Document:

exv10w1

 

Exhibit 10.1

RESTRICTED STOCK AGREEMENT

(EMPLOYEE VERSION)

      THIS RESTRICTED STOCK AGREEMENT is made the ___day of ___, ___by and between
Citizens Banking Corporation (“Company”) and the undersigned (“Grantee”), pursuant to the Citizens
Banking Corporation Stock Compensation Plan (“Plan”). Capitalized terms not defined in this
Agreement shall have the meanings respectively ascribed to them in the Plan.

      WHEREAS, the Company desires to encourage the Grantee to make greater efforts on behalf of the
Company and its Affiliates to achieve the Company’s long-term business plans and objectives and to
further identify the interests of Grantee with the interests of the Company’s shareholders;

      WHEREAS, the Company desires to grant this restricted stock award to the Grantee pursuant to
the Plan, a copy of which is attached hereto;

      NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, it is agreed between the parties as follows:

      1. Grant of Restricted Stock Award. Subject to the terms and conditions hereof, including
without limitation the restrictions set forth in Section 2(a) of this Agreement, the Company hereby
grants to the Grantee a total of ___shares of the Company’s Common Stock.

      2. Restrictions on Transfer of Shares Subject to Award.

            (a) The shares under the award shall not be transferred, pledged, assigned, or otherwise
alienated or hypothecated until the occurrence of the events set forth in this Section 2, at which
time such restrictions shall lapse. Except as set forth below, the restrictions on such shares
shall lapse upon the close of business on the third anniversary of the grant date, if the Grantee
is still employed with the Company or an Affiliate on such date:

Notwithstanding the foregoing, the restrictions set forth above shall immediately lapse in the
event of any of the following events: (1) the Grantee’s death or termination of employment due to
Disability or position elimination pursuant to the Corporation’s Severance Pay Plan; (2) upon a
Change in Control of the Company; or (3) upon action by the Committee to waive the remaining
restricted period in its sole discretion. Further, in the event of Retirement the restrictions set
forth above shall lapse on the third anniversary of the grant date notwithstanding that the Grantee
is not employed with the Company or an Affiliate on such date. As used in this Agreement,
notwithstanding the definition of such term in the Plan, “Retirement” shall mean Grantee’s
voluntary cessation of employment following the later of Grantee’s 55th birthday and
Grantee’s completion of five years of employment with Company or any Affiliate. Upon the lapse of
such restrictions, the shares under the restricted stock award granted hereunder shall be freely
transferable. If the Grantee’s employment with the Company or its Affiliates terminates
other than under the circumstances described herein any portion of the restricted stock award as to
which such restrictions have not lapsed at the time of such termination shall be forfeited.

 

 

      (b) Until the lapse of all restrictions provided in Section 2(a) on the shares subject to this
restricted stock award, any certificate evidencing the shares subject to the award shall carry the
following restrictive legend:

The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer set forth in the

Citizens Banking Corporation Stock Compensation Plan (the “Plan”), rules and administrative guidelines adopted pursuant to such Plan

and an Agreement dated ________ ___, _______. A copy of the Plan, such rules and such Agreement may be obtained from the Secretary of the Company.

The Company shall also have the right to place stop transfer instructions on shares which are
subject to the restrictions described in Section 2(a). Grantee shall be entitled to removal of
such legend and stop transfer instructions at the time or times provided by, and in accordance
with, Section 3.05 of the Plan.

      3. Restrictive Covenants.

      As consideration for the grant of this Award, Grantee agrees to comply with and be bound by
the following restrictive covenants:

            (a) Non-Disclosure of Confidential Information. All “confidential information”
concerning Company and its customers will be kept strictly confidential and will not be disclosed
by Grantee to any third parties or used by Grantee in a manner contrary to Company’s interests at
any time without the prior consent of Company, except as required by law. “Confidential
information” includes customer and client lists and all customer, technical, business, marketing,
financial, systems and personnel information from whatever source, the disclosure of which might be
contrary to the interests of Company, excluding information which is or becomes publicly available
other than by Grantee’s acts or omissions. All confidential information and all other property of
Company will be returned to Company on or before the date Grantee’s active status terminates, and
Grantee will not retain any copies in any form.

