Document:

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                                                                    EXHIBIT 10.2

                               FOURTH AMENDMENT TO
                          LINE OF CREDIT AGREEMENT AND
                   AMENDMENT AND AFFIRMATION OF LOAN DOCUMENTS

                                     BETWEEN

                          AGREE LIMITED PARTNERSHIP AND
                            AGREE REALTY CORPORATION

                                       AND

                          STANDARD FEDERAL BANK, N.A.,
                    INDIVIDUALLY AND AS AGENT FOR THE LENDERS

                                       AND

                                    BANK ONE,
                                    AS LENDER

                            DATED AS OF JULY 11, 2003

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<PAGE>

                               FOURTH AMENDMENT TO
                            LINE OF CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO LINE OF CREDIT AGREEMENT ("Fourth Amendment"),
dated as of July 11, 2003 ("Fourth Amendment Closing Date"), is made among AGREE
LIMITED PARTNERSHIP, a Delaware limited partnership ("Borrower"), AGREE REALTY
CORPORATION, a Maryland corporation (the "Company"), and STANDARD FEDERAL BANK,
N.A., a national banking association (formerly, Michigan National Bank) ("SFB"),
individually and as Agent for the Lenders ("Agent"), and BANK ONE, a Michigan
banking corporation, formerly NBD Bank ("NBD") (together with SFB, the
"Lenders") (such term and other capitalized terms used but not defined in this
Fourth Amendment are defined in Section 1 of the Agreement (as defined below)).

                                    RECITALS

         Borrower, the Company and Lenders entered into a Line of Credit
Agreement dated as of November 14, 1995 ("Agreement") whereby Lenders made
available to Borrower a line of credit loan facility in the maximum amount of
$50,000,000. The Agreement has been amended by a First Amendment to Line of
Credit Agreement dated August 7, 1997, a Second Amendment to Line of Credit
Agreement dated November 17, 1997, and a Third Amendment to Line of Credit
Agreement dated August 7, 2000 ("Third Amendment"). The Line of Credit Agreement
and the aforementioned amendments are collectively, the "Agreement."

         Borrower and Lenders now wish to again amend certain terms and
provisions of the Agreement.
                                    AGREEMENT

         In consideration of the terms and conditions contained herein, and of
any loans, advances, or extensions of credit previously, now or hereafter made
to Borrower by the Lenders, the parties hereto hereby agree as follows:

A.       SUBSTITUTION OF BANK AND AGENT.

         Wherever in the Agreement there is a reference to Michigan National
Bank as a Bank or Agent or LaSalle Bank National Association as Lender, Standard
Federal Bank, N.A. has been and shall be substituted in its place.

B.       AMENDMENT OF THE AGREEMENT.

         1.       DEFINED TERMS.

                  (a) The following defined term and the meaning thereof set
forth in Section 1.1 of the Agreement is hereby deleted in its entirety and
replaced with the following:

                  "DRAW PERIOD" shall mean that period commencing on November
                  14, 1995 and expiring on November 5, 2003.
<PAGE>

C.       REPRESENTATIONS AND WARRANTIES.

         Borrower represents, warrants, covenants and agrees that as of the
Fourth Amendment Closing Date, after giving effect to the consummation of the
transactions contemplated by this Fourth Amendment:

         1.       AUTHORITY.  Each of Borrower and the Company has full power,
authority and legal right to enter into the applicable Fourth Amendment
Documents. The execution, delivery and performance by Borrower and the Company
of the applicable Fourth Amendment Documents:

                           (a) have been duly authorized by all necessary
         partnership or corporate action, as applicable, of Borrower and the
         Company;

                           (b) do not and will not, by lapse of time, the giving
         of notice or otherwise, contravene the terms of Borrower's or the
         Company's respective partnership agreement or certificate, articles of
         incorporation or bylaws or of any indenture, agreement or undertaking
         to which Borrower or the Company is a party or by which Borrower or
         Guarantor is or any of their respective property are bound;

                           (c) do not and will not require any governmental
         consent, registration or approval;

                           (d) do not and will not, by lapse of time, the giving
         of notice or otherwise, contravene any material contractual or
         governmental restriction to which Borrower or the Company, or any of
         their respective property may be subject; and

                           (e) do not and will not, except as contemplated
         herein, result in the imposition of any lien, charge, security interest
         or encumbrance upon any property of Borrower or the Company under any
         existing indenture, mortgage, deed of trust, loan or credit agreement
         or other material agreement or instrument to which Borrower or the
         Company is a party or by which Borrower or the Company or any of their
         respective property may be bound or affected.

