Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

THIS AMENDMENT NO. 2
TO CREDIT AGREEMENT (this “Amendment”), dated as of November 8, 2019 (the “Amendment No. 2 Effective
Date”), is entered into by and among ARCHROCK SERVICES, L.P., a Delaware limited partnership (the “Administrative
Borrower”) and ARCHROCK PARTNERS OPERATING LLC, a Delaware limited liability company (collectively, with the Administrative
Borrower, the “Borrowers” and individually a “Borrower”), the other Loan Parties party hereto,
the lenders party hereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders
(in such capacity, the “Administrative Agent”), as an Issuing Bank and as Swingline Lender.

 

WITNESSETH

 

WHEREAS, the Borrowers,
the Loan Parties from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent are
parties to a Credit Agreement, dated as of March 30, 2017 (as amended, restated, supplemented or otherwise modified prior to the
Amendment No. 2 Effective Date, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended
by the amendments set forth in Section 2 of this Amendment, the “Credit Agreement”);

 

WHEREAS, pursuant to
the Existing Credit Agreement, the Lenders have made Revolving Loans to the Borrowers;

 

WHEREAS, the parties
hereto desire to amend certain terms of the Existing Credit Agreement as set forth herein to, among other things, (i) extend the
scheduled Maturity Date to November 8, 2024 and (ii) add each of NYCB Specialty Finance Company, LLC and Fifth Third Bank as a
 “Lender” (in such capacity, collectively, the “New Lenders”) under the Credit Agreement with a Commitment
in the amount shown opposite its name on the Commitment Schedule (as amended hereby);

 

WHEREAS, subject to and
upon the terms and conditions set forth herein, the Lenders have agreed to enter into this Amendment; and

 

WHEREAS, the Lenders
party hereto have agreed to amend the Existing Credit Agreement on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.               
Defined Terms. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned
to them in the Credit Agreement.

 

Section 2.               
Amendments to Existing Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section
3 below, on the Amendment No. 2 Effective Date, the Existing Credit Agreement shall be amended as follows:

 

    1

     

    

 

(a)              
Additional Definitions. Section 1.01 of the Existing Credit Agreement shall be amended to add the following
definitions to such Section in appropriate alphabetical order:

 

(i)                
“2019 Notes” means those certain 6.875% senior notes, issued by
APLP and Archrock Partners Finance due April 2027.

 

(ii)              
“Amendment No. 2” means Amendment No. 2 to Credit Agreement dated
as of November 8, 2019, among the Borrowers, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

 

(iii)            
“Amendment No. 2 Effective Date” has the meaning assigned to such
term in Amendment No. 2.

 

(iv)             
“Beneficial Ownership Certification” means a certification regarding
beneficial ownership or control as required by the Beneficial Ownership Regulation.

 

(v)               
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 

(vi)             
“BHC Act Affiliate” of a party means an “affiliate”
(as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

(vii)           
“Covered Entity” means any of the following:

 

(a)       a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)       a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)       a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

(viii)         
“Covered Party” has the meaning assigned to it in Section 9.21.

 

(ix)             
“Default Right” has the meaning assigned to that term in, and shall
be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

(x)               
“Dividing Person” has the meaning assigned to it in the definition
of “Division.”

 

(xi)             
“Division” means the division of the assets, liabilities and/or
obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division”
or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may
not survive.

 

    2

     

    

 

(xii)            “Division
Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any
portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation
of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be
deemed a Division Successor upon the occurrence of such Division.

 

(xiii)         
“QFC” has the meaning assigned to the term “qualified financial
contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

(xiv)         
“QFC Credit Support” has the meaning assigned to it in Section
9.21.

 

(xv)           
“Supported QFC” has the meaning assigned to it in Section 9.21.

 

(xvi)         
“U.S. Special Resolution Regime” has the meaning assigned to it
in Section 9.21.

 

(b)              
Amended and Restated Definitions. The following definitions contained in Section 1.01 of the Existing Credit
Agreement shall be amended and restated in their entirety to read in full as follows:

 

(i)                
“Applicable Rate” means, for any day, with respect to any Loan,
or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under
the caption “ABR and REVLIBOR30 Spread”, “Eurodollar Spread” or “Commitment Fee Rate”, as the
case may be, based upon Parent’s Total Leverage Ratio as of the most recent determination date; provided that, on
and after the Amendment No. 2 Effective Date, the Applicable Rate shall be Category 2 until the delivery to the Administrative
Agent, pursuant to Section 5.01(b), of Parent’s consolidated financial information for the fiscal quarter ending September
30, 2019:

 

	Total Leverage Ratio	 	ABR and

 REVLIBOR30

 Spread	 	 	Eurodollar

 Spread	 	 	Commitment

 Fee Rate	 
	Category 1
 > 5.00 to 1.0	 	 	1.75	%	 	 	2.75	%	 	 	0.375	%
	Category 2
 < 5.00 to 1.0 but
 > 4.00 to 1.0	 	 	1.50	%	 	 	2.50	%	 	 	0.375	%
	Category 3
 < 4.00 to 1.0 but
 > 3.00 to 1.0	 	 	1.25	%	 	 	2.25	%	 	 	0.375	%
	Category 4
 < 3.00 to 1.0	 	 	1.00	%	 	 	2.00	%	 	 	0.375	%

 

    3

     

    

 

For
purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of Parent
based upon Parent’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01(a)
and (b) and the related compliance certificate delivered pursuant to Section 5.01(c) and (b) each
change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period
commencing on and including the first (1st) calendar day of the month following the date of delivery to the
Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately
preceding the effective date of the next such change, provided that the Total Leverage Ratio shall be deemed to be in
Category 1 (A) at any time that an Event of Default has occurred and is continuing or (B) at the option of the
Administrative Agent or at the request of the Required Lenders if the Administrative Borrower fails to deliver the annual or
quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, during the period
from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. In the event
that, at any date prior to the Termination Date, any financial statement or compliance certificate delivered pursuant to Section
5.01(a), (b) or (c) is shown to be inaccurate, and such inaccuracy, if corrected, would have led
to the application of a higher Applicable Rate for any period (an “Applicable Period”) than the
Applicable Rate applied for such Applicable Period, and only in such case, then the Administrative Borrower shall promptly
(i) deliver or cause to be delivered to the Administrative Agent a corrected compliance certificate for such Applicable
Period, (ii) determine the Applicable Rate for such Applicable Period based upon the corrected compliance certificate,
and (iii) pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable
Rate for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance herewith,
and, if such payment is made, any Default under clause (b) of Article VII that shall have occurred solely
on account of the failure of the Borrowers to pay interest when due as a result of such inaccuracy shall be
automatically waived without any further action by the Administrative Agent and the Lenders. The preceding sentence is in
addition to the rights of the Administrative Agent and Lenders with respect to Section 2.14(e) and Article VII
and other of their respective rights under this Agreement.

 

(ii)              
“Issuing Bank Sublimits” means, as of the Amendment No. 2 Effective
Date, initially, $25,000,000, in the case of JPMCB, $25,000,000, in the case of WF, and thereafter, amounts as may be agreed between
each Issuing Bank and the Administrative Borrower; provided, however, that no increase to any Issuing Bank’s Issuing Bank
Sublimit shall result in the aggregate LC Exposure to exceed the maximum amount therefor in Section 2.06(b).

 

(iii)            
“Maturity Date” means, with respect to any Commitments other than
Extended Commitments, the earliest of (i) November 8, 2024, (ii)  June 3, 2022 if any portion of the 2014 Notes remains outstanding
at such date and either (x) has not been repaid as of such date or (y) has not been refinanced with (a) Refinance Indebtedness
permitted under Section 6.01 having a final maturity date that is no earlier than one hundred eighty (180) days after
the date in clause (i) hereof or (b) Subordinated Indebtedness and (iii) the date on which the Commitments are
reduced to zero or otherwise terminated pursuant to the terms hereof. With respect to Extended Commitments, the “Maturity
Date” means the maturity date related to the Extension Series of such Extended Commitments.

