irrevocable right to such account, as indicated in the following vesting schedule: 

  
 8 

					
	 Member’s Years of Vesting Service with the Company and Affiliates
	  	Vested
Percentage	 
	 Less than 1 year
	  	 	0	% 
	 1 year but less than 2
	  	 	20	% 
	 2 years but less than 3
	  	 	40	% 
	 3 years but less than 4
	  	 	60	% 
	 4 years but less than 5
	  	 	80	% 
	 5 or more years
	  	 	100	% 

 Notwithstanding the
foregoing schedule, a Member will become fully vested in his or her Matching Contribution Account, Profit Sharing Contribution Account and Former ESOP Account if the Member becomes entitled to a disability distribution under section 8.1(c),
(d) or (e), dies, or reaches Normal Retirement Date while employed by the Company or an Affiliate. A Member is always fully vested in his or her After-Tax Deposit Account, Before-Tax Deposit Account, Rollover Deposit Account, ESOP Contribution
Account, and Basic Contribution Account. Unless otherwise provided, the Vested Portion of a Member’s balance in the Acquired Company Prior Plan Account shall be determined based on the appropriate vesting provisions in the Plan to which such
balances are attributable. Upon the occurrence of a Change in Control (as defined in section 5.9), each Participant and Inactive Participant shall become fully vested in the balance of his or her Account. Any amounts credited to any such Account
following such Change in Control shall also be fully vested. Notwithstanding the foregoing, a Severance Eligible Participant shall be fully vested in the balance of his or her Account. In addition, Members shall be fully vested in any cash dividends
payable with respect the portion of their Account invested in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund. Notwithstanding any provision of the Plan to the contrary, a Member shall also become fully vested in his or her
Matching Contribution Account, Profit Sharing Contribution Account and Former ESOP Account if the Member dies while performing qualified military service (within the meaning of Code Section 414(u)), provided the Member would have been eligible
for reinstatement of employment with the Company and Participating Employers had the Member’s qualified military service ended on the date before his or her death. 
  

	(nnn) 	“Vesting Service” means the period of employment credited under section 3.4. 

  
 9 

 Article III. Participation and Service 

 

	3.1	Participation 

  

	(a)	An Eligible Employee shall first become eligible to have contributions made on his or her behalf pursuant to section 4.1 after the later of (1) the earliest
paydate that is administratively feasible following an Eligible Employee’s initial date of hire with the Company or a Participating Employer, but no later than the fourth paydate following such Eligible Employee’s receipt of his or her
first paycheck from the Company or a Participating Employer (subject to the Eligible Employee’s completion and submission of such election forms and other documentation at such time(s) and in accordance with such procedures as the Committee may
require), or (2) the day on which he or she becomes an Eligible Employee, subject to section 6.4. 

  

	(b)	If an Eligible Employee does not begin to have contributions made on his or her behalf when first eligible under section 3.1(a), he or she may subsequently elect to
have contributions made on his or her behalf pursuant to section 4.1 as of the first day of any payroll period after meeting such requirements, subject to section 6.4. 

 

	(c)	Subject to section 2.1(k), at the time a Participant elects to have contributions made under section 4.1, the Participant may designate a Beneficiary to receive
any benefit payable under the provisions of section 8.2. At any time and from time to time thereafter, the Member may make, change or revoke a Beneficiary designation. No designation, revocation, or change shall be effective unless made in writing
and delivered to the Committee prior to the Member’s death. 

  

	(d)	An Eligible Employee may agree with the Company that the Eligible Employee shall not participate in the Plan. 

3.2 Duration of Participation 
 An
Eligible Employee who becomes a Participant shall continue to be a Participant or Inactive Participant until he or she incurs a Break in Service, and also shall continue to be a Member thereafter for as long as he or she is entitled to receive any
benefits hereunder. After receiving all benefits to which he or she is entitled hereunder, he or she shall cease to be a Member unless and until he or she thereafter becomes eligible to again become a Participant. 

3.3 Transferred or Rehired Employees 

The following rules shall be applicable to Employees who (a) become Eligible Employees because of transfer to a status qualifying for coverage under
the Plan, (b) become Inactive Participants, (c) transfer to a status not qualifying for coverage after meeting the requirements of section 3.1 but before becoming Participants, or (d) are rehired by the Company or an Affiliate:

  

	(a)	An Employee who shall be transferred into employment where he or she becomes an Eligible Employee hereunder shall be credited with Vesting Service computed for all his
or her employment with the Company and any Affiliate, before and after such transfer. 

  

	(b)	Any Participant who shall be transferred into employment as an Employee where he or she becomes an Inactive Participant shall continue to receive credit for Vesting
Service under this Plan during the period he or she is an Inactive Participant. 

  

	(c)	Any Eligible Employee who shall meet the requirements of section 3.1 but is transferred into employment as an Employee but not as an Eligible Employee, before becoming
a Participant, shall no longer be eligible to elect to have contributions made on his or her behalf hereunder. Any such Employee shall continue to accrue Vesting Service during the period computed for all of the Employee’s employment with the
Company and any Affiliate. 

  
 10 

	(d)	An Employee who has a Break in Service and is subsequently reemployed by the Company or an Affiliate shall be considered a new Employee for purposes of section 3.1,
unless he or she was credited with at least one month of Vesting Service prior to his or her Break in Service. In such case, the Employee shall be eligible to participate in the Plan as soon as administratively practicable after his or her
reemployment, provided he or she is then an Eligible Employee. 

  

	 	(1)	By written notice to the Committee after his or her reemployment, an Employee who has not had five consecutive One-Year Breaks in Service may deposit with the Trustee
an amount which shall be equal to the aggregate value of the distributions from his or her Account (and distributions from his or her account under the Former ESOP Plan, if the Employee’s Break in Service occurred prior to January 1, 2005)
at the time of his or her previous Break in Service. All deposits must be made in cash and in a single lump sum. The deposits must be made within five years after the Employee is reemployed. 

The Trustee shall allocate an Employee’s deposits made to satisfy the requirements of this section 3.3(d) as follows:

  

	 	(A)	An Employee’s deposits which are rollover deposits under section 4.1 (other than rollover deposits of after tax contributions) shall be allocated to the
Employee’s Rollover Deposit Account. 

  

	 	(B)	All other deposits shall be allocated to the Employee’s After-Tax Deposit Account. 

Notwithstanding the foregoing, any Employee deposit made to repay a prior distribution from the Former ESOP Plan or Former ESOP Account
shall be allocated to the Employee’s Former ESOP Account, and any deposit made on an after-tax basis shall be accounted for separately. 
  

	 	(2)	In the case of a reemployed Employee who does not have five consecutive One-Year Breaks in Service, the Company shall contribute to the Matching Contribution Account,
Profit Sharing Contribution Account and Former ESOP Account of such Employee the amount, if any, forfeited at the time of the Employee’s termination of service, if and only if the Employee makes the deposits permitted under paragraph
(1) above or the Employee did not receive a distribution at or after the time of his or her previous termination of service. The Company’s contribution shall be made concurrently with the Employee’s repayment if applicable, otherwise
as soon as administratively practicable after the date of his or her reemployment. 

 For each other reemployed
Employee, his or her beginning balance in his or her Account shall be zero, and his or her previous Forfeiture, if any, shall not be restored. 

3.4 Vesting 
 An Employee shall receive
credit for Vesting Service for the period commencing with the Employee’s date of hire with the Company or an Affiliate and ending on the date the Employee incurs a Break in Service. Vesting Service shall be calculated in accordance with
reasonable and uniform standards and policies adopted by the Company from time to time, which standards and policies shall be consistently observed subject, however, to the following: 

  
 11 

	(a)	Vesting Service shall be computed on the following bases: (i) prior to July 1, 1993, an Employee shall receive credit for each calendar quarter during which
the Employee earned at least one (1) Hour of Service or otherwise would receive credit for Vesting Service pursuant to subsection (b) below; and (ii) from and after July 1, 1993, an Employee shall receive credit for each calendar
month during which the Employee earned at least one (1) Hour of Service or otherwise would receive credit for Vesting Service pursuant to subsection (b) below. 

 

	(b)	An Employee shall earn Vesting Service for all periods of active employment with the Company or an Affiliate, and for the following periods that are not active
employment but that immediately precede a Break in Service: 

  

	 	(i)	an approved absence of up to 12 consecutive months from the Company or an Affiliate (e.g. vacation, paid holiday, sick, short term disability, long term disability,
Family Medical Leave, unpaid leave of absence) that is granted according to uniform and nondiscriminatory standards; 

  

	 	(ii)	a period of up to one (1) year during which an Employee is on Parental Leave; and 

 

	 	(iii)	an absence from work with the Company or an Affiliate on account of qualified military service (within the meaning of Code section 414(u)), but only if the Employee
reports for work within the period required under Code section 414(u). 

  

	(c)	If an Employee incurs a Break in Service, but returns to employment with the Company or an Affiliate prior to incurring a One-Year Break in Service (as defined in
section 3.6), the period commencing on the date the Break in Service began and ending on the date such Employee is reemployed shall be counted as Vesting Service. Notwithstanding the preceding sentence, if the Break in Service occurs during a period
of absence from active employment, the Employee shall not receive Vesting Service under the preceding sentence unless such Employee returns to employment before the first (1st) anniversary of the first day of such absence. If an Employee incurs
a One-Year Break in Service and the Employee is thereafter reemployed by the Company or an Affiliate, such Employee’s Vesting Service before such One-Year Break in Service shall be added to the Employee’s Vesting Service after
reemployment. 

  

	(d)	A Participant’s Vesting Service shall not include periods of service with an entity that is not an Affiliate, or service prior to the date an entity becomes an
Affiliate, except as provided in Section 2.1(x) (with respect to leased employees who subsequently become Employees) and Schedule A hereto. 

  

	(e)	A Severance Eligible Participant shall be fully vested in the balance of his or her Account. 

 

	(f)	All periods of Vesting Service shall be aggregated; provided, however, that a Participant shall not receive multiple credit for Vesting Service with respect to any
single period. 

 3.5 Break in Service 
  

	 	(a)	A “Break in Service” shall occur on earlier of: 

  

	 	(i)	the date the Employee separates from service with the Company and Affiliates due to a voluntary termination of employment, discharge, retirement, or death; or

  
 12 

	 	(ii)	the first anniversary of the date the Employee separates from service with the Company or an Affiliate for any reason other than the reasons set forth in paragraph
(i) above, such as vacation, holiday, sickness, disability, leave of absence or layoff. 

  

	(b)	Effective December 12, 1994, the fact that an Employee separates from service with the Company or an Affiliate on account of qualified military service (within the
meaning of Code section 414(u)) shall not constitute a Break in Service unless the Employee fails to report to work within the period required under law pertaining to veteran’s reemployment rights, in which case the Break in Service shall
occur on the earlier of (i) the expiration of the period by which such Employee was required to report back to work or (ii) the first anniversary of the date the Employee separated from service. 

 

	(c)	A Break in Service shall end on the date on which an Employee again performs an Hour of Service for the Company or an Affiliate. 

 

	(d)	The fact that an Employee who is a Participant becomes an Inactive Participant shall not constitute a Break in Service, but the foregoing rules shall continue to apply
to such an Employee during the period he or she is an Inactive Participant. 

  

	(e)	Effective August 5, 1993, the fact that an Employee is absent from work under the Family and Medical Leave Act of 1993 (“FMLA”) shall not constitute a
Break in Service if the Employee returns to work with the Company or an Affiliate after such period of absence within the time provided under FMLA. 

  

	3.6	One-Year Break in Service 

  

	(a)	The term “One-Year Break in Service” means each 12-consecutive-month period beginning on the date an Employee incurs a Break in Service under section 3.5 and
ending on each anniversary of such date, provided that such Employee does not perform an Hour of Service for the Company or any Affiliate during such period. 

 

	(b)	Solely for purposes of determining whether a One-Year Break in Service has occurred, but not for purposes of determining Vesting Service, in the case of an Employee who
is on Parental Leave, the Employee’s Break In Service shall be deemed to occur on the second (2nd) anniversary of the first day of such absence, provided the Employee does not perform an Hour of Service for the Company or any Affiliate
during such period of absence. The period of time between the first (1st) and second (2nd) anniversaries of a Parental Leave shall not be counted as a Break in Service, or Vesting Service. 

  
 13 

 Article IV. Participant Salary Reduction Contributions 

 

	4.1	Participant Salary Reduction Contributions 

Subject to section 6.4, an Eligible Employee who meets the requirements of section 3.1 (or upon reemployment, section 3.3) may enter into a Salary
Reduction Agreement, pursuant to which the Eligible Employee authorizes the Company or a Participating Employer to deduct an amount of money from the Eligible Employee’s Salary and deposit it with the Trustee for investment as the Eligible
Employee shall have directed as provided in section 6.3. A Salary Reduction Agreement shall be in such written, electronic or other form as the Committee shall establish, and may include automatic enrollment in the Plan (pursuant to uniform and
nondiscriminatory procedures established by the Committee) at a specified percentage of the Eligible Employee’s Salary (which percentage may change automatically over time pursuant to a specified schedule), and automatic reduction of the
Eligible Employee’s Salary, unless such Eligible Employee affirmatively elects not to make such Salary Reduction Contribution. Any Salary Reduction Agreement shall be entered into on or before such reasonable and nondiscriminatory deadline as
is specified by the Committee. Salary Reduction Contributions made through automatic enrollment procedures shall initially be invested in such Investment Fund or Funds as the Committee shall designate. The amount shall be deposited in the Eligible
Employee’s After-Tax Deposit Account or to his or her Before-Tax Deposit Account, or partly to each in whole percentages, as designated by the Eligible Employee. Deposits to a Participant’s Before-Tax Deposit Account in a calendar year may
not exceed the maximum amount permitted under Code section 402(g) for such year ($16,500 for 2010), less any other contributions made to other plans qualified under section 401(k) of the Code. 

Amounts deposited to the Participant’s Before-Tax Deposit Account pursuant to this section 4.1 shall be considered as contributions made by the
Company or a Participating Employer on behalf of the Participant to the Thrift Trust under a qualified cash or deferred arrangement as defined in section 401(k)(2) of the Code so that the amounts will not be included in the Participant’s
income for federal income tax purposes in the year of contribution. Amounts deposited to the Participant’s After-Tax Deposit Account shall be considered as deposits made by the Participant from his or her Salary which are subject to federal
income tax in the year paid. 
 With authorization by the Committee, an Eligible Employee may make a rollover deposit to the Plan of a single
sum distribution from a qualified plan, an employee annuity, an annuity contract, an individual retirement account, an individual retirement annuity, or an eligible governmental deferred compensation plan, as described in sections 402(c)(4),
403(a)(4), 403(b)(8), 408(d)(3) and 457(e)(16) of the Code. The amount shall be deposited in cash to the Eligible Employee’s Rollover Deposit Account, and shall be initially invested in the Stable Asset Fund. The Plan will separately account
for any portion of a rollover deposit that consists of after-tax employee contributions. An Eligible Employee who is not otherwise a Participant in the Plan shall be considered as a Participant solely for purposes of his or her Rollover Deposit
Account. The Committee shall authorize and regulate the making of rollover deposits in accordance with uniform and nondiscriminatory rules. 

An Eligible Employee who does not elect to have contributions made to the Plan under this Section 4.1 shall be considered as a Participant in the
Plan solely for purposes of his or her Profit Sharing Contribution Account and Former ESOP Account, if any. 
 Anything in the Plan to the
contrary notwithstanding, if during any taxable year a Participant is also a participant in another cash or deferred arrangement, and if such Participant’s elective deferrals under such other arrangement together with amounts deposited to the
Participant’s Before-Tax Deposit Account exceed the maximum amount permitted for the Participant for that year under section 402(g) of the Code, the Participant, not later than the date designated by the Committee, following the close of such
taxable year, may request the distribution of all or a portion of such excess to such Participant, with the income allocable thereto 

  
 14 

 
for the Plan Year of the deferral (determined in accordance with applicable Treasury regulations). Any such request shall be in writing or such other form as the Committee may authorize and shall
include adequate proof of the existence of such excess, as determined by the Committee in its sole discretion. If the Participant timely provides such notice, such excess amount shall be distributed to the Participant no later than the April 15
following the close of the Participant’s taxable year. In addition, if the applicable section 402(g) limitation for a Plan Year is exceeded with respect to this Plan alone, or with respect to this Plan and any Related Plan, such excess deposits
(with allocable gains or losses through the end of the tax year in which the excess occurred) shall be distributed to the Participant as soon as practicable after the Plan is notified of the excess deferrals by the Company, a Participating Employer
or the Participant, or otherwise discovers the error (but no later than the April 15 following the close of the Participant’s taxable year). Notwithstanding the foregoing provisions of this section 4.1, the dollar amount of any
distribution due hereunder shall be reduced by the dollar amount of any deposits to the Participant’s Before-Tax Deposit Account that were previously distributed to the same Participant pursuant to section 4.4; provided, however, that for
purposes of sections 5.3 and 4.3, the correction under this section 4.1 shall be deemed to have occurred before the correction under section 4.4. 
  

	4.2	Changing Rate of Salary Reduction Contributions 

 Subject to section 6.4, a Participant may change the rate of or terminate his or her Salary Reduction Contributions at any time by entering into a new Salary Reduction Agreement, to be effective pursuant
to uniform and nondiscriminatory procedures established by the Committee. Any new or changed rate shall comply with the requirements of section 4.1. Changes shall be subject to such deadlines and shall be in such written, electronic or other form as
the Committee shall establish (which may include automatic changes in the rate of a Participant’s Salary Reduction Contributions over time), and the last change that is received from the Participant prior to such deadline shall control.

  

	4.3	Limitations on Salary Reduction Contributions 

  

	(a)	Notwithstanding anything to the contrary contained elsewhere in the Plan or contained in any Salary Reduction Agreement, but subject to sections 4.7 and 4.8, all Salary
Reduction Agreements entered into with respect to any Plan Year shall be valid only if one of the tests set forth in subsection (b) of this section 4.3 is satisfied for such Plan Year. In determining whether such tests are satisfied, all
contributions to a Before-Tax Deposit Account, and excess contributions of a Highly Compensated Participant to his or her After-Tax Deposit Account, if any, made with respect to such Plan Year shall be considered. 

 

	(b)	For each Plan Year, the Actual Deferral Percentage for Highly Compensated Participants shall bear to the Actual Deferral Percentage for all other Eligible Employees for
the Plan Year a relationship that satisfies either of the following tests: 

  

	 	(i)	The Actual Deferral Percentage for Highly Compensated Participants for the Plan Year is not more than the Actual Deferral Percentage of all other Eligible Employees for
the Plan Year multiplied by 1.25; or 

  

	 	(ii)	The Actual Deferral Percentage for Highly Compensated Participants for the Plan Year is not more than the Actual Deferral Percentage for all other Eligible Employees
for the Plan Year multiplied by two and the excess of such Actual Deferral Percentage for the group of Highly Compensated Participants over that of all such other Eligible Employees is not more than two percentage points. If the Plan is aggregated
with one or more plans for purposes of satisfying section 410(b) of the Code (other than the average benefit percentage test), then the foregoing tests shall be applied as if all such plans were a single plan. 

  
 15 

	(c)	If at the end of any Plan Year neither of the tests set forth in subsection (b) of this section 4.3 is satisfied for such Plan Year, then:

  

	 	(i)	Salary Reduction Agreements entered into for that Plan Year by Highly Compensated Participants shall be valid only to the extent permitted by one of the tests set forth
in subsection (b) of this section, and Salary Reduction Contributions made by the Company and Participating Employers for such Plan Year for Highly Compensated Participants shall be reduced in the manner set forth in subsection (c)(ii) to the
extent necessary to comply with one of the tests set forth in subsection (b) of this Section. All Salary Reduction Contributions so reduced, adjusted for earnings, gains and losses allocable thereto, shall be allocated and distributed in the
manner provided in section 4.4. 

  

	 	(ii)	Reductions pursuant to subsection (i) above shall be effected with respect to Highly Compensated Participants pursuant to the following procedure: The total amount
of excess contributions will be determined by reducing the Salary Reduction Contributions of Highly Compensated Participants to the extent necessary to cause the Actual Deferral Percentage of the Highly Compensated Participant with the highest
Actual Deferral Percentage to equal the Actual Deferral Percentage of the Highly Compensated Participant with the next highest Actual Deferral Percentage, and repeating this process until one of the tests set forth in subsection (b) is
satisfied for the Plan Year. The aggregate amount of such excess Salary Reduction Contributions determined in accordance with the preceding sentence shall then be distributed to Highly Compensated Participants pursuant to section 4.4 on the basis of
the dollar amount of Salary Reduction Contributions made by each Highly Compensated Participant, beginning with the Highly Compensated Participant with the highest dollar amount of Salary Reduction Contributions, until the total aggregate dollar
amount of such excess Salary Reduction Contributions is distributed. 

  

	 	(iii)	Salary Reduction Agreements entered into by all Participants who are not Highly Compensated Participants shall be valid and Salary Reduction Contributions made by the
Company for such Participants shall not be changed. 

 The calculations, reductions and allocations required by
this section 4.3 and section 4.4 shall be made by the Company and Participating Employers with respect to a Plan Year at any time prior to the close of the following Plan Year. 

 

	(d)	The Committee shall have the unilateral right to limit the percentage of the Salary of Highly Compensated Participants that may be subject to Salary Reduction
Agreements. Such limitation shall be made to the extent necessary, in the discretion of the Committee, to assure that one of the tests set forth in subsection (b) of this section 4.3 shall be met for the Plan Year and shall be based upon
estimates made from the data available to the Committee. The Committee also shall have the unilateral right to reduce (to zero if necessary) the amount of any Highly Compensated Participant’s Salary Reduction Contributions with respect to any
Plan Year to the extent it deems such reduction necessary or desirable to satisfy the requirements of Code section 401(k)(3) or 401(m)(2) with respect to such Plan Year. 

 

	(e)	To the extent permitted, the limitations set forth in this section 4.3 shall be adjusted in connection with contributions made pursuant to sections 4.7 and 4.8.

  

	4.4	Recharacterization and Return of Certain Salary Reduction Contributions 

 If a Salary Reduction Contribution made by the Company for a Highly Compensated Participant is reduced for a Plan Year pursuant to section 4.3(c), the amount so reduced shall be allocated and distributed
as follows: 
  

	(a)	To the extent permitted by regulations issued by the Secretary of the Treasury and as elected by the Highly Compensated Participant, if the Participant has not made
deposits to his or her After-Tax Deposit Account equal to the maximum amount permitted under the Plan, then within 2-1/2 months after the end of the Plan Year, the amount reduced pursuant to section 4.3(c), adjusted for earnings, gains and losses
allocable thereto for the Plan Year, shall be deemed to be after-tax deposits made by the Participant and shall (within the limits contained in the Plan) be allocated to the Participant’s After-Tax Deposit Account; or 

  
 16 

	(b)	To the extent that the procedure set forth in subsection (a) of this Section is not elected by the Highly Compensated Participant, or if the Highly Compensated
Participant makes or is deemed to have made deposits to his or her After-Tax Deposit Account equal to the maximum amount permitted by the Plan (through Salary Reduction Contributions made pursuant to Article IV of the Plan, pursuant to the operation
of subsection (a), or both), any portion of the amount so reduced pursuant to Section 4.3(c) that is not allocated to the Participant’s After-Tax Deposit Account pursuant to subsection (a) of this Section 4.4, adjusted for
earnings, gains and losses allocable thereto for the Plan Year, pursuant to section 401(k)(8) of the Code, shall be paid directly to the applicable Highly Compensated Participant no later than the close of the following Plan Year.

  

	(c)	For purposes of sections 4.4(a) and (b), earnings, gains and losses shall be determined under a reasonable, nondiscriminatory method that is used consistently for all
corrective distributions and recharacterizations for the Plan Year and is used to allocate income to Participants’ accounts. The amount to be recharacterized or distributed, as applicable, shall first be reduced by the amount of excess
deferrals under Code section 402(g) previously distributed to the Participant with respect to such Plan Year, if any. Any amounts recharacterized as after-tax deposits shall remain subject to the distribution provisions of Code section 401(k).

 Notwithstanding the foregoing, if for any Plan Year the Salary Reduction Contribution of a Highly Compensated Participant who
is also a Catch-Up Eligible Participant is to be reduced pursuant to section 4.3(c), all or a portion of the amount to be reduced shall first be recharacterized as Catch-Up Contributions, to the extent permitted by Code Section 414(v) and
applicable regulations, and any amount which cannot be so recharacterized shall be allocated or distributed as described in subsections (a) and (b) of this Section 4.4. 

 

	4.5	Treatment of Associated Matching Contributions 

 Any matching contribution that is associated with a Salary Reduction Contribution made by the Company for a Highly Compensated Participant that is reduced for a Plan Year pursuant to section 4.3(c) shall
be forfeited, and shall be treated as a Forfeiture in accordance with section 5.5. 
  

	4.6	Supplemental Company Contributions 

 The
Company and/or Participating Employers may contribute to the Thrift Trust with respect to any Plan Year a Supplemental Company Contribution in such amount as the Committee may determine. Supplemental Company Contributions may be made to the
Before-Tax Deposit Accounts of Participants who are not Highly Compensated Participants only if, and to the extent that, such Supplemental Company Contributions are necessary to satisfy one of the tests contained in section 4.3(b) of the Plan. The
Supplemental Company Contribution for any Plan Year shall be allocated to the Before-Tax Deposit Accounts of Participants who are not Highly Compensated Participants pro-rata based on each such Participant’s Salary. Upon allocation to the
Before-Tax Deposit Accounts of such Participants, the Supplemental Company Contribution shall be considered as Salary Reduction Contributions for all purposes of the Plan other than for purposes of sections 8.7 and 8.8 of the Plan and for purposes
of determining the amount of Matching Contributions made on such Participant’s behalf pursuant to section 5.1, and shall be subject to Treas. Reg. § 1.401(k)-2(a)(6) (or any applicable successor to such regulation) and all of the
provisions of the Plan regarding Salary Reduction Contributions. The Company and/or Participating Employers shall pay to the Thrift Trust any Supplemental Company Contribution with respect to a particular Plan Year within 90 days after the end of
such Plan Year. 

  
 17 

	4.7	Uniformed Services Employment and Reemployment Rights Act 

 This Plan shall be administered consistent with section 414(u) of the Code. As such, (i) an Eligible Employee who has returned to work within the period required under section 414(u) of the Code
after he or she is released from qualified military service shall be permitted to make Salary Reduction Contributions to the extent required to comply with such Code section and other applicable laws, and (ii) the Company and Participating
Employers shall make contributions to the extent necessary to comply with such law. 
  

	4.8	Catch-Up Contributions 

 A Catch-Up
Eligible Participant with respect to any Plan Year shall be eligible to make Catch-Up Contributions in accordance with and subject to the limitations of section 414(v) of the Code and applicable regulations. Such Catch-Up Contributions shall not be
taken into account for purposes of applying the limitations of Code sections 402(g) and 415 for such Plan Year and shall not be included in determining the amount of a Participant’s Actual Deferral Percentage for such Plan Year. Catch-Up
Contributions shall be deposited in a Participant’s Before-Tax Deposit Account. 

  
 18 

 Article V. Company Contributions 

 

	5.1	Company Matching Contributions 

  

	(a)	A Participant who has Matchable Participant Deposits (as defined below) during a Plan Year is eligible to have the Company or a Participating Employer make a Matching
Contribution to the Participant’s Matching Contribution Account for that Plan Year in an amount equal to 50% of his or her Matchable Participant Deposits that do not exceed 6% of the Participant’s Salary for the Plan Year. Matching
Contributions shall be made as soon as administratively practicable following each payroll period, based on the Matchable Participant Deposits contributed to the Thrift Trust for such payroll period. In addition, as soon as administratively
practicable after the end of the Plan Year, the Company or Participating Employer shall make an additional Matching Contribution (a “true-up Matching Contribution”) to the Matching Contribution Account of any Member who did not receive the
full Matching Contribution that the Member would have received had the Matching Contribution provided under this section 5.1 been made on a Plan Year rather than payroll period basis, subject to applicable administrative practices and procedures
established by the Company. 

  

	(b)	For each Plan Year in which the Northern Trust Corporation attains its earnings goal, a Participant who has Matchable Participant Deposits (as defined below) during
that Plan Year is eligible to have the Company or a Participating Employer make a contingent Matching Contribution to the Participant’s Matching Contribution Account for that Plan Year, provided that, on December 31 of that Plan Year, such
Participant is either 

  

	 	(i)	in the service of the Company or an Affiliate or receiving Salary, or on a Company-approved leave of absence, paid or unpaid; or 

 

	 	(ii)	not in the service of the Company or an Affiliate, but the Participant terminated his or her service with the Company and its Affiliates during the Plan Year by reason
of death, normal or early retirement under the Pension Plan, or any other retirement after his or her Normal Retirement Date. 

 In addition, a Participant who becomes entitled to a disability distribution under section 8.1(c), (d) or (e) is eligible to have the Company or a Participating Employer make a contingent
Matching Contribution to the Participant’s Matching Contribution Account for any Plan Year in which the Participant continues to receive Salary, provided that the Participant has Matchable Participant Deposits in that Plan Year. 

A Participant’s contingent Matching Contribution for a Plan Year shall be an amount equal to 50% of the Participant’s Matchable
Participant Deposits that do not exceed 3% of the Participant’s Salary for the Plan Year. The earnings goal for the Plan Year shall be determined by the Compensation and Benefits Committee of the Company’s Board of Directors in the first
quarter of the Plan Year. Northern Trust Corporation’s earnings for the Plan Year for purposes of determining whether the earnings goal has been attained will be determined by the Compensation and Benefits Committee of the Company’s Board
of Directors, in its discretion, taking into consideration such factors and circumstances and including or excluding such items of income and expenses as it deems appropriate 

 

	(c)	“Matchable Participant Deposits” means the aggregate contributions deposited by a Participant to his or her After-Tax Deposit Account and Before-Tax Deposit
Account during the calendar year, including amounts contributed under sections 4.7 or 4.8; provided, however, that, contributions to a Participant’s After-Tax Deposit Account and Before-Tax Deposit Account during a calendar year shall only be
considered Matchable Participant Deposits to the extent that they were made on or after the first day of the month following the Participant’s completion of six (6) months of Vesting Service. 

  
 19 

	5.2	Profit Sharing Contributions 

  

	(a)	Basic Profit Sharing Contributions. For each Plan Year beginning on or after January 1, 2005 and prior to January 1, 2010, in which the Northern Trust
Corporation attained its earnings goal, the Company and Participating Employers made a Basic Profit Sharing Contribution to the Thrift Trust on behalf of each Eligible Employee in an amount equal to one percent (1%) of such Eligible
Employee’s Salary, subject to the rules set forth in paragraph (c) next below. The earnings goal for the Plan Year was determined by the Compensation and Benefits Committee of the Company’s Board of Directors in the first quarter of
the Plan Year. Northern Trust Corporation’s earnings for the Plan Year for purposes of determining whether the earnings goal had been attained was determined by the Compensation and Benefits Committee of the Company’s Board of Directors,
in its discretion, taking into consideration such factors and circumstances and including or excluding such items of income and expenses as it deemed appropriate. Basic Profit Sharing Contributions were discontinued for Plan Years beginning on and
after January 1, 2010. 

  

	(b)	Discretionary Profit Sharing Contributions. For each Plan Year beginning on or after January 1, 2005 and prior to January 1, 2009, the Company and
Participating Employers had the discretion to make a Discretionary Profit Sharing Contribution on behalf of Discretionary Profit Sharing Eligible Employees in the amount, if any, determined by the Company and Participating Employers in their sole
discretion, subject to the rules set forth in paragraph (c) next below. If the Company or Participating Employers made a Discretionary Profit Sharing Contribution for a Plan Year, such contribution was allocated based on a formula providing for
both a fixed dollar amount (which may be zero) that was allocated to the Profit Sharing Contribution Account of each such Discretionary Profit Sharing Eligible Employee, and an amount (which may be zero) that was allocated to the Profit Sharing
Contribution Account of each such Discretionary Profit Sharing Eligible Employee as a percentage of such Discretionary Profit Sharing Eligible Employee’s Salary for such Plan Year. Discretionary Profit Sharing Contributions were discontinued
for Plan Years beginning on and after January 1, 2009. 

  

	(c)	Eligible Employees Entitled to Allocations of Profit Sharing Contributions. Only Eligible Employees and Discretionary Profit Sharing Eligible Employees who have
completed six (6) months of Vesting Service shall be eligible to receive Profit Sharing Contributions. To share in any Profit Sharing Contribution for a Plan Year, on December 31 of such Plan Year, the Eligible Employee or Discretionary
Profit Sharing Eligible Employee must either be: 

  

	 	(i)	in the service of the Company or an Affiliate or receiving Salary, or on a Company-approved leave of absence, paid or unpaid; or 

 

	 	(ii)	not in service of the Company or an Affiliate, but the Eligible Employee or Discretionary Profit Sharing Eligible Employee terminated his or her service with the
Company and its Affiliates during the Plan Year by reason of death, normal or early retirement under the Pension Plan, or any other retirement after his or her Normal Retirement Date. 