         2. BINDING EFFECT. Each of the Fourth Amendment Documents is the legal,
valid and binding obligation of Borrower and the Company, as appropriate, and is
enforceable against Borrower and the Company, as appropriate, in accordance with
its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors' rights generally and by equitable principles (whether
or not any action to enforce such document is brought at law or in equity).

         3. AGREEMENT REPRESENTATIONS AND WARRANTIES. The warranties and
representations of Borrower contained in the Agreement and the other Loan
Documents are true, correct and complete on and as of the Fourth Amendment
Closing Date, to the same extent as though made on and as of that date, and
taking into account any revised Exhibits attached to this Fourth Amendment.

         4. SCHEDULES. The Schedules to the Agreement remain true, correct and
complete on and as of the Fourth Amendment Closing Date except to the extent
that Revised Schedules are

                                      -2-

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attached to this Fourth Amendment, in which case such revised Schedules are
true, correct and complete on and as of the Fourth Amendment Closing Date.

         5.       DEFAULT.  Upon closing of the Fourth Amendment transaction,
no Event of Default or Default has occurred and is continuing.

D.       CONDITIONS TO CLOSING.

         In addition to those conditions set forth elsewhere in the Agreement,
the obligations of Lenders under this Fourth Amendment are conditioned upon (a)
the fulfillment, in a manner satisfactory to Lenders on or before the Fourth
Amendment Closing Date, of each of the following terms and conditions or (b) the
delivery on or before the Fourth Amendment Closing Date, duly executed, in form
and substance satisfactory to Lenders (and their counsel) of the following
documents, as the case may be:

         1.       FOURTH AMENDMENT DOCUMENTS.

                  a)      Fourth Amendment. Borrower and the Company shall
         have executed and delivered this Fourth Amendment to Agent.

                  b)      Borrower's Certificate.  Borrower shall have
         executed and delivered the Borrower's Certificate in the form attached
         hereto as Exhibit D.

                  c)      Revised Schedules.  Borrower shall have
         delivered the revised Schedules to Agent.

                  d)      Other Agreements.  Borrower shall have executed
and delivered to Agent such other agreements and documents in connection with
the Loan as Agent may request in form and substance satisfactory to Agent and
its counsel.

         2.       OPINION OF COUNSEL. Agent shall have received a legal opinion,
dated the Fourth Amendment Closing Date, from counsel to Borrower, in form and
substance satisfactory to Agent and its counsel, that, among other things, this
Fourth Amendment has been duly authorized, executed and delivered by Borrower
and the Company and is valid and enforceable in accordance with its terms,
subject to bankruptcy and equitable principles.

         3.       ORGANIZATIONAL DOCUMENTS. Agent shall have received (i) with
respect to the Company, the certificate of incorporation of the Company, as
amended, modified or supplemented to the Fourth Amendment Closing Date,
certified to be true, correct and complete by the appropriate Secretary of
State, together with a good standing certificate from such Secretary of State,
and (ii) with respect to Borrower, the agreement of limited partnership of
Borrower, as amended, modified or supplemented to the Fourth Amendment Closing
Date, certified to be true, correct and complete by a general partner of
Borrower, together with a copy of the certificate of limited partnership of
Borrower, as amended, modified or supplemented to the Fourth Amendment Closing
Date, certified to be true, correct and complete by the appropriate Secretary of
State.

         4.       CERTIFIED RESOLUTIONS, ETC. Agent shall have received a
certificate of the secretary or assistant secretary of the Company and dated the
Fourth Amendment Closing Date, certifying (i) the names and true signatures of
the incumbent officers of the Company authorized to sign this Fourth Amendment,
(ii) the by-laws of the Company as in effect on the Fourth Amendment Closing
Date, (iii) the resolutions of the Company's board of directors approving and
authorizing the

                                      -3-
<PAGE>

execution, delivery and performance of all Fourth Amendment Agreements executed
by the Company, and (iv) that there have been no changes in the certificate of
incorporation of such Person since the date of the most recent certification
thereof by the appropriate Secretary of State.

         5.       LIEN SEARCH REPORTS. Agent shall have received satisfactory
(i.e., showing no Liens other than Permitted Liens) UCC searches, together with
tax lien, judgment and litigation searches conducted in the appropriate
jurisdictions by a search firm acceptable to Agent with respect to the
Properties, Borrower, and the Company as Agent shall require (collectively, the
"UCC Searches").

