Document:

EXHIBIT 4.5

 

FORM OF WARRANT

 

TRAVELCENTERS OF AMERICA LLC

 

WARRANT TO PURCHASE COMMON SHARES

 

	
  No.    -           

  	
  , 20

  	
   

  

 

	
  VOID AFTER
                 ,
  20

  	
   

  	
   

  

 

THIS
CERTIFIES THAT, for value received, [PURCHASER],
with its principal office at [ADDRESS], or assigns
(the “Holder”), is entitled to subscribe for and purchase at the Exercise Price
(defined below) from TRAVELCENTERS OF AMERICA
LLC, a Delaware
limited liability company, with its principal office at 24601 Center
Ridge Road, Suite 200, Westlake, OH 44145-5639 (the “Company”)              
common shares of the Company as provided herein (the “Common Shares”).

 

1.             DEFINITIONS. as used herein, the
following terms shall have the following respective meanings:

 

(a)           “Exercise Period” shall mean the period commencing
with the date hereof and ending         
years from the date hereof, unless sooner terminated as provided below.

 

(b)           “Exercise Price” shall mean $per share, subject to
adjustment pursuant to Section 5 below.

 

(c)           “Exercise Shares” shall mean the Common Shares
issuable upon exercise of this Warrant.

 

2.             EXERCISE OF WARRANT. the rights represented by
this warrant may be exercised in whole or in part at any time during
the exercise period, by delivery of the following to the company at its address
set forth above (or at such other address as it may designate by notice in
writing to the holder):

 

(a)           An executed Notice of Exercise in the form attached
hereto;

 

(b)           Payment of the Exercise Price either (i) in cash
or by check, or (ii) by cancellation of indebtedness; and

 

(c)           This Warrant.

 

Upon
the exercise of the rights represented by this Warrant, a certificate or
certificates for the Exercise Shares so purchased, registered in the name of
the Holder or persons affiliated with the Holder, if the Holder so designates,
shall be issued and delivered to the Holder within a reasonable time after the
rights represented by this Warrant shall have been so exercised.

 

The
person in whose name any certificate or certificates for Exercise Shares are to
be issued upon exercise of this Warrant shall be deemed to have become the
holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Exercise Price was made, irrespective of the
date of delivery of such certificate or certificates, except that, if the date
of such surrender and payment is a date when the stock transfer books of the
Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

 

2.1          Net Exercise.
Notwithstanding any provisions herein to the contrary, if the fair market value
of one share of Common Share is greater than the Exercise Price (at the date of
calculation as set forth below), in lieu of exercising this Warrant by payment
of cash, the Holder may elect to receive shares equal to the value (as

 

1

 

determined below)
of this Warrant (or the portion thereof being canceled) by surrender of this
Warrant at the principal office of the Company together with the properly
endorsed Notice of Exercise in which event the Company shall issue to the
Holder a number of Common Shares computed using the following formula:

 

	
   

  	
  X = Y (A-B)

  
	
   

  	
  A

  

 

	
   

  	
  Where

  	
  X =

  	
  the number of Common
  Shares to be issued to the Holder

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Y =

  	
  the number of Common
  Shares purchasable under the Warrant or, if only a portion of the Warrant is
  being exercised, the portion of the Warrant being canceled (at the date of
  such calculation)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A =

  	
  the fair market value
  of one Common Share (at the date of such calculation)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  B =

  	
  Exercise Price (as
  adjusted to the date of such calculation)

  

 

For
purposes of the above calculation, the fair market value of one Common Share
shall be determined by the Company’s Board of Directors in good faith.

 

3.            COVENANTS OF THE
COMPANY.

 

3.1          Covenants as to Exercise Shares.
The Company covenants
and agrees that all Exercise Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued and
outstanding, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issuance thereof. The Company further covenants and
agrees that the Company will at all times during the Exercise Period, have
reserved, free from preemptive rights, a sufficient number of Common Shares to
provide for the exercise of the rights represented by this Warrant.

