Document:

EX-10.1

Exhibit 10.1

Fentura Financial, Inc.

AMENDED AND RESTATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

     Effective January 1, 2004, Fentura Financial, Inc., a Michigan corporation, (the “Company”)
adopted the Fentura Financial, Inc. Nonqualified Deferred Compensation Plan (the “Plan”) for the
purpose of providing deferred compensation to certain officers of the Company and its affiliates.
The Plan is hereby amended and restated, effective January 1, 2005, in order to comply with the
applicable provisions of the American Jobs Creation Act of 2004.

1. Administration

     The Plan shall be authorized by the Company’s Board of Directors and administered by the
Board’s Compensation Committee (hereinafter “Committee”). Subject to the provisions of the Plan,
the Committee shall have exclusive power to determine the amount of deferred compensation to be
granted hereunder, the officers eligible for grants and the time or times when deferred
compensation will be granted.

     The Committee shall have authority to interpret the Plan, to adopt and revise rules and
regulations relating to the Plan, to determine the conditions subject to which any deferred
compensation may be made or payable, and to make any other determinations which it believes
necessary or advisable for the administration of the Plan. Determinations by the Committee shall
be made by majority vote and shall be final and binding on all parties with respect to all matters
relating to the Plan.

2. Grants

     Deferred compensation shall be granted in the Committee’s sole discretion to such officers of
the Company and its affiliates who shall hereafter be referred to as the “Participant,” in
accordance with the following method. The Committee will review the financial performance of the
Company and its affiliates on an annual basis following the end of the calendar year. Deferred
compensation may then be granted under the Plan in such percentage of a Participant’s Annual
Compensation as the Committee deems appropriate. The percentage may vary from Participant to
Participant and from year to year in the sole discretion of the Committee. For purposes of the
Plan, the term “Annual Compensation” shall mean the Participant’s base salary in effect for the
calendar year to which the deferred compensation grant relates.

3. Account

     Deferred compensation granted to the Participant under the Plan shall be credited to a
deferred compensation account (the “Account”) established and maintained for such Participant. The
Account shall be the record of deferred compensation granted to him under the Plan, is solely for
accounting purposes and shall not require a segregation of any Company assets. The Account shall
be valued by the Committee in the manner provided in Section 6.

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4. Vesting and Forfeiture of Deferred Compensation

     (a) The Participant shall vest in his Account according to the following schedule:

	 	 	 	 	 
	No. of Years of Service Credit	 	Vested Percentage	 	Forfeited Percentage
	3
	 	20%
	 	80%
	4
	 	40%
	 	60%
	5
	 	60%
	 	40%
	6
	 	80%
	 	20%
	7
	 	100%
	 	0%

     (b) Solely for purposes of determining vesting under the Plan, the Participant shall receive
one Year of Service Credit for each year of service credited under the Fentura Financial, Inc.
Employee Deferred Compensation and Stock Ownership Plan, including service earned prior to the
Plan’s effective date.

     (c) Notwithstanding the provisions of Paragraph (a) above, all deferred compensation credited
to a Participant’s Account shall be forfeited and of no value and void, and no payment whatsoever
shall be owing to the Participant in the event the Participant: (i) is convicted of or pleads no
contest to either a felony or a misdemeanor showing moral turpitude; (ii) violates the Company’s
Code of Conduct; (iii) violates the Company’s Conflict of Interest Policy; (iv) violates the
Company’s Confidentiality and Shareholder Protection Agreement; (v) continues to perform his duties
in an unacceptable manner after receiving a thirty day written notice of his deficiencies; or (vi)
engages in conduct that materially injures the Company. In addition, in the event payments have
begun under the Plan, all remaining unpaid amounts shall be forfeited upon the occurrence of any of
the foregoing events.

     (d) Death or Disability of the Participant shall not trigger full vesting. For
purposes of the Plan, “Disability” shall mean a condition such that the participant (i) is unable
to engage in any substantial gainful activity by reason of any medically determinable 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 (ii) is, by reason of any medically determinable
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 3 months under an accident and health plan covering employees of the
participant’s employer. Disability shall also include any other condition described in Section
409A of the Code, or the regulations promulgated thereunder.

5. Payment for Deferred Compensation

     (a) Upon the Separation from Service of the Participant and if the Participant has not
forfeited his Account under Paragraph 4(c) above, the Participant shall be entitled to receive the
vested amount in his Account in accordance with 5(b) below. For purposes of the Plan, “Separation
from Service” shall mean the termination of the Participant’s employment with the Company for
reasons other than death or Disability. A termination of employment will be presumed to constitute
a Separation from Service if the Participant continues to provide services as an employee of the
Company in an annualized amount that is less than 20% of the services rendered, on average, during
the immediately preceding three years of employment (or, if employed less than three years, such
lesser period). The Participant will be presumed to have not incurred a Separation from Service if
the Participant continues to provide services to the Company in an annualized amount that is 50% or
more of the services rendered, on average, during the immediately preceding three years of
employment (or if employed less than three years, such lesser period). A Separation from Service
will not have occurred if immediately following the Participant’s

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termination of employment, the Participant becomes an employee of any affiliate of the Company,
unless the services to be performed would be in amount that would result in the presumption that a
Separation from Service had occurred.

