Document:

ATU-2014.2.28 Exhibit 10.4

Exhibit 10.4

PERFORMANCE SHARE AWARD AGREEMENT
UNDER THE
ACTUANT CORPORATION 2009 OMNIBUS INCENTIVE PLAN

GRANTEE:                    «First_Name» «Last_Name»
GRANTEE'S ADDRESS:            «Address_Line_1»
«City»  «State»  «ZIP_Code»
«Country»
TARGET AWARD OF PERFORMANCE
SHARES:                    «Target Award shares»
		
	DATE OF GRANT:
	«grant_date»

		
	PERFORMANCE PERIOD:
	E«performance period»

Actuant Corporation and the above named Grantee hereby agree as follows:

1.Performance Share Award Grant.  Actuant Corporation (hereinafter called the “Company”) hereby grants to the Grantee an award of Performance Shares (the “Award”) under the Actuant Corporation 2009 Omnibus Incentive Plan as amended (the “Plan”).  The Award entitles the Grantee to payment in the form of shares of Common Stock following the attainment of certain Performance Objectives and subject to satisfaction of certain employment requirements set forth below.  The target number of Performance Shares subject to this Award is stated above (the “Target Award”), but the actual number of shares of Common Stock to be issued under the Award will be determined as described below in this agreement (the “Agreement”).  After the end of the Performance Period, the Compensation Committee of the Board of Directors of the Company (the “Committee”) will review the Performance Objectives and determine the actual numbers of Shares of Common Stock which Grantee has earned under this Agreement.

The Performance Shares are granted under and are subject to the terms of the Plan and this Agreement.  In the event of any conflict between any provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall control.  Terms defined in the Plan where used herein shall have the meanings as so defined.  Grantee hereby acknowledges receipt of a copy of the Plan.

		
	2.
	    Definitions.

a.    Free Cash Flow Conversion.  Free Cash Flow Conversion is a measure of the ability of the Company to convert (in the same period) accrual-based accounting earnings that the business generates to actual cash that is available to:  (1) deploy in business acquisitions, (2) reduce net debt (by increasing book cash or reducing actual gross debt), and (3) return to shareholders in the form of cash dividends or stock buybacks.  Free Cash Flow Conversion for the Performance Period shall mean the percentage equal to the Company’s free cash flow for a given period divided by net earnings for the same period, subject to adjustment for extraordinary items, non-operating items,  discontinued operations, asset write-downs and impairments  and other unusual and non-recurring items, currency fluctuations, financing activities, acquisitions and acquisition expenses, divestitures and divestiture expenses and the effects of tax or accounting changes.   All adjustments to and the calculation of Free Cash Flow Conversion shall be determined by the Committee in its sole and complete discretion, consistent with Section 162(m) of the Internal Revenue Code (the “Code”).

b.    Total Shareholder Return (TSR) Performance.  TSR Performance shall mean the change in the value of the Company’s Common Stock over the Performance Period relative to the change in value of common stock of the Company’s Peer Companies (as defined below) over the Performance Period.  TSR Performance shall be determined by the Committee in its sole and complete discretion, consistent with Section 162(m) of the Code.  

		
	(1)
	TSR Performance shall be based on a comparison of the difference in the trailing 20-day average closing stock price of the Company’s Common Stock as of the first and last business days of the Performance Period to the percentile of such difference in the stock prices for the Peer Companies as of the same dates and including the effect of any dividends actually paid as if the dividends were invested in the stock of the Company or the Peer Company, as the case may be on the date of payment, and proportionately adjusted for stock splits, reorganizations or similar transactions occurring during the Performance Period.

		
	(2)
	The Peer Companies are those entities reported in the S&P 600 SmallCap Industrials index as of the end of the Performance Period.

3.Dividend Equivalents.  Grantee shall not receive payments equivalent to dividends or other distributions with respect to shares of Common Stock underlying the Performance Shares Awarded.  

4.Attainment of Performance Objectives.  Subject to the Grantee’s continued employment by the Company or an affiliate thereof, and except as otherwise provided herein or in the Plan, at the end of the Performance Period, the earned Performance Shares will be determined based on attainment of the Performance Objectives during the Performance Period as follows:
		
	a.
	TSR Performance.  Fifty percent (50%) of the Target Award will be determined earned based on the TSR Performance as follows:

	
				
	Performance Objective
	Minimum
	Target
	Maximum

	TSR Percentile Performance
	25th Percentile
	50th Percentile
	75th Percentile

	Performance Shares Earned
	50%
	100%
	150%

		
	b.
	FCF Conversion.  Fifty percent (50%) of the Target Award shall be determined earned based on the FCF Conversion Performance as follows:

	
				
	Performance Objective
	Minimum
	Target
	Maximum

	FCF Conversion
	110%
	125%
	150%

	Performance Shares Earned
	50%
	100%
	150%

Performance Objective levels above the minimum standard and below the maximum standard shall be determined by interpolation based on the schedules set forth above.  

