Document:

exv10w2

 

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933.

«Letter_Date»

CONFIDENTIAL TO: «First_Name» «Last_Name»

In the meeting on «Award_Date», the Compensation Committee of the Board of Directors of Steelcase
Inc. granted you Performance Units under the Steelcase Inc. Incentive Compensation Plan (the
“Plan”), subject to the terms and execution of this Award Agreement.

This Award Agreement provides additional information regarding your Award and your rights under the
Plan. A copy of the Plan has already been provided to you. If there is any inconsistency between
this Award Agreement and the Plan, the Plan controls. Capitalized terms used in this Award
Agreement are defined in the Plan, unless defined herein.

Overview of Your Award

	 	1.	 	Type of Award: Performance Units as authorized under Article 9 of the Plan.
	 
	 	2.	 	Target Number of Performance Units under this Award: «Performance_Units»
	 
	 	3.	 	Award Date: «Award_Date»
	 
	 	4.	 	Performance Measures: Total Shareholder Return (“TSR”) during the three-year
Performance Period, as outlined in Article 12 of the Plan.
	 
	 	5.	 	Performance Period: The Performance Period for this Award begins on the first day of
the Company’s 2008 fiscal year and ends on the last day of the Company’s 2010 fiscal year.
	 
	 	6.	 	Number of Performance Units Earned: After completion of the Performance Period, the
number of Performance Units earned under this Agreement will be based 50% on Absolute TSR
and 50% on Relative TSR, calculated as follows:

	 	 	 	 	 	 	 
	TSR

	 	=
	 	 Change in Stock Price + Dividends Paid
	 	 
	 

	 	 	 	Beginning Stock Price	 	 

“Beginning Stock Price” shall mean the average closing price as reported on the New York
Stock Exchange (or such other principal exchange as the Company’s Class A Common Stock may
be traded from time to time) of one (1) Share for the twenty (20) trading days immediately
prior to the first day of the Performance Period. “Ending Stock Price” shall mean the
average closing price as reported on the New York Stock Exchange (or such other principal
exchange as the Company’s Class A Common Stock may be traded from time to time) of one (1)
Share for the last twenty (20) trading days of the Performance Period. “Change in Stock
Price” shall mean the difference between the Ending Stock Price and the Beginning Stock
Price. “Dividends Paid” shall include all dividends paid as described in Section 7 of this
Award Agreement.

                    

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	 	A.	 	Absolute TSR
	 
	 	 	 	To determine the number of Performance Units earned based upon Absolute TSR, the
Target Number of Performance Units under this Award shall first be multiplied by 50%.
Following the determination of TSR, Absolute TSR shall be determined based on the
following chart. Interpolation shall be used in the event the percent does not fall
directly on one of the percentages listed in the table below and in no event will the
payout as a percent of target exceed 200%.

	 	 	 	 	 
	Absolute TSR	 	Payout as a Percent of Target
	                           24% and above
	 	 	200	%
	21%
	 	 	175	%
	18%
	 	 	150	%
	15%
	 	 	125	%
	12%
	 	 	100	%
	9%
	 	 	75	%
	6%
	 	 	50	%
	<6%
	 	 	0	%

	 	B.	 	Relative TSR
	 
	 	 	 	To determine the number of Performance Units earned based upon Relative TSR, the
Target Number of Performance Units under this Award shall first be multiplied by 50%.
	 
	 	 	 	To determine Relative TSR, a Peer Group of companies approved by the Committee will
be used. The Peer Group will be ranked from highest Total Shareholder Return to
lowest Total Shareholder Return. The number of Performance Units earned based upon
Relative TSR shall then be determined by comparing the Company’s TSR to the Peer
Group and based upon the following chart. Interpolation shall be used in the event
the Company’s percentile rank does not fall directly on one of the ranks listed in
the table below and in no event will the payout as a percent of target exceed 200%.