     (b) For reasons other than death, including Disability, payment to the Participant in the
amount set forth in paragraph 5(a) above shall commence within 120 days after the end of the
calendar year following the earlier of the date the Participant: (i) attains age 65; or (ii)
terminates employment. Payment shall be made in a (i) lump sum payment, or (ii) annual
installments for a period of five years. Participant shall file a separate payment election at the
time of deferral election. Generally, a Participant may not change an election as to the form of a
distribution following the initial election the Participant makes as the time of a deferral
election. If Participant terminated employment during the calendar year 2008, Participant may
change an election, prior to December 31, 2008, as to the form of distribution, provided that both
of the following conditions are met: (1) the change does not result in the acceleration into 2008
a payment that would otherwise have been made in 2009 or later; and (2) the change does not result
in the delay of a payment that would have been made in 2008 until 2009 or later. If a
Participant’s employment terminated prior to January 1, 2008, Participant’s benefits shall be
distributed in accordance with the Plan prior to this amendment (the later of the date the
Participant (i) attains age 65; or (ii) terminates employment) unless such Participant elects, no
later than December 31, 2008 to receive the benefit in a lump sum payment or 5 annual installments
commencing in 2009 and no payment is scheduled to be made to Participant in or prior to 2008.

     (c) Notwithstanding anything contained herein to the contrary, if at the time of a termination
of employment, (i) Participant is a “specified employee” as defined in Code Section 409A, and the
regulations and guidance thereunder in effect at the time of such termination (“409A”), and, (ii)
any of the payments or benefits provided hereunder may constitute “deferred compensation” under
409A, then, and only to the extent required by such provisions, the date of payment of such
payments or benefits otherwise provided shall be delayed for a period of up to six (6) months
following the date of termination.

     (d) Upon the death of the Participant, payment will be made, according to Paragraph 7 below,
at the end of the calendar year of the Participant’s death.

6. Valuation of Account

     The deferred compensation credited to an Account shall be credited with interest at the end of
each calendar year based on the U.S. Treasury 5 year rate in effect as of the end of said year. An
annual statement will be issued to the Participant within a reasonable time after the end of each
calendar year which discloses the value and remaining balance of the Account.

7. Transferability

     The deferred compensation credited to the Account and any rights and privileges pertaining
thereto, may not be transferred, assigned, pledged or hypothecated in any manner, by operation of
law or otherwise, other than by will or by the laws of descent and distribution, and shall not be
subject to execution, attachment or similar process. If the Participant dies before the payment of
all benefits under this Plan, the Company shall pay to his designated beneficiary the unpaid vested
balance in the Account according to the same payment terms and payout period as were applicable to
the Participant. If the designated beneficiary becomes entitled to payments hereunder and
thereafter dies before all of the payments have been made by the Company, then the remaining
payments shall be made to the estate of such designated beneficiary. The beneficiary referred to
in this paragraph may be designated or changed by the Participant (without the consent of any prior
beneficiary) on a form provided to the Company by the Participant before his death. If no such
beneficiary shall have been designated, or if no designated beneficiary shall survive the
Participant, the payment shall be made to the Participant’s estate.

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8. Withholding

     The Company shall have the right to deduct from all amounts paid pursuant to the Plan any
taxes required by law to be withheld with respect to such deferred compensation.

9. Miscellaneous Provisions

     (a) No employee or other person shall have any claim or right to be granted deferred
compensation under the Plan. Neither the Plan nor any action taken hereunder shall be construed as
giving any employee any right to be retained in the employ of the Company or its affiliates or be
construed as a contract of employment or a revision or amendment of any applicable personnel
policies. In addition nothing contained in this Plan shall serve as a limitation of the right of
the Company to discharge any of its employees, with or without cause, subject to any separate
written employment agreement.

     (b) The Plan shall at all times be entirely unfunded and no provision shall at any time be
made with respect to segregating assets of the Company for payment of any benefits hereunder. No
Participant or other person shall have any interest in any particular assets of the Company by
reason of the right to receive a benefit under the Plan and any such Participant or other person
shall have only the rights of a general unsecured creditor of the Company with respect to any
rights under the Plan. Notwithstanding the foregoing, the Company may enter into a trust agreement
(“Trust Agreement”), whereby the Company may agree to contribute to a trust (“Trust”) sums for the
purpose of accumulating assets to fund benefit payments to the Participants hereunder. The Company
may contribute amounts to the Trust from time to time hereafter as determined by the Board of
Directors of the Company. Such Trust Agreement shall be substantially in the form of the model
trust agreement set forth in Revenue Procedure 92-64, or any subsequent Internal Revenue Service
Revenue Procedure, and shall include provisions required in such model trust agreement that all
assets of the Trust shall be subject to the creditors of the Company in the event of insolvency.
Any assets of the Trust remaining after all obligations hereunder with respect to the Participants
have been satisfied shall be paid to the Company.