5.Termination of Employment.  If before the end of the Performance Period, there is a termination of the Grantee’s employment with the Company or an affiliate thereof: 
		
	a.
	as a result of death or total and permanent disability, as determined by the Committee in its sole and complete discretion, or

		
	b.
	as a result of retirement on or after Grantee attaining age 60, 

then Grantee shall be entitled to receive the issuance of a pro rata portion of the Award that would have otherwise been payable under Paragraph 4 at the end of (and based on the achievement of Performance Objectives in) the Performance Period; such prorated portion to be based on the number of whole months that the Grantee was employed with the Company (or an affiliate thereof) during the Performance Period divided by the number of whole months in the Performance Period.  
The issuance of Performance Shares pursuant to such prorated Award will be made in accordance with the general payment and timing provisions in Paragraph 6.  
The portion of the Award not earned and issued to the Grantee pursuant to this Agreement shall be deemed forfeited by the Grantee, unless otherwise determined by the Committee.
6.Distribution of Shares and Tax Withholding.  If withholding of taxes is not required, none will be taken, and the number of Performance Shares earned by the Grantee pursuant to this Agreement will be distributed within ninety (90) days after the end of the Performance Period.  If withholding is required, in satisfaction of any withholding obligations under federal, state or local tax laws, the Company may: (i) require the Grantee to pay to the Company in cash the entire amount or any portion of any taxes which the Company is required to withhold, or (ii) require the Grantee to authorize any properly authorized third-party to sell the number of shares of Common Stock that are the subject of the Performance Shares awarded having a Fair Market Value equal to the sums required to be withheld, along with any related expenses, and to remit the net proceeds thereof to the Company for payment of the taxes which the Company is required to withhold with respect to the Performance Shares awarded.  For purposes of administrative ease, the number of shares of Common Stock sold may be rounded up or down to the nearest whole share.  The 

Grantee shall be responsible for any taxes relating to the Award not satisfied by the Company’s satisfaction of its withholding obligations.  Unless otherwise determined by the Company, the Grantee shall be entitled to elect, in accordance with procedures determined by the Company, the method of satisfying his or her withholding obligations as described in either (i) or (ii) above, and, in the event no such election is properly made, the Company shall require the shares to be sold using the method described in (ii) above.

7.No Rights as a Stockholder.  Except as provided in Paragraph 3, the Grantee shall have no rights as a stockholder of the Company in respect to the Award, including the right to vote or receive dividends, unless and until shares of Common Stock earned pursuant to the Award have been issued to Grantee, and recorded on the stock records of the Company.

8.No Rights To Continued Employment.  Neither the Plan nor this Agreement nor the Award confer upon the Grantee any right with respect to continuance of employment by the Company, nor shall they interfere in any way with the right of the Company to terminate Grantee’s employment at any time.

9.Changes in Control, Sale of Operating Unit.  The Committee may, in its complete discretion, determine the treatment of the Award, including the extent to which the Performance Objectives will be deemed to have been satisfied and the Award deemed to be earned if (a) a Change in Control (as defined in the Plan) of the Company occurs when the Grantee is employed by the Company and before the end of the Performance Period, or (b) the Company sells an operating unit (subsidiary or division) employing the Grantee and the Grantee ceases to be employed by the Company or any affiliate as a result of such disposition.  Any issuance of Performance Shares pursuant to such determination will be made in accordance with the general payment and timing provisions in Paragraph 6.

10.Corporate Spinoff.  In the event of a corporate spinoff separating the Company into two or more separate entities, the Committee may, in its complete discretion, adjust this Agreement in such manner as it deems appropriate, including converting the Award into Performance Shares of the entity which employs Grantee, and determining any adjustments hereunder, including the extent to which the Performance Objectives will be deemed to have been satisfied and the Award deemed to be earned.  The Committee also may, in its discretion, determine that a corporate spinoff separating the Company into two or more separate entities shall not be deemed a Change in Control for purposes of this Agreement.  If Grantee is employed by one of the separate entities and the separate successor entity has a subsequent Change in Control (as determined by the Committee), the subsequent Change in Control shall be deemed a Change in Control for purposes of this Agreement and the provisions of Paragraph 9 shall apply.

11.Special Rule for Certain Corporate Officers.  In the case of a corporate officer who (a) voluntarily terminates employment after eight years with the Company, (b) provides at least one year’s advance notice to the Committee of such termination and has such termination accepted by the Committee, (c) in fact remains an employee for such period, and (d) terminates his or her employment at the end of the agreed-upon period, the Committee, in its complete discretion, may determine the treatment of the Award, including the extent to which the Performance Objectives will be deemed to have been satisfied and the Award deemed to be earned in accordance with the general payment and timing provisions.  Any issuance of Performance Shares pursuant to such determination will be made in accordance with the general payment and timing provisions in Paragraph 6.  

