Document:

Northern Trust Corporation Supplemental Thrift-Incentive Plan

 Exhibit 10(vii) 
 NORTHERN TRUST CORPORATION 
 SUPPLEMENTAL THRIFT-INCENTIVE PLAN 
 (As Amended and Restated Effective as of January 1, 2008) 
 The Northern Trust Company Supplemental Plan was adopted on September 16, 1975 and amended through December 16, 1986. The portions of that plan that pertained to The Northern Trust Company Thrift-Incentive Plan were amended and
restated by the Restated Supplemental Thrift-Incentive Plan for Employees of The Northern Trust Company, initially adopted effective September 1, 1989, as restated effective September 1, 1989 and as further amended and restated effective
January 1, 1996 and May 1, 1996 (the “Restated Supplemental Thrift-Incentive Plan”). Effective as of July 20, 1999, the assets and obligations of the Restated Supplemental Thrift-Incentive Plan, were transferred by The
Northern Trust Company to its parent corporation, Northern Trust Corporation and from and after such date the Northern Trust Corporation became the sponsor of the Restated Supplemental Thrift-Incentive Plan. Northern Trust Corporation further
amended and restated the Restated Supplemental Thrift-Incentive Plan effective July 20, 1999, to reflect the transfer of the assets and obligations thereof to Northern Trust Corporation and certain other changes. At that time, the Restated
Supplemental Thrift-Incentive Plan was designated the “Northern Trust Corporation Supplemental Thrift-Incentive Plan.” 
 Northern Trust
Corporation now hereby further amends and restates the Northern Trust Corporation Supplemental Thrift-Incentive Plan, generally effective as of January 1, 2008 (with such other effective dates as are noted herein) to comply with various changes
in applicable law, including the American Jobs Creation Act of 2004, and to make certain other changes. 
 ARTICLE I 
 DEFINITIONS 
 Wherever used herein the following terms
shall have the meanings hereinafter set forth: 
  

	1.1	“Beneficiary” means any person eligible to receive a death benefit under the Plan as designated by the Participant, in the event of death of the Participant, subject to
Section 5.1(c). 

  

	1.2	“Board” means the Board of Directors of the Corporation. 

  

	1.3	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: 

  

	 	(a)	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 (c) below; or 

	 	(b)	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 (i) three directors; or (ii) 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 

  

	 	(c)	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 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 

  

	 	(d)	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. 

 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. 
  

 - 2 - 

 For purposes of this Section 1.3 and Section 1.15 (where applicable) 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 benefit 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. 
 In accordance with the Qualified Plan, upon the occurrence of a Change in Control, each Participant
and Inactive Participant shall become fully vested in the balance of his or her Supplemental Matching Contribution Account and his or her Supplemental Basic Profit Sharing Contribution Account. Any amounts credited to any such Supplemental Matching
Contribution Account or to any such Supplemental Basic Profit Sharing Contribution Account following such Change in Control shall also be fully vested. 
  

	1.4	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. 

  

	1.5	“Committee” means the Employee Benefit Administrative Committee of the Company, as constituted from time to time, which has the responsibility for administering the
Qualified Plan. 

  

	1.6	“Company” means The Northern Trust Company, an Illinois banking corporation; the Corporation; and such subsidiaries and affiliates of the Corporation as shall adopt the
Plan. 

  

	1.7	“Corporation” means Northern Trust Corporation, a Delaware corporation, and, to the extent provided in Section 8.8 below, any successor corporation or other entity
resulting from a merger or consolidation into or with the Corporation or a transfer or sale of substantially all of the assets of the Corporation. 

  

	1.8	“Deferral Distribution Date” means the date for distribution of a Participant’s Supplemental Before-Tax Deposits as irrevocably set forth in each of his Supplemental
Before-Tax Deposit Agreements. 

  

	1.9	“EBIC” means the Employee Benefit Investment Committee of the Company, as constituted from time to time, which has responsibility for overseeing the investment of the
assets attributable to the Plan. 

  

 - 3 - 

	1.10	“409A Amount” means the portion of a Participant’s Supplemental Account that consists of amounts deferred in taxable years beginning after December 31, 2004, and
earnings on such amounts, as determined in accordance with Code Section 409A and applicable regulations and other guidance promulgated thereunder. The portion, if any, of a Participant’s Supplemental Account that consists of amounts
deferred on or before December 31, 2004, and earnings on such amounts, is referred to herein as the Participant’s “Grandfathered Amount”. An amount is considered deferred on or before December 31, 2004, if on or before that
date the Participant had a legally binding right to be paid the amount, and the right to the amount was earned and vested. 

  

	1.11	“Key Employee” means a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i). The Company’s Key Employees shall
be identified annually pursuant to Section 5.3. 

  

	1.12	“Participant” means an employee of the Company who satisfies the eligibility criteria in Section 2.1 of the Plan for one or more types of contributions under the
Plan, and by whom or with respect to whom contributions are made under the Plan. 

  

	1.13	“Plan” means the Northern Trust Corporation Supplemental Thrift-Incentive Plan as amended from time to time. 

  

	1.14	“Plan Year” means the calendar year. 

  

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

  

	 	(a)	the Corporation enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

  

	 	(b)	the Corporation or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control;

  

	 	(c)	any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing 15% or more of either the then outstanding shares of common stock of
the Corporation or the combined voting power of the Corporation’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Corporation or its Affiliates); or

  

	 	(d)	the Board adopts a resolution to the effect that, for purposes of this Plan, a Potential Change in Control has occurred. 

  

	1.16	“Qualified Plan” means The Northern Trust Company Thrift-Incentive Plan as amended and restated effective January 1, 2005, and as further amended from time to time,
and each predecessor, successor or replacement employees’ cash or deferred arrangement. 

  

 - 4 - 

	1.17	“Qualified Plan Basic Profit Sharing Contribution” means the basic profit sharing contribution made by the Company with respect to a Participant under and in accordance
with the terms of the Qualified Plan in any Plan Year. 

  

	1.18	“Qualified Plan Before-Tax Deposit” means the total of all salary reduction contributions made by the Company as authorized by a Participant under and in accordance with
the terms of the Qualified Plan in any Plan Year. 

  

	1.19	“Qualified Plan Before-Tax Deposit Account” means the account established for a Participant under the Qualified Plan and known as the Before-Tax Deposit Account.

  

	1.20	“Qualified Plan Matching Contribution” means the total of all matching contributions made by the Company for the benefit of a Participant under and in accordance with the
terms of the Qualified Plan in any Plan Year. 

  

	1.21	“Qualified Plan Matching Contribution Account” means the account established for a Participant under the Qualified Plan and known as the Matching Contribution Account.

  

	1.22	“Qualified Plan Profit Sharing Contribution Account” means the account established for a Participant for the receipt of basic and discretionary profit sharing
contributions under the Qualified Plan and known as the Profit Sharing Contribution Account. 

  

	1.23	“Related Company” means any person with whom the Company is considered to be a single employer under Section 414(b) of the Code and all persons with whom the Company
would be considered a single employer under Code Section 414(c), substituting “50%” for the “80%” standard that would otherwise apply. 

  

	1.24	“Separation from Service” means that a Participant dies, retires or otherwise has a termination of employment with the Company. A termination of employment will be deemed
to occur when the Company and the Participant reasonably anticipate that the level of bona fide services the Participant will perform for the Company (whether as an employee or an independent contractor, but not as a director) after a certain date
will permanently decrease to less than 50 percent of the average level of bona fide services performed by the Participant for the Company (as an employee or independent contractor, but not as a director) in the immediately preceding 36 months (or
the full period of the Participant’s services to the Company if the Participant has been providing services to the Company for less than 36 months), determined in accordance with Treas. Reg. Sec. 1.409A-1(h). The employment relationship will be
treated as continuing intact while the Participant is on a bona fide leave of absence (determined in accordance with Treas. Reg. Sec.1.409A-1(h)), but (a) only if there is a reasonable expectation that the Participant will return to active
employment status, and (b) only to the extent that such leave of absence does not exceed 6 months, or, if longer, for so long as the Participant has a statutory or contractual right to reemployment. For purposes of this Section 1.24,
references to the Company shall include the Company and all Related Companies. 

  

	1.25	“Supplemental Account” means any or all of the Supplemental Before-Tax Deposit Account, the Supplemental Matching Contribution Account and the Supplemental Basic Profit
Sharing Contribution Account. 

  

 - 5 - 

	1.26	“Supplemental Basic Profit Sharing Contribution” means the basic profit sharing contribution made by the Company for the benefit of a Participant under and in accordance
with the terms of the Plan in any Plan Year. 

  

	1.27	“Supplemental Basic Profit Sharing Contribution Account” means the account maintained under the Plan for a Participant that is credited with Supplemental Basic Profit
Sharing Contributions contributed under the Plan (and earnings thereon). 