         6.       CERTIFICATION AS TO COVENANTS. Agent shall have received a
certification by the Company, individually and as general partner of Borrower
together, with other evidence satisfactory to Agent that, as of the Fourth
Amendment Closing Date, the financial covenants set forth in the Agreement are
satisfied and that, as of the Fourth Amendment Closing Date, there is no Default
or Event of Default under the Agreement.

         7.       ADDITIONAL MATTERS. Agent shall have received such other
certificates, opinions, documents and instruments relating to the Fourth
Amendment transaction as may have been reasonably requested by Agent, and all
corporate and other proceedings and all other documents and all legal matters in
connection with the Fourth Amendment transaction shall be satisfactory in form
and substance to Agent.

E.       AMENDMENT AND AFFIRMATION OF LOAN DOCUMENTS.

         1.       AMENDMENT OF CERTAIN LOAN DOCUMENTS.  Any references to, or
definitions of, the Agreement or Loan Agreement in any of the Loan Documents are
amended hereby to mean the Agreement or Loan Agreement as heretofore, hereby and
hereafter amended, modified or supplemented.

         2.       AFFIRMATION OF LOAN DOCUMENTS. Borrower and the Company
acknowledge and affirm that (i) the Loan Documents, as amended by the Fourth
Amendment Agreements and Section E(1) of this Fourth Amendment, are enforceable
against the Borrower and the Company, as applicable, and remain in full force
and effect and shall be unamended, unchanged and unmodified, except as
specifically set forth in the Fourth Amendment Agreements and Section E(1) of
this Fourth Amendment; (ii) the Guaranty and the Collateral shall continue to
secure and/or guaranty the repayment of Borrower's Obligations, whether or not
Borrower's Obligations were contemplated by Borrower, the Company or Lenders at
the time of the execution of the Loan Documents; and (iii) the security
interests and liens granted to Lenders by Borrower under the Loan Documents
remain valid first perfected security interests and liens.

F.       MISCELLANEOUS.

         1.       SECTION TITLES.  The section titles contained in this Fourth
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreement between the parties.

         2.       PARTIES.  Whenever in this Fourth Amendment reference is
made to any of the parties hereto, such reference shall be deemed to include,
wherever applicable, a reference to the successors and assigns of the Borrower,
the Company, Agent and Lenders.

                                      -4-
<PAGE>

         3.       REFERENCES. Any reference to the Agreement contained in any
notice, request, certificate, or other document executed concurrently with or
after the execution and delivery of this Fourth Amendment shall be deemed to
include this Fourth Amendment unless the context shall otherwise require.

         4.       CONTINUED EFFECTIVENESS. Notwithstanding anything contained
herein, the terms of this Fourth Amendment are not intended to and do not serve
to effect a novation as to the Agreement. The parties hereto expressly do not
intend to extinguish the Agreement; instead, it is the express intention of the
parties hereto to reaffirm Borrower's Obligations created under the Agreement,
as amended by this Fourth Amendment.

         5        COUNTERPARTS. This Fourth Amendment may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.

         6        EFFECTIVENESS. This Fourth Amendment shall become effective
on the date on which all of the parties hereto shall have signed a counterpart
hereof and shall have delivered the same to Agent.

         7.       RELEASE OF CLAIMS; LIMITATION OF LIABILITY. In consideration
of the Lenders entering into this Fourth Amendment, Borrower and the Company do
each hereby release and discharge Agent and each Lender of and from any and all
claims, harm, injury, and damage of any and every kind, known or unknown, legal
or equitable, which Borrower or the Company have against the Agent and each
Lender through the date of this Fourth Amendment. Borrower and the Company
confirm to Agent and the Lenders that they have reviewed the effect of this
release with competent legal counsel of their choice, or have been afforded the
opportunity to do so, prior to execution of this Fourth Amendment and each
acknowledge and agree that Agent and each Lender is relying upon this release in
entering into this Fourth Amendment. No claim may be made by Borrower, the
Company, or any other Person against Agent or any Lender or the Affiliates,
directors, officers, employees, attorneys or agent of any of such Persons for
any special, indirect, consequential or punitive damages in respect of any claim
for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by the Agreement or any other
Transactions, or any act, omission or event occurring in connection therewith;
and Borrower and the Company hereby waive, release and agree not to sue upon any
claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

         8.       ENTIRE AGREEMENT. This Fourth Amendment, the exhibits and
schedules attached hereto, and the other Fourth Amendment Agreements represent
the entire agreement between the parties hereto relating to the Fourth Amendment
and may not be altered or modified in any respect, except upon the execution by
the parties hereto of a written document or instrument so providing.