12.Compensation Recovery.  This Award shall be subject to recovery by the Company under its Compensation Recoupment Policy or any similar policy the Company may adopt or amend from time to time.  

13.Code Section 409A.  This Agreement is intended to comply with, or otherwise be exempt from, Code Section 409A. This Agreement shall be administered, interpreted, and construed in a manner consistent with Code Section 409A or an exemption therefrom.  Should any provision of this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Code Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Committee, and without the consent of the Grantee, in such manner as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code Section 409A.  If any of the payments under this Agreement are subject to Code Section 409A and the Company determines that the Employee is a “specified employee” under Code Section 409A at the time of the Employee’s separation from service, then each such payment will not be made or commence until the date which is the first day of the seventh month after the Employee’s separation from service, and any payments that otherwise would have been paid during the first six months after the Employee’s separation from service will be paid in a lump sum on the first day of the seventh month after the Employee’s separation from service or upon the Employee’s death, if earlier.  Such deferral will be effected only to the extent required to avoid adverse tax treatment to the Employee under Code Section 409A.

14.    Transferability of Award.  The Award and, prior to issuance, the Performance Shares may not be transferred or encumbered by the Grantee, except by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order.  

15.    Prohibition Against Pledge, Attachment, etc.  Except as otherwise herein provided, this Award and any rights and privileges pertaining thereto shall not be transferred, assigned, pledged or hypothecated by Grantee in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process.

16.    Notices.  Any notice to be given to the Company under the terms of this agreement shall be addressed to the Company in care of its Secretary, and any notice to be given to the Grantee may be addressed to him at his address as it appears on the Company's records, or at such other address as either party may hereafter designate in writing to the other.  Any such notice shall be deemed to have 
been duly given if and when enclosed in a properly sealed envelope addressed as aforesaid, and deposited, postage prepaid, in the United States mail or sent via electronic means (fax or e-mail).

17.    Wisconsin Contract.  This award has been granted in Wisconsin and shall be construed under the laws of that state.

Accepted as of the date of grant in accordance with, and subject to, the above terms and conditions of this Agreement and of the Plan document, a copy of which has been received by me.

______________________________
  «First_Name» «Last_Name»

DM_US 45968347-4.065322.0010FultonAgreement

RESTRICTIVE COVENANTS AND GENERAL RELEASE AGREEMENT
THIS RESTRICTIVE COVENANTS AND GENERAL RELEASE AGREEMENT (the “Agreement”) is entered into on April 3, 2014 between J. Michael Fulton (hereafter “Executive”) and Comerica Incorporated, a Delaware corporation, for the benefit of Comerica Incorporated, Comerica Bank, a Texas banking association, all of their past, present and future subsidiaries, affiliates, predecessors, and successors, and all of their subsidiaries and affiliates, (hereafter all individually and collectively referred to as “Comerica”). This Agreement sets forth the complete understanding and agreement between Comerica and Executive relating to Executive’s employment and cessation of employment with Comerica.  This Agreement shall be effective as of the Effective Date (as defined in Paragraph 18 below), and in the event the Effective Date does not occur, this Agreement shall be void ab initio.
Accordingly, Executive and Comerica hereby agree as follows:
		
	1.
	Separation from Employment.  Executive and Comerica agree that Executive’s employment with Comerica shall terminate effective April 30, 2014 (the “Separation Date”).  

		
	2.
	Public Announcement.  Comerica may, in its sole discretion, issue one or more announcement(s) of Executive’s departure from Comerica at such time(s) as Comerica deems appropriate.

		
	3.
	Resignation from Boards and Committees.  Effective before or as of the Separation Date, Executive shall resign from any and all positions Executive holds as an officer, member or manager of Comerica and any and all positions Executive holds as a member of a Comerica board or committee.  

Restrictive Covenants and General Release Agreement    1 of 20

		
	4.
	Return of Comerica Property.  Executive shall return to Comerica, no later than the close of business on the Separation Date, all property of Comerica including, but not limited to, customer information, personal computer, laptop, Blackberry, keys, identification cards, access cards, corporate credit cards, and files or other documents received, compiled or generated by or for Executive in connection with or by virtue of Executive’s employment with Comerica.  

