Document:

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                                                                    Exhibit 10.2

                UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE

     THIS UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE (this "Guaranty") is
made as of this 13th day of December, 2005, by RAMCO-GERSHENSON PROPERTIES
TRUST, a Maryland real estate investment trust, having its principal place of
business and chief executive office at 31500 Northwestern Highway, Suite 300,
Farmington Hills, Michigan 48334 ("Trust"), and the other Persons, if any, now
or hereafter a party hereto as a Subsidiary Guarantor (the Trust and such other
Subsidiary Guarantors are hereinafter referred to collectively as the
"Guarantors"), in favor of KeyBank National Association, a national bank
organized under the laws of the United States of America, its successors and
assigns, for itself ("KeyBank") and in its capacity as agent (the "Agent") for
certain other lenders (including the Swing Line Lender and the Issuing Bank)
that may now be or may hereafter become a party to the "Loan Agreement" (as such
term is defined below), having an office at 1200 Abernathy Road, Suite 1550,
Atlanta, Georgia 30328, Attn: Dan Silbert. KeyBank (except when acting as the
Agent) and each other lending institution which may now be or may hereafter
become a party to the Loan Agreement (including the Swing Line Lender and the
Issuing Bank), shall be referred to collectively herein as the "Banks."

     WHEREAS, Ramco-Gershenson Properties, L.P., a Delaware limited partnership
(the "Debtor"), the Trust, KeyBank, the Agent, and the Banks are parties to that
certain Unsecured Master Loan Agreement dated of even date herewith (as the same
may be modified, amended, increased, renewed or restated, the "Loan Agreement"),
pursuant to which the Debtor is liable for the "Obligations" (as such term is
defined in the Loan Agreement), including without limitation, loans and other
financial accommodations from the Banks (including the Agent in its capacity as
a Bank thereunder) in the aggregate principal amount of up to $250,000,000.00
(as the Total Commitment and the Obligations may be increased to $350,000,000.00
as provided in the Loan Agreement) (all Obligations, as the same may be
increased pursuant to the Loan Agreement, being hereinafter referred to as the
"Indebtedness"); and

     WHEREAS, it is a condition precedent to the effectiveness of the Loan
Agreement that this Guaranty be executed and delivered by the Guarantor in favor
of the Agent; and

     WHEREAS, the Trust is the sole general partner of and the owner of at least
a 84.17% of the ownership interests in Debtor, and the Debtor is the owner of
all or a majority of the ownership interests in each other Guarantor; and

     WHEREAS, the Borrower and the Subsidiary Guarantors are mutually dependent
upon each other in the conduct of their business as an integrated operation and
each of the Guarantors will derive substantial benefit and advantage from the
financial accommodations to the Debtor set forth in the Loan Agreement including
the loans and advances made to the Debtor thereunder, and it will be to the
Guarantors' direct interest and economic benefit to assist the Debtor in
procuring said financial accommodations from the Banks by executing and
delivering this Guaranty;

     NOW, THEREFORE, for and in consideration of the premises and in order to
induce the Agent and the Banks to enter into the Loan Agreement and the Banks to
make loans, issue Letters of Credit and provide other financial accommodations
thereunder, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the

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Guarantors hereby agree as follows (unless otherwise defined herein all
capitalized terms used herein shall have their meanings as set forth in the Loan
Agreement):

     1. Guaranty of Payment.

          (a) The Guarantors hereby, jointly and severally, unconditionally
guarantee the full and prompt payment to the Banks and the Agent, on behalf of
the Banks, when due, upon demand, at maturity or by reason of acceleration or
otherwise and at all times thereafter, of any and all of the Indebtedness.

          (b) The Guarantors acknowledge that valuable consideration supports
this Guaranty, including, without limitation, the consideration set forth in the
recitals above as well as any commitment to lend, extension of credit, issuance
of Letter of Credit or other financial accommodation, whether heretofore or
hereafter made by the Banks to the Debtor; any extension, renewal, increase or
replacement of any of the Indebtedness; any forbearance with respect to any of
the Indebtedness or otherwise; any cancellation of an existing guaranty; any
purchase of any of the Debtor's assets by the Banks; or any other valuable
consideration.

          (c) The Guarantors agree that all payments under this Guaranty shall
be made in United States currency and the same manner as provided for the
Indebtedness.

     2. The Banks' Costs and Expenses.

     The Guarantors jointly and severally agree to pay on demand, if not paid by
the Debtor, all reasonable costs and expenses of every kind incurred by the
Agent or the Banks: (a) in enforcing this Guaranty, (b) in collecting any of the
Indebtedness from the Debtor or Guarantors, (c) in realizing upon or protecting
any collateral for this Guaranty or for payment of any of the Indebtedness, and
(d) for any other purpose related to the Indebtedness or this Guaranty. "Costs
and expenses" as used in the preceding sentence shall include, without
limitation, the actual reasonable attorneys' fees incurred by the Agent or any
Bank in retaining counsel for advice, suit, appeal, any insolvency or other
proceedings under the United States Bankruptcy Code or otherwise, or for any
purpose specified in the preceding sentence.

     3. Nature of Guaranty: Continuing, Absolute and Unconditional.

          (a) This Guaranty is and is intended to be a continuing guaranty of
payment of the Indebtedness, independent of and in addition to any other
guaranty, endorsement, collateral or other agreement held by the Agent or the
Banks therefor or with respect thereto, whether or not furnished by any
Guarantor. The obligation of the Guarantors to repay the Indebtedness hereunder
shall be unlimited. The Guarantors shall have no right of subrogation with
respect to any payments made by Guarantors hereunder, and hereby waive any
benefit of, and any right to participate in, any security or collateral given to
the Agent or the Banks to secure payment of the Indebtedness, until all of the
Indebtedness outstanding or contracted or committed for (whether or not
outstanding) is paid in full, and the Guarantors agree that none of them will
take any action to enforce any obligations of the Debtor to such Guarantor prior
to the Indebtedness being paid in full, provided that, in the event of the
bankruptcy or insolvency of the Debtor, the Agent, on behalf of the Banks, shall
be entitled notwithstanding the foregoing, to file in the name of any Guarantor
or in its own name a claim for any and all indebtedness owing to

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such Guarantor by the Debtor, vote such claim and to apply the proceeds of any
such claim to the Indebtedness.

          (b) Except as otherwise provided for in Section 8.7 of the Loan
Agreement, for the further security of the Banks and without in any way
diminishing the liability of the Guarantors, following the occurrence of an
Event of Default under the Loan Agreement and acceleration of the Indebtedness,
all debts and liabilities, present or future of the Debtor to Guarantors and all
monies received from the Debtor or for its account by Guarantors in respect
thereof shall be received in trust for the Banks and forthwith upon receipt
shall be paid over to the Agent, on behalf of the Banks, until all of the
Indebtedness has been paid in full. This assignment and postponement is
independent of and severable from this Guaranty and shall remain in full effect
whether or not any Guarantor is liable for any amount under this Guaranty.

          (c) This Guaranty is absolute and unconditional and shall not be
changed or affected by any representation, oral agreement, act or thing
whatsoever, except as herein provided. This Guaranty is intended by the
Guarantors to be the final, complete and exclusive expression of the guaranty
agreement between the Guarantors, the Banks and the Agent, on behalf of the
Banks. No modification or amendment of any provision of this Guaranty shall be
effective unless in writing and signed by a duly authorized officer of the
Agent, on behalf of the Banks.

          (d) In the event of the business failure of any Guarantor or if there
shall be pending any bankruptcy or insolvency case or proceeding with respect to
any Guarantor under the United States Bankruptcy Code or any other applicable
law or in connection with the insolvency of any Guarantor, or if a liquidator,
receiver, or trustee shall have been appointed for any Guarantor or any
Guarantor's properties or assets, the Agent on behalf of the Banks may file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Agent on behalf of the Banks allowed in any
proceedings relative to such Guarantor, or any of such Guarantor's properties or
assets, and, irrespective of whether the Indebtedness or other Obligations of
the Debtor guaranteed hereby shall then be due and payable, by declaration or
otherwise, the Agent on behalf of the Banks shall be entitled and empowered to
file and prove a claim for the whole amount of any sums or sums owing with
respect to the Indebtedness or other Obligations of the Debtor guaranteed
hereby, and to collect and receive any moneys or other property payable or
deliverable on any such claim. Guarantors covenant and agree that upon the
commencement of a voluntary or involuntary bankruptcy proceeding by or against
the Debtor or any other Guarantor, no Guarantor shall seek a supplemental stay
or otherwise pursuant to 11 U.S.C. Section 105 or any other provision of the
United States Bankruptcy Code or any other debtor relief law (whether statutory,
common law, case law, or otherwise) of any jurisdiction whatsoever, now or
hereafter in effect, which may be or become applicable, to stay, interdict,
condition, reduce or inhibit the ability of the Agent to enforce any rights of
the Agent against Guarantors by virtue of this Guaranty or otherwise.

