Document:

Exhibit 10(b)-5

 

TCF FINANCIAL
INCENTIVE STOCK PROGRAM 

 

RESTRICTED STOCK
AGREEMENT

 

AND
NON-SOLICITATION / CONFIDENTIALITY AGREEMENT

 

RS NO.              
(Non-deferred) (Modified Year 2006 Executive Stock Award)

 

Shares of Restricted
Stock are hereby awarded effective January 22, 2007 by TCF Financial
Corporation (“TCF Financial”) to                                   
(the “Grantee”), in accordance with the following terms and conditions:

 

1.                                       Share
Award. TCF Financial hereby awards the Grantee                  
shares (the “Shares”) of Common Stock, par value $.01 per share (“Common
Stock”) of TCF Financial pursuant to the TCF Financial Incentive Stock Program
(the “Program”), upon the terms and conditions therein and hereinafter set
forth. A copy of the Program as currently in effect is incorporated herein by
reference and is attached hereto.

 

2.                                       Restrictions
on Transfer and Restricted Period.

 

(a)                                  During
the period (the “Restricted Period”) hereinafter described, the Shares may not
be sold, assigned, transferred, pledged, or otherwise encumbered by the
Grantee.

 

(b)                                 The
Shares will be subject to the restrictions in paragraph 2(a) during the
Restricted Period commencing on the date of this Agreement (the “Commencement
Date”) and (subject to the forfeiture provisions herein) continuing until
January 31, 2011, when the restrictions will expire with respect to the “Earned
Shares” as determined under sections 3 and 4.

 

3.             Earned Shares

 

(a)                                  A
portion of the Shares can be earned annually (“Earned Shares”) based on TCF
Financial’s achievement of EPS growth rates for the fiscal years 2007 and 2008
as set forth in Appendix A. All Earned Shares are subject to the restrictions
in paragraph 2(a) during the Restricted Period and to the forfeiture provisions
of section 4.

 

(b)                                 The
number of Shares that become Earned Shares will be determined as of December
31, 2007 and 2008 and will be determined based on TCF Financial’s achievement
of EPS growth rates for fiscal years 2007 and 2008, as approved by the
Committee and set forth on Appendix A to this Agreement.

 

(c)                                  Notwithstanding
the foregoing, any Shares that are not Earned Shares on January 31, 2009, shall
be forfeited and returned to TCF Financial on or about that date and the number
of Earned Shares under Appendix A shall not in any event exceed the total
number of Shares in section 1 under this Agreement.

 

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4.             Vesting

 

(a)                                  Earned
Shares will vest, and no longer be subject to the restrictions imposed by
paragraph 2(a), at the expiration of the Restricted Period with respect thereto.
The Committee referred to in section 2 of the Program or its successor (the
“Committee”) shall not have any authority to accelerate the time at which any
or all of the restrictions in paragraph 2(a) shall expire with respect to any
Shares, or to remove any or all such restrictions. However, the Committee shall
have all the authority provided in the Program with respect to
performance-based compensation, including the authority to reduce or delay the
Shares vesting under this Agreement or the determination of the amount of EPS
growth achieved, or to otherwise reduce the compensation provided under this
Agreement in any other manner which the Committee considers appropriate in its
discretion; provided that the number of Earned Shares once determined by the
Committee for the fiscal year 2007 or 2008, may not thereafter be reduced nor
the vesting date delayed beyond January 31, 2011.

 

(b)                                 Termination
of Service. In the event of the Grantee’s termination of employment for any
reason other than disability, retirement or death during the Restricted Period,
all Shares (including Earned Shares) at the time of such event shall be
forfeited and returned to TCF Financial.