 

3.2          No Impairment. Except and to the extent as waived or consented to by the
Holder, the Company will not, by amendment of its Limited Liability Company
Agreement or Certificate of Formation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the
Company, but will at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may be
necessary or appropriate in order to protect the exercise rights of the Holder
against impairment.

 

3.3          Notices of Record Date.  In the event of any taking by the Company
of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend (other
than a cash dividend which is the same as cash dividends paid in previous
quarters) or other distribution, the Company shall mail to the Holder, at least
ten (10) days prior to the date specified herein, a notice specifying the
date on which any such record is to be taken for the purpose of such dividend
or distribution.

 

4.            REPRESENTATIONS OF
HOLDER.

 

4.1          Acquisition of Warrant for Personal Account.
The Holder represents
and warrants that it is acquiring the Warrant solely for its account for
investment and not with a view to or for sale or distribution of said Warrant
or any part thereof. The Holder also represents that the entire legal and
beneficial interests of the Warrant and Exercise Shares the Holder is acquiring
is being acquired for, and will be held for, its account only.

 

2

 

5.            ADJUSTMENT OF EXERCISE PRICE.
In the event of changes in the outstanding Common Shares by reason of stock
dividends, split-ups, recapitalizations, reclassifications, combinations or
exchanges of shares, separations, reorganizations, liquidations, or the like,
the number and class of shares available under the Warrant in the aggregate and
the Exercise Price shall be correspondingly adjusted to give the Holder of the
Warrant, on exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares as the Holder would have owned had the Warrant been
exercised prior to the event and had the Holder continued to hold such shares
until after the event requiring adjustment; provided, however, that such
adjustment shall not be made with respect to, and this Warrant shall terminate
if not exercised prior to, the events set forth in Section 7 below. The form of
this Warrant need not be changed because of any adjustment in the number of
Exercise Shares subject to this Warrant.

 

6.            FRACTIONAL SHARES.
No fractional shares shall be issued upon the exercise of this Warrant as a
consequence of any adjustment pursuant hereto. All Exercise Shares (including
fractions) issuable upon exercise of this Warrant may be aggregated for
purposes of determining whether the exercise would result in the issuance of
any fractional share. If, after aggregation, the exercise would result in the
issuance of a fractional share, the Company shall, in lieu of issuance of any
fractional share, pay the Holder otherwise entitled to such fraction a sum in
cash equal to the product resulting from multiplying the then current fair
market value of an Exercise Share by such fraction.

 

7.            EARLY TERMINATION.
In the event of, at any time during the Exercise Period, any capital
reorganization, or any reclassification of the capital stock of the Company
(other than a change in par value or from par value to no par value or no par
value to par value or as a result of a stock dividend or subdivision, split-up
or combination of shares), or the consolidation or merger of the Company with
or into another corporation (other than a merger solely to effect a
reincorporation of the Company into another state), or the sale or other
disposition of all or substantially all the properties and assets of the
Company in its entirety to any other person, this Warrant shall terminate
unless exercised immediately upon the occurrence of such reorganization,
reclassification, consolidation, merger or sale or other disposition of the
Company’s assets.

 

8.            NO SHAREHOLDER RIGHTS.
This Warrant in and of itself shall not entitle the Holder to any voting rights
or other rights as a stockholder of the Company.

 

9.            TRANSFER OF WARRANT.
This Warrant and all rights hereunder are transferable, by the Holder in person
or by duly authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by Holder only with the
prior written consent of the Company. If requested, the transferee shall sign
an investment letter in form and substance satisfactory to the Company.

 

10.          LOST, STOLEN, MUTILATED OR DESTROYED
WARRANT. If this Warrant is lost, stolen, mutilated or
destroyed, the Company may, on such terms as to indemnity or otherwise as it
may reasonably impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination and tenor as
the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall
constitute an original contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

 

11.          NOTICES, ETC. All
notices and other communications required or permitted hereunder shall be in
writing and shall be sent by facsimile telex, telegram, express mail or other
form of rapid communications, if possible, and if not then such notice or
communication shall be mailed by first-class mail, postage prepaid, addressed
in each case to the party entitled thereto at the following addresses: (a) if
to the Company, to TravelCenters of America LLC, Attention: [NAME OF CONTACT PERSON], 24601 Center
Ridge Road, Suite 200, Westlake, OH 44145-5639 and (b) if to the
Holder, [ADDRESS], or at such other address as
one party may furnish to the other in writing. Notice shall be deemed effective
on the date dispatched if by personal delivery, facsimile, telex or telegram,
two days after mailing if by express mail, or three days after mailing if by
first-class mail.

 

12.          ACCEPTANCE. Receipt
of this Warrant by the Holder shall constitute acceptance of and agreement to
all of the terms and conditions contained herein.

 

3

 

13.          GOVERNING LAW. this warrant and all rights,
obligations and liabilities hereunder shall be governed by the laws of the State
of Delaware.

 

4

 

	
  IN
  WITNESS WHEREOF, the
  Company has caused this Warrant to be executed by its duly authorized officer
  as of

  
	
  ,20

  	
   

  	
   

  

 

 

	
   

  	
  TRAVELCENTERS OF AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

5

 

NOTICE OF EXERCISE

 

TO:
TRAVELCENTERS OF AMERICA LLC

 

	
  (1)

  	
  o

  	
                  The undersigned hereby elects to purchase                  
  Common Shares of TravelCenters of America LLC (the “Company”) pursuant to the
  terms of the attached Warrant, and tenders herewith payment of the exercise
  price in full, together with all applicable transfer taxes, if any.

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
                  The undersigned hereby elects to purchase                    
  Common Shares of TravelCenters of America LLC (the “Company”) pursuant to the
  terms of the attached Warrant, and tenders herewith payment of the exercise
  price in full, together with all applicable transfer taxes, if any.

  
	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Please issue a
  certificate or certificates representing said Common Shares in the name of
  the undersigned or in such other name as is specified below:

  
	
   

  	
   

  	
   

  
	
  

  (Name)

  
	
   

  	
   

  	
   

  
	
  

                                                        

  (Address)

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  o

  	
                  [If a registration statement covering the exercise
  of the Common Shares is not then effective and the exercise is being effected
  other than pursuant to Section 2.1 of the Warrant, the undersigned
  represents that (i) the aforesaid Common Shares are being acquired for
  the account of the undersigned for investment and not with a view to, or for
  resale in connection with, the distribution thereof and that the undersigned
  has no present intention of distributing or reselling such shares; (ii) the
  undersigned is aware of the Company’s business affairs and financial
  condition and has acquired sufficient information about the Company to reach
  an informed and knowledgeable decision regarding its investment in the
  Company; (iii) the undersigned is experienced in making investments of
  this type and has such knowledge and background in financial and business
  matters that the undersigned is capable of evaluating the merits and risks of
  this investment and protecting the undersigned’s own interests; (iv) the
  undersigned understands that the Common Shares issuable upon exercise of this
  Warrant have not been registered under the Securities Act of 1933, as amended
  (the “Securities Act”), by reason of a specific exemption from the
  registration provisions of the Securities Act, which exemption depends upon,
  among other things, the bona fide nature of the investment intent as
  expressed herein, and, because such securities have not been registered under
  the Securities Act, they must be held indefinitely unless subsequently
  registered under the Securities Act or an exemption from such registration is
  available; (v) the undersigned is aware that the aforesaid Common Shares
  may not be sold pursuant to Rule 144 adopted under the Securities Act
  unless certain conditions are met and until the undersigned has held the
  shares for the number of years prescribed by Rule 144, that among the
  conditions for use of the Rule is the availability of current
  information to the public about the Company and the Company has not made such
  information available and has no present plans to do so; and (vi) the
  undersigned agrees not to make any disposition of all or any part of the aforesaid
  Common Shares unless and until there is then in effect a registration
  statement under the Securities Act covering such proposed disposition and
  such disposition is made in accordance with said registration statement, or
  the undersigned has provided the Company with an opinion of counsel
  satisfactory to the Company, stating that such registration is not required.]

  

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
   

  
	
   

  	
   

  	
  (Print
  name)

  

 

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this form
and supply

required information. Do not use this form to purchase shares.)