		
	5.
	Compensation and Benefits.  In consideration for the release of claims set forth in Paragraph 6, the covenants set forth in Paragraphs 7, 8, 9, 10 and 11 and such other promises of Executive as set forth in this Agreement, Comerica agrees that it shall pay or provide to Executive the following payments, benefits and/or other consideration:

		
	a.
	Prior to the Separation Date, so long as Executive continues to be employed by Comerica, Comerica shall continue to pay Executive’s regular base salary at the rate in effect as of immediately prior to the delivery of this Agreement, in accordance with the payroll practices of Comerica applicable to similarly situated executives. 

		
	b.
	Prior to the Separation Date, so long as Executive continues to be employed by Comerica, Executive shall continue to be eligible to participate in Comerica’s health, welfare benefit and retirement plans in which Executive participated immediately prior to the delivery of this Agreement, as such plans may be in effect from time to time.

		
	c.
	Following the Separation Date, Executive shall be eligible to elect continuation coverage under Comerica’s healthcare benefit plans in 

Restrictive Covenants and General Release Agreement    2 of 20

accordance with Section 4980B (“COBRA”) of the Internal Revenue Code of 1986, as amended (the “Code”), and the terms of the applicable plan.  Executive must elect COBRA and complete all COBRA documentation within sixty (60) days from the Separation Date for coverage to take effect.  
Assuming Executive elects COBRA continuation coverage under Comerica’s medical benefit plan, Executive shall be eligible to continue medical benefit plan coverage under COBRA for the period of coverage under COBRA, with the cost of such coverage to be paid by Executive pursuant to the terms generally applicable to retired employees of Comerica as in effect from time to time.  Executive’s conversion rights under other insurance programs following the Separation Date shall be determined in accordance with the terms of the applicable plan.
		
	d.
	Comerica shall reimburse Executive for reasonable and documented business expenses incurred by Executive on or before the Separation Date, in accordance with the terms of Comerica’s policy in effect as of the Separation Date.  

		
	e.
	Executive shall receive a lump-sum payment for all accrued but unused Paid Time Off (PTO) days that are paid upon termination of employment in accordance with the established policies of Comerica. This lump sum payment shall be subject to all applicable taxes, FICA, and other withholdings and deductions required by law.

Restrictive Covenants and General Release Agreement    3 of 20

		
	f.
	Executive will receive, pursuant to the terms of the 1999 Amended and Restated Comerica Incorporated Deferred Compensation Plan (“DCP”) and the 1999 Comerica Incorporated Amended and Restated Common Stock Deferred Incentive Award Plan (“DIAP”), distributions from Executive’s accounts, if any, under those plans, payable in accordance with Executive’s prior elections, the terms of the DCP and the DIAP, and applicable laws including, but not limited to, Section 409A of the Code.  Such distributions will be subject to all applicable taxes, FICA and other withholding and deductions required by law and will be made pursuant to the distribution schedule followed under the administrative procedures of the DCP and the DIAP, and applicable laws including, but not limited to, Section 409A of the Code.

		
	g.
	Stock options and/or performance-based restricted stock units granted to Executive under the Comerica Incorporated 2006 Amended and Restated Long-Term Incentive Plan (the “LT Incentive Plan”) shall be governed by the terms of the LT Incentive Plan and the respective grant agreements evidencing the grant of such options and/or restricted stock units to the extent allowed by applicable law.

		
	h.
	Executive will be eligible to receive a share of any applicable Incentive Payment provided pursuant to the Comerica Incorporated 2011 Management Incentive Plan ("MIP") which is payable in the year 2015 based on the attainment of performance goals established by the Governance, Compensation and Nominating Committee under the MIP 

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with respect to the one-year Annual Executive Incentive program and the three-year Long-Term Executive Incentive program, each with performance periods ending December 31, 2014. The amount of the payment, if any, will be made pursuant to the applicable funding formula and other criteria established by the Governance, Compensation and Nominating Committee and will be prorated to cover that portion of the performance period during which Executive was a Comerica employee.  This payment, if any, will be paid in accordance with the terms of the MIP and will be subject to all applicable taxes, FICA and other withholdings and deductions required by law.
		
	i.
	At the meeting of the Comerica Incorporated Governance, Compensation and Nominating Committee (the “Committee”) to be held on April 21, 2014, Comerica will recommend to the Committee that Executive’s restricted shares of Comerica Incorporated common stock that are not vested as of the Separation Date shall fully vest as of the Separation Date, subject to the execution and delivery by Executive of this Agreement at least eight (8) calendar days prior to the Separation Date and Executive’s non-revocation of this Agreement and such other terms and conditions of the LT Incentive Plan and the grant agreements evidencing the grant of such restricted stock, including Executive’s obligation to satisfy all tax withholding obligations.

		
	j.
	To the extent provided by the Amended and Restated Bylaws of Comerica Incorporated, Article V, Section 12, Comerica agrees to defend, indemnify

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 and hold Executive harmless from and against all liability for actions taken by Executive within the scope of Executive’s responsibilities so long as Executive’s conduct in any such matter was consistent with the standards contained in such Article V, Section12.
		