 

(iv)             
“Senior Notes” means
collectively, the 2014 Notes and the 2019 Notes.

 

    4

     

    

 

(c)              
Amended Definitions. The definitions of “Aggregate Revolving Commitment”, “Commitment”,
 “Commitment Schedule”, and “Revolving Commitment” contained in Section 1.01 of the
Existing Credit Agreement are hereby amended to replace each reference to “Amendment No. 1 Additional Amendments Effective
Date” therein with “Amendment No. 2 Effective Date” in lieu thereof.

 

(d)              
Deleted Definition. The definition of “2013 Notes” contained in Section 1.01 of the Existing
Credit Agreement is hereby deleted.

 

(e)              
Section 2.15 of the Existing Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

“Section
2.15   Alternate Rate of Interest.

 

(a)              
If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(i)                
the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, (including,
without limitation, by means of an Interpolated Rate or because the LIBO Screen Rate is not available or published on a current
basis) for such Interest Period; or

 

(ii)               
the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for the
applicable Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining
their Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give written notice
thereof to the Administrative Borrower and the Lenders through Electronic System as provided in Section 9.01 as
promptly as practicable thereafter and, until the Administrative Agent notifies the Administrative Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such
Eurodollar Borrowing shall be repaid or converted to an ABR Borrowing as on the last day of the Interest Period applicable
thereto, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR
Borrowing.

 

(b)               If
any Lender determines that any Requirement of Law has made it unlawful, or if any Governmental Authority has asserted that it
is unlawful, for any Lender or its applicable lending office to make, maintain, fund or continue any Eurodollar Borrowing, or
any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to
take deposits of, dollars in the London interbank market, then, on notice thereof by such Lender to the Administrative
Borrower through the Administrative Agent, any obligations of such Lender to make, maintain, fund or continue Eurodollar
Loans or to convert ABR Borrowings to Eurodollar Borrowings will be suspended until such Lender notifies the Administrative
Agent and the Administrative Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt
of such notice, the Borrowers will upon demand from such Lender (with a copy to the Administrative Agent), either convert or
prepay all Eurodollar Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurodollar Borrowings to such day, or immediately, if such Lender may not
lawfully continue to maintain such Loans. Upon any such conversion or prepayment, the Borrowers will also pay accrued
interest on the amount so converted or prepaid.

 

    5

     

    

 

(c)              
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances
set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made
a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will
continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying
a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no
successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the
LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely
cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction
over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer
be used for determining interest rates for loans, then the Administrative Agent and the Administrative Borrower shall endeavor
to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention
for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to
this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable
(but for the avoidance of doubt, such related changes shall not include a change of the Applicable Rate); provided that, if such
alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement. Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further
action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five
Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required
Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in
accordance with this clause (c) (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y)
of the first sentence of this clause (c), only to the extent the LIBO Screen Rate for such Interest Period is not available or
published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to,
or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid
or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and (y) if any Borrowing
Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.”

 

(f)               
Section 5.01 of the Existing Credit Agreement shall be amended by (i) deleting the word “and” from the
end of clause (j), (ii) replacing the “.” with “; and” at the end of clause (k), and (iii) inserting the
following new clause (l) after clause (k):

 

“(l)              
promptly
following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for
purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including
the USA PATRIOT Act and the Beneficial Ownership Regulation.”

 

    6

     

    

 

(g)              
Section 5.02 of the Existing Credit Agreement shall be amended by (i) deleting the word “and” from the
end of clause (f), (ii) replacing the “.” with “; and” at the end of clause (g), and (iii) inserting the
following new clause (h) after clause (g):

 

“(h)              
any
change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change
to the list of beneficial owners identified in such certification.”

 

(h)              
Section 6.03 of the Existing Credit Agreement shall be amended by inserting the following new clause (e) after clause
(d):

 

“(e)              
No Loan Party will, nor will it permit any Restricted Subsidiary to, consummate a Division as the Dividing Person, except (i) to
the extent each Division Successor in such Division complies with the obligations set forth in Section 5.14 and the other further
assurances obligations set forth in the Loan Documents and become a Loan Party under this Agreement and the other Loan Documents
or (ii) the Dividing Person would otherwise be permitted to make an Investment in the Division Successor pursuant to Section
6.04.”

 

(i)                
Section 6.05 of the Existing Credit Agreement shall be amended by amending and restating the introductory paragraph
in its entirety to read in full as follows: “Asset Sales. No Loan Party will, nor will it permit any Restricted Subsidiary
to, sell, transfer, lease or otherwise dispose of any asset (whether effected pursuant to a Division or otherwise), including any
Equity Interest owned by it, nor will Parent permit any Restricted Subsidiary to issue any additional Equity Interest in such Restricted
Subsidiary (other than to Parent or another Restricted Subsidiary in compliance with Section 6.04), except:”.

 

(j)                
Article IX of the Existing Credit Agreement shall be amended by inserting the following new Section 9.21 at
the end thereof:

 

“Section
9.21   Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of Texas and/or of
the United States or any other state of the United States):

 

    7

     

    

 

In the event
a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.”

 

(k)              
The Commitment Schedule shall be replaced in its entirety with the Commitment Schedule set forth on Annex I hereto.
 

 

Section 3.               
Conditions to Amendment No. 2 Effective Date. The amendments to the Existing Credit Agreement set forth in Section
2 of this Amendment are subject to the satisfaction of each of the following conditions precedent:

 

(a)              
Counterparts. The Administrative Agent shall have received counterparts of this Amendment (including by facsimile
or other electronic transmission), duly executed by each Loan Party, the Administrative Agent and the Lenders;

 

(b)              
Perfection Certificate. The Administrative Agent shall have received a perfection certificate, substantially in the
form of Exhibit A hereto, duly executed by each Loan Party;

 

(c)              
Fees. The Administrative Agent shall have received all fees required to be paid (including, without limitation, the
fees owing to each Lender that delivers its signature page to this Amendment) and all expenses (including the reasonable and documented
out-of-pocket fees and expenses of legal counsel to the Administrative Agent) for which invoices have been presented at least two
(2) Business Days prior to the Amendment No. 2 Effective Date;

 

(d)              
Beneficial Ownership Certification. The Administrative Agent shall have received, to the extent any Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Amendment
No. 2 Effective Date a Beneficial Ownership Certification in relation to such Borrower, for any Lender that has so requested, in
a written notice to the Borrowers at least ten (10) days prior to the Amendment No. 2 Effective Date, (provided that, upon the
execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this Section 3(d)
shall be deemed to be satisfied);

 

    8

     

    

 

(e)              
Legal Opinion. The Administrative Agent shall have received a customary written opinion of Sidley Austin LLP, counsel
to the Loan Parties, addressed to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative
Agent and its counsel;

 

(f)               
Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent
shall have received (i) a certificate of each Loan Party, dated the Amendment No. 2 Effective Date and executed by its Secretary
or Assistant Secretary, which shall (a) certify the resolutions of its board of directors, members or other body authorizing the
execution, delivery and performance of the Loan Documents to which it will become a party, (b) identify by name and title and bear
the signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it will become a party and (c)
contain copies of the certificate or articles of incorporation or organization of such Loan Party certified by the relevant authority
of the jurisdiction of incorporation, formation or organization of such Loan Party and a true and correct copy of its by-laws or
operating, management or partnership agreement, or other similar organizational or governing documents (provided that, any
Loan Party may certify on such certificate that its organizational documents have not changed since the Effective Date or Amendment
No. 1 Effective Date, as applicable, in lieu of attaching such organizational documents to such certificate), and (ii) a good standing
certificate for each Loan Party, from its jurisdiction of incorporation, formation or organization or the substantive equivalent
available in the jurisdiction of incorporation, formation or organization for such Loan Party from the appropriate governmental
officer in such jurisdiction;

 

(g)              
Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each jurisdiction
where each Loan Party is incorporated or organized and where the assets of each such Loan Party is located, and such search shall
reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 of the Credit Agreement
or discharged on or prior to the Amendment No. 2 Effective Date pursuant to a pay-off letter or other documentation reasonably
satisfactory to the Administrative Agent; and

 

(h)              
Closing Availability. After giving effect to any Borrowings to be made on the Amendment No. 2 Effective Date, the
issuance of any Letters of Credit on the Amendment No. 2 Effective Date and the payment of all fees and expenses due hereunder,
Availability shall not be less than $150,000,000.