In addition, an Eligible Employee or Discretionary Profit Sharing Eligible Employee who became entitled to a disability distribution under
section 8.1(c), (d) or (e) was eligible to have the Company or Participating Employer make a Profit Sharing Contribution for any Plan Year in which the Eligible Employee or Discretionary Profit Sharing Eligible Employee continued to
receive Salary, but not for any Plan Year beginning after 2009 for an Eligible Employee or any Plan Year beginning after 2008 for a Discretionary Profit Sharing Eligible Employee. 

  
 20 

	5.3	Limitations on Deposits and Contributions 

  

	(a)	Notwithstanding anything contained herein to the contrary, but subject to sections 4.7 and 4.8, a Participant’s Annual Additions for a Limitation Year shall not
exceed the lesser of- 

  

	 	(1)	$40,000, adjusted for increases in the cost of living as provided in Code section 415(d), or 

 

	 	(2)	100 percent of the Participant’s compensation (as defined in paragraph (e) below). 

 

	(b)	If a Participant is entitled to receive an allocation under this Plan and any Related Plan and, in the absence of the limitations contained in this section, the Company
or a Participating Employer would contribute or allocate to the Account of that Participant an amount for a Limitation Year that would cause the Annual Additions to the Account of the Participant to exceed the annual maximum permissible amount (as
set forth in section 5.3(a)) for such Limitation Year, then the contributions and allocations made with respect to the Participant under this Plan will be reduced before the contributions or allocations to the Participant’s accounts under the
Related Plan are reduced. 

  

	(c)	In applying the limitations under this section 5.3, all Affiliates shall, together with the Company, be considered as a single employer. In addition, in applying these
limitations, all defined contribution plans (whether or not terminated) of the Company and all Affiliates shall be treated as one defined contribution plan. 

 

	(d)	For purposes of this section 5.3, the term ‘compensation’ shall mean wages within the meaning of Code section 3401(a) and all other payments of compensation
to an Eligible Employee by the Company or an Affiliate (in the course of the Company’s or Affiliate’s trade or business) for which the Company or Affiliate is required to furnish the Eligible Employee a written statement under Code
sections 6041(d), 6051(a)(3) and 6052. Compensation must be determined without regard to any rules under Code section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed.
“Compensation” shall also include any amounts that are not includible in the Eligible Employee’s gross income by reason of sections 125, 132(f)(4), 402(g) and 457 of the Code. “Compensation” for purposes of this section 5.3
shall include regular pay (within the meaning of Treas. Reg. §1.415(c)-2(e)(3)(ii)) that is received during the period ending on the later of the end of the calendar year in which the Participant’s severance from employment occurs or the
date which is 2-1/2 months after the Participant’s severance from employment. 

  

	(e)	To the extent permitted, the limitations set forth in this section 5.3 shall be adjusted in connection with contributions made pursuant to sections 4.7 and 4.8.

  

	(f)	The Committee shall have the unilateral right to limit the percentage of the Salary of Participants that may be subject to Salary Reduction Agreements to the extent
necessary, in the determination of the Committee, to assure that limitations set forth in this section 5.3 will not be exceeded. 

  

	5.4	Time of Matching and Profit Sharing Contributions 

 The Company’s and Participating Employers’ Matching Contributions and Profit Sharing Contributions for a calendar year on behalf of a Participant shall be made no later than the time prescribed
by law (with extensions) for the filing of the Company’s federal income tax return for that year. All contributions shall be transmitted to the Trustee for investment as provided in section 6.3. 

  
 21 

	5.5	Forfeitures 

 Forfeitures occurring under
section 8.3 shall be held in a suspense account in the Plan and invested in the Northern Trust Collective Short Term Investment Fund or in such other short-term investment vehicle as the Committee designates for this purpose. Notwithstanding the
provisions of sections 5.1 and 5.2, Forfeitures, and (where applicable) earnings thereon, shall be used to satisfy Matching Contributions and Profit Sharing Contributions, and the Company’s and Participating Employers’ contributions
under sections 5.1 and 5.2 shall be reduced (but not below zero) accordingly. 
  

	5.6	Limitations on Contributions 

 The amount
of contributions made by any corporation which is a party to this Plan shall not exceed the amount deemed to be deductible in computing the taxable income of such corporation (taking into account all contributions under the Pension Plan and all
privileges and limitations of carry over and carry forward as established by law) for the purpose of computing taxes on, or measured by, income under the provisions of the Code or any other laws in effect from time to time. 

 

	5.7	Rules Governing Matching Contributions and Participant After-Tax Deposits 

 

	(a)	Notwithstanding any provisions of the Plan to the contrary, but subject to section 4.7, the Actual Contribution Percentage of Highly Compensated Participants for a Plan
Year shall bear to the Actual Contribution Percentage for all other Eligible Employees for the Plan Year a relationship that satisfies either of the following tests: 

 

	 	(i)	The Actual Contribution Percentage for Highly Compensated Participants for the Plan Year is not more than the Actual Contribution Percentage for all other Eligible
Employees for the Plan Year multiplied by 1.25; or 

  

	 	(ii)	The Actual Contribution Percentage for Highly Compensated Participants for the Plan Year is not more than the Actual Contribution Percentage for all other Eligible
Employees for the Plan Year multiplied by two and the excess of such Actual Contribution Percentage for the group of Highly Compensated Participants over that of all such other Eligible Employees is not more than two percentage points. If the Plan
is aggregated with one or more plans for purposes of satisfying section 410(b) of the Code (other than the average benefit percentage test), then the foregoing tests shall be applied as if all such plans were a single plan. 

 

	(b)	If, at the end of any Plan Year, neither of the tests set forth in subsection (a) is satisfied for such Plan Year, then the Matching Contributions and after-tax
deposits made for such Plan Year on behalf of Highly Compensated Participants shall be reduced in the manner set forth in this subsection (b) to the extent necessary to comply with one of the tests set forth in subsection (a). Reductions
pursuant to the preceding sentence shall be effected with respect to Highly Compensated Participants pursuant to the following procedure: The total dollar amount of excess Matching Contributions and after-tax deposits shall be determined by reducing
the amount of such Matching Contributions and after-tax deposits to the extent necessary to cause the Actual Contribution Percentage of the Highly Compensated Participant with the highest Actual Contribution Percentage to equal the Actual
Contribution Percentage of the Highly Compensated Participant with the next highest Actual Contribution Percentage, and repeating this process until one of the tests set forth in subsection (a) is satisfied for such Plan Year. The aggregate
dollar amount of such excess Matching Contributions and after-tax deposits determined in accordance with the preceding sentence shall then be distributed (or forfeited, if applicable) to Highly Compensated Participants pursuant to subsection
(c) on the basis of the dollar amount of Matching Contributions and after-tax deposits made by each Highly Compensated Participant, beginning with the Highly Compensated Participant with the highest dollar amount of Matching Contributions and
after-tax deposits, until the total aggregate dollar amount of excess Matching Contributions and after-tax deposits is distributed (or forfeited). 

  
 22 

	(c)	Deposits by Participants who are not Highly Compensated Participants to their After-Tax Deposit Accounts and Matching Contributions made on account of Participants who
are not Highly Compensated Participants shall be valid and shall not be affected by this section. The Unvested Portion of Matching Contributions that is reduced pursuant to the preceding provisions of this section for the Plan Year, adjusted for
earnings, gains and losses allocable thereto pursuant to section 401(m) of the Code for such Plan Year, shall be forfeited and treated as a Forfeiture in accordance with section 5.5, and the reduced after-tax deposits and the Vested Portion of such
reduced Matching Contributions, adjusted for earnings, gains and losses allocable thereto, shall be paid directly to the applicable Participant. After-tax deposits shall be reduced first. If after-tax deposits are not sufficient to satisfy the
necessary reduction, the Vested and Unvested Portions of the Matching Contribution Account shall be reduced and forfeited, respectively, pro rata based upon the vested percentage of the Participant’s Matching Contribution Account, to the extent
necessary to satisfy such reduction. The calculations, reductions, allocations, forfeitures and payments required by this section shall be made by the Committee with respect to a Plan Year at any time prior to the close of the following Plan Year.
For purposes of this subsection (c), allocable earnings, gains and losses shall be determined under a reasonable, nondiscriminatory method that is used consistently for all distributions to Participants and Forfeitures of Matching Contributions for
the Plan Year, and is used to allocate income to Participants’ accounts. 

  

	(d)	If at any time during a Plan Year the Committee, in its sole discretion, determines that neither of the tests set forth in subsection (a) of this section 5.7 may
be met for such Plan Year, then: 

  

	 	(i)	The Committee shall have the unilateral right during the Plan Year to require the prospective reduction, for the balance of the Plan Year, or any part thereof, of the
percentage of Salary of Highly Compensated Participants that may be deposited on an after-tax basis. Such reductions shall be made to the extent necessary, in the discretion of the Committee, to assure that one of the tests set forth in subsection
(a) of this section 5.7 shall be met for the Plan Year and shall be based upon estimates made from data available to the Committee at any time during the Plan Year. 

 

	 	(ii)	Reductions pursuant to (i) above shall be effected with respect to Highly Compensated Participants pursuant to the following procedure: The Actual Contribution
Percentage of the Highly Compensated Participant with the highest Actual Contribution Percentage shall be reduced to the extent necessary to cause such Highly Compensated Participant’s Actual Contribution Percentage to equal the Actual
Contribution Percentage of the Highly Compensated Participant with the next highest Actual Contribution Percentage. This process shall be repeated to the extent necessary to assure that one of the tests set forth in subsection (a) shall not be
exceeded for such Plan Year. 

  

	(e)	To the extent permitted, the limitations set forth in this section 5.7 shall be adjusted in connection with contributions made pursuant to section 4.7.

  

	5.8	Transfers from Former ESOP Plan 

 To
enable the Former ESOP Plan to satisfy the investment diversification requirement of Code section 401(a)(28)(B), prior to January 1, 2005 the Plan accepted transfers of cash directly from an Eligible Employee’s account in the Former ESOP
Plan which were made to fulfill that requirement. The transferred property was added to the Eligible Employee’s ESOP Contribution Account. The Committee regulated the making of transfers in accordance with uniform and nondiscriminatory rules.
An Eligible Employee who made such a transfer but who was not otherwise a Participant in the Plan was considered as a Participant solely for purposes of his or her ESOP Contribution Account. 

  
 23 

 Effective January 1, 2005, all of the balances in the Former ESOP Plan were transferred to this Plan
and credited to a Member’s Former ESOP Account. Accordingly, on or after such date, no additional amounts shall be transferred from the Former ESOP Account to the ESOP Contribution Account. A Member’s Former ESOP Account was initially
invested in the Former ESOP Northern Trust Stock Fund and thereafter may be invested in any Investment Fund offered under the Plan. 
  

	5.9	Change in Control 

  

	(a)	Notwithstanding anything contained herein to the contrary, during any Plan Year beginning on or after January 1, 2010 in which there occurs a Change in Control (as
hereinafter defined), the Company shall make a contingent Matching Contribution to the Matching Contribution Account of each Participant who is eligible to receive a contingent Matching Contribution pursuant to the terms of section 5.1(b) (or who
would be eligible to receive a contingent Matching Contribution under section 5.1(b) if the date of the Change in Control were substituted for December 31 under that section), provided, however, that (i) such contingent Matching
Contribution will be made with respect to the Participant’s Matchable Participant Deposits made prior to the date of such Change in Control, (ii) such contingent Matching Contribution shall be calculated assuming that Northern Trust
Corporation would attain its earnings goal for the Plan Year in which the Change in Control occurs, and (iii) the amount of any contingent Matching Contribution to which the Participant becomes entitled pursuant to the provisions of this
Article 5 (without giving effect to this section 5.9) shall be reduced (but not below zero) by the amount of any contingent Matching Contribution made pursuant to this section 5.9. As of the date of the Change in Control, the Company shall also make
a true-up Matching Contribution under section 5.1(a) to the Matching Contribution Account of each eligible Member. Upon the occurrence of a Change in Control, each Participant and Inactive Participant shall become fully vested in the balance of his
or her Account. Any amounts credited to any such Account following such Change in Control shall also be fully vested. 

  

	(b)	For purposes of this section 5.9, 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: 

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

(2) The election to the Board of Directors of the Corporation, without the recommendation or approval of two thirds of the incumbent Board
of Directors of the Corporation, of the lesser of: (A) three directors; or (B) directors constituting a majority of the number of directors of the Corporation then in office, provided, however, that directors whose initial
assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation will not be considered as incumbent members of the
Board of Directors of the Corporation for purposes of this section; or 
 (3) there is consummated a merger or consolidation of
the Corporation or any direct or indirect subsidiary of the Corporation with any other company, other than (i) a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior to such merger
or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), at least 60% of the combined voting power of the securities of the

  
 24 

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

(4) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated
an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets, other than a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity,
at least 60% of the combined voting power of the voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

 

	(c)	Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the record holders of the common stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an
entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

  

	(d)	For purposes of this section 5.9 the following definitions shall apply: 

 “Affiliate” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act; “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the
Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of any securities with respect to which such Person has properly filed a Form 13-G; “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time; and “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Corporation or any of
its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefits plan of the Corporation or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such
securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation. 

  
 25 

 Article VI. Investment Funds 

 

	6.1	Investment Funds 

 The Investment
Committee shall designate one or more Investment Funds for the investment of Members’ and Beneficiaries’ Accounts, as set forth in Schedule B. At the Investment Committee’s discretion, any or all of the Investment Funds may consist of
one or more mutual funds or other commingled or collective investment funds selected by the Investment Committee from time to time. Such mutual funds, commingled funds or collective funds may include funds from which The Northern Trust Company
receives fees for providing investment adviser, transfer agent, custodial, or other services. Notwithstanding any other provision of this Plan, investments in a mutual fund or commingled fund may be subject to charges, fees, withdrawal or other
restrictions imposed by such fund. 
 The Investment Committee may select other investment funds, in addition to or in lieu of, the Investment
Funds set forth in Schedule B. Such other funds shall be included within the terms “Funds” or “Investment Funds” hereunder as if specified in Schedule B. 
 The Company shall have the authority to engage, appoint, retain and terminate a provider or providers as an investment advisor and/or investment manager to provide investment advice and/or investment
management services directly to some or all Members. The Company shall be a named fiduciary for purposes of ERISA with respect to such authority. Such Company authority shall be separate from and shall not supersede or affect the investment
responsibilities specifically allocated to the Investment Committee under the Plan and Thrift Trust. If the Company has engaged such a provider or providers to provide investment advice and/or investment management services directly to some or all
Members, and if a Member elects to use the investment advice and/or investment management services provided by any such provider, then the Member shall be a named fiduciary for purposes of ERISA with respect to investments made pursuant to such
investment advice and/or investment management services, and the fees and expenses charged by such provider for those services shall be paid from the Member’s Account pursuant to administrative procedures established for that purpose.

  

	6.2	Administration of Funds 

 Each of the
Investment Funds shall be invested without distinction between principal and income. Pending payment of costs, expenses and anticipated benefits, or acquisition of permanent investments, the Trustee may hold any portion of any of the Investment
Funds in money market instruments (or in a collective investment fund or registered investment company composed primarily of such investments). 
  

	6.3	Selection of and Transfers Between Investment Funds 

  

	(a)	Subject to sections 6.1 and 6.4, contributions to a Member’s Account shall be invested as follows: 

 

	 	(i)	Contributions to the Member’s After-Tax Deposit Account, Before-Tax Deposit Account, Matching Contribution Account and Acquired Company Prior Plan Account shall be
invested in specified multiples of one percent in any one or more of the Investment Funds, as directed by the Member, with the same election applying to contributions to all such Accounts. 

 

	 	(ii)	Contributions to the Member’s Profit Sharing Contribution Account were initially invested in the Northern Trust Stock Fund and thereafter may be invested as
directed by the Member. 

  

	 	(iii)	Contributions to the Member’s ESOP Contribution Account were invested in specified multiples of one percent in any one or more of the Investment Funds, as directed
by the Member. No contributions shall be made to the Member’s ESOP Contribution Account for Plan Years beginning on and after January 1, 2005. 

  
 26 

	 	(iv)	Contributions to the Member’s Former ESOP Account were initially invested in the Former ESOP Northern Trust Stock Fund. Such Former ESOP Account may invested as
directed by the Member. Any repayments made by a rehired Employee under section 3.3(d) that are deposited in the Former ESOP Account shall be initially invested in the Stable Asset Fund, and thereafter may be invested as directed by the Member.

  

	 	(v)	Contributions to the Member’s Rollover Deposit Account shall be initially invested in the Stable Asset Fund, and thereafter may be invested as directed by the
Member. 

  

	(b)	Subject to sections 6.1 and 6.4, each Member and Beneficiary shall have the right to direct that all or any portion of his or her Account which is invested in any one
or more of the Investment Funds shall be transferred to one or more of the other Investment Funds, with the same election applying to all separate accounts included in the Account; provided, however, in no event may a Member elect to transfer
amounts from another Investment Fund under the Plan into the Former ESOP Northern Trust Stock Fund. 

 Directions
under this section 6.3 shall be in such written, electronic or other form as the Committee shall determine, and shall be made on or before such reasonable and nondiscriminatory deadlines as the Committee establishes. 

 

	(c)	The Plan is intended to comply with the provisions of section 404(c) of ERISA. The Plan’s fiduciaries may be relieved of liability for any losses which are the
direct and necessary result of the investment instructions given by the Member or Beneficiary. A Member or Beneficiary shall be a “named fiduciary” under ERISA to the extent of the Member’s or Beneficiary’s authority to invest,
vote, tender or exchange Company Stock: (1) allocated to the Member’s or Beneficiary’s Account; (2) with respect to the Member’s or Beneficiary’s proportionate share of any unallocated Company Stock held by the Trustee;
or (3) to the extent such Member’s or Beneficiary’s voting directions shall affect the voting of any Company Stock allocated to the accounts of other Members and Beneficiaries for which the Trustee does not receive timely directions.

  

	6.4	Restrictions on Investment Activity 

  

	(a)	Notwithstanding any other provision of the Plan, the following restrictions shall apply during the applicable Restricted Trading Periods (as defined below) in
accordance with Northern Trust Corporation’s Statement of Confidential Information and Securities Trading (the “Trading Policy”): 

  

	 	(i)	Any Salary Reduction Agreement pursuant to sections 4.1 or 4.2 that affects or involves an investment in the Northern Trust Stock Fund will take effect beginning with
the first paydate after such Restricted Trading Period ends. 

  

	 	(ii)	All future investment election changes pursuant to section 6.3(a) that affect or involve an investment in the Northern Trust Stock Fund will take effect beginning with
the first paydate after such Restricted Trading Period ends. 

  

	 	(iii)	No transfers of existing Account balances to or from the Northern Trust Stock Fund or from the Former ESOP Northern Trust Stock Fund pursuant to section 6.3(b) will be
permitted during such Restricted Trading Period. 

  

	 	(iv)	Loans and withdrawals requested during such Restricted Trading Period will be limited to funds that are not invested in the Northern Trust Stock Fund or Former ESOP
Northern Trust Stock Fund. 

  
 27 

	 	(v)	Any distribution under Article IX that includes funds invested in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund can only be elected (or paid,
for distributions of small amounts pursuant to section 9.7 for which no election is required) after such Restricted Trading Period ends. 

  

	 	(vi)	No purchase, sale or resale of Company Stock, including reinvestment in Company Stock of dividends paid on Company Stock pursuant to section 6.7, may be made during
such Restricted Trading Period. 

  

	 	(vii)	No election, pursuant to section 6.7, to receive a cash payment of the dividends paid on Company Stock or to have those dividends reinvested in Company Stock may be
made during such Restricted Trading Period. 

  

	 	(viii)	The Company’s General Counsel may impose restrictions similar to those described above, upon some or all Members or Beneficiaries, at any other time designated by
the General Counsel, if the General Counsel determines that such action is appropriate in the circumstances under securities laws or other applicable law. 

  

	 	(ix)	Notwithstanding the restrictions described above, investment and trading activities by the Trustee or other Plan fiduciaries with respect to the common stock of
Northern Trust Corporation, shall be permitted during a Restricted Trading Period in accordance with the terms of an approved SEC Rule 10b5-1 trading plan. 

 

	 	(x)	The term “Restricted Trading Period” means: 

  

	 	(A)	For those Members who are Directors and Policy Committee members (as described in the Trading Policy), certain other senior officers of the Company or any Affiliate,
certain Business Unit financial officers, and certain members of the Company’s (or any Affiliate’s) Controller’s Department, Investor Relations, and the Treasury Department (or any other Member identified in the Trading Policy from
time to time as being subject to a ‘narrow trading window’), the period starting at the beginning of the fourth business day in February, May, August and November of each Plan Year and concluding at the end of the first full business day
following the quarter’s end earnings announcement; and 

  

	 	(B)	For all other Members and Beneficiaries, the period that begins at the beginning of the fifth business day before the close of the quarter or the Plan Year (counting
the last business day as the fifth day) and that concludes at the end of the first full business day after the day on which the Northern Trust Corporation’s financial report for the quarter or year is publicly released.

  

	(b)	Notwithstanding any other provision of the Plan, the following restrictions shall apply with respect to transfers to or from any Investment Fund under the Plan, other
than transfers to or from the Stable Asset Fund: 

  

	 	(i)	Such transfers are restricted to no more than 2 round-trip transfers per calendar quarter. 

 

	 	(ii)	There must be at least 7 calendar days between any transfer out of an Investment Fund and any subsequent transfer into such Investment Fund. 

  
 28 

	 	(iii)	Once a Member has made 2 round-trip transfers in a calendar quarter with respect to an Investment Fund, amounts may be only transferred out of such Investment Fund and
no additional amounts may be transferred into to such Investment Fund during such calendar quarter. 

 A
“round-trip” transfer means a redemption or exchange out of an Investment Fund followed by a purchase or exchange into such Investment Fund. 
  

	6.5	Voting Rights; Tender Offers 

  

	(a)	Each Member and Beneficiary having an interest in the Northern Trust Stock Fund or the Former ESOP Northern Trust Stock Fund shall have the right to direct the manner
in which the Trustee shall vote the Company Stock held in such Funds equivalent to his or her Proportionate Interest therein. 

  

	(b)	In the event of a Tender Offer for Company Stock, each Member and Beneficiary having an interest in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock
Fund shall have the right to direct whether the Trustee will (1) tender Company Stock in such Funds equivalent to his or her Proportionate Interest therein and (2) withdraw such Company Stock from the depository into which it is tendered
pursuant to such direction. 

  

	(c)	Subject to sections 14.7 and 14.8 of the Plan and Part 4 of Title I of ERISA, the Trustee shall vote, tender, or withdraw from the depository into which tendered,
Company Stock in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund in accordance with directions received from Members and Beneficiaries within the time periods set forth below and the Trustee shall have no discretion in such
matter. Subject to subsection (e) below, the Trustee shall vote allocated shares of Company Stock for which it has not received timely directions from Members and Beneficiaries and unallocated shares of Company Stock in the same proportion as
directed shares are voted and shall have no discretion in such matter except as otherwise provided in accordance with ERISA. 

  

	(d)	As soon as possible prior to each stockholders meeting of Northern Trust Corporation (the “Corporation”), the Corporation shall provide each Member and
Beneficiary entitled under this section to direct the voting of Company Stock with notice of such meeting and of those matters which at the time of the mailing of such notice are expected to be presented at such meeting for action by holders of
Company Stock. Such notice shall be accompanied by an appropriate form with which the Member or Beneficiary may direct the manner of voting on such matters, or instructions regarding electronic or telephonic voting of the Company Stock. If
directions on such matters are received by the Trustee (or by a tabulating agent appointed to act for that purpose) from any such Member or Beneficiary by the date specified in the meeting notice provided to such Member or Beneficiary, the Trustee
shall vote such Member’s or Beneficiary’s Proportionate Interest in accordance with the directions received from such Member or Beneficiary. 

  

	(e)	 If any person makes a Tender Offer for shares of Company Stock which includes shares of Company Stock held in the Northern Trust Stock Fund or Former
ESOP Northern Trust Stock Fund, the Corporation shall promptly notify each Member and Beneficiary having an interest in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund: (1) that a Tender Offer for shares of Company Stock
has been commenced, (2) of the identity of the tender offeror, (3) of such other information as the Corporation deems appropriate to enable the Member or Beneficiary to make an independent decision with respect to the tendering of such
Company Stock, (4) that the Member or Beneficiary has the right to direct whether his or her Proportionate Interest will be tendered, and (5) that Company Stock constituting the Member’s or Beneficiary’s Proportionate Interest
will not be tendered except to the extent that a direction to tender has been received by the Trustee (or by a tabulating agent appointed for that purpose) from such Member or Beneficiary no later than the date

  
 29 

	 	 
specified in the Tender Offer notice provided to each Member and Beneficiary. Such notice will be accompanied by an appropriate form with which the Member or Beneficiary may direct the Trustee
whether to tender his or her Proportionate Interest, or instructions regarding electronic or telephonic direction with respect to the tender of such Proportionate Interest. If such written, electronic or telephonic direction is received by the
Trustee (or by a tabulating agent appointed for that purpose) prior to such date, the Trustee shall tender, or not tender, such Member’s or Beneficiary’s Proportionate Interest in accordance with such directions. The instructions received
by the Trustee from Members and Beneficiaries shall be held by the Trustee in confidence and shall not be divulged or released to any person, including officers or employees of the Company or any Affiliate. A Member’s or Beneficiary’s
direction to tender or not tender may be revoked by a subsequent direction received by the Trustee (or the tabulating agent) from such Member or Beneficiary on or before the date specified in the Tender Offer notice provided to each Member or
Beneficiary, but all directions shall become irrevocable on such date. After shares of Company Stock have been tendered pursuant to this section, the proceeds of the Trust’s sale of such Company Stock pursuant to the Tender Offer attributable
to each Member and Beneficiary who directed the tender of his or her Proportionate Interest shall be separately accounted for in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund, as applicable. As soon as practicable after
consummation of the sale of such Company Stock thereunder, the directing Member’s or Beneficiary’s interest in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund, as applicable, will be debited with the proceeds of
such sale, and as of the end of the Valuation Period that interest shall be transferred to the Stable Asset Fund. 

  

	(f)	If shares of Company Stock have been tendered in a Tender Offer by the Trustee pursuant to the direction of a Member or Beneficiary, and if withdrawal rights arise
pursuant to (1) the terms of such Tender Offer, (2) any statute or regulation promulgated thereunder, or (3) a court order, the Corporation shall promptly notify any Member or Beneficiary who made such a direction that he or she has
the right to direct the withdrawal of the shares of Company Stock tendered pursuant to his or her direction from the depository into which such shares have been tendered. The Corporation will provide such Member or Beneficiary with an appropriate
form with which he or she may direct the Trustee (or the tabulating agent) to withdraw such shares, or instructions regarding electronic or telephonic direction with respect to the withdrawal of such shares. In the event the Trustee receives any
such written, electronic or telephonic direction within sufficient time to act, it shall withdraw such shares of Company Stock. 

  

	(g)	Definitions. 

  

	 	(1)	The “Proportionate Interest” of a Member or Beneficiary is the number of shares of Company Stock determined by multiplying the total number of shares of
Company Stock held in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund by a fraction, the numerator of which is the Member’s or Beneficiary’s interest in the Northern Trust Stock Fund and Former ESOP Northern Trust
Stock Fund and the denominator of which is the entire balance of the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund. All determinations made pursuant to the preceding sentence shall be as of the first day of the Valuation Period
which includes (A) in the case of the voting of Company Stock, the record date for the applicable meeting and (B) in the case of a Tender Offer for Company Stock, the date on which the Tender Offer was announced. 

 

	 	(2)	A “Tender Offer” is a tender offer for, or a request for or invitation for tenders of, stock within the meaning of section 14(d) of the Securities Exchange
Act of 1934 and applicable rules, regulations, and case law thereunder. 

  
 30 

	6.6	Individual Accounts 

 The Committee will
maintain or cause to be maintained individual accounts of the interests of Members and Beneficiaries in several Investment Funds, showing separately interests resulting from the deposits of Members and from contributions made by the Company and
Participating Employers on their behalf. Each Investment Fund may be invested as a single fund, however, without segregation of Fund assets to the individual accounts of Members and Beneficiaries. 

 

	6.7	Dividends 

 Effective March 1, 2002,
in accordance with an election made on or after such date by a Member or Beneficiary, any cash dividend received by the Trustee on Company Stock allocated to the Account of such Member or Beneficiary in the Northern Trust Stock Fund as the TIP ESOP
as of the record date for such dividend shall be either paid to such Member or Beneficiary in cash or shall be reinvested in Company Stock, which Company Stock shall be part of the TIP ESOP. In accordance with a Member’s or Beneficiary’s
election in effect on or after January 1, 2005, any cash dividend received by the Trustee on Company Stock allocated to such Member or Beneficiary under the Former ESOP Northern Trust Stock Fund as the Former ESOP as of the record date for such
dividend shall be either paid to such Member or Beneficiary in cash or shall be reinvested in Company Stock, which Company Stock shall be part of the Former ESOP. Such elections shall be in such written, electronic or other form, as the Committee
shall determine. A Member or Beneficiary may make separate elections with respect to dividends payable with respect to the TIP ESOP and Former ESOP. A Member’s or Beneficiary’s dividend election under the Former ESOP Plan in effect
immediately prior to January 1, 2005 shall remain in effect under this Plan for dividends payable with respect to such Member’s or Beneficiary’s allocable shares of Company Stock in the Former ESOP Northern Trust Stock Fund, until
subsequently changed by the Member or Beneficiary. Once a Member or Beneficiary has made an election either to receive a cash payment of dividends on Company Stock in the TIP ESOP and/or Former ESOP or to have such dividends reinvested in Company
Stock, the election will remain in effect until it is subsequently changed by the Member or Beneficiary. A Member or Beneficiary may change the elections at any time, and the election that is in effect on the record date for any dividend paid with
respect to the TIP ESOP or Former ESOP will determine whether such dividends will be paid in cash to the Member or Beneficiary or reinvested in Company Stock. If a Member or Beneficiary does not make an election with respect to his or her TIP ESOP
dividends or Former ESOP dividends pursuant to this section 6.7, then (a) the dividends on Company Stock in such Member’s or Beneficiary’s Account in the TIP ESOP will be reinvested in Company Stock, which Company Stock shall be part
of the TIP ESOP, (b) if the Member first became a participant in the Former ESOP Plan prior to January 1, 2002, the dividends payable with respect to the Former ESOP will be paid in cash to such Member or Beneficiary, and (c) if the
Member first became a participant in the Former ESOP Plan on or after January 1, 2002, the dividends payable with respect to the Former ESOP will automatically be reinvested in Company Stock, which Company Stock shall be part of the Former
ESOP. 
 If a Member or Beneficiary has elected to receive a cash payment of the dividends received by the Trustee on Company Stock allocated to
his or her Account in accordance with this section 6.7, such payment shall be made no later than 90 days after the end of the Plan Year in which the dividend is received by the Trustee. The cash dividends that are received by the Trustee and are
being held in the Plan pending the cash payment to a Member or Beneficiary pursuant to his or her election will be invested in the Northern Trust Collective Short Term Investment Fund or in such other short-term investment vehicle as the Committee
designates for this purpose. Any such payment of cash dividends on shares of Company Stock shall be accounted for as if the Member or Beneficiary receiving such dividends were the direct owner of such shares of Company Stock. Any dividends to be
paid in cash that are allocated to a Member’s Account on the date of his or her death shall be paid to the Member’s Beneficiary. 

  
 31 

 If a Member or Beneficiary has elected to have the dividends received by the Trustee on Company Stock
allocated to his or her Account reinvested in Company Stock, in accordance with this section 6.7, such reinvestment shall occur within a reasonable period after the end of the calendar quarter in which such dividends were received by the Trustee.

 All elections, investments and reinvestments made pursuant to this section 6.7 shall be subject to the limitations of section 6.4(a).

  
 32 

 Article VII. Valuation and Adjustments 

 

	7.1	Valuation and Adjustments 

 As of each
Valuation Date, the value of each Account shall be determined in the following manner: 
  

	(a)	As soon as practicable after each Valuation Date, the fair market value of the assets of each of the Investment Funds, net of fees chargeable, shall be determined as of
the Valuation Date. 

  

	(b)	Each Account in an Investment Fund shall be adjusted by multiplying it by a fraction, the numerator of which is the fair market value of such Fund as of the Valuation
Date, and the denominator of which is the sum of (1) the adjusted value of the Fund on the last Valuation Date determined as provided in subsection (d) and (2) the aggregate amount of all Members’ deposits and loan payments and
Company and Participating Employer contributions during the Valuation Period beginning after the last Valuation Date. 

