Document:

Exhibit 10(b)-17

 

TCF FINANCIAL INCENTIVE STOCK PROGRAM

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

NQO NO. 32

 

This option is granted on July 31, 2008 by TCF Financial Corporation (“TCF Financial”) to Barry N. Winslow (the “Optionee”) in accordance with the following terms and conditions:

 

1.                                       Option Grant, Vesting and Exercise Period.

 

a.                                       TCF Financial hereby grants to the Optionee an Option (the “Option”) to purchase, pursuant to the TCF Financial Stock Incentive Program (the “Plan”), and upon the terms and conditions therein and hereinafter set forth, up to but not exceeding in the aggregate 200,000 shares (the “Option Shares”) of common stock of TCF Financial at an exercise price of $12.85 per share.  A copy of the Plan, as currently in effect, is incorporated herein by reference and is attached hereto.

 

b.                                      This Option shall be exercisable only during the period (“Exercise Period”) commencing on the date of grant of this Option and ending at 5:00 p.m., Minneapolis, Minnesota time, on the date ten years and one day after the date of grant of this Option, such time and date being hereinafter referred to as the “Expiration Date.”  This Option shall become exercisable (“vest”) with respect to fifty percent (50%) of the Option Shares on January 1, 2011 and with respect to the remaining fifty percent (50%) of the Option Shares on January 1, 2012, except as may be otherwise provided under paragraphs 5 and 9 of this Agreement.  Once the Option has vested, it may be exercised, in whole or in part, at any time and from time to time during the remainder of the Exercise Period, provided that the total percentage vesting under this Agreement shall never in any event exceed 100% of the Option Shares.

 

2.                                       Method of Exercise of this Option.  To the extent it is exercisable under subparagraph 1.b of this Agreement, this Option may be exercised during the Exercise Period by giving written notice to TCF Financial specifying the number of Option Shares to be purchased.  The notice must be in the form prescribed by the committee referred to in section 2 of the Plan or its successor (the “Committee”) and directed to the address set forth in paragraph 12 below.  The date of exercise is the date on which such notice is received by TCF Financial.  Such notice must be accompanied by payment in full for the Option Shares to be purchased upon such exercise.  Payment shall be made either (i) in cash, which may be in the form of a check, bank draft, or money order payable to TCF Financial, or (ii) if the Committee shall have previously approved such form of payment, by delivering shares of Common Stock already owned by the Optionee having a “Fair Market Value” (as defined in the Plan as in effect on the date of the grant of this Option) on the date of exercise equal to the applicable exercise price, or (iii) if the Committee shall have previously approved such form of payment, a combination of cash and such already-owned shares or (iv) if the Committee shall have previously approved a cashless exercise program, the Optionee may also exercise the Option in accordance with a cashless exercise program by electing to have withheld from shares of Common Stock otherwise issuable to Optionee upon exercise of the Option a number 

 

 

of shares of Common Stock whose “Fair Market Value” (as defined in the Plan) on the date of exercise is equal to the applicable exercise price.  Promptly after such payment, subject to paragraph 3 below, TCF Financial shall issue and deliver to the Optionee or other person exercising this Option a certificate or certificates representing the shares of Common Stock so purchased, registered in the name of the Optionee (or such other person), or, upon request, in the name of the Optionee (or other person) and in the name of another jointly with right of survivorship.

 

3.                                       Delivery and Registration of Shares of Common Stock.  TCF Financial’s obligation to deliver shares of Common Stock hereunder shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Optionee or any other person to whom such shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended, or any other Federal, state, or local securities law or regulation.  In requesting any such representation, it may be provided that such representation requirement shall become inoperative upon a registration of such shares or other action eliminating the necessity of such representation under such Securities Act or other securities law or regulation.  TCF Financial shall not be required to deliver any shares upon exercise of the Option prior to (i) the admission of such shares to listing on any stock exchange or system on which the shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such shares under any state or Federal law, rule, or regulation, as the Committee shall determine to be necessary or advisable.

