Document:

EX-10.1

Exhibit 10.1

2009 EXECUTIVE OFFICER INCENTIVE COMPENSATION PLAN

PURPOSE: The purpose of the Executive Officer Incentive Compensation Plan is to attract, motivate
and retain qualified executive officers to maximize Company performance against pre-defined
operating objectives.

BACKGROUND: The Executive Officer Incentive Compensation Plan is a core component of the overall
compensation package for the Company’s executive officers. The program affords the executive
officers the opportunity to be financially rewarded based on actual results and affords the Company
cash conservation when business objectives are not achieved.

PLAN SUMMARY: Executive officers participate in the Plan. Potential incentive compensation under
the Plan is based on each participant’s position, salary level and Company performance against
pre-defined objectives. Eighty percent of actual incentive compensation is paid quarterly based on
year-to-date net revenues and operating income results versus the Plan targets. The remaining 20%
is paid after the end of the fiscal year based on fiscal year net revenues and operating income
results versus the Plan targets. One-half of the incentive compensation is based on the Company’s
performance against year-to-date net revenues targets and the other one-half is based on the
Company’s performance against year-to-date operating income targets.

PLAN DETAIL:

     The basis for incentive compensation is the Company’s year-to-date results versus the net
revenues and operating income targets. Eighty percent of the potential bonuses are determined and
payable quarterly and 20% of the potential bonuses are determined and payable after the end of the
fiscal year. In the event that year-to-date performance versus the net revenues and operating
income targets are both <80%, no payment is made under the Plan. Actual payment of the
quarterly bonuses, if any, is made in the month following the completion of each fiscal quarter
after review of the results by the Compensation Committee, except for payment relating to net
revenues and operating income >100% of targets. Over achievement and the bonuses determined and
payable after the end of the fiscal year, if any, are measured based on the net revenue and
operating income performance for the year and paid after the close of the fiscal year after review
of the results by the Compensation Committee, but no later than March 14, 2010.

Note: New executive officers will be considered for participation at the discretion of the
Compensation Committee. Payments, if any, will be on a pro rata basis.

INCENTIVE COMPENSATION PAYMENT CALCULATIONS

BONUS FORMULA

(% TO YTD
NET REVENUES TARGET X FACTOR X SALARY X RATE X .1) +

(% TO YTD
OPERATING INCOME TARGET X FACTOR X SALARY X RATE X .1)

1

 

FACTOR DETERMINATION:

	 	 	 
	% TO NET REVENUES/ OPERATING INCOME TARGET	 	FACTOR
	< 80%
	 	0

	80% to 84%
	 	.6

	85% to 89%
	 	.75

	90% to 94%
	 	.85

	95% to 98%
	 	.95

	99% to 101%
	 	1.00

	102% to 104%
	 	1.15

	105% to 107%
	 	1.3

	108% to 112%
	 	1.5

	113% or more
	 	1.8

Note: The percentages of actual net revenues or operating income compared to targets shall be
rounded to the nearest whole percent for purposes of determining the Factor. Any amount earned for
overachievement of the net revenues and/or operating income targets in accordance with the portion
of the potential bonus determined and payable quarterly is paid after the end of the fiscal year
only.

For purposes of this Plan, operating income will exclude any expense for overachievement payments
under any Company incentive compensation plan and any adjustments to the Company’s deferred tax
asset valuation allowance, and the Compensation Committee may, in its discretion, adjust net
revenues and/or operating income to eliminate the impact, if any, of other unusual or non-recurring
charges and benefits (such as from sales of assets, acquisitions or non-cash write-downs of
assets). ICP overachievement payments shall not exceed 50 percent of the Company’s operating
margin overachievement without approval by the Compensation Committee of the Board of Directors.

2

 

INCENTIVE COMPENSATION PLAN ADMINISTRATION GUIDELINES

	•	 	This Plan shall be administered by the Company’s Compensation Committee, which is
authorized to interpret this Plan, to make, amend and rescind rules and regulations relating
to this Plan, to make awards under this Plan, and to make all other determinations under this
Plan necessary or advisable for its administration.
	 
	•	 	All determinations, interpretations and constructions made by the Compensation Committee
shall be final and conclusive.
	 
	•	 	The Compensation Committee reserves the right to pay bonuses to participants beyond those,
if any, called for by the Plan, less than those called for by the Plan, or to defer payment of
bonuses based on the Company’s cash position at the time of the planned payout, provided that
the payments shall be made on or before March 14, 2010.
	 
