Exhibit 10
William A. Osborn
Chairman and
Chief Executive Officer
February 20, 2007
Mr. Timothy P. Moen
Executive Vice President and
Head of Human Resources and Administration
Dear Tim:
This is to advise that I voluntarily terminate the Employment Security Agreement, dated May 21, 2002, between myself and Northern Trust Corporation effective the date hereof. Because of my seniority and longevity both at Northern Trust and as Chairman and Chief Executive Officer, I have significant equity ownership in Northern Trust and am retirement eligible. Accordingly, my unique situation is such that an employment security agreement for me is unnecessary.
If the foregoing is acceptable to Northern Trust Corporation, kindly so indicate by signing this letter, which shall be kept in the permanent records and minute books of the company to memorialize the termination of the Employment Security Agreement.
Sincerely,
/s/ William A. Osborn
William A. Osborn
Accepted and Agreed:
Northern Trust Corporation
By: /s/ Timothy P. Moen
Timothy P. Moen,
Executive Vice President and
Head of Human Resources and Administration