	6.
	Release of Claims.  In consideration for the payments and other benefits provided to Executive by this Agreement, including those described above in Paragraph 5, certain of which Executive is not otherwise entitled, and the sufficiency of which Executive acknowledges, Executive further agrees, as follows:

		
	a.
	For Executive and for all people acting on Executive’s behalf (such as, but not limited to, family, heirs, executors, administrators, personal representatives, agents and/or legal representatives), Executive agrees to waive any and all claims or grievances which Executive may have against Comerica and Comerica’s past or present stockholders, directors, officers, trustees, agents, representatives, attorneys, employees, in their individual or representative capacities, and any and all employee benefit plans and their respective past, current and future trustees and administrators (hereafter, collectively, the “Released Parties”).  By Executive’s signature hereto, Executive, for himself and for all people acting on Executive’s behalf, forever and fully releases and discharges any and all of the Released Parties from any and all claims, causes of action, contracts, grievances, liabilities, debts, judgments, and demands, including but not limited to any claims for attorney fees, that Executive ever had, now has, or may have by reason of or arising in whole or in part out of any event, 

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act or omission occurring on or prior to the Effective Date of this Agreement.  This release includes, but is not limited to, any and all claims of any nature that relate to Executive’s employment by or termination of employment with Comerica.  This release includes, but is not limited to: claims of promissory estoppel, forced resignation, constructive discharge, libel, slander, deprivation of due process, wrongful or retaliatory discharge, discharge in violation of public policy, breach of contract, breach of implied contract, infliction of emotional distress, detrimental reliance, invasion of privacy, negligence, malicious prosecution, false imprisonment, fraud, assault and battery, interference with contractual or other relationships, or any other claim under common law.  This release also specifically includes, but is not limited to: any and all claims under any federal, state, and/or local law, regulation, or order prohibiting discrimination, including the Age Discrimination in Employment Act, the Americans With Disabilities Act, Title VII of the Civil Rights Act of 1964, the California Labor Code, the California Fair Employment and Housing Act, the California Labor Management Relations and Employment Practices Laws, the California Wages, Hours and Payment of Wages Laws, the California Equal Pay Laws, the California Handicapped Laws, the California Family Rights Act, the California Sexual Orientation Bias Laws, the Uniform Services Employment and Reemployment Rights Act, the Employee Retirement Security Income Security Act, the Family Medical Leave Act, the Fair Credit Reporting 

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Act or any other federal, state, and or local law, regulation, or order relating to employment, as they all have been or may be amended.  It is Executive’s intent, by executing this Agreement, to release all claims as specified above to the maximum extent permitted by law, whether said claims are presently known or unknown, including all rights under Section 1542 of the California Civil Code are hereby expressly waived.  Such Section reads as follows:
Section 1542.  A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
		
	b.
	To the maximum extent permitted by law, Executive agrees that Executive has not filed, nor will Executive ever file, a lawsuit asserting any claims which are released by this Agreement, or to accept any benefit from any lawsuit which might be filed by another person or government entity based in whole or in part on any event, act, or omission which is the subject of Executive’s release.

		
	c.
	Executive understands and agrees that, other than the payments and benefits expressly enumerated in this Agreement, Executive is not entitled to receive any other compensation, incentive, wage, vacation or other paid time off, leave, benefit or other payment from Comerica, other than any vested benefits to which Executive may be entitled under the Comerica Incorporated Retirement Plan, the Comerica Incorporated Preferred Savings [401(k)] Plan, the Amended and Restated Benefit Equalization Plan for Employees of Comerica Incorporated, the 1999 Comerica 

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Incorporated Amended and Restated Deferred Compensation Plan, the 1999 Comerica Incorporated Amended and Restated Common Stock Deferred Incentive Award Plan, and the Comerica Incorporated Amended and Restated Employee Stock Purchase Plan, in each case in accordance with the terms of such plans and, if applicable, any valid elections thereunder.  In addition, prior to November 23, 2004, a portion of the Executive’s incentive bonus attributable to the three-year performance period under the MIP’s predecessor plan(s) was automatically invested in common stock that is non-transferrable until Executive terminates employment with Comerica (sometimes referred to as the non-deferred 3-year award program) (the “Non-Deferred Account”).  Executive shall be entitled to receive the shares in Executive’s Non-Deferred Account following Executive’s Separation Date.
		
	d.
	The provisions of this Paragraph 6 do not apply to any claim Executive may have for representation and indemnification pursuant to Paragraph 5(j) above. 