	•	 	Rights under this Plan may not be transferred, assigned or pledged.
	 
	•	 	Nothing in this Plan confers any participant any right to continued employment and does not
interfere with the Company’s right to terminate an employee’s employment.
	 
	•	 	Net revenues and operating income will be as reported in the Company’s Form 10-Q and 10-K,
except operating income will exclude any expense for overachievement payments under any
Company incentive compensation plan and any adjustments to the Company’s deferred tax asset
valuation allowance, and the Compensation Committee may, in its discretion, adjust net
revenues and/or operating income to eliminate the impact, if any, of other unusual or
non-recurring charges and benefits (such as from sales of assets, acquisitions or non-cash
write-downs of assets).
	 
	•	 	The participant must be a full-time employee in good standing at the time of actual payment
in order to receive any payment under the Plan. No payment will be made to any person who
leaves the full-time employ of the Company before the payment date. No payment will be made
to any person who is subject to a formal, written performance action plan.
	 
	•	 	Any over achievement payment earned due to actual net revenues or operating income
exceeding net revenues or operating income targets will be paid after the end of the fiscal
year based on final year-end net revenues or operating income results versus the net revenues
or operating income targets.
	 
	•	 	Participation in this Plan will be suspended during periods of personal time off days
beyond the allowable amount, long-term disability periods, or any other leave of absence.
Actual payment reductions and/or discontinuation of participation in the program for the
remainder of the fiscal year will be at the discretion of the Compensation Committee.
	 
	•	 	Earned payments under the portion of the potential bonus determined and payable quarterly,
except for payments relating to over achievement, are intended to be paid after the close of
each fiscal quarter based on year-to-date performance versus the net revenues and operating
income targets. Payments under the portion of the potential bonuses determined and payable
after the end of the fiscal year, and any over achievement relating to the portion of the

3

 

	 	 	potential bonus determined and payable quarterly, shall be paid after the close of the fiscal
year. In either case, actual payment will be made as soon as practicable after net revenues and
operating income are determined and after review of the results by the Compensation Committee,
but no later than March 14, 2010.
	 
	•	 	Payments under the portion of the potential bonus determined and payable quarterly will be
made for “catching up” on a year-to-date basis. For example, if the Company finishes the
first quarter below the net revenues and/or operating income targets, participants can recoup
their full first quarter bonus not earned at the conclusion of the first quarter by “catching
up” by the end of the second quarter.

4EX-10.48

EXHIBIT 10.48

[CITIZENS REPUBLIC BANCORP, INC. LETTERHEAD]

January 22, 2009

Cathleen H. Nash

[ADDRESS OMITTED]

Dear Cathy:

     I am pleased to confirm the terms of your new position as President and Chief Executive
Officer of Citizens Republic Bancorp, Inc. (the “Company”), effective February 1, 2009 (the
“Effective Date”).

     Position and Duties: You will serve as the President and Chief Executive Officer of the
Company, with the authority, power, duties and responsibilities as are commensurate with the
positions and customarily exercised by a person holding the positions. You will report directly to
and be responsible to the Board of Directors of the Company (the “Board”). The Board also agrees
to appoint or cause you to be appointed as (i) a member of the Board as a Class 3 Director, and
(ii) a member of the Board of Directors and President and Chief Executive Officer of Citizens Bank,
a wholly-owned subsidiary of the Company. Outside of the compensation described below, you will
not receive additional compensation for your duties on the Board or with Citizens Bank.

     Annual Base Salary: Your annual base salary will be $600,000, payable in arrears in
accordance with the Company’s payroll practices for the Leadership Group (but no less frequently
than monthly). Your compensation (base salary as well as the annual and long-term incentives
described below) will be reviewed annually by the Company’s Compensation and Human Resources
Committee (the “Committee), with adjustments recommended to the full Board for approval.

     Annual Incentives: You will be eligible to participate in the Company’s Management Incentive
Plan (the “MIP”) to the extent that annual MIP awards are granted. The Leadership Group will not
be receiving 2009 annual MIP awards.

     Long-Term Incentives: You will be eligible for long-term incentive awards under the Citizens
Banking Corporation Stock Compensation Plan (the “Stock Compensation Plan”). Your 2009 long-term
incentive award will consist of 100,000 restricted stock units and $300,000 of deferred cash
compensation if all of the performance targets are achieved. The specific terms of your 2009
long-term incentive award will be set by the Compensation Committee.