     (c) Except when otherwise required by the context, any masculine terminology in this document
shall include the feminine, and any singular terminology shall include the plural.

10. Amendment or Termination of the Plan

     The Board of Directors of the Company may alter or amend the Plan from time to time without
obtaining approval of the shareholders of the Company. No amendment to the Plan may alter, impair
or reduce the amount of deferred compensation already credited to an Account prior to the effective
date of such amendment without the written consent of the Participant.

     The Company Board may unilaterally terminate this Plan at any time. Except as provided in
this Section, the termination of this Plan shall not cause a distribution of benefits under this
Plan. Rather, upon such termination benefit distributions will be made at the time specified in
accordance with the Plan.

     If the Company Board terminates the Plan within thirty (30) days before, or twelve (12) months
after a Change in Control, distributions may be made provided that all distributions are made no
later than twelve (12) months following such termination of the Plan and further provided that
all of the Company’s plans that would be aggregated with this Plan under Code Section 409A or the
regulations thereunder are terminated so that all participants in the similar arrangements are
required to receive all

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amounts of compensation deferred under the terminated Plans within twelve (12) months of the
termination of the Plans.

     The company Board may terminate the Plan upon the Company’s dissolution or with the approval
of a bankruptcy court provided that the amounts deferred under the Plan are included in the
Participant’s gross income in the latest of (i) the calendar year in which the Agreement
terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk
of forfeiture; or (iii) the first calendar year in which the distribution is administratively
practical.

     The Company Board may terminate the Plan and all other Plans required to be aggregated with
this Plan under Section 409A of the Code or the regulations thereunder), provided such termination
does not occur proximate to a downturn in the financial health of the Company, and further provided
that all distributions are made no earlier than twelve (12) months and no later than twenty-four
(24) months following such termination, and the Company does not adopt any new non-account balance
plans for a minimum of three (3) years following the date of such termination.

11. Top-Hat Plan.

     The benefits provided by the Plan may be considered a top-hat plan maintained primarily for
the purpose of providing deferred compensation to executives of the Company and its affiliates, and
that the notice required by Department of Labor regulations section 2520.104-23 will be filed by
the Company as required by law.

12. Applicable Law.

     This Plan shall be governed by the laws of the State of Michigan, including any conflicts of
laws rules.

13. Section 409A Compliance.

     The Plan and transactions under the Plan are intended to be structured in accordance with
applicable laws, rules and regulations, including but not limited to the federal securities laws,
and the allocation and distribution of benefits pursuant to the plan shall be subject to, and
conditional upon compliance with, all applicable laws, rules and regulations, including not by way
of limitation, Section 409A of the Code and any applicable regulations thereunder.

	 	 	 	 	 
	DATED: October 23, 2008 	FENTURA FINANCIAL, INC.

 	 
	 	By:  	/s/ Donald Grill
 	 
	 	 	Donald Grill 	 
	 	Its: 	  President and CEO 	 
	 

10EX-10.2

DANIEL WOLLSCHLAGER

Supplemental Executive Retirement Agreement

Exhibit 10.2

FENTURA FINANCIAL, INC.

INCENTIVE SUPPLEMENTAL EXECUTIVE RETIREMENT

FOR DANIEL WOLLSCHLAGER

     This SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (the “Agreement”) is adopted this October
24, 2008, (the “Effective Date”), by and among FENTURA FINANCIAL, INC., a Michigan corporation (the
“Company”), and DANIEL WOLLSCHLAGER (the “Executive”).

INTRODUCTION

     The purpose of this Agreement is to provide specified benefits to the Executive, a member of a
select group of management or highly compensated employees who contribute materially to the
continued growth, development, and future business success of the Company and its Affiliates. This
Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement
Income Security Act of 1974 (“ERISA”), as amended from time to time.

Article 1

Definitions

     Whenever used in this Agreement, the following words and phrases shall have the meanings
specified:

	1.1	 	“Affiliate” means any company which is a member of the Controlled Group.
	 
	1.2	 	“Beneficiary” means each designated person, or the estate of the deceased Executive,
entitled to benefits, if any, upon the death of the Executive determined pursuant to Article
4.
	 
	1.3	 	Beneficiary Designation Form” means the form established from time to time by the
Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator
to designate one or more Beneficiaries.
	 
	1.4	 	“Board” means the Board of Directors of the Company as from time to time constituted.
	 
	1.5	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	1.6	 	“Company” means Fentura Financial, Inc., a registered bank holding company under the
Bank Holding Company Act of 1956, as amended.
	 
	1.7	 	“Disability” means Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable 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 (ii) is, by reason of any medically determinable 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 3 months under an accident and health plan covering employees of the
Company and its Affiliates. Medical determination of Disability may be made by either the
Social Security Administration or by the provider of an

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DANIEL WOLLSCHLAGER

Supplemental Executive Retirement Agreement

	 	 	accident or health plan covering employees of the Company and its Affiliates. Upon the
request of the Plan Administrator, the Executive must submit proof to the Plan Administrator
of Social Security Administration’s or the provider’s determination.
	 