	 	 	 	 	 
	Relative TSR 	 	Payout as a Percent of Target
	                           90th Percentile and above
	 	 	200	%
	80th Percentile
	 	 	175	%
	70th Percentile
	 	 	150	%
	60th Percentile
	 	 	125	%
	50th Percentile
	 	 	100	%
	40th Percentile
	 	 	75	%
	30th Percentile
	 	 	50	%
	<30th Percentile
	 	 	0	%

	 	C.	 	Total Performance Units Earned and Vesting
	 
	 	 	 	The total number of Performance Units earned is determined by adding the Performance
Units earned based upon Absolute TSR and the Performance Units earned based upon
Relative TSR. Earned Performance Units will vest on the last day of the Company’s
2010 fiscal year and be paid in Shares as soon as administratively practicable
following the close of the applicable Performance Period.

	7.	 	Dividend Equivalents on Earned Performance Units: Any dividends declared during the
Performance Period with respect to the Shares underlying your earned Performance Units will
be paid as soon as practicable following the end of the Performance Period, either in cash
or in stock, as determined by the Board of Directors. Cash equivalents will be valued as
of the date(s) on which the dividend(s) were declared during the Performance Period. Stock
dividends will be valued at the Fair Market Value measured at the end of the Performance
Period and will be governed by Article 17.1 of the Plan. Any payments made are not actual

                    

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	 	 	dividends (see Section 12). You do not become a shareholder during the Performance Period,
but rather at the date of vesting upon transfer of the Shares into your name.
	 
	8.	 	Death, Disability or Retirement during the Performance Period:
	 
	a)	 	If you die or become totally and permanently disabled while an Employee during the
Performance Period, the target number of Performance Units will be deemed earned and the
corresponding shares vested according to the following schedule. Any remaining unearned
Performance Units will be forfeited.

	 	•	 	If death or qualifying disability occurs from the beginning of the
Performance Period through the last day of the Company’s 2008 fiscal year,
«Vesting_1_» Performance Units will immediately be earned and the corresponding shares vested.
	 
	 	•	 	If death or qualifying disability occurs from the first day of the
Company’s 2009 fiscal year through the last day of the Company’s 2009 fiscal year,
«Vesting_2_» Performance Units will immediately be earned and the corresponding shares vested.
	 
	 	•	 	If death or qualifying disability occurs from the first day of the
Company’s 2010 fiscal year through the last day of the Company’s 2010 fiscal year,
«Vesting_3_» Performance Units will immediately be earned and the corresponding shares vested.

	b)	 	In the event of your retirement during the Performance Period, you will be treated as
continuing in employment for purposes of earning and vesting in your Award. You will be
considered to have retired if your termination of employment occurs after your age plus
years of continuous service total 80 or more.

	9.	 	Forfeiture of Awards:

	a)	 	All unearned Performance Units will be forfeited upon a termination of your employment
during the Performance Period for any reason other than death, total and permanent
disability or retirement.

	b)	 	Pursuant to Article 15.4 of the Plan, if you engage in any Competition with the Company
(as defined in the Plan and determined by the Administrative Committee in its discretion)
you will immediately and permanently forfeit the right to receive payment from this Award,
whether or not vested. You must return to the Company any gain resulting from this Award
at any time within the twelve-month period preceding the date you engaged in Competition
with the Company.

	10.	 	Change in Control: Pursuant to Article 16.1 of the Plan, upon a Change in Control after
«CIC_Trigger», the target payout opportunity under this Award shall be deemed to have been
fully earned for the entire Performance Period as of the effective date of the Change in
Control. Vesting shall be accelerated as of the effective date of the Change in Control,
and there shall be paid to you within thirty (30) days following the effective date of the
Change in Control a pro rata number of Shares based upon an assumed achievement of all
relevant targeted performance goals and upon the length of time within the Performance
Period which has elapsed prior to the Change in Control.
	 