  

	1.28	“Supplemental Before-Tax Deposit” means the salary reduction contribution made for the benefit of a Participant under and in accordance with the terms of the Plan in any
Plan Year. 

  

	1.29	“Supplemental Before-Tax Deposit Account” means the account maintained under the Plan for a Participant that is credited with Supplemental Before-Tax Deposits contributed
under the Plan (and earnings thereon). 

  

	1.30	“Supplemental ESOP Account” means the account established for a Participant under the Supplemental ESOP Plan. 

  

	1.31	“Supplemental ESOP Allocation” means the amount allocated for the benefit of a Participant under and in accordance with the terms of Section 3.1 of the Supplemental
ESOP Plan in any Plan Year; provided, however, that no Supplemental ESOP Allocation shall be made to the Supplemental ESOP Account of any Participant under the Supplemental ESOP Plan for any Plan Year that begins on or after January 1, 2005.

  

	1.32	“Supplemental ESOP Plan” means the Northern Trust Corporation Supplemental Employee Stock Ownership Plan, as amended and restated effective January 1, 2008 and as
further amended from time to time. 

  

	1.33	“Supplemental Matching Contribution” means the matching contribution made by the Company for the benefit of a Participant under and in accordance with the terms of the
Plan in any Plan Year. 

  

	1.34	“Supplemental Matching Contribution Account” means the account maintained under the Plan for a Participant that is credited with Supplemental Matching Contributions
contributed under the Plan (and earnings thereon). 

  

	1.35	Except as otherwise expressly provided herein, all words and phrases in the Qualified Plan shall have the same meaning in the Plan. 

  

 - 6 - 

 ARTICLE II 
 ELIGIBILITY 
  

	2.1	Conditions for Participation and Participant Elections. 

  

							
		 	(a)  	  	(i)	 	An employee of the Company: (A) who is eligible to participate in the Qualified Plan on the first day of a Plan Year and (B) whose Salary (as defined in the Qualified Plan), determined
as of November 30 of the prior Plan Year, exceeds the compensation limitation under Section 401(a)(17) of the Code for such prior Plan Year, shall be eligible to make Supplemental Before-Tax Deposits under the Plan for such Plan Year as
soon as he has received Salary in such Plan Year equal to the Code Section 401(a)(17) limitation for that Plan Year. However, if the Code Section 401(a)(17) compensation limit for the Plan Year for which participation is being determined
is known by November 30 of such prior Plan Year, participation will be based upon such limit.
				
		 		  	(ii)	 	An employee of the Company (A) who is eligible to participate in the Qualified Plan in a Plan Year and (B) for whom the Company makes a Supplemental Basic Profit Sharing Contribution
to his or her Supplemental Basic Profit Sharing Contribution Account pursuant to Section 3.4 of the Plan shall be a Participant in the Plan for purposes of his or her Supplemental Basic Profit Sharing Contribution Account.
				
		 		  	(iii)  	 	An employee of the Company who is ineligible to participate in the Plan on the first day of a Plan Year either because he was not eligible for the Qualified Plan on the first day of the Plan
Year, or because his Salary did not exceed the Code Section 401(a)(17) limitation for the prior Plan Year, who subsequently becomes eligible for the Qualified Plan or has his Salary increased so that he receives Salary in such Plan Year
that exceeds the compensation limit set forth in Code Section 401(a)(17), shall become eligible to participate in the Plan for that Plan Year for purposes of Supplemental Matching Contributions only as of the date he has received Salary in such
Plan Year that exceeds the Code Section 401(a)(17) limit. Such Supplemental Matching Contributions shall be based on the employee’s rate of contribution to the Qualified Plan on the date his contributions to the Qualified Plan
ceased.
			
		 	(b)  	  	An employee who meets the eligibility requirements on November 30 for Plan participation in the following Plan Year will be allowed to elect (i) to decline participation in
the Plan, or (ii) to begin contributions to the Plan once he is no longer able to contribute to the Qualified Plan because he has reached the limitations of Code Section 401(a)(17).

  

 - 7 - 

	 	(c)	A Participant who as of any November 30 no longer meets the eligibility requirements for Plan participation in the following Plan Year will not be allowed to continue or elect
to begin contributions to the Plan for that following Plan Year, and any Supplemental Before-Tax Deposit Agreement then in effect for such Participant shall become null and void with respect to such following Plan Year and any subsequent Plan Years.
If as of November 30 of any subsequent Plan Year, any such employee who was previously a Participant again meets the Plan’s eligibility requirements for Plan participation in the next following Plan Year, such employee will again be
allowed to elect to decline participation or begin contributions to the Plan in such next following Plan Year in accordance with Section 2.1(b) and Article III. 

 ARTICLE III 
 SUPPLEMENTAL CONTRIBUTIONS 
  

	3.1	Supplemental Before-Tax Deposit. The Supplemental Before-Tax Deposit authorized by a Participant for any Plan Year shall be applied only to Salary in excess of Code
Section 401(a)(17) limitations, in any amount equal to at least one percent (1%), but not to exceed the maximum percentage which a Participant could contribute to the Qualified Plan in such Plan Year in the absence of any statutory or
administratively imposed limitations. 

 The Supplemental Before-Tax Deposit made for the benefit of a Participant for any Plan
Year shall be allocated to a Supplemental Before-Tax Deposit Account maintained under the Plan in the name of such Participant at such time(s) as the Committee shall determine, but in any event on or before the last day of such Plan Year.

  

	3.2	Supplemental Before-Tax Deposit Agreement. As a condition of making a Supplemental Before-Tax Deposit for the benefit of a Participant pursuant to Section 3.1 for any
Plan Year, the Participant must execute a Supplemental Before-Tax Deposit Agreement, in such form as the Committee in its discretion shall determine, on which the Participant shall elect to have his Salary for such Plan Year reduced, and a
Supplemental Before-Tax Deposit made on his behalf, on Salary in excess of the Code Section 401(a)(17) limitations, in any amount equal to at least one percent (1%) of his Salary, or any multiple thereof, but not to exceed the maximum
percentage which a Participant could contribute to the Qualified Plan in such Plan Year in the absence of any statutory or administratively imposed limitations. 

 A Supplemental Before-Tax Deposit Agreement shall not be effective for any Plan Year unless it is executed and delivered to the Committee by the date
established by the Committee before the beginning of that Plan Year; provided that any such Supplemental Before-Tax Deposit Agreement making any such election must be made on or before December 31 of the Participant’s taxable year
preceding the taxable year in which the Participant performs the services that give rise to the Salary to be deferred. Any such Agreement and such election shall remain in effect for subsequent Plan Years until 

  

 - 8 - 

 
revised or revoked by the Participant by the execution and delivery to the Committee, prior to the first day of the Plan Year in which such revision or
revocation is to become effective (or such earlier date established by the Committee), of a Supplemental Before-Tax Deposit Agreement setting forth such revision or revocation. Any Supplemental Before-Tax Deposit Agreement and election shall become
irrevocable as of each December 31 (or such earlier date as the Committee may determine) with respect to Salary payable for services performed in the immediately following Plan Year. 
  

	3.3	Supplemental Matching Contributions. The Supplemental Matching Contribution to be made by the Company on behalf of a Participant for any Plan Year who (i) is a
Participant at the beginning of a Plan Year eligible to make Supplemental Before-Tax Deposits under the Plan after reaching the Code Section 401(a)(17) limitation, who actually makes Supplemental Before-Tax Deposits under the Plan or
(ii) during the Plan Year becomes a Participant eligible to participate under Section 2.1(a)(iii) for purposes of Supplemental Matching Contributions only, shall be made in accordance with the matching contribution formula and provisions
set forth in the Qualified Plan. 

 Supplemental Matching Contributions made for the benefit of a Participant for any Plan Year
shall be allocated to a Supplemental Matching Contribution Account maintained under the Plan in the name of such Participant at such time(s) as the Committee shall determine, but in any event as of the last day of such Plan Year. 
  

	3.4	Supplemental Basic Profit Sharing Contributions. The Company shall make a Supplemental Basic Profit Sharing Contribution on behalf of a Participant for any Plan Year, based
upon the Participant’s Salary that does not exceed the Code Section 401(a)(17) limitation for such Plan Year, and only to the extent that all or part of the Qualified Plan Basic Profit Sharing Contribution cannot be made for such Plan Year
due to any limitation imposed by Code Section 415 for such Plan Year. Such Supplemental Basic Profit Sharing Contribution shall be made in accordance with the basic profit sharing contribution formula and provisions set forth in the Qualified
Plan. 

 The Supplemental Basic Profit Sharing Contribution made for the benefit of a Participant for any Plan Year shall be
allocated to a Supplemental Basic Profit Sharing Contribution Account maintained under the Plan in the name of such Participant at such time(s) as the Committee shall determine, but in any event as of the last day of such Plan Year. 
  