 

Section 4.               
Amendment No. 2 Effective Date Adjustment; New Lenders.

 

(a)               Upon
the occurrence of the Amendment No. 2 Effective Date, (a) each Lender that holds Revolving Loans in an aggregate amount less
than its Applicable Percentage (after giving effect to the Amendment No. 2 Effective Date) of all Revolving Loans shall
advance new Revolving Loans which shall be disbursed to the Administrative Agent and used to repay Revolving Loans
outstanding to each Lender that holds Revolving Loans in an aggregate amount greater than its Applicable Percentage (after
giving effect to the Amendment No. 2 Effective Date) of all Revolving Loans, (b) each Lender’s participation in each
Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to the
Amendment No. 2 Effective Date), (c) such other adjustments shall be made as the Administrative Agent shall specify so that
each Lender’s Revolving Exposure, LC Exposure and Swingline Exposure equals, in each case, its Applicable Percentage
thereof (after giving effect to the Amendment No. 2 Effective Date) and (d) the Borrowers shall be required to make any
break-funding payments required under Section 2.17 of the Credit Agreement resulting from the Loans and adjustments
described in this Section 4(a).

 

    9

     

    

 

(b)              
Each New Lender acknowledges and agrees that none of the Administrative Agent, any lead arranger or any other Lender (i)
has made any representation or warranty and none of them shall have any responsibility with respect to any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document
furnished pursuant thereto or (ii) has made any representation or warranty and none of them shall have any responsibility with
respect to the financial condition of the Borrower, any Loan Party or any other obligor or the performance or observance by any
Borrower, any Loan Party or any other obligor of any of their respective obligations under the Credit Agreement or any other Loan
Document or any other instrument or document furnished pursuant hereto or thereto. Each New Lender represents and warrants that
it is legally authorized to enter into this Amendment, and each New Lender (A) confirms that it has received a copy of the Existing
Credit Agreement, together with copies of the financial statements most recently delivered pursuant to Section 5.01 of the
Existing Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Amendment; (B) agrees that it will, independently and without reliance upon the Lenders or the
Administrative Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Credit Agreement, the other Loan Documents or any other instrument
or document furnished pursuant thereto; (C) appoints and authorizes the Administrative Agent to take such action as agent on its
behalf and to exercise such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument
or document furnished pursuant thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers
as are incidental thereto; and (D) agrees that it will be bound by the provisions of the Credit Agreement, and will perform in
accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as
a Lender.

 

Section 5.               
Representations and Warranties.

 

(a)               Ratification
and Affirmation. Each Loan Party hereto hereby: (i) acknowledges the terms of this Amendment; (ii) ratifies and affirms
its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is
a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as
expressly amended hereby, after giving effect to the amendments contained herein; (iii) represents and warrants to the
Administrative Agent and the Lenders that as of the date hereof, after giving effect to the amendments set forth in Section
2 of this Amendment: (A) each of the representations and warranties in the Loan Documents is true and correct in all
material respects (without duplication of any materiality qualifier contained therein) (it being understood and agreed that
any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in
all material respects only as of such specified date, without duplication of any materiality qualifier contained therein) and
(B) no Default exists, will exist, or would result therefrom; and (iv) represents and warrants that as of the Amendment No. 2
Effective Date, to its knowledge, the information included in any Beneficial Ownership Certification provided on or prior to
the Amendment No. 2 Effective Date to any Lender in connection with this Amendment is true and correct in all material
respects. It is the intention of the parties hereto that neither this Amendment nor anything contained herein constitute a
novation of the obligations outstanding under the Existing Credit Agreement or any Collateral securing the same, all of which
shall remain in full force and effect after the date hereof, as amended hereby. If, notwithstanding the intention of the
parties set forth in the previous sentence, this Amendment or the transactions contemplated hereby are deemed to constitute a
novation of the obligations outstanding under the Existing Credit Agreement or any Collateral securing the same, then, as
collateral security for the Secured Obligations, each Loan Party hereby grants to the Administrative Agent for the benefit of
the Secured Parties a lien on and security interest in, and right of set-off against, and acknowledges and agrees that the
Administrative Agent has and shall continue to have until the Termination Date for the benefit of the Secured Parties a
continuing lien on and security interest in, and right of set-off against, all right, title, and interest of such Loan Party,
whether now owned or existing or hereafter created, acquired or arising, in and to all of the Collateral.

 

    10

     

    

 

(b)              
Corporate Authority; Enforceability; No Conflicts. Each Loan Party hereto hereby represents and warrants to the Administrative
Agent and the Lenders that (i) it has all necessary power and authority to execute, deliver and perform its obligations under this
Amendment; (ii) the execution, delivery and performance by such Loan Party of this Amendment has been duly authorized by all necessary
action on its part; (iii) this Amendment has been duly executed and delivered by such Loan Party and constitutes the legal, valid
and binding obligation of such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law; (iv) the execution and delivery of this Amendment by such Loan Party and
the performance of its obligations hereunder require no authorizations, approvals or consents of, or registrations or filings with,
any Governmental Authority, except for those that have been obtained or made and are in effect; and (v) neither the execution and
delivery of this Amendment nor the transactions contemplated hereby will (A) contravene, or result in a breach of, the organizational
documents of such Loan Party, (B) violate any governmental requirement applicable to or binding upon such Loan Party or any of
its properties, except to the extent that any such violation, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, or (C) violate or result in a default under any agreement or instrument to which such Loan Party
is a party (other than any agreement or instrument the contravention of which or breach of which could not reasonably be expected
to be materially adverse to any Secured Party) or by which it is bound or to which its properties are subject, except to the extent
that any such violation or default, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

 

Section 6.               
Effect of Amendment. From and after the Amendment No. 2 Effective Date, each reference in the Existing Credit Agreement
to “this Agreement”, “hereof”, or “hereunder” or words of like import, and all references to
the “Credit Agreement” in the Loan Documents and any and all other agreements, instruments, documents, notes, certificates,
guaranties and other writings of every kind and nature shall be deemed to mean the Credit Agreement.

 

Section 7.               
GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 

Section 8.               
Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose.

 

Section 9.               
Severability. In the event any one or more of the provisions contained in this Amendment should be held invalid,
illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein,
to the full extent permitted by applicable law, shall not in any way be affected or impaired thereby (it being understood that
the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision
in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal, or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal, or unenforceable
provisions.

 

    11

     

    

 

Section 10.           
No Waiver; Loan Document. Except as expressly provided herein, the execution, delivery and effectiveness of this
Amendment (or any provision hereof) shall not operate as a waiver of any right, power or remedy of the Administrative Agent or
the Lenders, nor constitute a waiver of any provision of the Existing Credit Agreement. This Amendment shall be, and shall be construed
and administered as, a Loan Document under the Credit Agreement.