	11.	 	Transfer: Performance Units may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution.
	 
	12.	 	Voting Rights and Dividends: During the Performance Period, you will not have voting
rights with respect to your Performance Units and, other than as set forth in Section 7 of
this Award Agreement, you will not be entitled to receive any dividends declared with
respect to your Performance Units. After the Performance Period, your Shares will vest and
you will obtain voting rights and be entitled to receive any dividends.
	 
	13.	 	Taxes: The Company will make the required tax reporting to you and the IRS and any
other authority to whom social security and income tax is due. The Company has the right
to withhold Shares or cash that would otherwise be received by you for the statutory
minimum Federal, state, social security, medicare, local, or foreign authority withholding
tax due. The Company may also collect withholding tax directly from you. You may also
elect to satisfy the withholding requirement, in whole or in part, by having the Company
withhold

                    

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	 	 	 	Shares having a Fair Market Value on the date the tax is to be determined equal to
the minimum statutory total tax which could be imposed on the transaction.
	 
	 	14.	 	Administration: This Award Agreement and the rights of the Participant hereunder are
subject to all the terms and conditions of the Plan, as the same may be amended from time
to time, as well as to such rules and regulations as the Committee may adopt for
administration of the Plan. It is expressly understood that the Committee or its designee
is authorized to administer, construe, and make all determinations necessary or appropriate
to the administration of the Plan and this Award Agreement, all of which will be binding
upon the Participant.
	 
	 	15.	 	Required Approvals: This Award Agreement will be subject to all applicable laws, rules
and regulations, and to such approvals by any governmental agencies or national securities
exchanges as may be required.
	 
	 	16.	 	Governing Law: To the extent not preempted by federal law, this Award Agreement will
be governed by, and construed in accordance with, the laws of the State of Michigan, USA.
	 
	 	17.	 	Amendment: This Award Agreement may be amended or modified by the Committee as long as
the amendment or modification does not materially adversely affect your Award, provided,
however, that the Company may amend this Award Agreement in any manner reasonably intended
to avoid the acceleration of tax and the possible imposition of penalties under Section
409A of the Code.

By signing this Award Agreement, you hereby acknowledge:

	(a)	 	that the Plan is discretionary in nature and may be suspended or terminated at any time;
	 
	(b)	 	that each grant of a Performance Unit is a one-time benefit which does not create any
contractual or other right to receive future grants of Performance Units, or benefits in lieu
of Performance Units;
	 
	(c)	 	that all determinations with respect to future grants, if any, including, but not limited to,
the times when the Performance Units will be granted, the number of Units subject to each
grant, and the time or times when each Share will vest, will be at the sole discretion of the
Board of Directors;
	 
	(d)	 	that your participation in the Plan does not create a right to further employment with your
employer and will not interfere with the ability of your employer to terminate your employment
relationship at any time with or without cause;
	 
	(e)	 	that your participation in the Plan is voluntary;
	 
	(f)	 	that the value of the Performance Units is an extraordinary item of compensation which is
outside the scope of your employment contract, if any;
	 
	(g)	 	that the Performance Units are not part of normal and expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments;
	 
	(h)	 	that the right to the grant ceases upon termination of employment for any reason except as
may otherwise be explicitly provided in the Plan or this Award Agreement; and
	 
	(i)	 	that the future value of the Performance Units is unknown and cannot be predicted with
certainty.

By signing this Award Agreement, and as a condition of the grant of the Performance Units, you
hereby consent to the collection, use and transfer of personal data as described below. You
understand that the Company and its subsidiaries hold certain personal information about you,
including, but not limited to, your name, home address and telephone number, email address, date of
birth, social security number, salary, nationality, job title, any Shares of stock or directorships
held in the Company, details of all Performance Units or other entitlement to Shares awarded,
canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of managing and
administering the Plan (“Data”).

You further understand that the Company and/or its subsidiaries will transfer Data amongst
themselves as necessary for the purposes of implementation, administration and management of your
participation in the Plan, and that the Company and/or its subsidiaries may each further transfer
Data to any third parties assisting the Company in the implementation, administration and
management of the Plan (“Data Recipients”). You understand that these Data Recipients may be
located in your country of residence or elsewhere.