	1.8	 	“Effective Date” means October 24, 2008.
	 
	1.9	 	“Good Reason” means the occurrence of any of the following: (i) a material
diminution of the Executive’s duties, responsibilities, or authority with the Company or its
Affiliates or a change adverse to Executive in Executive’s reporting responsibilities, titles,
terms of employment (including bonus, compensation, fringe benefits and vacation entitlement)
or (ii) the Company or its Affiliates requiring Executive to be based anywhere other than
within fifty (50) miles of his present office location, or (iii) a material breach of this
Agreement including the failure by the Company to obtain the assumption of this Agreement as
contemplated in Section 9.7 hereof. Upon the occurrence of any event referenced above,
Executive shall, within ninety (90) of any occurrence, provide the Company notice of the
existence of the condition. Upon receiving notice, the Company shall have no more than thirty
(30) days to remedy the condition. Executive shall have two years from the date of the
initial existence of a violation of one of the above events to terminate his employment under
this section.
	 
	1.10	 	“Plan Administrator” means the plan administrator described in Article 6.
	 
	1.11	 	“Plan Year” means the calendar year.
	 
	1.12	 	“Separation from Service” means the termination of the Executive’s employment with
the Company and its Affiliates for reasons other than death or Disability. Whether a
Separation from Service takes place is determined by the Plan Administrator based on the facts
and circumstances surrounding the termination of the Executive’s employment and whether the
Company and its Affiliates and the Executive intended for the Executive to provide significant
services for the Company or its Affiliates following such termination. A termination of
employment will be presumed to constitute a Separation from Service if the Executive continues
to provide services as an employee of the Company or its Affiliates in an annualized amount
that is less than twenty percent (20%) of the services rendered, on average, during the
immediately preceding three full calendar years of employment (or, if employed less than three
years, such lesser period).
	 
	 	 	The Executive will be presumed to have not incurred a Separation from Service if the
Executive continues to provide services to the Company or its Affiliates in an annualized
amount that is fifty percent (50%) or more of the services rendered, on average, during the
immediately preceding three full calendar years of employment (or if employed less than
three years, such lesser period) and the annual remuneration for such services is fifty
percent (50%).
	 
	 	 	A Separation from Service will not have occurred if immediately following the Executive’s
termination of employment, the Executive becomes an employee of (i) the Company, or (ii) any
member of the Controlled Group.
	 
	1.13	 	“Specified Employee” means a key employee (as defined in Section 416(i) of the Code
without regard to paragraph 5 thereof) of the Company or its Affiliates if any stock of the
Company is publicly traded on an established securities market or otherwise.

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Supplemental Executive Retirement Agreement

	1.14	 	“Termination for Cause” has that meaning set forth in Article 5.
	 
	1.15	 	“Controlled Group” means the group consisting of each corporation that is a member of
a controlled group of corporations, as defined in Code Section 414(b), of which the Company is
a member; each trade or business, whether or not incorporated, under common control, as
defined in Code Section 414(c), of or with the Company; each member of an affiliated service
group, as defined in Code Section 414(m), of which the Company is a member; and any other
entity that is considered pursuant to Code Section 414(o) to be a member of a controlled group
of corporations of which the Company is a member.

Article 2

Distributions During Lifetime

	2.1	 	Benefit. Provided that the Executive remains employed by the Company or an
Affiliate, upon each of the first five anniversaries of Executive’s date of hire, October 20,
2008, Executive shall earn a benefit equal to $35,000.00, so that on the 5th
anniversary, October 20, 2013, Executive shall be entitled to a benefit equal to $175,000.00.
Except as otherwise provided in Section 2.2 of this Agreement, the portion of the $175,000.00
benefit that exceeds the amount of the benefit the Executive has earned under this Section 2.1
shall be subject to a substantial risk of forfeiture, as defined in Treas. Reg. 1.409A-1(d).
The following chart summarizes the Executive’s benefit as of his Separation from Service after
the first five anniversaries of his date of hire:

	 	 	 
	Date of Separation from Service	 	Amount of Benefit
	Prior to 10/20/2009
	 	$0
	After 10/20/2009 and prior to 10/20/2010
	 	$35,000
	After 10/20/2010 and prior to 10/20/2011
	 	$70,000
	After 10/20/2011 and prior to 10/20/2012
	 	$105,000
	After 10/20/2012 and prior to 10/20/2013
	 	$140,000
	After 10/20/2013
	 	$175,000

	 	2.1.1	 	Distribution of Benefit. The Company shall distribute the benefit to
the Executive in a lump sum payment within 60 days following the earlier of (i) the
date of the Executive’s Separation from Service; or (ii) the 5th anniversary
of Executive’s date of hire, October 20, 2013.