(Signatures contained on following page)

                                      -5-
<PAGE>

         IN WITNESS WHEREOF, this Fourth Amendment has been duly executed as of
the day and year first above written.

                              AGREE LIMITED PARTNERSHIP,
                              a Delaware limited partnership

                              By:      AGREE REALTY CORPORATION, its
                                       sole general partner, a Maryland
                                       corporation

                                       By:     /s/ Richard Agree
                                          ----------------------------------
                                                Name:  Richard Agree
                                                Title:  President

                              AGREE REALTY CORPORATION,
                              a Maryland corporation

                              By: /s/ Richard Agree
                                  ------------------------------------------
                                       Name: Richard Agree
                                       Title:  President

                              STANDARD FEDERAL BANK, N.A.,
                              a national banking association, as Agent
                              and as Lender

                              By:  /s/ Carol Ann Arvan
                                   -----------------------------------------
                                       Name:  Carol Ann Arvan
                                       Title:  First Vice President

                              BANK ONE,
                              a Michigan banking corporation, as Lender

                              By:    /s/ James D. Misaros
                                 -------------------------------------------
                                       Name:    James D. Misaros
                                       Title:   Vice President

                                      -6-
<PAGE>exv10w1

 

Exhibit (10.1) Comerica Incorporated Employee Stock Purchase Plan

Original Plan approved by the Compensation Committee on 11/15/96

This First Amended and Restated Plan approved by the Compensation Committee on 7/21/03

This First Amended and Restated Plan approved by the Board of Directors on 7/22/03

 

 

COMERICA INCORPORATED

FIRST AMENDED AND RESTATED

EMPLOYEE STOCK PURCHASE

PLAN

 

 

ARTICLE I.

INTRODUCTION

     1.1   Purpose and Establishment. The Board believes that the interests of
the Company are served through share ownership of the Company by its employees.
Such ownership strengthens the sense of identity between the Company and its
employees, and furthers a unity of purpose among the Company, its employees and
its shareholders. It is the purpose of this Plan to provide a convenient means
through which employees of the Company and its selected subsidiaries may
acquire shares in the Company.

     1.2   Term of Plan. The operation of this Plan shall commence on April 1,
1997 and shall continue indefinitely until terminated by the Company.

     1.3   Company Shares. The aggregate number of Company Shares which may be
purchased under the Plan shall not exceed 5,000,000, provided, however, that in
the event the number of outstanding Company Shares changes as a result of any
stock split, stock dividend, recapitalization, merger, consolidation,
reorganization, combination, or exchange of shares, split-up, split-off,
spin-off, liquidation or other similar change in capitalization, or any
distribution made to common stockholders other than cash dividends, the number
or kind of shares that may be purchased under the Plan pursuant to this Section
1.3 shall be automatically adjusted, and the Committee shall be authorized to
make such other equitable adjustments as it deems necessary so that the value
of the interest of the Participants shall not be decreased by reason of the
occurrence of such event. Any such adjustment shall be conclusive and binding.

     1.4   Supplements. From time to time supplements may by amendment be
attached to and from a part of this Plan and shall be given the same effect
that such provision would have if it was incorporated within the basic text of
the Plan. Such supplements may modify or supplement the provisions of the Plan
as they apply to particular groups of Employees or groups of Participants,
shall specify the persons affected by such supplements and shall supersede the
other provisions of the Plan to the extent necessary to eliminate inconsistencies between the Plan provisions and the
provisions of such supplements.

I-1

 

ARTICLE II.

DEFINITIONS AND CONSTRUCTION

     2.1   Definitions. Whenever used in the Plan, the following terms shall
have the meanings set forth below.

	 	A.	 	“Account” means an account established for each
Participant under the Plan to hold Company Shares acquired for
the Participant’s account with Payroll Withholding
Contributions, Other Permitted Contributions, Service Award
Contributions, Matching Contributions, Account Retention
Contributions and Reinvested Cash Dividends.
	 
	 	B.	 	“Beneficiary” means the Participant’s spouse or
the individual(s) designated by the Participant as
recipient(s) of the balance of the Participant’s Account at
the time of the Participant’s death.
	 
	 	C.	 	“Bi-Weekly Base Pay” means the gross amount of
cash compensation a Participant receives during each bi-weekly
pay period, including base pay, incentive compensation paid
through the Management Incentive Plan or through a specific
business unit incentive plan, referral awards, ROAR payments,
overtime, shift differential and commissions, and effective as
of January 22, 1999, Bi-Weekly Base Pay shall include lump sum
merit bonuses. Bi-Weekly Base Pay shall not include any
amount which is deferred under the Deferred Compensation Plan.
	 