            (b) Non-Solicitation of Employees and Customers. During Grantee’s employment and for a
period of one year following termination of employment for any reason, including Retirement,
Grantee will not, without the prior written consent of Company:

                (i) on his/her own behalf or on behalf of any third party, whether directly or indirectly,
hire or employ, attempt to hire or employ, or solicit, encourage or induce to leave employment with
Company or to accept employment elsewhere than Company, any person who was employed by Company at
any time during the 18-month period beginning six months prior to the termination of Grantee’s
employment and ending one year after such termination.

                (ii) on his/her own behalf or on behalf of any third party, whether directly or indirectly,
provide, sell, market or endeavor to provide, sell or market any Competing Services

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to any Restricted Customers (as such terms are defined below), or otherwise solicit or communicate with
any Restricted Customers for the purpose of selling or providing any Competing Services.
“Competing Services” means any products or services that are similar to or competitive with the
products and services sold or offered by Company. “Restricted Customers” means any of Company’s
current, former, or prospective customers to whom Grantee provided services, with whom Grantee had
business contact on behalf of Company, with respect to whom Grantee has confidential information,
or with whom Grantee had any responsibilities during the last two years of Grantee’s employment
with Company.

            (c) Non-disparagement. During Grantee’s employment and following Grantee’s termination
of employment for any reason including Retirement, Grantee will not publicly or privately make
disparaging comments with respect to Company or it’s management in general and specifically with
respect to any of Company’s personnel, operations, products, policies or practices.

            (d) Non-Competition. During Grantee’s employment and for a period of one year
following termination of employment for any reason, including Retirement, Grantee will not, without
the prior written consent of Company, become employed by (including self-employment) or otherwise
provide services to or on behalf of any person or entity whose business competes with Company where
both:

                (i) Grantee will be called to perform the same or substantially similar functions to those
which Grantee performed while employed by Company during the one-year period prior to the
termination of Grantee’s employment, and

                (ii) Grantee will, by virtue of the new business relationship, be acting in a manner which is
or may reasonably be expected to be prejudicial to or in conflict with the interests of Company, as
determined in the reasonable discretion of the chief executive officer of Company or his designee.

      The restrictions set forth in this section 3(d) shall not apply in the event that Grantee’s
employment is involuntarily terminated pursuant to the provisions of the Corporation’s Severance
Pay Plan.

            (e) Subsequent assistance. Following Grantee’s termination of employment for any
reason, (other than death and in certain instances, Disability) Grantee shall furnish such
reasonable subsequent assistance requested by Company that is deemed material to the transition of
responsibilities from Grantee to his or her successor.  

            (f) Reformation. If any portion of these restrictive covenants is found to be
unenforceable, any court of competent jurisdiction may reform the restrictions as to time,
geographical area or scope to the extent required to make the provision enforceable under
applicable law.

            (g) Disclosure of Information. Grantee hereby agrees that he/she will provide Company
with any information reasonably requested to determine compliance with these

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restrictive covenants and authorizes Company to disclose the covenants and the remedies for their violation to any third
party who might be affected thereby, including Grantee’s prospective employer.

            (h) Cancellation and Other Remedies. If Grantee violates the restrictive covenants
described in paragraphs 3(a) through 3(e) above:

                (i) all grants of Company Common Stock outstanding to Grantee pursuant to this Agreement will
be canceled immediately, and

                (ii) Grantee will be required to reimburse Company in an amount equal to any gain realized by
Grantee (determined as of the sale date) with respect to the sale of the shares covered by this
grant within the period beginning one year prior to the termination of Grantee’s employment and
ending six (6) months after the termination of Grantee’s employment, net of any taxes withheld.
Grantee agrees that this payment will be liquidated damages and is not to be construed in any
manner as a penalty.