	3.5	Vesting of Benefits. Each Participant shall at all times be fully vested in the adjusted balance of his Supplemental Before-Tax Deposit Account. Each Participant shall vest
in the adjusted balance of his Supplemental Matching Contribution Account and his Supplemental Basic Profit Sharing Contribution Account in accordance with the vesting schedule applicable to his Qualified Plan Matching Contribution Account and his
Qualified Plan Profit Sharing Contribution Account set forth in the Qualified Plan. 

  

 - 9 - 

 ARTICLE IV 
 INVESTMENT OF SUPPLEMENTAL CONTRIBUTIONS 
  

	4.1	Investments. The Corporation may cause amounts allocated hereunder to the Supplemental Accounts of Participants to be contributed to a trust (“Trust”) designated
for such purpose by the Corporation. Amounts allocated hereunder to the Supplemental Account of a Participant shall be subject to such procedures relating to investment elections as the Committee may from time to time establish. EBIC shall from time
to time determine the investment media to which such elections shall apply. 

 A Participant shall be entitled to change
investment elections applicable to his Supplemental Account, or to direct transfers of amounts in his Supplemental Account among the investment funds available under the Trust Agreement, provided that such directions shall also apply to his
Supplemental ESOP Allocation. Such changes can be made monthly by written request or such other frequency as the Committee shall determine. 
 Notwithstanding anything in the Plan to the contrary, for a period of two years after the date of an occurrence of a Change in Control, the Corporation shall not eliminate any of the investment elections and choices which were in effect
immediately prior to the Change in Control and shall not decrease the frequency with which Participants may change such investment elections. Notwithstanding the foregoing, in the event that an investment election is discontinued by its sponsor and
therefore becomes unavailable to Participants, the Corporation shall provide a substitute election with substantially similar investment objectives and policies. 
 Participants’ Supplemental Accounts shall be valued no less frequently than monthly. 
  

	4.2	Corporation Securities. Notwithstanding anything to the contrary contained herein, in no event shall amounts allocated to the Supplemental Account of a Participant be
invested directly in stock or other securities of the Corporation; provided, however, that nothing contained herein shall prohibit investment of amounts allocated to the Supplemental Account of any Participant in a mutual fund portfolio in which no
more than five percent of the total fair market value of the assets of such portfolio are invested in stock or other securities of the Corporation. 

  

 - 10 - 

 ARTICLE V 
 DISTRIBUTIONS AND 
 LIMITS ON DISTRIBUTIONS 
  

	5.1	Distribution. 

  

	 	(a)	Subject to Sections 5.2 and 8.2, 

  

	 	(i)	subject to clause (iv) below, all amounts allocated to a Participant’s Supplemental Before-Tax Deposit Account, and the vested adjusted balance of the Participant’s
Supplemental Matching Contribution Account and Supplemental Basic Profit Sharing Contribution Account, including gains and losses attributable to investments made pursuant to Section 4.1, shall be distributed to or with respect to the
Participant in one lump sum, in cash within 90 days after the date the Participant incurs a Separation from Service. The Participant shall have no right to designate the taxable year of such distribution. 

  

	 	(ii)	subject to clause (iv) below, notwithstanding the foregoing, if a Participant is entitled to receive a Supplemental Matching Contribution or a Supplemental Basic Profit Sharing
Contribution for the Plan Year in which he incurs a Separation from Service, such Supplemental Matching Contribution or Supplemental Basic Profit Sharing Contribution and any gains or losses attributable thereto shall be distributed to or with
respect to the Participant in the calendar year following the calendar year in which his Separation from Service occurs. 

  

	 	(iii)	any unvested amounts credited to a Participant’s Supplemental Matching Contribution Account and Supplemental Basic Profit Sharing Contribution Account shall be forfeited and
retained by the Company. 

  

	 	(iv)	A Participant’s Grandfathered Amount, if any, shall be paid at the time and in the form determined under the Plan as in effect on October 3, 2004.

  

	 	 (b)
	 An amount that would otherwise be paid from the Supplemental Account of a Participant in a given Plan Year may be
delayed to the extent that the Company reasonably anticipates that if the payment were made as scheduled the Company’s deduction with respect to such payment would not be permitted due to the application of Code Section 162(m). Amounts not
paid as a result of the above limitation shall be paid in the earlier of (i) the Company’s first taxable year in which the Company reasonably anticipates that if the payment is made during such year the deduction of such payment will not
be barred by application of Section 162(m), or (ii) the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the taxable year of the Company in which the Participant
incurs a Separation from Service or the 15th day of the third month following the Participant’s Separation from Service.

  

	 	(c)	 If a Participant dies before a complete distribution of his Supplemental Before Tax Deposit Account, his Supplemental Matching Contribution Account or his
Supplemental Basic Profit Sharing Contribution Account has been made to him, such amounts shall be distributed in one lump sum, 

  

 - 11 - 

	 	 
in cash, to the Beneficiary last designated by the Participant in a writing delivered to the Committee prior to his death, at such time as determined in
accordance with Section 5.1(a). The Beneficiary designated by the Participant under this Plan must be the same beneficiary designated by the Participant under the Supplemental ESOP Plan. If a Participant has not designated a Beneficiary, or if
no designated Beneficiary is living on the date of distribution, such amounts shall be distributed to those persons entitled to receive distribution of the Participant’s accounts under the Qualified Plan. 

  

	5.2	Limits on Distributions to Key Employees. Anything in the Plan to the contrary notwithstanding, if, as of the date a Participant incurs a Separation from Service, the
Participant is a Key Employee, any distribution of a 409A Amount to such Participant due to such Separation from Service that would otherwise be made during the six months following such Separation from Service shall be made on the date that is six
months and one day following such Separation from Service. 

  

	5.3	Annual Identification of Key Employees. The Specified Employee Identification Date, as defined in Treas. Reg. §1.409A-1(i)(3), to be used in determining Key Employees of
the Company shall be September 30 of any Plan Year. The January 1 of the Plan Year next following that Plan Year shall be the Specified Employee Effective Date, as defined in Treas. Reg. §1.409A-1(i)(4), for Participants identified as
Key Employees on the immediately preceding Specified Employee Identification Date. Participants identified as Key Employees on a Specified Employee Identification Date (September 30) shall be treated as Key Employees under the Plan for the 12-month
period beginning on the Specified Employee Effective Date (January 1) next following such Specified Employee Identification Date. 

 ARTICLE VI 
 ADMINISTRATION OF THE PLAN 
  

	6.1	Administration by the Committee. Except as otherwise provided in Section 4.1, the Committee shall be responsible for the general operation and administration of the Plan
and for carrying out the provisions thereof. The Committee shall have discretion to interpret and construe the provisions of the Plan. 

  

	6.2	General Powers of Administration. All provisions set forth in the Qualified Plan with respect to the administrative powers and duties of the Committee, expenses of
administration, and procedures for filing claims shall also be applicable with respect to the Plan. The Committee and EBIC shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any
actuary, accountant, controller, counsel or other person employed or engaged by the Committee or EBIC with respect to the Plan. 

  

 - 12 - 

	6.3	Terms Include Authorized Delegates. Where appropriate, the term “Company”, “Corporation”, “Committee” or “EBIC” as used in this Plan
shall also include any applicable subcommittee or any duly authorized delegate of the Company, the Corporation, the Committee or EBIC, as the case may be. Such duly authorized delegate may be an individual or an organization within the Company, the
Corporation, the Committee or EBIC, or may be an unrelated third party individual or organization. 

 ARTICLE VII

 AMENDMENT OR TERMINATION 
  

	7.1	Amendment or Termination. The Corporation intends the Plan to be permanent but reserves the right to amend or terminate the Plan when, in the sole discretion of the
Corporation, such amendment or termination is advisable. 

  

	 	(a)	Any such termination shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board if the Compensation and Benefits Committee is
unavailable or unable to act for any reason) and shall be effective as of the date set forth in such resolution. 

  

	 	(b)	Any such amendment shall be made in accordance with the following: 

  

	 	(i)	material amendments to the Plan (including any extraordinary amendment related to an acquisition or divestiture by the Company) shall be made by action of the Compensation and
Benefits Committee of the Board (or by action of the Board, if the Compensation and Benefits Committee is unavailable or unable to act for any reason); and 

  

	 	(ii)	(A) non-material or administrative amendments to the Plan (including any amendment pursuant to guidelines established by the Compensation and Benefits Committee of the Board related
to an acquisition or divestiture by the Company) or (B) any amendment to the Plan deemed required, authorized or desirable under applicable statutes, regulations or rulings, shall be made by action of either the Chief Executive Officer of the
Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or either of their duly authorized designees). 

  

	 	(c)	Notwithstanding the foregoing, (i) for a period of two years after the date of an occurrence of a Change in Control or (ii) in the event of a Potential Change in Control
and for a period of six (6) months following the Potential Change in Control, neither the Compensation and Benefits Committee of the Board nor the Board may terminate or amend the Plan and neither the Chief Executive Officer of the Corporation
nor the Executive Vice President and Human Resources Department Head of the Corporation (or either of their designees) may amend the Plan in a manner that adversely affects the rights of any Participant of the Plan. 