	2.2.	 	Early Termination Benefit. If the Company terminates Executive’s employment without
Cause or the Executive terminates his employment for Good Reason, in either case resulting in
the Executive’s Separation from Service, then the Company shall be deemed to have waived the
requirement contained in Section 2.1 that Executive continue to remain employed and Executive
shall be entitled to a benefit equal to $175,000 in lieu of any other benefit under this
Article. Such benefit shall be paid at the same time and in the same form as specified in
Section 2.1.1 of this Agreement.

	2.3	 	Disability Benefit. If the Executive’s Disability results in Separation from Service
prior to the 5th Anniversary of Executive’s date of hire, October 20, 2013, the
Company shall distribute to the Executive the benefit earned as of the date of Executive’s
Separation from Service as described in

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Supplemental Executive Retirement Agreement

	 	 	this Section 2.3.1 in lieu of any other benefit under this Article.

	 	2.3.1	 	Amount of Benefit. The following chart summarizes the Executive’s
benefit as of his Separation from Service after the first five anniversaries of his
date of hire:

	 	 	 
	Date of Separation from Service	 	Amount of Benefit
	Prior to 10/20/2009
	 	$0
	After 10/20/2009 and prior to 10/20/2010
	 	$35,000
	After 10/20/2010 and prior to 10/20/2011
	 	$70,000
	After 10/20/2011 and prior to 10/20/2012
	 	$105,000
	After 10/20/2012 and prior to 10/20/2013
	 	$140,000
	After 10/20/2013
	 	$175,000

	 	2.3.2	 	Distribution of Benefit. The Company shall distribute the benefit to
the Executive in a lump sum payment within 60 days following Separation from Service.

	2.4	 	Restriction on Timing of Distribution.  Notwithstanding any provision of this
Agreement to the contrary, if the Executive is considered a Specified Employee at Separation
from Service under such procedures as established by the Company in accordance with Section
409A of the Code, benefit distributions that are made upon Separation from Service may not, to
the extent required by Section 409A of the Code, commence earlier than six (6) months after
the date of such Separation from Service. Therefore, in the event this Section 2.5 is
applicable to the Executive, any distribution or series of distributions to be made due to a
Separation from Service shall commence no earlier than the first day of the seventh month
following the Separation from Service, provided that to the extent permitted by Section 409A
of the Code, only payments scheduled to be paid during the first six (6) months after the date
of such Separation from Service shall be delayed and such delayed payments shall be paid in a
single sum on the first day of the seventh month following the date of such Separation
from Service.

	2.5	 	Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the
inclusion of any portion of the Accrued Benefit into the Executive’s income as a result of the
failure of this Agreement to comply with the requirements of Section 409A of the Code, the
Company shall distribute such portion of the vested Accrued Benefit to the Executive in a
single lump sum as soon as is administratively practicable following the discovery of such
failure.

Article 3

Distribution at Death

	3.1	 	Death During Active Service. If the Executive dies while in the active service of
the Company, prior to the 5th Anniversary of Executive’s date of hire, October 20,
2013, the Company shall distribute to the Beneficiary the benefit described in this Section
3.1. This benefit shall be distributed in lieu of the benefits under Article 2.

	 	3.1.1	 	Amount of Benefit. The benefit under this Section 3.1 is $175,000.00.
	 
	 	3.1.2	 	Distribution of Benefit. The Company shall distribute the benefit to
the Beneficiary in a lump sum payment within 60 days of Separation from Service.

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Supplemental Executive Retirement Agreement

	3.2	 	Death During Distribution of a Benefit. If the Executive dies after any benefit
distributions have commenced under this Agreement but before receiving all such distributions,
the Company shall distribute to the Beneficiary the remaining benefits at the same time and in
the same amounts they would have been distributed to the Executive had the Executive survived.

	3.3	 	Death After Separation from Service But Before Benefit Distributions Commence. If
the Executive is entitled to benefit distributions under this Agreement, but dies prior to the
commencement of said benefit distributions, the Company shall distribute to the Beneficiary
the same benefits that the Executive was entitled to prior to death except that the benefit
distributions shall commence within thirty (30) days following receipt by the Company of the
Executive’s death certificate.

Article 4

Beneficiaries

	4.1	 	Beneficiary. The Executive shall have the right, at any time, to designate a
Beneficiary(ies) to receive any benefit distributions under this Agreement to a Beneficiary
upon the death of the Executive. The Beneficiary designated under this Agreement may be the
same as or different from the beneficiary designation under any other plan of the Company in
which the Executive participates.

	4.2	 	Beneficiary Designation: Change. The Executive shall designate a Beneficiary by
completing and signing the Beneficiary Designation Form, and delivering it to the Plan
Administrator or its designated agent. The Executive’s beneficiary designation shall be
deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive
names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall
have the right to change a Beneficiary by completing, signing and otherwise complying with the
terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures,
as in effect from time to time. Upon the acceptance by the Plan Administrator of a new
Beneficiary Designation Form, all Beneficiary designations previously filed shall be
cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary
Designation Form filed by the Executive and accepted by the Plan Administrator prior to the
Executive’s death.