 

4.                                       Non-transferability of this Option.  This Option may not be assigned, encumbered, or transferred except, in the event of the death of the Optionee, by will or the laws of descent and distribution to the extent provided in paragraph 5 below.  This Option is exercisable during the Optionee’s lifetime only by the Optionee.  The provisions of the Option shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto, the successors and assigns of TCF Financial, and any person to whom this Option is transferred by will or by the laws of descent and distribution.

 

5.                                       Termination of Service or Death of the Optionee.

 

a.                                       Except as provided in subparagraphs b., c., or d. of this paragraph 5 and notwithstanding any other provision of this Option to the contrary, this Option shall not be exercisable unless the Optionee, at the time the Optionee exercises this Option, has maintained “Continuous Service” (as defined herein) since the date of the grant of this Option.  “Continuous Service” shall mean that the Optionee is an employee of TCF Financial or a subsidiary of TCF Financial at all times during the period beginning on the date of the granting of this Option and ending on a date no earlier than three months before the date of exercise of this Option, provided that such employment status is determined consistently with the requirements that would apply if this Option were an incentive stock option.

 

b.                                      If the Optionee shall cease to maintain Continuous Service for any reason (excluding disability, retirement or death), the Optionee may, but only within the period of three months immediately following such cessation of Continuous Service and in no event after the Expiration Date, exercise this Option to the extent the Optionee was entitled to exercise this Option at the date of cessation.  If the Optionee is terminated for cause, however, all rights under this Option shall expire immediately upon the giving to the Optionee of notice of such termination.

 

2

 

c.                                       In the event of termination of employment due to retirement (as determined in the discretion of the Committee), disability or death after the date of grant but prior to one or both of the vesting dates set forth in subparagraph 1.b above, the Optionee may, but only within the period of twelve months immediately following the applicable vesting date exercise a prorated portion of this Option, which prorated portion shall be equal to the sum of:

 

(1)                                  the number of Option Shares (rounding up to the next highest whole share but not to exceed 50% of the Option Shares) obtained by multiplying (a) the number of Option Shares subject to this Option that would have vested on January 1, 2011 had such termination of employment not occurred by (b) a fraction, the numerator of which is the number of Optionee’s full calendar months of Continuous Service from August 1, 2008 through the date of such termination; and the denominator of which is 29, provided, however, this clause (1) shall apply only if the event of termination occurs on a date prior to January 1, 2011; and

 

(2)                                  the number of Option Shares (rounding up to the next highest whole share but not to exceed 50% of the aggregate Option Shares) obtained by multiplying (a) the number of Option Shares subject to this Option that would have vested on January 1, 2012 had such termination of employment not occurred by (b) a fraction, the numerator of which is the number of Optionee’s full calendar months of Continuous Service from August 1, 2008 through the date of such termination; and the denominator of which is 41.

 

As to the remaining Option Shares that do not become exercisable based on the calculations in clauses (1) and (2) above, all rights under this Option shall expire immediately.

 

d.                                      In the event of termination of employment during the Exercise Period due to retirement (as determined in the discretion of the Committee), disability or  death of the Optionee while in Continuous Service of TCF Financial, the Optionee (or in the case of death, the person to whom the Option has been transferred by will or by the laws of descent and distribution, to the extent the Optionee was entitled to exercise this Option immediately prior to such death) may exercise this Option at any time within one year following such retirement, disability or death, but in no event later than the Expiration Date.  If the Optionee should die within three months after termination of employment for any reason other than retirement or disability, the right of the Optionee’s successor-in-interest to exercise this Option shall terminate upon the earlier of the Expiration Date or the date three months after the Optionee’s death.   If the Optionee should die within twelve months after termination of employment due to retirement or disability, the right of the Optionee’s successor-in-interest to exercise this Option shall terminate upon the later of twelve months after the date of employment termination or three months after the Optionee’s death, but not later than the Expiration Date. Following the death of the Optionee, the Committee may, as an alternative means of settlement of this Option, elect to pay to the person to whom this Option is transferred by will or by the laws of descent and distribution the amount by which the Fair Market Value (as defined in the Plan) of a share of Common Stock on the date of exercise of this Option shall exceed the Exercise Price per Option Share, multiplied by the number of Option Shares with respect to which this Option is properly exercised.  Any such settlement of this Option shall be considered an exercise of this Option for all purposes of this Option and of the Plan.