 

Section 11.           
Successors and Assigns. All of the terms and provisions of this Amendment shall bind and inure to the benefit of
the parties hereto and their respective successors and assigns.

 

Section 12.            Counterparts;
Integration; Effectiveness. This Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery
of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Agreement. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to any document to be signed in connection with this
Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, or any other applicable state laws based on the Uniform Electronic Transactions Act; provided that
nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior
written consent. This AMENDMENT,
the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final
agreement AMONG the parties RELATING to the SUBJECT MATTER HEREOF AND THEREOF and may not be contradicted by evidence of
prior, contemporaneous or unwritten oral agreements of the parties. There are no oral agreements between the parties. Subject
to the terms and conditions set forth herein, this Amendment shall become effective on the Amendment No. 2 Effective
Date.

 

[Signature Pages Follow]

 

    12

     

    

 

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

 

	 	BORROWERS:

 

	 	ARCHROCK PARTNERS OPERATING LLC
	 	ARCHROCK SERVICES, L.P.

 

		By:	 /s/ Douglas S. Aron          
	 	Name: Douglas S. Aron
	 	Title: Senior Vice President and Chief Financial Officer

 

	 	OTHER LOAN PARTIES:

 

	 	ARCHROCK, INC.
	 	ARCHROCK PARTNERS FINANCE CORP.
	 	ARCHROCK PARTNERS LEASING LLC
	 	AROC CORP.
	 	AROC SERVICES GP LLC
	 	AROC SERVICES LP LLC
	 	ARCHROCK SERVICES LEASING LLC
	 	ARCHROCK GP LLC
	 	ARCHROCK PARTNERS CORP.

 

		By:	 /s/ Douglas S. Aron          
	 	Name: Douglas S. Aron
	 	Title: Senior Vice President and Chief Financial Officer

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	ARCHROCK PARTNERS, L.P.
	 	By: ARCHROCK GP LLC, its General Partner

 

		By:	 /s/ Douglas S. Aron          
	 	Name: Douglas S. Aron
	 	Title: Senior Vice President and Chief Financial Officer

 

	 	ARCHROCK GENERAL PARTNER, L.P.

 

	 	By: ARCHROCK GP LLC, its General Partner

 

		By:	 /s/ Douglas S. Aron          
	 	Name: Douglas S. Aron
	 	Title: Senior Vice President and Chief Financial Officer

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	ARCHROCK GP LP LLC

 

		By:	 /s/ Pamela Jasinski       
	 	Name: Pamela Jasinski 
	 	Title: Manager

 

	 	ARCHROCK MLP LP LLC

 

		By:	 /s/ Pamela Jasinski       
	 	Name: Pamela Jasinski 
	 	Title: Manager

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A., 
	 	as Administrative Agent,
an Issuing Bank, Swingline Lender, and a Lender 

 

	 	By:	 /s/ Anca Loghin
	 	Name:	 Anca Loghin
	 	Title:	 Authorized Officer

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
	 	as a Lender and an Issuing Bank

 

	 	By:	 /s/ Corbin M. Womac
	 	Name:	Corbin
M. Womac
	 	Title:	 Director

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	BANK OF AMERICA, N.A., 
	 	as a Lender
	 	 
	 	By:	 /s/ Mark Porter
	 	Name: Mark Porter
	 	Title:  Senior Vice President 

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	ROYAL BANK OF CANADA, 
	 	as a Lender
	 	 
	 	By:	 /s/ Emilee Scott
	 	Name: Emilee Scott
	 	Title: Authorized Signatory

 

Signature Page to Amendment No. 2
to Credit Agreement

 

    

     

    

 

	 	REGIONS BANK, 
	 	as a Lender
	 	 
	 	By:	/s/ Gregory Garbuz
	 	Name: Gregory Garbuz
	 	Title:  Director

 

Signature Page to Amendment No. 2
to Credit Agreement

 

    

     

    

 

	 	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, 
	 	as a Lender
	 	 
	 	By:	 /s/ Scott Nickel
	 	Name: Scott Nickel
	 	Title:  Director 

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, 
	 	as a Lender
	 	 
	 	By:	 /s/ Brian MacFarlane
	 	Name: Brian MacFarlane
	 	Title:  Authorized Signatory

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	CITIBANK, N.A., 
	 	as a Lender
	 	 
	 	By:	 /s/ Ivan Davey
	 	Name: Ivan Davey
	 	Title:  Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	BRANCH BANKING AND TRUST COMPANY, 
	 	as a Lender
	 	 
	 	By:	 /s/ DeVon S. Lang
	 	Name: DeVon S. Lang
	 	Title:  SVP

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 
	 	By:	 /s/ Michael Maguire
	 	Name: Michael Maguire
	 	Title:  Executive Director

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	CIT BANK, N.A., 
	 	as a Lender
	 	 
	 	By:	 /s/ Michael A. Robinson
	 	Name: Michael A. Robinson
	 	Title:  Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	NYCB SPECIALTY FINANCE COMPANY, LLC, a wholly owned subsidiary of New York Community Bank, as a New Lender 
	 	 
	 	By:	 /s/ Willard D. Dickerson, Jr.
	 	Name: Willard D. Dickerson, Jr. 
	 	Title:  Senior Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	FIFTH THIRD BANK, 
	 	as a New Lender
	 	 
	 	By:	 /s/ Raymond Gore
	 	Name: Raymond Gore
	 	Title:  Managing Director

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	BBVA USA, 
	 	as a Lender
	 	 
	 	By:	 /s/ Mark H. Wolf
	 	Name: Mark H. Wolf
	 	Title:  Senior Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	PNC BANK NATIONAL ASSOCIATION
	 	as a Lender
	 	 
	 	By:	 /s/ Stephen Monto 
	 	Name: Stephen Monto
	 	Title:  SVP

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	CATERPILLAR FINANCIAL SERVICES CORPORATION, 
	 	as a Lender
	 	 
	 	By:	 /s/ Landon Gracey
	 	Name: Landon Gracey
	 	Title:  Credit Manager

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	RAYMOND JAMES BANK N.A., 
	 	as a Lender
	 	 
	 	By:	 /s/ John Harris
	 	Name:  John Harris
	 	Title:  Managing Director

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	FIRST HORIZON BANK, 
	 	as a Lender
	 	 
	 	By:	 /s/ Michael Shipman 
	 	Name: Michael Shipman
	 	Title:  Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

	 	STERLING NATIONAL BANK, 
	 	as a Lender
	 	 
	 	By:	 /s/ Thomas A. Couture
	 	Name: Thomas A. Couture
	 	Title: First Vice President

 

Signature Page to Amendment No. 2 to Credit
Agreement

 

    

     

    

 

ANNEX I

 

COMMITMENT SCHEDULE

 

	Lender	 	Revolving

 Commitment	 	 	Percentage	 
	JPMorgan Chase Bank, N.A.	 	$	175,000,000	 	 	 	14	%
	Wells Fargo Bank, National Association	 	$	115,000,000	 	 	 	9.2	%
	Bank of America, N.A.	 	$	95,000,000	 	 	 	7.6	%
	Royal Bank of Canada	 	$	95,000,000	 	 	 	7.6	%
	Regions Bank	 	$	95,000,000	 	 	 	7.6	%
	The Bank of Nova Scotia, Houston Branch	 	$	95,000,000	 	 	 	7.6	%
	The Toronto-Dominion Bank, New York Branch	 	$	95,000,000	 	 	 	7.6	%
	Citibank N.A.	 	$	95,000,000	 	 	 	7.6	%
	Branch Banking and Trust Company	 	$	70,000,000	 	 	 	5.6	%
	Sumitomo Mitsui Banking Corporation	 	$	45,000,000	 	 	 	3.6	%
	CIT Bank N.A.	 	$	40,000,000	 	 	 	3.2	%
	NYCB Specialty Finance Company, LLC	 	$	35,000,000	 	 	 	2.8	%
	Fifth Third Bank	 	$	35,000,000	 	 	 	2.8	%
	BBVA USA	 	$	35,000,000	 	 	 	2.8	%
	PNC Bank, National Association	 	$	30,000,000	 	 	 	2.4	%
	Caterpillar Financial Services Corporation	 	$	30,000,000	 	 	 	2.4	%
	Raymond James Bank, N.A.	 	$	30,000,000	 	 	 	2.4	%
	First Horizon Bank	 	$	20,000,000	 	 	 	1.6	%
	Sterling National Bank	 	$	20,000,000	 	 	 	1.6	%
	Total	 	$	1,250,000,000	 	 	 	100	%

 

Annex I – Commitment Schedule

 

    

     

    

 

EXHIBIT A

 

PERFECTION CERTIFICATE

 

[see attached]

 

Exhibit A Perfection CertificateExhibit

EXHIBIT 10(a)

    
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED AGREEMENT (this “Agreement”) is made and entered into effective as of November 6, 2019 (the “Effective Date”) between TCF FINANCIAL CORPORATION, a Michigan corporation (“Company”) and CRAIG R. DAHL (“Executive”).
RECITALS:
WHEREAS, the Company is a bank holding company and Executive is the Chief Executive Officer of the Company; and 
WHEREAS, Executive and TCF Financial Corporation, a Delaware corporation (“Legacy TCF”) previously entered into the Employment Agreement (the “Merger Employment Agreement”) effective as of August 1, 2019 (the “Effective Time”) pursuant to the Agreement and Plan of Merger, dated as of January 27, 2019 by and between Legacy TCF and the Company (the “Merger Agreement”), which was assumed by the Company as of the Effective Time; and
WHEREAS, Executive and the Company wish to amend and restate the Merger Employment Agreement in order to harmonize certain terms with other similar employment agreements of the Company; 
NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, the parties agree as follows:
1.Employment and Duties. For the period described in paragraph 2 below, Executive shall be employed as the Chief Executive Officer of the Company with overall responsibility for the business and affairs of the Company and Executive’s powers and authority shall be superior to those of any other officer or employee of the Company or its subsidiaries. In discharging such duties and responsibilities, Executive may also serve as an executive officer and/or director of any direct or indirect subsidiary of the Company (collectively, the “TCF Subsidiaries”). Executive shall report directly to the Company’s Board of Directors (the “Board”). During the term of his employment as Chief Executive Officer under this Agreement, Executive shall apply on a full-time basis (allowing for usual vacations and sick leave) all of his skill and experience to the performance of his duties in his positions with the Company and the TCF Subsidiaries. It is understood that Executive may have other business investments and participate in other business, charitable, non-profit, or civic ventures which shall not interfere or be inconsistent with his duties under this Agreement. Executive shall perform his duties at any of the Company’s executive offices as determined by Executive; provided that Executive shall travel to other locations at such times as may be necessary for the performance of his duties under this Agreement.

2.Term of Employment. Unless sooner terminated as hereinafter provided, the term of this Agreement shall continue through the third anniversary of the Effective Date; provided, however, that in the event a Change in Control shall have occurred during the term of this Agreement, this Agreement shall expire on the later of the third anniversary of the Effective Date or the day which is twenty-four months following the date on which such Change in Control occurred. This Agreement may be extended by the mutual agreement in writing of the parties.

3.Compensation and Benefits. During the term of this Agreement, Executive shall be entitled to the following compensation and benefits:

(i)Base Salary, Bonus. Executive shall receive:

(i)An annual base salary (the “Annual Base Salary”) of at least One Million and Fifty Thousand and No/100 Dollars ($1,050,000.00), which shall be reviewed for increase from time to time by the Board (and no less often than annually) beginning in 2020 and may be increased (but not decreased) in the sole discretion of the Compensation Committee (as defined below).  The term “Annual Base Salary” as used in this Agreement shall refer to the Annual Base Salary as it may be so adjusted from time to time; and

(ii)Executive shall be eligible to participate in the Company’s annual bonus program for senior executives, based on Executive’s and the Company’s (or its affiliate’s) achievement of certain individual and corporate goals established by the Board or the Compensation and Pension Committee of the Board (the “Compensation Committee”); provided, however, that for each fiscal year during the term of this Agreement, Executive’s target annual bonus opportunity will be no less than one hundred percent (100%) of Annual Base Salary.

(iii)Executive shall not receive director’s fees paid to non-employee directors or an annual fee for serving as Chairman of the Board or as a director during the period of this Agreement.

(ii)Stock Incentives. Executive shall be eligible to receive such awards under any of the Company’s stock incentive based plans as may be determined by the Compensation Committee from time to time. Notwithstanding the foregoing, for each fiscal year during the term of this Agreement, Executive shall be granted equity-based awards having an aggregate grant date fair value at target level equal to two hundred percent (200%) of Annual Base Salary, on a basis, including the proportion of time- and performance-vesting awards, and terms and conditions no less favorable than applies to the other senior executives of the Company.  Notwithstanding the foregoing, the annual equity awards will provide for vesting on a termination of employment for any reason, other than termination by the Company for Cause or by Executive voluntarily without Good Reason (except as later provided in the case of Death, Retirement, or Disability). 

(iii)Reimbursement of Expenses. The Company shall reimburse Executive for all business expenses properly documented, including without limitation, Executive’s reasonable legal fees incurred in the preparation of this Agreement. Any such payments shall be made no later than 21/2 months after the end of the calendar year in which the expense was incurred.

(iv)Aircraft. During the term of this Agreement, and provided that the Company continues to own or leases an aircraft, Executive shall be entitled to reasonable use of the Company’s corporate aircraft, provided that Executive shall be responsible for all individual income taxes resulting from his use of the aircraft for non-business travel, and such usage shall be reviewed annually by the Compensation Committee.

(v)Other Benefits. Executive shall be entitled to participate in and shall be included in any employee benefit plan, pension plan, supplemental employee retirement plan, fringe benefit 

2

programs or similar plan of the Company now existing or established hereafter to the extent that he is eligible under the general provisions thereof.

(vi)Perquisites. Executive shall be entitled to other perquisites provided to executive officers, subject to annual review by the Compensation Committee. Payment of perquisites, if any, shall be made no later than 21/2 months after the end of the calendar year in which Executive was entitled to such payments.

(vii)Clawback. Notwithstanding anything in this Agreement to the contrary, in the event of a restatement of financial results by the Company, the Audit Committee of the Board shall determine (after reasonable notice to Executive and an opportunity for Executive, together with his legal counsel, to be heard before the Audit Committee) whether or not repayment of any compensation is required under Section 304 of the Sarbanes-Oxley Act. If the Audit Committee determines that such repayment is required, the Audit Committee shall make a demand for repayment by Executive of any bonus or other incentive-based or equity-based compensation, and any profits realized from the sale of TCF stock or other TCF securities, which are required to be returned to the Company as a result of Section 304 of the Sarbanes-Oxley Act. Executive shall promptly tender such repayment unless he disputes the findings of the Audit Committee. In addition to the foregoing, all compensation received by Executive pursuant to this Agreement or pursuant to awards made under the Company’s stock incentive plans will also be subject to, and Executive shall comply with, any “clawback” policy adopted by the Board of the Company or any committee thereof that is applicable to officers of the Company in response to or in anticipation of the listing standards to be established by national securities exchanges and associations in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

4.Termination of Employment.

(a)Termination without Cause. The Company may terminate Executive’s employment without Cause at any time and for any lawful reason upon thirty (30) days advance written notice to Executive.
(i)Cash Payments. In the event Executive’s employment with the Company is terminated by the Company without Cause during the term of this Agreement, Executive shall be entitled to a lump sum amount equal to two and one-half (2.5) times Annual Base Salary (as set forth in paragraph 3) plus two and one-half (2.5) times the average of Executive’s bonuses under the Company’s annual executive incentive plan for each of the three (3) most recent complete calendar years of Executive’s employment with the Company (or the lesser number of complete calendar years that Executive has been employed by the Company)  payable within thirty (30) days after the date of termination.  

(ii)Additional Payments. In addition, in the event of a termination of the Executive’s employment by the Company without Cause whether before, upon or after a Change in Control and such termination occurs after the end of the Company’s fiscal year but prior to the payment of any annual bonus payable to Executive under the bonus program applicable to such fiscal year, the Company shall pay Executive the annual bonus earned by Executive under such bonus program when bonuses are paid to other recipients under such bonus program, but not later than 21/2 months after the end of the calendar year in which the termination occurs. If Executive timely elects to continue Executive’s group health and dental insurance coverage pursuant to applicable COBRA/continuation law and the terms of the respective benefit plans, the Company shall pay, on Executive’s behalf, the monthly premiums 

3

for such coverage for the lesser of twenty four (24) months or such time as Executive’s COBRA/continuation rights expire.

(iii)Equity Treatment.  Notwithstanding the terms in any award agreement, all equity-based awards granted to Executive shall be treated as follows:  (i) all unvested stock options immediately shall vest, become exercisable and together with Executive’s other vested, unexercised stock options, remain exercisable until the expiration of their full original term; (ii) all outstanding time-based restricted stock units and restricted stock automatically shall vest and be convertible into the Company’s common stock, with settlement to occur within seven (7) days thereafter (or such later date as may be required to comply with Code Section 409A); (iii) all performance-based stock units shall vest at the greater of one hundred percent (100%) of the applicable target level and actual performance determined based on the results through the last completed calendar quarter prior to the termination date and shall be convertible into the Company’s common stock, with settlement to occur within seven (7) days thereafter (or such later date as may be required to comply with Code Section 409A); and (iv) any other equity-based awards shall vest in accordance with the terms of the applicable equity-based plan or grant agreement.  To the extent that any equity award outstanding as of the date of this Agreement are inconsistent with this provision, they are hereby amended effective as of the date hereof.

(iv)Release Required. Any payment made under this paragraph 4(a) shall be subject to and contingent upon Executive having executed and delivered to the Company a general release in the Company’s customary form within 60 days of such termination (the “Release Execution Period”).  If Executive fails to execute the release in such a timely manner so as to permit any revocation period to expire prior to the end of such 60 day period, or timely revokes his acceptance of such release following its execution, Executive shall not be entitled to any payment made under this paragraph 4(a).  No payment made under this paragraph 4(a) shall be paid until the release has become effective and all such amounts shall commence to be paid on the first regular payroll date of the Company after the release has become effective; provided, that, if the Release Execution Period overlaps two calendar years, the first payment shall not be made sooner than the first day of the second year, and shall include any missed payments.

(b)Termination for Good Reason by Executive. By following the procedure set forth in paragraph 4(d), Executive shall have the right to terminate his employment with the Company for “Good Reason” in the event there is: (i) any material diminution in the scope of Executive’s authority and responsibility, including, without limitation, as a result of a reallocation of Executive’s job duties, (provided, however, that (a) in the event of any illness or injury which disables Executive from performing Executive’s duties, the Company may reassign Executive’s duties to one or more other employees until Executive is able to perform such duties; and (b) to the extent appointed to serve as Chairman of the Board, President or both, no longer serving in any such position or both shall not be a material diminution in the scope of Executive’s authority); (ii) a material diminution in Executive’s base compensation (salary, bonus opportunity, benefits or perquisites); (iii) a material change (greater than 50 miles) in the geographic location of Executive’s principal place of employment that is required by the Board; (iv) a requirement that Executive report to a supervisor other than the Company’s Board; (v) the failure of any acquirer of or successor to the Company to assume the obligations of the Company under this Agreement in connection with a Change in Control; or (vi) any other action or inaction that constitutes a material breach by the Company of this Agreement.

4

(i)Cash Payments. If the employment of Executive is terminated by him during the term of this Agreement for Good Reason, Executive shall be entitled to a lump sum amount equal to two and one-half (2.5) times Annual Base Salary (as set forth in paragraph 3, and disregarding any Annual Base Salary Reduction triggering a Good Reason termination) plus two and one-half (2.5) times the average of Executive’s bonuses under the Company’s annual executive incentive plan for each of the three (3) most recent complete calendar years of Executive’s employment with the Company (or the lesser number of complete calendar years that Executive has been employed by the Company) payable within thirty (30) days after the date of termination.

(ii)Additional Payments. In addition, in the event of a termination of the Executive’s employment by Executive for Good Reason whether before, upon or after a Change in Control and such termination occurs after the end of the Company’s fiscal year but prior to the payment of any annual bonus payable to Executive under the bonus program applicable to such fiscal year, the Company shall pay Executive the annual bonus earned by Executive under such bonus program when bonuses are paid to other recipients under such bonus program, but not later than 21/2 months after the end of the calendar year in which the termination occurs. If Executive timely elects to continue Executive’s group health and dental insurance coverage pursuant to applicable COBRA/continuation law and the terms of the respective benefit plans, the Company shall pay, on Executive’s behalf, the monthly premiums for such coverage for the lesser of twenty four (24) months or such time as Executive’s COBRA/continuation rights expire.

(iii)Equity Treatment.  Notwithstanding the terms in any award agreement, all equity-based awards granted to Executive shall be treated as follows:  (i) all unvested stock options immediately shall vest, become exercisable and together with Executive’s other vested, unexercised stock options, remain exercisable until the expiration of their full original term; (ii) all outstanding time-based restricted stock units and restricted stock automatically shall vest and be convertible into the Company’s common stock, with settlement to occur within seven (7) days thereafter (or such later date as may be required to comply with Code Section 409A); (iii) all performance-based stock units shall vest at the greater of one hundred percent (100%) of the applicable target level and actual performance determined based on the results through the last completed calendar quarter prior to the termination date and shall be convertible into the Company’s common stock, with settlement to occur within seven (7) days thereafter (or such later date as may be required to comply with Code Section 409A); and (iv) any other equity-based awards shall vest in accordance with the terms of the applicable equity-based plan or grant agreement.  To the extent that any equity award outstanding as of the date of this Agreement are inconsistent with this provision, they are hereby amended effective as of the date hereof.

(iv)Release Required. Any payment made under this paragraph 4(b) shall be subject to and contingent upon Executive having executed and delivered to the Company a general release in the Company’s customary form within 60 days of such termination Release Execution Period.  If Executive fails to execute the release in such a timely manner so as to permit any revocation period to expire prior to the end of such 60 day period, or timely revokes his acceptance of such release following its execution, Executive shall not be entitled to any payment made under this paragraph 4(b).  No payment made under this paragraph 4(b) shall be paid until the release has become effective and all such amounts shall commence to be paid on the first regular payroll date of the Company after the release has become effective; 

5

provided, that, if the Release Execution Period overlaps two calendar years, the first payment shall not be made sooner than the first day of the second year, and shall include any missed payments.