Grantee acknowledges that a violation or attempted violation on his or her part of the restrictive
covenants set forth in Paragraphs 3(a) relating to disclosure of confidential information, 3(b)
relating to solicitation of Company’s employees and customers and 3(c) relating to the making of
disparaging comments concerning Company will cause immediate and irreparable damage to Company, and
therefore agrees that Company will be entitled as a matter of right to an injunction from any court
of competent jurisdiction restraining any violation or further violation of such terms, such right
to an injunction, however, will be cumulative and in addition to whatever other remedies Company
may have under law or equity. With respect to any violation of the restrictive covenants set forth
in Paragraph 3(d) relating to noncompetition and 3(e) relating to subsequent assistance, the right
to injunctive relief shall not apply and only the remedies set forth in subparagraphs 3(h)(i) and
(ii) shall be available to Company. In any action or proceeding by Company to enforce these
restrictive covenants where Company is the prevailing party, Company shall be entitled to recover
from Grantee its reasonable attorneys’ fees and expenses incurred in such action or proceeding.

      4. Non-Assignability of Award.The award hereby granted shall not be transferable. No
purported assignment or transfer of this award, or of the rights represented thereby, whether
voluntary or involuntary, by operation of law or otherwise, shall vest in the purported assignee or
transferee any interest or right whatsoever. For the avoidance of doubt, the parties acknowledge
that this Section 4 applies to the award itself, not to the shares subject to the award, and that
the transferability of the shares subject to the award shall be governed by Section 2 of this
Agreement.

      5. Adjustments. In the event of any stock dividend, reclassification, subdivision or
combination, or similar transaction affecting the shares covered by this award, the rights of the
Grantee are subject to adjustment as provided in Section 6.01 of the Plan to the extent deemed
necessary by the Committee.

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      6. Rights as Shareholder. Subject to the restrictions and risk of forfeiture set forth in
Section 2, the Grantee shall have all rights of a shareholder (including voting and dividend
rights) with respect to the shares subject to the award commencing on the date on which the shares
subject to the award are issued.

      7. Withholding. The Grantee authorizes the Company to withhold from his or her compensation
to satisfy any income and employment tax withholding obligations in connection with the award. If
the Grantee is no longer employed by the Company at the time any applicable taxes are due and must
be remitted by the Company, the Grantee agrees to pay applicable taxes to the Company, and the
Company may delay removal of the restrictive legend until proper payment of such taxes has been
made by the Grantee. The Grantee may satisfy such obligations under this Section 6 by any method
authorized under Section 7.06 of the Plan.

      8. Notices. Every notice relating to this Agreement shall be in writing and if given by
mail shall be given by registered or certified mail with return receipt requested. All notices to
the Company shall be delivered to the Secretary of the Company at the Company’s headquarters. All
notices by the Company to the Grantee shall be delivered to the Grantee personally or addressed to
the Grantee at the Grantee’s last residence address as then contained in the records of the Company
or such other address as the Grantee may designate. Either party by notice to the other may
designate a different address to which notices shall be addressed. Any notice given by the Company
to the Grantee at the Grantee’s last designated address shall be effective to bind any other person
who shall acquire rights hereunder.

      9. Governing Law. This Agreement (a) shall be governed by and construed in accordance with
the laws of the State of Michigan without giving effect to conflict of laws, and (b) is not valid
unless it has been signed by the Grantee and the Company.

      10. Provisions of Plan Controlling. The provisions hereof are subject to the terms and
provisions of the Plan. In the event of any conflict between the provisions of this Agreement and
the provisions of the Plan, the provisions of the Plan shall control.

      11. Return of Signed Agreement. This Agreement must be signed by Grantee and received in
the Human Resources Department of the Company, Attention: Compensation, Mail Code 001045, no later
than the close of business on ___, ___. In the event that this Agreement is not signed
by Grantee and received by the Human Resources Department by ___, ___as set forth
herein, the Options granted hereunder shall become null and void and may not be exercised.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	GRANTEE
	 	CITIZENS BANKING CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	 
	 	 	 	 
	

	 	Its:	 	 

5exv10w2

 

Exhibit 10.3

RESTRICTED STOCK AGREEMENT

(NON-EMPLOYEE DIRECTOR VERSION)

      THIS RESTRICTED STOCK AGREEMENT is made the                      day of                      by and between Citizens
Banking Corporation (“Company”) and the undersigned (“Grantee”), pursuant to the Citizens Banking
Corporation Stock Compensation Plan (“Plan”). Capitalized terms not defined in this Agreement
shall have the meanings respectively ascribed to them in the Plan.

