Document:

Exhibit 10.2

 EXHIBIT NO. 10.2 

CHEMICAL FINANCIAL CORPORATION 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 Adopted November 15, 1982, effective
for calendar year 1983, and thereafter, most recently amended November 17, 2008. 
  

	A.	Introduction 

 This plan
(the Plan) is a private unfunded non-qualified deferred compensation arrangement for non-employee Directors of Chemical Financial Corporation (the Company) or of wholly-owned subsidiaries of the Company which have elected to participate in the Plan.
The Plan permitted Directors, on an individual election basis, to defer all or one-half of the fees payable for services as a Director of the Company or of a wholly-owned subsidiary of the Company until after their retirement from the Board. The
Compensation Committee closed this Plan to new deferrals effective February 25, 2008. 
  

	B.	Purpose 

 The purpose of
the Plan is to provide Directors with maximum opportunity and flexibility in the planning of their personal financial resources. 
  

	C.	Manner of Deferral of Compensation 

 Each Director of the Company or any of its participating subsidiaries may elect on or before December 31 of each calendar year to defer payment of all or one-half of all fees payable to him for his
services as a Director (including Board Committee fees) during the calendar year following such election. Any person who shall become a Director during any calendar year may elect to defer payment of all or one-half of such fees for the remainder of
such calendar year by making such election prior to attending his first meeting of the Board of Directors or any committee thereof. All elections shall be irrevocable during the calendar year to which such election pertains, and all elections shall
be in writing and in form acceptable to the Company. 
 The compensation deferred will be credited on the books of the Company
to a Director’s deferred compensation account as of the date it would otherwise have been payable (the “Payment Date”). The Company shall have no obligation to fund such account. 

Deferral of compensation shall have no effect on compensation related benefits received by a Director, if any. 

	D.	Interest on Deferred Compensation Account 

 The Director’s deferred compensation account will be credited with interest at the rate paid by Chemical Bank and Trust Company on its Chem Sweep Account. 

 

	E.	Payment of Deferred Compensation 

 Payment of a Director’s deferred compensation may only be made after the Director’s service on the Board has terminated in a manner that constitutes a “Separation From Service” within
the meaning provided under Treasury Regulation § 1.409A-1(h), including the presumptions provided in that section. Except as described below, payment will be made in ten (10) annual installments in cash. For purposes of the Plan, the
determination of whether a Director whose service on the Board terminates, but who thereafter becomes a Community Bank Advisory Director, has experienced a Separation From Service while serving as a Community Bank Advisory Director shall be made in
accordance with Treasury Regulation § 1.409A-1(h), including the presumptions provided in that section. 
 At the time of
each election to defer Board Compensation, a Director may irrevocably elect to have the portion of the deferred compensation account covered by the election paid in less than ten (10) annual installments, or in a single lump sum. Such
installment payments shall commence, or such lump sum payment shall be made, no later than January 31 of the calendar year following the year in which such Director experiences a Separation From Service, or in such subsequent year as the
director shall have elected in the initial deferral election, with subsequent installments paid in January of the subsequent years during the elected installment period. 
 The amount of the first installment shall be a fraction of the total amount of the Director’s deferred compensation, together with all interest accrued thereon, as of the date that payments are to
commence. The numerator of such fraction shall be one (1), and the denominator of such fraction shall be the total number of installments which the Director elected to receive. 

Each subsequent installment shall be calculated in the same manner as of the same date of each subsequent year, except that the
denominator shall be reduced by the number of installments which have been previously paid. 
 The time and schedule of payment
under the Plan may not be accelerated. 
  

	F.	Assignability 

 No right
to receive payment of the Directors’ deferred compensation under the Plan shall be transferable or assignable by a Director except by will or under the laws of descent and distribution, except that a Director may make a written designation of
beneficiary in form acceptable to the Company, which beneficiary shall succeed to the Director’s rights under the Plan in the event of the Director’s death. 
 In the event of a Director’s death prior to receiving all deferred payments to which he is entitled, the balance of the Director’s deferred compensation, together with all

  
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interest credited thereon to the date of the Director’s death, shall be determined and paid in single payment to the Director’s estate or designated beneficiary within thirty days of
the Director’s death. 
  

	G.	Amendment of Plan 

 This
plan may be amended, suspended or terminated at any time by the Board of Directors of the Company. 
 However, no amendment,
suspension or termination of the Plan may, without the consent of a Director, alter or impair any of the rights previously granted under the Plan. 
  

	H.	Acceleration of Payment for Hardship 

 Upon the written request of a Director to the Compensation Committee of the Company’s Board of Directors, a Director may be permitted to receive all or part of his deferred compensation under the
Plan, including interest credited thereon, if the Compensation Committee determines that an Unforeseeable Emergency exists as the result of an extraordinary and unforeseeable circumstance which would cause the Director severe financial hardship. The
decision as to whether to grant such a request shall rest in the absolute discretion of the Compensation Committee. 
 Any such
distribution for hardship shall be limited to the amount reasonably necessary to meet such emergency (including reasonably anticipated attributable taxes or penalties) which cannot be made through reimbursement or compensation from insurance or by
liquidation of assets that would not cause severe financial hardship. 
 “Unforeseeable Emergency” means a severe
financial hardship resulting from an illness or accident of the Employee, Beneficiary, their spouses or dependents, loss of the Employee’s or a Beneficiary’s property due to casualty or other similar and extraordinary circumstances beyond
the control of the service provider or Beneficiary (including but not limited to imminent foreclosure or eviction from the Employee’s or Beneficiary’s primary residence or the need to pay medical or funeral expenses of the Employee or
Beneficiary or their spouse or dependent). 
  

	I.	Administration 

 The Plan
shall be administered by the Compensation Committee of the Company’s Board of Directors. The Compensation Committee shall have authority to adopt rules for carrying out the Plan, and all interpretations of the Plan’s provisions by the
Compensation Committee shall be final. 
  

	J.	Unfunded Plan 

 The
benefits payable under the Plan are unfunded. Consequently, no assets shall be segregated for purposes of the Plan and placed beyond the reach of the Company’s general creditors. The right of any participating Director to receive future
installments under the provisions of the Plan shall be an unsecured claim against the general assets of the Company. 

  
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	K.	Business Days 

 In the
event any date specified herein falls on a Saturday, Sunday or legal holiday, such date shall be deemed to refer to the next business day thereafter. 
  

	L.	Continuation of Deferred Payment Method 

 In order to facilitate the administration of the Plan, participants who elect to participate in the Plan for more than one year will be assumed to have selected the same method for payment of the deferred
compensation for subsequent years as was selected in the election form for the first year of participation. This paragraph, however, shall not be interpreted as an automatic election to participate in the program for subsequent years. 