     Employee Benefits and Perquisites: You will be eligible for the same 401(k) employer match,
paid time-off, life insurance, medical, dental and vision benefits, as well as such other welfare
plan and fringe benefits as are provided to the other members of the Leadership Group.

     Severance: In the event of your termination by the Company without cause that is not in
connection with a change in control, you will be entitled to two years of base salary continuation
at the level of your base salary in effect at the time of your termination, plus outplacement
services that are commensurate with outplacement services provided to other members of the

 

 

Leadership Group. In the event your employment is terminated due to a change in control, your
severance benefits will be provided in accordance with your existing change in control agreement
dated February 26, 2008, as amended pursuant to the requirements of the Emergency Economic
Stabilization Act (“TARP”).

     Upon an involuntary termination of employment, your incentive awards and equity grants will
vest in accordance with the terms of the individual grant agreements or your change in control
agreement, as applicable. Severance compensation in both the change in control and non-change in
control contexts is subject to any applicable restrictions under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and TARP. In particular, if you are a “specified
employee” (as defined under Code Section 409A) at the time of your employment termination, some or
all of your compensation may be suspended for six months, at which time, the suspended payments
will be aggregated and paid to you in a lump sum, with interest at the applicable Federal rate.

     Death or Disability: In the event that your employment is terminated in connection with death
or disability, you are eligible for the same benefits as are provided to the other members of the
Leadership Group.

     At-Will Employment: Your employment with the Company will continue on an “at-will” basis and
is not subject to a designated term. You may terminate your employment at any time, and the Board,
in its sole discretion, may terminate your employment at any time.

     Arbitration: Any and all disputes, controversies or claims arising out of or in connection
with or relating to this letter (other than disputes or claims arising out of or relating to the
confidentiality provisions and restrictive covenants described below) will be fully and finally
resolved pursuant to binding arbitration conducted by the American Arbitration Association (the
“AAA”) in the State of Michigan pursuant to the Voluntary Labor Arbitration Rules then in effect
(or at any other place or under any other form of arbitration mutually acceptable to the parties
involved). By accepting the terms of this letter, you knowingly agree to arbitrate with the
Company in a proceeding with regard to all issues and disputes (except those excluded above) and to
permit pre-hearing discovery in the time and manner provided by the Federal Rules of Civil
Procedure then in effect. The mutual agreement to arbitrate will be specifically enforceable under
the prevailing arbitration law. Notice of a demand for arbitration will be filed in writing with
both the other party and the AAA. Any demand for arbitration will be made within a reasonable time
after the claim, dispute, or other matter in question arose (or when the party asserting the claim
reasonably should have been aware of the same), but in no event later than the applicable Michigan
or Federal statute of limitations. The arbitrator will not have the power to add to, subtract
from, or alter the terms of this letter and will render a written decision setting forth findings
and conclusions only as to the claims or disputes at issue. Any award by the arbitrator will be
final and conclusive upon the parties, and a judgment thereon may be entered in the highest court
having jurisdiction for the forum.

     All reasonable expenses of the arbitration process will be borne by the Company. The Company
will reimburse you for reasonable legal fees and expenses you incur within 10 days following the
Company’s receipt of your invoice. However, within 10 days of the arbitrator’s decision, you will
be required to reimburse the Company for any legal fees and expenses it previously reimbursed on
your behalf if the arbitrator determines that your claim was frivolous or brought in bad faith. It
is not intended that you waive the attorney client privilege with respect to the timing of invoice
submissions. To comply with Code Section 409A, no

 

 

reimbursements will be made by the Company later than the end of the calendar year following
the calendar year in which your fees and expenses were incurred; provided that you will have
submitted an invoice for such fees at least 10 days before the end of the calendar year following
the calendar year in which the fees and expenses were incurred. The amount of any legal fees and
expenses that the Company is obligated to pay on your behalf in any given calendar year will not
affect the legal fees and expenses that the Company is obligated to pay on your behalf in any other
calendar year, and your right to reimbursement from the Company will not be liquidated in exchange
for any other benefit.

     Amendment: The terms of this letter may not be amended or modified except in writing by the
parties hereto or their legal representatives. If benefits or payments under this letter must be
reduced to comply with Code Section 409A or TARP, the Company will consult with you to modify the
letter in the least restrictive manner necessary to comply with such restrictions.

     Taxes: The Company may withhold from any amounts payable to you in the course of your
employment to comply with applicable Federal, State, local or foreign taxes.

