NORTHERN TRUST CORPORATION MANAGEMENT PERFORMANCE PLAN

Exhibit 10(i)

NORTHERN TRUST CORPORATION

MANAGEMENT PERFORMANCE PLAN

(As Amended and Restated Effective July 15, 2008)

The purposes of the Northern Trust Corporation Management Performance Plan (the “Plan”) are to (i) promote the achievement of superior financial and operating performance of Northern Trust Corporation and its subsidiaries (the “Corporation”), and to further the objective of delivering unrivaled service quality to clients through the awarding of annual cash incentives to participants in the Plan (“Participants”), (ii) reward Participants who make significant contributions to the Corporation’s success, enabling them to share in this success, (iii) provide the Corporation a means to attract, motivate and retain key senior officers and (iv) qualify any compensation paid under the Plan for tax deductibility under Section 162(m) of the Internal Revenue Code of 1986, as amended.

The Plan shall be administered by the Compensation and Benefits Committee (the “Committee”) of the Board of Directors (the “Board”) of the Corporation. The Committee shall have authority for selecting Participants and determining final award amounts to be paid to Participants. Subject to the express provisions of the Plan, the Committee shall be authorized to interpret the Plan and to establish, amend and rescind any rules and regulations relating to the Plan and to make all other determinations deemed necessary or advisable for the proper administration of the Plan. The determinations of the Committee in the proper administration of the Plan shall be conclusive and binding.

The Plan was originally effective as of January 1, 1999 (the “Effective Date”), subject to approval by the Corporation’s shareholders at the 1999 Annual Meeting of Shareholders, which was obtained. This amended and restated Plan shall be effective July 15, 2008. The Plan shall remain in effect until terminated by the Board.

Eligibility to participate in the Plan shall be limited to any key officer of the Corporation at or above the level of an executive vice president. Participants in the Plan shall be selected annually by the Committee from those key senior officers eligible to participate in the Plan.

The Corporation’s fiscal year shall be the performance period. For each fiscal year, the Plan’s performance objective (the “Performance Objective”) and the corresponding Funding Opportunity (described below) for each Participant shall be established with reference to the Corporation’s consolidated net income as determined in accordance with generally accepted accounting principles and Section VI below.

The Funding Opportunity for Participants for each fiscal year shall be as follows: