Document:

Exhibit 10.3.6

 

AMENDMENT NUMBER SIX

TO THE

FIRSTBANK PROFIT SHARING AND EMPLOYEE STOCK
OWNERSHIP PLAN

 

WHEREAS,
Section 13.1[b] of the FirstBank Profit Sharing and Employee Stock
Ownership Plan (the “Plan”) provides that the Company may amend the Plan.

 

NOW
THEREFORE, the Company hereby amends the Plan by the adoption of following
amendments:

 

1.                                      Section 5.1[c] is amended to
read in its entirety, effective January 1, 2004:

 

[c]                                  Non-ESOP Matching Contributions:                                           The Company’s
Non-ESOP Matching Contribution will be allocated to each Participant as a
percentage of such Participant’s elective deferral contributions to the Plan
for the Plan Year.  A Participant will
be entitled to share in the allocation of the Non-ESOP Matching Contribution
for the Plan Year if, during the Plan Year, the Participant completes 1,000 or
more Hours of Service and is employed by the Company on the last day of the
Plan Year.  For the first Plan Year of
participation in the Plan, the 1,000 Hours of Service requirement in the
preceding sentence will be prorated based on the number of days the Participant
was employed during that Plan Year. 
However, Non-ESOP Matching Contributions for the Plan Year in which a
Participant attains Normal Retirement Age, Early Retirement Age, or Late Retirement
Age and terminates employment, or dies, will be allocated to such Participant
regardless of the Hours of Service the Participant completes during such Plan
Year and regardless of whether the Participant is employed on the last day of
the Plan Year.

 

2.                                       Effective January 1, 2004,
Section 5.1[d] is renumbered to read Section 5.1[e] and
Section 5.1[e] is renumbered to read Section 5.1[f].

 

3.                                      New Section 5.1[d] is added
to the Plan to read in its entirety, effective January 1, 2004:

 

[d]                                 ESOP Matching Contributions:                     The Company’s ESOP Matching
Contribution will be allocated to each Participant per the ratio that the
Participant’s Compensation for the Plan Year bears to total Compensation of all
Participants entitled to share in the allocation of the ESOP Matching
Contribution for the Plan Year.  A
Participant will be entitled to share in the allocation of the ESOP Matching
Contribution for the Plan Year if, during the Plan Year, the Participant makes
elective deferral contributions to

 

 

the Plan that are equal to or greater than 2% of his
or her Compensation, the Participant completes 1,000 or more Hours of Service,
and the Participant is employed by the Company on the last day of the Plan
Year.  For the first Plan Year of
participation in the Plan, the 1,000 Hours of Service requirement in the
preceding sentence will be prorated based on the number of days the Participant
was employed during that Plan Year. 
However, ESOP Matching Contributions for the Plan Year in which a
Participant attains Normal Retirement Age, Early Retirement Age, or Late
Retirement Age and terminates employment, or dies, will be allocated to such
Participant regardless of the Hours of Service the Participant completes during
such Plan Year and regardless of whether the Participant is employed on the
last day of the Plan Year.

 

4.                                      Renumbered Section 5.1[e] of
the Plan is amended to read in its entirety, effective January 1, 2004:

 

[e]                                  Allocation of Forfeitures:      To the extent that
forfeitures of Participants’ forfeitable Accounts are not subject to the
restoration provisions of sections 5.4[h] and 8.4, forfeitures of a
Participant’s forfeitable account will be allocated as follows: Forfeitures
attributable to Non-ESOP Matching Contributions will be used to reduce the
Company’s Non-ESOP Matching Contribution to the Plan for the Plan Year in which
the forfeiture occurs.  Forfeitures
attributable to ESOP Matching Contributions will be allocated as additional
ESOP Matching Contributions for the Plan Year in which the forfeiture
occurs.  Forfeitures attributable to
Profit-Sharing Contributions will be allocated as additional Profit-Sharing
Contributions under section 5.1[a].

 

5.                                      Section 4.1[b] is amended by
inserting the following at the end of the last sentence, effective
January 1, 2004:

 

Matching Contributions made to the ESOP Accounts in the Plan shall be
referred to as “ESOP Matching Contributions” and all other Matching
Contributions shall be referred to as “Non-ESOP Matching Contributions.”  The term “Matching Contributions”
hereinafter refers to ESOP Matching Contributions and Non-ESOP Matching
Contributions collectively, unless otherwise indicated.

 

6.                                      Any inconsistent
provisions of the Plan shall be read consistent with this amendment.

 

IN WITNESS WHEREOF, the undersigned officers being
duly authorized by the Board of Directors of FirstBank and Access Anytime
Bancorp, Inc., hereby approve and adopt this Amendment as of the date first set
forth below.