 

3

 

6.                                       No Notice of Sale.  The Optionee or any person to whom the Option or the Option Shares shall have been transferred by will or by the laws of descent and distribution shall not be required to give notice to TCF Financial in the event of the sale or other disposition of Option Shares subsequent to exercise of the Option, except to the extent the Optionee is required to report transactions in TCF Financial common stock in general.

 

7.                                       Adjustments for Changes in Capitalization of TCF Financial.  In the event of any change in the outstanding shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation, or any change in the corporate structure of TCF Financial or in the shares of Common Stock, the number and class of shares covered by this Option and the Exercise Price shall be appropriately adjusted by the Committee, whose determination shall be conclusive.  Notwithstanding the foregoing, the Committee shall not make any modifications that would cause the Option to become subject to 409A of the Internal Revenue Code.

 

8.                                       Effect of Merger.  In the case of any merger, consolidation, or combination of TCF Financial with or into another corporation or other business organization (other than a merger, consolidation, or combination in which TCF Financial is the continuing entity and which does not result in the outstanding shares of Common Stock being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Committee may authorize the issuance or assumption of Benefits (as defined in the Plan) as it may deem appropriate.  Notwithstanding the foregoing, the Committee shall not make any modifications that would cause the Option to become subject to 409A of the Internal Revenue Code.

 

9.                                       Effect of Change in Control.  Each of the events specified in the following clauses (a) through (c) of this paragraph 9 shall be deemed a “change in control” of TCF Financial (herein referred to as the “Company”):

 

(a)                                  any “person” as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities.  For purposes of this clause (a), the term “beneficial owner” does not include any employee benefit plan maintained by the Company that invests in the Company’s voting securities; or

 

(b)                                 during any period of two (2) consecutive years (not including any period prior to the date on which the Plan was approved by the Company’s Board of Directors) there shall cease to be a majority of the Company’s Board of Directors (“Board”) comprised as follows:  individuals who at the beginning of such period constitute the Board or new directors whose nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved; or

 

4

 

(c)                                  the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 70% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets; provided, however, that no change in control will be deemed to have occurred if such merger, consolidation, sale or disposition of assets, or liquidation is not subsequently consummated.

 

This Option shall (to the extent it is not then exercisable) become exercisable in full upon the happening of such event and shall remain so exercisable until the Expiration Date, provided that (a) the provisions of this paragraph 9 shall not be deemed to cause this Option to be exercisable to the extent it has previously been exercised or otherwise terminated; and (b) the provisions of this paragraph 9 shall not cause this Option to become exercisable within six months after the date of grant if the Optionee is then subject to the restrictions of Section 16(b) of the Securities Exchange Act of 1934.

 

10.                                 Stockholder Rights not Granted by this Option.  The Optionee is not entitled by virtue hereof to any rights of a stockholder of TCF Financial or to notice of meetings of stockholders or to notice of any other proceedings of TCF Financial.

 

11.                                 Withholding Tax.  Where the Optionee or another person is entitled to receive Option Shares pursuant to the exercise of this Option, TCF Financial shall have the right to require the Optionee or such other person to pay to TCF Financial the amount of any taxes which TCF Financial or any of it affiliates is required to withhold with respect to such Option Shares, or, in lieu thereof, to retain, or sell without notice, a sufficient number of such shares to cover the amount required to be withheld or in lieu of any of the foregoing, to withhold or direct the withholding of a sufficient sum from the Optionee’s compensation to satisfy such tax withholding requirements.  TCF Financial’s method of satisfying its withholding obligations shall be solely in the discretion of TCF Financial, subject to applicable federal, state, and local law.