  

 - 13 - 

 In addition, after the date of the occurrence of a Change in Control, no amendment of Section 5.1 of
the Plan shall be effective with respect to any Participant who is a Participant as of the occurrence of a Change in Control without the consent of such Participant. 
  

	7.2	Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly reduce the balance of any Supplemental Account held hereunder as of
the effective date of such amendment or termination. Upon termination of the Plan, distribution of amounts in a Participant’s Supplemental Account shall be made to him or his Beneficiary in the manner and at the time described in
Section 5.1 of the Plan. No additional credits of Supplemental Before-Tax Deposits, Supplemental Matching Contributions or Supplemental Basic Profit Sharing Contributions shall be made to the Supplemental Account of a Participant after
termination of the Plan, but gains and losses attributable to investments made pursuant to Section 4.1 shall continue to be credited to such Supplemental Account until the balance of such Supplemental Account has been fully distributed to the
Participant or his Beneficiary. 

  

	7.3	Amendments Necessary to Satisfy Code Section 409A. Anything in the preceding Sections 7.1 or 7.2 or elsewhere in the Plan to the contrary notwithstanding:

  

	 	(a)	the Plan may be amended in any manner necessary to ensure that the Plan complies in all applicable respects with Code Section 409A; and 

  

	 	(b)	the Plan may not be amended in any manner that would cause the Plan to fail to comply in any applicable respect with Code Section 409A. 

 ARTICLE VIII 
 GENERAL PROVISIONS

  

	8.1	Participant’s Rights Unsecured. If and to the extent amounts allocated hereunder to the Supplemental Accounts of Participants are contributed to the Trust described in
Section 4.1, benefits under the Plan shall be payable pursuant to the Trust Agreement. Pursuant to the Trust Agreement, all assets held thereunder shall remain subject to the general creditors of the Corporation and the Company. The Plan at all
times shall be entirely unfunded and, except as otherwise set forth herein, no provision shall at any time be made with respect to segregating any assets of the Corporation or the Company for payment of any benefits hereunder. No Participant,
Beneficiary or any other person shall have any interest in any particular assets of the Corporation or the Company by reason of the right to receive a benefit under the Plan and Trust Agreement and any such Participant, Beneficiary or other person
shall have only the rights of a general unsecured creditor of the Corporation and the Company with respect to any rights under the Plan and Trust Agreement. 

  

 - 14 - 

	8.2	General Conditions. Except as otherwise expressly provided herein, all terms and conditions of the Qualified Plan applicable to a Qualified Plan Before-Tax Deposit, a
Qualified Plan Matching Contribution or a Qualified Plan Basic Profit Sharing Contribution shall also be applicable to a Supplemental Before-Tax Deposit, a Supplemental Matching Contribution or a Supplemental Basic Profit Sharing Contribution to be
made hereunder. Any Qualified Plan Before-Tax Deposit, Qualified Plan Matching Contribution or Qualified Plan Basic Profit Sharing Contribution, or any other contributions to be made under the Qualified Plan, shall be made solely in accordance with
the terms and conditions of the Qualified Plan and nothing in this Plan shall operate or be construed in any way to modify, amend or affect the terms and provisions of the Qualified Plan. 

  

	8.3	No Guaranty of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Corporation, the Company or any other person or entity that the assets of the
Corporation or the Company will be sufficient to pay any benefit hereunder. 

  

	8.4	No Enlargement of Employee Rights. No Participant shall have any right to receive a distribution under the Plan except in accordance with the terms of the Plan. Establishment
of the Plan shall not be construed to give any Participant the right to be retained in the service of the Corporation or the Company. 

  

	8.5	Spendthrift Provision. No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other
obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 

  

	8.6	Applicable Law. The Plan shall be construed and administered under the laws of the State of Illinois to the extent not inconsistent with the Employee Retirement Income
Security Act of 1974, as amended. 

  

	8.7	Incapacity of Recipient. If any benefit under the Plan shall be payable to a minor or a person not adjudicated incompetent but who, by reason of illness or mental or physical
disability, is, in the opinion of the Committee, unable to properly manage his affairs, such benefit shall be paid in such of the following ways as the Committee deems best: (a) to the person directly; (b) in the case of a minor, to a
custodian under any Uniform Gift to Minors Act for the person; or (c) to the person’s spouse, adult child or blood relative. Any benefit so paid shall be a complete discharge of any liability of the Corporation, the Company and the Plan
therefor. 

  

	8.8	Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of the Corporation, or by the merger or consolidation of the Corporation into or
with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue the Plan, subject to the provisions
of Section 7.1. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate, subject to the provisions of Sections 7.1 and 7.2. 

  

 - 15 - 

	8.9	Unclaimed Benefit. Each Participant shall keep the Committee informed of his current address and the current address of his designated Beneficiary. None of the Corporation,
the Company or the Committee shall be obligated to search for the whereabouts of any person. If the Committee is unable to locate the Participant or any Beneficiary of the Participant, then none of the Corporation, the Company or the Plan shall have
any further obligation to pay any benefit hereunder to such Participant or Beneficiary and such benefit shall be forfeited; provided, however, that if the Participant or Beneficiary makes a valid claim for any benefit that has been forfeited, the
forfeited benefit shall be reinstated. 

  

	8.10	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. 

  

	8.11	Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, none of the Corporation, the Company, any member of the Committee, any member of EBIC,
or any individual acting as an employee or agent of the Corporation, the Company, the Committee or EBIC, shall be liable to any Participant, former Participant, Beneficiary or any other person for any claim, loss, liability or expense incurred in
connection with the Plan. 

  

	8.12	Gender; Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any
headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof. 

  

	8.13	Compliance with Code Section 409A. The Plan is intended to comply in all applicable respects with the requirements of Code Section 409A and shall be construed and
administered so as to comply with that Code section. 

 IN WITNESS WHEREOF, Northern Trust Corporation has caused this amendment and
restatement of the Plan to be executed on its behalf by its duly authorized officer this 18th day of December, 2008, effective as of January 1, 2008 (or as of such other dates as are noted herein). 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	/s/ Timothy P. Moen
	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and Human Resources Department Head

  

 - 16 - 

 SUPPLEMENT #1 
 Special 2005 Supplemental Before-Tax Deposit Agreement 
 This Supplement #1 to the Northern Trust Corporation
Supplemental Thrift-Incentive Plan, as amended and restated effective January 1, 2008 (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. February 10, 2005. 

  

	2.	Application. This Supplement #1 shall apply to all Participants who were eligible to make a Supplemental Before-Tax Deposit for the Plan Year beginning January 1, 2005
(the “2005 Plan Year”), but who failed to execute and deliver a Supplemental Before-Tax Deposit Agreement to the Committee prior to the date specified by the Committee before the beginning of the 2005 Plan Year (individually, a
“Special Election Participant” and, collectively, the “Special Election Participants”). 

  

	3.	Special Provision. The following special provision shall apply to the Special Election Participants: 

 Special 2005 Election: Pursuant to and in accordance with Notice 2005-1 issued by the U.S. Treasury Department and the Internal Revenue Service,
each Special Election Participant shall have the opportunity to execute and deliver to the Committee a Supplemental Before-Tax Deposit Agreement for the 2005 Plan Year to be applied only to Salary in excess of Code Section 401(a)(17)
limitations, in any amount equal to at least one percent (1%), but not to exceed forty percent (40%), subject to the requirements specified in paragraphs 4 through 6 below. 
  

	4.	Special Election Deadline. To be effective, a Supplemental Before-Tax Deposit Agreement referred to in paragraph 3 above must be executed and delivered to the Committee by
the Special Election Participant on or before the date specified by the Committee that is after the Effective Date of this Supplement #1, but no later than March 15, 2005. 

  

	5.	Special Salary Limitation. A Supplemental Before-Tax Deposit Agreement executed and delivered by a Special Election Participant pursuant to this Supplement #1 shall only
apply to Salary of the Special Election Participant that has not been paid or become payable at the time the Special Election Participant executes and delivers such Supplemental Before-Tax Deposit Agreement. 

  

	6.	Limitations on Supplement. Nothing in this Supplement #1 shall be construed to provide any Special Election Participant with any rights or benefits under the Plan other than
those described in Paragraphs 3 through 5 above. 

  

 - 17 - 

 SUPPLEMENT #2 
 Special 2005 Termination of Participation for Specified Employees 
 This Supplement #2 to the Northern Trust
Corporation Supplemental Thrift-Incentive Plan, as amended and restated effective January 1, 2008 (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, 2005. 