(c)Termination for Cause by the Company. Termination for “Cause” shall include the following: (i) the deliberate and continued material failure by the Executive to devote substantially all the Executive’s business time and best efforts to the performance of the Executive’s duties (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such actual or anticipated failure after the issuance of a notice of termination for Good Reason by the Executive pursuant to paragraph 4(d) hereof) after a written demand for substantial performance is delivered to the Executive by the Board which demand specifically identifies the manner in which the Board believes the Executive has not substantially performed such duties, and the Executive fails to cure the specified performance issue within the reasonable period specified in the notice which shall not be less than thirty (30) days; (ii) a deliberate and material violation of reasonable and lawful instructions of the Board, provided such instruction does not violate this Agreement or any other written agreement between the Executive and the Company; (iii) the deliberate engaging by the Executive in gross misconduct which is demonstrably and materially injurious to the Company, monetarily or otherwise; (iv) the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or any criminal charge involving moral turpitude and all appeals from such conviction have been exhausted; or (v) Executive’s failure or refusal to comply with a reasonable and lawful policy, standard or regulation of Company in any material respect, relating to sexual harassment, other unlawful harassment or workplace discrimination.

(d)Termination by Death, Disability or Retirement of Executive.  Notwithstanding any contrary provisions in any equity awards outstanding as of the day of this Agreement, upon termination as a result of death or Disability of Executive or Retirement by Executive (as hereinafter defined), any outstanding equity awards shall be treated in accordance with the terms of Section 4(a)(iii) above.  For purposes of this paragraph, “Retirement” shall be defined as voluntary termination by Executive following at least ten (10) years of service with the Company on or after reaching age fifty-five (55), with one year’s advance written notice.  Executive shall be deemed to have incurred a Disability if Executive is unable by reason of physical or mental disability to properly perform Executive’s duties hereunder for a period of one hundred and eighty (180) days.  For purposes of this paragraph, Executive shall receive credit for Executive’s years of service with Legacy TCF.  

(e)Notice and Right to Cure. In the event Executive proposes to terminate his employment for Good Reason under paragraph 4(b) above, Executive shall first provide written notice to the Company of the existence of the condition described as Good Reason in paragraph 4(b) above not more than 90 days after Executive’s actual knowledge of the initial existence of the condition. The Company will have an opportunity to correct any curable situation to the reasonable satisfaction of Executive within the period of time specified in the notice which shall not be less than thirty (30) days. If such correction is not so made or the circumstances or situation is such that it is not curable, Executive may, within thirty (30) days after the expiration of the time so fixed within which to correct such situation (but not more than two years after the initial existence of the Good Reason), give written notice to the Company that his employment is terminated for Good Reason effective forthwith.

(f)Definition of Change in Control. For the purposes of this Agreement a “Change in Control” shall be deemed to have occurred if

(i)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 thirty percent 

6

(40%) 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

(ii)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 stockholders 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;

(iii)consummation of 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 60% 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 stockholders 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 if such merger, consolidation, sale or disposition of assets, or liquidation is not subsequently consummated; or
 
(iv)the Company shall be in an Active Change in Control Proposal Period; provided that at any time after which an Active Change in Control Period has ceased to exist and a Change in Control under items (i) - (iii) has not occurred, a Change in Control shall not be deemed to have occurred.

(g)the term “Active Change in Control Proposal Period” shall mean any period:

(i)during which the Board has authorized the Company’s solicitation of offers for a transaction which, if consummated, would constitute a Change in Control; or

(ii)during which the Company has received a proposal for a transaction which, if consummated, would constitute a Change in Control, and the Board has not determined to reject such proposal without any counter-offer or further discussions; or

(iii)during which any proxy solicitation or tender offer with regard to the securities of the Company is ongoing, if the intent of such proxy solicitation or tender offer is to cause the Company to solicit offers for or enter into a transaction that would constitute a Change in Control;

For the avoidance of doubt, the transactions consummated pursuant to the Merger Agreement shall not constitute a Change in Control for purposes of this Agreement.
5.Covenant Not to Compete; Non-Solicitation Covenants.

(a)Purpose.  Executive understands and agrees that the purpose of this paragraph 5 is solely to protect the Company’s legitimate business interests, including, but not limited to its confidential and proprietary information, customer relationships and goodwill, and the Company’s competitive advantage.  Therefore, Executive agrees to be subject to restrictive covenants under the following terms.

7

(b)Definitions.  As used in this Agreement, the following terms have the meanings given to such terms below.

(i)“Affiliate” means any organization controlling, controlled by or under common control with the Company.

(ii)“Business” means the business(es) in which the Company or its Affiliates were engaged in at the time of, or during the twelve (12)-month period prior to, the applicable termination date.

(iii)“Customer” means any person or entity who is or was a customer, supplier or client of the Company or its Affiliates with whom Executive had any contact or association for any reason and with whom Executive had dealings on behalf of the Company or its Affiliates in the course of his employment with the Company.

(iv)“Company Employee” means any person who is or was an employee of the Company or its Affiliates at the time of, or during the twelve (12)-month period prior to, the applicable termination date.

(v)“Restricted Period” means the period during Executive’s employment with the Company and for twenty-four (24) months from and after Executive’s applicable termination date; provided, however, that this period shall be tolled and shall not run during any time Executive is in violation of this paragraph 5, it being the intent of the parties that the Restricted Period shall be extended for any period of time in which Executive is in violation of this paragraph 5.

(vi)“Restricted Territory” means Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota, Wisconsin and any other state in which the Company or any Affiliate operates a branch at the time of, or during the twelve (12)-month period prior to, the applicable termination date.

(c)Noncompetition.  During the Restricted Period, Executive shall not in the Restricted Territory, on his own behalf or on behalf of any other person:

(i)assist or have an interest in (whether or not such interest is active), whether as partner, investor, stockholder, officer, director or as any type of principal whatever, any person, firm, partnership, association, corporation or business organization, entity or enterprise that is or is about to become directly or indirectly engaged in, any business or activity (whether such enterprise is in operation or in the planning or development stage) that competes in any manner with the Business; provided, however, that Executive shall be permitted to make passive investments in the stock of any publicly traded business (including a competitive business), as long as the stock investment in any competitive business does not rise above five percent (5%) of the outstanding shares of such business; or
(ii)enter into the employment of or act as an independent contractor or agent for or advisor or consultant to, any person, firm, partnership, association, corporation, business organization, entity or enterprise that is or is about to become directly or indirectly engaged in, any business or activity (whether such enterprise is in operation or in the planning or development stage) that competes in any manner with the Business, or is a governmental regulator agency of the Business.

8

(d)Non-Solicitation.  During the Restricted Period, Executive shall not, directly or indirectly, on Executive’s own behalf or on behalf of any other party:

(i)Call upon, solicit, divert, encourage or attempt to call upon, solicit, divert, or encourage any Customer for purposes of marketing, selling, or providing products or services to such Customer that are similar to or competitive with those offered by the Company or its Affiliates;

(ii)Accept as a customer any Customer for purposes of marketing, selling, or providing products or services to such Customer that are similar to or competitive with those offered by the Company or its Affiliates;

(iii)Induce, encourage, or attempt to induce or encourage any Customer to purchase or accept products or services that are similar to or competitive with those offered by the Company or its Affiliates from any person or entity (other than the Company or its Affiliates) engaging in the Business;

(iv)Induce, encourage, or attempt to induce or encourage any Customer to reduce, limit, or cancel its business with the Company or its Affiliates; or

(v)Solicit, induce, or attempt to solicit or induce any the Company Employee to terminate employment with the Company or its Affiliates.  Notwithstanding the foregoing, Executive may solicit a former employee of the Company, who at the time of the solicitation had been involuntarily terminated by the Company without cause, even if such former employee of the Company was employed by the Company at, or during the twelve (12)-month period immediately prior to, Executive’s termination date.