      WHEREAS, the Company desires to encourage the Grantee to make greater efforts on behalf of the
Company and its Affiliates to achieve the Company’s long-term business plans and objectives and to
further identify the interests of Grantee with the interests of the Company’s shareholders;

      WHEREAS, the Company desires to grant this restricted stock award to the Grantee pursuant to
the Plan, a copy of which is attached hereto;

      NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, it is agreed between the parties as follows:

      1. Grant of Restricted Stock Award. Subject to the terms and conditions hereof,
including without limitation the restrictions set forth in Section 2(a) of this Agreement, the
Company hereby grants to the Grantee a total of ___shares of the Company’s Common Stock.

      2. Restrictions on Transfer of Shares Subject to Award.

            (a) The shares under the award shall not be transferred, pledged, assigned, or otherwise
alienated or hypothecated until the occurrence of the events set forth in this Section 2, at which
time such restrictions shall lapse. Except as set forth below, the restrictions on such shares
shall lapse upon the close of business on the third anniversary of the grant date, if the Grantee
is still serving as a Director of the Company or an Affiliate on such date:

Notwithstanding the foregoing, the restrictions set forth above shall immediately lapse in the
event of any of the following events: (1) the Grantee’s death or termination of employment due to
Disability or position elimination pursuant to the Corporation’s Severance Pay Plan; (2) upon a
Change in Control of the Company; or (3) upon action by the Committee to waive the remaining
restricted period in its sole discretion. Further, in the event of Retirement the restrictions set
forth above shall lapse on the third anniversary of the grant date notwithstanding that the Grantee
is not employed with the Company or an Affiliate on such date. As used in this Agreement,
notwithstanding the definition of such term in the Plan, “Retirement” shall mean Grantee’s
voluntary cessation of status as a nonemployee Director following Grantee’s 65th
birthday. Upon the lapse of such restrictions, the shares under the restricted stock award granted
hereunder shall be freely transferable. If the Grantee’s employment with the Company or its
Affiliates terminates other than under the circumstances described herein any portion of the
restricted stock award as to which such restrictions have not lapsed at the time of such
termination shall be forfeited.

 

 

      (b) Until the lapse of all restrictions provided in Section 2(a) on the shares subject to this
restricted stock award, any certificate evidencing the shares subject to the award shall carry the
following restrictive legend:

            The sale or other transfer of the shares of stock represented by
this certificate, whether voluntary, involuntary or by operation of
law, is subject to certain restrictions on transfer set forth in the
Citizens Banking Corporation Stock Compensation Plan (the “Plan”),
rules and administrative guidelines adopted pursuant to such Plan
and an Agreement dated                     . A copy of the Plan, such
rules and such Agreement may be obtained from the Secretary of the
Company.

The Company shall also have the right to place stop transfer instructions on shares which are
subject to the restrictions described in Section 2(a). Grantee shall be entitled to removal of
such legend and stop transfer instructions at the time or times provided by, and in accordance
with, Section 3.05 of the Plan.

      3. Restrictive Covenants.

      As consideration for the grant of this Award, Grantee agrees to comply with and be bound by
the following restrictive covenants:

            (a) Non-Disclosure of Confidential Information. All “confidential information”
concerning Company and its customers will be kept strictly confidential and will not be disclosed
by Grantee to any third parties or used by Grantee in a manner contrary to Company’s interests at
any time without the prior consent of Company, except as required by law. “Confidential
information” includes customer and client lists and all customer, technical, business, marketing,
financial, systems and personnel information from whatever source, the disclosure of which might be
contrary to the interests of Company, excluding information which is or becomes publicly available
other than by Grantee’s acts or omissions. All confidential information and all other property of
Company will be returned to Company on or before the date Grantee’s active status terminates, and
Grantee will not retain any copies in any form.