 

(c)                                  In
the event of Grantee’s retirement (as determined by the Committee), disability
(the Grantee has been receiving benefits under TCF’s long-term disability plan
for at least three months), or death during the Restricted Period:  (1) all Shares (other than Grantee’s Earned
Shares, determined as of the last day of the last fiscal year ending on or
before the date of Grantee’s retirement, disability, or death) at the time of
such event shall be forfeited and returned to TCF Financial; and (2) all Earned
Shares, determined as of the last day of the last fiscal year ending on or
before the date of Grantee’s retirement, disability, or death, will continue to
be subject to the restrictions in paragraph 2(a) until January 31, 2011, at
which time they will become vested under paragraph 4(a) to the same extent (and
subject to the same Committee discretion) as if the Grantee had remained
employed by TCF Financial through that date, except in the case of disability
or death the Earned Shares shall become vested on the date of disability or
death. For purposes of this paragraph 4(c), the Grantee’s retirement date shall
be determined by the Committee and the date Grantee became disabled shall be
the date on which the Grantee has received disability benefits under TCF’s
long-term disability plan for three months.

 

5.                                       Certificates
for Shares. TCF Financial may issue one or more certificates in respect of
the Shares in the name of the Grantee, and shall hold such certificate(s) on
deposit for the account of the Grantee until the expiration of the Restricted
Period with respect to the Shares represented thereby. Certificate(s) for
Shares subject to a Restricted Period shall bear the following legend:

 

“The transferability of this certificate and the
shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) contained in the TCF Financial Incentive Stock Plan
(“the Plan”) and an agreement entered into between the registered

 

2

 

owner and TCF Financial Corporation. Copies of such
Plan and Agreement are on file in the offices of the Secretary of TCF Financial
Corporation, 200 Lake Street East, Wayzata, MN 55391.”

 

The
Grantee further agrees that, if certificates are issued, simultaneously with
the execution of this Agreement a stock power shall be executed, endorsed in
blank and promptly delivered to TCF Financial.

 

If
certificates are not issued, TCF Financial shall direct the transfer agent to
issue and hold the Shares during the Restricted Period in an account where
their transferability is subject to the restrictions set forth in paragraph
2(a) of this Agreement.

 

6.                                       Grantee’s
Rights. Except as otherwise provided herein, Grantee, as owner of the
Shares, shall have all rights of a stockholder, including, but not limited to,
the right to receive all dividends paid on Shares and the right to vote the
Shares. Dividends payable on Shares that are subject to restrictions imposed by
paragraph 2(a) shall be paid to the Grantee at the same time as such dividends
are paid to other shareholders; provided, that shares of Common Stock dividends
in the nature of a stock split shall be subject to all of the restrictions that
apply to the Shares with respect to which such dividends are paid until all of
the restrictions applicable to such Shares have terminated or otherwise have
been removed.

 

7.                                       Expiration
of Restricted Period. Upon the expiration of the Restricted Period with
respect to any Shares, TCF Financial shall redeliver or deliver to the Grantee
(or, if the Grantee is deceased, to his legal representative, beneficiary or
heir) the certificate(s) in respect of such Shares, without the restrictive
legend provided for in section 4 above or re-register the shares in an account
with the transfer agent which is not subject to the restrictions set forth in
paragraph 2(a) of this Agreement. The Shares as to which the Restricted Period
shall have lapsed or expired shall be free of the restrictions referred to in
paragraph 2(a) above and any such certificates shall not bear the legend
provided for in section 4 above.

 

8.                                       Adjustments
for Changes in Capitalization of TCF Financial. In the event of any change
in the outstanding Common Stock of TCF Financial by reason of any
reorganization, recapitalization, stock split, combination or exchange of
shares, merger, consolidation or any change in the corporate structure of TCF
Financial or in the shares of Common Stock, or in the event of any issuance of
preferred stock or other change in the capital structure of TCF Financial which
the Committee deems significant for purposes of this Agreement, the number and
class of Shares covered by this Agreement as well as the EPS, vesting and
forfeiture provisions in sections 2 and 4, shall be appropriately adjusted by
the Committee, whose determination of the appropriate adjustment, or whose
determination that there shall be no adjustment, shall be conclusive. Any
Shares of Common Stock or other securities received, as a result of the
foregoing, by the Grantee subject to the restrictions contained in paragraph
2(a) above also shall be subject to such restrictions and the certificate or
other instruments representing or evidencing such Shares or securities shall be
legended and deposited with TCF Financial or otherwise restricted by the
transfer agent in the manner provided in section 4 above.