	4.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received, accepted and acknowledged in writing by the Plan Administrator or
its designated agent.

	4.4	 	No Beneficiary Designation. If the Executive dies without a valid beneficiary
designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s
spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the
benefits shall be made to the personal representative of the Executive’s estate.

	4.5	 	Facility of Distribution. If the Plan Administrator determines in its discretion
that a benefit is to be distributed to a minor, to a person declared incompetent, or to a
person incapable of handling the disposition of that person’s property, the Plan Administrator
may direct distribution of such benefit to the guardian, legal representative or person having
the care or custody of such minor, incompetent person or incapable person. The Plan
Administrator may require proof of

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Supplemental Executive Retirement Agreement

	 	 	incompetence, minority or guardianship as it may deem appropriate prior to distribution of
the benefit. Any distribution of a benefit shall be a distribution for the account of the
Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Agreement for such distribution amount.

Article 5

General Limitations

	5.1	 	Termination for Cause. Notwithstanding any provision of this Agreement to the
contrary, the Company shall not distribute any benefit under this Agreement if Executive’s
service is terminated by the Board for:

	 	(a)	 	Gross negligence or gross neglect of duties to the Company or its Affiliates;
or
	 
	 	(b)	 	Conviction of a felony or of a gross misdemeanor involving moral turpitude in
connection with the Executive’s employment with the Company or its Affiliates; or
	 
	 	(c)	 	Fraud, disloyalty, dishonesty or willful violation of any law or significant
policy committed in connection with the Executive’s employment and resulting in a
material adverse effect on the Company or its Affiliates.

	5.2	 	Suicide or Misstatement. No benefits shall be distributed if the Executive commits
suicide within two years after the Effective Date of this Agreement, or if an insurance
company which issued a life insurance policy covering the Executive and owned by the Company
denies coverage (i) for material misstatements of fact made by the Executive on an application
for such life insurance, or (ii) for any other reason.

	5.3	 	Removal. Notwithstanding any provision of this Agreement to the contrary, the
Company shall not distribute any benefit under this Agreement if the Executive is subject to a
final removal or prohibition order issued by an appropriate federal banking agency pursuant to
Section 8(e) of the Federal Deposit Insurance Act.

	5.4	 	Forfeiture. In the event the Plan Administrator determines that the Executive has
violated the Shareholder Protection Agreement, a copy of which is attached, the Executive
shall forfeit the right to any benefits that have not yet been paid to Executive under this
Agreement.

Article 6

Administration of Agreement

	6.1	 	Plan Administrator Duties. This Agreement shall be administered by a Plan
Administrator which shall consist of the Board, or such committee or person(s) as the Board
shall appoint. The Plan Administrator shall also have the discretion and authority to (i)
make, amend, interpret and enforce all appropriate rules and regulations for the
administration of this Agreement and (ii) decide or resolve any and all questions including
interpretations of this Agreement, as may arise in connection with the Agreement.

	6.2	 	Agents. In the administration of this Agreement, the Plan Administrator may employ
agents and delegate to them such administrative duties as it sees fit, (including acting
through a duly appointed

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Supplemental Executive Retirement Agreement

        representative), and may from time to time consult with counsel who may be counsel to the
Company.

	6.3	 	Binding Effect of Decisions. The decision or action of the Plan Administrator with
respect to any question arising out of or in connection with the administration,
interpretation and application of the Agreement and the rules and regulations promulgated
hereunder shall be final and conclusive and binding upon all persons having any interest in
the Agreement.

	6.4	 	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the
members of the Plan Administrator against any and all claims, losses, damages, expenses or
liabilities arising from any action or failure to act with respect to this Agreement, except
in the case of willful misconduct by the Plan Administrator or any of its members.

	6.5	 	Bank Information. To enable the Plan Administrator to perform its functions, the
Company shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the retirement, Disability, death, or Separation
from Service of the Executive, and such other pertinent information as the Plan Administrator
may reasonably require.

	6.6	 	Annual Statement. The Plan Administrator shall provide to the Executive, within one
hundred twenty (120) days after the end of each Plan Year, a statement setting forth the
benefits to be distributed under this Agreement.

Article 7

Claims And Review Procedures

	7.1	 	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under the Agreement that he or she believes should be distributed shall make a claim
for such benefits as follows:

	 	7.1.1	 	Initiation – Written Claim. The claimant initiates a claim by
submitting to the Plan Administrator a written claim for the benefits.
	 
	 	7.1.2	 	Timing of Plan Administrator Response. The Plan Administrator shall
respond to such claimant within 90 days after receiving the claim. If the Plan
Administrator determines that special circumstances require additional time for
processing the claim, the Plan Administrator can extend the response period by an
additional 90 days by notifying the claimant in writing, prior to the end of the
initial 90-day period, that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.
	 
