EXHIBIT 4.5 THE NORTHERN TRUST COMPANY THRIFT INCENTIVE PLAN (TIP) AND EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) BENEFICIARY DESIGNATION ------------------------------------ -------------------------------------- Participant's Name (Please Print) Social Security Number Marital Status: (Circle One) Single Married Widowed Divorced To designate the same beneficiary for both the TIP and ESOP, complete Section I. To designate different beneficiaries for TIP & ESOP, complete Section II. (Pursuant to Federal law, if married, the sole primary beneficiary must be your spouse unless waived in Section III below.) I. I HEREBY DESIGNATE THE FOLLOWING BENEFICIARY FOR THE TIP AND ESOP: (PLEASE SIGN AND DATE BELOW) Primary Beneficiary's Name: _______________________________________________ Address: __________________________________ Relationship: _________________ If Primary Beneficiary is deceased, pay to: _______________________________ Address: __________________________________ Relationship: _________________ ================================================================================ II. I HEREBY DESIGNATE THE FOLLOWING BENEFICIARIES: (PLEASE SIGN AND DATE BELOW) THRIFT INCENTIVE PLAN Primary Beneficiary's Name: _______________________________________________ Address: __________________________________ Relationship: _________________ If Primary Beneficiary is deceased, pay to: _______________________________ Address: __________________________________ Relationship: _________________ ================================================================================ EMPLOYEE STOCK OWNERSHIP PLAN Primary Beneficiary's Name: _______________________________________________ Address: __________________________________ Relationship: _________________ If Primary Beneficiary is deceased, pay to: _______________________________ Address: __________________________________ Relationship: _________________ PARTICIPANT'S SIGNATURE: __________________ DATE: _________________________ ================================================================================ III. SPOUSE'S WAIVER: I hereby waive my right to a survivor benefit from The Northern Trust Thrift Incentive and Employee Stock Ownership Plans and agree to the above designation. I understand that I may revoke this waiver at any time during the lifetime of the participant (my spouse) named above by a written letter delivered to the TIP/ESOP Administrator. Furthermore, if the participant changes the beneficiary designated above, this waiver is revoked. Spouse's Signature: _______________________ Date: ________________________ Notary:____________________________________ Date: ________________________ RETURN TO TIP/ESOP, M-8 1