 

12.                                 Notices.  All notices hereunder to TCF Financial shall be delivered or mailed to it addressed to TCF Financial Corporation, 200 East Lake Street, Wayzata, Minnesota 55391.  Any notices hereunder to the Optionee shall be delivered personally or mailed to the Optionee’s address noted below.  Such addresses for the service of notices may be changed at any time provided written notice of the change is furnished in advance to TCF Financial or to the Optionee, as the case may be.

 

13.                                 Plan and Plan Interpretations as Controlling.  This Option and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which are controlling.  All determinations and interpretations of the Committee shall be binding and 

 

5

 

conclusive upon the Optionee or his legal representatives with regard to any question arising hereunder or under the Plan.

 

14.                                 Optionee Service.  Nothing in this Option shall limit the right of TCF Financial or any of its affiliates to terminate the Optionee’s service as a director, officer, or employee, or otherwise impose upon TCF Financial or any of its affiliates any obligation to employ or accept the services of the Optionee.

 

15.                                 Optionee Acceptance.  The Optionee shall signify his or her acceptance of the terms and conditions of this Option by signing in the space provided below and returning a signed copy hereof to TCF Financial at the address set forth in paragraph 12 above.

 

16.                                 Non-Competition and Non-Solicitation Obligations.  The Optionee acknowledges that Optionee is subject to certain non-competition, non-solicitation and other obligations (the “Obligations”) under separate contractual agreement(s) with TCF Financial or TCF National Bank.  Optionee affirms that this Agreement and the Shares awarded hereunder constitute additional consideration for the Obligations, which Optionee hereby re-affirms as binding and enforceable obligations of the Optionee, and that the Options and other consideration awarded hereunder may be cancelled or forfeited in the event Optionee breaches the Obligations.

 

IN WITNESS WHEREOF, the parties hereto have caused this Option to be executed as of the date first above written.

 

	
 
    	
 
    	
TCF FINANCIAL CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By /s/ Gregory J. Pulles
    
	
 
    	
 
    	
Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ACCEPTED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Barry N. Winslow
    
	
 
    	
 
    	
Barry N. Winslow
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Street address)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(City, State and Zip Code)
    

 

6Exhibit 10(b)-18

 

TCF FINANCIAL INCENTIVE STOCK PROGRAM

 

RESTRICTED STOCK AGREEMENT

 

RS NO. 1079  (Non-deferred) (Performance-based)

 

Shares of Restricted Stock are hereby awarded effective December 14, 2009 by TCF Financial Corporation (“TCF Financial”) to Barry N. Winslow (the “Grantee”), subject to the terms, conditions and restrictions set forth in this Restricted Stock Agreement (the “Agreement”):

 

	
1.
    	
Share Award.  TCF Financial hereby awards the Grantee 15,106 shares (the “Shares”) of Common Stock,   par value $.01 per share (“Common Stock”) of TCF Financial pursuant to the   TCF Financial Incentive Stock Program (the “Program”), upon the terms,   conditions and restrictions therein and hereinafter set forth.  A copy of the Program as currently in   effect is incorporated herein by reference and is attached hereto as Exhibit A.
    
	
 
    	
 
    
	
2.
    	
Restrictions on Transfer and Restricted Period.
    