                    

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You hereby authorize the Data Recipients to receive, possess, use, retain and transfer Data in
electronic or other form, for the purposes of implementing, administering and managing your
participation in the Plan, including any transfer of such Data, as may be required for the
administration of the Plan and/or the subsequent holding of Shares on your behalf.

You understand that you may, at any time, review the Data, require any necessary amendments to it
or withdraw the consent herein in writing by contacting the Company. You further understand that
withdrawing consent may affect your ability to participate in the Plan and/or may affect your
Award.

If you have any questions regarding your Award or this Award Agreement, or would like a copy of the
Plan, please contact John Hagenbush, Director, Compensation, at (616) 246-9532.

Sincerely,

A

James P. Hackett

President and CEO

Please acknowledge your agreement to participate in the Plan and this Award Agreement, and to abide
by all of the governing terms and provisions, by signing the following representation. Your signed
representation must be returned by «Return_Date_» to:

Compensation Department (CH-2E-04)

Attn: Steven Dobias

Steelcase Inc.

PO Box 1967

Grand Rapids, MI 49501-1967

Agreement to Participate

By signing a copy of this Award Agreement and returning it I acknowledge that I have read the Plan,
and that I fully understand all of my rights under the Plan, as well as all of the terms and
conditions that may limit my rights under this Award Agreement. Without limiting the generality of
the preceding sentence, I understand that, subject to the terms of the Plan and this Award
Agreement, my right to the Performance Units granted under this Award is conditioned upon my
continued employment with the Company.

Date:                                        

Participant:                                         

          «First_Name» «Last_Name»

          «SSN»

                    

Initialexv10w36

 

Exhibit 10.36

RELEASE AND SETTLEMENT AGREEMENT

     THIS AGREEMENT is made this 26th day of April, 2007 between Dana M. Cluckey, an Executive of
Citizens Republic Bancorp, Inc. (hereinafter “Executive”) and Citizens Republic Bancorp, Inc. on
behalf of itself and its direct and indirect subsidiaries (hereinafter “Citizens”).

RECITALS

     A. Executive is presently serving Citizens as a member of its Board of Directors and as its
President and Chief Operating Officer pursuant to that certain employment agreement by and between
Executive and Citizens entered into as of June 26, 2006 (the “Employment Agreement”);

     B. Executive has offered to tender his resignation from all his positions with Citizens
effective May 31, 2007 (“Separation Date”), to release Citizens from any and all obligations
Citizens may have to Executive pursuant to the Employment Agreement or otherwise (or claims
Executive may have against Citizens) and to abide by the covenants set forth herein, in exchange
for Citizens agreeing to pay Executive the amounts and provide the benefits set forth in Paragraphs
1, 2 and 3 below and the Company’s release of certain claims against the Executive as set forth
below in Section 7;

     C. Citizens believes that such proposal is in the mutual best interests of Executive on the
one hand and Citizens and its shareholders on the other;

     D. Executive and Citizens, without any admission of liability, desire to settle with finality,
compromise, dispose of, and release all claims and demands asserted or which could be
asserted by Executive or Citizens arising out of the employment and service as a director of
Executive and his separation from employment and service as a director;

 

 

     E. In consideration of the foregoing and of the promises and the mutual covenants contained
herein, it is hereby agreed between Executive and Citizens as follows:

Page 2 of 10

 

 

AGREEMENT

     1. Citizens agrees to pay to Executive (or in the event of his death, his spouse or other
personal representative) the sum of $1,125,000.00, which amount shall be paid in a lump sum on
January 2, 2008.

     2. Citizens also agrees that each of the stock option grants listed on Exhibit A hereto are
fully vested and shall remain fully exercisable until the expiration of their respective original
ten (10) year terms, all as detailed on Exhibit A hereto. Except as provided herein, the terms of
the stock option award agreements and the applicable equity compensation plan of Citizens shall
govern Executive’s rights with respect to such stock options.