  
 4Exhibit 10.3

 EXHIBIT NO. 10.3 

CHEMICAL FINANCIAL CORPORATION 
 STOCK INCENTIVE PLAN OF 1997 
 Effective April 21, 1997, 

As Amended November 17, 2008 
 SECTION 1 
 ESTABLISHMENT OF PLAN; PURPOSE OF PLAN 

1.1 Establishment of Plan. The Company hereby establishes the STOCK INCENTIVE PLAN OF 1997 (the “Plan”) for its
corporate and Subsidiary officers and other key employees. The Plan permits the grant and award of Stock Options and Stock Appreciation Rights. 
 1.2 Purpose of Plan. The purpose of the Plan is to provide officers and key management employees of the Company and its Subsidiaries with an increased incentive to make significant and
extraordinary contributions to the long-term performance and growth of the Company and its Subsidiaries, to join the interests of officers and key employees with the interests of the Company’s shareholders through the opportunity for increased
stock ownership and to attract and retain officers and key employees of exceptional abilities. The Plan is further intended to provide flexibility to the Company in structuring long-term incentive compensation to best promote the foregoing
objectives. 
 SECTION 2 
 DEFINITIONS 
 The following words have the following meanings unless a different
meaning is plainly required by the context: 
 2.1 “Act” means the Securities Exchange Act of 1934, as amended.

 2.2 “Board” means the Board of Directors of the Company. 

2.3 “Change in Control,” unless otherwise defined in an Incentive Award agreement, means an occurrence of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A issued under the Act. Without limiting the inclusiveness of the definition in the preceding sentence, a Change in Control of the Company shall be deemed to have
occurred as of the first day that any one or more of the following conditions is satisfied: (a) any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the
Company representing 25% or more of the combined voting power of the Company’s then outstanding securities; (b) the failure at any time of the Continuing Directors to constitute at least a majority of the Board; or (c) any of the
following 

 
occur: (i) any merger or consolidation of the Company, other than a merger or consolidation in which the voting securities of the Company immediately prior to the merger or consolidation
continue to represent (either by remaining outstanding or being converted into securities of the surviving entity) 60% or more of the combined voting power of the Company or surviving entity immediately after the merger or consolidation with another
entity; (ii) any sale, exchange, lease, mortgage, pledge, transfer or other disposition (in a single transaction or a series of related transactions) of assets or earning power aggregating more than 50% of the assets or earning power of the
Company on a consolidated basis; (iii) any complete liquidation or dissolution of the Company; (iv) any reorganization, reverse stock split or recapitalization of the Company which would result in a Change in Control as otherwise defined
in this Plan; or (v) any transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing. 
 2.4 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.5
“Committee” means the Compensation Committee of the Board or such other committee as the Board shall designate to administer the Plan. The Committee shall consist of at least two members of the Board and all of its members shall be
“non-employee directors” as defined in Rule 16b-3 issued under the Act. 
 2.6 “Common Stock” means the
Common Stock of the Company, par value $10 per share. 
 2.7 “Company” means Chemical Financial Corporation, a Michigan
corporation, and its successors and assigns. 
 2.8 “Continuing Directors” means the individuals who were either
(a) first elected or appointed as a director prior to February 1, 1997, or (b) subsequently appointed as a director, if appointed or nominated by at least a majority of the Continuing Directors in office at the time of the nomination
or appointment, but specifically excluding any individual whose initial assumption of office occurs as a result of either an actual or threatened “election contest” (as the term is used in Rule 14a-11 of Regulation 14A issued under the
Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 
 2.9
“Employee Benefit Plan” means any plan or program established by the Company or a Subsidiary for the compensation or benefit of employees of the Company or any of its Subsidiaries. 

2.10 “Incentive Award” means the award or grant of a Stock Option or Stock Appreciation Right to a Participant pursuant to the
Plan. 
 2.11 “Market Value” shall equal the mean of the highest and lowest sales prices of shares of Common Stock
reported on The Nasdaq Stock Market (or any successor exchange or system that is the primary stock exchange or system for trading of Common Stock) on the date of grant, or if The Nasdaq Stock Market (or any such successor) is closed on that date,
the last preceding date on which The Nasdaq Stock Market (or any such successor) was open for trading 

  
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and on which shares of Common Stock were traded. If the Common Stock is not readily tradable on an established securities market, the Market Value shall be determined by any means deemed fair and
reasonable by the Committee, taking into account such factors as it considers advisable in a manner consistent with the valuation principles of Section 409A of the Code, except when the Committee expressly determines not to use
Section 409A valuation principles, which determination shall be final and binding on all parties. 
 2.12
“Participant” means a corporate officer or any key employee of the Company or its Subsidiaries who is granted an Incentive Award under the Plan. 
 2.13 “Person” has the same meaning as set forth in Sections 13(d) and 14(d)(2) of the Act. 
 2.14 “Retirement” means the voluntary termination of all employment by the Participant after the Participant has attained 55 years of age and completed 10 years of service with the Company or
any of its Subsidiaries or as otherwise may be set forth in the Incentive Award agreement or other grant document with respect to a Participant and a particular Incentive Award. 

2.15 “Stock Appreciation Right” means any right granted to a Participant pursuant to Section 6 of the Plan. 

2.16 “Stock Option” means the right to purchase Common Stock at a stated price for a specified period of time. For purposes of
the Plan, a Stock Option may be either an incentive stock option within the meaning of Section 422(b) of the Code or a nonqualified stock option. 
 2.17 “Subsidiary” means any corporation or other entity of which 50% or more of the outstanding voting stock or voting ownership interest is directly or indirectly owned or controlled by the
Company or by one or more Subsidiaries of the Company. 
 SECTION 3 

ADMINISTRATION 

3.1 Power and Authority. The Committee shall administer the Plan. The Committee may delegate record keeping, calculation, payment
and other ministerial administrative functions to individuals designated by the Committee, who may be employees of the Company and its Subsidiaries. Except as limited in this Plan, the Committee shall have all of the express and implied powers and
duties set forth in this Plan, shall have full power and authority to interpret the provisions of the Plan and Incentive Awards granted under the Plan and shall have full power and authority to supervise the administration of the Plan and Incentive
Awards granted under the Plan and to make all other determinations considered necessary or advisable for the administration of the Plan. All determinations, interpretations and selections made by the Committee regarding the Plan shall be final and
conclusive. The Committee shall hold its meetings at such times and places as it deems advisable. Action may be taken by a written 

  
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instrument signed by a majority of the members of the Committee and any action so taken shall be fully as effective as if it had been taken at a meeting duly called and held. The Committee shall
make such rules and regulations for the conduct of its business as it deems advisable. 
 3.2 Grants or Awards to
Participants. In accordance with and subject to the provisions of the Plan, the Committee shall have the authority to determine all provisions of Incentive Awards as the Committee may deem necessary or desirable and as are consistent with the
terms of the Plan, including, without limitation, the following: (a) the persons who shall be selected as Participants; (b) the nature and extent of the Incentive Awards to be made to each Participant (including the number of shares of
Common Stock to be subject to each Incentive Award, any exercise price, the manner in which an Incentive Award will vest or become exercisable and the form of payment for the Incentive Award); (c) the time or times when Incentive Awards will be
granted; (d) the duration of each Incentive Award; and (e) the restrictions and other conditions to which payment or vesting of Incentive Awards may be subject. 

3.3 Amendments or Modifications of Awards. The Committee shall have the authority to amend or modify the terms
of any outstanding Incentive Award in any manner, provided that the amended or modified terms are not prohibited by the Plan as then in effect and provided such actions do not cause an Incentive Award not already subject to Section 409A of the
Code to become subject to Section 409A of the Code, including, without limitation, the authority to: (a) modify the number of shares or other terms and conditions of an Incentive Award; provided that any increase in the number of shares of
an Incentive Award other than pursuant to Section 4.2 shall be considered to be a new grant with respect to such additional shares for purposes of Section 409A of the Code and such new grant shall be made at Market Value on the date of
grant; (b) extend the term of an Incentive Award to a date that is no later than the earlier of the latest date upon which the Incentive Award could have expired by its terms under any circumstances or the 10th anniversary of the date of grant (for purposes of clarity, as
permitted under Section 409A of the Code, if the term of a Stock Option is extended at a time when the Stock Option exercise price equals or exceeds the Market Value, it will not be an extension of the term of the Stock Option, but instead will
be treated as a modification of the Stock Option and a new Stock Option will be treated as having been granted); (c) accelerate the exercisability or vesting or otherwise terminate any restrictions relating to an Incentive Award;
(d) accept the surrender of any outstanding Incentive Award; and (e) to the extent not previously exercised or vested, authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards, provided, that such grant
of new Incentive Awards shall be considered to be a new grant for purposes of Section 409A of the Code and shall be made at Market Value on the date of grant. 
 3.4 Indemnification of Committee Members. Neither any member or former member of the Committee nor any individual to whom authority is or has been delegated shall be personally responsible or
liable for any act or omission in connection with the performance of powers or duties or the exercise of discretion or judgment in the administration and implementation of the Plan. Each person who is or shall have been a member of the Committee
shall be indemnified and held harmless by the Company from and against any cost, liability or expense imposed or incurred in connection with such person’s or the Committee’s taking or

  
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failing to take any action under the Plan. Each such person shall be justified in relying on information furnished in connection with the Plan’s administration by any appropriate person or
persons. 
 SECTION 4 
 SHARES SUBJECT TO THE PLAN 
 4.1 Number of Shares. Subject to adjustment as
provided in Section 4.2 of the Plan, a maximum of 500,000 shares of Common Stock shall be available for Incentive Awards under the Plan. Such shares shall be authorized and may be either unissued or treasury shares. 

4.2 Adjustments. If the number of shares of Common Stock outstanding changes by reason of a stock dividend, stock split,
recapitalization, merger, consolidation, combination, exchange of shares or any other change in the corporate structure or shares of the Company, the number and kind of securities subject to and reserved under the Plan, together with applicable
exercise prices, shall be appropriately adjusted. No fractional shares shall be issued pursuant to the Plan and any fractional shares resulting from adjustments shall be eliminated from the respective Incentive Awards. If an Incentive Award is
canceled, surrendered, modified, exchanged for a substitute Incentive Award or expires or terminates during the term of the Plan but prior to the exercise or vesting of the Incentive Award in full, the shares subject to but not delivered under such
Incentive Award shall be available for other Incentive Awards. If shares subject to and otherwise deliverable upon the exercise of an Incentive Award are surrendered to the Company in connection with the exercise of an Incentive Award, the
surrendered shares subject to the Incentive Award shall be available for other Incentive Awards. 
 SECTION 5 

STOCK OPTIONS 

5.1 Grant. A Participant may be granted one or more Stock Options under the Plan. Stock Options shall be subject to such terms and
conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. In addition, the Committee may vary, among Participants and among Stock Options granted to the same Participant, any and all
of the terms and conditions of the Stock Options granted under the Plan. The Committee shall have complete discretion in determining the number of Stock Options granted to each Participant. The Committee may designate whether or not a Stock Option
is to be considered an incentive stock option as defined in Section 422(b) of the Code. 
 5.2 Stock Option
Agreements. Stock Options shall be evidenced by stock option agreements containing such terms and conditions, consistent with the provisions of the Plan, as the Committee shall from time to time determine. To the extent not covered by the stock
option agreement, the terms and conditions of this Section 5 shall govern. 

  
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 5.3 Stock Option Price. The per share Stock Option price shall be determined by
the Committee, but shall be a price that is equal to or higher than the Market Value of the Company’s Common Stock on the date of grant. 
 5.4 Medium and Time of Payment. The exercise price for each share purchased pursuant to a Stock Option granted under the Plan shall be payable in cash or, if the Committee consents, in shares
of Common Stock. 
 5.5 Stock Options Granted to Ten Percent Shareholders. No Stock Option granted to any Participant
who at the time of such grant owns, together with stock attributed to such Participant under Section 424(d) of the Code, more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries may be
designated as an incentive stock option, unless such Stock Option provides an exercise price equal to at least 110% of the Market Value of the Common Stock and the exercise of the Stock Option after the expiration of five years from the date of
grant of the Stock Option is prohibited by its terms. 
 5.6 Limits on Exercisability. Stock Options shall be
exercisable for such periods, not to exceed 10 years and 1 day from the date of grant, as may be fixed by the Committee. At the time of the exercise of a Stock Option, the holder of the Stock Option, if requested by the Committee, must represent to
the Company that the shares are being acquired for investment and not with a view to the distribution thereof. The Committee may in its discretion require a Participant to continue the Participant’s service with the Company and its Subsidiaries
for a certain length of time prior to a Stock Option becoming exercisable and may eliminate such delayed vesting provisions. 

5.7 Restrictions on Transferability. 
 (a) General. Unless the Committee otherwise consents (before or after the option grant) or unless the stock option agreement or grant provides otherwise: (i) no Stock Options granted under the
Plan may be sold, exchanged, transferred, pledged, assigned or otherwise alienated or hypothecated except by will or the laws of descent and distribution; and (ii) all Stock Options granted to a Participant shall be exercisable during the
Participant’s lifetime only by such Participant, his or her guardian or legal representative. 
 (b)
Other Restrictions. The Committee may impose other restrictions on any shares of Common Stock acquired pursuant to the exercise of a Stock Option under the Plan as the Committee deems advisable, including, without limitation, restrictions
under applicable federal or state securities laws. 
 5.8 Termination of Employment. 

(a) General. If a Participant is no longer employed by the Company or its Subsidiary for any reason other than the
Participant’s Retirement, death, disability or termination for cause, the Participant may exercise his or her Stock Options in accordance with their terms for a period of 3 months after such

  
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termination of employment unless the terms of the applicable stock option agreement or grant provide otherwise, but only to the extent the Participant was entitled to exercise the Stock Options
on the date of termination. For purposes of the Plan: (i) a transfer of an employee from the Company to any Subsidiary; (ii) a leave of absence, duly authorized in writing by the Company, for military service or for any other purpose
approved by the Company if the period of such leave does not exceed 90 days; and (iii) a leave of absence in excess of 90 days, duly authorized in writing by the Company, provided the employee’s right to reemployment is guaranteed either
by statute or contract, shall not be deemed a termination of employment. For purposes of the Plan, termination of employment shall be considered to occur on the date on which the employee is no longer obligated to perform services for the Company or
any of its Subsidiaries and the employee’s right to reemployment is not guaranteed either by statute or contract, regardless of whether the employee continues to receive compensation from the Company or any of its Subsidiaries after such date.

 (b) Retirement. If a Participant ceases to be employed by the Company or one of its Subsidiaries due to
Retirement, the Participant may exercise his or her Stock Options in accordance with their terms for a period of 3 years after such termination of employment unless such Stock Options earlier expire by their terms, but only to the extent that the
Participant was entitled to exercise the Stock Options on the date of termination. 
 (c) Disability. If a
Participant ceases to be employed by the Company or one of its Subsidiaries due to the Participant’s disability, he or she may exercise his or her Stock Options in accordance with their terms for 1 year after he or she ceases to be employed
unless such Stock Options earlier expire by their terms, but only to the extent that the Participant was entitled to exercise the Stock Options on the date of such termination. 

(d) Death. If a Participant dies either while an employee or otherwise during a time when the Participant could
have exercised a Stock Option, the Stock Options issued to such Participant shall be exercisable in accordance with their terms by the personal representative of such Participant or other successor to the interest of the Participant for a
period of 1 year after such Participant’s death to the extent that the Participant was entitled to exercise the Stock Options on the date of death but not beyond the original term of the Stock Options. 

(e) Termination for Cause. If a Participant’s employment is terminated for cause, the Participant shall have
no further right to exercise any Stock Options previously granted him or her. 

  
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 SECTION 6 
 STOCK APPRECIATION RIGHTS 
 6.1 Grant. A Participant may be granted one or
more Stock Appreciation Rights under the Plan and such Stock Appreciation Rights shall be subject to such terms and conditions, consistent with the other provisions of the Plan, as shall be determined by the Committee in its sole discretion. A Stock
Appreciation Right may relate to a particular Stock Option and may be granted simultaneously with or subsequent to the Stock Option to which it relates. Stock Appreciation Rights shall be subject to the same restrictions and conditions as Stock
Options under subsections 5.6, 5.7 and 5.8 of the Plan. To the extent granted in tandem with a Stock Option, the exercise of a Stock Appreciation Right shall, in exchange for the right to exercise a related Stock Option, entitle a Participant to an
amount equal to the appreciation in value of the shares covered by the related Stock Option surrendered. Such appreciation in value shall be equal to the excess of the Market Value of such shares at the time of the exercise of the Stock Appreciation
Right over the option price of such shares. 
 6.2 Exercise; Payment. To the extent granted in tandem with a Stock
Option, Stock Appreciation Rights may be exercised only when a related Stock Option could be exercised and only when the Market Value of the stock subject to the Stock Option exceeds the exercise price of the Stock Option. The Committee shall have
discretion to determine the form of payment made upon the exercise of a Stock Appreciation Right, which may take the form of shares of Common Stock. 
 SECTION 7 
 CHANGE IN CONTROL 

Without in any way limiting the Committee’s discretion, the Committee may include in any Incentive Award provisions for acceleration
of any vesting or other similar requirements or for the elimination of any restrictions upon Incentive Awards upon a Change in Control of the Company. The Committee may also include provisions for Participants to receive cash in lieu of outstanding
Stock Options upon a Change in Control of the Company. 
 SECTION 8 

GENERAL PROVISIONS 
 8.1 No Rights to Awards. No Participant or other person shall have any claim to be granted any Incentive Award under the Plan and there is no obligation of uniformity of treatment of employees,
Participants or holders or beneficiaries of Incentive Awards under the Plan. The terms and conditions of Incentive Awards of the same type and the determination of the Committee to grant a waiver or modification of any Incentive Award and the terms
and conditions thereof need not be the same with respect to each Participant. 

  
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 8.2 Withholding. The Company or a Subsidiary shall be entitled to (a) withhold
and deduct from future wages of a Participant (or from other amounts that may be due and owing to a Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all amounts necessary to satisfy any and all
federal, state and local withholding and employment-related tax requirements attributable to an Incentive Award or any action related to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment of dividends
with respect to, an Incentive Award or a disqualifying disposition of Common Stock received upon exercise of an incentive stock option; or (b) require a Participant promptly to remit the amount of such withholding to the Company before taking
any action with respect to an Incentive Award. If the Committee consents, withholding may be satisfied by withholding Common Stock to be received upon exercise or by delivery to the Company of previously owned Common Stock. The Company may establish
such rules and procedures concerning timing of any withholding election as it deems appropriate. 
 8.3 Compliance With
Laws; Listing and Registration of Shares. All Incentive Awards granted under the Plan (and all issuances of Common Stock or other securities under the Plan) shall be subject to all applicable laws, rules and regulations and to the
requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares covered thereby upon any securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the grant of such Incentive Award or the issue or purchase of shares thereunder, such Incentive Award may not be exercised in whole or
in part, or the restrictions on such Incentive Award shall not lapse, unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.

 8.4 No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any
Subsidiary from adopting or continuing in effect other or additional compensation arrangements, including the grant of stock options and other stock-based awards and such arrangements may be either generally applicable or applicable only in specific
cases. 
 8.5 No Right to Employment. The grant of an Incentive Award shall not be construed as giving a Participant the
right to be retained in the employ of the Company or any Subsidiary. The Company or any Subsidiary may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the
Plan or in any written agreement with a Participant. 
 8.6 Suspension of Rights under Incentive Awards. The Company, by
written notice to a Participant, may suspend a Participant’s and any transferee’s rights under any Incentive Award for a period not to exceed 30 days while the termination for cause of that Participant’s employment with the Company
and its Subsidiaries is under consideration. 

