Susan Cohen Levy, EVP and General Counsel of Northern Trust Corp, filed a Form 4 on October 27, 2026, reporting the exercise of employee stock options and subsequent sale of common stock on October 23 and October 26, 2026.

Key Highlights

  • Option exercises: Levy exercised employee stock options covering 16,984 shares on October 23, 2026, and 3,922 shares on October 26, 2026, both at an exercise price of $88.06 per share.
  • Shares sold: 16,984 shares were sold on October 23, 2026, at a weighted average price of $168.15 (ranging from $168.00 to $168.45), and 3,922 shares were sold on October 26, 2026, at $168.69 per share.
  • Remaining direct holdings: Following all transactions, Levy directly held 59,378 shares, which includes 13,916 stock units payable on a 1-for-1 basis in common stock.
  • Indirect holdings: Levy also holds 38,026 shares indirectly through a 2024 GRAT and 35,412 shares through an Irrevocable Trust of which her spouse is trustee.
  • Options fully exercised: The employee stock options with an expiration date of February 21, 2027, were fully exhausted, leaving zero derivative securities remaining directly held.
  • Filed by attorney-in-fact: The form was signed by David A. Serna as attorney-in-fact for Susan C. Levy.

Northern Trust EVP Levy Exercises Remaining Stock Options in Two Transactions

According to the filing, Susan Cohen Levy, identified as EVP and General Counsel of Northern Trust Corp (NASDAQ:NTRS), executed a series of option exercises and open-market sales on October 23 and October 26, 2026. On October 23, Levy exercised employee stock options for 16,984 shares at the option exercise price of $88.06 per share (transaction code M) and simultaneously sold all 16,984 shares at a weighted average price of $168.15 (transaction code S). The filing notes that the October 23 sale price reflects a weighted average from $168.00 to $168.45, and that specific per-price information will be provided upon request.

On October 26, 2026, the filing reports Levy exercised an additional 3,922 shares under the same option grant at $88.06 per share and sold those shares at $168.69 per share. These two exercises fully depleted the remaining employee stock options, which the filing states became exercisable in four equal annual installments beginning February 21, 2018, and were set to expire February 21, 2027. Following the October 26 transactions, the filing shows zero employee stock options remaining in direct beneficial ownership.

After all reported transactions, the filing states Levy directly owns 59,378 shares of common stock, a figure that the filing's footnotes indicate includes 13,916 stock units payable automatically on a 1-for-1 basis in shares of Northern Trust Corp common stock. In addition, the filing discloses indirect holdings of 38,026 shares through a 2024 GRAT and 35,412 shares through an Irrevocable Trust for which Levy's spouse serves as trustee.

What Was Disclosed

The Form 4 disclosed the exercise of two tranches of employee stock options totaling 20,906 shares at $88.06, the same-day sale of all exercised shares at market prices between $168.15 and $168.69, and resulting beneficial ownership positions in both direct and indirect accounts.