 

FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

 

	
  Name:

  	
   

  
	
   

  	
   

  	
  (Please
  Print)

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  	
  (Please
  Print)

  
	
   

  	
   

  	
   

  
	
  Dated

  	
   

  	
  , 20

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Holder’s
  Signature:

  	
   

  
	
   

  	
   

  
	
  Holder’s
  Address:

  	
   

  
						

 

NOTE:
The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.Exhibit 10(b)-13

 

TCF FINANCIAL INCENTIVE STOCK
PROGRAM

 

AMENDED AND RESTATED RESTRICTED
STOCK AGREEMENT

 

RS NO. 923-A (Amended and Restated) 
(Non-deferred) (Non-Performance-Based Executive Stock Award)

 

WHEREAS,
effective July 31, 2008, TCF
Financial Corporation (“TCF Financial” or “Company”) awarded to William A.
Cooper (the “Grantee”) 450,000 shares (the “Shares”) of common stock, par value
$.01 per share (“Common Stock”) pursuant to the terms and conditions set forth
in restricted stock award agreement RS No. 923 (the “Agreement”), subject
to the vesting requirements and other terms and conditions set forth in RS No.
923, intending that such Shares would qualify as “performance-based” under
section 162(m) of the Internal Revenue Code (“IRC”) in order that any
vesting of such Shares would be a deductible compensation expense for purposes
of TCF Financial’s corporate income tax; and

 

WHEREAS,  subsequent to the award of the Shares, TCF
Financial commenced participation in the U.S. Treasury Department’s Troubled
Assets Relief Program (“TARP”) Capital Purchase Program as authorized by the Emergency
Economic Stabilization Act of 2008 (“EESA”), which requires the following
during the time the Treasury Department holds an equity or debt position in TCF
Financial: (i) compensation to Grantee in excess of $500,000 annually will
not be tax deductible by TCF Financial under the IRC regardless of whether such
compensation qualifies as performance-based under IRC section 162(m), (ii) the Compensation Committee of the Board of Directors must
ensure that senior executive officer incentive compensation arrangements do not
encourage such officers to take unnecessary and excessive risks that threaten
the value of TCF Financial; (iii) any bonus or incentive compensation paid
to senior executive officers must be subject to recovery if the bonus or
incentive compensation payments were based on materially inaccurate financial
statements or any other materially inaccurate performance metric criteria; and (iv) no
golden parachute payments will be made to senior executive officers in excess
of those permitted under U.S. Treasury Department regulations; and

 

WHEREAS,
Grantee is or may become a “senior executive officer” of TCF Financial as that
term is defined under EESA and U.S. Treasury Department regulations during the
time TCF Financial is a participant in the TARP Capital Purchase Program; and

 

WHEREAS,
in light of the foregoing TARP Capital Purchase Program requirements, TCF
Financial and Grantee wish to amend the award of Shares to make their vesting
subject to continued service of Grantee as set forth herein but without the
requirement that TCF Financial attain specific performance targets.

 

NOW,
THEREFORE, in consideration of the terms and conditions herein, effective as of
January 20, 2009, TCF Financial and Grantee hereby amend RS No. 923 to 

 

 

1

 

provide
that the Shares are
subject to the terms and conditions set forth in this Amended and Restated
Restricted Stock Agreement RS No. 923-A (the “Amended and Restated
Agreement”), which fully supersedes and replaces the previous Agreement with
respect to the Shares.

 

1                                          Share Award. 
This Amended and Restated Agreement shall constitute an amended award to
Grantee of the 450,000 Shares previously awarded pursuant to the TCF Financial
Incentive Stock Program (the “Program”), upon the terms and conditions therein
and hereinafter set forth.  A copy of the Program as currently in effect
is incorporated herein by reference and is attached hereto.

 

2.                                       Restrictions on Transfer and Restricted Period.

 

(a)                                  During the period (the “Restricted Period”) described in
paragraph 2(b), the Shares may not be sold, assigned, transferred, pledged, or
otherwise encumbered by the Grantee.