 

9.                                       Effect
of Change in Control. Each of the events specified in the following clauses
(a) through (c) of this section 9 shall be deemed a “change of control”:

 

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(a)                                  Any
“person”, as defined in sections 13(d) and 14(d) of the Securities Exchange Act
of 1934 (the “Exchange Act”) is or becomes the “beneficial owner” as defined in
Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the combined voting power
of the Company’s then outstanding securities (for purposes of this clause (a),
the term “beneficial owner” does not include any employee benefit plan
maintained by the Company that invests in the Company’s voting securities); or

 

(b)                                 During
any period of two (2) consecutive years there shall cease to be a majority of
the Board comprised as follows: individuals who at the beginning of such period
constitute the Board or new directors whose nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so
approved; or

 

(c)                                  The
shareholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least 50% of the
combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the
shareholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of all or
substantially all the Company’s assets; provided, however, that no change in
control will be deemed to have occurred until such merger, consolidation, sale
or disposition of assets, or liquidation is subsequently consummated.

 

Subject to the six month
holding requirement, if any, of Rule 16b-3 of the Securities and Exchange
Commission but notwithstanding any other provision in this Program (including,
but not limited to, paragraph 2(b), and section 4 of this Agreement) in the
event of a Change in Control all terms and conditions of this Restricted Stock
Award shall be deemed satisfied, all the Shares shall vest as of the date of
the Change in Control and shall thereafter be administered as provided in
section 7 of this Agreement.

 

10.                                 Delivery
and Registration of Shares of Common Stock. TCF Financial’s obligation to
deliver Shares of Common Stock hereunder shall, if the Committee so requests,
be conditioned upon the receipt of a representation as to the investment
intention of the Grantee or any other person to whom such Shares are to be
delivered, in such form as the Committee shall determine to be necessary or
advisable to comply with the provisions of the Securities Act of 1933, as
amended, or any other federal, state, or local securities law or regulation. It
may be provided that any representation requirement shall become inoperative
upon a registration of such Shares or other action eliminating the necessity of
such representation under such Securities Act or other securities law or
regulation. TCF Financial shall not be required to deliver any Shares under the
Plan prior to (i) the admission of such Shares to listing on any stock exchange
on which the Common Stock may be listed, and (ii) the completion of such
registration or other qualification of such Shares under state or federal law,
rule, or regulation, as the Committee shall determine to be

 

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necessary or advisable.

 

11.                                 Plan
and Plan Interpretations as Controlling; Performance-Based Status. The
Shares hereby awarded and the terms and conditions herein set forth are subject
in all respects to the terms and conditions of the Program, which are
controlling. All determinations and interpretations of the Committee shall be
binding and conclusive upon the Grantee or his legal representatives with
regard to any question arising hereunder or under the Plan. The Shares awarded
hereunder are intended to qualify as performance-based compensation under
section 162(m) of the Internal Revenue Code and under the Program, and the
terms of this Agreement shall be construed in accordance with that intent.

 

12.                                 Grantee
Service. Nothing in this Agreement shall limit the right of TCF Financial
or any of its affiliates to terminate the Grantee’s service as a director,
officer, or employee, or otherwise impose upon TCF Financial or any of its
affiliates any obligation to employ or accept the services of the Grantee.

 

13.                                 Grantee
Acceptance. The Grantee shall signify acceptance of the terms and
conditions of this Agreement by signing in the space provided below and signing
the attached stock powers and returning a signed copy hereof and of the
attached stock powers to TCF Financial.