  

	2.	Application. This Supplement #2 shall apply to any Participant who would be considered a “specified employee” as defined in proposed regulation section 1.409A-1(i)
issued by the U.S. Treasury Department and the Internal Revenue Service; who terminates employment for any reason on or after the Effective Date of this Supplement #2 and on or before October 31, 2005 (individually, a “2005 Specified
Employee Participant” and, collectively, the “2005 Specified Employee Participants”). 

  

	3.	Special Provision. The following special provision shall apply to the 2005 Specified Employee Participants: 

 Special 2005 Termination of Participation: Pursuant to and in accordance with Notice 2005-1 and proposed regulations under Code section 409A issued
by the U.S. Treasury Department and the Internal Revenue Service, each 2005 Specified Employee Participant shall be considered to have terminated participation in the Plan with respect to any amounts that would otherwise be subject to Code
section 409A, effective as of the date such 2005 Specified Employee Participant terminated employment with the Company. Anything in the Plan to the contrary notwithstanding, such amounts shall be distributed in a lump sum distribution to such
2005 Specified Employee Participant no later than December 31, 2005, or the date such amounts become vested, if later. 
  

	4.	Limitations on Supplement. Nothing in this Supplement #2 shall be construed to provide any 2005 Specified Employee Participant with any rights or benefits under the Plan
other than those described in Paragraph 3 above. 

  

 - 18 -Northern Trust Corporation Supplemental Pension Plan

 Exhibit 10(viii) 
 NORTHERN TRUST CORPORATION 
 SUPPLEMENTAL PENSION PLAN 
 (As Amended and Restated Effective January 1, 2009) 
 The Northern Trust Company Supplemental Plan was adopted on September 16, 1975 and amended through December 16, 1986. The portions of that plan that pertained to The Northern Trust Company Pension Plan were amended and restated by
The Restated Supplemental Pension Plan for Employees of The Northern Trust Company, initially adopted effective September 1, 1989, restated effective September 1, 1989, further amended and restated effective January 1, 1996 and
May 1, 1996 and further amended effective May 1, 1998 (“the Restated Supplemental Pension Plan”). Effective as of July 20, 1999, the assets and obligations of the Restated Supplemental Pension Plan were transferred by The
Northern Trust Company to its parent corporation, Northern Trust Corporation and from and after such date the Northern Trust Corporation became the sponsor of the Restated Supplemental Pension Plan. Northern Trust Corporation further amended and
restated the Restated Supplemental Pension Plan effective July 20, 1999 to reflect the transfer of assets and obligations thereof to Northern Trust Corporation and certain other changes. At that time, the Restated Supplemental Pension Plan was
designated the “Northern Trust Corporation Supplemental Pension Plan.” 
 Northern Trust Corporation now hereby further amends and restates the
Northern Trust Corporation Supplemental Pension Plan, generally effective January 1, 2009 (with such other effective dates as are noted herein) to comply with various changes in applicable law, including the American Jobs Creation Act of 2004,
and to make certain other changes. 
 ARTICLE I 
 DEFINITIONS 
 Wherever used herein the following terms shall have the meanings hereinafter set forth: 
  

	1.1	“Annuity Starting Date” means the first day of the calendar month next following the calendar month in which a Participant incurs a Break in Service under the Qualified
Plan. 

  

	1.2	“Beneficiary” means the individual designated by the Participant to receive any survivor benefits payable under the Plan. If the Participant does not designate a
Beneficiary, or if the designation is ineffective for any reason, as determined by the Committee, the Participant’s Beneficiary shall be: 

  

	 	(a)	The Participant’s Spouse or, if none, 

  

	 	(b)	the Participant’s children (in equal amounts) or, if none, 

  

	 	(c)	the Participant’s parents (in equal amounts) or, if none, 

  

	 	(d)	the Participant’s brothers and sisters (in equal amounts) or, if none, 

  

	 	(e)	the Participant’s estate. 

	1.3	“Board” means the Board of Directors of the Corporation. 

  

	1.4	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: 

  

	 	(a)	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 (c) below; or 

  

	 	(b)	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 (i) three directors; or (ii) 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 

  

	 	(c)	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 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 

  

	 	(d)	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. 

  

 - 2 - 

 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. 
 For purposes of this Section 1.4 and Section 1.18 (where applicable) 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 benefit 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. 

In accordance with the Qualified Plan, each Participant’s Supplemental Pension Benefit shall become fully vested and nonforfeitable upon the
occurrence of a Change in Control. Any Supplemental Pension Benefit accrued for any such Participant following such Change in Control shall also be fully vested and nonforfeitable. 
  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. 

  

	1.6	“Committee” means the Employee Benefit Administrative Committee of the Company, as constituted from time to time, which has the responsibility for administering the
Qualified Plan. 

  

	1.7	“Company” means The Northern Trust Company, an Illinois banking corporation; the Corporation; and such subsidiaries and affiliates of the Corporation as shall adopt the
Plan. 

  

	1.8	“Corporation” means Northern Trust Corporation, a Delaware corporation, and, to the extent provided in Section 7 .8 below, any successor corporation or other entity
resulting from a merger or consolidation into or with the Company or a transfer or sale of substantially all of the assets of the Company. 

  

 - 3 - 

	1.9	“EBIC” means the Employee Benefit Investment Committee of the Company, as constituted from time to time, which has responsibility for overseeing the investment of the
assets attributable to the Plan. 

  

	1.10	“409A Amount” means the portion of the Participant’s Supplemental Pension Benefit that consists of amounts deferred in taxable years beginning after December 31,
2004, as determined in accordance with Code Section 409A and applicable regulations promulgated thereunder. The amount of the Supplemental Pension Benefit that is considered deferred on or before December 31, 2004 equals the present value
of the amount to which the Participant would have been entitled under the Plan if the Participant had voluntarily terminated service from the Company without cause on December 31, 2004, and received a payment of the Supplemental Pension Benefit
available from the Plan on the earliest possible date allowed under the Plan to receive a payment of benefits following the termination of service, and received the Supplemental Pension Benefit in the form with the maximum value (the
“Grandfathered Amount”); provided, however, that for any subsequent taxable year of the Participant, the Grandfathered Amount may increase to equal the present value of the Supplemental Pension Benefit the Participant actually becomes
entitled to, in the form and at the time actually paid, determined under the terms of the Plan (including applicable limits under the Internal Revenue Code), as in effect on October 3, 2004, without regard to any further services rendered by
the Participant after December 31, 2004, or any other events affecting the amount of or the entitlement to the Supplemental Pension Benefit (other than the Participant’s election with respect to the time or form of an available benefit).
For purposes of calculating the present value of the Supplemental Pension Benefit as described in the preceding sentence, the actuarial assumptions and methods used to value benefits under the Qualified Plan shall be used. 

 

	1.11	“Key Employee” means a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i). The Company’s Key Employees shall
be identified annually pursuant to Section 3.8. 

  

	1.12	“Modified Pension Benefit” means the Qualified Plan Pension Benefit determined as of a Participant’s Annuity Starting Date under the Plan, with the following
modifications: 

  

							
		  	(a)  	  	Code Section 401(a)(17) and Section 415 restrictions shall be disregarded;
				
		  	(b)  	  	(i)  	  	January 1, 2002 through April 30, 2004: Any amounts of the cash portion of performance-based incentive compensation awarded on or after January 1, 2002 through
April 30, 2004 under the Northern Trust Corporation Annual Performance Plan, the Northern Trust Corporation Management Performance Plan and the Specialized Incentive Plan, the receipt of which is deferred under the Northern Trust Corporation
Deferred Compensation Plan and which would have been taken into account as Compensation under the Qualified Plan if not deferred, will be taken into account as Compensation as if such amounts were not so deferred;

  

 - 4 - 

	 	(ii)	May 1, 2004 and thereafter: Any amounts of the cash portion of performance-based incentive compensation awarded on or after May 1, 2004 under the Northern Trust
Corporation Management Performance Plan or as Northern Performance Incentives, Northern Sales Incentives and/or Northern Technical Incentives under the Northern Partners Incentive Plan, the receipt of which is deferred under the Northern Trust
Corporation Deferred Compensation Plan and which would have been taken into account as Compensation under the Qualified Plan if not deferred, will be taken into account as Compensation as if such amounts were not so deferred; and

  

	 	(c)	Anything in the Plan to the contrary notwithstanding, in the event a Participant is entitled to additional deemed age and service credit under the Plan pursuant to an Employment
Security Agreement, such Participant shall be deemed to have up to an additional 36 months of age and service, as provided in such Participant’s Employment Security Agreement, for all purposes in determining eligibility for and calculation of
the Participant’s Modified Pension Benefit. 