     3. In addition to the amount set forth in Paragraph 1, and in lieu of continued medical,
dental and prescription drug coverage, Citizens also agrees to pay to Executive on the Separation
Date an amount equal to thirty-six (36) months of COBRA premiums and prescription coverage costs
(the value of such prescription coverage costs continuation shall be deemed to be $1,000 per
month). Executive acknowledges that in order to continue his insurance coverage under the
Company’s medical and dental plans, Executive or his personal representative must make a timely
election for benefits and further must pay the premium for COBRA coverage in a timely manner.

     4. Executive may at his sole option exercise any conversion benefits available to him under
any insurance or benefits policies, programs or coverages presently provided to him as an employee
of Citizens on the terms of the applicable policies, coverages or programs presently in existence.
Executive shall retain all rights of a terminated employee under Citizens’ deferred compensation
plan. All other benefits and insurance to which Executive,
his spouse or dependents were entitled prior to the Separation Date, including, but not limited to,
pension,

Page 3 of 10

 

 

401(k) Plan participation and Long Term Disability, shall terminate on the Separation Date
and Executive, his spouse and dependents shall in no event be entitled to any such benefits or
insurance with respect to any periods following the Separation Date, and Citizens shall have no
obligation to provide any of the foregoing, other than with respect to accrued and vested benefits
in accordance with the terms of the applicable plan.

     5. Executive recognizes that the amount to be paid and benefits to be provided to Executive
pursuant to Paragraphs 1, 2, and 3 above are in excess of any earned wages, benefits or other
compensation due and owing to Executive through the Separation Date and that but for this Agreement
he is not otherwise entitled to receive them.

     6. In exchange for the good and valuable consideration set forth herein, Executive agrees for
himself, his heirs, administrators, representatives, executors, successors and assigns
(“Releasors”), to irrevocably and unconditionally release, waive and forever discharge any and all
manner of action, causes of action, claims, rights, promises, charges, suits, damages, debts,
lawsuits, liabilities, rights, dues, controversies, charges, complaints, remedies, losses, demands,
obligations, promises, agreements, costs, losses, expenses, fees (including, without limitation
attorneys’ fees), or any and all other liabilities or claims of whatsoever nature (including any
claims for payments or benefits under the Employment Agreement), whether arising in contract, tort,
or any other theory of action, whether arising in law or in equity, whether known or unknown,
choate or inchoate, matured or unmatured, contingent or fixed, liquidated or unliquidated, accrued
or unaccrued, asserted or unasserted, including, but not limited to, any claim and/or claim of
damages or other relief for tort, any claims of wrongful discharge, breach of contract, implied
contract, promissory estoppel, defamation, libel, slander, tortious conduct,
personal injury, negligence, any claims under any federal, state or local employment statute, law,

Page 4 of 10

 

 

order or ordinance, including age discrimination under The Age Discrimination In Employment Act of
1967 (as amended), employment discrimination prohibited by other federal, state or local laws
including sex, race, national origin, marital status, age, handicap, height, weight, or religious
discrimination, any rights or claims arising under Title VII of the Civil Rights Act of 1965 (as
amended) and any other claims for unlawful employment practices or any other unlawful criterion or
circumstance which Executive and Releasors had, now have, or may have in the future against each or
any of Citizens, its parents, direct or indirect subsidiaries, divisions, affiliates and related
companies or entities, regardless of its or their form of business organization (collectively, with
Citizens, the “Citizens Entities”), any predecessors, successors, joint ventures, and parents of
any Citizens Entity, and any and all of their respective past or present directors, officers,
shareholders, partners, employees, consultants, independent contractors, trustees, administrators,
insurers, agents, attorneys, representatives and fiduciaries, servants, successors and assigns
including without limitation all persons acting by, through, under or in concert with any of them
(all collectively, the “Released Parties”) arising out of or relating to his employment or director
relationship with Citizens, its predecessors, successors or affiliates and the termination thereof;
provided, that Executive and Releasors do not release Citizens from any claims relating to: (i)
accrued and unpaid base salary or expense reimbursements owed to Executive for periods of service
prior to the Separation Date; (ii) rights to indemnification under the charter or bylaws of
Citizens or its predecessors or rights under Citizens’ D&O insurance policies, in each case in
respect of acts or omissions in connection with Executive’s service as a director, officer or
employee of the Citizens Entities; or (iii) rights of Executive under this Agreement.