     4. Certain Rights and Obligations.

          (a) The Guarantors authorize the Agent and the Banks, without notice,
demand or any reservation of rights against the Guarantors and without affecting
the Guarantors' obligations hereunder, from time to time: (i) to renew, extend,
increase, accelerate or otherwise change the time for payment of, the terms of
or the interest on the Indebtedness or any part

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thereof or grant other indulgences to the Debtor or others, and to otherwise
modify the terms of the Loan Agreement and the other Loan Documents; (ii) to
accept from any Person and hold collateral for the payment of the Indebtedness
or any part thereof, and to modify, exchange, enforce or refrain from enforcing,
or release, compromise, settle, waive, subordinate or surrender, with or without
consideration, such collateral or any part thereof; (iii) to accept and hold any
endorsement or guaranty of payment of the Indebtedness or any part thereof, and
to discharge, release or substitute any such obligation of any such endorser or
guarantor, or any Person who has given any security interest in any collateral
as security for the payment of the Indebtedness or any part thereof, or any
other Person in any way obligated to pay the Indebtedness or any part thereof,
and to enforce or refrain from enforcing, or compromise or modify, the terms of
any obligation of any such endorser, guarantor, or Person; (iv) to dispose of
any and all collateral securing the Indebtedness in any manner as the Agent or
the Banks, in their sole discretion, may deem appropriate, and to direct the
order or manner of such disposition and the enforcement of any and all
endorsements and guaranties relating to the Indebtedness or any part thereof as
the Agent or the Banks in their sole discretion may determine; (v) except as
otherwise provided in the Loan Agreement, to determine the manner, amount and
time of application of payments and credits, if any, to be made on all or any
part of any component or components of the Indebtedness (whether principal,
interest, fees, costs, and expenses, or otherwise); and (vi) to take advantage
or refrain from taking advantage of any security or accept or make or refrain
from accepting or making any compositions or arrangements when and in such
manner as the Agent or the Banks, in their sole discretion, may deem appropriate
and generally do or refrain from doing any act or thing which might otherwise,
at law or in equity, release the liability of Guarantors as a guarantor or
surety in whole or in part, and in no case shall the Agent or the Banks be
responsible, nor shall any Guarantor be released, either in whole or in part for
any act or omission in connection with the Agent or the Banks having sold any
security at an under value.

          (b) If any default shall be made in the payment of any of the
Indebtedness and any grace period has expired with respect thereto, each
Guarantor jointly and severally hereby agrees to pay the same in full to the
extent hereinafter provided: (i) without deduction by reason of any setoff,
defense (other than payment) or counterclaim of the Debtor; (ii) without
requiring presentment, protest or notice of nonpayment or notice of default to
Guarantors, to the Debtor or to any other Person, except as required pursuant to
the Loan Agreement; (iii) without demand for payment or proof of such demand or
filing of claims with a court in the event of receivership, bankruptcy or
reorganization of the Debtor; (iv) without requiring the Agent or the Banks to
resort first to the Debtor (this being a guaranty of payment and not of
collection) or to any other guaranty or any collateral which the Banks may hold;
(v) without requiring notice of acceptance hereof or assent hereto by the Agent
or the Banks; and (vi) without requiring notice that any of the Indebtedness has
been incurred, extended or continued or of the reliance by the Agent or the
Banks upon this Guaranty; all of which the Guarantors hereby waive.

          (c) The Guarantors' obligations hereunder shall not be affected by any
of the following, all of which the Guarantors hereby waive: (i) any failure to
perfect or continue the perfection of any security interest in or other lien on
any collateral securing payment of any of the Indebtedness or the Guarantors'
obligations hereunder; (ii) the invalidity, unenforceability, propriety of
manner of enforcement of, or loss or change in priority of any such security
interest or other lien or guaranty of the Indebtedness; (iii) any failure to
protect, preserve or insure any such collateral; (iv) failure of Guarantors to
receive notice of any intended disposition of such

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collateral; (v) any defense arising by reason of the cessation from any cause
whatsoever of liability of the Debtor, including, without limitation, any
failure, negligence or omission by the Agent or the Banks in enforcing their
claims against the Debtor; (vi) any release, settlement or compromise of any
obligation of the Debtor, other than as a result of the payment of the
Indebtedness; (vii) the invalidity or unenforceability of any of the
Indebtedness or other obligations guaranteed hereunder; (viii) any change of
ownership of the Debtor or the insolvency, bankruptcy or any other change in the
legal status of the Debtor; (ix) any change in, or the imposition of, any law,
decree, regulation or other governmental act which does or might impair, delay
or in any way affect the validity, enforceability or the payment when due of the
Indebtedness; (x) the existence of any claim, setoff or other rights which
Guarantors may have at any time against the Agent, any Bank or the Debtor in
connection herewith or any unrelated transaction; (xi) the Agent's or any Bank's
election, in any case instituted under chapter 11 of the United States
Bankruptcy Code, of the application of section 1111(b)(2) of the United States
Bankruptcy Code; (xii) any borrowing, use of cash collateral, or grant of a
security interest by the Debtor, as debtor in possession, under sections 363 or
364 of the United States Bankruptcy Code; (xiii) the disallowance of all or any
portion of any of the Agent's or any Bank's claims for repayment of the
Indebtedness under sections 502 or 506 of the United States Bankruptcy Code;
(xiv) (A) any change in the amount, interest rate or due date or other term of
any of the obligations hereby guaranteed, (B) any change in the time, place or
manner of payment of all or any portion of the obligations hereby guaranteed,
(C) any amendment or waiver of, or consent to the departure from or other
indulgence with respect to, the Loan Agreement, any other Loan Document, or any
other document or instrument evidencing or relating to any obligations hereby
guaranteed, or (D) any waiver, renewal, extension, addition, or supplement to,
or deletion from, or any other action or inaction under or in respect of, the
Loan Agreement, any of the other Loan Documents, or any other documents,
instruments or agreements relating to the obligations hereby guaranteed or any
other instrument or agreement referred to therein or evidencing any obligations
hereby guaranteed or any assignment or transfer of any of the foregoing; (xv)
any act or failure to act by Debtor or any other Person which may adversely
affect any Guarantor's subrogation rights, if any, against Debtor to recover
payments made under this Guaranty; (xvi) the incapacity, lack of authority,
death or disability of Debtor or any other Person, or the failure of Agent or
the Banks to file or enforce a claim against the estate (either in
administration, bankruptcy or in any other proceeding) of Debtor or Guarantors
or any other Person; (xvii) the dissolution or termination of existence of
Debtor, any Guarantor or any other Person; (xviii) the failure of Agent and the
Banks to give notice of the existence, creation or incurring of any new or
additional indebtedness or obligation of Debtor or of any action or nonaction on
the part of any other person whomsoever in connection with any obligation hereby
guaranteed; (xix) any failure or delay of Agent and the Banks to commence an
action against Debtor or any other Person, to assert or enforce any remedies
against Debtor under the Loan Agreement, the Notes or the other Loan Documents,
or to realize upon any security; (xx) any failure of any duty on the part of
Agent and the Banks to disclose to Guarantors any facts it may now or hereafter
know regarding Debtor or any other Person, any of their properties or any of the
improvements located thereon, whether such facts materially increase the risk to
Guarantors or not; (xxi) failure to accept or give notice of acceptance of this
Guaranty by Agent and the Banks; (xxii) failure to make or give notice of
presentment and demand for payment of any of the indebtedness or performance of
any of the obligations hereby guaranteed; (xxii) failure to make or give protest
and notice of dishonor or of default to Guarantors or to any other party with
respect to the indebtedness or performance of obligations hereby guaranteed;
(xxiv) either with or without notice to Guarantors, any renewal, extension,
modification, amendment or another changes in the

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Indebtedness, including but not limited to any material alteration of the terms
of payment or performance of the Indebtedness; or (xxv) any other fact or
circumstance which might otherwise constitute grounds at law or equity for the
discharge or release of a Guarantor from its obligations hereunder, all whether
or not Guarantors shall have had notice or knowledge of any act or omission
referred to in the foregoing clauses (i) through (xxv) of this Paragraph 4.