 

14.                                 Section
409A of the Internal Revenue Code. The arrangements described in this
Agreement are intended to comply with Section 409A of the Internal Revenue Code
to the extent (if any) such arrangements are subject to that law. The Committee
may make such amendments as are necessary to bring this Agreement into
compliance with the terms of that Section or an exemption therefrom as
interpreted by guidance issued by the Internal Revenue Service. The parties
further agree that to the extent any part of this Agreement fails to qualify
for exemption from or satisfy the requirements of Section 409A, the affected
arrangement may be operated in compliance with Section 409A pending amendment
to the extent authorized by the Internal Revenue Service. In such circumstances
Company will administer this Agreement in a manner which adheres as closely as
possible to the existing terms and intent of the Agreement while complying with
Section 409A. Except as required by Section 409A, this paragraph does not
restrict Company’s rights (including, without limitation, the right to amend or
terminate) with respect to this Agreement to the extent such rights are
reserved under the terms of this Agreement.

 

NON-SOLICITATION
AND CONFIDENTIALITY AGREEMENT

 

As a condition of
accepting this Restricted Stock Award and in consideration of the opportunity
to receive shares of stock and dividend compensation, I, the undersigned
Grantee, agree that for the duration of my employment with TCF Financial, TCF
Bank or any of their affiliated companies (“TCF”) and for a period of 12 months
after my termination of employment, I will not solicit or attempt to solicit
any of the customers of TCF or solicit or attempt to hire any current employees
of TCF for any other bank, financial services company, lending company, leasing
company or other corporation, person or other entity providing the same or
similar products or services as provided by TCF. I also agree that in the event
of my termination of employment with TCF I will not remove any documents,
customer information or other TCF proprietary materials from TCF premises,

 

5

 

computers or otherwise
without specific permission and will promptly return upon request any and all
TCF-related documents, customer information or other TCF proprietary materials
in my possession. I understand this is a binding contractual agreement which
TCF may enforce in Court and/or seek damages from me if it is violated, even if
the restricted shares awarded in this Agreement never become vested.

 

IN WITNESS WHEREOF, the
parties hereto have caused this RESTRICTED STOCK AGREEMENT and NON-SOLICITATION
/ CONFIDENTIALITY AGREEMENT to be executed as of the date first above written.

 

	
   

  	
  TCF FINANCIAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Sr. Vice
  President/General Counsel for Corporate Affairs

  
	
   

  	
   

  
	
   

  	
  ACCEPTED:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Street Address)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (City, State and Zip
  Code)

  

 

6

 

Appendix A to

TCF Financial Incentive Stock Program

Restricted Stock Agreement (the “Agreement”)

Year 2006 Executive Stock Award

2-year Term

	
  EPS Growth Rate(1)

  	
   

  	
  Percentage of

  Shares earned(2)

  
	
  15% or more

  	
   

  	
  100

  	
   

  
	
  14

  	
   

  	
   

  	
  90

  	
   

  
	
  13

  	
   

  	
   

  	
  80

  	
   

  
	
  12

  	
   

  	
   

  	
  70

  	
   

  
	
  11

  	
   

  	
   

  	
  60

  	
   

  
	
  10

  	
   

  	
   

  	
  50

  	
   

  
	
  9

  	
   

  	
   

  	
  40

  	
   

  
	
  8

  	
   

  	
   

  	
  30

  	
   

  
	
  7

  	
   

  	
   

  	
  20

  	
   

  
	
  6

  	
   

  	
   

  	
  10

  	
   

  

 

1.               The EPS Growth Rate
will be equal to the excess of the current year EPS (for fiscal years 2007 and
2008) over the “Base Year EPS”, divided by the “Base Year EPS” and rounded to
the nearest whole percentage. The “Base Year EPS” will be the EPS for the
immediately preceding fiscal year or $2.00, whichever is greater.

2.               The percentage of
Shares earned for each of the fiscal years 2007 and 2008 will be multiplied by
the number of Shares in section 1 of the Agreement to determine the number of
Earned Shares for each of the years ending December 31, 2007 and 2008. The sum
of these percentages may not in any event exceed 100%.

 

For purposes of the
foregoing chart, the term “EPS” shall mean diluted Earnings Per Share as
defined in the TCF Financial Performance-Based Policy.