Page 5 of 10

 

 

     7. Citizens (on behalf of the Citizens Entities) agrees to release, acquit and forever
discharge Executive and Executive’s heirs, executors, administrators and assigns (the “Executive
Released Parties”) of and from any and all manner of action, causes of action, claims, rights,
promises, charges, suits, damages, debts, lawsuits, liabilities, rights, dues, controversies,
charges, complaints, remedies, losses, demands, obligations, promises, agreements, costs, losses,
expenses, fees (including, without limitation attorneys’ fees), or any and all other liabilities or
claims of whatsoever nature which the Citizens Entities ever had, now have or may hereafter have,
against the Executive Released Parties or any of them arising out of or by reason of any act or
omission undertaken by Executive in good faith and in the ordinary course and scope of Executive’s
duties with the Citizens Entities; provided, however, that the Citizens Entities do not release,
acquit or discharge the Executive Released Parties from: (i) any of Executive’s express obligations
arising out of or in connection with this Agreement, including, without limitation Section 8 of
this Agreement and Sections 9 through 13 and Section 15 of the Employment Agreement; and (ii) any
of Executive’s acts or omissions involving fraud, dishonesty, gross negligence or willful
malfeasance, any actions that give rise to a violation of the securities laws or regulations or
any actions for which Executive would not be indemnified for under the charter or bylaws of
Citizens or its predecessors.

     8. Executive and Citizens agree that the provisions of Sections 8 through 13 and Section 15
of the Employment Agreement are incorporated herein by reference and that each of the parties
hereto shall abide by these provisions as if fully set forth herein. Executive hereby agrees to
cooperate with Citizens and/or any of the Citizens Entities in good faith in connection with any
valuation of the restrictions and obligations under this Agreement (including the provisions of
Sections 8 through 13 and Section 15 of the Employment Agreement).

Page 6 of 10

 

 

     9. Executive acknowledges that Citizens would be irreparably injured by a violation of the
covenants set forth in Paragraph 8 (including, as referenced therein, Sections 9 through 13 and 15
of the Employment Agreement) and he agrees that Citizens, in addition to any other remedies
available to it for such breach or threatened breach including money damages, shall be entitled to
a preliminary injunction, temporary restraining order, or other equivalent relief, restraining the
Executive from any actual or threatened breach of the covenants set forth in Paragraph 8
(including, as referenced therein, Sections 9 through 13 and 15 of the Employment Agreement). If a
bond is required to be posted in order for Citizens to secure an injunction or other equitable
remedy, the parties agree that said bond need not be more than a nominal sum. In the event of an
actual violation of the of the covenants set forth in Paragraph 8 (including, as referenced
therein, Sections 9 through 13 and 15 of the Employment Agreement) as determined by a court of law
Executive further agrees that Citizens shall be entitled to receive back from Executive and
Executive shall, at Citizens’ sole discretion, be required to pay back a pro-rata portion of the
amount received by Executive pursuant to Paragraph 1 of this Agreement, with such pro-rata amount
to be equal to the product of (A) $1,125,000 and (B) a fraction, the numerator of which is the
number of days from the date of the violation until the second anniversary of the Separation Date,
and the denominator of which is 730. To the extent Citizens has not paid the Executive the amount
payable under Paragraph 1, the amount that Citizens shall pay shall be reduced by an amount as
determined under the preceding sentence. In no event shall an asserted violation of the provisions
of Paragraph 8 (including, as referenced therein, Sections 9 through 13 and 15 of the Employment
Agreement) constitute a basis for deferring or withholding any amounts otherwise payable to the
Executive under this Agreement.