 

2

 

	
   

  	
  FIRSTBANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Don K. Padgett

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
  03/26/04

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  /s/
  Kathy Allenberg 03/26/04

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ACCESS ANYTIME BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Norman R. Corzine

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Chairman of the Board

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
  03/26/04

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  /s/
  Kathy Allenberg 03/26/04

  	
   

  	
   

  
												

 

3Exhibit 10(o)

 

TCF FINANCIAL
CORPORATION

2004 MANAGEMENT
INCENTIVE PLAN - EXECUTIVE

 

1.             Eligibility -
Each Participant shall be given a copy of this 2004 Management Incentive Plan
for Executives (the “Plan”) and required to sign an acknowledgment of its terms.  The participants in the Plan are those
approved by the Compensation/Nominating/Corporate Governance Committee (the
“Committee”).

 

2.             All participants will
be initially evaluated by the Chairman of TCF Financial (the “Chairman”) who
will forward all recommendations to the Committee for approval.  The Committee evaluates the performance of
the Chairman.  The Committee will
consider the diluted Earnings per Share (“EPS”) and shall also evaluate all
other matters it deems appropriate in its sole discretion, subject to limits
imposed on such discretion under the Performance-Based Plan.  Evaluations will be performed pursuant to
the terms of the TCF Performance-Based Compensation Policy for Covered
Executive Officers (the “Performance-Based Plan”) in the case of Covered
Executive Officers (as defined in that Plan).

 

3.             The criteria for
awards (subject to paragraph 4) is as follows: 
The amount of incentive payable to a participant shall be determined by
the achievement of EPS financial goals on Exhibit A attached.  EPS will be calculated as provided in the
Performance-Based Plan, using diluted GAAP EPS, rounded to the nearest
cent.  The bonus percentage shall be
calculated, in the case of EPS achievement which falls between goals, by
interpolation as follows:  The amount by
which the EPS achievement exceeds the goal shall be divided by the amount
between the EPS goal exceeded and the next EPS goal.  The result shall be stated in the form of a percentage which
shall be multiplied by the total bonus percentage points between EPS
goals.  The result shall be added to the
bonus percentage corresponding to the EPS goal that was exceeded.  The maximum bonus shall be 200%, even if
achievement exceeds $3.70 EPS.

 

4.             The Committee may in
its discretion, reduce, defer or eliminate the amount of the incentive
determined under paragraph 3 of this Agreement for a Covered Executive Officer
in the Performance-Based Plan.  In
addition, for participants who are not subject to the Performance-Based Plan,
the Committee may in its discretion increase the amount of the incentive
calculated under paragraph 3 of this Agreement.  The Committee has authority to make interpretations under this
Plan and to approve the calculations under Paragraph 3.  Incentive compensation will be paid in cash
as soon as possible following approval of awards by the
Compensation/Nominating/Corporate Governance Committee.  Except for Covered Executive Officers, the
participant must be employed by TCF Financial (or the same subsidiary as
employed by on the date of this Acknowledgment) on the date the incentive is
paid in the same job position as the position for which the incentive was
earned in order to receive the incentive payment.  However, where the participant has transferred to another
position within TCF, the Committee may in its discretion determine to pay part,
none, or all of the incentive based on any factors the Committee considers
relevant.

 

5.             The Committee may
amend this Plan from time to time as it deems appropriate, except that any such
amendment shall be in writing and signed by both TCF Financial and the
executive and no amendment may contravene requirements of the Performance-Based
Plan.  This Plan shall not be construed
as a contract of employment, nor shall it be considered a term of employment,
nor as a binding contract to pay awards. 
The undersigned acknowledges he/she is employed “at will”.

 

6.             This Plan is
effective for service on or after January 1, 2004, and supersedes and replaces
the prior

Management Incentive
Compensation Plan and any other prior incentive arrangements with respect to
executives in this Plan.

 

Acknowledgment

 

I have received, read, and
acknowledge the terms of the foregoing plan.

 

	
   

  	
   

  	
   

  
	
  Date

  	
  Signature

  

 

 

Exhibit A

 

2004 EPS Goals for Executive MIP

 

	
  EPS(1)

  	
   

  	
  $

  	
  3.10

  	
   

  	
  $

  	
  3.30

  	
   

  	
  $

  	
  3.50

  	
   

  	
  $

  	
  3.60

  	
   

  	
  $

  	
  3.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  % of Salary Bonus

  	
   

  	
  0

  	
  %

  	
  50

  	
  %

  	
  100

  	
  %

  	
  150

  	
  %

  	
  200

  	
  %

  

 

Maximum Bonus = 200%

Bonus percentages will be
interpolated between goals.

 

(1) Diluted GAAP EPS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]