            (b) Non-Solicitation of Employees and Customers. During Grantee’s term of office as a
non-employee director and for a period of one year following Termination of such office for any
reason, including Retirement, Grantee will not, without the prior written consent of Company:

            (i) on his/her own behalf or on behalf of any third party, whether directly or indirectly,
hire or employ, attempt to hire or employ, or solicit, encourage or induce to leave employment with
Company or to accept employment elsewhere than Company, any person who was employed by Company at
any time during the 18-month period beginning six months prior to the termination of Grantee’s
office as a non-employee director and ending one year after such termination.

2

 

            (ii) on his/her own behalf or on behalf of any third party, whether directly or indirectly,
provide, sell, market or endeavor to provide, sell or market any Competing Services to any
Restricted Customers (as such terms are defined below), or otherwise solicit or communicate with
any Restricted Customers for the purpose of selling or providing any Competing Services.
“Competing Services” means any products or services that are similar to or competitive with the
products and services sold or offered by Company. “Restricted Customers” means any of Company’s
current, former, or prospective customers to whom Grantee provided services, with whom Grantee had
business contact on behalf of Company, with respect to whom Grantee has confidential information,
or with whom Grantee had any responsibilities during the last two years of Grantee’s term of office
as a non-employee director with Company.

      (c) Non-disparagement. During Grantee’s term of office as a non-employee director and
following Grantee’s termination of such office for any reason including Retirement, Grantee will
not publicly or privately make disparaging comments with respect to Company or it’s directorate or
management in general and specifically with respect to any of Company’s personnel, operations,
products, policies or practices.

      (d) Non-Competition. During Grantee’s term of office as a non-employee director and
for a period of one year following termination of such office for any reason, including Retirement,
Grantee will not, without the prior written consent of Company, become employed by (including
self-employment) or otherwise provide services to (including as a director or advisory director) or
on behalf of any person or entity whose business competes with Company where both:

            (i) Grantee will be called to perform the same or substantially similar functions to those
which Grantee performed while serving as a non-employee director of Company during the one-year
period prior to the termination of Grantee’s office as a non-employee director, and

            (ii) Grantee will, by virtue of the new business relationship, be acting in a manner which is
or may reasonably be expected to be prejudicial to or in conflict with the interests of Company, as
determined in the reasonable discretion of the chief executive officer of Company or his designee.

      (e) Subsequent assistance. Following Grantee’s termination of office as a
non-employee director for any reason, (other than death and in certain instances, Disability)
Grantee shall furnish such reasonable subsequent assistance requested by Company that is deemed
material to the transition of responsibilities from Grantee to his or her successor.  

      (f) Reformation. If any portion of these restrictive covenants is found to be
unenforceable, any court of competent jurisdiction may reform the restrictions as to time,
geographical area or scope to the extent required to make the provision enforceable under
applicable law.

      (g) Disclosure of Information. Grantee hereby agrees that he/she will provide Company
with any information reasonably requested to determine compliance with these

3

 

restrictive covenants and authorizes Company to disclose the covenants and the remedies for their
violation to any third party who might be affected thereby, including Grantee’s prospective
employer.

      (h) Cancellation and Other Remedies. If Grantee violates the restrictive covenants
described in paragraphs 4 (a) through 4 (e) above:

            (i) all stock options outstanding to Grantee covered by this award will be canceled
immediately, and

            (ii) Grantee will be required to reimburse Company in an amount equal to any gain realized by
Grantee (determined as of the exercise date) with respect to the exercise of the options covered by
this Award within the period beginning one year prior to the termination of Grantees’ office as a
non-employee director and ending six (6) months after the termination of such office, net of any
taxes withheld. Grantee agrees that this payment will be liquidated damages and is not to be
construed in any manner as a penalty.