	 	D.	 	“Board” means the Board of Directors of Comerica
Incorporated.
	 
	 	E.	 	“Code” means the Internal Revenue Code of 1986,
as amended. All references to sections of the Code shall be
deemed to refer to any successor provisions to such sections.
	 
	 	F.	 	“Committee” means the committee appointed by
the Board to administer the Plan as provided herein. Unless
otherwise determined by the Board, the Compensation Committee
of the Board shall be the Committee.

II-1

 

	 	G.	 	“Company” means Comerica Incorporated, a Delaware
corporation. For purposes of Plan provisions relating to
eligibility to participate or receive or make contributions,
it shall also include subsidiaries and affiliates of the
Company.
	 
	 	H.	 	“Company Shares” means shares of $5.00 par value
common stock of the Company.
	 
	 	I.	 	“Custodian Bank” means Comerica Bank, a Michigan
banking corporation, or such other institution as may be
appointed by the Company to hold Company Shares in Accounts of
Participants under the Plan.
	 
	 	J.	 	“Deferred Compensation Plan” means the 1999
Comerica Incorporated Deferred Compensation Plan, or any plan
adopted by the Company as a successor to such plan.
	 
	 	K.	 	“Disability” has the meaning set forth in Section
4.4 hereof.
	 
	 	L.	 	“Employee” means an individual who renders
service to the Company as a common law employee or officer;
provided, however, that for purposes of the Plan, non-resident
aliens shall not be considered Employees and shall not be
eligible to participate in the Plan, except as otherwise
designated by the Committee or the Plan Administrator.
	 
	 	M.	 	“Entry Date” means, with respect to an Employee,
the Employee’s date of hire or any day of any month thereafter
during any Plan Year.
	 
	 	N.	 	“Exchange Act” means the Securities Exchange Act
of 1934, as amended.
	 
	 	O.	 	“Matching Contribution” means, subject to the
limitations of Section 4.3 hereof, a contribution by the
Company, the gross amount of which shall equal 15% of the
aggregate amount of Payroll Withholding Contributions, Service
Award Contributions and/or Other Permitted 

II-2

 

	 	 	 	Contributions made
during the previous quarter. The Matching Contribution, net
of all applicable withholding and deductions, shall be used to
purchase Company Shares.
	 
	 	P.	 	“Other Permitted Contribution” means a
non-periodic contribution of a Participant to the Plan
pursuant to guidelines approved by the Committee or the Plan
Administrator.
	 
	 	Q.	 	“Participant” means an Employee who is currently
contributing to the Plan or for whom an Account is maintained
under the Plan if the Employee has ceased his or her
contributions.
	 
	 	R.	 	“Payroll Withholding Contribution” means a
contribution of a Participant under the Plan equal to the
percentage of the Participant’s gross Bi-Weekly Base Pay such
Participant has elected to contribute to the Plan; provided,
however, that in the event the Participant’s pay less all
applicable withholding and deductions is less than the amount
of his or her elected contribution, the contribution shall be
reduced so as not to exceed 100% of the Participant’s net pay.
Payroll Withholding Contributions shall be withheld by the
Company and forwarded to the Custodian Bank which shall
utilize such contributions to purchase Company Shares for
allocation to the Employee’s Account in accordance with the
provisions of the Plan.
	 
	 	S.	 	“Plan” means the Comerica Incorporated First
Amended and Restated Employee Stock Purchase Plan, the
provisions of which are set forth herein.
	 
	 	T.	 	“Plan Administrator” means, unless determined
otherwise by the Board or the Committee, the Director of
Corporate Human Resources (or, if no individual is the
Director of Corporate Human Resources, then the designated
acting Director of Corporate Human Resources).
	 
	 	U.	 	“Plan Year” means the fiscal year on which
the records of the Plan are kept which shall be the calendar
year; provided, however, that the first Plan Year shall be the
period commencing April 1, 1997 and ending December 31, 1997.

II-3

 

	 	V.	 	“Reinvested Cash Dividends” means cash dividends
paid on Company Shares allocated to a Participant’s Account
which are utilized to purchase additional Company Shares for
such Participant’s Account.
	 
	 	W.	 	“Retirement” has the meaning set forth in Section
4.4 hereof.
	 
	 	X.	 	“Section 16 Insider” means any Participant who is
designated by the Company as a reporting person under Section
16 of the Exchange Act.
	 
	 	Y.	 	“Service Award” means a discretionary award, in
the form of a Service Award Contribution, made by the Company
in recognition of an Employee’s service to the Company.
	 