  

	1.13	“Modified Survivor Benefit” means the Qualified Plan Survivor Benefit determined as of a Participant’s Annuity Starting Date under the Plan, with the following
modifications: 

  

							
		  	(a)  	  	Code Section 401(a)(17) and Section 415 restrictions shall be disregarded;
				
		  	(b)  	  	(i)  	  	January 1, 2002 through April 30, 2004: Any amounts of the cash portion of performance-based incentive compensation awarded on or after January 1, 2002 through
April 30, 2004 under the Northern Trust Corporation Annual Performance Plan, the Northern Trust Corporation Management Performance Plan and the Specialized Incentive Plan, the receipt of which is deferred under the Northern Trust Corporation
Deferred Compensation Plan and which would have been taken into account as Compensation under the Qualified Plan if not deferred, will be taken into account as Compensation as if such amounts were not so deferred;
				
		  		  	(ii)  	  	May 1, 2004 and thereafter: Any amounts of the cash portion of performance-based incentive compensation awarded on or after May 1, 2004 under the Northern Trust Corporation
Management Performance Plan or as Northern Performance Incentives, Northern Sales Incentives and/or Northern Technical Incentives under the Northern Partners Incentive Plan, the receipt of which is deferred under the Northern Trust Corporation
Deferred Compensation Plan and which would have been taken into account as Compensation under the Qualified Plan if not deferred, will be taken into account as Compensation as if such amounts were not so deferred; and

  

 - 5 - 

	1.14	“Participant” means any employee of the Company who is a participant under the Qualified Plan as described in section 2 .1 of the Plan and to whom or with respect to whom
a benefit is payable under the Plan. Anything in the Plan to the contrary notwithstanding, in the event an employee of the Company is entitled to additional deemed age and service credit under the Plan pursuant to an Employment Security Agreement
and is an Eligible Employee as defined in the Qualified Plan, “Participant” shall also include any such employee who is not then a participant in the Qualified Plan but who would be a participant in the Qualified Plan if such employee met
applicable service requirements for participation in the Qualified Plan. 

  

	1.15	“Payment Date” means, with respect to a Participant who incurs a Separation from Service for any reason other than the Participant’s death prior to his Annuity
Starting Date, the first day of the second calendar month following the calendar month in which the Participant incurs such Separation from Service, provided, however, that in the case of a Participant a portion of whose Supplemental Pension Benefit
consists of a Grandfathered Amount, the Participant’s Payment Date with respect to such Grandfathered Amount shall be the first day of the second month following the calendar month in which the Participant incurs a Break in Service under the
Qualified Plan. 

  

	1.16	“Plan” means the Northern Trust Corporation Supplemental Pension Plan, as amended from time to time. 

  

	1.17	“Plan Year” means the calendar year. 

  

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

  

	 	(a)	The Corporation enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

  

	 	(b)	The Corporation or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control;

  

	 	(c)	Any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing 15% or more of either the then outstanding shares of common stock of
the Corporation or the combined voting power of the Corporation’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Corporation or its Affiliates); or

  

	 	(d)	The Board adopts a resolution to the effect that, for purposes of this Plan, a Potential Change in Control has occurred. 

  

	1.19	“Qualified Plan” means The Northern Trust Company Pension Plan as amended and restated effective January 1, 2002, and as further amended from time to time, and each
predecessor, successor or replacement employees’ pension plan. 

  

 - 6 - 

	1.20	“Qualified Plan Pension Benefit” means the aggregate pension benefit payable to a Participant pursuant to the Qualified Plan by reason of his termination of employment
with the Company and all Related Companies. 

  

	1.21	“Qualified Plan Survivor Benefit” means the aggregate survivor benefit payable to a Beneficiary of a Participant pursuant to Section 6 .1 of the Qualified Plan in the
event of death of the Participant at any time prior to the Participant’s Annuity Starting Date under the Plan. 

  

	1.22	“Related Company” means any person with whom the Company is considered to be a single employer under Section 414(b) of the Code and all persons with whom the Company
would be considered a single employer under Code Section 414(c), substituting “50%” for the “80%” standard that would otherwise apply. 

  

	1.23	“Separation from Service” means that a Participant dies, retires or otherwise has a termination of employment with the Company. A termination of employment will be deemed
to occur when the Company and the Participant reasonably anticipate that the level of bona fide services the Participant will perform for the Company (whether as an employee or an independent contractor, but not as a director) after a certain date
will permanently decrease to less than 50 percent of the average level of bona fide services performed by the Participant for the Company (as an employee or independent contractor, but not as a director) in the immediately preceding 36 months (or
the full period of the Participant’s services to the Company if the Participant has been providing services to the Company for less than 36 months,), determined in accordance with Treas. Reg. Sec 1.409A-1(h). The employment relationship
will be treated as continuing intact while the Participant is on a bona fide leave of absence (determined in accordance with Treas. Reg. Sec. 1.409A-1(h)) but (a) only if there is a reasonable expectation that the Participant will return to
active employment status, and (b) only to the extent that such leave of absence does not exceed 6 months, or, if longer, for so long as the Participant has a statutory or contractual right to reemployment. For purposes of this
Section 1.23, references to the Company shall include the Company and all Related Companies. 

  

	1.24	“Spouse” means the person to whom the Participant was married on the date of his death. 

  

	1.25	“Supplemental Pension Benefit” means the benefit payable to a Participant pursuant to the Plan. 

  

	1.26	“Supplemental Survivor Benefit” means the benefit payable to the Beneficiary of a Participant pursuant to the Plan. 

  

	1.27	Except as otherwise expressly provided herein, all words and phrases in the Qualified Plan shall have the same meaning in the Plan. 

  

 - 7 - 

 ARTICLE II 
 ELIGIBILITY 
  

	2.1	Participant. An employee of the Company who is eligible in any Plan Year to receive a Qualified Plan Pension Benefit, the amount of which is reduced by reason of the
application of the limitations on benefits imposed by either or both of Section 401 (a) (17) and Section 415 of the Code on the Qualified Plan, shall be a Participant and shall be eligible to receive a Supplemental Pension
Benefit for such Plan Year. Anything in the preceding sentence or elsewhere in the Plan to the contrary notwithstanding, in the event an employee of the Company is entitled to additional deemed age and service credit pursuant to an Employment
Security Agreement and is an Eligible Employee as defined in the Qualified Plan, such employee shall be a Participant in the Plan. 

 ARTICLE III 
 SUPPLEMENTAL PENSION BENEFIT 
  

	3.1	Amount. The Supplemental Pension Benefit payable to an eligible Participant shall be calculated as if the Participant had elected an immediate lump sum distribution under the
Qualified Plan, determined as of the Annuity Starting Date under the Plan. The Supplemental Pension Benefit shall be the difference between (a) the lump sum value of the Participant’s Modified Pension Benefit and (b) the lump sum
value of the Participant’s Qualified Plan Pension Benefit determined as of the Annuity Starting Date under the Plan, regardless of whether the Participant has an Annuity Starting Date under the Qualified Plan at that time.

  

	3.2	Vesting of Benefit. Each Participant shall vest in his Supplemental Pension Benefit in accordance with the vesting schedule applicable to his Qualified Plan Pension Benefit
set forth in the Qualified Plan. 

  

	3.3	Form of Benefit. For any Supplemental Pension Benefit: 

  

	 	(a)	If the lump sum value of a Participant’s Supplemental Pension Benefit is equal to or less than One Hundred Twenty-five Thousand Dollars ($125,000.00), such Supplemental Pension
Benefit shall be paid in a single lump sum calculated pursuant to Sections 3.1 and 3.6(a). 

  

	 	(b)	If the lump sum value of a Participant’s Supplemental Pension Benefit exceeds One Hundred Twenty-five Thousand Dollars ($125,000.00), such Supplemental Pension Benefit shall be
paid as a Five-Year Certain Annuity calculated pursuant to Sections 3.1 and 3.6(b). 

  

	3.4	Commencement and Duration of Benefits. 

  

	 	(a)	If a Participant’s Supplemental Pension Benefit is payable in the form of a lump sum, payment of such Supplemental Pension Benefit shall be made on the Participant’s
Payment Date. If a Participant incurs an Annuity Starting Date, but dies prior to the payment of the lump sum referred to in the preceding sentence, such lump sum amount shall be paid to the Participant’s Beneficiary in the same amount and on
the same date as the Participant would have received such payment. 

  

 - 8 - 

	 	(b)	If a Participant’s Supplemental Pension Benefit is payable in the form of a Five-Year Certain Annuity, the first annual installment shall be paid on the Participant’s
Payment Date and a subsequent annual installment shall be paid on each of the next four anniversary dates of such Payment Date. If the Participant incurs an Annuity Starting Date, but dies before receiving all five annual installments of the
Five-Year Certain Annuity, any remaining installments shall be paid to the Participant’s Beneficiary in the same amounts and on the same dates as the Participant would have received such payments. 

  

	 	(c)	In the case of a Participant, whose Supplemental Pension Benefit consists of a Grandfathered Amount, and a Section 409A Amount, the provisions of Section 3.3 shall be
applied to the entire amount of his Supplemental Pension Benefit as determined on his Annuity Starting Date, but the foregoing provisions of this Section 3.4 shall apply separately to the Grandfathered Amount and to the Section 409A
Amount, by reference to the separate Payment Dates for those amounts, as applicable. 