 

(b)                                 The Shares will be subject to the restrictions in paragraph
2(a) during the Restricted Period commencing on the date of the Amended
and Restated Agreement (the “Commencement Date”) and (subject to the forfeiture
provisions herein) continuing until the date specified in clauses (i), (ii) and
(iii) below, on which date such restrictions will expire with respect to
such Shares which shall then vest as follows:

 

(i)            150,000
Shares will vest and will no longer be subject to the restrictions of the Restricted
Period on January 1, 2010;

 

(ii)           150,000
Shares will vest and will no longer be subject to the restrictions of the
Restricted Period on January 1, 2011;

 

(iii)          150,000 Shares will vest and will no longer be subject to
the restrictions of the Restricted Period on January 1, 2012.

 

 (c)                               The Committee referred to in section 2 of the Program or its
successor (the “Committee”) shall have the authority, in its discretion, to
accelerate the time at which any or all of the restrictions in subparagraph (a) shall
lapse with respect to any Shares, or to remove any or all such restrictions,
whenever the Committee may determine that such action is appropriate by reason
of changes in applicable tax or other laws, or other changes in circumstances
occurring after the commencement of the Restricted Periods.

 

The total Shares that can vest under
this Amended and Restated Agreement shall not exceed 450,000 Shares, subject to
the adjustments referred to in paragraph 7.

 

 

2

 

3.                                       Termination of Service.  Except as provided in paragraph 8 below and
in this paragraph 3, in the event of Grantee’s termination of employment for
any reason (other than death, total or partial disability, or normal or early
retirement), all Shares which at the time of such termination of employment are
subject to the restrictions imposed by paragraph 2(a) above shall upon
termination of employment be forfeited and returned to TCF Financial unless the
Committee, pursuant to its discretion under paragraph 2(c), shall determine to
remove any or all of the restrictions on such Shares prior to such forfeiture;
provided, however, that notwithstanding the foregoing, if the Grantee ceases
employment by reason of death, total or partial disability, or normal or early
retirement (as determined in the discretion of the Committee) a prorated
portion of the Shares will vest based on the number of months from July 31,
2008 to the termination date, divided by 41.

 

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

 

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

 

The Grantee further agrees that, if
certificates are issued, simultaneously with the execution of this Amended and
Restated Agreement one or more stock powers shall be executed, endorsed in
blank and promptly delivered to TCF Financial.

 

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

 

5.                                       Grantee’s Rights. 
Except as otherwise provided herein, Grantee, as owner of the Shares, shall
have all rights of a stockholder, including the right to vote the Shares. 
The Grantee hereby irrevocably and unconditionally assigns to TCF Financial any
and all cash and non-cash dividends and other distributions paid with respect
to the Shares during the Restricted Period.

 

6.                                       Expiration of Restricted Period.  Upon the expiration of the applicable Restricted
Period with respect to the Shares, TCF Financial shall redeliver or deliver to
the Grantee (or, if the Grantee is deceased, to his legal representative,
beneficiary or heir) the certificate(s) in respect of the number of such
Shares, without the 

 

 

3

 

restrictive legend provided for in
paragraph 4 above, or re-register with the transfer agent the number of Shares
which is not subject to the restrictions set forth in paragraph 2(a) of
this Amended and Restated Agreement.

 

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

 

8.                                       Effect of Merger. 
In the case of any merger, consolidation, or combination of TCF Financial with
or into another corporation or other business organization (other than a
merger, consolidation, or combination in which TCF Financial is the continuing
entity and which does not result in the outstanding shares of Common Stock
being converted into or exchanged for different securities, cash or other
property, or any combination thereof), the Committee may authorize the issuance
or assumption of Benefits (as defined in the Program) as it may deem
appropriate.

 

9.                                       Effect of Change in Control. 
Each of the events specified in the following clauses (a) through (c) of
this paragraph 9 shall be deemed a “change in control” of TCF Financial (herein
referred to as the “Company”):

 

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

 

(b)                                 During any period of two (2) consecutive years there
shall cease to be a majority of the Company’s Board of Directors (the “Board”)
comprised as follows: individuals who at the beginning of such period
constitute the 

 

 

4

 

Board of 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; or

 

(c)                                  The stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) at least 50% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation, or the 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
until such merger, consolidation, sale or disposition of assets, or liquidation
is subsequently consummated.