     5. Representations, Warranties and Covenants.

          (a) Guarantors further represent and warrant to the Agent and the
Banks that: (i) the Trust is a real estate investment trust duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
organization, and has full power, authority and legal right to own its property
and assets and to transact the business in which it is engaged, and each other
Guarantor is a limited partnership or limited liability company duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
organization, and has the full power, authority and legal right to own its
property and assets and to transact the business in which it is engaged; (ii)
each Guarantor has full power, authority and legal right to execute and deliver,
and to perform its obligations under, this Guaranty, and has taken all necessary
action to authorize the guarantee hereunder on the terms and conditions of this
Guaranty and to authorize the execution, delivery and performance of this
Guaranty; and (iii) this Guaranty has been duly executed and delivered by
Guarantors and constitutes a legal, valid and binding obligation of Guarantors
enforceable against Guarantors in accordance with its terms. In addition, each
representation and warranty that is applicable to or is made by any Subsidiary
under the Loan Agreement is hereby incorporated herein by this reference and the
Guarantors (other than the Trust) hereby make, restate and reaffirm each such
representation and warranty.

          (b) Each covenant and agreement that is applicable to or is to be
performed by any Subsidiary under the Loan Agreement is hereby incorporated
herein by this reference and the Guarantors (other than the Trust) hereby agrees
to perform or abide by each such covenant and agreement.

     6. Security; Assets - Negative Pledge.

     Guarantors warrant and represent to and covenant with the Agent and the
Banks that: (i) each Guarantor has good, indefeasible and merchantable title to
all of its assets, and (ii) each Guarantor shall not grant a security interest
in or permit a lien, claim or encumbrance upon any of its assets in favor of any
third party.

     7. Termination.

     This Guaranty shall remain in full force and effect until all of the
Indebtedness shall be finally and irrevocably paid in full and the commitments
under the Loan Agreement shall have been terminated. Payment of all of the
Indebtedness from time to time shall not operate as a discontinuance of this
Guaranty. The Guarantors further agree that, to the extent that the Debtor makes
a payment or payments to the Agent or any of the Banks on the Indebtedness, or
the Agent or the Banks receive any proceeds of collateral securing the
Indebtedness which payment or receipt of proceeds or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be returned or repaid to the Debtor, its estate, trustee,
receiver, debtor in possession or any other Person, including, without
limitation, any guarantor,

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under any insolvency or bankruptcy law, state or federal law, common law or
equitable cause, then to the extent of such payment, return or repayment, the
obligation or part thereof which has been paid, reduced or satisfied by such
amount shall be reinstated and continued in full force and effect as of the date
when such initial payment, reduction or satisfaction occurred, and this Guaranty
shall continue in full force notwithstanding any contrary action which may have
been taken by the Agent or the Banks in reliance upon such payment, and any such
contrary action so taken shall be without prejudice to the Agent's or the Banks'
rights under this Guaranty and shall be deemed to have been conditioned upon
such payment having become final and irrevocable.

     8. Guaranty of Performance.

     The Guarantors also jointly and severally guarantee the full, prompt and
unconditional performance of all obligations and agreements of every kind owed
or hereafter to be owed by the Debtor to the Agent or the Banks. Every provision
for the benefit of the Agent or the Banks contained in this Guaranty shall apply
to the guaranty of performance given in this Paragraph 8.

     9. Assumption of Liens and Indebtedness.

     To the extent that any Guarantor has received or shall hereafter receive
contributions to its capital consisting of assets of the Debtor that are
subject, at the time of such contribution, to liens and security interests in
favor of the Agent or the Banks in accordance with the Loan Agreement, each
Guarantor hereby expressly agrees that (i) it shall hold such assets subject to
such liens and security interests and subject to the terms of the Loan Agreement
and (ii) it shall be liable for the payment of the Indebtedness secured thereby.
The Guarantors' obligations under this Paragraph 9 shall be in addition to their
obligations as set forth in other sections of this Guaranty and not in
substitution therefor or in lieu thereof.

     10. Miscellaneous.

          (a) The terms "Debtor" and "Guarantor" as used in this Guaranty shall
include: (i) any successor individual or individuals, association, partnership
or corporation to which all or a substantial part of the business or assets of
the Debtor or a Guarantor shall have been transferred and (ii) any other entity
into or with which the Debtor or a Guarantor shall have been merged,
consolidated, reorganized, or absorbed. Nothing herein shall be deemed to modify
any restrictions regarding assignments, transfers, mergers, consolidations or
reorganizations set forth in the Loan Agreement. Notwithstanding anything herein
to the contrary, Guarantor shall not assign or transfer any of its rights or
obligations under this Guaranty without the prior written consent of each of the
Banks.

          (b) Without limiting any other right of the Agent or the Banks,
whenever the Agent or the Banks have the right to declare any of the
Indebtedness to be immediately due and payable (whether or not it has been so
declared), subject to the notice requirements and other limitations set forth in
Section 13 of the Loan Agreement, the Agent and the Banks at their sole election
without notice to any of the undersigned may appropriate and set off against the
Indebtedness: (i) any and all indebtedness or other moneys due or to become due
to a Guarantor by the Agent or the Banks in any capacity and (ii) any credits or
other property belonging to a Guarantor (including all account balances, whether
provisional or final and whether or not collected or available) at any time held
by or coming into the possession of the Agent or any of

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the Banks, or any affiliate of the Agent or any of the Banks, whether for
deposit or otherwise, whether or not the Indebtedness or the obligation to pay
such moneys owed by the Agent or Banks is then due, and the Agent or the Banks
shall be deemed to have exercised such right of set off immediately at the time
of such election even though any charge therefor is made or entered on the
Agent's or the Banks' records subsequent thereto.

          (c) The Guarantors' obligation hereunder is to pay the Indebtedness in
full when due according to the Loan Agreement to the extent provided herein, and
shall not be affected by any stay or extension of time for payment by the Debtor
resulting from any proceeding under the United States Bankruptcy Code or any
similar law.

          (d) No course of dealing between the Debtor or any Guarantor and the
Agent or the Banks and no act, delay or omission by the Agent or the Banks in
exercising any right or remedy hereunder or with respect to any of the
Indebtedness shall operate as a waiver thereof or of any other right or remedy,
and no single or partial exercise thereof shall preclude any other or further
exercise thereof or the exercise of any other right or remedy. The Agent or the
Banks may remedy any default by the Debtor under any agreement with the Debtor
or with respect to any of the Indebtedness in any reasonable manner without
waiving the default remedied and without waiving any other prior or subsequent
default by the Debtor. All rights and remedies of the Agent and the Banks
hereunder are cumulative.

          (e) The term "Banks" as used herein shall have the same meaning as in
the Loan Agreement and this Agreement shall inure to the benefit of the Agent
and such Banks.

          (f) Captions of the paragraphs of this Guaranty are solely for the
convenience of the Agent, the Banks and the Guarantors, and are not an aid in
the interpretation of this Guaranty.

          (g) If any provision of this Guaranty is unenforceable in whole or in
part for any reason, the remaining provisions shall continue to be effective.

          (h) THIS GUARANTY IS A CONTRACT UNDER THE LAWS OF THE STATE OF
MICHIGAN AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF SUCH STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE
OF LAW). EACH GUARANTOR AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
GUARANTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF MICHIGAN OR THE STATE OF
OHIO OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING
MADE UPON SUCH GUARANTOR BY MAIL AT THE ADDRESS SPECIFIED IN THE OPENING
PARAGRAPH HEREOF. EACH GUARANTOR HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT
IS BROUGHT IN AN INCONVENIENT COURT.