  

	(c)	Following the adjustment of each Account in an Investment Fund pursuant to subsection (b), the benefits and withdrawals distributable, loans granted, and amounts
transferable from the Fund as of the Valuation Date shall be paid to the Members and Beneficiaries entitled thereto, and such amounts transferable to other Investment Funds shall be deposited in such Funds. 

 

	(d)	The amount of benefits and withdrawals distributed, loans disbursed, and amounts transferred from each Investment Fund as of the Valuation Date shall be deducted from,
and the amount of transfers to such Fund as of the Valuation Date shall be added to, the fair market value of such Fund as of the Valuation Date, and the resulting figure shall be recorded as the adjusted value of such Investment Fund on the
Valuation Date. 

  
 33 

 Article VIII. Benefits 

 

	8.1	Normal Retirement Date, Pension, Disability 

 Each Member who— 
  

	(a)	terminates service with the Company and all Affiliates after attaining his or her Normal Retirement Date. 

 

	(b)	terminates service with the Company and all Affiliates after reaching his or her Early Retirement Age under the Pension Plan, 

 

	(c)	is absent from employment by reason of disability for a continuous period of 12 months. 

 

	(d)	is entitled to receive a benefit payable prior to death (a “living benefit”) under the terms of the Company’s Non-Contributory Life Insurance Plan (or
would be entitled to a living benefit, as determined by the Committee, if the Member participated in such Life Insurance Plan), or 

  

	(e)	has a Permanent Disability, provided that some portion of the Member’s Account is attributable to participation in the Plan on or before August 1, 1998,

 shall be entitled to receive a 100% vested benefit equal to the value of the sum of his or her After-Tax Deposit Account,
Before-Tax Deposit Account, Profit Sharing Contribution Account, Former ESOP Account, Rollover Deposit Account, ESOP Contribution Account, Basic Contribution Account, Matching Contribution Account and Acquired Company Prior Plan Account, adjusted as
provided in section 7.1 (and reduced by any security interest held by the Plan by reason of a loan outstanding to the Member unless such loan is repaid pursuant to Section 8.9(e)) and also any Profit Sharing Contribution made to the Member for
the Plan Year in which one of the events listed in (a) through (e) above occurs. 
  

	8.2	Death 

 If a Member dies, his or her
Beneficiary shall be entitled to receive a 100% vested benefit equal to the value of the sum of the deceased Member’s After-Tax Deposit Account, Before-Tax Deposit Account, Profit Sharing Contribution Account, Former ESOP Account, Rollover
Deposit Account, ESOP Contribution Account, Basic Contribution Account, Matching Contribution Account, and Acquired Company Prior Plan Account (and reduced by any security interest held by the Plan by reason of a loan outstanding to the Member
unless such loan is repaid pursuant to section 8.9(e)) as of the Valuation Date upon which his or her participation terminates in accordance with section 3.2, and also any Profit Sharing Contribution for the Plan Year in which his or her
participation terminates as provided in section 5.4. 
 Subject to section 2.1(k), the Member may designate a different Beneficiary or
Beneficiaries for all or a specific portion of the Member’s Account. If the Member is married and designates someone other than his or her Spouse as Beneficiary, the Members’ Spouse must consent to such designation, prior to the
Member’s death, in writing. Such consent must acknowledge the effect of such an election, the identity of the Beneficiary, including any class of Beneficiaries and contingent Beneficiaries, and the consent must be witnessed by a Plan
representative or a notary public. The Member may not subsequently change the method of distribution elected by the Member or the designation of his Beneficiary unless his Spouse consents to the new election or designation in accordance with the
requirements set forth in the preceding sentence. Any such consent shall only be effective with respect to the specific Spouse. A surviving Spouse’s consent shall be irrevocable. If a married Member dies, and there is a Beneficiary designation
as to which the Member’s surviving Spouse has not consented as provided above, then the distribution under this section 8.2 shall be made to the Member’s surviving Spouse in a lump sum. 

  
 34 

 Notwithstanding the foregoing, the consent of a Member’s surviving Spouse shall not be required if the
Member establishes to the satisfaction of the Committee that consent may not be obtained because there is no surviving Spouse, the surviving Spouse cannot be located, or because of such other circumstances as the Secretary of the Treasury may
prescribe by regulations. 
  

	8.3	Termination of Service 

 Each Member whose
service with the Company terminates for any reason, voluntary or involuntary, other than those enumerated in sections 8.1 and 8.2, shall be entitled to receive a benefit equal to the value of the sum of his or her After-Tax Deposit Account,
Before-Tax Deposit Account, Rollover Deposit Account, ESOP Contribution Account, Basic Contribution Account, and the Vested Portion of his or her Matching Contribution Account, Profit Sharing Contribution Account, Former ESOP Account and Acquired
Company Prior Plan Account (and reduced by any security interest held by the Plan by reason of a loan outstanding to the Member unless such loan is repaid pursuant to section 8.9(e)) as of the Valuation Date upon which his or her participation
terminates as provided in section 3.2. The Unvested Portion of the Member’s Matching Contribution Account, Profit Sharing Account, Former ESOP Account and Acquired Company Prior Plan Account shall be forfeited at the end of the month in which
the Member incurs a Break in Service. If any portion of a Member’s Former ESOP Account consists of shares of Company Stock released from the suspense account under the Former ESOP, the shares released from the suspense account shall be included
in the Member’s Unvested Portion only after all other shares of Company Stock in the Former ESOP Account have been included in such Unvested Portion. 
  

	8.4	Deemed Cashout 

 If a Member has no vested
interest in his or her Matching Contribution Account, Profit Sharing Contribution Account, Former ESOP Account or Acquired Company Prior Plan Account balance when his or her employment with the Company and all Affiliates terminates, such Member will
be treated as having received a Deemed Cashout of the Member’s Matching Contribution Account, Profit Sharing Contribution Account, Former ESOP Account or Acquired Company Prior Plan Account balance as of the date following the date on which the
Plan is notified of such employment termination, and such balance will be treated as forfeited on such date. “Deemed Cashout” means a distribution of zero dollars representing the Member’s entire Matching Contribution Account, Profit
Sharing Contribution Account, Former ESOP Account or Acquired Company Prior Plan Account balance. If the Member is reemployed with the Company or any Affiliate before such Member has incurred five (5) consecutive One-Year Breaks in Service, the
amount forfeited will be restored to the Member’s Account balance. 
  

	8.5	Restrictions on Mandatory Distributions 

If a Member who is under 65 years of age is entitled to receive a benefit under section 8.1 or 8.3 and if the aggregate value of the Member’s
Account in the Plan is greater than $1,000, the benefit may not be distributed to the Member without his or her written consent. Such written consent shall be made in a form deemed acceptable by the Committee. If the Member does not so consent, his
or her benefit shall not be distributed until the Member requests a total distribution, attains 65 years of age, or dies, whichever occurs first. During that period of time the Member’s benefit shall be treated as are the Accounts of continuing
Members, except that (i) no additions to such Account may be made, and (ii) the Member may not exercise the rights granted under sections 8.7, 8.8, and, except as otherwise provided, section 8.9 of the Plan. Once the Member requests a
distribution, such distribution shall be made as soon as reasonably practicable in accordance with reasonable procedures established by the Committee. 

  
 35 

 Distribution may commence less than thirty (30) days after the notice required under section
1.411(a)-11(c) of the Treasury regulations is given, provided that: 
  

	(a)	the Committee clearly informs the Member that the Member has a right to a period of at least thirty (30) days after receiving the notice to consider the decision
of whether to elect a distribution, and 

  

	(b)	the Member, after receiving the notice, affirmatively elects a distribution. 

 

	8.6	Required Distributions 

 The Plan shall be
administered in accordance with all applicable requirements of sections 401(a)(9) and 401(a)(14) of the Code, including the minimum distribution incidental death benefit requirement of Code section 401(a)(9)(G), and Treas. Reg.
§§1.401(a)(9)-2 through 1.401(a)(9)-9. Accordingly, the following provisions shall apply and supercede any provision of the Plan to the contrary. 
  

	(a)	Notwithstanding the provisions of section 8.5, distribution of each Member’s Account must commence not later than 60 days after the last day of the Plan Year in
which the last of the following events occurs: 

  

	 	(1)	the Member reaches his or her Normal Retirement Date. 

  

	 	(2)	the tenth anniversary of the date on which the Member commenced participation in the Plan; or 

 

	 	(3)	the Member’s employment with the Company and all Affiliates terminates. 

 

	(b)	Notwithstanding anything to the contrary contained elsewhere in the Plan– 

 

	 	(1)	A Member’s benefits under the Plan will– 

  

	 	(A)	be distributed to him or her not later than the Required Distribution Date (as defined in paragraph (3)), or 

 

	 	(B)	be distributed commencing not later than the Required Distribution Date in accordance with regulations prescribed by the Secretary of the Treasury over a period not
extending beyond the life expectancy of the Member or the life expectancy of the Member and the Member’s Beneficiary. 

  

	 	(2)	Payments on death— 

  

	 	(A)	If the Member dies after distribution has commenced pursuant to paragraph (1)(B) but before the Member’s entire interest in the Plan has been distributed to
him or her, then the remaining portion of that interest will be distributed at least as rapidly as under the method of distribution being used under paragraph (1)(B) at the date of the Member’s death. 

 

	 	(B)	If the Member dies before distribution has commenced pursuant to paragraph (1)(B), then, except as provided in paragraphs (2)(C) and (2)(D), the Member’s
entire interest in the Plan will be distributed no later than December 31 of the calendar year containing the fifth anniversary of the Member’s death. 

  
 36 

	 	(C)	Notwithstanding the provisions of paragraph (2)(B), if the Member dies before distribution has commenced pursuant to paragraph (1)(B) and if any portion of the
Member’s interest in the Plan is payable (i) to or for the benefit of a Beneficiary, (ii) in accordance with regulations prescribed by the Secretary of the Treasury over a period not extending beyond the life expectancy of the
Beneficiary, and (iii) beginning not later than the December 31 of the calendar year following the calendar year in which the Member died or such later date as the Secretary of the Treasury may prescribe by regulations, then the portion
referred to in this paragraph (2)(C) shall be treated as distributed on the date on which such distribution begins. 

  

	 	(D)	Notwithstanding the provisions of paragraphs (2)(B) and (2)(C), if the Beneficiary, referred to in paragraph (2)(C) is the Spouse of the Member, then—

  

	 	(i)	the date on which the distributions are required to begin under paragraph (2)(C)(iii) of this section shall not be earlier than the date on which the Member would
have attained age 70-1/2, and 

  

	 	(ii)	if the Spouse dies before the distributions to that Spouse begin, then this paragraph (2)(D) shall be applied as if the surviving Spouse were the Member.

  

	 	(3)	For purposes of subsection (b)(1), the Required Distribution Date means April 1 of the calendar year in which occurs the later of (A) the Member’s
attainment of age seventy and one-half (70-1/2), or (B) the Member’s retirement (within the meaning of Code section 401(a)(9)), unless the Member is a Five Percent Owner (as defined in section 416(i) of the Code) with respect to
the Plan Year during which the Member attains age 70-1/2, in which case clause (B) shall not apply. Effective March 1, 1997, with respect to a Member who incurred a Required Distribution Date prior to January 1, 1997, under the terms
of the Plan as then in effect, any distributions under subsection (b)(1)(B) shall be discontinued until required under the foregoing rules of this paragraph (3). 

 

	 	(4)	A Member may not elect a form of distribution pursuant to paragraph (1) providing payments to a Beneficiary who is other than the Member’s Spouse unless the
actuarial value of the payments expected to be paid to the Member is more than 50 percent of the actuarial value of the total payments expected to be paid under such form of distribution. 

 

	8.7	Withdrawals as of Right 

 Subject to the
limitations hereinafter in this section 8.7 provided, a Participant shall have the right to make a withdrawal by setting forth the amount he or she desires to withdraw in a notice to the Committee. Amounts withdrawn shall be paid to the Participant
as soon as reasonably practicable after the Valuation Date, without interest. Except as otherwise provided in subsection (c) below, to make a withdrawal, the Participant must be in the service of the Company or an Affiliate when the withdrawal
is made. The withdrawal election shall be in such written, electronic, or other form as the Committee shall determine. 
  

	(a)	Withdrawals Over Age 59-1/2. A Participant who is 59-1/2 years of age or older as of a Valuation Date shall be entitled to withdraw as of right any part or all
of the vested amounts in his or her Plan Accounts listed below, in the order designated: 

  

	 	(1)	After-Tax Deposit Account, 

  

	 	(2)	Rollover Deposit Account (first from any after-tax amounts), 

  
 37 

	 	(3)	ESOP Contribution Account, 

  

	 	(4)	Vested Portion of Matching Contribution Account, 

  

	 	(5)	Vested Portion of Profit Sharing Contribution Account, 

  

	 	(6)	Vested Portion of Acquired Company Prior Plan Account, 

  

	 	(7)	Basic Contribution Account, 

  

	 	(8)	Before-Tax Deposit Account, and 

  

	 	(9)	Former ESOP Account. 

  

	(b)	Withdrawals Under Age 59-1/2. A Participant who is under 59-1/2 years of age as of a Valuation Date may make withdrawals from his or her Plan Account as follows,
in the order designated: 

  

	 	(1)	A Participant shall be entitled to withdraw as of right from his or her After-Tax Deposit Account an amount equal to the value of his or her After-Tax Deposit Account
on such Valuation Date; provided, however, except as otherwise provided in subsection (7) of this section 8.7(b), a Participant’s deposits to such Account which were or could have been the basis of deposits to the Participant’s
Matching Contribution Account may only be withdrawn if the Participant has five years of participation in the Plan. If a Participant makes deposits to both his or her After-Tax Deposit Account and Before-Tax Deposit Account in a Valuation Period,
the deposits to the Before-Tax Deposit Account shall be deemed to be the basis of deposits to the Participant’s Matching Contribution Account before the deposits to the After-Tax Deposit Account are so considered, except as otherwise provided
in subsection (7) of this section 8.7(b). 

  

	 	(2)	A Participant shall be entitled to withdraw as of right from his or her Rollover Deposit Account an amount equal to the value of his or her Rollover Deposit Account on
such Valuation Date. 

  

	 	(3)	A Participant who has five years of participation in the Plan shall be entitled to withdraw as of right from his or her ESOP Contribution Account an amount equal to the
value of his or her ESOP Contribution Account on such Valuation Date, except as otherwise provided in subsection (7) of this section 8.7(b). 

  

	 	(4)	A Participant who has five years of participation in the Plan shall be entitled to withdraw as of right from his or her Matching Contribution Account an amount equal to
the value of such Matching Contribution Account as of such Valuation Date, adjusted as provided in section 7.1 as of such Valuation Date, except as otherwise provided in subsection (7) of this section 8.7(b). 

 

	 	(5)	A Participant who has five years of participation in the Plan shall be entitled to withdraw as of right from his or her Profit Sharing Contribution Account an amount
equal to the value of such Profit Sharing Contribution Account as of such Valuation Date, adjusted as provided in section 7.1 as of such Valuation Date. 

  
 38 

	 	(6)	A Participant shall be entitled to withdraw as of right from his or her Acquired Company Prior Plan Account an amount equal to the Vested Portion of the Acquired
Company Prior Plan Account as of such Valuation Date. 

  

	 	(7)	In addition, a Participant who does not have five years of participation in the Plan shall be entitled to withdraw from his or her After-Tax Deposit Account, ESOP
Contribution Account and Matching Contribution Account as follows : 

  

	 	(A)	the deposits credited to his or her After-Tax Account as of December 31, 2001 (as adjusted for earnings), if any, which were or could be the basis for determining
Company contributions to the Participant’s Matching Contribution Account, provided such deposits have been credited to the After-Tax Deposit Account at least 24 months; 

 

	 	(B)	the deposits credited to the Participant’s Matching Contribution Account as of December 31, 2001 (as adjusted for earnings), if any, provided such deposits
have been credited to the Matching Contribution Account at least 24 months; and 

  

	 	(C)	the deposits credited to his or her ESOP Contribution Account as of December 31, 2001 (as adjusted for earnings), if any, provided such deposits have been credited
to the ESOP Contribution Account at least 24 months. 

  

	(c)	Withdrawals from Former ESOP Account for Members at least age 55 with ten years of Plan Participation. A Member who has attained age 55 and who has participated
in the Plan (including years of participation in the Former ESOP Plan) for at least 10 years, may elect to withdraw all or any portion of his or her Former ESOP Account. 

 

	(d)	General Rules for Withdrawals. Withdrawals under this section 8.7 shall be subject to section 6.4, and no withdrawal shall reduce the value of a
Participant’s Account below zero. Any amount withdrawn from an Account of a Participant shall be charged against the Account’s investment in the Investment Funds in the order designated in Schedule B; provided, however, that any amount
withdrawn under Section 8.7(c) shall be charged against the Account’s investment in the Investment Funds in the reverse order designated in Schedule B, starting with amounts invested in the Former ESOP Northern Trust Stock Fund.
Withdrawals under this section 8.7 shall be made in cash, except that a Participant who makes a full or partial withdrawal from the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund under section 8.7(a) may elect to receive his or
her interest in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund in kind in full shares of Company Stock, with any balance representing a fraction of a share being paid in cash. Separate elections may be made by the Participant
with respect to his or her interest in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund. 

 Withdrawal
requests under this section 8.7 shall be in such written, electronic or other form as the Committee shall determine, and shall be made on or before such reasonable and nondiscriminatory deadlines as the Committee establishes. 

 

	8.8	Hardship Withdrawals 

 Upon proof
satisfactory to the Committee of a hardship (as determined under paragraph (a) below), a Participant shall be permitted to withdraw vested amounts from his or her Plan Account, but only to the extent necessary to relieve a financial need (as
determined under paragraph (b) below). Amounts withdrawn shall be paid to the Participant as soon as reasonably practicable after the Valuation Date, without interest. Such withdrawals shall be made from the following Accounts of a Participant
in the order designated: 
  

	 	(1)	After-Tax Deposit Account, 

  
 39 

	 	(2)	Rollover Deposit Account [(first from any after-tax amounts)], 

  

	 	(3)	ESOP Contribution Account, 

  

	 	(4)	Vested Portion of Matching Contribution Account, 

  

	 	(5)	Vested Portion of Profit Sharing Contribution Account; 

  

	 	(6)	Vested Portion of Acquired Company Prior Plan Account, 

  

	 	(7)	Before-Tax Deposit Account, except that a Participant may not withdraw earnings credited to that Account after December 31, 1988. 

 

	(a)	Hardship Standard. For purposes of this section 8.8, a hardship shall be limited to: 

 

	 	(1)	medical expenses previously incurred by the Participant or his or her Spouse or dependents, as necessary for these persons to obtain medical care,

  

	 	(2)	purchase (excluding mortgage payments) of a principal residence of the Participant, 

 

	 	(3)	payment of tuition, room and board and related educational fees for the next 12 months of post-secondary education for the Participant or his or her Spouse, children,
or dependents, 

  

	 	(4)	the need to prevent the eviction of the Participant from his or her principal residence or the foreclosure on the mortgage of the Participant’s principal
residence, 

  

	 	(5)	funeral expenses of an immediate family member (i.e., Spouse, child, brother, sister or parent) of the Participant, 

 

	 	(6)	expenses for the repair of damage to the Participant’s principal residence arising from fire, storm, other casualty, or theft that would qualify for the casualty
deduction under Code section 165 (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income), or 

  

	 	(7)	such other financial needs as the Internal Revenue Service may publish in documents of general applicability. 

 

	(b)	Financial Need Standard. Withdrawals on account of hardship may not be made in excess of the amount required to relieve such financial need or to the extent such
need may be satisfied from other resources that are reasonably available to the Participant (the “financial need standard”). The financial need standard shall be satisfied if the Participant files a written representation with the
Committee (in a form acceptable to the Committee), that the need cannot reasonably be relieved— 

  

	 	(1)	through reimbursement or compensation by insurance or otherwise, 

  

	 	(2)	by liquidation of the Participant’s assets, 

  

	 	(3)	by cessation of the Participant’s deposits under the Plan, 

  
 40 

	 	(4)	by other distributions or nontaxable loans from plans maintained by the Company or any Affiliate, or by borrowing from commercial sources on reasonable commercial
terms, or 

  

	 	(5)	by cash distributions of dividends that are currently available to a Participant under the TIP ESOP or Former ESOP. 

For purposes of this paragraph, the Participant’s resources shall be deemed to include the assets of the Participant’s Spouse
and minor children that are reasonably available to the Participant. Notwithstanding the foregoing, if the Committee has actual knowledge that such representation is not true, the financial need standard will not be satisfied. 

 

	(c)	General Rules for Hardship Withdrawals. Withdrawals under this section 8.8 shall be subject to section 6.4, and no withdrawal shall reduce the value of a
Participant’s Account below zero. Any amount withdrawn from an Account of a Participant shall be charged against the Account’s investment in the Investment Funds in the order designated in Schedule B. 

A Participant may withdraw from his or her Account pursuant to this section 8.8 no more than once each calendar quarter. Withdrawal requests under this
section 8.8 shall be in such written, electronic or other form as the Committee shall determine, and shall be made on or before such reasonable and nondiscriminatory deadlines as the Committee establishes. 

Amounts withdrawn pursuant to this section 8.8, shall be made only after the Participant has exhausted his or withdrawal rights under section 8.7.

  

	8.9	Loans to Participants 

  

	(a)	A Participant shall have the right to borrow money from his or her Plan Account by submitting a loan application. Approved loan applications will be processed for
payment to the Participant as soon as reasonably practicable after the applicable Valuation Date. A loan request shall be subject to such reasonable and nondiscriminatory deadlines and shall be in such written, electronic or other form, as are
established by the Committee. In addition, loans shall be subject to section 6.4. The amount of the loan shall not exceed $50,000, reduced by the excess, if any, of— 

 

	 	(1)	the highest outstanding balance of all loans to the Participant from the Plan during the one-year period ending on the day immediately before the date on which the loan
was made (effective October 1, 2010, before the date on which the loan was initiated), over 

  

	 	(2)	the outstanding balance of all loans from the Plan to the Participant on the date on which the loan was made (effective October 1, 2010, on the date on which the
loan was initiated); 

 provided, however, that no loan shall be made to a Participant if the aggregate amount of
that loan and the outstanding balance of any other loan to the Participant from the Plan would exceed one-half of the total vested balance of the Participant’s Account under the Plan as of the date the loan is initiated, excluding any vested
balance in such Participant’s Former ESOP Account. 
 For purposes of the limitations of this subsection (a), loans made to
a Participant from a tax-qualified plan maintained by an Affiliate shall be considered as being made from the Plan, and all qualified employer plans of the Company and all Affiliates shall be treated as one plan. The minimum amount which a
Participant may borrow from his or her Plan Account is $1,000 per loan, with larger amounts in additional increments of $1.00. 

  
 41 

	(b)	A loan shall by its terms be required to be repaid within five years unless the loan is used to acquire a single dwelling unit which within a reasonable time is to be
used (determined at the time the loan is made) as the principal residence of the Participant. A loan must be repaid in substantially equal installments on each payday. A Participant may have no more than two loans outstanding at any time. A
Participant may prepay all of the remaining principal balance of a loan at any time, but partial prepayments are not permitted. 

  

	(c)	A loan shall be made on such terms of repayment and interest and subject to such rules and restrictions as the Committee shall determine, provided that any such loans
shall be available to all Participants on a reasonably equivalent basis, bear a reasonable rate of interest, and be adequately secured. For purposes of the preceding sentence, the term “a reasonable rate of interest” shall mean the fixed
interest rate which would be charged by The Northern Trust Company for a commercial loan secured by a savings account. The applicable interest rate for a loan application shall be updated monthly and shall be the commercial loan rate in effect
approximately two months before the application is submitted. The loan shall be made as of the Valuation Date and shall be disbursed as soon as practicable thereafter, and the Participant shall not be obligated to pay (nor be entitled to receive)
interest on the funds from the Valuation Date to the date of disbursement. 

  

	(d)	The loan to the Participant shall be made from the Participant’s Accounts in the following order: 

 

	 	(1)	Rollover Deposit Account, 

  

	 	(2)	ESOP Contribution Account, 

  

	 	(3)	Vested Portion of Matching Contribution Account, 

  

	 	(4)	Vested Portion of Profit Sharing Contribution Account, 

  

	 	(5)	Vested Portion of Acquired Company Prior Plan Account, 

  

	 	(6)	After-Tax Deposit Account, 

  

	 	(7)	Basic Contribution Account, and 

  

	 	(8)	Before-Tax Deposit Account. 

Loans may not be made from a Participant’s Former ESOP Account. Any loan from an Account shall be charged against the Account’s
investment in the Investment Funds in the order designated in Schedule B. The note representing the loan (and other loans to the same Participant) shall be segregated in a separate fund held by the Trustee as a separate earmarked investment solely
for the Account of the Participant. A Participant’s payments to the Thrift Trust of principal and interest on a note held in such a segregated fund shall be invested, as soon as practicable, in such one or more of the Investment Funds in the
same manner as deposits or contributions to each applicable Account are invested from time to time. 
  

	(e)	The entire unpaid balance of any loan made under this section 8.9 and all interest due thereon, shall, at the option of the Committee applied in a uniform and
nondiscriminatory manner, immediately become due and payable without further notice or demand, if one of the following events of default occurs: 

  

	 	(1)	with respect to a Participant, any payments of principal or accrued interest on the loan remain due and unpaid for a period of 90 days; 

  
 42 

	 	(2)	with respect to a Participant on an unpaid leave of absence, any payments of principal or accrued interest on the loan remain due and unpaid for a period of one year,
except as provided in subsection (g) below; 

  

	 	(3)	a Participant’s employment with the Company and all Affiliates terminates and he or she is not a Party in Interest; or 

 

	 	(4)	the borrowing Participant terminates employment and does not make full repayment prior to receiving a final distribution of the balance of his or her Account.

  

	(f)	If the unpaid balance of principal and interest on any loan is not paid at the expiration of its term, or upon acceleration in accordance with section 8.9(e), a default
shall occur and the vested portion of the Participant’s Account shall be applied in satisfaction of such loan obligation, but only to the extent that such vested interest is then distributable. 

 

	(g)	To the extent permitted by Code section 414(u)(4), loan payments shall be suspended under the Plan during periods of qualified military leave. During the period of
qualified military leave, interest on the outstanding balance of the loan shall not exceed 6% per annum, or such other maximum rate as may be specified under applicable law. 

 

	(h)	To the extent required under ERISA and not inconsistent with section 401(a) of the Code, an Inactive Participant and a Former Participant who is a party in interest (as
defined in section 3(14) of ERISA), shall be treated as a Participant for purposes of this section 8.9. 

  

	(i)	The Committee may in its discretion impose upon Participants who obtain loans a reasonable, uniform fee, as determined by the Committee from time to time, to cover the
costs of processing and administering the loan. Such fee will be added to the loan amount, unless the Company has established an alternative means for Participants to pay such fees. 

  
 43 

 Article IX. Distribution of Benefits 

 

	9.1	Termination of Service or Retirement 

  

	(a)	Subject to section 8.5, a benefit payable to a Participant or Inactive Participant upon a Break in Service for any reason other than reaching Early Retirement Age under
the Pension Plan or death shall be distributed in one lump sum. 

  

	(b)	Subject to section 8.5, a Participant or Inactive Participant who incurs a Break in Service after reaching Early Retirement Age (but before reaching Normal Retirement
Age) under the Pension Plan may elect: 

  

	 	(1)	to receive his or her benefit in one lump sum, or 

  

	 	(2)	to defer distribution of his or her benefit. Any Former Participant who has deferred distribution of his or her benefit under this section 9.1(b)(2) may subsequently
elect to receive a distribution of all or part of his or her benefit no more than once each calendar month, subject to such rules and procedures as the Committee shall determine. Distributions under this section 9.1(b)(2) shall be subject to section
6.4, and no distribution shall reduce the value of the Former Participant’s Account below zero. Any partial distribution from the Account of any such Former Participant shall be charged against the Account’s investments in the Investment
Funds in the order designated in Schedule B. 

  

	9.2	Death 

 A benefit payable to a Beneficiary
upon the death of a Member shall be distributed in one lump sum. 
  

	9.3	Time and Amount of Payment 

 A lump sum
payment or other distribution shall be made as soon as reasonably practicable (and under ordinary circumstances in no more than 60 days) after a Member or his or her Beneficiary is entitled to a distribution under section 8.1, 8.2, or 8.3 or
after a Former Participant requests a distribution under section 9.1(b)(2), as applicable, subject to the completion of any applicable benefit consent, claim or claim review procedures, and except as otherwise provided in section 9.7. The amount of
such distribution shall be determined using the Valuation Date coincident with or immediately preceding the date as of which distribution is made to the Participant or Beneficiary. The Account of a Former Participant who has elected to defer
distribution of his or her Account under section 9.1(b)(2) shall be treated in all respects as are Accounts of continuing Participants, except that (a) no additions may be made to such Account and (b) the Former Participant may not
exercise the rights granted under sections 8.7, 8.8, or 8.9. 
  

	9.4	Deferral of Payment of Benefit 

 If a
Member or his or her Beneficiary could receive a Profit Sharing Contribution, true-up Matching Contribution or contingent Matching Contribution for the Plan Year in which the Member terminates his or her participation in the Plan, then
notwithstanding section 9.3, the Member or Beneficiary may elect to defer payment under that section until the Company or a Participating Employer makes the Profit Sharing Contribution, true-up Matching Contribution or contingent Matching
Contribution, or if none, until the Company announces that no such contribution will be made. Subject to section 8.5, in such case, any lump sum payment shall be made as soon as reasonably practicable (but in no event more than 60 days) after the
Valuation Date immediately following that date, and in the case of a Former Participant who has elected to defer distribution of his or her benefit under section 9.1(b)(2), distribution of such Former Participant’s benefit shall be made in
accordance with section 9.1(b)(2) and 9.3. Until such Valuation Date, the Account of a Member or Beneficiary shall be treated in all respects as are the Accounts of continuing Participants, except that (a) no additions to such Accounts may be
made and (b) the Member or Beneficiary may not exercise the rights granted under sections 8.7, 8.8, and 8.9. 

  
 44 

	9.5	Distributions from Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund 

 A benefit normally will be distributed in cash, although the Committee may make distribution partly or wholly in kind. Notwithstanding the foregoing, upon the request of a Member or his or her Beneficiary
(in a form acceptable to the Committee), as the case may be, distribution of the Member’s or Beneficiary’s interest in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund shall be made in kind in full shares of Company
Stock, with any balance representing a fraction of a share being paid in cash. Separate elections may be made by the Member or Beneficiary with respect to his or her interest in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock
Fund. Such distributions shall be made as soon as reasonably practicable after the Valuation Date as of which such benefit is determined, and all distributions with respect to any Valuation Date shall be made on the same date. Common stock of
Northern Trust Corporation and other property distributed in kind shall be valued at its fair market value on the Valuation Date as of which the benefit is determined. 
  

	9.6	Direct Rollover of Eligible Rollover Distributions 

  

	(a)	Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this section, a distributee may elect, at the
time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. Any portion of an eligible rollover
distribution that is not paid directly to an eligible retirement plan in a direct rollover shall be subject to 20% Federal income tax withholding. 

  

	(b)	Definitions. 

  

	 	(1)	Eligible Rollover Distribution. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee,
except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the
joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under section 401(a)(9)
of the Code; any distribution that is made to satisfy the limitations set forth in section 4.3 of the Plan; any distribution made on account of hardship under section 8.8; and any other distribution excluded under Code section 402(c)(4). A
distribution shall not fail to be an eligible rollover distribution merely because a portion of it consists of after tax deposits; provided such portion may be rolled over only to an individual retirement account or annuity described in
section 408(a) or (b) of the Code, or to a qualified trust or an annuity contract described in section 403(b) of the Code, and such trust or contract agrees to separately account for the amounts so transferred (and earnings thereon),
including separately accounting for the portion of such distribution that is includible in gross income and the portion which is not so includible. 

  

	 	(2)	 Eligible Retirement Plan. An eligible retirement plan means (i) an individual retirement account described in section 408(a) of the Code,
(ii) an individual retirement annuity described in section 408(b) of the Code, (iii) a Roth IRA described in section 408A of the Code, (iv) a qualified trust described in section 401(a) of the Code, (v) an annuity plan
described in section 403(a) of the Code, (vi) an eligible deferred compensation plan described in section 457(b) of the Code which is maintained by an eligible employer described in

  
 45 

	 	 
section 457(e)(1)(A) of the Code and that agrees to separately account for amounts transferred into such plan from this Plan, or (vii) an annuity contract described in section 403(b) of the
Code, that accepts the distributee’s rollover distribution. The definition of eligible retirement plan shall also apply in the case of a distribution to (A) a surviving Spouse or (B) a Spouse or former Spouse who is an alternate payee
under a qualified domestic relations order, as defined in section 414(p) of the Code. In the case of a distribution to a Member’s Beneficiary who is not the Member’s surviving Spouse, or a Spouse or former Spouse who is an alternate payee
under a qualified domestic relations order, as defined in section 414(p) of the Code, an eligible retirement plan shall be limited to those individual retirement plans described in clauses (i), (ii) and (iii) of this section 9.6(b)(2).