     10. Executive understands that he does not waive rights or claims that may arise after

Page 7 of 10

 

 

the date this Agreement is executed.

     11. Executive further agrees that he has read this Agreement carefully and understands all of
its terms.

     12. Executive understands and agrees that he is advised to consult with an attorney prior to
executing this Agreement.

     13. Executive understands that he is entitled to consider this Agreement for at least
twenty-one (21) days before signing it. However, after due deliberation, Executive may elect to
sign this Agreement without availing himself of the opportunity to consider its provisions for at
least twenty-one (21) days. Executive hereby acknowledges that any decision to shorten the time
for considering this Agreement prior to signing it is voluntary, and such decision is not induced
by or through fraud, misrepresentation, or a threat to withdraw or alter the provisions set forth
in this Agreement in the event Executive elected to consider this Agreement for at least twenty-one
(21) days prior to signing it

     14. Executive understands that he may revoke this Agreement as it relates to any potential
claim that could be brought or filed under the Age Discrimination in Employment Act, 29 U.S.C.
§§621-634, within seven (7) days after the date on which he signs this Agreement, and that this
Agreement as it relates to such a claim does not become effective until the expiration of the seven
(7) day period. In the event that Executive wishes to revoke this Agreement within the seven (7)
day period, he understands that he must provide such revocation in writing to Citizens Banking
Corporation, Attn: William R. Hartman, Chief Executive Officer, 328 S. Saginaw Street, Flint,
Michigan 48502.

     15. In agreeing to sign this Agreement, Executive is doing so voluntarily and agrees
that he has not relied on any oral statements or explanations made by Citizens or its
representatives.

Page 8 of 10

 

 

     16. This Agreement contains the entire Agreement between Executive and Citizens and, except as
expressly provided herein, shall supersede any other employment, severance or change of control
agreement or any other promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative of any party hereto
with respect to the subject matter hereof, including, without limitation the Employment Agreement.
Any modification of this Agreement must be made in writing and signed by both Executive and
Citizens.

     17. Citizens may withhold from any amounts payable under this Agreement such Federal, state,
local or foreign taxes as shall be required to be withheld pursuant to any applicable law or
regulation. Executive hereby agrees to report any amounts paid or benefits provided under this
Agreement for purposes of Federal, state and local tax purposes in a manner consistent with the
manner in which Citizens reports any such amounts or benefits for purposes of Federal, state and
local tax purposes.

     18. The invalidity or unenforceability of any provision of this Agreement will not affect the
validity or enforceability of any other provision of this Agreement, and this Agreement will be
construed as if such invalid or unenforceable provision were omitted (but only to the extent that
such provision cannot be appropriately reformed or modified). No waiver of a breach of any
provision of this Agreement by the other party will operate or be construed as a waiver of any
subsequent breach by such other party. The failure of any party hereto to take any action by
reason of such breach will not deprive such party of the right to take action at any time while
such breach continues.

     19. This Agreement may be executed in several counterparts, each of which shall be

Page 9 of 10

 

 

deemed to
be an original, but all of which together will constitute one and the same instrument.

     20. This Agreement will be governed by and construed in accordance with the laws of the state
of Michigan, without giving effect to any choice of law or conflicting provision or rule (whether
of the state of Michigan or any other jurisdiction) that would cause the laws of any jurisdiction
other than the state of Michigan to be applied. In furtherance of the foregoing, the internal law
of the state of Michigan will control the interpretation and construction of this agreement, even
if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some
other jurisdiction would ordinarily apply.

	 	 	 
	/s/

	 	/s/
	 

	 	 

	Witness Thomas W. Gallagher

	 	Dana M. Cluckey
	 

	 	Date: April 26, 2007
	 
	 	 
	 

	 	CITIZENS REPUBLIC BANCORP, INC.