          (i) Each notice, demand, election or request provided for or permitted
to be given pursuant to this Guaranty (hereinafter in this paragraph referred to
as "Notice") must be in

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writing and shall be deemed to have been properly given or served by personal
delivery or by sending same by overnight courier or by depositing same in the
United States Mail, postpaid and registered or certified, return receipt
requested, or as expressly permitted herein, by telegraph, telecopy, telefax or
telex, and addressed as follows:

     If to the Agent or the Banks:

        KeyBank National Association, as Agent
        1200 Abernathy Road, N.E.
        Suite 1550
        Atlanta, Georgia 30328
        Attn: Daniel Silbert
        Telecopy No.: (770) 510-2195

     With a copy to:

        McKenna Long & Aldridge LLP
        5300 SunTrust Plaza
        303 Peachtree Street
        Atlanta, Georgia 30308
        Attn: William F. Timmons, Esq.
        Telecopy No.: (404) 527-4198

     If to the Guarantors:

        c/o Ramco-Gershenson Properties Trust
        Suite 300
        31500 Northwestern Highway
        Farmington Hills, Michigan 48334
        Attn: Chief Financial Officer
        Telecopy No.: (248) 350-9925

     With a copy to:

        Honigman Miller Schwartz & Cohn LLP
        Suite 100
        38500 Woodward Avenue
        Bloomfield Hills, Michigan 48304-5048
        Attn: Alan M. Hurvitz, Esq.
        Telecopy No.: (248) 566-8455

Each Notice shall be effective upon being personally delivered or upon being
sent by overnight courier or upon being deposited in the United States Mail as
aforesaid, or if transmitted by facsimile, upon being sent and confirmation of
receipt. The time period in which a response to such Notice must be given or any
action taken with respect thereto (if any), however, shall commence to run from
the date of receipt if personally delivered or sent by overnight courier, or if
so deposited in the United States Mail, the earlier of three (3) Business Days
following such deposit or the date of receipt as disclosed on the return
receipt, or if sent by facsimile, upon

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receipt or the next Business Day if received after 5:00 p.m. (Cleveland time) or
on a day that is not a Business Day. Rejection or other refusal to accept or the
inability to deliver because of changed address for which no notice was given
shall be deemed to be receipt of the Notice sent. By giving at least fifteen
(15) days prior Notice thereof, the Guarantors or Agent shall have the right
from time to time and at any time during the term of this Agreement to change
their respective addresses and each shall have the right to specify as its
address any other address within the United States of America.

     11. Waivers.

          (a) EACH GUARANTOR WAIVES THE BENEFIT OF ALL VALUATION, APPRAISAL AND
EXEMPTION LAWS.

          (b) IN THE EVENT OF A DEFAULT UNDER THE LOAN AGREEMENT, EACH GUARANTOR
HEREBY WAIVES ALL RIGHTS TO NOTICE AND HEARING OF ANY KIND PRIOR TO THE EXERCISE
BY THE AGENT OR THE BANKS OF ANY OF THEIR RIGHTS AND REMEDIES UNDER THE LOAN
AGREEMENT OR ANY OTHER LOAN DOCUMENT, INCLUDING WITHOUT LIMITATION ANY OF THEIR
RIGHTS TO REPOSSESS ANY COLLATERAL WITHOUT JUDICIAL PROCESS OR TO REPLEVY,
ATTACH OR LEVY UPON ANY COLLATERAL OR OTHER ASSETS OF DEBTOR OR ANY GUARANTOR
WITHOUT PRIOR NOTICE OR HEARING. EACH GUARANTOR ACKNOWLEDGES THAT IT HAS BEEN
ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS TRANSACTION AND THIS
GUARANTY.

          (c) EACH GUARANTOR ACKNOWLEDGES THAT THE TIME AND EXPENSE REQUIRED FOR
TRIAL BY JURY EXCEED THE TIME AND EXPENSE REQUIRED FOR A BENCH TRIAL AND HEREBY
WAIVES, TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY, ANY OBJECTION BASED ON
FORUM NON CONVENIENS, ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER,
AND WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF THE AGENT OR THE BANKS.

     12. Trust Exculpation.

     Subject to the terms of this Paragraph 12, all persons having a claim
against the Trust (as a Guarantor or general partner of Debtor), hereunder or in
connection with any matter that is the subject hereof, shall look solely to (i)
the Trust's interest and rights in Debtor (as a general partner or limited
partner), (ii) the amount of any Net Offering Proceeds not contributed to the
Debtor, (iii) all accounts receivable, including the amount of any Distributions
received by the Trust from the Debtor and not distributed to shareholders of the
Trust as permitted by the Loan Agreement, (iv) all rights and claims (including
amounts paid under) the Tax Indemnity Agreement, (v) all cash and Short-term
Investments in an amount in excess of $500,000.00, (vi) any other assets which
the Trust may now own or hereafter acquire with the consent of Agent pursuant to
Section 7.17 of the Loan Agreement, (vii) all documents and agreements in favor
of the Trust in connection with any of the foregoing, (viii) all claims and
causes of action arising from or otherwise related to any of the foregoing, and
all rights and judgments related to

                                       10

<PAGE>

any legal actions in connection with such claims or causes of action, and (ix)
all extensions, additions, renewals and replacements, substitutions, products or
proceeds of any of the foregoing (the "Attachable Assets"), and in no event
shall the obligation of the Trust be enforceable against any shareholder,
trustee, officer, employee or agent of the Trust personally. In no event shall
any person have any claim against: (i) the cash, Short-term Investments of the
Trust and the property described in Schedule 6.29 to the Loan Agreement, all
under the heading of "Other Permitted Assets", (ii) all documents and agreements
in favor of the Trust in connection with any of the foregoing, (iii) all claims
and causes of action arising from or otherwise related to any of the foregoing,
and all rights and judgments related to any legal actions in connection with
such claims or causes of action, and (iv) all extensions, additions, renewals
and replacements, substitutions, products or proceeds of any of the foregoing
(the "Other Permitted Assets"). The Agent and the Banks have agreed to the terms
of this Paragraph 12 solely based upon the representation and covenant of Debtor
and the Trust that the Trust does not and will not own any assets other than the
Attachable Assets and the Other Permitted Assets. Notwithstanding anything in
this Paragraph 12 to the contrary, the foregoing limitation on liability and
recourse to the Trust (as a Guarantor or general partner of Debtor) shall be
null and void and of no force and effect, and Agent and the Banks shall have
full recourse against the Trust, individually as a Guarantor and in its capacity
as general partner of Debtor, and to all of its assets (including, without
limitation, the Other Permitted Assets) in the event that the Trust shall now or
at any time hereafter own any asset other than or in addition to the Other
Permitted Assets and the Attachable Assets. Nothing herein shall limit the
rights of the Agent and the Banks against the Debtor.

     13. Release of Guarantors.

     Under certain circumstances described in Section 5.2(b) of the Loan
Agreement, certain Subsidiaries of the Debtor may obtain from the Agent a
written release from this Guaranty pursuant to the provisions of such section,
and upon obtaining such written release, any such Subsidiary shall no longer be
a Guarantor hereunder. Each other Guarantor consents and agrees to any such
release and agrees that no such release shall affect its obligations hereunder.

     14. Joint and Several Obligations.

     All of the representations, warranties, covenants, obligations and
liabilities of the Guarantors hereunder shall be joint and several.

                            [SIGNATURES ON NEXT PAGE]

                                       11

<PAGE>

     IN WITNESS WHEREOF, the Guarantors have caused this Guaranty to be executed
as of the day and year first written above.

                                        TRUST:

                                        RAMCO-GERSHENSON PROPERTIES TRUST,
                                        a Maryland real estate investment trust

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Title: Chief Financial Officer

                                                                          [SEAL]

                                        SUBSIDIARY GUARANTORS:

                                        ROSSFORD DEVELOPMENT LLC, a Delaware
                                        limited liability company

                                        By: Ramco-Gershenson Properties, L.P.,
                                            a Delaware limited partnership,
                                            its Sole Member

                                        By: Ramco-Gershenson Properties Trust,
                                            a Maryland real estate investment
                                            trust, its General Partner

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Its: Chief Financial officer

                                                                          [SEAL]

                                        RAMCO ROSEVILLE PLAZA LLC,
                                        a Michigan limited liability company

                                        By: Ramco-Gershenson Properties, L.P.,
                                            a Delaware limited partnership,
                                            its Sole Member

                                        By: Ramco-Gershenson Properties Trust,
                                            a Maryland real estate investment
                                            trust, its General Partner

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Its: Chief Financial officer

                                                                          [SEAL]

                                       12<PAGE>
                                                                    Exhibit 10.1

                                IBT BANCORP, INC.
                              AND RELATED COMPANIES
                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