  

	 	(3)	Distributee. A Member, the Member’s surviving Spouse, the Member’s Spouse or former Spouse who is an alternate payee under a qualified domestic
relations order, as defined in section 414(p) of the Code, and any Beneficiary of the Member (excluding the Member’s estate) are distributees with regard to the respective interest of such Member, Spouse, former Spouse or Beneficiary.

  

	 	(4)	Direct Rollover. A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 

 

	9.7	Payment of Small Amounts 

 If the value of
a Member’s vested Account balance is $1,000 or less, including any vested balance in the Member’s Former ESOP Account, the Committee shall direct that such amount be paid to the Member or his or her Beneficiary as soon as administratively
feasible following the Member’s Break in Service. 
  

	9.8	Distribution of Before-Tax Deposits for Members Performing Military Service 

 Notwithstanding any provision of the Plan to the contrary, a Member who continues to be treated as an active employee of the Company or a Participating Employer while performing service in the uniformed
services (within the meaning of Code Section 3401(h)(2)(A)) shall be eligible to receive a distribution of his or her Before-Tax Deposit Account during such service. If a Member elects to take a distribution under this section 9.8, the Member
shall be prohibited from making Salary Reduction Contributions for a period of six months following such distribution. 

  
 46 

 Article X. Plan Administration and Committees 

 

	10.1	Powers 

 The Committee shall have all
powers necessary to discharge its duties in administering the Plan including, but not by way of limitation, discretionary authority with respect to the following powers: 

 

	(a)	to construe and interpret the Plan, 

  

	(b)	to determine all questions regarding the status and rights of Members and Beneficiaries, including questions relating to age, Vesting Service, eligibility, or Salary,

  

	(c)	to make and enforce such rules and regulations as it shall deem necessary or proper for efficient administration of the Plan, and 

 

	(d)	to retain counsel, employ agents, and actuaries and provide for such clerical, medical, accounting, auditing, and other services as it may require in carrying out the
provisions of the Plan; 

 provided, however, that no member of the Committee shall participate in any action on any matter
involving solely his or her own rights or benefits or those of his or her Spouse or other Beneficiaries, and such matters shall be determined by the other members of the Committee. The Committee may delegate any or all of its powers under this
Article X. The Investment Committee shall have those powers set forth in the Thrift Trust and section 6.1 of this Plan. 
  

	10.2	Directions to Trustee 

 The Committee
shall direct the Trustee concerning all payments which shall be made out of the Thrift Trust pursuant to the provisions of the Plan. The Investment Committee shall direct the Trustee concerning investment-related matters pursuant to the provisions
of the Thrift Trust and section 6.1 of the Plan. Any direction to the Trustee shall be in writing, signed by the Secretary of the relevant committee or its delegate, or given by electronic or telephonic media if acceptable to the relevant committee
or its delegate and the Trustee. The Trustee shall act in a manner consistent with any such direction that is proper, made in accordance with the Plan, and not contrary to ERISA. 

 

	10.3	Uniform Rules 

 All rules adopted and all
actions taken by the Committee or the Investment Committee shall be uniform in nature as applied to all persons similarly situated and shall not discriminate in favor of Employees who are officers, shareholders, or Highly Compensated Participants.

  

	10.4	Reports 

 The Committee shall keep on
file, in such form as it shall deem convenient and proper, such reports of the Thrift Trust received from the Trustee that relate to its duties hereunder. The Investment Committee shall keep on file, in such form as it shall deem convenient and
proper, such reports of the Thrift Trust received from the Trustee that relate to its duties hereunder. 
  

	10.5	Members; Compensation 

 The Members of the
Committee and the Investment Committee shall be appointed by the Executive Vice President and Human Resources Department Head of the Company. Members of the Committee and the Investment Committee shall not receive compensation for their service in
connection with the Plan, but the Company shall reimburse them for all necessary expenses incurred in the discharge of their duties. 

  
 47 

	10.6	Claims Procedure 

  

	(a)	Claims for benefits under the Plan shall be made in writing to the Committee or its duly authorized delegate. If the Committee or such delegate wholly or partially
denies a claim for benefits, the Committee or, if applicable, its delegate shall, within a reasonable period of time, but no later than ninety (90) days after receipt of the claim, notify the claimant in writing or electronically of the adverse
benefit determination. 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 benefit 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 procedure and the time limits applicable to such procedure including a statement of the claimant’s right to bring a civil action under
section 502(a) of ERISA following an adverse benefit determination on review. If the Committee or its delegate determines that an extension of time is necessary for processing the claim, the Committee or its delegate shall notify the claimant in
writing of such extension, the special circumstances requiring the extension and the date by which the Committee 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 in accordance with this subsection (a) within ninety (90) days after the Committee or its duly authorized delegate receives it (or within one
hundred and eighty (180) days after such receipt if the Committee or its delegate 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 subsection
(b) below. 

  

	(b)	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 subsection (a) above, or such later time as shall be deemed reasonable in the sole discretion of the Committee taking into account the nature of the benefit subject to the claim and other attendant circumstances, the claimant may
file a written request with the Committee that it conduct a full and fair review of the adverse benefit determination, including the holding of a hearing, if deemed necessary by the Committee. 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 promptly, but not later than sixty (60) days after the receipt of the
claimant’s request for review, unless special circumstances (such as the need to hold a hearing, if necessary) 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 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 claimant shall be
notified of the Committee’s 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 benefits, and (5) contain a statement of the claimant’s right to bring an action under section 502(a) of
ERISA. The claimant may not bring an action in any court under the Plan until the claim and appeal rights described in this section have been exercised and exhausted, and the eligibility or benefits requested in the appeal have been denied, in whole
or in part. In addition, if a claimant does not raise a particular issue or issues during the claim and appeals process, the claimant may not raise such issue or issues in any subsequent action brought in any court. 

  
 48 

	(c)	No action at law or in equity may be brought under the Plan by a Member or Beneficiary (or by a Member’s or Beneficiary’s legal representative) later than one
(1) year from the date of the later of (i) the Member’s termination of employment with the Company and all Related Companies, or (ii) the date the Member or Beneficiary, as applicable, receives a distribution which is intended to
be a complete distribution of his or her benefits under the Plan No action at law or in equity may be brought in connection with the Plan except in federal district court in the Northern District of Illinois. 

 

	10.7	Indemnity for Liability 

 The Company
shall indemnify the Committee, the Investment Committee, and each other fiduciary who is an Employee of the Company or an Affiliate, against any and all claims, losses, damages, expenses, including counsel fees, incurred by said fiduciaries, and any
liability, including any amounts paid in settlement with such a fiduciary’s approval, arising from the fiduciary’s action or failure to act, except when the same is judicially determined to be attributable to the gross negligence or
willful misconduct of such fiduciary. 

  
 49 

 Article XI. Amendment and Termination 

 

	11.1	Amendment 

 The Company reserves the right
at any time and from time to time either retroactively or prospectively: 
  

	(a)	to make material amendments to the Plan (including any extraordinary amendment related to an acquisition or divestiture by the Company, a Participating Employer or
other Affiliate), by action of the Compensation and Benefits Committee of the Board of Directors (or by action of the Board of Directors, if the Compensation and Benefits Committee is unavailable or unable to act for any reason);

  

	(b)	to make (i) non-material or administrative amendments to the Plan (including any amendment pursuant to guidelines established by the Compensation and Benefits
Committee of the Board of Directors related to an acquisition or divestiture by the Company, a Participating Employer or other Affiliate) or (ii) any amendment to the Plan deemed required, authorized or desirable under applicable statutes,
regulations or rulings, by action of either the Chief Executive Officer of the Company or the Executive Vice President and Human Resources Department Head of the Company (or either of their duly-authorized designees); 

provided, however, that no amendment under (a) or (b) above shall authorize or permit any part of the corpus or income of the Thrift Trust to
be used for, or diverted to, purposes other than for the exclusive benefit of the Members and their Beneficiaries, or to deprive any of them of any funds then held for his or her Account. 

 

	11.2	Termination 

 The Company reserves the
right at any time and from time to time to terminate the Plan in whole or in part as of any Valuation Date by action of the Compensation and Benefits Committee of the Board of Directors (or by action of the Board of Directors, if the Compensation
and Benefits Committee is unavailable or unable to act for any reason). Upon partial or full termination, all affected Members who are then Employees or who have not previously forfeited their Unvested Portion shall become fully vested, and upon
permanent discontinuance of contributions by the Company and Participating Employers, all Members who are then Employees or who have not previously forfeited their Unvested Portion shall become fully vested. 

 

	11.3	Merger and Consolidation 

 In the event of
any merger or consolidation of the Plan with, or transfer in whole or in part of the assets and liabilities of the Thrift Trust to another trust fund held under any other plan of deferred compensation maintained or to be established for the benefit
of all or some of the Members, the Plan shall be so merged or consolidated, or the assets of the Thrift Trust applicable to such Members shall be so transferred, only if- 

 

	(a)	each Member would (if either the Plan or the other plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or
greater than the benefit he or she would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then terminated); 

 

	(b)	resolutions of the Compensation and Benefits Committee of the Board of Directors (or of the Board of Directors, if the Compensation and Benefits Committee is
unavailable or unable to act for any reason) or of any new or successor employer of the affected Members shall authorize such transfer of assets; and, in the case of the new or successor employer of the affected Members, its resolutions shall
include an assumption of liabilities with respect to such Members’ inclusion in the new employer’s plan; and 

  
 50 

	(c)	such other plan and trust are qualified under section 401(a) and exempt under section 501(a) of the Code. 

In the event a portion of the business of the Company or any Affiliate is sold or discontinued, the Compensation and Benefits Committee of the Board of
Directors (or the Board of Directors, if the Compensation and Benefits Committee is unavailable or unable to act for any reason) in its discretion may direct that all Members who are employed by the new owner of that portion of the business shall
become fully vested in their Unvested Portion. 
  

	11.4	Distribution Upon Termination 

 To the
extent permitted under section 401(k)(10) of the Code, in the event of the termination of the Plan, there shall be distributed to each Member, or to his or her Beneficiary in the case of a deceased Member, a benefit equal to the sum of the value of
the Member’s Account as of the Valuation Date on which termination occurs. If such benefits shall not exhaust the assets of the Thrift Trust, any remaining assets shall be allocated to the Matching Contribution Accounts of the Members as though
they were additional Company or Participating Employer contributions, and in no event shall any such assets revert to the Company or any Affiliates. 

  
 51 

 Article XII. Extension of Plan to Affiliates 

 

	12.1	Participation in the Plan 

 Any Affiliate
which desires to become a Participating Employer under the Plan may elect, with the consent of the Compensation and Benefits Committee of the Board of Directors (or of the Board of Directors if the Compensation and Benefits Committee is unavailable
or unable to act for any reason), to become a party to the Plan and the related Thrift Trust by adopting the Plan for the benefit of its eligible Employees, effective as of the date specified in such adoption. The adoption resolution or decision may
contain such specific changes and variations in Plan or Thrift Trust terms and provisions applicable to such Participating Employer and its Employees as may be acceptable to the Compensation and Benefits Committee of the Board of Directors (or to
the Board of Directors if the Compensation and Benefits Committee is unavailable or unable to act for any reason) and the Trustee. However, the sole, exclusive right of any other amendment of whatever kind or extent to the Plan is reserved in
accordance with Section 11.1 of the Plan. Specific changes and variations in the Plan or Thrift Trust terms and provisions as adopted by the Participating Employer in its adoption resolution may be made in accordance with Section 11.1 of
the Plan without the consent of such Participating Employer. The adoption resolution or decision shall become, as to such adopting organization and its employees, a part of this Plan as then amended or thereafter amended and the related Thrift
Trust. It shall not be necessary for the adopting organization to sign or execute the original or then amended Plan and Thrift Trust. The coverage date of the Plan for any such adopting organization shall be that stated in the resolution or decision
of adoption, and from and after such effective date, such adopting organization shall assume all the rights, obligations, and liabilities of an individual employer entity hereunder and under the Thrift Trust. The administrative powers and control of
the Company, as provided in the Plan and Thrift Trust shall not be diminished by reason of the participation of any such adopting organization in the Plan and Thrift Trust. 

 

	12.2	Withdrawal from the Plan 

 Any
Participating Employer may withdraw from the Plan and Thrift Trust after giving notice to the Compensation and Benefits Committee of the Board of Directors (or to the Board of Directors if the Compensation and Benefits Committee is unavailable or
unable to act for any reason), provided the Compensation and Benefits Committee of the Board of Directors (or the Board of Directors if the Compensation and Benefits Committee is unavailable or unable to act for any reason) consents to such
withdrawal. In the event of such a withdrawal, the Committee shall cause a valuation of the Thrift Trust to be made to ascertain the value of assets of each of the Investment Funds which are attributable to Members who are Employees of the
terminating Participating Employer or their Beneficiaries in the case of deceased Members and shall direct the Trustee to segregate assets of each of the Investment Funds which are deemed to be so attributable, together with all loans to such
Members from the Thrift Trust, and to make distribution to the Members or their Beneficiaries as if the Plan had terminated with respect to the Members or their Beneficiaries of the terminating Participating Employer. 

In the event such withdrawal constitutes a partial termination of this Plan, only the affected Participants in that part of the Plan which is terminated
shall have fully vested and nonforfeitable rights in their benefits (unless they were already fully vested prior to the partial termination). Distribution may be implemented through continuation of the Thrift Trust, or transfer to another trust fund
exempt from tax under section 501 of the Code, or to a group annuity contract qualified under Code section 401, or distribution may be made as an immediate cash payment; provided, however, that such distribution is permitted pursuant to
section 401(k)(10) of the Code, and provided, further, that no such action shall divert any part of such fund to any purpose other than the exclusive benefit of the Participants of such Participating Employer. 

  
 52 

 Article XIII. Top-Heavy Provisions 

 

	13.1	Top-Heavy Provisions 

 The following
provisions shall become effective in any Plan Year in which the Plan is determined to be a top-heavy plan. 
  

	(a)	Determination of Top-Heavy. The Plan will be considered a top-heavy plan for the Plan Year if as of the last day of the preceding Plan Year (1) the account
balances of Participants who are key employees (as defined in section 416(i) of the Code) exceed 60 percent of the account balances of all Participants (the “60 Percent Test”) or (2) the Plan is part of a required aggregation group
and the required aggregation group is top-heavy. However, and notwithstanding the results of the 60 Percent Test, the Plan shall not be considered a top-heavy plan for any Plan Year in which the Plan is a part of a required or permissive aggregation
group which is not top-heavy. The top-heavy ratio shall be computed pursuant to section 416(g) of the Code and the regulations issued thereunder. A “required aggregation group” is each plan of the Company in which a key employee is a
participant and each other plan of the Company, if any, which enables such plan to meet the requirements of Code section 401(a)(4) or 410. The Company may treat any plan not required to be included in an aggregation group as being part of a
“permissive aggregation group” if such group would continue to meet the requirements of Code sections 401(a)(4) and 410 with such plan being taken into account. 

 

	(b)	Minimum Benefit. The Company’s (or Participating Employer’s) contribution to a Participant’s Profit Sharing Contribution Account under section 5.2
shall be increased as necessary so that it equals at least 3 percent of the Participant’s “compensation” (as defined in section 5.3(e)), except that this subsection (b) shall not apply if— 

 

	 	(1)	the Participant is also a participant in the Pension Plan. 

  

	 	(2)	the Pension Plan is a top-heavy plan, and 

  

	 	(3)	the Participant receives from the Pension Plan the minimum defined benefit accrual required under section 416(c)(1) of the Code. 

  
 53 

 Article XIV. Miscellaneous Provisions 

 

	14.1	Spendthrift Provisions 

 The interests of
Members and Beneficiaries in the Plan and the Thrift Trust shall not be subject to the claims of any creditor, any Spouse for alimony or support, or others, or to legal process, and may not be voluntarily or involuntarily assigned, alienated or
encumbered, except that the interests of a Member may be subject to loans from the Thrift Trust to the Member. 
 Notwithstanding the foregoing,
the Plan shall make all payments required by a qualified domestic relations order within the meaning of Code section 414(p). The Committee shall establish a procedure to determine the qualified status of a domestic relations order and to administer
distributions under a qualified order. If the qualified domestic relations order so provides, the Plan may make a distribution to an alternate payee prior to the date that a Member attains “earliest retirement age.” For purposes of a
qualified domestic relations order, “earliest retirement age” means the earlier of— 
  

	(a)	the date the Member is entitled to a distribution under this Plan, or 

  

	(b)	the later of (i) the date the Member attains age 50, or (ii) the earliest date on which the Member could begin receiving benefits under this Plan if the
Member separated from service. 

 An alternate payee under a qualified domestic relations order shall have the right with respect
to his or her interest under the Plan to (i) direct investments in accordance with Article VI of the Plan, (ii) make dividend elections under section 6.7 of the Plan, (iii) designate a Beneficiary with respect to such interest,
(iv) exercise voting rights with respect to any shares of Company Stock held in his or her Account in accordance with section 6.5 of the Plan, and (v) subject to section 9.7, defer distribution of such interest in accordance with section
8.5 of the Plan. In no event shall an alternate payee have the rights granted under sections 8.7, 8.8 and 8.9 of the Plan with respect to withdrawals and loans. 
 Effective with respect to judgments, orders, decrees and settlement agreements entered into on or after August 5, 1997, the first sentence of this section 14.1 shall not apply with respect to any
offset to a Member’s benefits expressly provided for in a judgment, order, decree or settlement agreement described in Code section 401(a)(13)(C). 
  

	14.2	Incompetency 

 Every person receiving or
claiming benefits under the Plan shall be presumed to be mentally competent and of age until the Committee receives a written notice, in a form and manner acceptable to it, that such person is incompetent or a minor, and that a guardian,
conservator, or other person legally vested with the care of his estate has been appointed. In the event that the Committee finds that any person to whom a benefit is payable under the Plan is unable to properly care for his or her affairs, or is a
minor, then any payment due (unless a prior claim therefor shall have been made by a duly appointed legal representative) may be paid to the Spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to be authorized
to care for such person otherwise entitled to payment. 
 In the event a guardian, executor, administrator, or conservator of the estate of any
person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction, payments shall be made to such guardian, executor, administrator, or conservator provided that proper proof of appointment is furnished in
a form and manner suitable to the Committee. Any payment made under the provisions of this section 14.2 shall be a complete discharge of any liability therefor under the Plan. 

  
 54 

	14.3	Unclaimed Funds 

 Each Member shall keep
the Committee informed of the Member’s current address and the current address of the Member’s Spouse and Beneficiaries. Neither the Company nor any Affiliate, the Committee, nor the Trustee shall be obligated to search for the whereabouts
of any such person. If the Committee is unable to locate the Member or the Member’s Spouse or Beneficiaries, the Member’s Accounts shall be deemed a Forfeiture and shall be used to reduce Company and Participating Employer contributions to
the Plan; provided, however, that if the Member, Beneficiary, or Spouse makes a claim at any time for any amount that has been so forfeited, the forfeited benefits shall be reinstated. The amount required to restore such benefits shall be made up
from Forfeitures and, to the extent necessary, from a special Company or Participating Employer contribution. 
  

	14.4	Rights Against the Company 

 Neither the
establishment of the Plan nor of the Thrift Trust, nor any modification thereof, nor any distributions hereunder shall be construed as giving to any person whomsoever any legal or equitable rights against the Committee, the Investment Committee, the
Company or any Affiliate, or the officers, directors, or shareholders as such of the Company or any Affiliate, or as giving any Employee or Member the right to be retained in the employ of the Company or any Affiliate. All benefits payable under the
Plan shall be paid or provided for solely from the Thrift Trust, and the Company and Affiliates shall have no liability or responsibility for benefit distributions other than to make contributions to the Thrift Trust as herein provided. 

 

	14.5	Illegality of Particular Provision 

 The
illegality of any particular provision of this Plan shall not affect the other provisions thereof, but the Plan shall be construed in all respects as if such invalid provision were omitted. 

 

	14.6	Effect of Mistake 

 In the event of a
mistake or misstatement as to the age, eligibility, compensation, service or participation of a Member or Beneficiary or the amount of distributions made or to be made to a Member, Beneficiary or other person, the Committee shall, to the extent it
deems possible, cause to be withheld or accelerated, or otherwise make adjustment of, such amounts or distribution to which he or she is properly entitled under the Plan. In the event of an overpayment by the Plan, a Member or Beneficiary shall be
obligated to repay amounts on demand to the extent of such overpayment. In the event of an overpayment by the Plan, the Company or the Committee shall have the authority to take such actions as the Company or the Committee, in either of their sole
discretion, shall deem necessary or appropriate to recover such overpayment, including the authority to bring a legal action in a court of appropriate jurisdiction to recover such overpayment. 

 

	14.7	No Discrimination 

 Whenever in the
administration of the Plan action by the Committee is required with respect to eligibility or classification of Employees, contributions, or benefits, such action shall be uniform in nature as applied to all persons similarly situated, and no such
action shall discriminate in favor of Employees who are Highly Compensated Participants. 
  

	14.8	Exclusive Benefit of Members 

  

	(a)	All contributions made pursuant to the Plan shall be held by the Trustee in accordance with the terms of the Thrift Trust for the exclusive benefit of those Employees
who are Members under the Plan, and such Members’ Beneficiaries and Spouses, and shall be applied to provide benefits under the Plan and to pay expenses of administration of the Plan and the Thrift Trust or to reimburse the Company or any
Affiliate for expenses of administration previously paid by the Company or such Affiliate. At no time prior to the satisfaction of all liabilities with respect to such Members, Beneficiaries, and Spouses shall any part of the Thrift Trust (other
than such part as may be required to pay or reimburse administration expenses) be used for, or diverted to, purposes other than the exclusive benefit of such Members, Beneficiaries, and Spouses. 

  
 55 

	(b)	Notwithstanding section 14.8(a)— 

  

	 	(1)	if a contribution by the Company or a Participating Employer is conditioned upon the deductibility of such contribution under section 404 of the Code, then, to the
extent the deduction is disallowed, the Trustee shall, upon written request of the Company or Participating Employer making the contribution, return the contribution to the extent disallowed to the Company or Participating Employer within one year
after the date the deduction is disallowed; 

  

	 	(2)	if a contribution, or any portion thereof, by the Company or a Participating Employer is made by mistake of fact, the Trustee shall, upon written request of the Company
or Participating Employer, return the contribution or the portion to the Company or Participating Employer within one year after the date of payment to the Trustee, and 

 

	 	(3)	earnings attributable to amounts to be returned to the Company or Participating Employer pursuant to paragraph (1) or (2) shall not be returned to the Company
or Participating Employer, and losses attributable to amounts to be returned pursuant to paragraph (1) or (2) shall reduce the amount to be so returned. 

 

	14.9	Governing Law 

 The provisions of the Plan
shall be construed, administered, and enforced in accordance with the laws of Illinois, to the extent such laws are not superseded by laws of the United States. All contributions by the Company and Participating Employers to the Thrift Trust shall
be deemed to be made in Illinois. 
  

	14.10 	Electronic or Telephonic Notices 

 Any
election, notice, direction or other such action required or permitted to be made in writing under the Plan may also be made electronically, telephonically or otherwise, to the extent then permitted by applicable law and the administrative rules
prescribed by the Committee. 
 *  *  *  *  *  * 

  
 56 

 In Witness Whereof, the Company has caused The Northern Trust Company Thrift-Incentive Plan to be executed
on its behalf by its duly authorized officer this 16th day of December, 2010. 
  

			
	The Northern Trust Company
		
	By 	 	/s/ Timothy P. Moen
		 	Timothy P. Moen
		 	Executive Vice President

  
 57 

 Supplement #1 
 Special Rules for Former Employees of 
 Tanglewood Bank, N.A

 This Supplement #1 to The Northern Trust Company Thrift-Incentive Plan, as amended and restated effective as of January 1, 2010 (the
“Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or
defined in the Plan is similarly used or defined for purposes of this Supplement #1. 
  

	1.	Effective Date. January 1, 1996. 

  

	2.	Application. This Supplement #1 shall apply to individuals who immediately after the July 31, 1995 acquisition were employees of Tanglewood Bank, N.A., or
who had Account balances under the Tanglewood Bank, N.A. Employees’ Salary Deferral Plan (the “Tanglewood Plan”) which were transferred to this Plan (each such individual hereafter referred to as a “Tanglewood Participant”).

  

	3.	Special Provisions. The following special provisions shall apply to Tanglewood Participants: 

 

	 	(a)	Participation: Each Tanglewood Participant who was eligible to participate in the Tanglewood Plan immediately prior to the effective date of this Supplement #1
shall be eligible to participate in the Plan on January 1, 1996. All other Tanglewood Participants shall be eligible to participate in the Plan in accordance with its terms. 

 

	 	(b)	Vesting Service: A Tanglewood Participant’s Vesting Service shall be equal to the sum of his Vesting Service under the Tanglewood Plan on December 31,
1995, plus his Vesting Service determined under section 3.4 of the Plan, if any, for periods after that date. 

  

	 	(c)	Minimum Vested Interest: A Tanglewood Participant shall vest in his Account balance under the Plan in accordance with subsection 2.1(mmm); provided, however, in
no event shall his vested interest in his Account balance be less than that determined under the vesting schedule set forth below: 

  

					
	 Years of Vesting Service
	  	Vested
Percentage	 
	 Less than 2 years
	  	 	0	% 
	 2 years but less than 3 years
	  	 	40	% 
	 3 years but less than 4 years
	  	 	50	% 
	 4 years but less than 5 years
	  	 	60	% 
	 5 years but less than 6 years
	  	 	70	% 
	 6 years but less than 7 years
	  	 	80	% 
	 7 or more years
	  	 	100	% 

  

	 	(d)	Investment of Tanglewood Plan Account. Notwithstanding the provisions of section 6.1 of the Plan, in no event shall a Tanglewood Participant have the right to
direct investment of the portion of his Account balance attributable to the Tanglewood Plan until such time as the assets of the Tanglewood Plan are transferred into the Thrift Trust. 

  
 58 

 Supplement #2 
 Special Rules for Former Employees of 
 Bent Tree National Bank.

 This Supplement #2 to The Northern Trust Company Thrift-Incentive Plan, as amended and restated effective as of January 1, 2010 (the
“Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or
defined in the Plan is similarly used or defined for purposes of this Supplement #2. 
  

	1.	Effective Date. January 1, 1997. 

  

	2.	Application. This Supplement #2 shall apply to individuals who immediately after the close of business on November 15, 1996 were employees of Bent Tree
National Bank, or who had Account balances under the Metroplex Employees Savings Account (the “Bent Tree Plan”) which were transferred to this Plan (each such individual hereafter referred to as a “Bent Tree Participant”).

  

	3.	Special Provisions. The following special provisions shall apply to Bent Tree Participants: 

 

	 	(a)	Participation: Each Bent Tree Participant who was eligible to participate in the Bent Tree Plan immediately prior to the effective date of this Supplement #2
shall be eligible to participate in the Plan on January 1, 1997. All other Bent Tree Participants shall be eligible to participate in the Plan in accordance with its terms. 

 

	 	(b)	Minimum Vested Interest: A Bent Tree Participant shall vest in the portion of his Account balance under the Plan that is attributable to contributions on or
after January 1, 1997 in accordance with subsection 2.1(mmm). A Bent Tree Participant shall vest in the portion of his Account balance that is attributable to the Bent Tree Plan in accordance with the vesting schedule set forth below; provided,
however, that a Bent Tree Participant who attains age 59-1/2 while an Employee shall be 100% vested in the portion of his Account balance that is attributable to the Bent Tree Plan (regardless of years of Vesting Service): 

 

					
	 Years of Vesting Service
	  	Vested
Percentage	 
	 Less than 2 years
	  	 	0	% 
	 2 years but less than 3 years
	  	 	25	% 
	 3 years but less than 4 years
	  	 	50	% 
	 4 years but less than 5 years
	  	 	75	% 
	 5 or more years
	  	 	100	% 

  

	 	(c)	Investment of Bent Tree Plan Account. Notwithstanding the provisions of section 6.1 of the Plan, in no event shall a Bent Tree Participant have the right to
direct investment of the portion of his Account balance attributable to the Bent Tree Plan until such time as the assets of the Bent Tree Plan are transferred into the Thrift Trust. 

  
 59 

 Supplement #3 
 Special Rules for Fiserv Members 
 This Supplement #3 to The Northern Trust Company
Thrift-Incentive Plan, as amended and restated effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the
context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #3. 

 

	1.	Effective Date. December 31, 1998. 

  

	2.	Application. This Supplement #3 shall apply to any Member identified in Exhibits 16.1 and 16.2 of the Payment System Services Agreement dated October 20,
1998, between the Company and Fiserv Solutions, Inc. (“Fiserv”) who is employed by the Company on December 31, 1998 (each a “Fiserv Member”). Any Fiserv Member who accepts a position with Fiserv will not be entitled to a
distribution under section 9.1 of the Plan due to the restrictions of section 401(k)(2)(B) of the Code until such time as the Fiserv Member incurs a “separation from service” or other event permitting distribution under
section 401(k)(2)(B)(i) of the Code (a “Distributable Event”). 

  

	3.	Special Provisions. The following special provisions shall apply to Fiserv Members: 

 

	 	(a)	Vesting: Each Fiserv Member shall become fully vested in his or her Account as of December 31, 1998. 

 

	 	(b)	Loans: A Fiserv Member may elect to continue to repay any loan from the Plan that remains outstanding on December 31 1998, until such time as the Fiserv
Member incurs a Distributable Event. The election shall be made on or before such reasonable and nondiscriminatory deadline as the Committee establishes. In addition, each Fiserv Member with an outstanding loan balance as of such Fiserv
Member’s Distributable Event shall be permitted to elect a direct rollover of the note associated with such loan to another plan which is qualified under section 401(a) of the Code, subject to any restrictions imposed by the receiving plan.

  

	 	(c)	Withdrawals: A Fiserv Member shall have the same withdrawal rights under the Plan as any other Participant, until such time as the Fiserv Member experiences a
Distributable Event. 

  
 60 

 Supplement #4 
 Special Rules for Former Participants in the 
 RCB International Inc.
Retirement Plan 
 This Supplement #4 to The Northern Trust Company Thrift-Incentive Plan, as amended and restated effective as of
January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context clearly implies or indicates to the contrary, a word,
term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #4. 
  

	1.	Effective Date. July 31, 2000. 

  

	2.	Application. This Supplement #4 shall apply to individuals (“RCB Participants”) who were participants in the RCB International Inc. Retirement Plan
(the “RCB Plan”) sponsored by The Northern Trust Company of Connecticut (“NTCC,” f/k/a RCB Trust Company) and Northern Trust Global Advisors, Inc. (“NTGA”, f/k/a RCB International Inc.) and who had an account balance
under the RCB Plan transferred to this Plan effective July 31, 2000. Participation in the Plan was extended to all Eligible Employees of NTGA and NTCC effective April 1, 2000 and all contributions under the RCB Plan ceased for periods on
and after such date. The RCB Plan was merged into the Plan effective as of July 31, 2000. 

  

	3.	Special Provisions. The following special provisions shall apply to RCB Participants: 

 

	 	(a)	Minimum Vested Interest. A RCB Participant shall vest in the portion of his or her Account attributable to contributions to the Plan on and after April 1,
2000 in accordance with subsection 2.1(mmm) of the Plan. A RCB Participant shall have a fully vested interest in the portion of his or her Account attributable to contributions under the RCB Plan. 

 

	 	(b)	Notwithstanding any provision of the Plan to the contrary, prior to termination of service with the Company and the Affiliates, a RCB Participant shall have the right
to withdraw all or any portion of his or her Account attributable to his or her Employer Contribution Account under the RCB Plan provided that either (i) such withdrawn amounts are attributable to employer contributions that were made under the
RCB Plan at least 24 months prior to such withdrawal, or (ii) the RCB Participant has participated in the Plan for at least five years (including for this purpose the period of time that he or she was a participant in the RCB Plan).

  

	 	(c)	A RCB Participant shall not be charged a quarterly loan fee for periods after July 31, 2000, in connection with any outstanding loan taken from the RCB Plan,
notwithstanding the terms of any promissory note issued in connection with such loan. 

  
 61 

 Supplement #5 
 Special Rules for Former Participants in the 
 Carl Domino Associates,
L.P. Profit Sharing Plan 
 This Supplement #5 to The Northern Trust Company Thrift-Incentive Plan, as amended and restated effective as of
January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context clearly implies or indicates to the contrary, a word,
term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #5. 
  