	 	Z.	 	“Service Award Contribution” means a
discretionary contribution by the Company to be allocated to a
Participant’s Account in recognition of an Employee’s service
to the Company. The Service Award Contribution, net of any
applicable withholding and deductions, shall be used to
purchase Company Shares.
	 
	 	AA.	 	“Share Retention Contribution” means, subject to
fulfillment of the requirements in Section 4.4 hereof, a
contribution by the Company to be allocated to a Participant’s
Account in a Plan Year equal to 5% of the amount of Payroll
Withholding Contributions, Service Award Contributions and/or
Other Permitted Contributions made to such Participant’s
Account in the first of the two immediately preceding Plan
Years as set forth in Section 4.4. Share Retention
Contributions shall be utilized to purchase additional Company
Shares for the Participant’s Account.

     2.2   Applicable Law. To the extent not preempted by the laws of the United
States, the laws of the State of Delaware shall be the controlling law in all
matters relating to this Plan.

II-4

 

ARTICLE III.

PARTICIPATION

     3.1   Eligibility. Any person who is or becomes an Employee of the Company
may commence participation in the Plan as of the first Entry Date subsequent to
such individual’s date of hire.

     3.2   Enrollment. Participation in the Plan shall be accomplished by the
Employee communicating verbal instructions to an interactive voice system.
Payroll Withholding Contributions will commence as of the first pay period
which begins not less than ten days following a Participant’s communication of
instructions. Other Permitted Contributions will be made as soon as is
administratively feasible following the Company’s receipt of instructions.

     3.3   Election Changes. A Participant may increase, decrease, cease or
resume the amount of his or her Payroll Withholding Contributions by
communicating further instructions to an interactive voice system. There shall
be no limitation on the number of election changes a Participant may make,
although election changes shall require two weeks’ prior notice before they
become effective. A discontinuance of contributions in and of itself shall not
constitute a withdrawal from the Plan.

III-1

 

ARTICLE IV.

CONTRIBUTIONS

     4.1   Payroll Withholding Contributions. Any Payroll Withholding
Contribution shall equal at least 0.5% but not exceed 100% of a Participant’s
Bi-Weekly Base Pay net of all other applicable withholding and deductions. The
Company shall remit these contributions to the Custodian Bank promptly.

     4.2   Other Permitted Contributions. A Participant may make Other Permitted
Contributions in a single sum at such time or times permitted by the Committee.

     4.3   Matching Contributions. The Company shall make a Matching
Contribution equal to 15% of the Payroll Withholding Contributions, Service
Award Contributions and/or Other Permitted Contributions made by each
Participant during any quarter, provided there have been no withdrawals from
the Participant’s Account during such quarter. Matching Contributions will not
be made with respect to Payroll Withholding Contributions, Service Award
Contributions and/or Other Permitted Contributions made during any Plan Year
which exceed $25,000. Matching Contributions will be made at the end of each
calendar quarter and shall be net of all other applicable withholding and
deductions. A Participant shall be eligible to receive a Matching Contribution
if there have been no withdrawals during the preceding quarter even if the
Participant’s employment terminated during such quarter for any reason.

     4.4   Share Retention Contributions. Subject to the conditions and
limitations of this Section 4.4, the Company shall allocate Share Retention
Contributions to Accounts of those Participants who qualify therefor. Subject
to the conditions and limitations of this Section 4.4, a Participant shall
qualify for Share Retention Contributions in a Plan Year equal to 5% of the
amount of Payroll Withholding Contributions, Service Award Contributions and/or
Other Permitted Contributions made to his or her Account during the first of
the two immediately preceding Plan Years if the Participant is employed on the
last day of such two-Plan-Year-period, and, during such two-Plan-Year-period,
there has not been a withdrawal of any of the following:

IV-1

 

		
	 	A.   Payroll Withholding Contributions, Service Award Contributions
and/or Other Permitted Contributions made during such period;
	 
	 	B.   Matching Contributions made with respect to Payroll Withholding
Contributions, Service Award Contributions and/or Other Permitted
Contributions made during such period;
	 