	
 
    	
 
    
	
 
    	
(a)
    	
During the period (the “Restricted Period”)   hereinafter described, the Shares may not be sold, assigned, transferred, pledged,   or otherwise encumbered by the Grantee.
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
The Shares granted pursuant to paragraph 1. are   subject to the restrictions in paragraph 2.(a) during the Restricted   Period commencing on the date of this Agreement (the “Commencement Date”) and   (subject to the forfeiture provisions herein) continuing through the date of   vesting applicable to that portion of the Shares specified in clauses (i),   (ii), and (iii) below:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
One-third of the Shares will vest on April 1,   2011 if TCF Financial’s return on equity (“ROE”) for fiscal year 2010 exceeds   the mean of TCF Financial’s peer group of institutions (as such peer group   applicable to fiscal year 2010 is disclosed in the proxy statement) and, if   achieved, the restrictions shall lapse as to one-third of the Shares on the   vesting date as finally determined by the Committee referred to in section 2.   of the Program (the “Committee”).
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)
    	
One-third of the Shares will vest on April 1,   2012 if TCF Financial’s ROE for fiscal year 2011 exceeds the mean of TCF   Financial’s peer group of institutions (as such peer group applicable to   fiscal year 2011 is disclosed in the proxy statement) and, if achieved, the   restrictions shall lapse as to one-third of the Shares on the vesting date as   finally determined by the Committee.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)
    	
One-third of the Shares will vest on April 1,   2013 if TCF Financial’s ROE for fiscal year 2012 exceeds the mean of TCF   Financial’s peer group of institutions (as such peer group applicable to   fiscal year 2012 is disclosed in the proxy statement) and, if achieved, the   restrictions shall lapse as to one-third of the Shares on the vesting date as   finally determined by the Committee.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Notwithstanding the foregoing, as to any portion   of the Shares for which the restrictions have
    

 

 

	
 
    	
not lapsed as a result of the failure to achieve the ROE goal   applicable thereto, all rights of the Grantee to such portion of the Shares   shall terminate and be forfeited effective as of April 2nd of the year in which such Shares would   otherwise have vested and be returned to TCF Financial on or about that date.
    
	
 
    	
 
    	
 
    	
 
    
	
3.
    	
Vesting.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
Shares will vest in accordance with the schedule   set forth in paragraph 2.(b), and no longer be subject to the restrictions   imposed by paragraph 2.(a), at the expiration of the Restricted Period with   respect thereto.  The Committee shall   not have any authority to accelerate the time at which any or all of the   restrictions in paragraph 2.(a) shall expire with respect to any Shares,   or to remove any or all such restrictions.    However, the Committee shall have all the authority provided in the   Program with respect to performance-based compensation, including the   authority to reduce or delay the Shares vesting under this Agreement or the   determination of whether TCF’s ROE exceeded the mean of its peer group of   institutions for any year, or to otherwise reduce the compensation provided   under this Agreement in any other manner which the Committee considers   appropriate in its discretion.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
Termination of Service for Reasons other than   Disability, Retirement or Death.  In the event of the Grantee’s termination   of employment for any reason other than disability, retirement or death   during the Restricted Period, all unvested Shares at the time of such event   shall be forfeited and returned to TCF Financial.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(c)
    	
Termination of Service by Reason of Retirement,   Death or Disability.  In   the event of Grantee’s retirement (as determined by the Committee), death or  disability (the Grantee has been receiving benefits under   TCF’s long-term disability plan for at least three months), or death during   the Restricted Period:  (1) a   pro-rata percentage of the Shares subject to vesting for the fiscal year in   which the event of retirement, death or disability occurs, will vest on the   same date that such portion of the Shares otherwise would vest under   subparagraphs 2.(b)(i), (ii), or (iii), as applicable, had Grantee remained   employed through that date, and (2) all Shares in excess of that   percentage and any portion of the Shares subject to vesting in a subsequent   period shall be forfeited and canceled upon such retirement,  death or disability.    The pro-rata percentage shall be determined based on the number of   full calendar months from January 1 of the applicable fiscal year to the   date of retirement, death or disability, divided by 12.  For purposes of this paragraph 3.(c), the   date of Grantee’s retirement shall be determined by the Committee and the   date Grantee became disabled shall be the date on which the Grantee has   received disability benefits under TCF’s long-term disability plan for three   months.
    