	1.	Effective Date. August 15, 2000. 

  

	2.	Application. This Supplement #5 shall apply to individuals (“Domino Participants”) who were participants in the Carl Domino Associates, L.P. Profit
Sharing Plan (the “Domino Plan”) sponsored by Northern Trust Investment, Inc. (“NTII”) and who had an account balance under the Domino Plan transferred to this Plan effective August 15, 2000. Participation in the Plan was
extended to all Eligible Employees of NTII effective July 1, 2000 and all contributions under the Domino Plan ceased for periods on and after such date. The Domino Plan was merged into the Plan effective as of August 15, 2000.

  

	3.	Special Provisions. The following special provisions shall apply to Domino Participants: 

 

	 	(a)	Minimum Vested Interest. A Domino Participant shall vest in the portion of his or her Account attributable to contributions to the Plan on and after July 1,
2000 in accordance with subsection 2.1(mmm) of the Plan. A Domino Participant shall have a fully vested interest in the portion of his or her Account attributable to contributions under the Domino Plan. 

 

	 	(b)	Notwithstanding any provision of the Plan to the contrary, prior to termination of service with the Company and the Affiliates, a Domino Participant shall have the
right to withdraw all or any portion of his or her Account attributable to his or her Employer Discretionary subaccount under the Domino Plan provided that either (i) such withdrawn amounts are attributable to employer contributions that were
made under the Domino Plan at least 24 months prior to such withdrawal, or (ii) the Domino Participant has participated in the Plan for at least five years (including for this purpose the period of time that he or she was a participant in the
Domino Plan). 

  
 62 

 Supplement #6 
 Special Rules for Fiserv Members Associated with 2001 Joint Venture 
 This Supplement #6 to
The Northern Trust Company Thrift-Incentive Plan, as amended and restated effective as of January 1, 2010 (the “Plan”) is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with
this Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #6. 

 

	1.	Effective Date. July 31, 2001. 

  

	2.	Application. This Supplement #6 shall apply to any Member identified in Exhibit 2.02 of the Employee Agreement between the Company and Fiserv Solutions, Inc.
(“Fiserv”) dated June 15, 2001 who is a Participant in the Plan on July 31, 2001 and who has a termination date from the Company of July 31, 2001 (or who would have had a termination date of July 31, 2001 had the Member
not been on a disability leave on such date) (each a “Fiserv Member”). During 2002, the Committee shall designate a period during which Fiserv Members who accept a position with Fiserv may elect a voluntary trustee-to-trustee transfer of
their Account under the Plan (including any outstanding loan balance) to a plan qualified under section 401(a) of the Code maintained by Fiserv (the “Asset Transfer”). Due to the restrictions of section 401(k)(2)(B) of the Code, and in
recognition of changes to such Code section that may be applied with respect to distributions after December 31, 2001, Fiserv Members who do not elect to transfer their Account balances to the Fiserv Plan pursuant to the Asset Transfer shall be
entitled to a distribution under Section 9.1 on or after the date of such Asset Transfer or, if earlier, upon termination of employment with Fiserv. 

  

	3.	Special Provisions. The following special provisions shall apply to Fiserv Members: 

 

	 	(a)	Vesting: Each Fiserv Member who has ever been eligible to make Matchable Participant Deposits under the Plan shall become 100% vested in his or her Account
balances under the Plan on July 31, 2001. 

  

	 	(b)	Matching Contributions: If a Fiserv Member is employed by the Company on July 31, 2001 and remains continuously employed by Fiserv after that date through
December 31, 2001, then the Fiserv Member shall be eligible for a Matching Contribution for the 2001 Plan Year based on his or her Matchable Participant Deposits, if any, made through July 31, 2001. 

 

	 	(c)	Loans: A Fiserv Member may elect to continue to repay any loan from the Plan that remains outstanding on July 31, 2001 until the earlier of the date of the
Asset Transfer or termination of employment with Fiserv. No new loans will be permitted with respect to a Fiserv Member after July 31, 2001. 

  

	 	(d)	Withdrawals: A Fiserv Member shall have the same withdrawal rights under the Plan as a Participant until the earlier of the Asset Transfer or termination of
employment with Fiserv. 

  
 63 

 Supplement #7 
 Special Rules for Former Deutsche Bank Employees 
 This Supplement #7 to The Northern Trust
Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with the Supplement.
Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #7. 

 

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the employment by the Company and Participating Employers of
certain former employees of Deutsche Bank-AG (“Deutsche Bank”) employed in the U.S. and certain other former employees of certain of Deutsche Bank’s U.S. subsidiaries and affiliates (“DB-U.S.”). 

 

	2.	Effective Date. The effective date of this Supplement #7 is November 19, 2002. 

 

	3.	DB-U.S. Members. The term “DB-U.S. Member” includes both a “Transferred U.S. Employee” and an “Out-of-Scope Employee” as defined
below: 

  

	 	(a)	The term “Transferred U.S. Employee” means (i) any individual employed by Deutsche Bank or DB-U.S. in the U.S. and identified in Sections 3.10(a)(i)
and 6.01 of a Sale and Purchase Agreement among Deutsche Bank, the Company and Participating Employer Northern Trust Investments, Inc. (“NTI”) dated as of September 27, 2002 (the “Agreement”) pursuant to which NTI is
acquiring certain passive investment and enhanced equity products (the “Business,” as defined in the Agreement) of Deutsche Bank and DB-U.S., as well as certain assets related to the Business, and (ii) who becomes an Employee of NTI
(or another Participating Employer) in the U.S. pursuant to Section 6.01 of the Agreement. 

  

	 	(b)	The term “Out-of-Scope Employee” means (i) any other individual employed in connection with or in support of the Business in the U.S. by Deutsche Bank or
DB-U.S. at Closing (as defined in the Agreement) and (ii) who is thereafter continuously employed by Deutsche Bank or DB-U.S. until hired as an Employee in the U.S. by NTI (or another Participating Employer) in connection with or in support of
the Business, following NTI’s acquisition of the Business and related assets pursuant to the Agreement and prior to July 1, 2003. 

  

	4.	Participation and Vesting Service. Anything in the Plan to the contrary notwithstanding, for purposes of determining (a) eligibility to become a Participant
in the Plan pursuant to section 3.1 of the Plan, (b) eligibility to receive a Matching Contribution with respect to the DB-U.S. Member’s Matchable Participant Deposits pursuant to section 5.1 of the Plan, and (c) the Vested Portion of
a DB-U.S. Member’s Matching Contribution Account, Profit Sharing Contribution Account and Former ESOP Account pursuant to section 2.1(mmm) of the Plan, a DB-U.S. Member’s Vesting Service shall be calculated as if his or her employment with
DB-U.S. had been employment with the Company or a Participating Employer. 

  
 64 

 Supplement #8 
 Special Rules for Former Employees of Legacy South, Inc 
 This Supplement #8 to The
Northern Trust Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with the
Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #8. 

 

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the employment by Northern Trust Bank, Federal Savings Bank
(“NTB”) (or the Company or another Participating Employer) of the former employees of Legacy South Inc. (“Legacy South”) who are listed on Schedule 6.1 of a Stock Purchase Agreement dated as of November 22, 2002 among the
individual owners of all of the stock of Legacy South, Northern Trust Corporation and NTB (the “Agreement”), pursuant to which NTB is purchasing all of the stock of Legacy South. 

 

	2.	Effective Date. The effective date of this Supplement #8 is April 29, 2003. 

 

	3.	Legacy South Member. The term “Legacy South Member” means any employee of Legacy South who is listed on Schedule 6.1 of the Agreement (including an
employee hired by Legacy South after the execution of the Agreement but before the Closing Date, as defined in the Agreement) who becomes an employee of NTB (or the Company or another Participating Employer) on the Closing Date, pursuant to
Section 6.1 of the Agreement, when NTB acquires the stock of Legacy South. 

  

	4.	Participation and Vesting Service. Anything in the Plan to the contrary notwithstanding, for purposes of determining (a) eligibility to become a Participant
in the Plan pursuant to section 3.1 of the Plan, (b) eligibility to receive a Matching Contribution with respect to the Legacy South Member’s Matchable Participant Deposits pursuant to section 5.1 of the Plan, and (c) the Vested
Portion of a Legacy South Member’s Matching Contribution Account, Profit Sharing Contribution Account and Former ESOP Account pursuant to section 2.1(mmm) of the Plan, a Legacy South Member’s Vesting Service shall be calculated as if his
or her employment with Legacy South had been employment with the Company or a Participating Employer. 

  
 65 

 Supplement #9 
 Special Rules for Former NTRC Employees 
 This Supplement #9 to The Northern Trust Company
Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with the Supplement. Unless the
context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #9. 

 

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the sale by Northern Trust Retirement Consulting, L.L.C.
(“NTRC”), a Participating Employer, of certain assets of NTRC’s retirement plan consulting and administration business to Hewitt Associates, LLC (“Hewitt”), and with the employment by Hewitt of certain former NTRC employees
pursuant to an Asset Purchase Agreement dated as of June 13, 2003 by and between NTRC and Hewitt (the “Agreement”). 

  

	2.	Effective Date. The effective date of this Supplement #9 is June 15, 2003. 

 

	3.	NTRC/Hewitt Members. The term “NTRC/Hewitt Member” means: 

 

	 	(a)	any NTRC employee who is listed on Schedule 6.8 of the Agreement, terminates employment with NTRC on June 15, 2003, is a Participant in the Plan on such employment
termination, accepts an offer of employment from Hewitt pursuant to Section 6.8 of the Agreement and becomes an employee of Hewitt on June 16, 2003 (or, in the case of any such NTRC employee who is on leave or disability as of the Closing
Date (as defined in the Agreement), on such date within twelve (12) months after the Closing (as defined in the Agreement) as such NTRC employee is able to return to work and becomes an employee of Hewitt); and 

 

	 	(b)	for a period of twelve (12) months after the Closing, any other NTRC employee who is a Participant in the Plan upon termination of employment from NTRC, accepts an
offer of employment from Hewitt, has been continuously employed by NTRC from the Closing Date until becoming an employee of Hewitt, and becomes an employee of Hewitt on or before June 16, 2004. 

 

	4.	Vesting Service. Anything in the Plan to the contrary notwithstanding, if an NTRC/Hewitt Member was ever eligible to have Matchable Participant Deposits, such
NTRC/Hewitt Member shall become fully vested in the balance of his or her Account upon his or her termination of employment with NTRC: 

  

	 	(a)	on June 15, 2003; or 

  

	 	(b)	in the case of an NTRC/Hewitt Member described in paragraph 1(a) above who is on leave or disability as of the Closing Date, on such date within twelve (12) months
after the Closing as he or she is able to return to work and becomes an employee of Hewitt; or 

  
 66 

	 	(c)	in the case of an NTRC/Hewitt Member described in paragraph 1(b) above, on such date within twelve (12) months after the Closing (but not later than June 16,
2004) as he or she becomes an employee of Hewitt. 

  

	5.	Employer Contributions. If an NTRC/Hewitt Member is employed by NTRC on the date of his or her termination of employment with NTRC as described in any of
paragraphs 4(a), (b) or (c) above and remains continuously employed by Hewitt after that date through December 31, 2003 (or December 31, 2004 if such NTRC/Hewitt Member became an employee of Hewitt on or after January 1,
2004 and on or before June 16, 2004), then such NTRC/Hewitt Member shall be eligible to have the Company or a Participating Employer make a prorated Matching Contribution to such NTRC/Hewitt Member’s Matching Contribution Account for the
2003 (or 2004, if applicable) Plan Year, based on such NTRC/Hewitt Member’s Matchable Participant Deposits for such Plan Year. 

  

	6.	Elective Trust-to-Trust Transfer. 

  

	 	(a)	Any NTRC/Hewitt Member who has an employment termination date from NTRC of June 15, 2003 (or such later employment termination date as the Committee (or its
delegate) may determine in its sole discretion to be administratively feasible) shall be provided a one-time opportunity during such period in 2003 as the Committee (or its delegate) shall designate to elect a voluntary trust-to-trust transfer of
such NTRC/Hewitt Member’s entire Account (including any then-outstanding Plan loan balance and the related promissory note) from the Plan to a plan maintained by Hewitt (the “Hewitt Plan”) that is qualified under section 401(a) of the
Code (the “Asset Transfer”). If an NTRC/Hewitt Member does not make a timely election to transfer his or her Account balance to the Hewitt Plan pursuant to the Asset Transfer, or if an NTRC employee is not eligible to make an election
pursuant to the Asset Transfer, either because he or she does not then meet the requirements to be an NTRC/Hewitt Member or because his or her employment termination date from NTRC is after June 15, 2003 (or such later date as the Committee has
determined to be administratively feasible), then such NTRC/Hewitt Member or NTRC employee shall have no rights whatsoever under this Supplement #9 or otherwise to elect a trust-to-trust transfer from the Plan to the Hewitt Plan.

  

	 	(b)	Any NTRC/Hewitt Member who is eligible to elect a trust-to-trust transfer of his or her Account pursuant to subparagraph (a) above may also elect to continue to
repay any loan balance from the Plan that remains outstanding on June 15, 2003 (or such NTRC/Hewitt Member’s employment termination date from NTRC, if later) until the earlier of the date of the Asset Transfer or such NTRC/Hewitt
Member’s termination of employment from Hewitt. No new Plan loans will be permitted with respect to any NTRC/Hewitt Member after June 15, 2003 (or such NTRC/Hewitt Member’s employment termination date from NTRC, if later).

  

	7.	Limitations on Supplement. The provisions of this Supplement #9 shall only apply with respect to a Break in Service incurred by an NTRC/Hewitt Member on or (if
applicable) within twelve (12) months after the Closing and who at that time meets all requirements to be an NTRC/Hewitt Member. No other Member (including any current or former NTRC employee who does not then meet the requirements to be an
NTRC/Hewitt Member) shall have any rights whatsoever at any time under this Supplement #9. Further, no NTRC/Hewitt Member who is reemployed by the Company or any Participating Employer at any time shall have any rights whatsoever under this
Supplement #9 with respect to any Break in Service following such reemployment. Nothing in this Supplement #9 shall be construed to provide an NTRC/Hewitt Member with any rights or benefits under the Plan other than those described in paragraphs 4
through 6 above. 

  
 67 

 Supplement #10 

Special Rules for Former Higgins Branch Employee 
 This Supplement #10 to The Northern Trust Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any
provisions thereof to the extent that they are not consistent with the Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this
Supplement #10. 
  

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the sale by The Northern Trust Company (the
“Company”) of certain assets associated with the Company’s branch office at 8501 West Higgins Road, Chicago, Illinois (the “Higgins Branch”) to First Midwest Bank (“First Midwest”) and with the employment by First
Midwest of certain former Company employees, who were employed at the Higgins Branch, pursuant to an Agreement to Purchase Assets dated as of April 3, 2003 by and between the Company and First Midwest (the “Agreement”).

  

	2.	Effective Date. The effective date of this Supplement #10 is June 15, 2003. 

 

	3.	Higgins Branch Members. The term “Higgins Branch Member” means any Company employee who is listed on Schedule VI of the Agreement, terminates
employment with the Company in connection with the sale of the Higgins Branch assets pursuant to the Agreement, is a Participant in the Plan on such employment termination, accepts an offer of employment from First Midwest pursuant to
Section 6.3 of the Agreement and becomes an employee of First Midwest immediately following termination of employment with the Company (including in the case of any such Company employee who is on leave or disability as of the Closing Date (as
defined in the Agreement), on the date such Company employee is able to return to work and becomes an employee of First Midwest). 

  

	4.	Vesting Service. Anything in the Plan to the contrary notwithstanding, if a Higgins Branch Member was ever eligible to have Matchable Participant Deposits, such
Higgins Branch Member shall become fully vested in the balance of his or her Account upon his or her termination of employment with the Company pursuant to the Agreement. 

 

	5.	Employer Contributions. If a Higgins Branch Member remains continuously employed by First Midwest after his or her termination of employment with the Company
through December 31, 2003, then such Higgins Branch Member shall be eligible to have the Company or a Participating Employer make a prorated Matching Contribution to such Higgins Branch Member’s Matching Contribution Account for the 2003
Plan Year, based on such Higgins Branch Member’s Matchable Participant Deposits for such Plan Year. 

  

	6.	Direct Rollover with Loan(s). 

  

	 	(a)	 Any Higgins Branch Member who has an employment termination date from the Company of June 15, 2003 (or such later employment termination date as
the Committee (or its delegate) may determine in its sole discretion to be administratively feasible) shall be provided an opportunity during such period as the Committee (or its delegate) shall designate to elect a direct rollover of all or part of
such Higgins Branch Member’s Account (including any then-outstanding Plan loan 

  
 68 

	 	 
balance and the related promissory note) from the Plan to a plan maintained by First Midwest (the “First Midwest Plan”) that is qualified under section 401(a) of the Code (the
“Administrative Rollover”). If a Higgins Branch Member does not make a timely election to make a direct rollover of all or part of his or her Account balance (including any then-outstanding Plan loan and the related promissory note) to the
First Midwest Plan pursuant to the Administrative Rollover, or if a Higgins Branch employee is not eligible to make an election pursuant to the Administrative Rollover, either because he or she does not then meet the requirements to be a Higgins
Branch Member or because his or her employment termination date from the Company is after June 15, 2003 (or such later date as the Committee has determined to be administratively feasible), then such Higgins Branch Member or Company employee
shall have no rights whatsoever under this Supplement #10 or otherwise to elect a direct rollover that includes any then-outstanding Plan loan balance and related promissory note from the Plan to the First Midwest Plan. However, any such Higgins
Branch Member shall nevertheless have the same rights to elect a direct rollover as any other Participant who incurs a Break in Service under the Plan in accordance with Section 9.6 of the Plan. 

 

	 	(b)	Any Higgins Branch Member who is eligible to elect a direct rollover of all or part of his or her Account pursuant to subparagraph (a) above may also elect to
continue to repay any loan balance from the Plan that remains outstanding on June 15, 2003 (or such Higgins Branch Member’s employment termination date from the Company, if later) until the earlier of the date of the Administrative
Rollover or such Higgins Branch Member’s termination of employment from the Company. No new Plan loans will be permitted with respect to any Higgins Branch Member after June 15, 2003 (or such Higgins Branch Member’s employment
termination date from the Company, if later). 

  

	7.	Limitations on Supplement. The provisions of this Supplement #10 shall only apply with respect to a Break in Service incurred by a Higgins Branch Member on or
(if applicable) after the Closing and who at that time meets all requirements to be a Higgins Branch Member. No other Member (including any current or former Company employee who does not then meet the requirements to be a Higgins Branch Member)
shall have any rights whatsoever at any time under this Supplement #10. Further, no Higgins Branch Member who is reemployed by the Company or any Participating Employer at any time shall have any rights whatsoever under this Supplement #10 with
respect to any Break in Service following such reemployment. Nothing in this Supplement #10 shall be construed to provide a Higgins Branch Member with any rights or benefits under the Plan other than those described in paragraphs 4 through 6 above.

  
 69 

 Supplement #11 

Special Rules for Former Cash Center Employees 
 This Supplement #11 to The Northern Trust Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any
provisions thereof to the extent that they are not consistent with the Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this
Supplement #11. 
  

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the outsourcing by The Northern Trust Company (the
“Company”) of the Company’s currency services business to Fiserv Solutions, Inc. (“Fiserv”). Fiserv intends to engage Loomis, Fargo & Co. (“Loomis”) as Fiserv’s subcontractor in connection with
Fiserv’s assumption of the Company’s currency services business. Fiserv and Loomis will employ certain former Company employees, who were employed in the Company’s currency services business. The outsourcing and employment of these
former Company employees are occurring pursuant to an Agreement dated as of November 26, 2003 by and between the Company and Fiserv (the “Fiserv Agreement”); individual employment offer letters issued by Fiserv to one or more of these
former employees (a “Fiserv Offer Letter”); and an Employee Agreement dated as of November 26, 2003 by and between the Company and Loomis (the “Loomis Agreement”). 

 

	2.	Effective Date. The effective date of this Supplement #11 is November 26, 2003. 

 

	3.	Cash Center Members. The term “Cash Center Member” means any Company employee who terminates employment with the Company in connection with the
outsourcing of the currency services business pursuant to the Fiserv Agreement, is a Participant in the Plan on such employment termination, accepts an offer of employment from Fiserv pursuant to a Fiserv Offer Letter or accepts an offer of
employment from Loomis pursuant to Section 2.3 of the Loomis Agreement and becomes an employee of Fiserv or Loomis immediately following termination of employment with the Company (including, in the case of any such Company employee who is on
leave or disability as of the Closing Date (as defined in the Fiserv Agreement), on the date such Company employee is able to return to work and becomes an employee of Fiserv). 

 

	4.	Vesting Service. Anything in the Plan to the contrary notwithstanding, if a Cash Center Member was ever eligible to have Matchable Participant Deposits, such
Cash Center Member shall become fully vested in the balance of his or her Account upon his or her termination of employment with the Company pursuant to the Fiserv or Loomis Agreement. 

 

	5.	Employer Contributions. If a Cash Center Member remains continuously employed by Fiserv or Loomis after his or her termination of employment with the Company
through December 31, 2004, then such Cash Center Member shall be eligible to have the Company or a Participating Employer make a prorated Matching Contribution to such Cash Center Member’s Matching Contribution Account for the 2004 Plan
Year, based on such Cash Center Member’s Matchable Participant Deposits for such Plan Year. 

  
 70 

	6.	Direct Rollover with Loan(s). 

  

	 	(a)	Any Cash Center Member who becomes an employee of Fiserv pursuant to a Fiserv Offer Letter shall be provided an opportunity during such period as the Committee (or its
delegate) shall designate to elect a direct rollover of all or part of such Cash Center Member’s Account (including any then-outstanding Plan loan balance and the related promissory note) from the Plan to a plan maintained by Fiserv (the
“Fiserv Plan”) that is qualified under section 401(a) of the Code (the “Administrative Rollover”). If a Cash Center Member does not make a timely election to make a direct rollover of all or part of his or her Account balance
(including any then-outstanding Plan loan and the related promissory note) to the Fiserv Plan pursuant to the Administrative Rollover, or if a cash center employee is not eligible to make an election pursuant to the Administrative Rollover, because
he or she does not then meet the requirements to be a Cash Center Member, then such Cash Center Member or Company employee shall have no rights whatsoever under this Supplement #11 or otherwise to elect a direct rollover that includes any
then-outstanding Plan loan balance and related promissory note from the Plan to the Fiserv Plan. However, any such Cash Center Member and any Cash Center Member who becomes an employee of Loomis pursuant to the Loomis Agreement shall nevertheless
have the same rights to elect a direct rollover as any other Participant who incurs a Break in Service under the Plan in accordance with Section 9.6 of the Plan. 

 

	 	(b)	Any Cash Center Member who is eligible to elect a direct rollover of all or part of his or her Account to the Fiserv Plan pursuant to subparagraph (a) above may
also elect to continue to repay any loan balance from the Plan that remains outstanding on such Cash Center Member’s employment termination date from the Company, until the earlier of the date of the Administrative Rollover or such Cash Center
Member’s termination of employment from the Company. No new Plan loans will be permitted with respect to any Cash Center Member after such Cash Center Member’s employment termination date from the Company. 

 

	7.	Limitations on Supplement. The provisions of this Supplement #11 shall only apply with respect to a Break in Service incurred by a Cash Center Member on or (if
applicable) after the Closing Date (as defined in the Fiserv Agreement) and who at that time meets all requirements to be a Cash Center Member. No other Member (including any current or former Company employee who does not then meet the requirements
to be a Cash Center Member) shall have any rights whatsoever at any time under this Supplement #11. Further, no Cash Center Member who is reemployed by the Company or any Participating Employer at any time shall have any rights whatsoever under this
Supplement #11 with respect to any Break in Service following such reemployment. Nothing in this Supplement #11 shall be construed to provide a Cash Center Member with any rights or benefits under the Plan other than those described in paragraphs 4
through 6 above. 

  
 71 

 Supplement #12 

Special Rules for U.K. Participants with Former ESOP Accounts 
 This Supplement #12 to the Plan provides special rules for Members who were residents of the United Kingdom and previously participated under Supplement #1 of the Former ESOP Plan (“U.K.
Participants”). Participation by U.K. Participants under the Former ESOP Plan ceased effective with the Plan Year beginning January 1, 2002. U.K. Participants who had an account balance under the Former ESOP Plan on December 31, 2004
had such account balance transferred to this Plan and credited to a Former ESOP Account. Notwithstanding any provision of the Plan to the contrary, the following special rules shall apply to the Former ESOP Accounts of such U.K. Participants:

  

	1.	Cash Dividends Payable to U.K. Participants. Notwithstanding section 6.7 of the Plan, all cash dividends payable on the Company Stock allocated to a U.K.
Participant’s Former ESOP Account shall be reinvested in the Former ESOP Northern Trust Stock Fund. 

  

	2.	Diversification of Investments. The balance in a U.K. Participant’s Former ESOP Account shall remain invested in the Former ESOP Northern Trust Stock Fund
and may not be transferred to any other Investment Fund offered under the Plan. 

  

	3.	In-Service Distributions; Loans. A U.K. Participant may not receive any distribution from his or her Former ESOP Account prior to a Break in Service; provided,
however, a U.K. Participant who has attained age 55 and who has participated in the Plan (including years of participation in the Former ESOP Plan) for at least 10 years, may elect to withdraw all or any portion of his or her Former ESOP Account in
accordance with section 8.7(c). 

  

	4.	Payment of Benefits. Notwithstanding section 9.5 of the Plan, all payments of benefits under the Plan to or for the benefit of a U.K. Participant shall be made
in shares of Company Stock, and the value of any partial shares shall be made in pounds sterling. 

  

	5.	Rollovers. Notwithstanding section 9.6 of the Plan: 

  

	 	(a)	U.K. Participants (and their Beneficiaries) who performed all of their service outside of the U.S. will not be eligible to make a direct rollover to an eligible
retirement plan. 

  

	 	(b)	U.K. Participants (and their Beneficiaries) who performed some service in the U.S. will be eligible to make a direct rollover to an eligible retirement plan of only
that portion of a distribution which would be included in the U.K. Participant’s U.S. gross income. 

  

	6.	Satisfaction of U.K. Income and Employment Tax Liabilities. If a U.K. Participant receives a distribution from the Plan that, pursuant to U.K. law, subjects the
Company to an obligation to account for tax under the U.K. Pay As You Earn (“PAYE”) system, or to withhold or account for similar income, employment or other taxes or fees relating to the distribution, the Committee shall direct the
Trustee to withhold from such distribution an amount sufficient to comply with such obligations. If a U.K. Participant receives his or her distribution in the form of both cash and Company Stock and the amount of cash distributed is not sufficient
to allow the Trustee to withhold the amount sufficient to comply with such withholding obligations, the Trustee shall liquidate all or a portion of the Company Stock to be distributed as is necessary to satisfy such withholding obligations. To the
extent the Committee deems it necessary or appropriate under U.K. law, it may require a U.K. Participant to consent to such withholding or liquidation of Company Stock prior to receiving a distribution, provided that it does so on a uniform and
consistent basis. 

  
 72 

	7.	Conversion U.S. Dollars into U.K. Pounds Sterling. From time to time, it will be necessary to convert U.S. dollars into U.K. pounds sterling or vice-versa to
make allocations to U.K. Participants’ Accounts, to make distributions from such Accounts, to apply certain Code limitations and to implement various other Plan provisions with respect to U.K. Participants. Such conversions shall take place at
the time specified in the Plan for the relevant purpose, using the conversion rate specified for such date in the Wall Street Journal. 

  

	8.	No Mandatory Cash Out. Notwithstanding section 9.7 of the Plan, a U.K. Participant shall not have any amount of the Vested Portion of his or her Former ESOP
Account distributed to him or her at any time prior to the U.K. Participant’s Normal Retirement Date or death without the U.K. Participant’s written consent. 

  
 73 

 Supplement #13 

Special Rules for TIP ESOP and Former ESOP 
 This Supplement #13 to the Plan sets forth rules that shall apply to the TIP ESOP and Former ESOP if the Company Stock ceases to be publicly traded within the meaning of Treasury regulation section
54.4975-7(b)(1)(iv). 
  

	1.	Right of First Refusal. 

  

	 	(a)	Shares of Company Stock distributed by the Trustee may be subject to a right of first refusal. Such a right shall provide that prior to any subsequent transfer, the
shares must first be offered in writing to the Thrift Trust and then, if refused by the Thrift Trust, to the Company at a price equal to the greater of (1) the then fair market value of such shares of Company Stock as determined in good faith
by the Committee, in accordance with Treasury regulation section 54.4975-11(d)(5) or (2) the purchase price offered by a buyer, other than the Company or Trustee, making an offer in good faith (as determined by the Committee) to purchase
such shares of Company Stock. 

  

	 	(b)	The Thrift Trust or the Company, as the case may be, may accept the offer as to part or all of the Company Stock at any time during a period not exceeding 14 days after
the Thrift Trust receives the offer, on terms and conditions no less favorable to the Thrift Trust than those offered by the independent third-party buyer. Any installment purchase shall be made pursuant to a note secured by the shares purchased and
shall bear a reasonable rate of interest as determined by the Committee. 

  

	 	(c)	If the offer is not accepted by the Thrift Trust, the Company, or both, then the proposed transfer may be completed within a reasonable period following the end of the
14-day period but only upon terms and conditions no less favorable to the shareholder than the terms and conditions of the third-party buyer’s prior offer. 

 

	 	(d)	Shares of Company Stock that are publicly traded within the meaning of Treasury regulation section 54.4975-7(b)(1)(iv) at the time such right may otherwise be
exercised shall not be subject to this right of first refusal. 

  

	2.	Put Option 

  

	 	(a)	Shares of Company Stock acquired by the Thrift Trust shall be subject to a put option at the time of distribution if at such time the shares are not readily tradable on
an established market within the meaning of section 409(h)(1)(B) of the Code. The put option shall be exercisable by the Member, Beneficiary, Spouse, their donees, or by a person (including an estate or its distributee) to whom the Company Stock
passes by reason of the death of the Member, Beneficiary, or Spouse. The put option shall provide that for a period of at least 60 days following the date of distribution of the Company Stock, the holder of the option shall have the right to cause
the Company, by notifying it in writing, to purchase such shares at their fair market value, as determined pursuant to paragraph 2(c) below. If the put option is not exercised within such 60-day period, the option shall be exercisable for an
additional period of 60 days in the following Plan Year. The Committee may give the Trustee the option to assume the rights and obligations of the Company at the time the put option is exercised, insofar as the repurchase of Company Stock is
concerned. 

  
 74 

	 	(b)	If the entire adjusted balance of the Account of a Member, Spouse, Beneficiary, or other person described in paragraph 2(a) is distributed to such Member, Spouse,
Beneficiary or other person within one taxable year, payment of the price of the Company Stock purchased pursuant to an exercised put option shall be made in no more than five substantially equal annual payments, and the first installment shall be
paid not later than 30 days after such Member, Spouse, Beneficiary, or other person exercises the put option. The Plan shall provide adequate security and pay a reasonable rate of interest on amounts not paid after 30 days. If the entire adjusted
balance of the Account of a Member, Spouse, Beneficiary or other person described in paragraph 2(a) is not distributed to him or her within one taxable year, payment of the price of the Company Stock purchased pursuant to an exercised put option
shall be made in a single sum not later than 30 days after such Member, Spouse, Beneficiary or other person exercises the put option. 

  

	 	(c)	If Company Stock is not readily tradable on an established securities market, the determination of the fair market value of Company Stock for all purposes of the Plan
shall in all cases be made by an independent appraiser appointed by the Committee. Any independent appraiser appointed pursuant to this paragraph 2(c) shall meet the requirements of section 401(a)(28)(C) of the Code. 

  
 75 

 Supplement #14 

Special Rules for Former Employees of Lakepoint Investment Partners LLC 
 This Supplement #14 to The Northern Trust Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any
provisions thereof to the extent that they are not consistent with the Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this
Supplement #14. 
  

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the employment by Northern Trust Bank, Federal Savings Bank
(“NTB”) (or the Company or another Participating Employer) of the former employees of Lakepoint Investment Partners LLC (“Lakepoint”) who are listed on Schedule 6.1 of an Asset Purchase Agreement dated as of June 24, 2008
among NTB, Lakepoint and the individual owners of the then-outstanding equity interests of Lakepoint (the “Agreement”), pursuant to which NTB purchased substantially all of the assets of Lakepoint. 

 

	2.	Effective Date. The effective date of this Supplement #14 is October 1, 2008. 

 

	3.	Lakepoint Member. The term “Lakepoint Member” means any employee of Lakepoint who is listed on Schedule 6.1 of the Agreement and who became an employee
of NTB (or the Company or another Participating Employer) on the Closing Date, pursuant to Section 6.1 of the Agreement. 