  

	3.5	Grandfather Provision. Notwithstanding anything to the contrary contained herein, any Participant who commenced receiving payment of a Supplemental Pension Benefit hereunder
in the form of an annuity prior to September 1, 1989, pursuant to the terms of the Plan on the date payment of such Benefit commenced, shall continue to receive such payments from and after September 1, 1989 in the form of such annuity.

  

	3.6	Calculation of Benefit. For any Supplemental Pension Benefit or Supplemental Survivor Benefit: 

  

	 	(a)	The amount of any lump sum calculated under the Plan for any Participant or Beneficiary shall be determined (subject to Section 1.12(c)) on the basis of the rates, tables and
factors (including any early retirement adjustment factors) which would be used to determine the Participant’s or Beneficiary’s lump sum payment under the Qualified Plan as of the Participant’s or Beneficiary’s Annuity Starting
Date under the Plan. 

  

	 	(b)	 The amount of any Five-Year Certain Annuity calculated under the Plan for any Participant or Beneficiary shall be determined: (i) by determining the lump sum
value of such Participant’s Supplemental Pension Benefit as provided in Section 3.1 and 3.6(a) or such Beneficiary’s Supplemental Survivor Benefit as provided in Sections 4.1 and 3.6(a) and, (ii) by converting the lump sum
calculated in paragraph (i) of this Section 3.6(b) to five guaranteed payments payable in equal annual installments using the greater of the annual yield on the monthly 5-year Treasury securities with constant maturity plus 150 basis
points or the month-end Moody’s Long 

  

 - 9 - 

	 	 
term Aa Corporate Index yield as an earnings factor. This earnings factor shall be determined as of the last month of the same calendar quarter as the
interest rate used to calculate the Participant’s or Beneficiary’s lump sum in paragraph (i) of this Section 3.6(b). 

  

	3.7	Limits on Distributions to Key Employees. Anything in the Plan to the contrary notwithstanding, if, as of the date a Participant incurs a Separation from Service, the
Participant is a Key Employee, 

  

	 	(a)	any distribution in the form of a lump sum of a 409A Amount from the Plan to such Participant due to such Separation from Service shall be made on the date that is six months and
one day following such Participant’s Separation from Service; and 

  

	 	(b)	any distribution of the first installment of a 409A Amount that is payable in the form of a Five-Year Certain Annuity to such Participant from the Plan due to such Separation from
Service shall be made on the date that is six months and one day following such Participant’s Separation from Service, and subsequent annual installments of such 409A Amount shall be paid on each of the next four anniversary dates of the date
that would otherwise have been the Participant’s Payment Date with respect to such 409A Amount disregarding the effect of this Section 3.7(b) on the payment of the first installment of such 409A Amount. 

  

	3.8	Annual Identification of Key Employees. The Specified Employee Identification Date, as defined in Treas. Reg. §1.409A-1(i)(3), to be used in determining Key Employees of
the Company shall be September 30 of any Plan Year. The January 1 of the Plan Year next following that Plan Year shall be the Specified Employee Effective Date, as defined in Treas. Reg. §1.409A-1(i)(4), for Participants identified as
Key Employees on the immediately preceding Specified Employee Identification Date. Participants identified as Key Employees on a Specified Employee Identification Date (September 30) shall be treated as Key Employees under the Plan for the 12-month
period beginning on the Specified Employee Effective Date (January 1) next following such Specified Employee Identification Date. 

 ARTICLE IV 
 SUPPLEMENTAL SURVIVOR BENEFIT 
  

	4.1	Amount. If a Participant incurs a Separation from Service due to his death prior to his Annuity Starting Date under the Plan under circumstances in which a Qualified Plan
Survivor Benefit is payable to his Beneficiary, then a Supplemental Survivor Benefit is payable to his Beneficiary as hereinafter provided. Any Supplemental Survivor Benefit, shall be calculated as if the Beneficiary had elected a lump sum
distribution under the Qualified Plan determined as of the date that would have been the Participant’s Annuity Starting Date under the Plan. The Supplemental Survivor Benefit shall be the difference between (a) the lump sum value of the
Beneficiary’s Modified Survivor Benefit and (b) the lump sum value of the Beneficiary’s Qualified Plan Survivor Benefit determined as of the Annuity Starting Date under the Plan, regardless of whether the Beneficiary has an
“Annuity Starting Date” (as that term is defined in the Qualified Plan) under the Qualified Plan at that time. 

  

 - 10 - 

	4.2	Form and Commencement of Benefit. For any Supplemental Survivor Benefit: 

  

							
		  	(a)  	  	If the lump sum value of a Beneficiary’s Supplemental Survivor Benefit is equal to or less than One Hundred Twenty-five Thousand Dollars ($125,000.00), such Beneficiary’s
Supplemental Survivor Benefit shall be paid in a single lump sum calculated pursuant to Sections 4.1 and 3.6(a).
			
		  	(b)  	  	If the lump sum value of a Beneficiary’s Supplemental Survivor Benefit exceeds One Hundred Twenty-five Thousand Dollars ($125,000.00), such Beneficiary’s Supplemental
Survivor Benefit shall be paid as a Five-Year Certain Annuity calculated pursuant to Sections 4.1 and 3.6(b).
				
		  	(c)  	  	(i)  	  	If a Beneficiary’s Supplemental Survivor Benefit is payable in the form of a lump sum, payment of such Supplemental Survivor Benefit shall be made on the first day of the calendar month
next following the calendar month in which the Participant died.
				
		  		  	(ii)  	  	If a Beneficiary’s Supplemental Survivor Benefit is payable in the form of a Five-Year Certain Annuity, the first annual installment shall be paid on the date the Beneficiary would have
received a lump sum payment as described in paragraph (i) of this Section 4.2(c). A subsequent annual installment shall be paid on each of the next four anniversary dates of such payment date. If the Beneficiary dies before receiving all
five annual installments of the Five-Year Certain Annuity, any remaining installments shall be paid to the Beneficiary who would have been entitled to such Supplemental Survivor Benefit if the initial Beneficiary had predeceased the Participant.
Such remaining installments shall be paid in the same amounts and on the same dates as the initial Beneficiary would have received such payments.

  

	4.3	Grandfather Provision. Notwithstanding anything to the contrary contained herein, any Beneficiary who commenced receiving payment of a Supplemental Survivor Benefit hereunder
in the form of an annuity prior to January 1, 1995, pursuant to the terms of the Plan on the date payment of such Benefit commenced, shall continue to receive such payments from and after January 1, 1995 in the form of such annuity.

  

 - 11 - 

 ARTICLE V 
 ADMINISTRATION OF THE PLAN 
  

	5.1	Administration by the Committee. Except as otherwise provided in Section 7.1, the Committee shall be responsible for the general operation and administration of the Plan
and for carrying out the provisions thereof. The Committee shall have discretion to interpret and construe the provisions of the Plan. 

  

	5.2	General Powers of Administration. All provisions set forth in the Qualified Plan with respect to the administrative powers and duties of the Committee, expenses of
administration, and procedures for filing claims shall also be applicable with respect to the Plan. The Committee and EBIC shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any
actuary, accountant, controller, counsel or other person employed or engaged by the Committee or EBIC with respect to the Plan. 

  

	5.3	Terms Include Authorized Delegates. Where appropriate, the term “Company”, “Corporation”, “Committee” or “EBIC” as used in this Plan
shall also include any applicable subcommittee or any duly authorized delegate of the Company, the Corporation, the Committee or EBIC, as the case may be. Such duly authorized delegate may be an individual or an organization within the Company, the
Corporation, the Committee or EBIC, or may be an unrelated third party individual or organization. 

 ARTICLE VI

 AMENDMENT OR TERMINATION 
  

	6.1	Amendment or Termination. The Corporation intends the Plan to be permanent but reserves the right to amend or terminate the Plan when, in the sole discretion of the
Corporation, such amendment or termination is advisable. 

  

	 	(a)	Any such termination shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board if the Compensation and Benefits Committee is
unavailable or unable to act for any reason) and shall be effective as of the date set forth in such resolution. 

  

	 	(b)	Any such amendment shall be made in accordance with the following: 

  

	 	(i)	material amendments to the Plan (including any extraordinary amendment related to an acquisition or divestiture by the Company) shall be made by action of the Compensation and
Benefits Committee of the Board (or by action of the Board, if the Compensation and Benefits Committee is unavailable or unable to act for any reason); and 

  

 - 12 - 

	 	(ii)	(A) non-material or administrative amendments to the Plan (including any amendment pursuant to guidelines established by the Compensation and Benefits Committee of the Board related
to an acquisition or divestiture by the Company) or (B) any amendment to the Plan deemed required, authorized or desirable under applicable statutes, regulations or rulings, shall be made by action of either the Chief Executive Officer of the
Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or either of their duly authorized designees). 