  
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 8.7 Governing Law. The validity, construction and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the laws of the State of Michigan and applicable federal law. 
 8.8 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the Plan and the
Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 SECTION 9 

TERMINATION AND AMENDMENT 
 The Board may terminate the Plan at any time, or may from time to time amend the Plan as it deems proper and in the best interests of the Company, provided that no such amendment may impair any
outstanding Incentive Award without the consent of the Participant, except according to the terms of the Plan or the Incentive Award. No termination, amendment or modification of the Plan shall become effective with respect to any Incentive Award
previously granted under the Plan without the prior written consent of the Participant holding such Incentive Award unless such amendment or modification operates solely to the benefit of the Participant. The Plan may not be amended in any way that
causes the Plan to fail to comply with or be exempt from Section 409A of the Code 
 SECTION 10 

EFFECTIVE DATE AND DURATION OF THE PLAN 
 This Plan shall take effect April 21, 1997, subject to approval by the shareholders at the 1997 Annual Meeting of Shareholders or any adjournment thereof or at a Special Meeting of Shareholders. No
Incentive Award shall be granted under the Plan after April 20, 2007. 

  
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 APPENDIX A 
 CHEMICAL FINANCIAL CORPORATION 
  

 
 Employee Name

 # Shares 
 NON-QUALIFIED 
 STOCK OPTION AGREEMENT 

PURSUANT TO 
 STOCK
INCENTIVE PLAN OF 1997 
  
  

This Non-qualified Stock Option Agreement (the “Agreement”) is made as of December 12, 2003 by and
between CHEMICAL FINANCIAL CORPORATION (the “Corporation”), and the grantee named above (the “Grantee”). The Corporation, pursuant to its Stock Incentive Plan of 1997 (the “Plan”), grants to the Grantee an option to
purchase the number of shares as stated above, (subject to adjustment as provided in the Plan) of the common stock, $1.00 par value, of the Corporation (“Common Stock”) from the Corporation. This option is a non-qualified option and is not
an incentive stock option under Section 422 of the Internal Revenue Code. All of the rights of the Grantee are subject to the terms, conditions and provisions of the Plan, which are incorporated by reference into this Agreement. Unless
otherwise indicated, all terms used in this Agreement shall have the meanings given such terms in the Plan. 
 The Grantee
acknowledges receipt of a copy of the Plan and the Plan Description and accepts this option subject to all of the terms, conditions and provisions of the Plan, and subject to the following further conditions: 

1. Price. The price of the shares of Common Stock to be purchased upon exercise of this option shall be $_______ per share (subject
to adjustment as provided in the Plan). 
 2. Exercise. The right to exercise this option shall vest and begin on
December 12, 2004 and shall terminate on and after December 12, 2013 unless earlier terminated under the Plan by reason of death or termination of employment. The Committee may, in its sole discretion, accelerate the vesting of the option
at any time before full vesting. Unless the Committee determines to permit alternative forms of payment, this option may be exercised by payment to the Corporation in full, in cash or by certified check, bank draft or money order, of the exercise
price for each share of Common Stock for which the option is exercised. The Grantee shall deliver to the Corporation at the time of payment an executed notice of exercise in the form of Exhibit A, which shall be effective upon receipt by the
Corporation of such notice. The Corporation will deliver to the Grantee a certificate or certificates for such shares; provided, however, that the time of delivery may be postponed for such period as may be required for the Corporation with
reasonable diligence to comply with any registration requirements under the Securities Act of 1933, the Securities Exchange Act of 1934, any requirements under any other 

  
 -11-

 
law or regulation applicable to the issuance, listing or transfer of such shares, or any agreement or regulation of The NASDAQ Stock Market or other applicable exchange. If the Grantee fails to
accept delivery of and pay for all or any part of the number of shares specified in the notice upon tender or delivery of the shares, the Grantee’s right to exercise the option with respect to such undelivered shares shall terminate.

 3. Registration and Listing. The stock options granted under this Agreement are conditional upon the effective
registration or exemption of the Plan, the options granted under the Plan and the stock to be received upon exercise of options under the Securities Act of 1933 and applicable state or foreign securities laws. 

4. Tax Withholding. The Grantee must make provisions, acceptable to the Corporation, to satisfy any tax withholding obligations
that result from the exercise of this option. For this purpose, the Grantee authorizes the Corporation or the Grantee’s Subsidiary employer to withhold in accordance with applicable law from any regular cash compensation payable to the Grantee
any taxes required to be withheld under federal, state or local law as a result of the exercise of this option. If required by the Corporation, and unless the Committee determines to permit alternative forms of payment, the Grantee agrees to remit
to the Corporation any and all such taxes, in cash, at the time of any exercise of this option. 
 5. Acceleration. This
option shall be immediately exercisable at any time after the first anniversary of the date of this Agreement in the event of any Change in Control of the Corporation. “Change of Control” is defined in the Plan. 

6. Transferability. Unless the Committee otherwise consents, this option is not transferable by the Grantee except by will or
according to the laws of descent and distribution. Unless otherwise permitted by the Committee, if any assignment, pledge or transfer of this option is made or attempted, or if any attachment, execution, garnishment or lien is issued against or
placed upon this option, this option shall be void and of no further effect. The Corporation may, to assure compliance with applicable federal and state securities laws, legend any certificate representing shares issued pursuant to the exercise of
this option with an appropriate restrictive legend and may also issue appropriate stop transfer instructions to its transfer agent with respect to such shares. 
 7. Death and Termination of Employment. This option shall terminate at the times provided in the Plan after the death of the Grantee or termination of the employment of the Grantee with the
Corporation or any Subsidiary. 
 8. Corporate Changes. In the event of any stock dividend, stock split or other increase
or reduction in the number of shares of Common Stock outstanding, the number and class of shares covered by this option, and the exercise price, are subject to adjustment as provided in the Plan. 

9. Administration. The Committee has full power and authority to interpret the provisions of the Plan, to supervise the
administration of the Plan and to adopt forms and procedures for the administration of the Plan. All determinations made by the Committee shall be final and conclusive. 

  
 -12-

 10. Shareholder Rights. The Grantee shall have no rights as a shareholder with
respect to any shares covered by this option until the date of the issuance of a stock certificate to the Grantee for such shares. 
 11. Employment by Corporation. The grant of this option shall not impose upon the Corporation or any Subsidiary any obligation to retain the Grantee in its employ for any given period or upon any
specific terms of employment. The Corporation or any Subsidiary may at any time dismiss the Grantee from employment, free from any liability or claim under the Plan, unless otherwise expressly provided in any written agreement with the Grantee.

 12. Illegality. The Grantee will not exercise this option, and the Corporation will not be obligated to issue any
shares to the Grantee under this option, if the exercise thereof or the issuance of such shares shall constitute a violation by the Grantee or the Corporation of any provisions of any law, order or regulation of any governmental authority.

