Exhibit 10(o)


 


TCF
FINANCIAL CORPORATION


2008
MANAGEMENT INCENTIVE PLAN - EXECUTIVE


 


1.                                       Eligibility - Each Participant shall be given a copy
of this 2008 Management Incentive Plan for Executives (the “Plan”) and required
to sign an acknowledgment of its terms. 
The participants in the Plan are those approved by the Compensation/Nominating/Corporate
Governance Committee (the “Committee”).


 


2.                                       All participants will be initially
evaluated by the Chief Executive Officer of TCF Financial (the  “CEO”) who will forward all recommendations
to the Committee for approval.  The
Committee evaluates the performance of the CEO. 
The Committee will consider and evaluate all matters it deems
appropriate in its sole discretion, subject to limits imposed on such
discretion under the Performance-Based Plan. 
Evaluations will be performed pursuant to the terms of the TCF
Performance-Based Compensation Policy for Covered Executive Officers (the “Performance-Based
Plan”) in the case of Covered Executive Officers (as defined in that Plan).


 


3.                                       The criteria for awards (subject to
paragraph 4) is based upon achievement of the financial goal relating to Return
on Equity (“ROE”) as approved by the Committee, which is achievement of an ROE
of 15% for 2008.  The Committee reserves
the right to determine that a lower (or no) bonus should be paid if in its sole
discretion it considers such action warranted. 
Return on Equity will be calculated as provided in the Performance-Based
Plan.  If the Company achieves a ROE of
15% for 2008, the bonus due is 200% of salary.


 


4.                                       The Committee may in its discretion,
reduce, defer or eliminate the amount of the incentive determined under
paragraph 3 of this Agreement, for any reason, including performance
under individual performance goals established for the participant which
have been approved by the Committee and are lodged with the minutes.  The Committee has authority to make
interpretations under this Plan and to approve the calculations under Paragraph
3.  Incentive compensation will be paid
in cash as soon as possible following approval of awards by the
Compensation/Nominating/Corporate Governance Committee.  Except for Covered Executive Officers, the
participant must be employed by TCF Financial (or the same subsidiary as
employed by on the date of this Acknowledgment) on the date the incentive is
paid in the same job position as the position for which the incentive was
earned in order to receive the incentive payment.  However, where the participant has transferred
to another position within TCF, the Committee may in its discretion determine
to pay part, none, or all of the incentive based on any factors the Committee
considers relevant.


 


5.                                       The Committee may amend this Plan from
time to time as it deems appropriate, except that any such amendment shall be
in writing and signed by both TCF Financial and the executive and no amendment
may contravene requirements of the Performance-Based Plan.  This Plan shall not be construed as a
contract of employment, nor shall it be considered a term of employment, nor as
a binding contract to pay awards.


 


6.                                       This Plan is effective for service on or
after January 1, 2008, and supersedes and replaces the prior Management
Incentive Compensation Plan and any other prior incentive arrangements with
respect to executives in this Plan.


 


Acknowledgment


 


I have received, read,
and acknowledge the terms of the foregoing plan.


 


 


	
   

  	
   

  	
   

  
	
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  Signature