 

7Exhibit 10(b)-6

 

TCF FINANCIAL INCENTIVE STOCK
PROGRAM 

 

RESTRICTED STOCK AGREEMENT

 

AND NON-SOLICITATION /
CONFIDENTIALITY AGREEMENT

 

RS NO.         

 

                Shares of Restricted Stock are
hereby awarded effective on January 22, 2007
by TCF Financial Corporation (“TCF Financial”) to                 (the
“Grantee”), in accordance with the following terms and conditions:

 

1.             Share Award.  TCF Financial hereby awards the Grantee           shares
(the “Shares”) of Common Stock, par value $.01 per share (“Common Stock”) of
TCF Financial pursuant to the TCF Financial Incentive Stock Program (the
“Program”), upon the terms and conditions therein and hereinafter set
forth.  A copy of the Program as
currently in effect is incorporated herein by reference and is attached hereto.

 

2.                                       Restrictions on
Transfer and Restricted Periods.

 

                                                a.             During the respective periods (the
“Restricted Periods”) hereinafter described, Shares may not be sold, assigned,
transferred, pledged, or otherwise encumbered by the Grantee.

 

                                                b.             The Shares will be subject to the
restrictions in subparagraph a. during Restricted Periods commencing on the
date of this Agreement (the “Commencement Date”) and, (subject to the
acceleration and forfeiture provisions herein) terminating with respect to one
hundred percent (100%) of the Shares on January
1, 2012.

 

                                                c.             Shares will vest, and no longer be
subject to the restrictions imposed by subparagraph b, at the expiration of the
Restricted Period with respect thereto. 
The Committee referred to in section 2 of the Program or its successor
(the “Committee”) shall have the authority, in its discretion, to accelerate
the time at which any or all of the restrictions in subparagraph a shall lapse
with respect to any Shares, or to remove any or all such restrictions, whenever
the Committee may determine that such action is appropriate by reason of
changes in applicable tax or other laws, or other changes in circumstances
occurring after the commencement of the Restricted Periods.

 

3.                                       Termination of
Service.  Except as provided in
paragraph 8 below and in this paragraph 3, in the event of Grantee’s
termination of employment for any reason (other than death, total or partial
disability, or normal or early retirement), all Shares which at the time of
such termination of employment are subject to the restrictions imposed by
paragraph 2.a. above shall upon termination of employment be forfeited and
returned to TCF Financial unless the Committee, pursuant to its discretion
under paragraph 2.c., shall determine to remove any or all of the restrictions
on such Shares prior to such forfeiture; provided, however, that not 

 

1

 

withstanding the foregoing, if the Grantee ceases employment by reason
of death, total or partial disability, or normal or early retirement (as
determined in the discretion of the Committee), a prorated portion of the
Shares will vest based on the number of months from January 22, 2007 to the termination date, divided by 60.

 

4.                                       Certificates for
Shares.  TCF Financial may issue one or
more certificates in respect of the Shares in the name of the Grantee, and
shall hold such certificate(s) on deposit for the account of the Grantee until
the expiration of the Restricted Period with respect to the Shares represented
thereby.  Certificate(s) for Shares
subject to a Restricted Period shall bear the following legend:

 

                                                “The
transferability of this certificate and the Shares of stock represented hereby
are subject to the terms and conditions (including forfeiture) contained in the
TCF Financial Incentive Stock Program and an Agreement entered into between the
registered owner and TCF Financial Corporation. 
Copies of such Plan and Agreement are on file in the offices of the
Secretary of TCF Financial Corporation, 200 Lake Street East, Wayzata, MN
55391.”

 

                                                The Grantee further
agrees that simultaneously with the execution of this Agreement a stock power
shall be executed, endorsed in blank and promptly delivered to TCF Financial.

 

                                                Alternatively, TCF
Financial may cause the shares to be issued in the name of the Grantee in a
sub-issue of Common Stock managed by the transfer agent which is subject to the
transferability restrictions set forth above.