 13. Certifications. The Grantee acknowledges that he or she has been furnished and has read the Plan Description
relating to the Plan. The Grantee shall not resell or distribute the shares received upon exercise of the option except in compliance with such conditions as the Corporation may reasonably specify to ensure compliance with federal and state
securities laws. 
 14. Agreement Controls. In the event of any conflict between the terms of this Agreement and the terms
of the Plan, the provisions of this Agreement shall control. 
 15. Effective Date. This option shall be effective as of
the date set forth at the top of this Agreement. 
 This option has been issued by the Corporation by authority of its Compensation Committee.

  

					
	CHEMICAL FINANCIAL CORPORATION
		
	By:	 	 
		
	Its:	 	 
		 	“Corporation”
	
	 
	(Signature)
	
	 
	«Employee_Name»	 	“Grantee”

  
 -13-

									
	 CHEMICAL FINANCIAL CORPORATION
	 	EXHIBIT A	 	EXERCISE OF STOCK OPTION
	 333 E. MAIN STREET
	 		 		 	
	 MIDLAND, MI 48640
	 		 	EIN # 38-2022454
					
	 EMPLOYEE
	 	SSN	 		 	GRANT DATE	 	00/00/00
	 ADDRESS
	 		 		 	PLAN YEAR	 	1997
	 CITY
	 		 		 	OPTION TYPE	 	NON-STATUTORY
					
	 SHARES EXERCISED
	 	0	 	CURRENT	 	OPTION PRICE	 	$0.0000
	 SHARES CANCELED
	 	0	 	CURRENT	 	MARKET PRICE	 	$0.00000
					
	 CURRENT MKT VALUE
	 	$0.00	 		 	FEDERAL TAX	 	$0.00
	 CURRENT OPT. COST
	 	$0.00	 		 	STATE TAX	 	$0.00
		 	  
	 		 		 	
		 		 		 	F.I.C.A.	 	$0.00
	 ORDINARY INCOME
	 	$0.00	 		 	FICA MEDICARE	 	$0.00
		 		 		 		 	  

	 NET INCOME
	 	$0.00	 		 		 	$0.00
					
	 EXCHANGE SHARES
	 	0.00	 		 		 	0.00
					
	 CERT #
	 	DATE	 	# SHARES	 	OPTION	 	TAX
					
		 		 	0	 	0	 	0
		 		 	  
	 	  
	 	  

		 	TOTAL	 	0	 	0	 	0
					
	NET SHARES	 	MKT VALUE	 	$0.00	 	$0.00	 	$0.00
					
	0	 	CASH BALANCE	 	$0.00	 	$0.00	 	$0.00
	
	I HEREBY GIVE NOTICE OF EXERCISE OF THE ABOVE OPTION GRANTED TO ME AS NOTED ABOVE. THIS EXERCISE IS MADE SUBJECT TO ALL TERMS AND CONDITIONS SET FORTH IN THE AGREEMENT
DATED THE SAME AS ABOVE, AND THE RELATED STOCK OPTION PLAN AS APPROVED BY THE STOCKHOLDERS.
			
	  
	 	  
	 	  

	 DATE
	 	FOR THE CORPORATION	 	OPTIONEE
	
	PLEASE RETAIN A COPY OF THIS FORM AS IT CONTAINS ALL INFORMATION REQUIRED FOR COMPLIANCE WITH SECTION 6039 (a) (1) OF THE INTERNAL REVENUE
CODE.

 APPENDIX B 
 CHEMICAL FINANCIAL CORPORATION 
  

 
 Employee Name

 # Shares 
 NON-QUALIFIED 
 STOCK OPTION AGREEMENT 

PURSUANT TO 
 STOCK
INCENTIVE PLAN OF 1997 
  
  

This Non-qualified Stock Option Agreement (the “Agreement”) is made as of December 12, 2003 by and
between CHEMICAL FINANCIAL CORPORATION (the “Corporation”), and the grantee named above (the “Grantee”). The Corporation, pursuant to its Stock Incentive Plan of 1997 (the “Plan”), grants to the Grantee an option to
purchase the number of shares as stated above, (subject to adjustment as provided in the Plan) of the common stock, $1.00 par value, of the Corporation (“Common Stock”) from the Corporation. This option is a non-qualified option and is not
an incentive stock option under Section 422 of the Internal Revenue Code. All of the rights of the Grantee are subject to the terms, conditions and provisions of the Plan, which are incorporated by reference into this Agreement. Unless
otherwise indicated, all terms used in this Agreement shall have the meanings given such terms in the Plan. 
 The Grantee
acknowledges receipt of a copy of the Plan and the Plan Description and accepts this option subject to all of the terms, conditions and provisions of the Plan, and subject to the following further conditions: 

1. Price. The price of the shares of Common Stock to be purchased upon exercise of this option shall be $______ per share (subject
to adjustment as provided in the Plan). 
 2. Exercise. The right to exercise this option shall vest and begin on
December 12, 2008 and shall terminate on and after December 12, 2013 unless earlier terminated under the Plan by reason of death or termination of employment. The Committee may, in its sole discretion, accelerate the vesting of the option
at any time before full vesting. Unless the Committee determines to permit alternative forms of payment, this option may be exercised by payment to the Corporation in full, in cash or by certified check, bank draft or money order, of the exercise
price for each share of Common Stock for which the option is exercised. The Grantee shall deliver to the Corporation at the time of payment an executed notice of exercise in the form of Exhibit A, which shall be effective upon receipt by the
Corporation of such notice. The Corporation will deliver to the Grantee a certificate or certificates for such shares; provided, however, that the time of delivery may be postponed for such period as may be required for the Corporation with
reasonable diligence to comply with any registration requirements under the Securities Act of 1933, the Securities Exchange Act of 1934, any requirements under any other 

 
law or regulation applicable to the issuance, listing or transfer of such shares, or any agreement or regulation of The NASDAQ Stock Market or other applicable exchange. If the Grantee fails to
accept delivery of and pay for all or any part of the number of shares specified in the notice upon tender or delivery of the shares, the Grantee’s right to exercise the option with respect to such undelivered shares shall terminate.

 3. Registration and Listing. The stock options granted under this Agreement are conditional upon the effective
registration or exemption of the Plan, the options granted under the Plan and the stock to be received upon exercise of options under the Securities Act of 1933 and applicable state or foreign securities laws. 