  

	4.	Participation and Vesting Service. Anything in the Plan to the contrary notwithstanding, for purposes of determining (a) eligibility to become a Participant
in the Plan pursuant to section 3.1 of the Plan, (b) eligibility to receive a Matching Contribution with respect to the Lakepoint Member’s Matchable Participant Deposits pursuant to section 5.1 of the Plan, and (c) the Vested Portion
of a Lakepoint Member’s Matching Contribution Account and Profit Sharing Contribution Account pursuant to section 2.1 (mmm) of the Plan, a Lakepoint Member’s Vesting Service shall be calculated as if his or her employment with Lakepoint
had been employment with the Company or a Participating Employer. 

  
 76 

 Supplement #15 

Special Rules for Former Employees of Waterline Partners, LLC 
 This Supplement #15 to The Northern Trust Company Thrift-Incentive Plan, As Amended and Restated Effective as of January 1, 2010 (the “Plan”), is made a part of the Plan and supersedes any
provisions thereof to the extent that they are not consistent with the Supplement. Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this
Supplement #15. 
  

	1.	Application. This Supplement supplements and modifies the provisions of the Plan in connection with the employment by Northern Trust, N.A. (“NTNA”) (or
the Company or another Participating Employer) of the former employees of Waterline Partners, LLC (“Waterline”) who are listed on Schedule 3.18 of a Membership Interest Purchase Agreement dated as of November 3, 2010 among NTNA,
Waterline and the individual owners of all then-issued and outstanding membership interests of Waterline (the “Agreement”) (Such employees, together with such individual owners, the “Waterline employees” and each such employee or
owner, a “Waterline employee”), pursuant to which NTNA purchased all of the issued and outstanding membership interests of Waterline. 

  

	2.	Effective Date. The effective date of this Supplement #15 is December 1, 2010. 

 

	3.	Waterline Member. The term “Waterline Member” means any Waterline employee who became an employee of NTNA (or the Company or another Participating
Employer) on the Closing Date, pursuant to the Agreement. 

  

	4.	Participation and Vesting Service. Anything in the Plan to the contrary notwithstanding, for purposes of determining (a) eligibility to become a Participant
in the Plan pursuant to section 3.1 of the Plan, (b) eligibility to receive Matching and contingent Matching Contributions with respect to the Waterline Member’s Matchable Participant Deposits pursuant to section 5.1 of the Plan, and
(c) the Vested Portion of a Waterline Member’s Matching Contribution Account pursuant to section 2.1 (mmm) of the Plan, a Waterline Member’s Vesting Service shall be calculated as if his or her employment with Waterline had been
employment with the Company or a Participating Employer. 

  
 77 

 Schedule A 

 

					
	 Affiliate Name and Acq./Div. Code
	  	 TIP Earliest Vesting Date

			
	 O’Hare 
 Acquired:
05/17/82
 Joined Benefits and Payroll: 01/01/88
 Pension Merger: 01/01/86
	  	 OH
	  	 Later of:
 05/17/82 or
DOH

			
	 Woodfield 
 Acquired:
07/26/82
 Joined Benefits and Payroll: 01/01/88
 Adopted NT Pension: 01/01/86
	  	 JB
	  	 Later of:
 07/26/82 or
DOH

			
	 Naperville 
 Acquired:
10/01/82
 Joined Benefits and Payroll: 01/01/88
 Adopted NT Pension: 01/01/86
	  	 NP
	  	 Later of:
 10/01/82 or
DOH

			
	 Oakbrook 
 Acquired:
06/01/83
 Joined Benefits and Payroll: 01/01/88
 Adopted NT Pension: 01/01/86
	  	 OB
	  	 Later of:
 06/01/83 or
DOH

			
	 Hickey/NT Brokerage 

Acquired: 04/09/84
 Joined Benefits and Payroll:
01/07/87
 Adopted NT Pension: 01/01/86
	  	 TB
	  	 Later of:
 04/09/83 or
DOH

			
	 Phoenix National 

Acquired: 06/06/86
 Joined Benefits and Payroll:
01/01/87
	  	 AR
	  	 Later of:
 06/06/86 or
DOH

			
	 Lake Forest 
 Acquired:
12/31/86
 Joined Benefits and Payroll: 01/01/88
 Adopted NT Pension: 01/01/88
	  	 EB
	  	 Later of:
 12/31/86 or
DOH

			
	 Concorde Bank 

Acquired: 06/18/89
	  	 AQ
	  	 Later of:
 06/18/89 or
DOH

			
	 Berry, Hartell, Evers, & Osborne, 
 Inc. (BHE)
 Acquired: 11/30/89
	  	 AF
	  	 Later of:
 11/30/89 or
DOH

 DOH = Date of Hire 

  
 78 

 Schedule A – Continued 

 

					
	 Affiliate Name & Acq. Code
	  	 TIP Earliest Vesting Date

			
	 Heritage Trust 

Acquired: 09/28/90
	  	 HT
	  	 As of 10/01/91:
 DOH
w/Heritage
 [before or after acquisition

(Plan Merger 10/01/91)]

			
	 Tri Valley National Bank 

(CA) charter
 Acquired: 06/27/91
	  	 TV
	  	 Later of:
 06/27/91 or
DOH

			
	 Trust Services of America 
 Acquired: 01/31/92
 Joined Benefits and Payroll: 02/01/92
	  	 TS
	  	 Later of:
 01/31/92 or
DOH

			
	 Hazlehurst & Assoc. 
 Acquired: 04/15/94
 Joined Benefits and Payroll: 01/01/96
	  	 HA
	  	 DOH w/Hazlehurst
 (before or
after acquisition)

			
	 Vero Beach 
 Acquired:
03/31/95
 Joined Benefits and Payroll: 01/01/96
 Pension Merger: 01/01/96
	  	 VB
	  	 Later of:
 03/31/95 or
DOH

			
	 Tanglewood Bank 

Acquired: 07/31/95
 Joined Benefits and Payroll:
01/01/96
	  	 TW
	  	 DOH w/Tanglewood
 (before or
after acquisition)

			
	 Bent Tree National Bank 

Acquired 11/15/96
 Joined Benefits and Payroll:
01/01/97
	  	 BT
	  	 DOH w/Bent Tree
 (before or
after acquisition)

			
	 Trust Bank of Colorado 

Acquired: 05/15/98
 Joined Benefits and Payroll:
07/01/98
	  	 DN
	  	 Later of:
 05/15/98 or
DOH

			
	 Northern Trust Company of Connecticut/ 
 Northern Trust Global Advisors, Inc.
 Acquired: 10/31/95

Joined Benefits and Payroll: 04/01/00
	  	 RC
	  	 DOH w/NTCC
 (before or after
acquisition)

			
	 Carl Domino Associates L.P. 

Assets Acquired: 05/01/2000
 Joined Benefits and
Payroll: 07/01/2000
	  	 CD
	  	DOH w/Domino
			
	 Purchase of Master Trust Services Unit of 
 FNBC: 01/04/85
	  	 MT
	  	DOH w/Northern
			
	 FCNBD Agreement Dated 10/03/96 
 Applicable to FCNBD hires to Northern
 From 09/30/96 through 09/30/97
	  	 FC
	  	Service Date w/FCNBD
			
	 ANB IMC 
 Acquired:
12/31/97
 Joined Benefits and Payroll: 01/01/98
	  	 AI
	  	 First Chicago NBD Service Date

(before or after acquisition)

  
 79 

					
	 Affiliate Name and Acq./Div. Code
	  	 TIP Earliest Vesting Date

			
	 Deutsche Bank Agreement 

Dated 9/27/02. Applicable
 To DB-U.S. Members
as
 Defined in Supplement #7.
	  	 DE
	  	Service Date with DB-U.S. for participation and vesting.
			
	 Legacy South Agreement 

Dated 11/22/02. Applicable
 To Legacy South
Members as
 Defined in Supplement #8.

Acquired: 04/29/03
 Joined Benefits and Payroll:
04/30/03
	  	 LS
	  	Service Date with Legacy South for participation and vesting.
			
	 Lakepoint Agreement dated 6/24/08. 
 Applicable to Lakepoint Members
 as defined in Supplement #14.
	  	 LP
	  	Service Date with Lakepoint for participation and vesting.
			
	 Waterline Agreement dated 11/3/10. 
 Applicable to Waterline Members
 as defined in Supplement #15.
	  	 WT
	  	Service Date with Waterline for participation and vesting.

  
 80 

							
	 Affiliate Name and Acq./Div. Code
	 	  	  	 TIP

	 	 	 	  	 Vesting
	  	 Other Provisions

				
	 NTRC/Hewitt 

Agreement
 Dated 6/13/03.

Applicable to NTRC/Hewitt
 Members as defined
in
 Supplement #9.

Divestiture.
	 	 HEW
	  	Fully vested upon employment termination as provided in Supplement #9.	  	Prorated Employer Contribution for year of termination if continuously employed by Hewitt until 12/31/03 (or 12/31/04, if applicable) as provided in Supplement #9. Elective asset
transfer (including loans) to Hewitt Plan: as provided in Supplement #9. 7/31/03
		 		  		  	
	 Northern Trust/
 First Midwest
Agreement 
 Dated 4/3/03.

    Early Retirement 

    Normal Retirement

Applicable to Higgins Branch Members as defined

in Supplement #10.
 Divestiture.
	 	  
 FMW

 
 EFM 
 NFM
	  	 Fully vested upon
 employment
termination as provided in Supplement #10.
	  	Prorated Employer Contribution for year of termination if continuously employed by First Midwest until 12/31/03 as provided in Supplement #10. Direct rollover (including loans) to
First Midwest Plan: as provided in Supplement #10.
		 		  		  	
				
	 Northern Trust/
 Fiserv
Agreement 
 Dated as of November 26, 2003.
 Northern Trust/
 Loomis Agreement 
 Dated as of November 26, 2003.
 Applicable to Cash Center

Members as defined in Supplement #11.

Divestiture.
	 	  
 TER FIS

 
  

LOM
	  	Fully vested upon employment termination as provided in Supplement #11.	  	Prorated Employer Contribution for year of termination if continuously employed by Fiserv or Loomis until 12/31/04 as provided in Supplement #11. Direct rollover (including loans)
to Fiserv Plan for Cash Center Members employed by Fiserv as provided in Supplement #11.

 DOH = Date of Hire 

  
 81 

 Schedule B 
 Investment Funds 
 As of August 2, 2010, the Investment Funds set forth below are available
under the Plan. Except as otherwise provided in Section 8.7(d), any withdrawal from the Account of a Participant or Inactive Participant under sections 8.7 or 8.8, or loan to the Participant or Inactive Participant pursuant to section 8.9,
shall be charged against such Participant’s or Inactive Participant’s Investment Funds in the order designated below. 
  

	(a)	Stable Asset Fund. This Fund is designed to provide a predictable rate of return while preserving the safety of capital and avoiding market risk.

  

	(b)	Fixed Income Fund. This Fund invests in a broad range of debt instruments (e.g. bonds) with intermediate or long maturity dates. 

 

	(c)	Fixed Income Index. This Fund seeks to provide investment results approximating the overall performance of the securities included in the Barclays Capital U.S.
Aggregate Index. 

  

	(d)	Inflation-Protected Securities Index. The Fund seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.

  

	(e)	Lifecycle Funds. Each Fund allocates assets among index funds that invest in a combination of domestic and international equity, fixed income, and money market
instruments. Each Fund regularly rebalances its assets so that its asset mix gradually becomes more conservative. This mix is structured with the goal of providing a durable stream of income along with some growth potential during the retirement
years. 

  

	(f)	Large Cap Equity Index Fund. This Fund invests primarily in common stocks and seeks to achieve investment performance results approximating the results of the
Standard & Poor’s 500 Stock Index. 

  

	(g)	Large Cap Equity Core Fund. This Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily large market capitalization equity
securities. 

  

	(h)	Mid Cap Equity Index. The Fund seeks to provide investment results approximating the overall performance of the common stocks included in the S&P MidCap 400 Index.

  

	(i)	Mid Cap Equity Core Fund. This Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily medium market capitalization equity
securities. 

  

	(j)	International Equity Index. The Fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in
Europe, the Pacific region, and emerging markets countries. 

  

	(k)	International Equity Core Fund. This Fund seeks long-term capital appreciation by investing in a broad mix of foreign companies. 

 

	(l)	Small Cap Equity Index. This Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the
Russell 2000 Index. 

  
 82 

	(m)	Small Cap Equity Core Fund. This Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily small market capitalization equity
securities. 

  

	(n)	Northern Trust Stock Fund. This Fund shall be invested exclusively in shares of Company Stock, except as otherwise required to provide liquidity for distributions and
withdrawals, and with respect to cash contributions pending investment in Company Stock and cash dividends pending distribution or reinvestment in Company Stock. Effective March 1, 2002, this fund shall also constitute the TIP ESOP.

  

	(o)	Former ESOP Northern Trust Stock Fund. This Fund shall be invested exclusively in shares of Company Stock, except as otherwise required to provide liquidity for
distributions and withdrawals, and with respect to cash dividends pending distribution or reinvestment in Company Stock. This Fund shall also constitute the Former ESOP. 

 The Committee shall determine the place, in the foregoing order, for any other Fund established pursuant to section 6.1. 

  
 83Peregrino Crude Oil Purchase/Sale Agreement

 Exhibit 10.46 
 Portions of this exhibit have been omitted and filed separately pursuant to an application for confidential treatment filed by NuStar Energy L.P. with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The omitted portions are found on Annex 3. Omissions are designated as [****]. 
 PEREGRINO CRUDE OIL 
 PURCHASE/SALE AGREEMENT 

BETWEEN 

STATOIL BRASIL ÓLEO E GÁS LIMITADA 
 AND 
 NUSTAR MARKETING LLC 

NOVEMBER 17, 2010 

 

 

  
 This agreement
(“Agreement”) is made and entered into this 17th
day of November 2010 under the following terms and conditions: 
 1. CONTRACT PARTIES: 

 

			
	 SELLER:
	  	Statoil Óleo e Gás Limitada (SBOG)
		  	Praia de Botafogo, 228/ 4th floor, Suites 401 and 406 to 414
		  	22250-040 Rio de Janeiro, RJ, Brazil
		  	Corporate Taxpayers’ Registration (CNPJ) No. 04.028.583/0001-10

  

 
  

			
	 BUYER:
	  	NuStar Marketing LLC
		  	2330 North Loop 1604 West
		  	San Antonio, TX 78248

 2. DEFINITIONS: 

Except where the context otherwise indicates, the following terms shall have the meaning ascribed to them in this Clause 2, and shall include plural and
singular: 
 “Affiliate” shall mean any company or other legal entity directly or indirectly owning more than fifty percent
(50%) of, or otherwise controlling or being controlled by a Party to the Agreement or any company or other legal entity controlling or being controlled directly or indirectly by any company or other legal entity having direct or indirect
control over that Party. 
 “Agreement” shall mean this Peregrino Crude Oil Purchase/Sale Agreement, as it may be amended,
modified, supplemented, extended, renewed or restated from time to time in accordance with the terms hereof, including the Annexes, Appendices and Exhibits hereto. 
 “All Fast” shall mean the time during which Vessel is completely moored and secured at the Delivery Port. 
 “API” shall mean American Petroleum Institute. 

  
 Page 1 of 41

 

 

  
 “ASTM” shall mean American
Society for Testing and Materials. 
 “Barrel” “bbl” or “BBL” shall mean a volume of forty-two
(42) US gallons corrected for temperature to sixty (60) degrees Fahrenheit. 
 “Base Quantity” shall have the meaning
ascribed to it in Clause 5 “Contract Volume and Delivery Restrictions.” 
 “Berth” shall mean the mooring,
dock, anchorage, submarine line, single point or single buoy mooring facility, offshore location, alongside barges or lighters or any other place of Delivery. 
 “Business Day” shall mean a day on which commercial banks are open for business, including dealing in foreign exchange and foreign currency deposits, in New York, New York and in Rio de
Janeiro, Brazil. 
 “Cargo” shall mean any particular quantity of the Oil Delivered or to be Delivered unto Buyer as set out in
the Agreement. 
 “Completion of Delivery” shall, in respect of a Cargo, mean the final disconnection of cargo transfer
hose(s)/arms(s) following Delivery. 
 “Customary Anchorage” shall mean recognized anchorage for or within the designated port
for Delivery. 
 “Day” shall mean a calendar day. 
 “Delivery” shall mean the placing of the Oil at the disposal of the Buyer at the time and place agreed upon in the Agreement. 
 “Delivery Port(s)” shall, in respect of a Cargo, mean the port(s) nominated by Buyer and accepted by Seller for Delivery of such Cargo in accordance with this Agreement. 

“Delivery Window” shall mean the Delivery period as determined and communicated according to Clause 8 (“Nominations”).

 “Demurrage” shall mean the time in excess of the Laytime allowed to Buyer calculated as per Clause 18 (“Laytime and
Demurrage”) and/or the agreed damages payable by Buyer to Seller for such calculation of Demurrage or excess time for Time Chartered Vessels. 

  
 Page 2 of 41

 

 

  
 “Diluent” shall mean the oil
used by the FPSO Terminal operator for the more efficient loading of Vessels at the FPSO Terminal. 
 “Dollars” or
“USD” or “US Dollars” or “$” shall mean dollars of the United States of America. 

“Embargoed Country” shall mean a country that is subject to a substantially comprehensive trade embargo imposed by any of: (i) the
Federative Republic of Brazil, (ii) the Kingdom of Norway, (iii) the United States of America, or (iv) any other country from which the sale in question is executed. 
 “Force Majeure” shall have the meaning set forth in Clause 10. 
 “FPSO
Terminal” shall mean the floating production, storage and offloading vessel installed at the Peregrino field. 

“Gallon” means a U.S. standard gallon of two hundred thirty-one (231) cubic inches at sixty (60) degrees Fahrenheit.

 “Governmental Authority” shall mean any federal, state, regional, local, or municipal governmental body, agency,
instrumentality, authority or entity of the Federative Republic of Brazil or the United States of America established or controlled by a government or sub-division thereof, including any legislative, administrative or judicial body, or any person
purporting to act therefore. 
 “Guarantor” shall have the meaning ascribed to it in Clause 15 (“Security for
Payment”). 
 “Indemnifying Party(ies)” shall have the meaning ascribed to it in Clause 21 (“Indemnification”).

 “Indemnified Party(ies)” shall have the meaning ascribed to it in Clause 21 (“Indemnification”). 

“Independent Inspector” shall mean a company that is approved by the applicable U.S. regulatory body that is mutually appointed by the
Parties for reporting the determination of quality and quantity of the Oil. 
 “Incoterms” shall mean the terms as published by
the International Chamber of Commerce (“ICC”) in the ICC Official Rules for the Interpretation of Trade Terms (2000 edition). 

“L.C.” shall have the meaning ascribed to it in Clause 15 (“Security for Payment”). 

  
 Page 3 of 41

 

 

  
 “Material Adverse Change”
shall have the meaning ascribed to it in Clause 15 (“Security for Payment”). 
 “Month” means a calendar month. Where
a specified Month is defined as Month “M,” Month M-1 shall mean the Month prior to Month M and Month M+1 shall mean the Month subsequent to Month M. 
 “MTSA” shall have the meaning ascribed to it in Section 30(a). 

“New York Banking Days” means a Day, other than a Saturday or Sunday, on which banks are open for general commercial business in New
York, New York. 
 “NOR” shall mean Notice of Readiness. 
 “Normal Refinery Operations” shall mean periods of time when the Refinery is operating in a routine manner with all operating units on-line and specifically excludes both maintenance
turnarounds and shutdown periods. 
 “NSV” shall mean net standard volume. 

“NuStar” shall mean Buyer and/or any of its Affiliates. 
 “OCIMF” shall have the meaning ascribed to it in Clause 19 (“Lightering; Laytime”). 
 “Oil” shall mean the crude oil specified in Clause 4 (“Quality”). 

“Optional Quantity” shall have the meaning ascribed to it in Clause 5 (“Contract Volume and Delivery Restrictions”).

 “Part Cargo” shall mean when a Cargo is Delivered on a Vessel such that the volume of the Cargo does not substantially fill
the Vessel. 
 “Party” shall mean either Seller or Buyer. 
 “Parties” shall mean Seller and Buyer together. 
 “Person” shall
mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity or a governmental entity (or any department,
agency or political subdivision thereof). 
 “Refinery” shall mean the petroleum processing and refining facilities located in
Paulsboro, NJ that are owned and operated by Buyer’s Affiliate, NuStar Asphalt Refining, LLC. 

  
 Page 4 of 41

 

 

  
 “Security Regulations” shall
include the International Code for Security of Ships and of Port Facilities (“ISPS Code”) and relevant amendments to Chapter XI of the International Convention for the Safety of Life at Sea, and similar laws and regulations
pertaining to the security of ports, terminals and facilities. 
 “Third-Party Claim(s)” shall mean a claim by any Person other
than: (i) Seller or any of its Affiliates; or (ii) Buyer or any of its Affiliates. 
 “Transportation Facility(ies)”
shall mean the Vessel and/or lightering facilities. 
 “U.S.” or “United States” means the United States of
America. 
 “USCG” means U.S. Coast Guard. 
 “Vessel” shall mean the tank ship or barge whether owned or chartered or otherwise obtained by Seller and employed by Seller to transport the Oil to the Delivery Port. 

“Win Three” shall have the meaning ascribed to it in Clause 8 (“Nominations”). 

“Win Ten” shall have the meaning ascribed to it in Clause 8 (“Nominations”). 

“Year” shall mean a period of twelve (12) consecutive Months. 
 3. TERM OF AGREEMENT 
 The Agreement shall commence upon Seller beginning production of the
Oil at the FPSO Terminal and making Oil available for Buyer to nominate as per Clause 8 (“Nominations”). The Agreement shall expire either after; (i) thirty-six (36) Months following Completion of Delivery of the first Base
Quantity Cargo or (ii) on December 31, 2014, whichever first occurs, and after all other obligations under the Agreement have been fulfilled. 
 4. QUALITY 
 The Oil shall be Peregrino Crude oil of normal export quality from the Campos
Basin offshore Brazil as is made available at the FPSO Terminal at the time of loading. 
 Seller warrants that the Oil at Delivery shall be at
a maximum viscosity of six hundred centistokes (600 cSt) and at a maximum temperature of one hundred and fifty eight degrees Fahrenheit (158o F). 

  
 Page 5 of 41

 

 

  
 5. CONTRACT VOLUME AND DELIVERY RESTRICTIONS

 Seller shall sell and Deliver and Buyer shall purchase and take Delivery of the Oil to its Refinery system under the Agreement as follows:

 a) Base Quantity. 
 Except as may be expressly excused in accordance with the Agreement, in each Year of the Agreement, during periods of Normal Refinery Operations, a volume of Oil equal to ten thousand
(10,000) Barrels per Day multiplied by the number of Days in such Year subject to an annual tolerance of plus/minus one hundred thousand (100,000) barrels. 
 During the initial production build-up at the FPSO Terminal, Seller shall have the option to Deliver lower volumes to allow Seller to meet its other term contractual obligations; provided that any
reduction in volumes shall be allocated among Seller’s term customers (including Buyer) on a fair and approximately ratable basis. Seller will not sell any spot volumes before meeting the contractual obligation to Buyer set forth above and
subject to Clause 11 b) (ii). For the purposes of this section, the initial production build-up at the FPSO Terminal shall be the later of; (i) six (6) Months following Completion of Delivery of the first Base Crude Quantity Cargo or
(ii) on June 30, 2012. 
 b) Optional Additional Base Quantity. 

 

	 	i)	Subject to paragraph b) ii) immediately below, for the period beginning on the commencement date of the Agreement and ending at 5:00 PM (New York prevailing time) on
December 31, 2010, Buyer shall have the option to increase the Base Quantity by an additional five thousand (5,000) Barrels of Oil per Day, thereby increasing the Base Quantity to fifteen thousand (15,000) Barrels of Oil per Day by
giving written notice to Seller. Pricing for any such additional Oil shall be the same as for the Base Quantity. If Seller does not receive such written notice to increase the Base Quantity during this specified period, the Base Quantity shall
remain fixed at ten thousand (10,000) Barrels per Day for the term of the Agreement. 

  

	 	ii)	 During the period ending at 5:00 PM (New York prevailing time) on December 31, 2010, if the additional Base Quantity option has not yet been
exercised by Buyer in accordance with Paragraph b) i) above, Seller may propose to cancel the Additional Base Quantity 

  
 Page 6 of 41

 

 

  
 
option by providing written notice of this intention to Buyer. Buyer shall then have three (3) Business Days from receipt of such notice from Seller (the “Deadline”) to opt to take
Delivery of the additional five thousand (5,000) Barrels of Oil per Day. Pricing for any such additional Oil shall be the same as for the Base Quantity. If Seller does not receive such written notice to increase the Base Quantity from Buyer by
the Deadline, the Base Quantity shall remain fixed at ten thousand (10,000) Barrels per Day for the term of the Agreement. 
 c)
Optional Monthly Quantity. 
 Buyer shall have the option to purchase quantities of Oil in addition to the Base Quantity (the
“Optional Quantities”). The volume of the Optional Quantities shall be limited to a maximum total of fifteen thousand (15,000) Barrels per Day for each Year of the Agreement. If agreed between the Parties, the Optional Quantities may
be Delivered at a rate equal to twenty five thousand (25,000) Barrels per Day in any Month of the Agreement. 
 In order to
exercise this option, Buyer shall request such Optional Quantities in accordance with the procedures set forth in Clause 8 (“Nominations”). The Parties shall negotiate and seek agreement on a price for the Cargo or Cargoes which constitute
the Optional Quantities in accordance with Clause 9 (“Pricing”). Should Seller confirm the availability of additional quantities meeting each request and the Parties reach agreement on price terms, then this additional quantity (making a
part of the Optional Quantity) shall be Delivered according to the procedures in the Agreement. 
 d) Cargo Sizes. 

The Oil shall be supplied in Cargoes in a normal range of volume between four hundred thousand (400,000) Barrels and six hundred
thousand (600,000) Barrels into the Refinery. Seller has the option, with Buyer’s prior consent, to Deliver Cargoes outside of the normal range of volume as specified above. Seller shall communicate to Buyer its intention to nominate such
a volume so that Buyer can exercise its right to re-nominate subsequent Cargoes in accordance with Clause 8 (“Nominations”), and further, Seller will ensure that it can comply with any changes to the Delivery volume(s) of subsequent
Cargoes. 
 6. TITLE, RISK, AND DELIVERED VOLUMES 
 a) Title and Risk of Loss 

  
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 The Oil shall be Delivered
Ex-Ship (“DES” per Incoterms) basis the Refinery into two heated storage tanks solely dedicated to the storage of the Oil. Title and risk of loss shall pass from Seller to Buyer as the Oil passes the final permanent flange of the
Vessel’s manifold connection at the Refinery. 
 b) Volume of Oil. 

The volume of Oil Delivered shall be as determined per Clause 16 (“Inspection of Quality and Quantity”) herein. 

7. DELIVERY – VESSELS AND CARGO TOLERANCES 
  

	a)	All Oil will be Delivered outside of U.S. Customs. 

  

	b)	Each Vessel nominated is subject to Buyer’s acceptance, which shall not be unreasonably withheld. The Delivering Vessel will be compatible with the requirements of
the Delivery Port and any lightering operations. Each lightering vessel nominated by Buyer is subject to Seller’s acceptance, which shall not be unreasonably withheld. The Parties agree to promptly advise the other for the reason of any
non-acceptance so that such Party may make reasonable efforts to remedy, if possible, the event or cause of such unacceptability. 

  

	c)	Seller shall Deliver Cargoes as per Paragraph C, Clause 5 (“Contract Volume and Delivery Restrictions”) and always subject to any Refinery wharf and draft
restrictions. In addition, Seller has the option to Deliver smaller Cargoes (with a volume outside of the normal tolerance range) if Buyer can make commercially reasonable efforts to accommodate such variations from the normal tolerance range. In
such cases, Buyer shall have the right to re-nominate the Delivery Window of any already nominated subsequent Deliveries so that Buyer shall not be affected by the revised Delivery of Oil to maintain planned Refinery operations.

  

	d)	In the case of any reduced draft restrictions at the Refinery, Buyer agrees to compensate Seller for any dead freight suffered on the affected Cargoes based on
the applicable Charter Party agreement. 

  

	e)	All Cargoes shall be subject to a volume tolerance of plus or minus five percent (5%) in Seller’s option. 

8. NOMINATIONS 

  
 Page 8 of 41

 

 

  
 All nominations for Delivery of Oil under the
Agreement shall be made as per this Clause 8 (“Nominations”) and shall be subject to the approval of the FPSO Terminal operator, which approval shall not be unreasonably withheld. 
 a) Base Contract Quantity. 
  

	 	i)	 Buyer shall nominate to Seller a provisional ten (10) Day Delivery Window for each Cargo no later than forty-five (45) Days prior to the
first (1st) Day of Month M, where M is the Month of
lifting at the FPSO, it being understood that where the ten (10) Day Delivery Window Win Ten is in more than one Month(for example, Days 1 through 5 in December and Days 6 through 10 in January), M will refer to the first Month in that
Win Ten (or, in the preceding example, December) 

  

	 	ii)	 Seller shall confirm to Buyer a ten (10) Day Delivery Window , or “Win Ten” for each Cargo, making commercially reasonable
efforts to mirror Buyer’s Delivery Window, no later than fifteen (15) Days prior to the first (1st) Day of Month M described in i) above. It is agreed and understood by the Parties that Seller’s confirmed Win Ten herein is subject to possible revision prior to the fifteenth (15th) Day prior to the first (1st) Day of Month M described in i) above.

  

	 	iii)	Seller shall narrow the Win Ten to a three (3) Day Delivery Window, or “Win Three”, no later than twenty (20) Days prior to the first
Day of such Win Three. 

  

	 	iv)	In cases of unscheduled downtime at the Refinery as contemplated in Clause 11 (“Disruption to Delivery”), Buyer will have the option to take Delivery of Oil
into Buyer’s other terminals in the Caribbean and into the U.S. Gulf Coast with Seller’s approval, which shall not be unreasonably withheld, with any additional costs or savings for Buyer’s account. 

 

	 	v)	Should Seller include Diluent in any Cargo, at the time of loading of such Cargo at the FPSO Terminal, Seller will advise Buyer of the quantity and nature of the
Diluent used. 

  

	 	vi)	Seller shall arrange for Vessel to notify Delivery Port of the following estimated times of arrival (“ETA”): ninety-six (96), seventy-two (72), forty-eight
(48), twenty-four (24), twelve (12) and six (6) hours and when an ETA changes plus or minus four (4) hours. 

  
 Page 9 of 41

 

 

  
 b) Optional Quantity. 

In the event that Buyer exercises the option to purchase Optional Quantities of oil in accordance with Paragraph b) “Optional
Quantity” of Clause 5 (“Contract Volume and Delivery Restrictions”), the request for such an option shall be made to Seller by Buyer and shall contain the following information: 

 

	 	i)	Approximate total volume required. 

  

	 	ii)	Required revisions to the appropriate Delivery Windows for all subsequent Cargoes already nominated (either Win Ten or Win Three according to the deadlines in Section
a) of this Clause). Such revised nominations shall be made in order to maintain the Refinery supply plan while allowing for sufficient supply of Oil to operationally Deliver the additional volumes to the appropriate Party at the appropriate time.

 Within one (1) Business Day of receiving an Optional Quantity request from Buyer, Seller shall confirm or
reject Buyer’s request for the Optional Quantity. If such additional volume can be Delivered, Seller will also indicate whether Buyer’s revised nomination plan can be accepted by the FPSO terminal operator. 

Should price agreement be reached between the Parties according to Paragraph b) “Optional Quantity” in Clause 9
(“Pricing”), the new Delivery Windows shall also be confirmed, and all appropriate procedures remaining for any revised Delivery Windows shall be performed according to Section a) of this Clause for the Base Quantities. 