	 	 	 	 	 	 	 
	/s/

	 	 
	 	By:
	 	/s/
	 

	 	 	 	 	 	 
	Witness Thomas W. Gallagher

	 	 	 	 	 	William R. Hartman
	 

	 	 	 	Its:
	 	Chief Executive Officer
	 

	 	 	 	Date:
	 	April 26, 2007

Page 10 of 10

 

 

Exhibit A

Optionee Statement

Exercisable as of 4/18/2007

Dana Cluckey

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Expiration	 	 	 	Grant	 	 	 	 	 	 	 	 	 	Outstan-	 	 
	Date	 	Date	 	Plan ID	 	Type	 	Granted	 	Price	 	ding	 	Exercisable
	Jan 22, 1998

	 	Jan 22, 2008
	 	RBNC_1997
	 	Incentive
	 	 	6,265	 	 	$	15.1600	 	 	 	6,265	 	 	6,265 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jan 22, 1998

	 	Jan 22, 2008
	 	RBNC_1997
	 	Non-Qualified
	 	 	31,336	 	 	$	15.1600	 	 	 	31,336	 	 	31,336 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	May 19, 1998

	 	May 18, 2008
	 	RBNC_I998
	 	Incentive
	 	 	6,265	 	 	$	15.3600	 	 	 	6,265	 	 	6,265 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	May 19, 1998

	 	May 18, 2008
	 	RBNC_1998
	 	Non-Qualified
	 	 	18,800	 	 	$	15.3600	 	 	 	18,800	 	 	18,800 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jan 21, 1999

	 	Jan 20, 2009
	 	RBNC_1997
	 	Incentive
	 	 	8,171	 	 	$	12.2200	 	 	 	8,171	 	 	8,171 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 04, 1999

	 	Feb 03, 2009
	 	RBNC_1998
	 	Incentive
	 	 	8,021	 	 	$	12.3400	 	 	 	8,021	 	 	8,021 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jan 20, 2000

	 	Jan 19, 2010
	 	RBNC_1997
	 	Incentive
	 	 	8,112	 	 	$	12.2000	 	 	 	8,112	 	 	8,112 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jan 20, 2000

	 	Jan 19, 2010
	 	RBNC_1997
	 	Non - Qualified
	 	 	22,033	 	 	$	12.2000	 	 	 	22,033	 	 	22,033 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 04, 2000

	 	Feb 03, 2010
	 	RBNC_1998
	 	Incentive
	 	 	6,653	 	 	$	11.2400	 	 	 	6,653	 	 	6,653 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 15, 2001

	 	Feb 15, 2011
	 	RBNC_1998
	 	Non-Qualified
	 	 	62,156	 	 	$	15.2300	 	 	 	62,156	 	 	62,156 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 27, 2001

	 	Feb 27, 2011
	 	RBNC_1998
	 	Incentive
	 	 	4,888	 	 	$	15.1600	 	 	 	4,888	 	 	4,888 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 27, 2001

	 	Feb 27, 2011
	 	RBNC_1998
	 	Non-Qualified
	 	 	8,303	 	 	$	15.1600	 	 	 	8,303	 	 	8,303 current

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Feb 21, 2002

	 	Feb 21, 2012
	 	RBNC_1998
	 	Non-Qualified
	 	 	60,274	 	 	$	15.8200	 	 	 	60,274	 	 	60,274 current

	 

	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals

	 	 	 	 	 	 	 	 	251,277	 	 	 	 	 	 	 	251,277	 	 	 	251,277	 

Note that prior Republic Bank options and warrants were converted as of the 12/29/2006
merger date to Citizens Republic options and warrants using a
conversion factor of 0.5146 new options/warrants per converted
option/warrant. All converted options/warrants were rounded down to
the closest full share. Prices were converted by dividing the original price by 0.5146 and rounding to the nearest $0.01.

Allecon
Stock Associates 25900 W. Eleven Mile Suite 140 Southfield, MI 48034

Phone: 888-324-8095 US Toll Free Fax: 248-353-1445

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]