4. Tax Withholding. The Grantee must make provisions, acceptable to the Corporation, to satisfy any tax withholding obligations
that result from the exercise of this option. For this purpose, the Grantee authorizes the Corporation or the Grantee’s Subsidiary employer to withhold in accordance with applicable law from any regular cash compensation payable to the Grantee
any taxes required to be withheld under federal, state or local law as a result of the exercise of this option. If required by the Corporation, and unless the Committee determines to permit alternative forms of payment, the Grantee agrees to remit
to the Corporation any and all such taxes, in cash, at the time of any exercise of this option. 
 5. Acceleration. This
option shall be immediately exercisable at any time after the first anniversary of the date of this Agreement in the event of any Change in Control of the Corporation. “Change of Control” is defined in the Plan. 

6. Transferability. Unless the Committee otherwise consents, this option is not transferable by the Grantee except by will or
according to the laws of descent and distribution. Unless otherwise permitted by the Committee, if any assignment, pledge or transfer of this option is made or attempted, or if any attachment, execution, garnishment or lien is issued against or
placed upon this option, this option shall be void and of no further effect. The Corporation may, to assure compliance with applicable federal and state securities laws, legend any certificate representing shares issued pursuant to the exercise of
this option with an appropriate restrictive legend and may also issue appropriate stop transfer instructions to its transfer agent with respect to such shares. 
 7. Death and Termination of Employment. This option shall terminate at the times provided in the Plan after the death of the Grantee or termination of the employment of the Grantee with the
Corporation or any Subsidiary. 
 8. Corporate Changes. In the event of any stock dividend, stock split or other increase
or reduction in the number of shares of Common Stock outstanding, the number and class of shares covered by this option, and the exercise price, are subject to adjustment as provided in the Plan. 

9. Administration. The Committee has full power and authority to interpret the provisions of the Plan, to supervise the
administration of the Plan and to adopt forms and procedures for the administration of the Plan. All determinations made by the Committee shall be final and conclusive. 

  
 -16-

 10. Shareholder Rights. The Grantee shall have no rights as a shareholder with
respect to any shares covered by this option until the date of the issuance of a stock certificate to the Grantee for such shares. 
 11. Employment by Corporation. The grant of this option shall not impose upon the Corporation or any Subsidiary any obligation to retain the Grantee in its employ for any given period or upon any
specific terms of employment. The Corporation or any Subsidiary may at any time dismiss the Grantee from employment, free from any liability or claim under the Plan, unless otherwise expressly provided in any written agreement with the Grantee.

 12. Illegality. The Grantee will not exercise this option, and the Corporation will not be obligated to issue any
shares to the Grantee under this option, if the exercise thereof or the issuance of such shares shall constitute a violation by the Grantee or the Corporation of any provisions of any law, order or regulation of any governmental authority.

 13. Certifications. The Grantee acknowledges that he or she has been furnished and has read the Plan Description
relating to the Plan. The Grantee shall not resell or distribute the shares received upon exercise of the option except in compliance with such conditions as the Corporation may reasonably specify to ensure compliance with federal and state
securities laws. 
 14. Agreement Controls. In the event of any conflict between the terms of this Agreement and the terms
of the Plan, the provisions of this Agreement shall control. 
 16. Effective Date. This option shall be effective as of
the date set forth at the top of this Agreement. 
 This option has been issued by the Corporation by authority of its
Compensation Committee. 
  

			
	CHEMICAL FINANCIAL CORPORATION
		
	By:	 	 
		
	Its:	 	 
		 	“Corporation”

  

					
			
		 	 	 	 
		 	(Signature)
			
		 	 	 	 
		 	«Employee_Name»	 	 “Grantee”

  
 -17-

									
	 CHEMICAL FINANCIAL CORPORATION
	 	EXHIBIT A	 	EXERCISE OF STOCK OPTION
	 333 E. MAIN STREET
	 		 		 	
	 MIDLAND, MI 48640
	 		 	EIN # 38-2022454
					
	 EMPLOYEE
	 	SSN	 		 	GRANT DATE	 	00/00/00
	 ADDRESS
	 		 		 	PLAN YEAR	 	1997
	 CITY
	 		 		 	OPTION TYPE	 	NON-STATUTORY
					
	 SHARES EXERCISED
	 	0	 	CURRENT	 	OPTION PRICE	 	$0.0000
	 SHARES CANCELED
	 	0	 	CURRENT	 	MARKET PRICE	 	$0.00000
					
	 CURRENT MKT VALUE
	 	$0.00	 		 	FEDERAL TAX	 	$0.00
	 CURRENT OPT. COST
	 	$0.00	 		 	STATE TAX	 	$0.00
		 	  
	 		 		 	
		 		 		 	F.I.C.A.	 	$0.00
	 ORDINARY INCOME
	 	$0.00	 		 	FICA MEDICARE	 	$0.00
		 		 		 		 	  

	 NET INCOME
	 	$0.00	 		 		 	$0.00
					
	 EXCHANGE SHARES
	 	0.00	 		 		 	0.00
					
	 CERT #
	 	DATE	 	# SHARES	 	OPTION	 	TAX
					
		 		 	0	 	0	 	0
		 		 	  
	 	  
	 	  

		 	TOTAL	 	0	 	0	 	0
					
	NET SHARES	 	MKT VALUE	 	$0.00	 	$0.00	 	$0.00
					
	0	 	CASH BALANCE	 	$0.00	 	$0.00	 	$0.00
	
	I HEREBY GIVE NOTICE OF EXERCISE OF THE ABOVE OPTION GRANTED TO ME AS NOTED ABOVE. THIS EXERCISE IS MADE SUBJECT TO ALL TERMS AND CONDITIONS SET FORTH IN THE AGREEMENT
DATED THE SAME AS ABOVE, AND THE RELATED STOCK OPTION PLAN AS APPROVED BY THE STOCKHOLDERS.
			
	  
	 	  
	 	  

	 DATE
	 	FOR THE CORPORATION	 	OPTIONEE
	
	PLEASE RETAIN A COPY OF THIS FORM AS IT CONTAINS ALL INFORMATION REQUIRED FOR COMPLIANCE WITH SECTION 6039 (a) (1) OF THE INTERNAL REVENUE
CODE.