 

5.                                       Grantee’s Rights.  Except as otherwise provided herein, Grantee,
as owner of the Shares, shall have all rights of a stockholder, including, but
not limited to, the right to receive all dividends paid on Shares and the right
to vote the Shares.  Dividends payable on
Shares that are subject to restrictions imposed by subparagraph 2.a. shall be
paid to the Grantee at the same time as such dividends are paid to other
shareholders; provided, that shares of Common Stock dividends in the nature of
a stock split shall be subject to all of the restrictions that apply to the
Shares with respect to which such dividends are paid until all of the
restrictions applicable to such Shares have terminated or otherwise have been
removed.

 

6.                                       Expiration of
Restricted Period.  Upon the
expiration of the Restricted Period with respect to any Shares, TCF Financial
shall redeliver to the Grantee (or, if the Grantee is deceased, to his legal
representative, beneficiary or heir) the certificate(s) in respect of such
Shares, without the restrictive legend provided for in paragraph 4 above.  Alternatively, if a certificate was not
previously delivered or issued under paragraph 4, TCF may deliver a certificate
to Grantee (or Grantee’s representative, beneficiary, or heir) or transfer the
shares to a sub-issue without the transferability restrictions in paragraph 4
above.  The Shares as to which the
Restricted Period shall have lapsed or expired shall be free of the
restrictions referred to in subparagraph 2.a. above and such certificates shall
not bear the legend or be subject to the transferability restrictions provided
for in paragraph 4 above.

 

7.                                       Adjustments for
Changes in Capitalization of TCF Financial.  In the event of any change in the outstanding
Common Stock of TCF Financial by reason of any reorganization,
recapitalization, stock split, combination or exchange of shares, merger,
consolidation or any change in the 

 

2

 

corporate structure of TCF Financial or in the shares of Common Stock,
or in the event of any issuance of preferred stock or other change in the
capital structure of TCF Financial which the Committee deems significant for
purposes of this Agreement, the number and class of Shares covered by this
Agreement shall be appropriately adjusted by the Committee, whose determination
of the appropriate adjustment, or whose determination that there shall be no
adjustment, shall be conclusive.  Any
Shares of Common Stock or other securities received, as a result of the
foregoing, by the Grantee subject to the restrictions contained in subparagraph
2.a. above also shall be subject to such restrictions and the certificate or
other instruments representing or evidencing such Shares or securities shall be
legended and deposited with TCF Financial in the manner provided in paragraph 4
above.

 

8.                                       Vesting Upon a Change
in Control.  A “Change in
Control” shall be deemed to have occurred if: (a) during any period of two (2)
consecutive years individuals who at the beginning of such period constitute
the Board of Directors of TCF Financial cease for any reason to constitute a
majority thereof, unless the election or nomination for election of each new
director was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved; or (b)
any “person”, as defined in sections 13(d) and 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”) is or becomes the “beneficial owner” as
defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of
securities of TCF Financial representing fifty percent (50%) or more of the
combined voting power of TCF Financial’s then outstanding securities, except
for any securities purchased by TCF’s employee stock ownership plan and trust
and any person who becomes a fifty percent (50%) beneficial owner solely as a
result of stock repurchases by TCF Financial; or (c) the shareholders of TCF
Financial approve a merger or consolidation of TCF Financial with any other
corporation, other than a merger or consolidation which would result in the
voting securities of TCF Financial outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least fifty percent (50%) of
the combined voting power of the voting securities of TCF Financial or such
surviving entity outstanding immediately after such merger or consolidation, or
the shareholders of TCF Financial approve a plan of complete liquidation of TCF
Financial or an agreement for the sale or disposition by TCF Financial of all
or substantially all TCF Financial’s assets; provided, however, that no Change
in Control will be deemed to have occurred if such merger, consolidation, sale
or disposition or assets, or liquidation is not subsequently consummated.