(e)Reasonableness of Restrictions.  Executive acknowledges and agrees that the restrictive covenants in this Agreement:  (i) are essential elements of Executive’s employment by the Company and are reasonable given Executive’s access to the Company’s and its Affiliates’ confidential information and the substantial knowledge and goodwill Executive shall acquire with respect to the business of the Company and its Affiliates as a result of his employment with the Company, and the unique and extraordinary services to be provided by Executive to the Company; and (ii) are reasonable in time, territory, and scope, and in all other respects.

(f)Preserve Livelihood.  Executive represents that his experience, capabilities and personal assets are such that this Agreement does not deprive him from either earning a livelihood in the unrestricted business activities which remain open to him or from otherwise adequately and appropriately supporting himself and his family.

(g)Judicial Modification.  Should any part or provision of this paragraph 5 be held invalid, void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement.  The parties further agree that if any portion of this paragraph 5 is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, or other restrictions are deemed to be invalid or unreasonable in scope, the invalid or unreasonable terms shall be replaced by terms that such court deems valid and enforceable and that come closest to expressing the intention of such invalid or unenforceable terms.

9

(h)Enforcement.  Executive acknowledges and agrees that the Company shall suffer irreparable harm in the event that Executive materially breaches any of Executive’s obligations under this paragraph 5 and that monetary damages would be inadequate to compensate the Company for such material breach.  Accordingly, Executive agrees that, in the event of a material breach by Executive of any of Executive’s obligations under this paragraph 5, the Company shall be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief, and expedited discovery for the purpose of seeking relief, in order to prevent or to restrain any such material breach.  The Company shall be entitled to recover its costs incurred in connection with any action to enforce this paragraph 5, including reasonable attorneys’ fees and expenses.

6.Section 280G and Executive Officer Severance Policy Compliance.

(a)Certain Payment Reductions. Anything to the contrary notwithstanding, the amount of any payment, distribution or benefit made or provided by the Company to or for the benefit of Executive in connection with a change in control of the Company or the termination of Executive’s employment with the Company, whether payable pursuant to this Agreement or any other agreement between Executive and the Company or with any person constituting a member of an “affiliated group” (as defined in Section 280G(d)(5) of the Internal Revenue Code of 1986, as amended (the “Code”)) with the Company or with any person whose actions result in a change of control of the Company (such foregoing payments or benefits referred to collectively as the “Total Payments”), shall be reduced (but not below zero) by the amount, if any, necessary to prevent any part of the Total Payments from being treated as an “excess parachute payment” within the meaning of Section 280G(b)(1) of the Code, but only if and to the extent such reduction will also result in, after taking into account all applicable state and federal taxes (computed at the highest marginal rate) including Executive’s share of F.I.C.A. and Medicare taxes and any taxes payable pursuant to Section 4999 of the Code, a greater after-tax benefit to Executive than the after-tax benefit to Executive of the Total Payments computed without regard to any such-reduction. For purposes of the foregoing, (i) no portion of the Total Payments shall be taken into account which in the opinion of tax counsel selected by the Company and acceptable to Executive does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (ii) any reduction in payments shall be computed by taking into account that portion of Total Payments which constitute reasonable compensation within the meaning of Section 280G(b)(4) of the Code in the opinion of such tax counsel; (iii) the value of any non-cash benefit or of any deferred cash payment included in the Total Payments shall be determined by. the Company in accordance with the principles of Section 280G(d)(3)(iv) of the Code; and (iv) in the event of any uncertainty as to whether a reduction in Total Payments to Executive is required pursuant to this paragraph, the Company shall initially make the payment to Executive and Executive shall be required to refund to the Company any amounts ultimately determined not to have been payable under the terms of this paragraph 6.

(b)Determination of Certain Payment Reductions. Executive will be permitted to provide the Company with written notice specifying which of the Total Payments will be subject to reduction or elimination (the “Reduction Notice”). But, if Executive’s exercise of authority pursuant to the Reduction Notice would cause any Total Payments to become subject to any taxes or penalties pursuant to Section 409A of the Code or if Executive fails to timely provide the Company with the Reduction Notice, then the Company will reduce or eliminate the Total Payments in the following order:

(i)first, by reducing or eliminating the portion of the Total Payments that are payable in cash and

10

(ii)second, by reducing or eliminating the non-cash portion of the Total Payments, 

in each case, in reverse chronological order beginning with payments or benefits under the most recently dated agreement, arrangement or award.
Except as set forth in this subparagraph b., any Reduction Notice will take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s rights and entitlements to any benefits or compensation.
(c)Executive Officer Severance Policy Compliance. To the extent that this Agreement would provide compensation to Executive that would violate the terms of the Company’s Executive Officer Severance Policy as from time to time adopted by the Board and in effect at the time of the termination of the Executive’s employment with the Company, Benefits (as that term is defined in the Executive Officer Severance Policy) payable to Executive shall be reduced by the Company in the smallest amount necessary to comply with the Executive Officer Severance Policy.

7.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 such arrangements are subject to that law. Only to the extent the payments set forth in paragraphs 4(a) and 4(b) of this Agreement are subject to Code Section 409A, and only to the further extent Executive is a “specified employee” (within the meaning of Section 409A), payments of Base Salary or annual bonus as provided in those paragraphs shall not be made until the date which is six (6) months and one day after Executive incurs a “separation of service” (within the meaning of Section 409A) and on such pay date, the Company shall pay Executive all payments that otherwise would have been paid during such six-month period but for Executive’s status as a “specified employee.” The parties agree that they will negotiate in good faith regarding amendments 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 the 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. This paragraph does not restrict the 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.

8.Attorney’s Fees. In the event of a dispute between the Company and Executive relating to Executive’s services hereunder or the terms or performance of this Agreement, including, but not limited to, paragraphs 3(g) and 4(d) of this Agreement, the Company shall promptly pay Executive’s reasonable expenses of attorney’s fees and expenses in connection with such dispute upon delivery of periodic billings for same, provided that (i) Executive shall promptly repay all amounts paid under this paragraph at the conclusion of such dispute if the resolution thereof includes a finding that Executive did not act in good faith in the matter in dispute or in the dispute proceeding itself, and (ii) no claim for expenses of representation shall be submitted by Executive unless made in writing to the Board within 90 days after receipt of billing for such representation. Any such payment shall be made promptly, and in any event no later than the end of the calendar year following the year in which the expense was incurred.

11

9.Other Benefits. The benefits provided under this Agreement shall, except to the extent otherwise specifically provided herein, be in addition to, and not in derogation or diminution of, any benefits that Executive or his beneficiary may be entitled to receive under any other plan or program now or hereafter maintained by the Company or TCF Subsidiaries.

10.Successors. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company, to expressly assume and agree to perform its obligations under this Agreement in the same manner and to the same extent that the Company would be required to perform them if no succession had taken place unless, in the opinion of legal counsel mutually acceptable to the Company and Executive, such obligations have been assumed by the successor as a matter of law. Executive’s rights under this Agreement shall inure to the benefit of and shall be enforceable by, Executive’s legal representative or other successors in interest, but shall not otherwise be assignable or transferable.

11.Other Agreements. This Agreement supersedes and replaces as of the Effective Date all prior agreements or understandings relating to the terms of Executive’s service with the Company, including the Merger Employment Agreement. This Agreement does not supersede or replace any agreement between the Company and Executive pursuant to any plans or programs of the Company, including any stock option agreement, restricted stock agreement or supplemental retirement agreement.

12.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan. Any disputes arising under this Agreement shall be venued in the State or Federal courts located in the State of Michigan, County of Hennepin, the parties consenting to such jurisdiction.

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

	
		
	 
	TCF FINANCIAL CORPORATION

	 
	/s/ Joseph Green
By: Joseph Green
Its: Authorized Signatory

	
		
	 
	EXECUTIVE

	 
	/s/ Craig R. Dahl
Craig R. Dahl

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]