	
 
    	
 
    	
 
    	
 
    
	
4.
    	
Certificates for Shares.  TCF Financial may issue one or more   certificates in respect of the Shares in the name of the Grantee, and shall   hold such certificate(s) on deposit for the account of the Grantee until   the expiration of the Restricted Period with respect to the Shares   represented thereby.    Certificate(s) for Shares subject to a Restricted Period shall   bear the following legend:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
“The transferability of this certificate and the   shares of stock represented hereby are subject
    

 

2

 

	
 
    	
to the terms and conditions (including forfeiture)   contained in the TCF Financial Incentive Stock Program (the “Program”) and an   agreement entered into between the registered owner and TCF Financial   Corporation.  Copies of such Program   and agreement are on file in the offices of the Secretary of TCF Financial   Corporation, 200 Lake Street East, Wayzata, MN 55391.”
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
The Grantee further agrees that, if certificates   are issued, simultaneously with the execution of this Agreement one or more   stock powers shall be executed, endorsed in blank and promptly delivered to   TCF Financial.
    
	
 
    	
 
    
	
 
    	
If certificates are not issued, TCF Financial shall   direct the transfer agent to issue and hold the Shares during the Restricted   Period in an account where their transferability is subject to the   restrictions set forth in paragraph 2.(a) of this Agreement.
    
	
 
    	
 
    	
 
    	
 
    
	
5.
    	
Grantee’s Rights.  Except as otherwise provided herein,   Grantee, as owner of the Shares, shall have all rights of a stockholder,   including the right to vote the Shares.    The Grantee hereby irrevocably and unconditionally assigns to TCF   Financial any and all cash and non-cash dividends and other distributions   paid with respect to unvested Shares.
    
	
 
    	
 
    	
 
    	
 
    
	
6.
    	
Expiration of Restricted Period.  Upon the expiration of the Restricted   Period with respect to the Shares, TCF Financial shall redeliver or deliver   to the Grantee (or, if the Grantee is deceased, to his legal representative,   beneficiary or heir) the certificate (s) in   respect of such Shares, without the restrictive legend provided for in   paragraph 4. above or re-register the shares in an account with the transfer   agent which is not subject to the restrictions set forth in paragraph   2.(a) of this Agreement.  The   Shares as to which the Restricted Period shall have lapsed or expired shall   be free of the restrictions referred to in paragraph 2.(a) above and any   such certificates shall not bear the legend provided for in paragraph 4.   above.
    
	
 
    	
 
    	
 
    	
 
    
	
7.
    	
Adjustments for Changes in Capitalization of TCF   Financial.  In the   event of any change in the outstanding Common Stock of TCF Financial by   reason of any reorganization, recapitalization, stock split, combination or   exchange of shares, merger, consolidation or any change in the corporate   structure of TCF Financial or in the shares of Common Stock, or in the event   of any issuance of preferred stock or other change in the capital structure   of TCF Financial which the Committee deems significant for purposes of this   Agreement, the number and class of Shares covered by this Agreement as well   as the ROE, vesting and forfeiture provisions in paragraphs 2. and 3., shall   be appropriately adjusted by the Committee, whose determination of the   appropriate adjustment, or whose determination that there shall be no   adjustment, shall be conclusive.  Any   Shares of Common Stock or other securities received, as a result of the   foregoing, by the Grantee subject to the restrictions contained in paragraph   2.(a) above also shall be subject to such restrictions and the   certificate or other instruments representing or evidencing such Shares or   securities shall be legended and deposited with TCF Financial or otherwise   restricted by the transfer agent in the manner provided in paragraph 4.   above.
    
	
 
    	
 
    	
 
    	
 
    
	
8.
    	