		
	7.
	Disclosure of Information.  Executive hereby acknowledges that Executive has been and will continue to have access and exposure to confidential and proprietary information of Comerica and trade secrets, including details of the business or affairs of Comerica, its subsidiaries or affiliates (including, without limitation, planning information and strategies, information and/or strategies for the prosecution and/or defense of any matter that is now or may be in the future the subject of any lawsuit, dispute, controversy, claim and/or regulatory action, 

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financial information, organizational structure, strategic planning, sales and marketing strategies, distribution methods, data processing and other systems, personnel policies and compensation plans and arrangements); any customer or advertising lists; any information, knowledge or data of a technical nature (including, without limitation, methods, know-how, processes, discoveries, machines, or research projects); any information, knowledge or data relating to future developments (including without limitation, tax planning research and development, future marketing or merchandising); or any and all other trade secrets (collectively, "Confidential Information").  Confidential Information does not include (i) information already known or independently developed by Executive from public sources or information in the public domain, (ii) information in the public domain through no wrongful act of the recipient, or (iii) information received by Executive from a third party who was free to disclose it.  Executive understands that Comerica’s Confidential Information, including its trade secrets, is highly sensitive information relating to the business of Comerica and of Comerica’s clients, which has had its secrecy protected both internally and externally and which is a competitive asset of Comerica.  Executive hereby agrees that Executive shall not use, commercialize or disclose such Confidential Information to any person or entity, except to such individuals as approved by Comerica in writing prior to any such disclosure or as otherwise required by law.  Executive’s obligations pursuant to this Paragraph shall survive the termination of this Agreement.

Restrictive Covenants and General Release Agreement    10 of 20

		
	8.
	Cooperation.  Executive agrees that in the event of a legal proceeding (whether threatened or pending, whether investigative, administrative, or judicial) involving matters of which Executive has knowledge by virtue of the positions Executive held during Executive’s employment at Comerica, Executive shall disclose to Comerica and its counsel any facts known to Executive which might be relevant to said legal proceeding and shall cooperate fully with Comerica and its counsel so as to enable Comerica to present any claim or defense which it may have relating to such matters.  For purposes of this paragraph, “cooperate fully” shall mean that Executive shall make himself reasonably available for interviews, depositions, and testimony as directed by Comerica or its counsel, and shall further execute truthful statements, declarations, or affidavits pertaining to such matters at the request of Comerica or its counsel.  Executive shall be reimbursed for any reasonable out of pocket expenses that Executive may incur as a result of Executive’s compliance with this Paragraph, subject to Comerica’s expense reimbursement policies.  Nothing in this Paragraph shall be construed as requiring Executive to be non-truthful or as preventing Executive’s from disclosing information that would be considered adverse to Comerica or requiring Executive to do anything in violation of any applicable law, rule or regulation.

		
	9.
	Non-Disparagement.  

		
	a.
	Executive agrees that Executive will make no disparaging remarks about Comerica, its parent and/or affiliates, their respective businesses, products or services, any current or former director, the Chairman and Chief Executive Officer, or any of Executive’s direct reports, or their policies, 

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procedures or practices (including but not limited to, business, lending, or credit policies, procedures or practices) to any third parties, including but not limited to, customers or prospective customers of Comerica.  It is agreed and understood that nothing in this Paragraph 9(a) shall be construed to preclude Executive from (1) testifying truthfully pursuant to subpoena or as otherwise required by law, (2) engaging in any action consistent with public policy, or (3) cooperating in any internal or government investigation to the extent such cooperation is mandated by policy, regulation or statute.  Executive agrees that Executive shall provide notice to Comerica in advance of any such cooperation or testimony, unless such notice is prohibited.  It is further understood that nothing in this Paragraph 9(a) shall be construed to preclude Executive from discharging Executive’s legal obligations to any administrative or regulatory agencies or auditing entities.
		
	b.
	Comerica agrees that the Chairman and Chief Executive Officer and his direct reports will not make any disparaging remarks regarding Executive or Executive’s performance while employed at Comerica and will respond to any inquiries regarding Executive’s separation with the statement that Executive retired from Comerica. It is agreed and understood that nothing in this Paragraph 9(b) shall be construed to preclude those covered from (1) testifying truthfully pursuant to subpoena or as otherwise required by law, (2) engaging in any action consistent with public policy, or (3) cooperating in any internal or government investigation to the extent such 