                                                                 JANUARY 1, 2006

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
Section 1.  PURPOSE........................................................    1
Section 2.  DEFINITIONS....................................................    1
Section 3.  ENROLLMENT/ESTABLISHMENT OF ACCOUNT............................    3
Section 4.  ALLOCATIONS TO ACCOUNT.........................................    4
Section 5.  VESTING........................................................    5
Section 6.  COMMENCEMENT OF DISTRIBUTION...................................    5
Section 7.  MANNER AND FORM OF DISTRIBUTION................................    7
Section 8.  PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCY.......    8
Section 9.  DEATH BENEFIT..................................................    9
Section 10. UNSECURED UNFUNDED PLAN........................................   10
Section 11. PLAN AMENDMENT AND TERMINATION.................................   10
Section 12. EXPENSES.......................................................   10
Section 13. NONASSIGNABILITY...............................................   10
Section 14. DIRECTOR STATUS................................................   11
Section 15. ADMINISTRATION.................................................   11
Section 16. CLAIMS PROCEDURE...............................................   12
Section 17. NO RIGHTS AS A SHAREHOLDER.....................................   13
Section 18. LEGALITY OF ISSUANCE...........................................   13
Section 19. BINDING EFFECT.................................................   14
Section 20. INCOMPETENCY...................................................   14
Section 21. SEVERABILITY...................................................   14
Section 22. CONSTRUCTION...................................................   14
</TABLE>

<PAGE>

                                IBT BANCORP, INC.
                              AND RELATED COMPANIES
                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

     IBT Bancorp, Inc. ("IBT") wants to establish a nonqualified plan of
deferred compensation benefits for participating non-employee Directors. The
Plan is intended to postpone taxation of such deferred compensation benefits
until those benefits are paid to the Directors as provided in the Plan. The
provisions of this Plan shall be effective on and after January 1, 2006.

     Section 1. PURPOSE.

     The Plan is intended to provide participating Directors with additional
compensation, payable as set forth in the Plan, in order to reward the
individuals who contribute to the success of the Company.

     Section 2. DEFINITIONS.

     The following words and phrases shall, when used in this Plan, have the
following respective meanings unless their context clearly indicates otherwise:

     2.01 ADMINISTRATOR OR PLAN ADMINISTRATOR means IBT which may, from time to
time in its sole discretion, appoint a person or persons to assist in the
administration of the Plan.

     2.02 BENEFICIARY means the person(s) or entity designated by Participant to
receive any undistributed deferred compensation benefits which become payable in
the event of Participant's death.

     2.03 BOARD OF DIRECTORS means Company's governing body according to law and
Company's governing documents.

     2.04 CHANGE OF CONTROL means a sale which results in a change in the
ownership of Company, a change in the effective control of Company, or a change
in the ownership of a substantial portion of Company's assets. The change shall
not be deemed a "Change of Control" for purposes of this Plan unless the change
(whether made in a single transaction or in successive multiple transactions)
effectively transfers the controlling interest of the Company to an unrelated
third party(ies) (as defined under the attribution rules of Code Sections 318
and 414) and said change results in the unrelated third party(ies) owning more
than fifty percent (50%) of the fair market value or the total voting power of
the stock of the Company. In addition to the foregoing, the Change of Control
must satisfy the provisions of Q & A-11 through 14 of IRS Notice 2005-1 and IRS
Prop. Reg. 1.409A-3(g)(5) and subsequent guidance.

     2.05 CODE means the Internal Revenue Code of 1986, as amended.

     2.06 COMMITTEE OR ADMINISTRATIVE COMMITTEE means the committee described in
Section 15.

<PAGE>

     2.07 COMPANY OR PARTICIPATING COMPANY means IBT Bancorp, Inc., Isabella
Bank and Trust, Farmers State Bank of Breckenridge, Financial Group Information
Services, Inc., and IBT Title and Insurance Agency, Inc. and any other entity
whose Board of Directors authorizes participation in this Plan where IBT by its
Board of Directors has approved such participation, OR THEIR RESPECTIVE
SUCCESSOR OR SUCCESSORS.

     2.08 DEFERRED MONEY ACCOUNT means the bookkeeping account maintained on
behalf of Participant to record Company Contributions made pursuant to Sections
4.01.

     2.09 DIRECTOR means any elected or appointed member of the Board of
Directors of any Participating Company, provided the member is not an employee
of the Company.

     2.10 DISABILITY means the Participant is:

          (a)  unable to engage in any substantial gainful activity by reason of
               any medically determinable or physical or mental impairment which
               can be expected to result in death or can be expected to last for
               a continuous period of not less than 12 months, or

          (b)  by reason of any medically determinable or physical or mental
               impairment which can be expected to result in death or can be
               expected to last for a continuous period of not less than 12
               months, receiving income replacement benefits for a period of not
               less than three months under an accident and health plan covering
               Participants of the Company.

     2.11 DISABILITY RETIREMENT DATE means the date of Participant's severance
of service with the Company on account of Participant's Disability.

     2.12 EFFECTIVE DATE means January 1, 2006, the date on which the provisions
of this Plan become effective.

     2.13 NORMAL RETIREMENT AGE means Participant's attainment of age 70.

     2.14 NORMAL RETIREMENT DATE means the date Participant attains Normal
Retirement Age, without regard to Participant's continued service with the
Company.

     2.15 PARTICIPANT means any Director of a Participating Company receiving
Director's salary, a retainer or board fees who has elected to participate in
the Plan by providing written notice to his Participating Company, in the form
prescribed by the Participating Company.

     2.16 PLAN means the IBT Bancorp, Inc. and Related Companies Deferred
Compensation Plan for Non-Employee Directors, as amended from time to time.

     2.17 PLAN YEAR means the consecutive 12-month period beginning on January 1
and ending on December 31.

                                        2

<PAGE>

     2.18 RETIREMENT means with respect to a Participant, separation from
service with all Participating Companies for any reason other than a leave of
absence, death or Disability on or after the attainment of Normal Retirement
Age.

     2.19 SEPARATION FROM SERVICE means Participant's severance of service with
all Companies, voluntarily or involuntarily, for any reason other than
Retirement, Disability, death or an authorized leave of absence, as determined
in accordance with Code Section 409A and related Treasury guidance and
Regulations.

     2.20 STOCK UNIT ACCOUNT means the bookkeeping account maintained on behalf
of Participant to record Company contributions made pursuant to Section 4.02.

     2.21 UNFORESEEABLE FINANCIAL EMERGENCY means an unforeseeable emergency
that is caused by an event beyond the control of the Participant that would
result in severe financial hardship to the Participant resulting from (i) a
sudden and unexpected illness or accident of the Participant, the Participant's
spouse, or a dependent (as defined in Code Section 152(a)) of the Participant,
(ii) a loss of the Participant's property due to casualty, or (iii) such other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, all as determined in the sole
discretion of the Committee, in accordance with applicable law.

     2.22 VALUATION DATES means March 1, June 1, September 1 and December 1.

     Section 3. ENROLLMENT/ESTABLISHMENT OF ACCOUNTS.

     3.01 ENROLLMENT. As a condition to participation, each Director who is
eligible to participate in the Plan effective as of the first day of a Plan Year
shall complete, execute and return to the Committee an Election Form and a
Beneficiary Designation From, prior to the first day of such Plan Year, or such
other earlier deadline as may be established by the Committee in its sole
discretion. In addition, the Committee shall establish from time to time such
other enrollment requirements as it determines, in its sole discretion, are
necessary.

     3.02 INITIAL PARTICIPATION. A Director who first becomes eligible to
participate in this Plan after the first day of a Plan Year must complete the
enrollment requirements within thirty (30) days after the date he first becomes
eligible to participate in the Plan, or within such other earlier deadline as
may be established by the Committee, in its sole discretion, in order to
participate for that Plan Year. In that event, such person's participation in
this Plan shall not commence earlier than the date determined by the Committee
pursuant to this Section 3.02 and such person shall not be permitted to defer
under this Plan any portion of his salary, retainer or fees that are paid with
respect to services performed prior to his participation commencement date,
except to the extent permissible under Code Section 409A and related Treasury
guidance or Regulations.

     3.03 COMMENCEMENT. Each Director who is eligible to participate in the Plan
shall commence participation in the Plan on the date that the Committee
determines, in its sole discretion, that the Director has met all enrollment
requirements set forth in this Plan as required by the Committee, including
returning all required documents to the Committee within the specified time
period. Notwithstanding the foregoing, the Committee shall process the
Participant's deferral

                                        3

<PAGE>

election as soon as administratively practicable after such deferral election is
submitted to and accepted by the Committee.

     If a Director fails to meet all requirements contained in this Section 3
within the period required, the Director shall not be eligible to participate in
the Plan during such Plan Year.

     3.04 ACCOUNTS. Company agrees to create a Deferred Money Account and a
Stock Unit Account as described in Section 4 below to be maintained on the books
of Company in the name of each Participant.