 

Subject to the six month holding requirement, if any, of Rule 16b-3 of
the Securities and Exchange Commission but notwithstanding any other provision
in this Program (including, but not limited to, paragraph 2, and section 3 of
this Agreement) in the event of a Change in Control all terms and conditions of
this Restricted Stock Award shall be deemed satisfied, all the Shares shall
vest as of the date of the Change in Control and shall thereafter be
administered as provided in section 6 of this Agreement.

 

9.                                       Delivery and
Registration of Shares of Common Stock.  TCF Financial’s obligation to deliver Shares
of Common Stock hereunder shall, if the Committee so requests, be conditioned
upon the receipt of a representation as to the investment intention of the
Grantee or any other person to whom such Shares are to be delivered, in such
form as the Committee shall determine to be 

 

3

 

necessary or advisable to comply with the provisions of the Securities
Act of 1933, as amended, or any other federal, state, or local securities law
or regulation.  It may be provided that
any representation requirement shall become inoperative upon a registration of
such Shares or other action eliminating the necessity of such representation
under such Securities Act or other securities law or regulation.  TCF Financial shall not be required to
deliver any Shares under the Plan prior to (i) the admission of such Shares to
listing on any stock exchange on which the Common Stock may be listed, and (ii)
the completion of such registration or other qualification of such Shares under
state or federal law, rule, or regulation, as the Committee shall determine to
be necessary or advisable.

 

10.                                 Plan and Plan
Interpretations as Controlling.  The Shares hereby awarded and the terms and
conditions herein set forth are subject in all respects to the terms and
conditions of the Program, which are controlling.  All determinations and interpretations of the
Committee shall be binding and conclusive upon the Grantee or his legal
representatives with regard to any question arising hereunder or under the
Plan.

 

11.                                 Grantee Service.  Nothing in this Agreement shall limit the
right of TCF Financial or any of its affiliates to terminate the Grantee’s
service as a director, officer, or employee, or otherwise impose upon TCF
Financial or any of its affiliates any obligation to employ or accept the
services of the Grantee.

 

12.                                 Grantee Acceptance.  The Grantee shall signify acceptance of the
terms and conditions of this Agreement by signing in the space provided below
and signing the attached stock powers and returning a signed copy hereof and of
the attached stock powers to TCF Financial.

 

 

 

 

 

 

NON-SOLICITATION AND CONFIDENTIALITY AGREEMENT

 

As
a condition of accepting this Restricted Stock Award and in consideration of
the opportunity to receive shares of stock and dividend compensation, I, the
undersigned Grantee, agree that for the duration of my employment with TCF
Financial, TCF Bank or any of their affiliated companies (“TCF”) and for a
period of 12 months after my termination of employment, I will not solicit or
attempt to solicit any of the customers of TCF or solicit or attempt to hire any
current employees of TCF for any other bank, financial services company,
lending company, leasing company or other corporation, person or other entity
providing the same or similar products or services as provided by TCF.  I also agree that in the event of my
termination of employment with TCF I will not remove any documents, customer
information or other TCF proprietary materials from TCF premises, computers or
otherwise without specific permission and will promptly return upon request any
and all TCF-related documents, customer information or other TCF proprietary
materials in my possession.  I understand
this is a binding contractual agreement which TCF may enforce in Court and/or
seek damages from me if it is violated, even if the restricted shares awarded
in this Agreement never become vested.

 

 

4

 

 

                IN WITNESS WHEREOF, the parties
hereto have caused this RESTRICTED STOCK AGREEMENT and NON-SOLICITATION /
CONFIDENTIALITY AGREEMENT to be executed as of the date first above written.

 

 

 

	
   

  	
   

  	
  TCF
  FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  

  	
   

  
	
   

  	
   

  	
   

  	
  Sr.
  Vice President/General Counsel for Corporate Affairs

  

 

 

                I acknowledge that
this Agreement includes Non-Solicitation and Confidentiality obligations that
are binding on me after my termination of employment with TCF.

 

	
   

  	
   

  	
  ACCEPTED (“Grantee”):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City, State and Zip Code)

  

 

 

 

 

5

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