Effect of Merger.  In the case of any merger, consolidation,   or combination of TCF Financial with or into another corporation or other   business organization (other than a merger, consolidation, or combination in   which TCF Financial is the continuing entity and which does not result in the   outstanding shares of Common Stock being converted into or exchanged for   different securities, cash or other property, or any combination thereof),   the Committee may 
    

 

3

 

	
 
    	
authorize the issuance or assumption of Benefits   (as defined in the Program) as it may deem appropriate.
    
	
 
    	
 
    
	
9.
    	
Effect of Change in Control.  Each of the events specified in the   following clauses (a) through (c) of this paragraph 9. shall be   deemed a “change in control” of TCF Financial (herein referred to as the   “Company”), provided, however, that this paragraph shall not take effect   until January 1, 2010:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
Any “person”, as defined in sections   13(d) and 14(d) of the Securities Exchange Act of 1934 (the   “Exchange Act”) is or becomes the “beneficial owner” as defined in   Rule 13d-3 under the Exchange Act, directly or indirectly, of securities   of the Company representing fifty percent (50%) or more of the combined   voting power of the Company’s then outstanding securities (for purposes of   this clause (a), the term “beneficial owner” does not include any employee   benefit plan maintained by the Company that invests in the Company’s voting securities);   or
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
During any period of two (2) consecutive   years there shall cease to be a majority of the Company’s Board of Directors   (the “Board”) comprised as follows: individuals who at the beginning of such   period constitute the Board of new directors whose nomination for election by   the Company’s stockholders was approved by a vote of at least two-thirds   (2/3) of the directors then still in office who either were directors at the   beginning of the period or whose election or nomination for election was   previously so approved; or
    
	
 
    	
 
    	
 
    
	
 
    	
(c)
    	
The stockholders of the Company approve a merger   or consolidation of the Company with any other corporation, other than a   merger or consolidation which would result in the voting securities of the   Company outstanding immediately prior thereto continuing to represent (either   by remaining outstanding or by being converted into voting securities of the   surviving entity) at least 50% of the combined voting power of the voting   securities of the Company or such surviving entity outstanding immediately   after such merger or consolidation, or the stockholders of the Company   approve a plan of complete liquidation of the Company or an agreement for the   sale or disposition by the Company of all or substantially all the Company’s   assets; provided, however, that no change in control will be deemed to have   occurred until such merger, consolidation, sale or disposition of assets, or   liquidation is subsequently consummated.
    
	
 
    	
 
    	
 
    
	
 
    	
Subject to the six month holding requirement, if any,   of Rule 16b-3 of the Securities and Exchange Commission but   notwithstanding any other provision in this Agreement or the Program   (including, but not limited to, paragraphs 2.(b) and 4. of this   Agreement) in the event of a change in control of TCF Financial, all terms   and conditions of this Agreement shall be deemed satisfied, all the Shares   awarded hereunder shall vest as of the date of such change in control and   shall thereafter be administered as provided in paragraph 6. of this   Agreement.
    
	
 
    	
 
    
	
10.
    	
Delivery and Registration of Shares of Common   Stock.  TCF Financial’s obligation   to deliver Shares of Common Stock hereunder shall, if the Committee so   requests, be conditioned upon the receipt of a representation as to the   investment intention of the Grantee or any other person to whom such Shares   are to be delivered, in such form as the Committee shall determine to be   necessary or advisable to comply with the provisions of the Securities Act of   1933, as
    

 

4

	
 
    	
amended, or any other federal, state, or local   securities law or regulation.  It may   be provided that any representation requirement shall become inoperative upon   a registration of such Shares or other action eliminating the necessity of   such representation under such Securities Act or other securities law or   regulation.  TCF Financial shall not be   required to deliver any Shares under the Program prior to (i) the   admission of such Shares to listing on any stock exchange on which the Common   Stock may be listed, and (ii) the completion of such registration or   other qualification of such Shares under state or federal law, rule, or   regulation, as the Committee shall determine to be necessary or advisable.
    