  

	 	(c)	Notwithstanding the foregoing, (i) for a period of two years after the date of an occurrence of a Change in Control or (ii) in the event of a Potential Change in Control
and for a period of six (6) months following the Potential Change in Control, neither the Compensation and Benefits Committee of the Board nor the Board may terminate or amend this Plan and neither the Chief Executive Officer of the Corporation
nor the Executive Vice President and Human Resources Department Head of the Corporation (or either of their designees) may amend this Plan in a manner that adversely affects the rights of any Participant of the Plan. 

 In addition, after the date of the occurrence of a Change in Control, no amendment of Sections 3.4 or 4.2 of the Plan shall be effective with respect to
any Participant who is a Participant as of the occurrence of a Change in Control without the consent of such Participant. 
  

	6.2	Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly deprive any current or former Participant or Beneficiary of all or
any portion of any Supplemental Pension Benefit or Supplemental Survivor Benefit, payment of which has commenced prior to the effective date of such amendment or termination, or that would be payable if the Participant terminated employment for any
reason, including death, on such effective date. In the event of a Plan termination, subject to Article VIII, a Participant’s Supplemental Pension Benefit and any Beneficiary’s Supplemental Survivor Benefit shall be paid (or shall continue
to be paid to Participants and Beneficiaries who began receiving Supplemental Pension Benefits or Supplemental Survivor Benefits prior to the termination) on such date(s) and in such form as each such Participant or Beneficiary is entitled under
Articles III and IV. 

  

	6.3	Amendments Necessary to Satisfy Code Section 409A. Anything in the preceding Sections 6.1 or 6.2 or elsewhere in the Plan to the contrary notwithstanding:

  

	 	(a)	the Plan may be amended in any manner necessary to ensure that the Plan complies in all applicable respects with Code Section 409A; and 

  

	 	(b)	the Plan may not be amended in any manner that would cause the Plan to fail to comply in any applicable respect with Code Section 409A. 

  

 - 13 - 

 ARTICLE VII 
 GENERAL PROVISIONS 
  

	7.1	Funding. The Corporation may cause amounts to fund the benefits under the Plan to be contributed to a trust (“Trust”) designated for such purpose by the
Corporation. Amounts contributed pursuant to the Trust shall be invested as EBIC determines is appropriate. If and to the extent amounts are contributed to the Trust hereunder, benefits under the Plan shall be payable pursuant to the Trust
Agreement. Pursuant to the Trust Agreement, all assets held thereunder shall remain subject to the general creditors of the Corporation and the Company. The Plan at all times shall be entirely unfunded and, except as otherwise set forth herein, no
provision shall at any time be made with respect to segregating any assets of the Corporation or the Company for payment of any benefits hereunder. No Participant, Beneficiary or any other person shall have any interest in any particular assets of
the Corporation or the Company by reason of the right to receive a benefit under the Plan and Trust Agreement and any such Participant, Beneficiary or other person shall have only the rights of a general unsecured creditor of the Corporation and the
Company with respect to any rights under the Plan and Trust Agreement. 

  

	7.2	General Conditions. Except as otherwise expressly provided herein, all terms and conditions of the Qualified Plan applicable to a Qualified Plan Pension Benefit or a
Qualified Plan Survivor Benefit shall also be applicable to a Supplemental Pension Benefit or a Supplemental Survivor Benefit payable hereunder. Any Qualified Plan Pension Benefit or Qualified Plan Survivor Benefit, or any other benefit payable
under the Qualified Plan, shall be paid solely in accordance with the terms and conditions of the Qualified Plan and nothing in the Plan shall operate or be construed in any way to modify, amend or affect the terms and provisions of the Qualified
Plan. 

  

	7.3	No Guaranty of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Corporation, the Company or any other entity or person that the assets of the
Corporation or the Company will be sufficient to pay any benefit hereunder. 

  

	7.4	No Enlargement of Employee Rights. No Participant or Beneficiary shall have any right to a benefit under the Plan except in accordance with the terms of the Plan.
Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Corporation or the Company. 

  

	7.5	Spendthrift Provision. No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind ; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other
obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 

  

	7.6	Applicable Law. The Plan shall be construed and administered under the laws of the State of Illinois to the extent not inconsistent with the Employee Retirement Income
Security Act of 1974, as amended. 

  

 - 14 - 

	7.7	Incapacity of Recipient. If any benefit under the Plan shall be payable to a minor or a person not adjudicated incompetent but who, by reason of illness or mental or physical
disability, is, in the opinion of the Committee, unable to properly manage his affairs, such benefit shall be paid in such of the following ways as the Committee deems best: (a) to the person directly; (b) in the case of a minor, to a
custodian under any Uniform Gift to Minors Act for the person; or (c) to the person’s spouse, adult child or blood relative. Any benefit so paid shall be a complete discharge of any liability of the Corporation, the Company and Plan
therefore. 

  

	7.8	Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of the Corporation or by the merger or consolidation of the Corporation into or
with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue the Plan, subject to the provisions
of Section 6.1. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Sections 6.1 and 6 .2. 

  

	7.9	Unclaimed Benefit. Each Participant shall keep the Committee informed of his current address and the current address of his designated Beneficiary. None of the Corporation,
the Company or the Committee shall be obligated to search for the whereabouts of any person. If the Committee is unable to locate the Participant or any Beneficiary of the Participant, then none of the Corporation, the Company or the Plan shall have
any further obligation to pay any benefit hereunder to such Participant or Beneficiary and such benefit shall be forfeited; provided, however, that if the Participant or Beneficiary makes a valid claim for any benefit that has been forfeited, the
forfeited benefit shall be reinstated. 

  

	7.10	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. 

  

	7.11	Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, none of the Corporation, the Company, any member of the Committee, any member of EBIC,
or any individual acting as an employee or agent of the Corporation, the Company, the Committee or EBIC, shall be liable to any Participant, former Participant, Beneficiary or any other person for any claim, loss, liability or expense incurred in
connection with the Plan. 

  

	7.12	Gender; Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any
headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof. 

  

	7.13	Compliance with Code Section 409A. The Plan is intended to comply in all applicable respects with the requirements of Code Section 409A and shall be construed and
administered so as to comply with that Code section. 

  

 - 15 - 

 ARTICLE VIII 
 CHANGE IN CONTROL 
  

	8.1	Participants and Beneficiaries Receiving Benefits. Notwithstanding any other provision of the Plan, if a Change in Control occurs, each Participant or Beneficiary who began
receiving the Grandfathered Amount, if any, of a Supplemental Pension Benefit or a Supplemental Survivor Benefit prior to such Change in Control in the form of a Five-Year Certain Annuity shall receive any remaining installments of such
Grandfathered Amount in the form of a single lump sum payment, with the earnings factor described in Section 3.6(b) applied through the lump sum payment date. Any lump sum payment of the Grandfathered Amount shall be made as soon as reasonably
practicable after the Change in Control, but in any event no later than thirty (30) days after the Change in Control. 

  

	8.2	Participants and Beneficiaries Not Yet Receiving Benefits. Notwithstanding any other provision of the Plan, if a Change in Control occurs, the Grandfathered Amount (as
defined in Section 1.10), if any, of the Supplemental Pension Benefit or Supplemental Survivor Benefit of any Participant or Beneficiary who has not begun to received such Supplemental Pension Benefit or Supplemental Survivor Benefit prior to
the Change in Control shall be payable in the form of a single lump sum, and no Grandfathered Amount of such Supplemental Pension Benefit or Supplemental Survivor Benefit shall be payable in the form of a Five-Year Certain Annuity or Supplemental
Survivor Benefit. The Grandfathered Amount of such lump sum Supplemental Pension Benefit shall be payable to such a Participant on the Participant’s Payment Date. The Grandfathered Amount of any such lump sum Supplemental Survivor Benefit shall
be payable to a Beneficiary on the date on which the Beneficiary is entitled to payment under Section 4.2(c)(i). 

  

	8.3	Article Not Applicable to 409A Amounts. Nothing in this Article VIII shall apply to or otherwise affect in any way the 409A Amount of any Participant’s Supplemental
Pension Benefit or any Beneficiary’s Supplemental Survivor Benefit. The 409A Amount of any Participant’s Supplemental Pension Benefit and any Beneficiary’s Supplemental Survivor Benefit shall be paid (or shall continue to be paid to
Participants and Beneficiaries who began receiving Supplemental Pension Benefits or Supplemental Survivor Benefits prior to a Change in Control) on the date(s) and in such form as each such Participant or Beneficiary is entitled to payment as if the
Change in Control had not occurred. 

 IN WITNESS WHEREOF, Northern Trust Corporation has caused this amendment and restatement of the
Plan to be executed on its behalf by its duly authorized officer this 18th day of December 2008, effective January 1, 2009 (or as of such other dates as are noted herein.) 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	/s/ Timothy P. Moen
	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and Human Resources Department Head

  

 - 16 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]