Grantee acknowledges that a violation or attempted violation on his or her part of the restrictive
covenants set forth in Paragraphs 4.(a) relating to disclosure of confidential information, 4.(b)
relating to solicitation of Company’s employees and customers and 4.(c) relating to the making of
disparaging comments concerning Company will cause immediate and irreparable damage to Company, and
therefore agrees that Company will be entitled as a matter of right to an injunction from any court
of competent jurisdiction restraining any violation or further violation of such terms, such right
to an injunction, however, will be cumulative and in addition to whatever other remedies Company
may have under law or equity. With respect to any violation of the restrictive covenants set forth
in Paragraph 4(d) relating to noncompetition and 4(e) relating to subsequent assistance, the right
to injunctive relief shall not apply and only the remedies set forth in subparagraphs 4(h)(i) and
(ii) shall be available to Company. In any action or proceeding by Company to enforce these
restrictive covenants where Company is the prevailing party, Company shall be entitled to recover
from Grantee its reasonable attorneys’ fees and expenses incurred in such action or proceeding.

      4. Non-Assignability of Award. The award hereby granted shall not be transferable.
No purported assignment or transfer of this award, or of the rights represented thereby, whether
voluntary or involuntary, by operation of law or otherwise, shall vest in the purported assignee or
transferee any interest or right whatsoever. For the avoidance of doubt, the parties acknowledge
that this Section 4 applies to the award itself, not to the shares subject to the award, and that
the transferability of the shares subject to the award shall be governed by Section 2 of this
Agreement.

      5. Adjustments. In the event of any stock dividend, reclassification, subdivision or
combination, or similar transaction affecting the shares covered by this award, the rights of the
Grantee are subject to adjustment as provided in Section 6.01 of the Plan to the extent deemed
necessary by the Committee.

4

 

      6. Rights as Shareholder. Subject to the restrictions and risk of forfeiture set
forth in Section 2, the Grantee shall have all rights of a shareholder (including voting and
dividend rights) with respect to the shares subject to the award commencing on the date on which
the shares subject to the award are issued.

      7. Withholding. The Grantee authorizes the Company to withhold from his or her
compensation to satisfy any income and employment tax withholding obligations in connection with
the award. If the Grantee is no longer serving as a Director of the Company at the time any
applicable taxes are due and must be remitted by the Company, the Grantee agrees to pay applicable
taxes to the Company, and the Company may delay removal of the restrictive legend until proper
payment of such taxes has been made by the Grantee. The Grantee may satisfy such obligations under
this Section 6 by any method authorized under Section 7.06 of the Plan.

      8. Notices. Every notice relating to this Agreement shall be in writing and if given
by mail shall be given by registered or certified mail with return receipt requested. All notices
to the Company shall be delivered to the Secretary of the Company at the Company’s headquarters.
All notices by the Company to the Grantee shall be delivered to the Grantee personally or addressed
to the Grantee at the Grantee’s last residence address as then contained in the records of the
Company or such other address as the Grantee may designate. Either party by notice to the other
may designate a different address to which notices shall be addressed. Any notice given by the
Company to the Grantee at the Grantee’s last designated address shall be effective to bind any
other person who shall acquire rights hereunder.

      9. Governing Law. This Agreement (a) shall be governed by and construed in accordance
with the laws of the State of Michigan without giving effect to conflict of laws, and (b) is not
valid unless it has been signed by the Grantee and the Company.

      10. Provisions of Plan Controlling. The provisions hereof are subject to the terms
and provisions of the Plan. In the event of any conflict between the provisions of this Agreement
and the provisions of the Plan, the provisions of the Plan shall control.

      11. Return of Signed Agreement. This Agreement must be signed by Grantee and received
in the Human Resources Department of the Company, Attention: Compensation, Mail Code 001045, no
later than the close of business on July 15, 2005. In the event that this Agreement is not signed
by Grantee and received by the Human Resources Department by July 15, 2005 as set forth herein, the
Options granted hereunder shall become null and void and may not be exercised.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	GRANTEE
	 	CITIZENS BANKING CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	 

	 	 	 	 
	

	 	 	 	 
	

	 	Its:
	 	 
	

	 	 	 	 

5

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