     Section 4. ALLOCATIONS TO ACCOUNT.

     4.01 PARTICIPANT CONTRIBUTIONS. Each Participant shall defer all or any
portion (subject to a minimum required deferral of at least 25%) of his
director's salary (if any), retainer and fees which are earned for the year from
any Participating Company commencing after the date of said election as he may
specify in said written notice to the Participating Company, and such amounts so
deferred shall be paid only as provided in the Plan. Participant may change the
amount of, or suspend, future deferrals with respect to the Director's salary
(if any), fees and retainers earned for years commencing after the date of
change or suspension as he may specify by written notice to the Participating
Company; provided such change is made prior to January 1 of the calendar year in
which the amount to be deferred is earned.

     4.02 CONTRIBUTION TO STOCK UNIT ACCOUNT. For each Participant electing to
participate in this Plan, each Participating Company for whom the Participant
has made a deferral election shall maintain a Deferred Money Account which shall
be converted quarterly into a Stock Unit Account for each Plan Participant. Each
Participant shall be furnished quarterly with a statement of his Accounts.

     The deferred salary (if any), retainers and fees of each Participant shall
be credited as a dollar amount to the Participant's Deferred Money Account on
the date the amount would otherwise be payable to Participant and shall be
converted into stock units quarterly at each of the Valuation Dates by dividing
the dollar balance of such Deferred Money Account as of the end of each quarter
by the price of a share of IBT common stock as determined by the IBT Bancorp,
Inc. Stockholder Dividend Reinvestment and Employee Stock Purchase Plan, or if
said plan is not in operation at that time, as determined by the Board of
Directors of IBT. The number of stock units for full shares so determined shall
be credited to the Participant's Stock Unit Account and the aggregate value
thereof at said closing price shall be charged to the Participant's Deferred
Money Account. Any cash balance remaining in the Participant's Deferred Money
Account after such charge shall be aggregated with subsequent credits to the
Account at the next Valuation Date to be converted into additional stock units.

     Additional credits will be made to each Participant's Deferred Money
Account in dollar amounts equal to the cash dividends (or the fair market value
of dividends paid in property) the Participant would have received from time to
time had he been the owner on the record dates with respect thereto of the
number of shares of IBT common stock equal to the number of stock units in his
Stock Unit Account on such dates. In the case of a stock dividend or stock
split, additional credits will be made to each Participants' Stock Unit Account
of the number of stock units equal to

                                        4

<PAGE>

the number of full shares of IBT common stock in the case of a stock dividend or
a stock split which such Participant would have received from time to time had
he been the owner on the record dates with respect thereto of the number of
shares of IBT common stock equal to the number of stock units in his Stock Unit
Account on such dates.

     Section 5. VESTING.

     Subject to satisfying the distribution events set forth in Section 6 below,
Participant's interest in his Deferred Money Account and his Stock Unit Account
shall be 100% vested and nonforfeitable at all times.

     Section 6. COMMENCEMENT OF DISTRIBUTION.

     6.01 DISTRIBUTION DATES. The form and manner in which distributions will be
made from the Plan shall be determined in accordance with Section 7 below. No
amount standing from time to time to the credit of the Participant in his
Deferred Money Account or his Stock Unit Account shall be assignable or
alienable by Participant, nor may any such payment be used as collateral or in
any other fashion by Participant prior to payment by the Company. Subject to
Section 6.03 below, no amount standing from time to time to the credit of
Participant in his Deferred Money Account or his Stock Unit Account shall be
payable to Participant (or to Participant's Beneficiary) until the earliest of
the following distribution dates:

          (a)  Normal Retirement Date, including mandatory retirement from
               Company's Board of Directors;

          (b)  Disability Retirement Date;

          (c)  Participant's death;

          (d)  Unforeseeable Financial Emergency;

          (e)  a Change of Control; or

          (f)  Participant's complete Separation From Service with Company.

     6.02 TIME OF DISTRIBUTION. When the amounts credited to Participant's
Deferred Money Account and Stock Unit Account become payable pursuant to Section
6.01 above, distribution of such benefit shall begin on the first day of the
sixth month following the first Valuation Date immediately following the
earliest distribution date, or as soon as administratively practicable
thereafter.

     Notwithstanding the foregoing, Participant may elect A delayed distribution
date. The delayed distribution date may be a specific future date or the
attainment of a specified age by the Participant (not to exceed the
Participant's attainment of age 75), so long as the delayed distribution date
is:

                                        5

<PAGE>

     (a)  requested at least twelve (12) months prior to the earliest
          distribution date;

     (b)  the election does not take effect until at least twelve (12) months
          after the date on which the election is made; and

     (c)  the payment is postponed for a period of not less than five (5) years
          from the date the payment would otherwise have been made.

     6.03 ACCELERATING THE TIME OF PAYMENT. Notwithstanding the distribution
dates set forth in Section 6.01 above, an early distribution may be made as soon
as administratively possible in accordance with IRS Prop. Reg. 1.409A-3(h)(2)
and subsequent guidance following the occurrence of any of the following events:

     (a)  to fulfill the requirements of a domestic relations order;

     (b)  as necessary to comply with a certificate of divestiture as defined in
          Code Section 1043(b)(2);

     (c)  to make payment of certain employment and/or income taxes;

     (d)  de minimis cashout amounts not exceeding $10,000;

     (e)  in accordance with an Unforeseeable Financial Emergency as described
          in Section 8; or

     (f)  certain arrangement terminations of the Plan as described in Section
          11 hereof.

     6.04 DELAYING PAYMENTS UNDER CERTAIN CIRCUMSTANCES. A payment may be
delayed in accordance with IRS Prop. Reg. 1.409A-2(b)(5) (and such other
guidance published after the Effective Date) under the following circumstances
as described in the Regulation:

     (a)  Payments subject to Code Section 162(m) where the Company reasonably
          anticipates that its deduction with respect to such payment would be
          limited or eliminated by the application of Code Section 162(m).

     (b)  Payments that would violate a loan covenant or similar contractual
          requirement of the Company, where such violation would cause material
          harm to the Company and the Company entered into the agreement or
          covenant for legitimate business reasons and not to avoid restrictions
          under Code Section 409A;

     (c)  Payments that would violate Federal securities laws or other
          applicable laws; or

     (d)  Such other events and conditions as permitted by applicable law.

                                        6

<PAGE>

     Any missed or delayed payments shall be made to the Participant (or to his
Beneficiary) at the earliest date at which the Company reasonably anticipates
that the payment will not cause the harm to be avoided by the application of
this Section 6.04.

     Section 7. MANNER AND FORM OF DISTRIBUTION.

     7.01 MANNER OF PAYMENT. Upon the occurrence of a distribution event set
forth in Section 6, the Participant shall receive:

          (a)  payment in cash of the balance in his Deferred Money Account
               maintained with the Participating Company, if any, remaining
               after the last Valuation Date occurring in the calendar year of
               the distribution event, but after the date of the distribution
               event; and

          (b)  payment of the balance in his Stock Unit Account maintained with
               the Participating Company as of the date of the distribution
               event, in shares of IBT common stock, or at the option of the
               Participant as he directs by written notice delivered to the
               Participating Company within thirty (30) days after the date of
               the distribution event, in cash equal to the purchase cost of
               such shares, or in any combination of stock or cash.

     7.02 FORM OF PAYMENT. Participant's benefit payable from the Plan Account
shall be distributed in a single lump sum, unless an election is made to change
the form of payment to an installment payment by submitting an election form to
the Committee in accordance with the following:

     (a)  the election shall have no effect until at least twelve (12) months
          after the date the election is made; and

     (b)  the first benefit payment shall be delayed at least five (5) years
          from the Participant's originally scheduled benefit commencement date
          described in Section 6.01.

     Installment payments made under this Section 7.02 shall be equal annual
installments payable over a period of ten (10), fifteen (15) or twenty (20)
years, said installment payments to be treated as a single payment pursuant to
IRS Prop. Reg. 1.409A-2(b)(2)(iii) and future guidance; provided however,
pursuant to IRS Prop. Reg. 1.409A-2(h)(1) and other applicable law, if
Participant dies before all installment payments have been made, all remaining
amounts shall be paid to Participant's Beneficiary in a single lump sum.