Restrictive Covenants and General Release Agreement    12 of 20

cooperation is mandated by policy, regulation or statute.  It is further agreed and understood that nothing in this Paragraph shall be construed to preclude Comerica from discharging its legal obligations to its Boards of Directors, any administrative or regulatory agencies or auditing entities.
10.    Representation.  Executive represents and warrants:
		
	a.
	Executive has no knowledge of or is not otherwise aware of, has no evidence of and/or has not reported to any person, organization and/or governmental or regulatory authority any of the following: (i) any violation by the Released Parties of any securities and/or other laws, rules and regulations applicable to Comerica, (ii) any breach by Comerica and/or by any Released Party of any fiduciary duty or obligation to any person, organization and/or governmental or regulatory authority, and/or (iii) any violation by any Released Party of Comerica’s Code of Business Conduct and Ethics for Employees, Senior Financial Officer Code of Ethics, or Code of Business Conduct and Ethics for Members of the Board of Directors, each as amended and/or restated.

		
	b.
	Executive has a special relationship of trust and confidence with Comerica and its customers and clients, which creates a high risk and opportunity for Executive to misappropriate the relationship and goodwill existing between Comerica and such entities and individuals.  Executive further acknowledges that, at the outset of Executive’s employment with Comerica and throughout Executive’s employment with Comerica, Executive received, and continues to receive and/or have access to 

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Comerica and Comerica’s clients’ proprietary Confidential Information, specialized training and goodwill that Executive would not otherwise have but for Executive’s employment with Comerica.  Therefore, Executive agrees that it is fair and reasonable for Comerica to take steps to protect itself from the risk of misappropriation of Comerica’s trade secrets including but not limited to its business relationships, goodwill, proprietary information, specialized training, and other Confidential Information.  
		
	c.
	Executive agrees Executive has carefully considered the nature and extent of the restrictions placed upon Executive and the remedies conferred upon Comerica in this Agreement and has had the opportunity to retain legal counsel at Executive’s own expense to review this Agreement.  Executive agrees the restrictions are reasonable and are necessary to protect the legitimate business interests of Comerica and its customers and do not confer a benefit on Comerica that is out of proportion to the restrictions placed on Executive.

11.    Dispute Resolution.
		
	a.
	Early Resolution Conference.  This Agreement is understood to be clear and enforceable as written and is executed by both parties on that basis.  However, should Executive later challenge any provision as unclear, unenforceable, or inapplicable to any competitive or other activity that Executive intends to engage in, Executive will first notify Comerica in writing and meet with a Comerica representative and a neutral mediator (if 

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either party elects to retain one at its own expense) to discuss resolution of any disputes between the parties.  Executive will provide this notification at least fourteen (14) calendar days before Executive engages in any activity that could reasonably and foreseeably fall within a questioned restriction.  Executive’s failure to comply with this early resolution conference requirement (the “Resolution Requirement”) shall waive Executive’s right to challenge the reasonable scope, clarity, applicability or enforceability of this Agreement and its restrictions at a later time.  Comerica will respond to Executive’s notification required by this Paragraph within fourteen (14) calendar days following receipt of the written notification.  Comerica’s failure to respond with an acceptance or denial within the fourteen (14) calendar day period, unless a party has invoked the mediation process described above, shall waive its right to challenge Executive’s activity that could reasonably fall within a questioned restriction at a later time.  All rights of both parties will be preserved if the Resolution Requirement is complied with even if no agreement is reached in the conference.
		
	b.
	Injunctive Relief.  In the event of a breach or threatened breach of Paragraphs 6, 7, 8, 9, or 10 of this Agreement, Executive agrees that Comerica shall be entitled to injunctive relief in a California court of appropriate jurisdiction to remedy any such breach or threatened breach, and Executive acknowledges that monetary damages alone would not be 

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an adequate remedy to compensate Comerica for the loss of goodwill and other harm to its reputation and business.
		
	c.
	Arbitration.  Except as provided in Paragraph 12(a) and (b) hereof, in the event of any dispute between any of the Released Parties and Executive relating to Executive’s employment with or separation from employment with Comerica, the terms of and the parties’ entry into this Agreement and/or breach of this Agreement, Executive and Comerica agree to submit the dispute, including any claims of discrimination under federal, state or local law by Executive, to final and binding arbitration pursuant to the provisions of California statutory law and/or the Federal Arbitration Act, 9 U.S.C. Sec. 1 et seq.  The arbitration shall be conducted by the National Center for Dispute Settlement or a similar organization mutually agreed to by the parties.  The arbitration shall be before a single, neutral arbitrator selected by the parties.  