     Confidentiality/Restrictive Covenants: As consideration for the compensation provided herein,
you agree to comply with and be bound by the following confidentiality provisions and restrictive
covenants:

     Upon your termination of employment for any reason, you will promptly return to the Company
any property belonging to the Company, and you also will return all writings, files, records,
correspondence, notebooks, notes and other documents (including any copies thereof) containing
confidential information or relating to the business or proposed business of the Company or it
affiliated entities or containing any trade secrets relating to the Company or its affiliated
entities, except personal diaries, calendars, rolodexes or personal notes or correspondence. For
purposes of the preceding sentence, the term “trade secrets” means the definition then in effect
under the Uniform Trade Secrets Act. Upon termination of employment you agree to represent in
writing to the Company that you have complied with the foregoing provisions.

     You and the Company each agree that, following your termination of employment, neither you,
nor the Company, including its executive officers and directors, will make any public statements
that materially disparage the other party. Notwithstanding the foregoing, nothing will prohibit
either party from making truthful statements when required by a government agency, order of a court
or other governmental or regulatory body having jurisdiction, or to your own counsel if necessary.

     You agree that, during your employment with the Company and at all times thereafter, you will
hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated entities, and their respective
businesses, which you have obtained during your employment with the Company or during any
consultation with the Company after your termination of employment, and which is not public
knowledge (other than by your acts or acts on your behalf in violation of this letter). Except in
the good faith performance of your duties for the Company, you will not, without the prior written
consent of the Company or as otherwise may be required by law or legal process, communicate or
divulge any such information, knowledge or data to anyone other than the Company and those
designated by the Company.

 

 

     For the two-year period following your termination of employment with the Company, you will
not solicit any individual who is, on the date of your employment termination, employed by the
Company or its affiliated entities to terminate or refrain from renewing or extending such
employment or to become employed by or become a consultant to any other individual or entity other
than the Company or its affiliated entities, and you will not initiate discussion with any such
employee for any such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity on behalf of your employer.

     You agree that, while employed by the Company and during the two-year period thereafter, you
will not engage in Competition (as defined below). You will be deemed to be engaging in
“Competition” if you directly or indirectly, own, manage, operate, control or participate in the
ownership, management, operation or control of or are connected as an officer, employee, partner,
director, consultant or otherwise with, or have any financial interest in, any business engaged in
the financial services business (a “Competing Business”) in any state in which the Company or its
affiliated entities as of the date of your employment termination operates a commercial banking or
other material financial services business that is a material part of such business and is in
material competition with the business conducted by the Company or its affiliated entities at the
time of your employment termination. You will not be deemed to be engaging in Competition under
the circumstances described in the foregoing sentence if you (i) do not own or control the
Competing Business, (ii) do not serve as a director or consultant to the Competing Business, and
(iii) do not have any management or operational responsibility for the Competing Business in any
state in which the Company or its affiliated entities operates a material business as of the date
of your employment termination. Your ownership for personal investment purposes of less than 2% of
the voting stock of any publicly held corporation will not constitute a violation of this
paragraph.

     You acknowledge that the Company would be irreparably injured by a violation of these
confidentiality provisions and restricted covenants and agree that the Company, in addition to any
other remedies available to it for such breach or threatened breach, will be entitled to a
preliminary injunction, temporary restraining order, or other equivalent relief, restraining you
from any actual or threatened breach of the restricted covenants. If a bond is required to be
posted for the Company to secure an injunction or other equitable remedy, the parties agree that
the bond need not be more than a nominal sum. In no event will an asserted violation of the
provisions of the confidentiality provisions and restricted covenants constitute a basis for
deferring or withholding any amounts otherwise payable to you under this Agreement.

     Entire Agreement: This letter represents the entire terms of your at-will employment with the
Company and expressly supersedes and cancels any prior oral or written agreements regarding the
subject matter, except as otherwise specifically stated herein.

     Governing Law: The terms of this letter will be governed by, and construed in accordance
with, the laws of the State of Michigan without regard to conflict of laws provisions of any State.

     Congratulations on your appointment. We look forward to working with you as Chief Executive
Officer.

	 	 	 	 	 
	 	Sincerely,	 

	 	 	 	 	 
	 	                   /s/ Benjamin W. Laird
 	 
	 	Chairman of the Compensation and 	 
	 	Human Resources Committee 	 
	 

TERMS ACCEPTED:

/s/
Cathleen H. Nash

Cathleen H. Nash

Dated: January 22, 2009

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]