     Notwithstanding the foregoing, the Committee shall interpret all provisions
relating to changing the form of benefit payment under this Section 7.02 in a
manner that is consistent with Code Section 409A and other applicable tax law,
including but not limited to Treasury guidance or Regulations issued after the
Effective Date. Accordingly, if a Participant's subsequent benefit distribution
election would result in the changing of the length of the benefit payment
period (e.g., a Participant changes an existing distribution election from
annual installments to a lump sum payment; from 10 annual installments to 5
annual installments, etc.), and the Committee determines such

                                        7

<PAGE>

election to be inconsistent with Code Section 409A or other applicable tax law,
the election shall not be effective.

     Section 8. PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCY.

     (a)  If the Participant experiences an Unforeseeable Financial Emergency,
          the Participant may petition the Committee to suspend deferrals to the
          extent deemed necessary by the Committee to satisfy the Unforeseeable
          Financial Emergency. If suspension of deferrals is not sufficient to
          satisfy the Participant's Unforeseeable Financial Emergency, or if
          suspension of deferrals is not required under Code Section 409A and
          other applicable tax law, the Participant may further petition the
          Committee to receive a partial or full payout from the Plan. The
          Participant shall receive a payout from the Plan only to the extent
          such payout is deemed necessary by the Committee to satisfy the
          Participant's Unforeseeable Financial Emergency, plus amounts
          necessary to pay taxes reasonably anticipated as a result of the
          distribution.

          Deferrals made under the Plan may also be suspended if the Participant
          is required under IRS Regulation 1.401(k) - 1(d)(3) to cancel all
          deferral elections to be eligible to receive a hardship distribution
          under an arrangement subject to Code Section 401(k).

     (b)  The payout shall not exceed the lesser of (i) the vested balance in
          the Participant's Accounts, calculated as of the close of business on
          or about the date on which the amount becomes payable, as determined
          by the Committee in its sole discretion, or (ii) the amount necessary
          to satisfy the Unforeseeable Financial Emergency, plus amounts
          necessary to pay taxes reasonably anticipated as a result of the
          distribution. Notwithstanding the foregoing, a Participant may not
          receive a payout from the Plan to the extent that the Unforeseeable
          Financial Emergency is or may be relieved (A) through reimbursement or
          compensation by insurance or otherwise, (B) by liquidation of the
          Participant's assets, to the extent the liquidation of such assets
          would not itself cause severe financial hardship or (C) by suspension
          of deferrals under this Plan, if the Committee, in its sole
          discretion, determines that suspension is required by Code Section
          409A and other applicable tax law. A deferral election made after the
          termination of a deferral election due to an Unforeseeable Financial
          Emergency shall be treated as an initial deferral election.

     (c)  If the Committee, in its sole discretion, approves a Participant's
          petition for suspension, the Participant's deferrals under this Plan
          shall be suspended as of the date of such approval. If the Committee,
          in its sole discretion, approves a Participant's petition for
          suspension and payout, the Participant's deferrals under this Plan
          shall be suspended as of the date of such approval and the Participant
          shall receive a payout from the Plan in a single lump sum within sixty
          (60) days of the date of such approval.

     (d)  Notwithstanding the foregoing, the Committee shall interpret all
          provisions relating to suspension and/or payout under this Section 8
          in a manner that is consistent with

                                        8

<PAGE>

          Code Section 409A and other applicable tax law, including but not
          limited to Treasury guidance and Regulations issued after the
          Effective Date.

     Section 9. DEATH BENEFIT.

     9.01 BENEFICIARY DESIGNATION. Participant may designate a Beneficiary to
receive any benefit payable to Participant from this Plan in the event of
Participant's death prior to the complete distribution of benefits payable under
the Plan. The benefit shall be distributed in a single lump sum.

     9.02 PAYMENT OF DEATH BENEFIT. The death benefit payable under the Plan
shall be paid in accordance with the rules described in Section 9.02(a) through
(e) below.

          (a)  The designation of a Beneficiary shall be effective when made on
               a form supplied by the Plan Administrator, signed by Participant
               and actually received and approved in writing by the Plan
               Administrator.

          (b)  No Beneficiary shall have any rights under this Plan until the
               death of Participant. Participant may revoke a Beneficiary
               designation at any time prior to Participant's demise and
               designate an alternative death benefit Beneficiary. Participant
               may designate primary and contingent Beneficiaries. A contingent
               Beneficiary designation will become effective only after the
               death of any and all primary Beneficiaries.

          (c)  If more than one Beneficiary is named in either category (primary
               or contingent), benefits will be paid according to the following
               rules:

               (i)  Beneficiaries may be designated to share equally or to
                    receive specific percentages of the amount distributed; and

               (ii) If a Beneficiary dies before Participant dies, only
                    surviving Beneficiaries will be eligible to receive any
                    benefits in the event of the death of the Participant. If
                    more than two Beneficiaries are originally named to receive
                    different percentages of the benefit, surviving
                    Beneficiaries will share in the same proportion to each
                    other as indicated in the original designation.

          (d)  A person, trust, estate or any other legal entity may be
               designated as a Beneficiary.

          (e)  If a Beneficiary has not been designated, or if a Beneficiary
               designation is ineffective for any reason, Participant's estate
               shall be the Beneficiary.

                                        9

<PAGE>

     Section 10. UNSECURED UNFUNDED PLAN.

     Participant's Deferred Money Account and Stock Unit Account shall be
bookkeeping accounts only, and Company shall not be required in any way to fund
the Accounts. Company shall have no obligation to set aside, earmark, or entrust
any fund, policy or money with which to pay its obligation under this Plan.
Participant, or any successor in interest, shall be and remain a general
creditor of Company with respect to amounts deferred under this Plan in the same
manner as any other unsecured creditor who has a general claim for an unpaid
liability. Company shall be the sole owner and beneficiary of any assets
acquired for its general account under this Plan. Company shall not make any
loans or extend credit to Participant, or any successor in interest, which shall
be offset by benefits payable under this Plan.

     Section 11. PLAN AMENDMENT AND TERMINATION.

     IBT may amend or terminate the Plan by action of its Board of Directors at
any time in its sole discretion without the consent of Participant or his
Beneficiary. No amendment or termination shall adversely affect the benefit to
which Participant or his Beneficiary is entitled under the Plan prior to the
date of such amendment or termination. In the event of Plan termination, all
amounts credited to Participant's Deferred Money Account and Stock Unit Account
shall be paid after said Plan termination to Participant or his Beneficiary at
the time and in the form set forth in Sections 6 and 7 above.

     Notwithstanding the foregoing termination distribution provisions, in the
event the Company entirely terminates all account balance deferred compensation
plans that would be aggregated with this Plan under IRS Prop. Reg. 1.409A-1(c)
and subsequent guidance, with respect to all plan participants, all amounts
payable under this Plan on account of the termination shall be distributed in
accordance with IRS Prop. Reg. 1.409A(h)(2)(viii)(C) (and such other Treasury
guidance or Regulations issued after the Effective Date) not less than twelve
(12) months and not more than twenty-four (24) months following the termination
date. Furthermore, the Company shall not establish or adopt any new arrangement
that would be aggregated under Prop. Reg. 1.409A-1(c) with this Plan for a
period of five (5) years following the termination date. In addition, to the
extent permissible under Code Section 409A and other applicable tax law,
including but not limited to Notice 2005-1 and such other Treasury guidance or
Regulations issued after the Effective Date, following a Change of Control the
Employer shall be permitted to (i) terminate the Plan by action of its Board of
Directors, and (ii) distribute the vested Account balances to Participants in a
lump sum no later than twelve (12) months after the date of the Change of
Control.

     Section 12. EXPENSES.

     Company shall pay all costs, charges and expenses relating to the
establishment and operation of the Plan.

     Section 13. NONASSIGNABILITY.

     The benefits payable under the Plan and the right to receive future
benefits under the Plan may not be anticipated, alienated, pledged, encumbered
or subject to any charge or legal process, and if

                                       10

<PAGE>

any attempt is made to do so, or if a person eligible for any benefits becomes
bankrupt, the interests under the Plan of the person affected may be terminated
by the Administrator which, in its sole discretion, may cause the same to be
held or applied for the benefit of one or more dependents of such person or make
any other disposition of such benefits that it deems appropriate.

     Section 14. DIRECTOR STATUS.

     The Plan does not, and will not, give any Participant the right to continue
as a Director of a Company, nor will the Plan confer any right to any benefit
under the Plan unless such right has specifically accrued under the terms of the
Plan.

     Section 15. ADMINISTRATION.