In the event the parties cannot agree on the selection of a single arbitrator, the following process to select an arbitration panel will be followed:  (1) when a party reasonably believes that there will be no agreement on the selection of a single, neutral arbitrator, that party may notify the other at the address provided in Paragraph 17 of this Agreement of the fact an impasse has been reached, (2) within five (5) days of receipt of such notice, each party must provide the other with the name of its respective panel member, and (3) within ten (10) days of their selection, the parties’ 

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panel members must agree on the third, neutral member of the arbitration panel.
The arbitrator, or arbitration panel (“panel”) if one is utilized, shall have the power to enter any award that could be entered by a judge of a trial court of the State of California, and only such power, and shall follow the law.  Notwithstanding the foregoing, the arbitrator or panel may award reasonable attorney fees and costs to the prevailing party.  In the event the arbitrator or panel does not follow the law, the arbitrator or panel will have exceeded the scope of his or her authority and the parties may, at their option, file a motion to vacate the award in court.  Except as otherwise provided herein, the parties agree to abide by and perform any award rendered by the arbitrator.  The arbitrator or panel shall issue the award in writing and therein state the essential findings and conclusions on which the award is based.  Judgment on the award may be entered in any court having jurisdiction thereof.  In no event shall the demand for arbitration be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations.  This agreement to arbitrate shall be specifically enforceable under the prevailing arbitration law, and shall be in accordance with the procedures established for arbitration in the California Rules of Civil Procedure.  Unless otherwise prohibited by law, each party shall bear its own costs, including, but not limited to, any costs associated with the appointment of its panel member in the event an 

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arbitration panel is constituted, in any such arbitration and shall share equally any fees or other expenses charged by the neutral arbitrator for services rendered.  The parties understand that by agreeing to arbitrate their disputes, they are giving up their right to have their disputes heard in a court of law and, if applicable, by a jury.
		
	12.
	Entire Agreement.  This Agreement supersedes all prior and contemporaneous relationships, agreements, understandings, negotiations and discussions, whether oral or written, of the parties with respect to the subject matter hereof, to the extent they conflict herewith, and, except as otherwise set forth herein, there are no other agreements between the parties with respect to the subject matter hereof.  No amendment, supplement, modification or waiver of this Agreement shall be implied or be binding unless in writing and signed by the party against which such amendment, supplement, modification or waiver is asserted.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver, unless otherwise therein provided.

		
	13.
	Governing Law.  This Agreement shall be interpreted and governed by the laws of the State of California, except as to matters specifically governed by federal statute or regulation.  

		
	14.
	Severability.    The provisions of this Agreement are severable, and if any part or portion of it is found to be unenforceable, the other portions shall remain fully valid and enforceable.

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	15.
	Withholding.  Comerica may withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

		
	16.
	Notice.  Any notices relating to or arising out of this Agreement shall be sent by registered mail, return receipt requested, and shall be addressed as follows:

To Comerica:

Jon W. Bilstrom, 
EVP, Governance, Regulatory Relations and Legal Affairs, and Corporate Secretary 
1717 Main Street, MC 6504
Dallas, Texas 75201

To Executive:

J. Michael Fulton
At the address on record with Comerica as of the Separation Date   
		
	17.
	Consideration Period, Revocation Period and Effective Date.  Executive confirms that Executive had at least twenty-one (21) days to consider this Agreement, or that, by executing this Agreement, Executive voluntarily waives the twenty-one (21) day consideration period and that Executive had an opportunity to consult with an attorney during said consideration period and prior to signing this Agreement.  For an additional period of seven (7) days following the signing of this Agreement, Executive understands Executive may revoke Executive’s signature by delivery of a written notice of revocation to Von E. Hays, Senior Vice President and General Counsel, Litigation and Corporate Operations, 1717 Main Street, 4th Floor, MC 6506, Dallas, Texas, 75201.  The revocation must be delivered to this address before 5:00 p.m. CST on or before the 7th day following 

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the signing of this Agreement.  This Agreement shall become effective and enforceable on the eighth (8th) day following its execution by Executive, provided Executive does not exercise Executive’s right of revocation as described above (the “Effective Date”). If Executive fails to sign this Agreement on or before the 21st day from the date set forth below or revokes Executive’s signature, this Agreement will be without force or effect, and Executive shall not be entitled to any of the rights and benefits hereunder.

Delivered to Executive for Executive’s consideration this 1st day of April, 2014.
Comerica Incorporated 

By:        /s/ Jon W. Bilstrom        
		
	Name:
	Jon W. Bilstrom

		
	Title:
	Executive Vice President, Governance, Regulatory Relations and Legal Affairs, and Corporate Secretary

		
	Date:
	April 3, 2014            

I, MICHAEL FULTON, HAVING READ THE FOREGOING SEPARATION AND RESTRICTIVE COVENANTS AGREEMENT, UNDERSTANDING ITS CONTENT AND HAVING HAD AN OPPORTUNITY, AND BEEN ADVISED, TO CONSULT WITH COUNSEL OF MY CHOICE, DO HEREBY KNOWINGLY AND VOLUNTARILY SIGN THIS AGREEMENT, THEREBY AGREEING TO THE TERMS THEREOF AND WAIVING AND RELEASING MY CLAIMS, ON April 3, 2014.

 

/s/ J. Michael Fulton            
J. Michael Fulton

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