NORTHERN FUNDS ADDENDUM NO. 1 TO THE INVESTMENT ADVISORY AGREEMENT
(d)(22)
ADDENDUM NO. 1 TO THE INVESTMENT ADVISORY AGREEMENT
This Addendum, dated as of the 3rd day of August, 2007, is entered into between
NORTHERN FUNDS (the “Trust”), a Delaware business trust, NORTHERN TRUST INVESTMENTS, N.A., an
Illinois state-chartered trust company, and NORTHERN TRUST GLOBAL ADVISORS, INC., a Delaware
corporation (each, an “Adviser” and together, the “Advisers”).
WHEREAS, the Trust and the Advisers have entered into an Investment Advisory and Ancillary
Services Agreement dated as of May 5, 2006, pursuant to which the Trust has appointed the
Investment Adviser to act as investment adviser to the Trust for the Multi-Manager Mid Cap Fund,
Multi-Manager Small Cap Fund and Multi-Manager International Equity Fund; and
WHEREAS, Section 1(b) of the Advisory Agreement provides that in the event the Trust
establishes one or more additional investment portfolios with respect to which it desires to retain
the Adviser(s) to act as investment advisers under the Advisory Agreement, the Trust shall so
notify the Adviser(s) in writing and if the Adviser(s) is willing to render such services it shall
notify the Trust in writing, and the compensation to be paid to the Adviser(s) shall be that which
is agreed to in writing by the Trust and the Adviser(s); and
WHEREAS, pursuant to Section 1(b) of the Advisory Agreement, the Trust has notified the
Adviser(s) that it is establishing the Multi-Manager Large Cap Fund (the “Fund”), and that it
desires to retain the Adviser(s) to act as the investment adviser for the Fund and the Adviser(s)
has notified the Trust that it is willing to serve as investment adviser for the Fund;
NOW THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Appointment. The Trust hereby appoints the Adviser(s) to act as investment adviser
to the Trust for the Fund in accordance with the terms set forth in the Advisory Agreement. The
Adviser(s) hereby accepts such appointment and agrees to render the services set forth in the
Advisory Agreement for the compensation herein provided.
2. Compensation. For the services provided and the expenses assumed pursuant to the
Advisory Agreement regarding the Fund, the Trust will pay the Adviser(s), and the Adviser(s) will
accept as full compensation therefor from the Trust, a fee at the annual rate of 0.90% of the
Multi-Manager Large Cap Fund’s average daily net assets.
3. Capitalized Terms. From and after the date hereof, the term “Current Funds” as
used in the Advisory Agreement shall be deemed to include the Fund. Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to them in the
Advisory Agreement.
4. Miscellaneous. The initial term of the Advisory Agreement with respect
to the Fund
shall continue, unless sooner terminated in accordance with the Advisory Agreement, until August
31, 2008. Except to the extent supplemented hereby, the Advisory Agreement shall remain unchanged
and in full force and effect, and is hereby ratified and confirmed in all respects as supplemented
hereby.
All signatures need not appear on the same copy of this Addendum.
IN WITNESS WHEREOF, the undersigned have executed this Addendum as of the date and year first
above written.
| NORTHERN FUNDS | ||||||||||
Attest:
|
/s/ Xxxxx Xxxxxxxx | By: | /s/ Xxxxx X. Xxxxxxxx | |||||||
| Title: President | ||||||||||
| NORTHERN TRUST INVESTMENTS, N.A. | ||||||||||
Attest:
|
/s/ Xxxxx Xxxxxxxx | By: | /s/ Xxxx X. Xxxxxxxxxx | |||||||
| Title: Senior Vice President | ||||||||||
| NORTHERN TRUST GLOBAL ADVISORS, INC. | ||||||||||
Attest:
|
/s/ Xxxxx Xxxxxxxx | By: | /s/ Xxxxxxx X. Xxxxxxx | |||||||
| Title: CEO & President | ||||||||||
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