9. PRICING 
 a) Base Contract
Quantity: 
 The price for the Base Contract Quantity to be sold by Seller and purchased by Buyer hereunder shall be
determined in accordance with Annex 3. The price per Barrel net of sediment and water for the Oil delivered under the Agreement shall be calculated using the following formula: 
 P = Maya + A, where “Maya” and “A” are defined in Annex 3. 
 b) Optional
Quantity: 

  
 Page 10 of 41

 

 

  
 The price per Barrel net of
S&W for the contemplated volume of Oil delivered from the optional availability contemplated in Clause 5, paragraph b) shall be as agreed on a case by case basis between the Parties. Such price agreement shall include all necessary
differentials, pricing bases and pricing periods required to form a completely transparent price for DES Delivery to the Delivery Port. Such price shall be confirmed by Seller in writing to Buyer promptly after full agreement is reached by way of an
Optional Quantity Deal Confirmation in the format as detailed in Annex 4. 
 10. FORCE MAJEURE 

 

	a)	Neither Seller nor Buyer shall be responsible for any failure to fulfill their respective obligations under the Agreement if fulfillment has been prevented or
curtailed by Force Majeure. For purposes hereof, “Force Majeure” shall mean any circumstances whatsoever that are beyond the reasonable control of Seller or Buyer, as the case may be, including without prejudice to the generality of the
foregoing, but not limited to: 

  

	 	i)	compliance with any order, demand or request of any government or of any international, national, port, transportation, local or other authority or agency or of any
body or person purporting to be or to act for such authority or agency; 

  

	 	ii)	any strike, lockout or labor dispute; 

  

	 	iii)	adverse weather, perils of the sea, or embargoes; 

  

	 	iv)	disruption or breakdown of Transportation Facilities, as long as not caused by the Party claiming Force Majeure; 

 

	 	v)	fires, earthquakes, lightning, floods, explosions, storms, and other acts of natural calamity or acts of God; 

 

	 	vi)	accidents at, closing of, or restrictions upon the use of mooring facilities, docks, ports, pipelines, harbors or other navigational or transportation mechanisms;

  

	 	vii)	disruptions, breakdowns, explosions or accidents which may have a materially adverse effect on storage facilities, refineries, terminals or other facilities; and

  
 Page 11 of 41

 

 

  
  

	 	viii)	acts of war, hostilities (whether declared or undeclared) civil commotion, blockades, terrorism, sabotage or acts of the public enemy; 

provided, however, that nothing contained herein shall relieve Buyer of any of its obligations to make payments due to Seller under the
Agreement by the due dates or according to the provisions of Clause 14 (“Payment and Additional Capital Cost”), which obligations are absolute with respect to Cargoes received. 

 

	b)	The Party seeking relief under (a) of this Section shall advise the other Party in writing as soon as practicable of the circumstances causing the failure
to fulfill its obligations and shall thereafter provide such information as is available regarding the progress and possible cessation of those circumstances, including, to the extent feasible, the details and the expected duration of the Force
Majeure event and the volume of Oil affected. The Party claiming Force Majeure shall notify the other Party when the Force Majeure event is terminated. Subject to the provisions of Clause 11 (“Disruption to Delivery”), performance of
obligations under the Agreement shall be resumed as soon as reasonably possible after such circumstances have ceased. 

  

	c)	The Parties agree that the provisions of this Section shall not be used for commercial gain. 

 

	d)	In the event that either Party’s performance is suspended due to an event of Force Majeure in excess of one hundred and twenty (120) Days from the date
that notice of such event is given, and so long as such event is continuing, the affected Party may terminate this Agreement by written notice to the other Party, and neither Party shall have any further liability to the other in respect of this
Agreement except for the rights and remedies previously accrued under this Agreement. 

 11. DISRUPTION TO DELIVERY

 The Parties agree that the provisions of this Clause shall not be used for commercial gain. 

 

	a)	Buyer’s Refinery System. 

  

	 	i)	 Scheduled Maintenance. Buyer shall give Seller at least ninety (90) Days’ notice of any scheduled maintenance at the Refinery, which
could affect the rate at which Oil is Delivered, and as soon as reasonably possible. During such scheduled maintenance, Buyer’s 

  
 Page 12 of 41

 

 

  

	 	 
obligation to take Delivery of Oil from Seller will be reduced, to the extent required, for the affected period. 

 

	 	ii)	Unscheduled Downtime. Unscheduled downtime at the Refinery due to an event of Force Majeure shall be addressed in accordance with Clause 10 (“Force
Majeure”). During any period of unscheduled downtime not caused by an event of Force Majeure, Buyer shall make reasonable attempts to take Delivery of Oil under the Agreement. Should unscheduled downtime not caused by an event of Force Majeure
exceed five (5) Business Days, Buyer is entitled to request the rescheduling of future Cargoes. However, Seller shall not be required to reschedule or delay any Cargo that has been nominated by Buyer for Delivery within the next forty-five
(45) Day period immediately following the date Buyer gives Seller notice of unscheduled downtime. If Seller fails to reschedule or delay any Cargo during a period of unscheduled downtime, Buyer may re-sell the Oil to third parties after first
having offered such Oil to Seller at a reasonable and fair market price. The Parties agree to cooperate and use commercially reasonable efforts to reduce any supply disruptions during unscheduled downtime. 

 

	b)	Seller’s Production Facilities and Loading Terminal. 

  

	 	i)	Scheduled Maintenance. To the extent possible, Seller shall give Buyer at least ninety (90) Days notice of any scheduled maintenance at the Peregrino
production field or FPSO Terminal that could affect Delivery of Oil under the Agreement. 

  

	 	ii)	Supply Shortage. If, by reason of any of the causes described in this Clause 11 (“Disruption to Delivery”), or by reason of production problems at the
FPSO Terminal or reduction of production by a Governmental Authority, a shortage of supply occurs, then Seller has the right to freely withhold, reduce or suspend Deliveries under this Agreement to a level below the nominated quantity for that
period as set forth below. Any shortage of supply shall result in Seller first canceling any uncommitted spot volumes. If that is not sufficient to deal with the supply shortage, then any further reduction shall be allocated among Seller’s term
customers on a fair and approximately ratable basis. For the purposes hereof, Buyer shall be considered a term buyer of Oil. 

12. DILUENT ADDITION AT THE FPSO TERMINAL 

  
 Page 13 of 41

 

 

  
 Seller reserves the right to add Diluent at the
FPSO Terminal during the loading of any Cargo in order to control the viscosity of the Oil to enable safe and efficient transportation of the Oil to Buyer. If such process occurs, then Seller shall promptly advise Buyer of the volume of Diluent that
is added. The maximum amount of Diluent to be added shall be five percent (5%) of the total volume of the Cargo and Seller will make commercially reasonable efforts to minimize the quantity of Diluent. 

13. COOPERATION WORDING 
 A minimum of
eighteen (18) Months prior to the end of the Agreement, the Parties agree to discuss in good faith a new agreement for Oil supply after the completion of this Agreement, should it be in the Parties mutual interest to do so. 

14. PAYMENT AND ADDITIONAL CAPITAL COST 

Payment for each Cargo shall be made forty-five (45) Days after the bill of lading date at the FPSO Terminal (bill of lading date equals zero) and
shall be made without discount, deduction, withholding, set-off or counter claim in U.S. Dollars by telegraphic transfer of immediately available funds (“same day funds”) on or before the due date to the bank and account designated by
Seller, against presentation to Buyer of the documents expressly specified for presentation for payment in accordance with Clause 22 (“Documents”), or in absence of such documents upon presentation of Seller’s Letter of Indemnity as
set out in Clause 22 (“Documents”). In no event will any payment be made prior to Completion of Delivery to Buyer. 
 For each Cargo, Buyer is responsible for, and Seller will include on its invoice, an interest charge for the period starting thirty (30) Days after the bill of lading date at the FPSO Terminal and
ending on but excluding the forty-fifth (45th) Day
after the bill of lading date at the FPSO Terminal on the basis of an annual rate corresponding to the three (3) month London Interbank Offered Rate (“LIBOR”) (or such other interest rate as may be issued in replacement thereof) plus
one (1.0) percentage point. 
 Unless otherwise agreed to between the Parties, interest on overdue payments shall be paid for the period
starting on and including the due date and ending on but excluding the value date of the payment, on the basis of an annual rate corresponding to LIBOR (or such other interest rate as may be issued in replacement thereof) plus three
(3.0) percentage points. 
 If delivery is not completed forty-five (45) Days after the bill of lading date at the FPSO Terminal
payment for Cargo shall be made to Seller promptly within forty-

  
 Page 14 of 41

 

 

  
 
eight (48) hours after Completion of Delivery. If delivery is not completed forty-five (45) Days after the bill of lading date at the FPSO Terminal for any reason directly related to
Seller or the Vessel, no interest shall be payable from Buyer to Seller. 
 In the event the payment due date falls on a Saturday or a New York
banking holiday other than a Monday, then payment will be effected on the preceding New York Banking Day. If the payment due date falls on a Sunday or a Monday which is a banking holiday in New York, then the payment shall be effected on the next
New York Banking Day. 
 15. SECURITY FOR PAYMENT 
  

	a)	Guaranty. Buyer’s ultimate parent company, NuStar Energy L.P. (“Guarantor”), shall provide a parent company guaranty in a format, for a
term and in an amount that are acceptable to Seller. Based on Seller’s continued review and Guarantor’s provision of a valid guaranty, Seller may provide an uncommitted line of credit (for the purposes of this Clause
“uncommitted” means a line of credit that can be increased or decreased at any time), provided that there is no Material Adverse Change to Buyer’s creditworthiness. 

 

	b)	Letter of Credit; Pre-Payment. In the event that the uncommitted line of credit is not sufficient to cover the anticipated open sales, Buyer shall post an
irrevocable stand-by letter of credit (“L.C.”) in a form and from a bank reasonably acceptable to Seller at least three (3) New York Banking Days prior to the first day of the Delivery Window for each Cargo or Partial Cargo. At
Buyer’s option, Buyer may instead provide, in lieu of the L.C. described in the preceding sentence, a pre-payment three (3) New York Banking days prior to the first Day of the Delivery Window. Seller shall pay Buyer interest for any such
prepayments based on the actual number of Days Buyer has prepaid early basis a three hundred sixty (360) Day term at the overnight LIBOR rate. In the case of an irrevocable stand-by letter of credit, Buyer must pay for all opening banking
charges related to any letter of credit all other charges shall be for the account of the Seller. 

 In the event
that the above payment security requirements are not met by Buyer, Seller shall have, in its sole discretion the option to terminate this Agreement without prejudice to any other rights or remedies hereunder. 

For the purposes hereof, “Material Adverse Change” shall mean any change to Buyer or its ultimate parent company that materially
adversely affects the creditworthiness of Buyer so as to reasonably and materially impair Buyer’s ability to perform its obligations under this Agreement and which is not cured 

  
 Page 15 of 41

 

 

  
 
within ten (10) New York Banking Days. Material Adverse Change shall include, but is not limited to, the following; any changes to the financial condition, operations, business or prospects,
including Buyer’s or Guarantor’s substantial default under any credit instrument, failure to pay when due any principal of or interest on any indebtedness of a substantial amount, or a substantial final judicial or administrative judgment
(in each case, “substantial” shall mean no less than $50 million). 
 If a Material Adverse Change occurs, Seller may,
at any time before payment has been received by Seller, require Buyer to provide a stand-by letter of credit or, at Buyer’s option in lieu of such stand-by letter of credit, Buyer may elect to pre-pay any such payment (a
“pre-payment’). Each such pre-payment shall be for an amount to cover the estimated value of the Cargo for which the pre-payment is being provided, and each such stand-by letter of credit shall be (i) irrevocable and
unconditional, (ii) in an amount equal to the estimated value of the Cargo for which the stand-by letter of credit is being provided (iii) issued in favor of Seller, by a bank or banks to be approved by Seller in Seller’s reasonable
discretion, and (iv) in a form reasonably acceptable to Seller.
 If a pre-payment or stand-by letter of credit has not been
provided within ten (10) New York Banking Days after Seller’s request thereof as a result of the occurrence of a non-payment or a Material Adverse Change, then this Agreement shall be deemed, without prejudice to any other rights or
remedies hereunder, terminated. 
 16. INSPECTION FOR QUANTITY AND QUALITY 

 

	a)	 The quality and quantity of Oil Delivered by Seller to Buyer shall be determined by an Independent Inspector acceptable to both Parties whom
shall be appointed by Seller. Acceptance of the Independent Inspector shall not be unreasonably withheld by either Party. The costs of the Independent Inspector shall be shared equally between the Parties. The Independent Inspector’s
determinations as to quantity, quality and line displacements/verification shall be in accordance with the latest edition of API Manual of Petroleum Standards and will be binding on both Parties and shall form the basis for invoicing, except for
cases of manifest error or fraud. Seller reserves the right to have, at Seller’s cost, a representative to attend the Delivery and witness all aspects of the measurement of the Oil outlined below, including, but not limited to, witnessing of
shore tank gauging, meter setting and any analysis. Buyer shall arrange necessary clearance for Seller’s representative to gain access to all areas necessary to conduct such witnessing. Seller will ensure that Seller’s representative
supplies his/her own Personal Protective Equipment (PPE) and follows all established applicable 

  
 Page 16 of 41

 

 

  

	 	 
laws, regulations, safety guidelines and policies while on Buyer’s grounds. Such clearance shall not be unreasonably denied, but Buyer reserves the right to reasonably deny access or eject
representatives who do not comply with the requirements of the preceding sentence. 

  

	b)	The quantity determined will reflect full deduction for sediment and water, measured in accordance with the latest API/ASTM standards and methods in effect at
the time of Delivery, as determined from a representative sample drawn by an automatic in-line sampler*. In the event that an automatic in-line sampler is not available, malfunctions during the transfer, the Independent Inspector cannot verify the
integrity of the sampler or the sampler container before or after Delivery, or the Independent Inspector determines that the samples drawn by such sampler are not representative of the Oil on board the Vessel on arrival at the Delivery Port, then
sediment and water deduction shall be determined from Vessel’s arrival volumetrically correct composite sample plus free water. 

  

	c)	The measurement of the quantity of Oil shall be carried out at the Delivery Port in accordance with the latest API standards in effect at the time of Delivery.
The quantity of Oil shall be determined by any of the following methods, in order of preference: (i) first, by proven meters at the Delivery Port; (ii) second, if meters are unavailable, not proven, not functioning correctly, then the
outturn quantity shall be based on static shore tank measurements at the Delivery Port with said static shore tanks being in optimum measurement condition per API standards; including receiving shore tanks shall contain sufficient product prior to
receipt, to insure that the floating roofs are afloat and clear of the critical zone by a minimum of six (6) inches, and (iii) third, if shore tank(s) do not meet the standards noted in (ii) immediately above and/or become active at
any time during the transfer, then by vessel figures on arrival, adjusted by a qualifying vessel experience factor (“VEF”) as determined in accordance with API Chapter 17 section 9. 

 

	d)	Line displacements/verifications (ship/shore or inner plant line circulation) will be performed in accordance with API recommended practices. Any delays incurred
while in dispute after the first line displacement, including the carrying out of a second displacement, and until Delivery has resumed, shall be shared equally between the Parties. 

*The use of an automatic in-line sampler, if available, is subject to the successful completion of Seller’s inspection of the shore tanks, meters,
and other relevant equipment at the facility in question. 
 17. BERTH AND DELIVERY PORT 

  
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	a)	Buyer shall exercise due diligence to provide a safe Berth free of all wharfage, dockage and quay dues, which the Vessel can safely reach and leave; at which she
can lie and unload safely afloat, provided the vessel meets refinery requirements. However, neither Buyer nor the Refinery shall be deemed to have warranted the safety of public channels, fairways, approaches thereto, anchorages or other publicly
maintained areas and shall be under no liability in respect thereof. 

  

	b)	All service fees associated with the normal Delivery of Oil, including but not limited to those for mooring, fresh water, steam, and all duties, taxes and
charges on the Vessel, including but not limited to fleeting and freight, shall be for Seller. 

  

	c)	Any cost associated with the Delivery of the Oil into another port(s) other than the Refinery shall, unless for Seller’s or Vessel’s reason, be for the
account of Buyer. Any such other port(s) shall be as mutually agreed to between the Parties. 

  

	d)	Any cost of shifting to or from a Berth or another Berth, unless for Seller’s or Vessel’s reason, shall be for the account of Buyer.

  

	e)	Seller shall ensure that Vessel shall comply with all applicable laws, rules, and/or regulations of the federal, state, and local governmental, local and port
authorities at the Delivery Port. 

  

	f)	The responsibility for the costs related to any stand-by or hold-in tugs required at the Delivery Port shall be as agreed per discussions between the Parties and
shall be determined on a case-by-case basis. 

 18. LAYTIME AND DEMURRAGE 

 

	a)	Time Allowed. 

  

	 	i)	Laytime allowed to Buyer for Seller to make Delivery of the Cargo shall be thirty-six (36) hours, unless the Cargo is a Part Cargo. 

 

	 	ii)	In the event the Cargo is a Part Cargo, the laytime shall be pro rata of the total laytime allowed for a full cargo according to this Clause. However, the minimum
allowed time to the Buyer shall be twelve (12) hours for a Part Cargo. 

  

	 	iii)	The laytime allowed under this Agreement shall include Sundays and holidays and during night. 

 

	b)	Commencement of Time. 

  
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	 	i)	For laytime to commence a valid NOR shall be tendered by the Vessel to the Buyer and/or any of their representatives (as the case may be) upon arrival at the customary
anchorage or the place where the Vessel is ordered to wait for Delivery, whichever is applicable. NOR shall be given to the Delivery Port by the Master, Captain, or Master’s Agent by electronic mail, facsimile, or letter. If NOR is tendered
prior to meeting the above criteria, the date and effective time of the NOR will not be deemed tendered until said requirements have been met. 

  

	 	ii)	If Seller fails to confirm a Win Ten or Win Three for in excess of 24 hours after the periods provided in Clauses 8.a.ii. and 8.a.iii, , laytime shall not commence
until the Vessel is All Fast to the dock and the associated costs and expenses are for the account of Seller; provided, however, that the foregoing with respect to costs and expenses shall not apply unless Buyer has made reasonable efforts to
contact Seller to prompt a response during the referenced 24 hours. 

  

	 	iii)	For a Vessel tendering NOR within the Delivery Window as per Clause 8 (“Nominations”), laytime shall commence the earlier of six (6) hours after a valid
NOR is tendered or when Vessel is All Fast at the Berth. 

  

	 	iv)	For a Vessel tendering NOR prior to the first Day of the Delivery Window as per Clause 8 (“Nominations”); laytime shall commence the earlier of six
(6) hours on the first (1st) Day of the said Delivery Window, or when the Vessel is All Fast at the Berth. 

  

	 	v)	For a Vessel tendering NOR after the last Day of the Delivery Window as per Clause 8 (“Nominations”), and without prejudice to Buyer’s rights under the
Agreement, (and Buyer shall make best efforts to berth the Vessel as soon as possible after arrival); laytime shall commence when the Vessel is All Fast at the Berth. 

 

	c)	Completion of Time. 

Laytime shall cease upon Completion of Delivery. 
  

	d)	Exemptions to Time. 

 The
following shall not count as laytime, or as Demurrage if the Vessel is on Demurrage: 

  
 Page 19 of 41

 

 

  
  

	 	i)	Any time attributable to the Seller, Vessel, Vessel operator, Vessel agent, owner, master, officers, or crew, including: 

 

	 	(a)	violation of operating and/or safety regulations of the Refinery (or applicable laws), or 

 

	 	(b)	failure to obtain or maintain the appropriate certificates of financial responsibility, or 

 

	 	(c)	Time spent on inward passage, which includes moving to or from any lightering area or customary Anchorage until the Vessel is All Fast at the Refinery, or

  

	 	(d)	Time spent in handling, loading/discharging, or shifting ballast, bilges, slops or bunkering, or cleaning unless conducted concurrently with Cargo transfer or other
operation, or 

  

	 	(e)	Awaiting customs and immigration clearance, or 

  

	 	(f)	Strike, lockout, stoppage, or restraint of labor of Master, officers and/or crew of the Vessel, tugs or pilots, or 

 

	 	(g)	Unseaworthiness of the Vessel, or 

  

	 	(h)	The cargo not being as was represented in this Agreement, or 

  

	 	(i)	Negligence of the Vessel, or 

  

	 	(j)	Due to breakdown of the Vessel, or 

  

	 	(k)	Awaiting tide, tugs, pilots, but excluding daylight pilots, or 

  

	 	(l)	Due to the appropriate authority imposing measures and/or restrictions on the transfer of cargo under the auspices of the relevant Security Regulations, or

  

	 	(m)	Failure to be in compliance with the applicable USCG regulations, or the failure to have other legally required documentation, including but not limited to the
Certificate of Compliance, or 

  

	 	(n)	Due to escape or threat of escape of Oil from the Vessel. 

  

	e)	Time to Count as Half. 

The following shall count as half laytime or half Demurrage: 

 

	 	i)	Breakdown or failure of equipment or machinery at the Refinery, 

  

	 	ii)	Time lost due to weather and/or sea conditions including, but not limited to, tide, traffic, lightning, ice, fog, storm, wind, waves and/or swell,

  

	 	iii)	Time lost due to random security inspections pursuant to any of the Security Regulations, 

 

	 	iv)	Time lost in moving the Vessel due to blockage or closure of the port beyond the control of Buyer or Seller. 

  
 Page 20 of 41

 

 

  
  

	 	v)	Any time lost due to an event of Force Majeure. 

  

	 	vi)	Delays in berthing, loading and/or discharging for any reason attributable to Security Regulations other than stipulated in Sections a through f of Clause 30.

  

	f)	Seller’s Warranty 

Seller warrants that Vessel is capable of Cargo transfer within twenty-four (24) hours (seven [7] hours more if crude oil washing is
conducted) or can maintain back pressure of one hundred pounds per square inch (100 PSI) at Vessel’s manifold provided the Refinery permits. Time lost as a result of Vessel being unable to transfer the Cargo as warranted above shall be adjusted
as per the ASDEM pumping performance calculation. If stripping or internal stripping is conducted, an additional two (2) hours will be allowed for such operation. Any time spent or lost, and over the aforementioned twenty-four (24) hour
warranty (as adjusted herein for crude oil washing and/or stripping and/or internal stripping) shall not count as used Laytime or time on Demurrage, if on Demurrage. Seller agrees it will use reasonable efforts to have Vessel maintain back pressure
of greater than one hundred pounds per square inch (100 PSI), to the extent such Vessel may safely do so. 
  

	g)	Demurrage 

  

	 	i)	If the Laytime is exceeded, Buyer shall, subject to the provisions of this Clause, pay demurrage to Seller in respect of such excess time. 

 

	 	ii)	In the event that any delay in Delivery is due to Buyer’s actions or otherwise for Buyer’s account hereunder, the rights of Seller against Buyer with respect
to such delay shall be limited to a claim for Demurrage in accordance with the terms and conditions of this agreement. 

  

	 	iii)	The demurrage to be paid shall be calculated at the agreed demurrage rate per day pro rata for part of a Day. 

 

	 	(a)	for Delivery by spot-chartered Vessel, the rate shall be that of the relevant charter party for that voyage. 

 

	 	(b)	For Delivery by term or time-chartered transportation, the demurrage rate shall be that agreed between Buyer and Seller representing the market rate for the
appropriate/applicable size of Vessel on or around the date of fixing as shall be assessed by a mutually agreed independent and reputable broker. 

  
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	 	iv)	In no event shall Buyer be liable for a demurrage claim if such claim, supported by appropriate available documentation, is not received by Buyer in writing within
ninety (90) Days of Delivery. 

  

	 	v)	Agreed demurrage shall be paid by Buyer to Seller no later than thirty (30) days after agreement. In the event that payment has not been made by the due date,
interest on overdue payment shall be calculated in accordance with Clause 14. (“Payment and Additional Capital Cost”). 

  

	 	vi)	No claims for special, indirect, incidental, exemplary, punitive, or consequential damages of any nature, including any loss of revenue, profit, or goodwill, shall be
made by either Party relating to demurrage. 

 19. LIGHTERING 
 Lightering of the Vessel at the Delivery Port shall only be with the written consent of Seller which shall not be unreasonably withheld. Lightering at Seller’s request shall be at Seller’s
expense. If lightering is requested by Buyer, the cost and expense of such lightering shall be for Buyer’s account and all time used in such lightering together with all delay consequent thereupon shall count against Laytime or time on
demurrage. Buyer’s lightering vessel shall be acceptable to and approved by Seller. Such acceptance shall not be unreasonably withheld. Lightering shall be conducted in accordance with the latest Oil Companies International Marine Forum, or
OCIMF, guidelines for ship-to-ship transfers. 
 20. WARRANTIES 

 

	a)	Seller warrants that the Oil shall conform to the description and specifications stated herein, that Seller has good and marketable title to the Oil, that Seller
has full right and authority to transfer such title and effect Delivery of such Oil to Buyer, and that the Oil shall be Delivered free and clear of any and all royalties, load port taxes, claims, liens and encumbrances. There are no other guarantees
or warranties, expressed or implied, of merchantability, fitness, or suitability of the Oil for any particular purpose. Seller shall not be responsible in any respect whatsoever for any loss, damage or injury resulting from any hazard inherent in
the nature of the Oil, due to a naturally occurring substance in Oil. 

 In no event shall Seller be liable for any
claim regarding the quality of the Oil or quantity of any Cargo, unless such claim has been submitted by Buyer to Seller in writing, including reasonable details of the specific facts on which the

  
 Page 22 of 41

 

 

  
 
claim is based and supporting documentation, within ninety (90) Days of the date of Completion of Delivery. Should Buyer fail to submit such claim or provide such details and/or any
documentation within the above time limit, then any liability of Seller for any such claim shall be extinguished 
 21. INDEMNIFICATION

  

	a)	Each Party (referred to as the “Indemnifying Party”) shall defend, indemnify and hold the other Party (the “Indemnified Party”)
harmless from and against any and all losses, costs, damages and expenses of any kind (including penalties and reasonable attorney’s fees) directly or indirectly arising from the Indemnifying Party’s (i) breach of this Agreement;
(ii) failure to comply with applicable laws and regulations with respect to the sale, transportation, storage, handling or disposal of the Oil, unless such liability results from the Indemnified Party’s negligence or willful misconduct; or
(iii) breach of representations, covenants or warranties made herein. 

  

	b)	The Parties’ obligations to defend, indemnify, and hold each other harmless shall not vest any rights in any third party (whether a Governmental Authority
or private entity), nor shall they be considered an admission of liability or responsibility for any purpose other than as specified herein. 

  

	c)	Each Party shall notify the other as soon as practicable after receiving notice of any suit brought against it within this indemnity, shall furnish to the other
the complete details within its knowledge and shall render all reasonable assistance requested by the other in defense of such suit. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its own
selection, in the defense and settlement thereof without relieving the other of any obligations hereunder. No claim hereunder may be settled or compromised (i) by the Indemnified Party without the consent of the Indemnifying Party or
(ii) by the Indemnifying Party without the consent of the Indemnified Party. 

 22. DOCUMENTS 

Seller shall provide the following documents to Buyer: i) Seller’s commercial invoice (e-mail or fax format acceptable); ii) copies of the
certificate of quantity and quality at Delivery Port; iii) a copy of the certificate of origin; iv) a non-negotiable Conhecimento de Transporte Aquaviário de Cargas (“CTAC”) and v) two (2) original clean-on-board marine bills
of lading issued or endorsed to the order of Buyer; and master’s receipt for one (1) of three (3) original clean-on-board marine bill of lading. 

  
 Page 23 of 41

 

 

  
 If documents under iv) above are not available
to Buyer when payment is due, Seller shall provide to Buyer a letter of indemnity according to the following: 
 Quote 

LETTER OF INDEMNITY 
 We refer to a cargo of
             Barrels of              crude oil (Cargo) Delivered from Vessel
             at the port of              on
             
 Although we have sold and transferred title to the said Cargo
to you, we have been unable to provide you with the documents specified under the Agreement. 
 In consideration of your paying to us USD
             being the full purchase price of the above Cargo, we hereby expressly warrant that we have good and marketable title to such crude oil free and clear of any royalties,
load port taxes, adverse claims, liens and encumbrances and that we have full right and authority to transfer such title to you and to effect delivery of the said crude oil. 
 We agree to protect, defend, indemnify and hold you harmless from and against any and all damages, costs, legal fees and other expenses which you may suffer from any breach of the above warranties or from
the fact that you are paying us the purchase price of the above Cargo without having in hand such documents as specified under the Agreement, including but not limited to, any claims or demands which may be made by any holder or transferee of any of
the original bills of lading and other shipping documents or by any other third party claiming an interest in or lien on the Cargo or proceeds thereof. 
 We will make all reasonable efforts to obtain and surrender to you, as soon as possible, the documents specified under the Agreement and this Letter of Indemnity shall become null and void upon our
tendering all such documents to you. 
 Our obligation to indemnify you is subject to the condition that you give us prompt notice of the
assertion of any claims and full opportunity to conduct the defense thereof, and that you do not settle any such claim(s) without our approval. 

This Letter of Indemnity shall be governed by and construed in accordance with the laws of the State of New York and any disputes hereunder that cannot
be settled by mutual agreement between the Parties shall be subject to the exclusive jurisdiction of the New York state courts for the Borough of Manhattan. 
 Unquote 

  
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 23. DISPOSAL 

The Buyer shall not knowingly sell, supply or deliver, directly or indirectly, the Oil to an Embargoed Country in contravention of applicable trade
embargo requirements of Federative Republic of Brazil, the Kingdom of Norway or the United States of America or any other country from which the Agreement is executed. 
 The Seller undertakes to inform the Buyer as soon as practicable of any changes in laws, regulations, rules or guidelines that become known to the Seller. At any time the Seller may require the Buyer to
provide any relevant documents for the purpose of verifying the final destination of the Oil and the Buyer undertakes to advise the Seller, upon request, of the destination of the Oil. If at any time before delivery of the Oil, importation of the
Oil at the designated delivery terminal is prohibited by order of the Governmental Authorities of the country in which the Oil has been produced or loaded or is to be imported, then the Buyer shall arrange for delivery at an acceptable alternative
port that is not subject to any such prohibition. Any resulting additional costs incurred by the Seller as a result of such alternative Delivery shall be refunded promptly to the Seller by the Buyer. 

In the event the Oil is disposed of by the Buyer to a third party in whole or part, the Buyer shall ensure that all end users of the Oil abide by the
provisions set forth herein of this Clause and without delay provide the Seller with all relevant information as the Seller may require related to such alternative disposal including name of end user, name of refinery and any other relevant
information the Seller may reasonably deem necessary. 
 The Buyer’s failure to comply with any of the provisions of this Clause shall
entitle the Seller (without prejudice to any other rights and remedies it may have under the Agreement) to cancel the Agreement, suspend further deliveries of Oil under the Agreement or dispose of any undelivered Oil as it deems fit. 

24. TAXES, DUTIES AND CHARGES 
  

	a)	Ordinary agency fees, towage, pilotage and similar port charges, port duties and other taxes against Vessel at the Delivery Port, shall be paid by Seller.

  

	b)	Buyer is the importer of record and shall comply with all applicable governmental regulations governing said importation, procure all necessary licenses and
permissions, and shall pay or cause to be paid all duties, imposts and taxes for its importation. Seller shall provide Buyer with sufficient information to timely facilitate such importation and reporting. 

  
 Page 25 of 41

 

 

  
  

	c)	Seller shall be responsible for all duties, taxes and customs fees related to the exportation of the Oil at the port of loading. 

 

	d)	If value-added tax (“VAT”), goods and services tax (“GST”), sales tax and/or other similar taxes apply, they should be separately identified on
Seller’s invoice and collected and paid by Seller to the appropriate Governmental Authority. 

  

	e)	Buyer and Seller shall comply with any tax treaties that may be in place between the Federative Republic of Brazil or the United States of America.

 25. SUSPENSION AND TERMINATION 
  

	a)	Each Party may, so long as the events listed in Paragraphs i through viii below continues, at its sole discretion and in addition to any other legal remedies it
may have, forthwith upon giving notice to the other Party either suspend Deliveries of the Oil or terminate the Agreement if: 

  

	 	i)	as applicable to Seller, Buyer for any reason whatsoever fails to make any payment due to Seller under the Agreement by due date; or 

 

	 	ii)	the other Party is in substantial or material breach of its obligations under the Agreement; or 

 

	 	iii)	as applicable to the other Party, Buyer fails to take Delivery, or Seller fails to make Delivery, of the Oil in accordance with the provisions of the Agreement and such
failure is not excused by any other provision of the Agreement; or 

  

	 	iv)	a petition is filed with a court having jurisdiction or an order is made or an effective resolution is passed for the dissolution, liquidation or winding up of the
other Party or its parent company; or 

  

	 	v)	there is a more than fifty one percent (51%) change in the direct or indirectly ownership of the other Party; or 

 

	 	vi)	the other Party or its parent company becomes insolvent or is adjudged bankrupt or makes an assignment for the benefit of its creditors or does not pay, or is in
Buyer’s or Seller’s, as applicable, reasonable opinion expected to be unable or unwilling to pay, its debts as they become due; or 

  
 Page 26 of 41

 

 

  
  

	 	vii)	a receiver is appointed or an encumbrancer takes possession of the whole or a significant part of the assets or undertaking of the other Party or its parent company; or

  

	 	viii)	the other Party or its parent company ceases or threatens to cease to carry on its business or a major part thereof or a distress, execution or other process is levied
or enforced or sued out upon or against any significant part of the property of the other Party or its parent company and is not Delivered within fourteen (14) Days. 

 

	b)	If pursuant to the provisions of this Clause, a Party withholds, reduces or suspends deliveries or receipts of the Oil, then such Party shall be under no
obligation to make up any quantity of the Oil which would have been delivered or received but for such withholding, reduction or suspension. 

  

	c)	Any termination of the Agreement shall be without prejudice to the rights and obligations of each Party that have accrued as of the date of termination.

  

	d)	The Parties agree that if at any time during the term of the Agreement, any laws or regulations are changed or new laws or regulations have become or are due to
become effective, whether by law, decree or regulation or by response to the insistence or request of any governmental or public authority or any person purporting to act for such organizations, and the material effect of such changed or new law or
regulation is 

  

	 	i)	not covered by any other provision of the Agreement; 

 and 
  

	 	ii)	has or will have a material and substantial adverse economic effect on the Seller or Buyer, 

then the affected Party shall have the option to negotiate in good faith with the unaffected Party based on such changed or new laws or
regulations the price(s) or other relevant terms of the Agreement. Such option may be exercised by the affected Party at any time after such changed or new laws or regulations are notified by giving notice to the unaffected Party. Such notice shall
contain the new price(s) or terms and conditions proposed by the affected Party and the information explaining the material and substantial adverse economic affect that it imposes on the affected Party. If the Parties do not agree upon the new
price(s) or terms and conditions within thirty (30) days after the date of the affected Party’s notice, the unaffected Party shall have the right to terminate the Agreement immediately at the end of such thirty (30) Day period. Any
Oil Delivered during such thirty (30) Day period shall be sold and purchased at the price(s) and on the terms and conditions 

  
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specified under the Agreement without any adjustment in respect of the new or changed regulations. 
 26. LIABILITY 
 Except for Third Party Claims for such damages, the Parties’
liability for damages under this Agreement is limited to direct, actual damages only and neither Party shall be liable for lost profits or other business interruption damages, or special, consequential, punitive, exemplary damages, in tort, contract
or otherwise, of any kind, arising out of or in any way connected with the performance, the suspension of performance, the failure to perform, or the termination of this Agreement. Each Party acknowledges the duty to mitigate damages hereunder.

 27. ASSIGNMENT 
 Neither
Party shall assign any of its rights and obligations under the Agreement, in whole or in part, without the prior written consent of the other Party. The assigning Party shall remain jointly and severally liable for the full performance by the
assignee(s) or any subsequent assigns(s) of its/their obligations with regard to the Agreement. Seller shall, however, have the right to assign all or part of its rights and obligations under the Agreement to an unaffiliated party which is a
Peregrino equity partner with Seller subject to Buyer’s acceptance which shall not be unreasonably withheld. 
 28. APPLICABLE LAW,
LITIGATION AND ARBITRATION 
  

	a)	Except as provided in this Clause, the existence, validity, interpretation and enforcement of the Agreement, and any controversy, claim or dispute there under,
whether in contract, tort, equity or otherwise, shall be governed by, construed and enforced in accordance with the laws of the State of New York (without reference to its choice of law doctrine). The United Nations convention on contracts for the
international sale of goods (1980) shall not apply. 

  

	b)	The Parties shall make every attempt in good faith and within ten (10) Days following receipt from either Party of a written notice of such controversy,
claim or dispute, to resolve by mutual agreement such controversy, claim or dispute by direct dialogue between senior management of both Parties. If a resolution is not achieved within thirty (30) Days from the initiation of such discussions,
the matter shall be settled as provided in this Clause. 

  
 Page 28 of 41

 

 

  
  

	c)	Except as provided for in Paragraphs (d), (e) and (f) below, each Party irrevocably: (i) submits to the exclusive jurisdiction of the United
States Federal District Court for the Southern District of New York located in the Borough of Manhattan or, if such court declines to exercise or does not have jurisdiction, in any New York state court in the Borough of Manhattan, and to service of
process as provided by New York law, and (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim that such proceedings have been brought in an inconvenient
forum and further waives the right to object, with respect to such proceedings, that such court does not have jurisdiction over such Party. Further, each Party waives, to the fullest extent permitted by applicable law, any right it may have to a
trial by jury in respect of any proceedings relating to this Agreement. Nothing in the Agreement precludes either Party from bringing proceedings in any other jurisdiction in order to enforce any judgment obtained in any proceedings referred to in
this Paragraph, nor will the bringing of such enforcement proceedings in any one or more jurisdictions preclude the bringing of enforcement proceedings in any other jurisdiction. 

 

	d)	Any controversy, claim or dispute (other than such as described in Paragraphs (e) and (f) below) that may arise in connection with or as a result of
this Agreement, where the amount in dispute does not exceed the sum of USD two hundred and fifty thousand ($250,000.00), and which the Parties are unable to resolve by mutual agreement, shall be settled by arbitration in New York, New York before
three (3) disinterested arbitrators in accordance with the international arbitration rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof,
provided, however, that the Parties may mutually elect to proceed with only one (1) arbitrator. Each Party shall appoint one (1) arbitrator and the third (3rd) arbitrator, who shall act as chairman, shall be appointed by the American
Arbitration Association, provided that each arbitrator shall be knowledgeable and experienced in the international sale and purchase of crude oil. The arbitration shall be conducted in English, and the arbitral award shall be final and binding on
both Parties without appeal to any court. Any controversy, claim or dispute (other than such as described in Paragraphs (e) and (f) below) that may arise in connection with or as a result of this Agreement, where the amount in dispute
equals or exceeds the sum of USD two hundred and fifty thousand ($250,000.00), and which the Parties are unable to resolve by mutual agreement, shall be settled pursuant to the provisions of Paragraph (c) herein. 

 

	e)	 Any controversy, claim or dispute that may arise in connection with or as a result of Clause 18 (“Laytime and Demurrage”) or Clause 16
(“Inspection for Quantity and Quality”), where the amount in dispute does not exceed the sum 

  
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of USD two hundred thousand ($200,000.00), and which the Parties are unable to resolve by mutual agreement, shall be settled by the “Shortened Arbitration Procedure” of the Society of
Maritime Arbitrators, Inc. (“SMA”) of New York in New York, New York pursuant to the “Rules for the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.” then in force. The arbitration shall be
conducted in English and the arbitral award shall be final and binding on both Parties without appeal to any court, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. In addition to the
requirements of Paragraph (a) above, any such controversy, claim or dispute shall also be governed by, construed and enforced under the maritime law of the United States without giving effect to its conflict of laws principles. 

 

	f)	Any controversy, claim or dispute that may arise in connection with or as a result of Clause 18 (“Laytime and Demurrage”) or Clause 16
(“Inspection for Quantity and Quality”), where the amount in dispute equals or exceeds the sum of USD two hundred thousand ($200,000.00) but is less than USD five hundred thousand ($500,000.00), and which the Parties are unable to resolve
by mutual agreement, shall be settled by arbitration in New York, New York pursuant to the “Maritime Arbitration Rules” of the SMA then in force. Each Party shall appoint one (1) arbitrator and the third (3rd) arbitrator, who
shall act as chairman, shall be appointed by the SMA, provided that all three (3) arbitrators shall be knowledgeable and experienced in the international sale and purchase of crude oil and further that all three (3) arbitrators shall be
members of SMA. The arbitration shall be conducted in English and the arbitral award shall be final and binding on both Parties without appeal to any court, and judgment upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. In addition to the requirements of Paragraph (a) above, any such controversy, claim or dispute shall also be governed by, construed and enforced under the maritime law of the United States without giving effect to its
conflict of laws principles. For any controversy, claim or dispute that may arise in connection with or as a result of Clause 18 (“Laytime and Demurrage”) or Clause 16 (“Inspection for Quantity and Quality”), where the amount in
dispute exceeds the sum of USD five hundred thousand ($500,000.00), and which the Parties are unable to resolve by mutual agreement, shall be settled pursuant to the provisions of Paragraph (c) above. 

Governing law and the service of process shall be according to laws of the State of New York. 

29. VOICE RECORDING 

  
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 The Parties agree that each may electronically
record all telephone conversations between them, with or without the use of a warning tone. To the extent required by law, each Party agrees to obtain the consent of its employees and agents to such recording. 

30. ISPS COMPLIANCE 
  

	a)	Seller shall arrange that the Vessel shall comply with the requirements of the International Code for the Security of Ships and of Port Facilities and any
relevant amendments to Chapter XI of SOLAS (“ISPS Code”) and, where the Delivery Port is within the U.S. and U.S. territories or waters, with the U.S. Maritime Transportation Security Act of 2002 (“MTSA”).

  

	b)	The Vessel shall when required submit a Declaration of Security (“DOS”) to the appropriate authorities prior to arrival at the Delivery Port.

  

	c)	Notwithstanding any prior acceptance of the Vessel by Buyer, if at any time prior to the arrival of the Vessel at the Delivery Port the Vessel ceases to comply
with the requirements of the ISPS Code and, where the Delivery Port is within the U.S.A. and U.S. territories or waters, with the MTSA: 

  

	 	i.	Buyer shall have the right not to berth such nominated Vessel at the Delivery Port and any laytime or time on Demurrage, if on Demurrage, resulting there from shall not
be for the account of the Buyer. 

  

	 	ii.	Seller shall be obliged to substitute such nominated vessel with a vessel complying with the requirements of the ISPS Code and, where the Delivery Port is within the
U.S. and U.S. territories or waters, with the MTSA. 

  

	d)	Seller warrants to Buyer that all Seller-designated laden ports, facilities, or terminals for this Agreement are in compliance with the ISPS Code and similar
laws and regulations pertaining to the security of ports, facilities, or terminals. Buyer warrants to Seller that all Buyer-designated unladen ports, facilities, or terminals for this Agreement are in compliance with the ISPS Code and similar laws
and regulations pertaining to the security of ports, facilities, or terminals. 

  

	e)	 Any costs or expenses in respect of the Vessel including demurrage or any additional charge, fee or duty levied on the Vessel at the Delivery
Port and actually incurred by the Seller resulting directly from the failure of the Delivery Port to comply with the requirements of the ISPS Code and, if located within the U.S.A. and U.S. territories or waters, with the MTSA shall be for the

  
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account of the Buyer, including but not limited to the time required or costs incurred by the Vessel in taking any action or any special or additional security measures required by the ISPS code
or MTSA. 
  

	f)	Buyer’s liability to Seller for any costs, losses or expenses incurred by the Vessel, the charterers, or the Vessel owners (excluding consequential damages)
resulting from the failure of the Delivery Port to comply with the requirements of the ISPS Code and, where located within the U.S. and U.S. territories or waters, with the MTSA shall be limited to the payment of demurrage and costs actually
incurred by Seller in accordance with the provisions herein, except to the extent such failure was due to Buyer’s willful breach of these provisions or applicable law. 

 

	g)	Expenses solely attributable to Security Regulations that are not otherwise specifically allocated in this Clause shall be apportioned between the Parties consistent
with the apportionment of delays set forth in Sections a through f of this Clause. 

 31. GENERAL PROVISIONS 

 

	a)	The failure of Seller or Buyer at any time to require performance by the other Party of any provision hereof shall in no way affect the right of a Party to
request any performance which may be due thereafter pursuant to such provision, nor shall the waiver by Seller or Buyer of any breach of any provision of the Agreement be taken or held to be a waiver of any subsequent breach of such provision.

  

	b)	The Agreement and all information obtained by one Party from the other Party shall be treated as confidential; provided, however, that if a Party is required to
disclose any such information by any court or legislative or administrative body (including without limitation: by oral question, interrogatory, request for production, subpoena, civil investigation demand or by the U.S. Securities and Exchange
Commission) or by governmental law or regulation (expressly including the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder), the Party shall, to the extent not prohibited by applicable law,
provide the other Party with prompt notice of such requirement. Seller shall have the right to disclose any relevant operational details related to the Agreement to its Peregrino equity partner(s) including, but not limited to, planned or unplanned
shutdowns of NuStar’s Refinery system. 

  

	c)	The headings appearing in the Agreement are for convenience only. 

  
 Page 32 of 41

 

 

  
  

	d)	Any modification of and addition to the Agreement shall be made in writing signed by both Parties. 

 

	e)	Each Party hereto agrees to comply with all laws, rules, regulations, ordinances, and requirements of federal, state, and local governmental or regulatory bodies
that are applicable to this Agreement and to the performance of such Party’s obligations hereunder. 

  

	f)	This contract contains the entire agreement between the Parties with respect to the subject matter hereof and all proposals, negotiations and representations
with reference thereto are merged herein. 

  

	g)	If any provision of this Agreement shall be found to be illegal, invalid or unenforceable by any court or administrative body of competent jurisdiction, then
such provision shall, as to such jurisdiction, be ineffective to the extent of such illegality, prohibition, or unenforceability without invalidating the remaining provisions hereof which shall remain in force and effect, and the finding of any such
illegality, prohibition, or unenforceability shall not invalidate or render unenforceable such provision in any other jurisdiction. The Parties agree, in the circumstances referred to in this Clause, to negotiate in good faith to agree on a legal,
valid and enforceable provision to substitute for any illegal, invalid or unenforceable provision which achieves to the greatest extent possible the same effect as would have been achieved by the illegal, invalid or unenforceable provision.

 32. NOTICES 

Unless otherwise agreed in writing, any notices, statements, requests or other communications to be given to either Party pursuant to the Agreement shall
be effective upon receipt by the addressee and sufficiently made if sent by post (by airmail if airmail is possible) postage paid, or by facsimile transmission or other means of data transmission to the address of the other Party specified for this
purpose below- 
 If to Seller: 
 Statoil Óleo e Gás Limitada (SBOG) 
 c/o Statoil Marketing and
Trading (US) Inc. 
 1055 Washington Blvd. – 7th Floor 
 Stamford, CT 06901 
 Attention: Crude Oil Operations 

Fax Number: (203) 978-6958 
 Telephone Number: (203) 978-6900 
 E-mail: uscrudeops@statoil.com

  
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 With copy to: 

Statoil Marketing and Trading (US) Inc. 
 1055 Washington Blvd. – 7th Floor 
 Stamford, CT 06901 

Attention: General Counsel 
 Fax Number: (203) 978-6952 
 Telephone Number: (203) 978-6900 

and 
 Statoil
Óleo e Gás Limitada (SBOG) 
 Praia de Botafogo, 228/ 4th floor, Suites 401 and 406 to 414 

22250-040 Rio de Janeiro, RJ, Brazil 
 Attention: Pedro Paulo Saraceni 
 Fax Number: 55 21 3479-0248 

Telephone Number: 55 21 9346-6275 
 E-mail: ppsa@statoil.com 
 If to Buyer: 

NuStar Marketing LLC 
 2330 North Loop 1604 West 
 San Antonio, TX 78248 

Attention: SVP- Trading & Supply 
 Fax Number: (210) 918-5413 
 Telephone Number: (210) 918-2822 

E-mail: paul.brattlof@nustarenergy.com 
 33. ANTI-CORRUPTION AND FACILITATION PAYMENTS: 
  

	a)	Buyer and the Seller shall respectively comply with all applicable laws, rules, regulations, decrees and/or official governmental orders relating to anti-bribery and
anti-money laundering of: 

  

	 	i)	The Kingdom of Norway, 

  

	 	ii)	Federative Republic of Brazil, 

  

	 	iii)	The United States of America, 

and 

  
 Page 34 of 41

 

 

  
  

	 	iv)	Any country in which this Agreement is partly or wholly executed, relating to anti-bribery and anti-money laundering. 

 

	b)	In connection with the implementation of this Agreement both Parties therefore represent and agree not to: 

 

	 	i)	Directly or indirectly, give or offer any improper advantage to anyone for the purpose of influencing the performance of the Agreement, or 

 

	 	ii)	For itself or anyone else, directly or indirectly, request, receive or accept an offer of an improper advantage for the purpose of influencing the performance of the
Agreement, or 

  

	 	iii)	Make use of any third party in its fulfillment of obligations under this agreement without requiring such third party to agree to comply with substantially identical
provisions as set forth herein. 

 The Parties represent and warrant to comply with, and to use reasonable
endeavors to procure that relevant third parties used for fulfilling the Parties’ respective obligations under the Agreement comply with, all laws, rules, regulations, decrees or official governmental orders prohibiting bribery,
corruption and money laundering applicable to the Party in question or its ultimate parent company. 
 A Party may terminate the
Agreement, forthwith upon written notice to the other, if the other Party is in breach of the above. 
 All financial
settlements, billings and reports in connection with the Agreement shall properly reflect the facts related to any activities and transactions handled for the account of the other Party. The data may be relied upon as being complete and accurate in
any further recordings and reporting made by the Parties or any of their representatives, for whatever purpose. 
 34. HSE, Drug and Alcohol
Policy 
 The Parties represent that they are fully conversant with one another’s respective HSE policy and the ethical standards and
requirements as provided to each other under separate cover, as the same may be amended from time to time. 
 The Parties agree that all
business will be conducted in the most responsible manner to ensure that the operations involve minimum risk to people, the environment and equipment. The shared targets for the operation of the trade

  
 Page 35 of 41

 

 

  
 
are zero personnel injuries, zero spills and environmental damage and zero equipment damage. 
 Each Party shall notify the other of any incidents in connection with their performance under this Agreement related to HSE issues including any pollution incidents that require notice to any Governmental
Authorities, further investigation or other response action under any applicable environmental laws and/or regulations. 
 Each Party agrees to
issue HSE performance data not older than six (6) months upon request of the other Party covering any recordable incidents during the relevant period. Such reports shall provide a brief description of the incident and appropriate follow-up
action taken. 
 The Party responsible for employing the Vessel for the transport of the Oil under the Agreement shall warrant that at all times
the Vessel will strictly observe the HSE provisions, policy or guidelines in force at any terminal or place that it is required to use in the execution of this Agreement and, if relevant, the ports or places where such Terminals are situated and the
roads or railway network used for the transport and conduct its performance of the transport in accordance with any such regulations in force at such place or port. 
 Without prejudice to the generality of the foregoing and in the event of delivery by Vessel or the transport of the Oil, the Party responsible for the employment of the Vessel shall warrant that such
Vessel shall strictly adhere to the Exxon’s Drug and Alcohol Policy as well as those envisaged under Oil Companies International Maritime Forum (“OCIMF”) guidelines issued in June 1995 as may be amended from time to time, and any
other laws, regulations, or rules of the jurisdictions in which the Vessel may execute performance. 
 Furthermore, the applicable Party shall
warrant that personnel employed by the Vessel on such Vessel shall specifically and strictly observe the respective national or regional legislations with respect to alcohol and drug consumption prior to and whilst at work. 

Should the Vessel, or it’s employees, representatives or sub-contractors fail to observe all of the guidelines and/or directions of the applicable
Terminal or national or regional legislation pertaining to HSE that results in losses, damages, costs, expenses or fines or any other costs against the Party not providing the transport, the Party who has undertaken the provision of transport shall
indemnify the other Party in respect of such losses, damages, costs, expenses, fines. 

  
 Page 36 of 41

 

 

  
 35. CONFLICT OF INTEREST 

Except as otherwise expressly provided herein, no director, employee or agent of either Party, its subcontractors or vendors, shall give or receive from
any director, employee or agent of the other Party or any Affiliate any commission, fee, rebate, gift or entertainment of significant cost or value in connection with this Agreement. In addition, no director, employee or agent of either Party,
its subcontractors or vendors, shall enter into any business arrangement with any director, employee or agent of the other Party or any Affiliate who is not acting as a representative of such Party or its Affiliate without prior written notification
thereof. Any representative(s) authorized by either Party may audit the applicable records of the last three (3) Years of the other Party for the sole purpose of determining whether there has been compliance with this Clause. All
financial settlements, reports, and billings rendered to the company are to properly reflect the facts about all activities and transactions. 

36. RIGHT TO AUDIT 
 Each Party and its
duly authorized representatives shall have access to the accounting records and other documents maintained by the other Party which relate to materials being sold or delivered to the other Party under this Agreement and shall have the right to audit
such records at any reasonable time or times, upon prior written notice, during the term or within five (5) Years after the termination of this Agreement. 
 37. INVALIDITY 
 If any provision of this Agreement shall be (in whole or in part)
determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed to be deleted from this Agreement and the remaining portions of this Agreement shall
remain in full force and effect. 
 38. REPRESENTATIONS AND WARRANTIES 

 

	a)	Buyer Representations.  Buyer represents and warrants to Seller that: 

 

	 	i)	 Buyer acknowledges and agrees that Seller is entering into the Agreement in reliance on the regulations affecting directly or directly or indirectly
the Oil sold under the Agreement in effect on the date of the Agreement. Such regulations include, but are not limited to, those relating to the production, acquisition, 

  
 Page 37 of 41

 

 

  

	 	 
gathering, manufacturing, transportation, storage, trading or delivery of the Oil to the extent such regulations affect the Seller or the Seller’s suppliers(s). 

 

	 	ii)	Buyer is a Delaware limited liability company duly organized and validly existing under the laws of the jurisdiction of its organization; 

 

	 	iii)	this Agreement has been duly authorized by all necessary corporate or other action of Buyer; and constitutes the legal, valid and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms; 

  

	 	iv)	neither the execution of this Agreement by Buyer nor the performance by Buyer of its obligations hereunder will conflict with or result in any breach of, or constitute
a violation of or default under, any applicable law, its charter or by-laws. 

  

	 	v)	unless permitted as set forth herein or otherwise specifically agreed, Buyer is purchasing the Oil hereunder exclusively for its own use; 

 

	 	vi)	no lawsuit or other proceeding is pending or, to the knowledge of Buyer, threatened against Seller which, if determined adversely to Buyer, may materially and adversely
affect its business or financial condition or the consummation of the transactions contemplated by, or the performance of its obligations under, this Agreement; and no action or proceeding has been instituted, and no order, decree, injunction or
judgment of any kind from any court or other governmental authority has been issued, to avoid, restrain or in any other manner prevent the consummation of the transactions contemplated by this Agreement 

 

	 	vii)	Buyer has not been contacted by or negotiated with any finder, broker or other intermediary for the purchase of the Oil and no such person is entitled to any
compensation with respect to this Agreement or the sale of Oil hereunder; and 

  

	 	viii)	none of Buyer’s directors, employees or agents has given or will give any commission, fee, rebate, gift or entertainment of significant value in connection with
this Agreement, it being agreed that representatives of Seller may audit the applicable records of Buyer solely for the purpose of determining whether there has been compliance with this Section a) of this Clause. 

  
 Page 38 of 41

 

 

  
  

	b)	Seller Representations.  Seller represents and warrants to Buyer that: 

 

	 	i)	Seller acknowledges and agrees that Buyer is entering into the Agreement in reliance on the regulations affecting directly or directly or indirectly the Oil sold under
the Agreement in effect on the date of the Agreement. Such regulations include, but are not limited to, those relating to the production, acquisition, gathering, manufacturing, transportation, storage, trading or delivery of the Oil to the extent
such regulations affect the Seller or the Seller’s suppliers(s). 

  

	 	ii)	Seller is a corporation duly organized and existing under the laws of the Federative Republic of Brazil having the legal capacity to enter into and perform this
Agreement; 

  

	 	iii)	this Agreement has been duly authorized by all necessary corporate or other action of Seller; and constitutes the legal, valid and binding obligation of Seller,
enforceable against Seller in accordance with its terms; 

  

	 	iv)	neither the execution of this Agreement by Seller nor the performance by Seller of its obligations hereunder will conflict with or result in any breach of, or
constitute a violation of or default under, any applicable law, its charter or by-laws. 

  

	 	v)	no lawsuit or other proceeding is pending or, to the knowledge of Seller, threatened against Seller which, if determined adversely to Seller, may materially and
adversely affect its business or financial condition or the consummation of the transactions contemplated by, or the performance of its obligations under, this Agreement; and no action or proceeding has been instituted, and no order, decree,
injunction or judgment of any kind from any court or other governmental authority has been issued, to avoid, restrain or in any other manner prevent the consummation of the transactions contemplated by this Agreement; 

 

	 	vi)	Seller has not been contacted by or negotiated with any finder, broker or other intermediary for the sale of Oil hereunder, and no person or entity is entitled to any
compensation with respect to this Agreement or the sale of Oil hereunder; and 

  

	 	vii)	 no director, employee or agent of Seller has given or will give any commission, fee, rebate, gift or entertainment of significant value in connection
with this Agreement, it being agreed that representatives of Buyer may audit the applicable records of Seller 

  
 Page 39 of 41

 

 

  

	 	 
solely for the purpose of determining whether there has been compliance with this Section b) of this Clause. 

 39. OTHER TERMS 
 For anything not specifically covered in the Agreement, NuStar Marketing
LLC Marine Provisions Effective May 23, 2008 (the “Marine Provisions”), as attached hereto, shall apply. 
 Any terms not covered
in the Agreement or the Marine Provisions shall be governed by Incoterms (2000 edition). 
 40. ATTACHMENTS 

            Annex 1 — Material Safety Data Sheets 

            Annex 2 — NuStar Marketing LLC Marine Provisions Effective May 23, 2008

             Annex 3 — Pricing 

            Annex 4 — Optional Quantity Deal Confirmation 

In witness whereof, the Parties hereto, by their proper officers thereunto duly authorized, have executed and delivered this Agreement in duplicate, on
the date first herein mentioned. 
 Agreed: 
  

			
	Statoil Óleo e Gás Limitada
		
	By:	 	 /s/ Tor Martin Anfinnsen

		
	Print Name:	 	Tor Martin Anfinnsen
		
	Title:	 	Senior Vice-President Oil Trading and Supply

  
 Page 40 of 41

 

 

  
  

			
		
	Date:	 	 November 17, 2010

	
	NuStar Marketing LLC
		
	By:	 	 /s/ Paul Brattlof

		
	Print Name:	 	 Paul Brattlof

		
	Title:	 	 Senior Vice President

		
	Date:	 	 November 17, 2010

  
 Page 41 of 41

 

 

  
 Annex 1 — Material Safety Data
Sheet — To be provided under separate cover at a later date. 
 Annex 2 — NuStar Marketing LLC Marine Provisions
Effective May 23, 2008 — Attached. 
 (The remainder of this page has been left intentionally blank.)

  
 Annex 1 and 2, Page 1 of 1

			
	Portions of this exhibit have been omitted and filed separately pursuant to an application for confidential treatment filed by NuStar Energy L.P. with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The omitted portions are found on Annex 3. Omissions are designated as [****].	  	

  
 Annex 3
— Pricing for Base Contract Quantity 
 The price per Barrel net of sediment and water for the Base Contract Quantity of Oil
delivered under the Agreement shall be calculated using the following formula: 
 P = Maya + A 

Where: 
 Maya is Maya crude oil
and will be equal to the arithmetic average of the daily prices as assessed in the [****] under the heading [****] effective for twenty (20) consecutive pricing days after the NOR date at Discharge (NOR date equals day zero). 

Where for the initial period up to and including December 31, 2012: 

A1 = ([****] * ([****] – [****])) + $[****] 
 For the period after December 31, 2012: 
 A2 = ([****] * ([****] – [****])) + $[****] 

And where: 
 [****] crude and
will be equal to the arithmetic average of the daily prices as assessed in the [****] under the heading [****] for [****] month [****]. 
 [****] is the [****] and will be the [****] under the heading of [****] in [****]. 

This differential A applies to calculate the price P when the differential A is in the range “B”: 

 

			
	Time Period:	 	“B”
	Volumes delivered during first 12 months of the first delivery of the Oil to Buyer (“Period 1”):	 	[****]
	From the end of Period 1 through 31st. Dec. 2012:	 	[****]
	Volumes delivered during calendar year 2013:	 	[****]
	Volumes delivered during calendar year 2014:	 	[****]

Should the differential A be outside this range “B,” the Parties will follow the procedure below. 

  
 Annex 3, Page 1 of
3 

			
	Portions of this exhibit have been omitted and filed separately pursuant to an application for confidential treatment filed by NuStar Energy L.P. with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The omitted portions are found on Annex 3. Omissions are designated as [****].	  	

  
 No later than
[****] days following the [****] day of Month M-1, Buyer and Seller will agree on delivery of the cargo of the Oil and the differential A to be used, following the procedure below: 

Should the differential A be lower than the low limit of “B,” Buyer has the right to buy the Oil at the floor differential of
“B” [****]. If Seller has not by the close of business (“COB”) (5 p.m. U.S. Central time) on the [****] day following the [****] day of Month M-1 received notice of Buyer’s rejection of a floor price, the low limit of
“B” shall be deemed to be accepted by Buyer. Should Buyer elect not to accept the floor price, Buyer and Seller may agree a differential between the low limit of “B” and the differential A. Should neither of these alternative
differentials be acceptable to Buyer, Seller has the option on or prior to COB the [****] day following Month M-1 to either cancel the cargo(es) or to sell this cargo to Buyer at the differential A. Should Seller fail to make such an election, then
it is deemed that Seller agrees to deliver the cargo to Buyer at the differential A. 
 Example 1: during Period 1, by
[****], the differential A for March is determined to be [****]. By no later than COB on [****], Buyer fails to notify Seller whether it wants to buy at [****]. Buyer is deemed to have accepted a price of [****]. 

Example 2: during Period 1, by [****], the differential A for March is determined to be [****]. By no later than COB on [****],
Buyer notifies Seller it does not want to buy at [****]. Seller and Buyer cannot agree to a differential between [****] and [****]. Seller agrees, by COB on [****], to sell the cargo to Buyer at [****]. 

Should the differential A be above [****] Buyer has the right to buy the Oil at the differential A. If Seller has not by COB on the [****]
day following the [****] day of Month M-1, received notice of Buyer’s rejection of buying the Oil at the differential A, this differential A shall be deemed to be accepted by Buyer. Should Buyer elect not to accept the differential A, Buyer and
Seller may agree a differential between [****] and the differential A. Should neither of these alternative differentials be acceptable to Buyer, Seller has the option to either cancel the cargo(es) or to sell this cargo to Buyer at the Cap
differential of [****]. Should Seller fail to make such an election, then it is deemed that Seller accepts to deliver the cargo to Buyer at a differential of [****]. 
 Example 1: during Period 1, by [****], the differential A for April is determined to be [****]. By no later than COB on [****], Buyer fails 

  
 Annex 3, Page 2 of
3 

			
	 Portions of this exhibit have been omitted and filed separately pursuant to an application for confidential treatment filed by NuStar
Energy L.P. with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The omitted portions are found on Annex 3. Omissions are designated as [****].

 
	  	

  
 to notify
Seller whether it wants to buy at [****]. Buyer is deemed to have accepted a price of [****]. 
 Example 2: during Period
1, by [****], the differential A for April is determined to be [****]. By no later than COB on [****], Buyer notifies Seller it does not want to buy at [****]. Seller and Buyer cannot agree to a differential between [****] and [****]. Seller agrees,
by COB on [****], to sell the cargo to Buyer at [****]. 
 Should either Maya, [****] or [****] quotations cease to be representative or change
significantly in their representation at any time during the term of the Crude Sales Purchase Agreement, or if the quality of Maya, [****] or [****] change materially during the term of the Crude Sales Purchase Agreement, then the Parties agree to
promptly meet, discuss and agree in good faith appropriate adjustments to the Crude Sales Purchase Agreement to maintain the original intent of the Parties. 

  
 Annex 3, Page 3 of
3 

			
		  	

  
 Annex 4
— Optional Quantity Deal Confirmation 
 Form of Part 1 (Specific Provisions) of Agreement 

 
  
 Agreement for the Purchase and Sale of Crude Oil (Delivered Ex Ship) 
  

			
	 DEAL NO.:
	  	 XXXXXXXXX

	CONTRACT DATE:	  	 XXXXXX

		
	SELLER:	  	 Statoil Óleo e Gás Limitada

		  	 Praia de Botafogo, 228/ 4th floor

		  	 Suites 401 and 406 to 414

		  	 22250-040 Rio de Janeiro, RJ, Brazil

		
	BUYER:	  	 NuStar Marketing LLC

		  	 2330 North Loop 1604 West

		  	 San Antonio, TX 78248

		
	QUALITY:	  	 PEREGRINO

		
	QUANTITY:	  	 XXXXXXXX        (US BBLS)

		
	TOLERANCE:	  	 XXXXX

		
	TOLERANCE OPTION:	  	SELLER’S
		
	PLACE OF DELIVERY:	  	 XXXXXXX BY VESSEL (DES), AT ONE SAFE BERTH

		
	PERIOD OF DELIVERY:	  	XXXXXXX
		
	PRICE AND CURRENCY:	  	
		
	BASIS:	  	XXXXXXXX
	DIFFERENTIAL:	  	XXXXXXXX
	PERIOD:	  	XXXXXXXX
		
	PAYMENT TERM:	  	XXXXXXX
		
	CREDIT TERMS:	  	XXXXXXX

 This Part 1 of the Agreement is hereby combined
with Part 2 of the Agreement, as set forth in the Peregrino Crude Oil Purchase/Sale Agreement between the Parties dated November 17, 2010 to form the Parties’ Agreement. 
 Regards 
 Statoil Óleo e Gás Limitada 

  
 Annex 4, Page 1 of
1

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