	 	C.   Shares purchased with any contributions referred to in to
Section 4.4 (A) or (B); or
	 
	 	D.   Shares purchased with dividends paid with respect to any shares
referred to in Section 4.4 (C).

Share Retention Contributions will not be made with respect to Payroll
Withholding Contributions, Service Award Contributions and/or Other Permitted
Contributions made during any Plan Year which exceed $25,000. Share Retention
Contributions shall be made as soon as reasonably practicable after the first
day of each Plan Year with respect to Payroll Withholding Contributions,
Service Award Contributions and/or Other Permitted Contributions, if any, that
were made for the first of the two immediately preceding Plan Years, provided
that the Participant is employed on the last day of the second of such two
preceding Plan Years (that is, the last day of the Plan Year immediately
preceding the Plan Year in which such Share Retention Contribution is made) and
further provided that the conditions of this Section 4.4 regarding no
withdrawals have been satisfied. Notwithstanding anything in this Section 4.4
to the contrary, a Participant whose employment terminates by reason of
Retirement, death or Disability prior to such date shall be eligible to receive
a Share Retention Contribution for the immediately preceding Plan Year and for
the Plan Year during which the Participant’s employment so terminates if and
only if there have been no withdrawals during such two-Plan-Year-period. The
Share Retention Contribution made on behalf of any such eligible terminated
Participant with respect to the Plan Year in which such Participant’s
employment so terminates shall be prorated based on the number of full calendar
months during such final Plan Year that the Participant was employed. For
purposes of this Section 4.4, a Participant’s employment shall be considered to
have terminated by reason of Retirement if he or she terminates

IV-2

 

employment with eligibility for, and elects to commence receipt of, an early or
normal retirement benefit under a tax-qualified defined benefit retirement plan
maintained by the Company, and a Participant’s employment shall be considered
to have terminated by reason of Disability if he or she terminates employment
with eligibility for, and is awarded, disability benefits under a long-term
disability plan maintained by the Company.1

     4.5   Service Award Contributions. The Company may make Service Award
Contributions to the Accounts of those Employees whom it wishes to recognize
for service to the Company. Service Award Contributions are made at the
discretion of the Company. All Company Service Awards shall be made under this
Plan through such Service Award Contributions.

     4.6   Assignment of Rights Under the Plan. A Participant’s Account shall
not be assigned, by pledge or otherwise, or transferred, except by will, the
laws of intestacy, or pursuant to Section 8.1 hereof.

     1 Please note that determination of disability and award of disability benefits
may occur retroactively long after the Participant#s employment termination
date and after the date that Share Retention Contribution determinations were
otherwise made for the relevant Plan Year.

IV-3

 

ARTICLE V.

ACQUISITION OF COMPANY SHARES

     5.1   Application of Current Contributions. As soon as reasonably
practicable following its receipt of Payroll Withholding Contributions, Other
Permitted Contributions, Service Award Contributions, Matching Contributions
and Share Retention Contributions, the Custodian Bank shall purchase the
maximum number of Company Shares that the funds allocated to each Participant’s
Account may purchase at the then-prevailing market prices. Such purchases may
be in the open market or directly from the Company. Company Shares so acquired
shall be allocated to each Participant’s Account.

     5.2   Reinvested Cash Dividends. Any cash dividends paid on Company Shares
allocated to any Participant’s Account shall be utilized by the Custodian Bank
to purchase additional Company Shares at prices and in the manner specified
above.

     5.3   Stock Certificates. Company Shares held under the Plan shall be held
in book entry form, and the Custodian Bank or its nominee shall be identified
as the owner thereof while such Company Shares remain in the Plan.

V-1

 

ARTICLE VI.

RIGHTS WITH RESPECT

TO SHARES HELD IN PLAN

     All rights accruing to an owner of record of shares shall belong to and be
vested in the Participant for whose Account Company Shares are being held by
the Custodian Bank, including, without limitation, the right to receive all
dividends payable in respect of such shares, the right to receive all notices
of shareholders’ meetings and to vote, and to tender or refrain from tendering
such shares in response to a tender offer.

VI-1

 

ARTICLE VII.

WITHDRAWALS FROM PLAN

     7.1   In-Service Withdrawals. A Participant may withdraw all or any portion
of the balance of his or her Account from the Plan during the Participant’s
employment. If the value of the Participant’s Account at the time the
in-service withdrawal is requested is less than the value of ten Company Shares
at such time, distribution will be made to the Participant in cash. Otherwise,
the Participant may elect to receive a distribution in the form of cash or
shares. Any brokerage commissions incurred in connection with the sale of
shares to facilitate a distribution shall be charged to the Participant’s
Account. A Participant shall not be entitled to receive a Matching
Contribution with respect to any Payroll Withholding Contributions, Service
Award Contributions and/or Other Permitted Contributions made during a quarter
if the Participant has made an in-service withdrawal during the quarter.