 

Subject to the six month holding
requirement, if any, of Rule 16b-3 of the Securities and Exchange
Commission but notwithstanding any other provision in this Program (including,
but not limited to, paragraphs 2(b) and 4 of this Amended and Restated
Agreement) in the event of a change in control of TCF Financial, all terms and
conditions of this Amended and Restated Agreement shall be deemed satisfied,
all the Shares awarded hereunder shall vest as of the date of such change in
control and shall thereafter be administered as provided in paragraph 6 of this
Amended and Restated Agreement.

 

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

 

 

5

 

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

 

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

 

13.                                 Grantee Acceptance. 
The Grantee shall signify acceptance of the terms and conditions of this Amended
and Restated Agreement by signing in the space provided below and signing the
stock powers, as required under paragraph 4 above, and returning a signed copy
hereof and of the stock powers to TCF Financial.

 

14.                                 Section 409A of the Internal Revenue Code.  The arrangements described in this Amended and
Restated Agreement are intended to comply with Section 409A of the
Internal Revenue Code to the extent (if any) such arrangements are subject to
that law.

 

15.                                 Non-Competition and Non-Solicitation Obligations.  The Grantee acknowledges that Grantee is subject to
certain non-competition, non-solicitation and other obligations (the “Obligations”)
under separate contractual agreement(s) with TCF Financial or TCF National
Bank.  Grantee affirms that this Amended and Restated Agreement and the
Shares awarded hereunder constitute additional consideration for the
Obligations, which Grantee hereby re-affirms as binding and enforceable
obligations of the Grantee.

 

16.                                 TARP Capital Purchase Program.  This Amended and Restated Agreement is
intended to, and shall be interpreted, administered and construed to comply
with the Emergency Economic Stabilization Act of 2008 and all U.S. Treasury
Department regulations under its Troubled Assets Relief Program (“TARP”)
Capital Purchase Program.  Grantee
therefore agrees that, during the period the Treasury Department holds an
equity or debt position in TCF Financial acquired under the TARP Capital
Purchase Program : (i) any bonus or incentive compensation paid to Grantee
is subject to recovery by TCF Financial, and Grantee will promptly repay any
such amounts to TCF Financial, if the bonus or incentive compensation payments
were based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria, (ii) no golden
parachute payments (as defined in U.S. Treasury Department regulations) in
excess of those permitted under U.S. Treasury Department regulations will be
made to Grantee, (iii) to the extent that TCF Financial or the
Compensation 

 

 

6

 

Committee of TCF Financial’s Board
of Directors determines that any incentive compensation arrangements with
Grantee must be revised so as to not encourage unnecessary or excessive risks
to TCF Financial, Grantee and TCF Financial agree to negotiate and effect such
changes promptly and in good faith, and (iv) Grantee agrees to the
foregoing provisions of this section notwithstanding any contrary terms of any
employment agreement, change in control agreement, bonus agreement, stock or
option award agreement, or any other incentive or benefit plan, arrangement,
policy or agreement of any nature whatsoever between Grantee and TCF Financial,
and all such agreements, plans, arrangements and policies are hereby amended as
necessary to give effect to the foregoing provisions of this section.  The foregoing provisions of this section
shall cease to apply and will be of no force and effect if TCF Financial
determines that Grantee is not, or is no longer, a senior executive officer of
TCF Financial for purposes of the TARP Capital Purchase Program.

 

 

7

 

IN WITNESS WHEREOF, the parties
hereto have caused this RESTRICTED STOCK AMENDED AND RESTATED AGREEMENT to be
executed as of the date first above written.

 

	
   

  	
  TCF FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
     /s/
  Gregory J. Pulles

  
	
   

  	
   

  	
  Secretary 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ACCEPTED:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  William A. Cooper

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City, State and Zip Code)

  

 

 

 

8

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