     The Boards of Directors of the Participating Companies shall appoint an
impartial Administrative Committee consisting of individuals who are not
participants in the Plan. The Administrative Committee shall have the sole and
exclusive discretionary authority to construe and interpret the terms and
provisions of this Plan, make factual determinations and decide all questions of
eligibility and the amount and time of any benefit payment. Such interpretations
shall be final and binding on all persons. No member of the Administrative
Committee shall, in any event, be liable to any person for any action taken or
omitted in connection with the interpretation, construction or administration of
this Plan, so long as such action or omission to act be made in good faith. In
no event, however, shall the provisions of Section 10 or any other provisions in
this Plan prevent the Participant from seeking legal recourse for any claim he
may have under this Plan.

     The Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing this Plan as it shall,
from time to time, deem advisable. It may delegate such ministerial functions as
necessary for the operation of the Plan to its agents, including, but not
limited to:

          (a)  maintenance of rules determining eligibility for participation
               and benefits;

          (b)  maintenance of records and bookkeeping, including but not limited
               to the amount payable by each participating Company to its
               respective Participants;

          (c)  calculation and payment of benefits;

          (d)  making recommendations to the Administrator with respect to Plan
               administration; and

          (e)  establishing and carrying out a funding policy and method
               consistent with the objectives of the Plan.

     The Committee's interpretations and determinations shall be final and
binding on all persons and parties concerned. The Committee may make such
provision to withhold any taxes which it is required to withhold from any
applicable benefit payment. Participant, however, shall be responsible for the
payment of all individual tax liabilities relating to any such payment.

                                       11

<PAGE>

     Section 16. CLAIMS PROCEDURE.

     16.01 PRESENTATION OF CLAIM. Any Participant or Beneficiary of a deceased
Participant (such Participant or Beneficiary being referred to below as a
"Claimant") may deliver to the Committee a written claim for a determination
with respect to the amounts distributable to such Claimant from the Plan. If
such a claim relates to the contents of a notice received by the Claimant, the
claim must be made within sixty (60) days after such notice was received by the
Claimant. All other claims must be made within 180 days of the date on which the
event that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the Claimant.

     16.02 NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
claim within a reasonable time, but no later than ninety (90) days after
receiving the claim. If the Committee determines that special circumstances
require an extension of time for processing the claim, written notice of the
extension shall be furnished to the Claimant prior to the termination of the
initial ninety (90) day period. In no event shall such extension exceed a period
of ninety (90) days from the end of the initial period. The extension notice
shall indicate the special circumstances requiring an extension of time and the
date by which the Committee expects to render the benefit determination. The
Committee shall notify the Claimant in writing:

     (a)  that the Claimant's requested determination has been made, and that
          the claim has been allowed in full; or

     (b)  that the Committee has reached a conclusion contrary, in whole or in
          part, to the Claimant's requested determination, and such notice must
          set forth in a manner calculated to be understood by the Claimant:

          (i)  the specific reason(s) for the denial of the claim, or any part
               of it;

          (ii) specific reference(s) to pertinent provisions of the Plan upon
               which such denial was based;

          (iii) a description of any additional material or information
               necessary for the Claimant to perfect the claim, and an
               explanation of why such material or information is necessary;

          (iv) an explanation of the claim review procedure set forth in Section
               16.03 below; and

          (v)  a statement of the Claimant's right to bring a civil action
               following an adverse benefit determination on review.

     16.03 REVIEW OF A DENIED CLAIM. On or before sixty (60) days after
receiving a notice from the Committee that a claim has been denied, in whole or
in part, a Claimant (or the Claimant's duly authorized representative) may file
with the Committee a written request for a review of the denial of the claim.
The Claimant (or the Claimant's duly authorized representative):

                                       12

<PAGE>

     (a)  may, upon request and free of charge, have reasonable access to, and
          copies of, all documents, records and other information relevant to
          the claim for benefits;

     (b)  may submit written comments or other documents; and/or

     (c)  may request a hearing, which the Committee, in its sole discretion,
          may grant.

     16.04 DECISION ON REVIEW. The Committee shall render its decision on review
promptly, and no later than sixty (60) days after the Committee receives the
Claimant's written request for a review of the denial of the claim. If the
Committee determines that special circumstances require an extension of time for
processing the claim, written notice of the extension shall be furnished to the
Claimant prior to the termination of the initial sixty (60) day period. In no
event shall such extension exceed a period of sixty (60) days from the end of
the initial period. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the Committee
expects to render the benefit determination. In rendering its decision, the
Committee shall take into account all comments, documents, records and other
information submitted by the Claimant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit
determination. The decision must be written in a manner calculated to be
understood by the Claimant, and it must contain:

     (a)  specific reasons for the decision;

     (b)  specific reference(s) to the pertinent Plan provisions upon which the
          decision was based;

     (c)  a statement that the Claimant is entitled to receive, upon request and
          free of charge, reasonable access to and copies of, all documents,
          records and other information relevant to the Claimant s claim for
          benefits; and

     (d)  a statement of the Claimant s right to bring a civil action.

     16.05 LEGAL ACTION. A Claimant s compliance with the foregoing provisions
of this Section 16 is a mandatory prerequisite to a Claimant's right to commence
any legal action with respect to any claim for benefits under this Plan.

     Section 17. NO RIGHTS AS A SHAREHOLDER.

     No Participant shall have any voting or other rights or privileges of a
shareholder of IBT common stock by reason of crediting of stock units to the
Participant's Stock Unit Account.

     Section 18. LEGALITY OF ISSUANCE.

     No shares of IBT common stock shall be issued under this Plan unless and
until IBT has determined that all applicable provisions of state and federal law
have been satisfied.

                                       13

<PAGE>

     Section 19. BINDING EFFECT.

     This Plan shall be binding upon and inure to the benefit of the parties to
the Plan and upon the successors and assigns of each Participating Company, and
upon the heirs and legal representatives of the Participant.

     Section 20. INCOMPETENCY.

     If a Participating Company shall find that any person to whom any payment
is payable under this Plan is unable to care for his affairs because of illness
or accident, or is a minor, any payment due (unless a prior claim therefore
shall have been made by a duly appointed guardian, a committee or other legal
representative) may be paid to the spouse, a child, a parent, a brother or
sister, or a custodian determined pursuant to the Uniform Gift to Minors Act, or
to any person deemed by the Participating Company to have incurred expense for
such person otherwise entitled to payment, in such manner and proportions as the
Participating Company may determine. Any such payment shall be a complete
discharge of the liabilities of the Participating Company under this Plan.

     Section 21. SEVERABILITY.

     In the event that any of the provisions of this Plan or portion of the
Plan, are held to be inoperative or invalid by any court of competent
jurisdiction, then: (1) insofar as is reasonable, effect will be given to the
intent manifested in the provision held invalid or inoperative, and (2) the
validity and enforceability of the remaining provisions will not be affected
thereby.

     Section 22. CONSTRUCTION.

     This Plan shall be construed under the laws of the State of Michigan and
Code Section 409A and the Treasury guidance and Regulations promulgated
thereunder. The invalidity or unenforceability of any one or more provision of
the Plan shall not affect the validity or enforceability of the Plan, which
shall remain in full force and effect to the extent permitted by law. If any
provisions of this Plan shall be held illegal or invalid for any reason, said
legality or invalidity shall not affect the remaining parts of this Plan, and
this Plan shall be construed and enforced as if said illegal and invalid
provision had not been included in the Plan.

                                        IBT BANCORP, INC.

DATED: DECEMBER 16, 2005                BY: /S/ Dennis P. Angner
                                            ------------------------------------

                                        ITS: President & CEO
                                             -----------------------------------

                                       14

<PAGE>

                                        ISABELLA BANK AND TRUST

DATED: DECEMBER 16, 2005                BY: /S/ Richard J. Barz
                                            ------------------------------------

                                        ITS: President & CEO
                                             -----------------------------------

                                        FARMERS STATE BANK OF BRECKENRIDGE

DATED: DECEMBER 16, 2005.               BY: /S/ Timothy Miller
                                            ------------------------------------

                                        ITS: President & CEO
                                             -----------------------------------

                                        FINANCIAL GROUP INFORMATION SERVICES,
                                        INC.

DATED: DECEMBER 16, 2005                BY: /S/ Jon Wainwright
                                            ------------------------------------

                                        ITS: President & CEO
                                             -----------------------------------

                                        IBT TITLE AND INSURANCE AGENCY, INC.

DATED: DECEMBER 16, 2005                BY: /S/ Douglas McFarlane
                                            ------------------------------------

                                        ITS: President & CEO
                                             -----------------------------------

                                       15

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