	 	7.1.3	 	Notice of Decision. If the Plan Administrator denies part or all of
the claim, the Plan Administrator shall notify the claimant in writing of such denial.
The Plan Administrator shall write the notification in a manner calculated to be
understood by the claimant. The notification shall set forth:

	 	(a)	 	The specific reasons for the denial;
	 
	 	(b)	 	A reference to the specific provisions of the Agreement on
which the denial is based;

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Supplemental Executive Retirement Agreement

	 	(c)	 	A description of any additional information or material
necessary for the claimant to perfect the claim and an explanation of why it is
needed;
	 
	 	(d)	 	An explanation of the Agreement’s review procedures and the
time limits applicable to such procedures; and
	 
	 	(e)	 	A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a) following an adverse benefit determination on
review.

	7.2	 	Review Procedure. If the Plan Administrator denies part or all of the claim, the
claimant shall have the opportunity for a full and fair review by the Board of the denial, as
follows:

	 	7.2.1	 	Initiation – Written Request. To initiate the review, the claimant,
within 60 days after receiving the Plan Administrator’s notice of denial, must file
with the Plan Administrator a written request for review.
	 
	 	7.2.2	 	Additional Submissions – Information Access. The claimant shall then
have the opportunity to submit written comments, documents, records and other
information relating to the claim. The Plan Administrator shall also provide the
claimant, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits.
	 
	 	7.2.3	 	Considerations on Review. In considering the review, the Plan
Administrator shall take into account all materials and information the claimant
submits relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.
	 
	 	7.2.4	 	Timing of Plan Administrator Response. The Plan Administrator shall
respond in writing to such claimant within 60 days after receiving the request for
review. If the Plan Administrator determines that special circumstances require
additional time for processing the claim, the Plan Administrator can extend the
response period by an additional 60 days by notifying the claimant in writing, prior to
the end of the initial 60-day period, that an additional period is required. The
notice of extension must set forth the special circumstances and the date by which the
Plan Administrator expects to render its decision.
	 
	 	7.2.5	 	Notice of Decision. The Plan Administrator shall notify the claimant
in writing of its decision on review. The Plan Administrator shall write the
notification in a manner calculated to be understood by the claimant. The notification
shall set forth:

	 	(a)	 	The specific reasons for the denial;
	 
	 	(b)	 	A reference to the specific provisions of the Agreement on
which the denial is 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 (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits; and
	 
	 	(d)	 	A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a).

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Supplemental Executive Retirement Agreement

Article 8

Amendments and Termination

	8.1	 	Amendments. This Agreement may be amended only by a written agreement signed by the
Company and the Executive. However, the Company may unilaterally amend this Agreement to
conform with written directives to the Company from its auditors or banking regulators, in
either case, to comply with applicable law, including, without limitation, Section 409A of the
Code and any and all regulations and guidance promulgated thereunder.

	8.2	 	Plan Termination Generally. The Company may unilaterally terminate this Agreement at
any time. In the event of such termination, the Company shall be deemed to have waived the
requirement contained in Section 2.1 that Executive continue to remain employed with the
Company or an Affiliate and Executive shall be entitled to a benefit equal to $175,000.
Except as provided in Section 8.3, the termination of this Agreement shall not cause a
distribution of benefits under this Agreement. Rather, upon such termination benefit
distributions will be made at the earliest distribution event permitted under Article 2 or
Article 3.

	8.3	 	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in
Section 8.2, distributions following termination of the Agreement shall be made in the same
time and manner specified in the Agreement except to the extent provided by Code Section 409A
and the final regulations thereunder, including, not by way of limitation, Treas. Reg.
§1.409A-3(j)(4)(ix)(A)-(D).

Article 9

Miscellaneous

	9.1	 	Binding Effect. This Agreement shall bind the Executive and the Company, and their
beneficiaries, survivors, executors, administrators and transferees.

	9.2	 	No Guarantee of Employment. This Agreement is not a contract for employment. It
does not give the Executive the right to remain as an employee of the Company, nor does it
interfere with the Company’s right to discharge the Executive. It also does not require the
Executive to remain an employee nor interfere with the Executive’s right to terminate
employment at any time.

	9.3	 	Non-Transferability. Benefits under this Agreement cannot be sold, transferred,
assigned, pledged, attached or encumbered in any manner.

	9.4	 	Tax Withholding and Reporting. The Company shall withhold any taxes that are
required to be withheld, including but not limited to taxes owed under Section 409A of the
Code and regulations thereunder, from the benefits provided under this Agreement. Executive
acknowledges that the Company’s sole liability regarding taxes is to forward any amounts
withheld to the appropriate taxing authority(ies). Further, the Company shall satisfy all
applicable reporting requirements, including those under Section 409A of the Code and
regulations thereunder.

	9.5	 	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws
of the State of Michigan, except to the extent preempted by the laws of the United States of
America.