	
 
    	
 
    	
 
    	
 
    
	
11.
    	
Program and Program Interpretations as Controlling;   Performance-Based Status.   The Shares hereby awarded and the terms   and conditions herein set forth are subject in all respects to the terms and   conditions of the Program, which are controlling.  All determinations and interpretations of   the Committee shall be binding and conclusive upon the Grantee or Grantee’s   legal representatives with regard to any question arising hereunder or under   the Program.  The Shares awarded   hereunder are intended to qualify as performance-based compensation under   section 162(m) of the Internal Revenue Code and under the Program, and   the terms of this Agreement shall be construed in accordance with that   intent.
    
	
 
    	
 
    
	
12.
    	
Grantee Service.  Nothing in this Agreement shall limit the   right of TCF Financial or any of its affiliates to terminate the Grantee’s   service as a director, officer, or employee, or otherwise impose upon TCF   Financial or any of its affiliates any obligation to employ or accept the   services of the Grantee.
    
	
 
    	
 
    
	
13.
    	
Grantee Acceptance.  The Grantee shall signify acceptance of the   terms and conditions of this Agreement by signing in the space provided below   and signing the stock powers, as required under paragraph 4. above, and   returning a signed copy hereof and of the stock powers to TCF Financial.
    
	
 
    	
 
    
	
14.
    	
Section 409A of the Internal Revenue Code.  The arrangements described in this   Agreement are intended to comply with Section 409A of the Internal   Revenue Code to the extent (if any) such arrangements are subject to that   law.
    
	
 
    	
 
    
	
15.
    	
Non-Solicitation Covenant.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
While actively employed by TCF Financial or   subsidiaries of TCF Financial and,  in   the event of termination of employment other than (i) a termination by   TCF Financial or subsidiaries of TCF Financial without Cause, or (ii) a   termination by the Grantee for Good Reason (as defined in subparagraph (b)),   for a period of one year after the Grantee’s termination of employment, the   Grantee agrees that, except with the prior written approval of the Board of   the Directors of TCF Financial, the Grantee will not offer to hire, entice   away, or in any manner attempt to persuade any officer, employee, or agent of   TCF Financial or  subsidiaries of TCF   Financial to discontinue his or her relationship with TCF Financial or any of   its subsidiaries nor will the Grantee directly or indirectly solicit, divert,   take away or attempt to solicit any business of TCF Financial or subsidiaries   of TCF Financial as to which the Grantee has acquired any knowledge during   the term of the Grantee’s employment with TCF Financial or subsidiaries of   TCF Financial.
    

 

5

	
 
    	
(b)
    	
The Grantee shall have the right to terminate   employment with TCF Financial or subsidiaries of TCF Financial for “Good   Reason” in the event there is: (i) any material diminution in the scope   of the Grantee’s authority and responsibility (provided, however, in the   event of any illness or injury which disables the Grantee from performing the   Grantee’s duties, TCF Financial or subsidiaries of TCF Financial may reassign   the Grantee’s duties to one or more other employees until the Grantee is able   to perform such duties); (ii) a material diminution in the Grantee’s   base compensation (salary, bonus opportunity, benefits or perquisites as in   effect before the Change in Control, if applicable); (iii) a material   diminution in the authority, duties, responsibilities of the supervisor to   whom the Grantee is required to report; (iv) a material diminution in   the budget over which the Grantee    retains authority; or (v) a material change in geographic   location at which the Grantee must perform the services.
    

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this RESTRICTED STOCK AGREEMENT to be executed as of the date first above written.

 

	
 
    	
 
    	
TCF FINANCIAL CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By /s/ Gregory J. Pulles
    
	
 
    	
 
    	
     Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ACCEPTED:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Barry N. Winslow
    
	
 
    	
 
    	
Barry N. Winslow
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Street Address)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(City, State and Zip Code)
    

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]