     7.2   Termination Withdrawals. A Participant or his or her Beneficiary must
submit an application to withdraw the balance of his or her account not later
than ninety days after the Participant’s employment terminates due to death,
Disability, Retirement, voluntary resignation, involuntary dismissal or any
other reason, or within ninety days after the Participant or his or her
representative receives notice that the Plan has terminated. A withdrawal
application will be provided to the Participant or Beneficiary upon the
occurrence of any of the aforementioned circumstances. The application must be
returned to the Custodian Bank within ninety days of receipt. If the Custodian
Bank does not receive a withdrawal application by the specified deadline, it
will distribute the balance of the Participant’s Account to the Participant or
his or her representative. If the value of the Participant’s Account at the
time the termination withdrawal is requested is less than the value of ten
Company Shares at such time, distribution will be made to the Participant in
cash. Otherwise, the Participant may elect to receive a distribution in the
form of cash or shares. Any brokerage commissions incurred in connection with
the sale of shares to
facilitate a distribution will be charged to the Participant’s Account.
However, a distribution

VII-1

 

by the Company in the event a withdrawal request is not
made within the ninety day period will be in the form of whole shares
registered in the Participant’s name. In all cases, cash will be paid in lieu
of fraction of shares.

     7.3   Special Rule Applicable To Section 16 Insiders. Except in the
circumstances of death, Disability, Retirement or other termination of
employment, a Section 16 Insider shall not be permitted to receive a cash
distribution from the Plan, if, within the previous six months, he or she (or
any other person whose transactions are attributed to the Section 16 Insider
under Section 16 of the Exchange Act) either (i) acquired Company Shares in the
open market or pursuant to a private transaction; or (ii) made an election
under the Plan (or under any other Plan sponsored by the Company) that resulted
in an acquisition of equity securities of the Company within the meaning of
that term under Section 16 of the Exchange Act. The Committee or Plan
Administrator may make such other rules as are necessary to comply with Section
16 of the Exchange Act, as amended from time to time.

VII-2

 

ARTICLE VIII.

MISCELLANEOUS PROVISIONS

     8.1   Designation of Beneficiary. In the case of any married Participant,
the Participant’s spouse shall be the Beneficiary of the balance of the
Participant’s Account in the event assets remain in such Account at the time of
the Participant’s death unless the Participant has designated another
individual as Beneficiary, and the Participant’s spouse has consented in
writing to such designation. In the case of any unmarried Participant, the
Beneficiary shall be those individual(s) designated by the Participant. Any
designations of beneficiary other than a spouse must be made on a form which
will be provided by the Company. The last form received by the Custodian Bank
prior to a Participant’s death shall be the controlling form. The Company
reserves the right to distribute the balance of a Participant’s Account to his
or her estate notwithstanding the designation of a Beneficiary, if the Company
is unable to locate the Beneficiary, a dispute arises among Beneficiaries or
under any other circumstances the Company deems appropriate.

     8.2   Withholding of Taxes. The Company shall withhold from any amounts
payable to the Participant all Federal, state, city, or other taxes as legally
required by reason of Participant’s participation in this Plan.

     8.3   Expenses. All charges of the Custodian Bank, the cost of maintenance
of the Accounts of Participants, the purchase of shares, and the cost of
transferring shares to the Participants and Beneficiaries shall be borne by the
Company; but brokerage charges involved in the sale of shares, if any, shall be
added to the cost of the shares.

     8.4   Administration. The Plan shall be administered by the Board or a
Committee designated by the Board. In addition, unless determined otherwise by
the Board or Committee, the Plan Administrator shall handle the day-to-day
administration of the Plan. The Plan Administrator may employ accountants,
legal counsel and any other experts he or she deems advisable to assist in the
administration of the Plan.

VIII-1

 

     8.5   Compliance With Legal Requirements. The Company shall be bound by all
applicable laws in operating this Plan and shall administer and interpret this
Plan in accordance with legal requirements.

     8.6   Amendment and Termination. The Committee reserves the right to amend
and/or restate the Plan at any time or to terminate the Plan.

ARTICLE IX.

EXECUTION

     By executing this Plan the Company signifies its adoption thereof, and the
Custodian Bank signifies its acceptance of its responsibilities contained
herein.

	 	COMERICA INCORPORATED

	 	By: /s/ James
E. Lake
                                                            
       James
E. Lake

Its: Senior Vice President and
       Director
of Human Resources

	 	COMERICA BANK AS CUSTODIAN BANK

	 	By: /s/ Cheryl
A. Derezinski
                                                            
       Cheryl
A. Derezinski

Its: Senior Vice President

IX-1

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