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Supplemental Executive Retirement Agreement

	9.6	 	Unfunded Arrangement. The Executive and Beneficiary are general unsecured creditors
of the Company for the distribution of benefits under this Agreement. The benefits represent
the mere promise by the Company to distribute such benefits. The rights to benefits are not
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life
or other informal funding asset is a general asset of the Company to which the Executive and
Beneficiary have no preferred or secured claim.

	9.7	 	Reorganization. The Company shall not merge or consolidate into or with another
corporation, or reorganize, or sell substantially all of its assets to another bank, firm, or
person unless such succeeding or continuing bank, firm, or person agrees to assume and
discharge the obligations of the Company under this Agreement. Upon the occurrence of such
event, the term “Company” as used in this Agreement shall be deemed to refer to the successor
or survivor corporation.

	9.8	 	Entire Agreement. This Agreement constitutes the entire agreement between the
Company and the Executive as to the subject matter hereof. This Agreement is rescinds and
replaces the Prior Agreement. No rights are granted to the Executive by virtue of this
Agreement other than those specifically set forth herein.

	9.9	 	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement
requires, and the context will permit, the use of the masculine gender includes the feminine
and use of the singular includes the plural.

	9.10	 	Alternative Action. In the event it shall become impossible for the Company or the
Plan Administrator to perform any act required by this Agreement, the Company or Plan
Administrator may in its discretion perform such alternative act as most nearly carries out
the intent and purpose of this Agreement and is in the best interests of the Company.

	9.11	 	Headings. Article and section headings are for convenient reference only and shall
not control or affect the meaning or construction of any of its provisions.

	9.12	 	Validity. In case any provision of this Agreement shall be illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining parts hereof, but
this Agreement shall be construed and enforced as if such illegal and invalid provision has
never been inserted herein.

	9.13	 	Notice. Any notice or filing required or permitted to be given to the Company or
Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered,
or sent by registered or certified mail, to the address below:

Fentura Financial, Inc.

 

175 North Leroy Street

 

Fenton, MI 48430

 

	 	 	Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.

	 	 	Any notice or filing required or permitted to be given to the Executive under this Agreement
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Executive.

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DANIEL WOLLSCHLAGER

Supplemental Executive Retirement Agreement

	9.14	 	Compliance with Section 409A. This Agreement shall at all times be administered and
the provisions of this Agreement shall be interpreted consistent with the requirements of
Section 409A of the Code and any and all regulations thereunder, including such regulations as
may be promulgated after the Effective Date of this Agreement.

	9.15	 	Rescissions. Any modification to the terms of this Agreement that would
inadvertently result in an additional tax liability on the part of the Executive, shall have
no effect to the extent the change in the terms of the plan is rescinded by the earlier of a
date before the right is exercised (if the change grants a discretionary right) and the last
day of the calendar year during which such change occurred.

	9.16	 	Transfer of Employment. Executive shall not transfer employment to the Company or
another member of the Controlled Group unless such successor employer of the Executive agrees
to assume and discharge the obligations of the Company under this Agreement. Upon the
occurrence of such a transfer, the term “Company” as used in this Agreement shall be deemed to
refer to the successor employer of the Executive.

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Supplemental Executive Retirement Agreement

     IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company have
signed this Agreement.

	 	 	 	 	 	 	 
	EXECUTIVE:	 	 	 	COMPANY:
	 
	 	 	 	 	 	 
	 	 	 	 	FENTURA FINANCIAL, INC.
	 
	 	 	 	 	 	 
	/s/ Daniel Wollschlager

	 	 	 	By
	 	/s/ Donald Grill
	 

	 	 	 	 
	 	 
	Daniel Wollschlager

	 	 	 	 	 	Donald Grill
	 

	 	 	 	Title
	 	President and CEO

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Supplemental Executive Retirement Agreement

BENEFICIARY DESIGNATION FORM

{     } New Designation

{     } Change in Designation

I,                                                             , designate the following as Beneficiary under the Agreement:

	 	 	 
	Primary:
	 	 
	 
	 

	 	—%
	 
	 	 
	 

	 	—%
	 
	 	 
	 

	 
	 

	Contingent:
	 	 
	 
	 

	 	—%
	 
	 	 
	 

	 	—%

Notes:

	 	•	 	Please PRINT CLEARLY or TYPE the names of the beneficiaries.
	 
	 	•	 	To name a trust as Beneficiary, please provide the name of the trustee(s) and the
exact name and date of the trust agreement.
	 
	 	•	 	To name your estate as Beneficiary, please write “Estate of _[your name]_”.
	 
	 	•	 	Be aware that none of the contingent beneficiaries will receive anything unless ALL of
the primary beneficiaries predecease you.

I understand that I may change these beneficiary designations by delivering a new written
designation to the Plan Administrator, which shall be effective only upon receipt and
acknowledgment by the Plan Administrator prior to my death. I further understand that the
designations will be automatically revoked if the Beneficiary predeceases me, or, if I have named
my spouse as Beneficiary and our marriage is subsequently dissolved.

	 	 	 	 	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Signature:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 

Received by the Plan Administrator this ___day of ___, 2___

By:                                                             

Title:

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