 APPENDIX C 
 CHEMICAL FINANCIAL CORPORATION 
  

 
 Employee Name

 # Shares 
 NON-QUALIFIED 
 STOCK OPTION AGREEMENT 

PURSUANT TO 
 STOCK
INCENTIVE PLAN OF 1997 
  
  

This Non-qualified Stock Option Agreement (the “Agreement”) is made as of December 13, 2004 by and
between CHEMICAL FINANCIAL CORPORATION (the “Corporation”), and the grantee named above (the “Grantee”). The Corporation, pursuant to its Stock Incentive Plan of 1997 (the “Plan”), grants to the Grantee an option to
purchase the number of shares as stated above, (subject to adjustment as provided in the Plan) of the common stock, $1.00 par value, of the Corporation (“Common Stock”) from the Corporation. This option is a non-qualified option and is not
an incentive stock option under Section 422 of the Internal Revenue Code. Except as specifically provided by this Agreement, all of the rights of the Grantee are subject to the terms, conditions and provisions of the Plan, which are
incorporated by reference into this Agreement. Unless otherwise indicated, all terms used in this Agreement shall have the meanings given such terms in the Plan. 
 The Grantee acknowledges receipt of a copy of the Plan and the Plan Description and accepts this option subject to all of the terms, conditions and provisions of the Plan, and subject to the following
further conditions: 
 1. Price. The price of the shares of Common Stock to be purchased upon exercise of this option
shall be $_______ per share (subject to adjustment as provided in the Plan). 
 2. Exercise. The Grantee’s right to
exercise this option shall vest over a five-year period, with 20% of the shares vesting on each anniversary of the date of this Agreement. Grantee’s right to exercise this option shall terminate on and after December 13, 2014 unless
earlier terminated under the Plan by reason of death or termination of employment. The Committee may, in its sole discretion, accelerate the vesting of the option at any time before full vesting. Unless the Committee determines to permit alternative
forms of payment, this option may be exercised by payment to the Corporation in full, in cash or by certified check, bank draft or money order, of the exercise price for each share of Common Stock for which the option is exercised. The Grantee shall
deliver to the Corporation at the time of payment an executed notice of exercise in the form of Exhibit A, which shall be effective upon receipt by the Corporation of such notice. The Corporation will deliver to the Grantee a certificate or
certificates for such shares; provided, however, that the time of delivery may be postponed for such period as may be required for the Corporation with reasonable diligence to comply with any registration requirements under the Securities Act
of 1933, the Securities Exchange Act of 1934, any requirements under any other law or regulation applicable to the 

 
issuance, listing or transfer of such shares, or any agreement or regulation of The NASDAQ Stock Market or other applicable exchange. If the Grantee fails to accept delivery of and pay for all or
any part of the number of shares specified in the notice upon tender or delivery of the shares, the Grantee’s right to exercise the option with respect to such undelivered shares shall terminate. 

3. Registration and Listing. The stock options granted under this Agreement are conditional upon the effective registration or
exemption of the Plan, the options granted under the Plan and the stock to be received upon exercise of options under the Securities Act of 1933 and applicable state or foreign securities laws. 

4. Tax Withholding. The Grantee must make provisions, acceptable to the Corporation, to satisfy any tax withholding obligations
that result from the exercise of this option. For this purpose, the Grantee authorizes the Corporation or the Grantee’s Subsidiary employer to withhold in accordance with applicable law from any regular cash compensation payable to the Grantee
any taxes required to be withheld under federal, state or local law as a result of the exercise of this option. If required by the Corporation, and unless the Committee determines to permit alternative forms of payment, the Grantee agrees to remit
to the Corporation any and all such taxes, in cash, at the time of any exercise of this option. 
 5. Acceleration. This
option shall be immediately exercisable at any time after the first anniversary of the date of this Agreement in the event of any Change in Control of the Corporation. “Change of Control” is defined in the Plan. 

6. Transferability. Unless the Committee otherwise consents, this option is not transferable by the Grantee except by will or
according to the laws of descent and distribution. Unless otherwise permitted by the Committee, if any assignment, pledge or transfer of this option is made or attempted, or if any attachment, execution, garnishment or lien is issued against or
placed upon this option, this option shall be void and of no further effect. The Corporation may, to assure compliance with applicable federal and state securities laws, legend any certificate representing shares issued pursuant to the exercise of
this option with an appropriate restrictive legend and may also issue appropriate stop transfer instructions to its transfer agent with respect to such shares. 
 7. Death and Termination of Employment. This option shall terminate at the times provided in the Plan after the death of the Grantee or termination of the employment of the Grantee with the
Corporation or any Subsidiary, except as provided in this Section 7. For purposes of this Agreement, “Normal Retirement” shall mean retirement as defined by the Corporation’s pension plan at an age or with years of service, or
both, such that the Grantee would be eligible for full retirement benefits without reduction under the Corporation’s pension plan. If the Grantee ceases to be employed by the Corporation or any Subsidiary due to Normal Retirement as defined
above, the stock options granted under this Agreement shall vest in full upon such Normal Retirement and the Grantee may exercise the stock options until they expire by their terms. 

8. Corporate Changes. In the event of any stock dividend, stock split or other increase or reduction in the number of shares of
Common Stock outstanding, the number and class of shares covered by this option, and the exercise price, are subject to adjustment as provided in the Plan. 
 9. Administration. The Committee has full power and authority to interpret the provisions 

  
 -20-

 
of the Plan, to supervise the administration of the Plan and to adopt forms and procedures for the administration of the Plan. All determinations made by the Committee shall be final and
conclusive. 
 10. Shareholder Rights. The Grantee shall have no rights as a shareholder with respect to any shares
covered by this option until the date of the issuance of a stock certificate to the Grantee for such shares. 
 11. Employment
by Corporation. The grant of this option shall not impose upon the Corporation or any Subsidiary any obligation to retain the Grantee in its employ for any given period or upon any specific terms of employment. The Corporation or any Subsidiary
may at any time dismiss the Grantee from employment, free from any liability or claim under the Plan, unless otherwise expressly provided in any written agreement with the Grantee. 

12. Illegality. The Grantee will not exercise this option, and the Corporation will not be obligated to issue any shares to the
Grantee under this option, if the exercise thereof or the issuance of such shares shall constitute a violation by the Grantee or the Corporation of any provisions of any law, order or regulation of any governmental authority. 

13. Certifications. The Grantee acknowledges that he or she has been furnished and has read the Plan Description relating to the
Plan. The Grantee shall not resell or distribute the shares received upon exercise of the option except in compliance with such conditions as the Corporation may reasonably specify to ensure compliance with federal and state securities laws.

 14. Agreement Controls. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the
provisions of this Agreement shall control. 
 17. Effective Date. This option shall be effective as of the date set forth
at the top of this Agreement. 
 This option has been issued by the Corporation by authority of its Compensation Committee.

  

			
	CHEMICAL FINANCIAL CORPORATION
		
	By:	 	 
		 	“For the Corporation”
		
	Its:	 	President & Chief Executive Officer

  

			
		
		 	 
		 	“Grantee” Signature
		
		 	 
		 	“Grantee” (Please Print Name)

  
 -21-

									
	 CHEMICAL FINANCIAL CORPORATION
	 	EXHIBIT A	 	EXERCISE OF STOCK OPTION
	 333 E. MAIN STREET
	 		 		 	
	 MIDLAND, MI 48640
	 		 	EIN # 38-2022454
					
	 EMPLOYEE
	 	SSN	 		 	GRANT DATE	 	00/00/00
	 ADDRESS
	 		 		 	PLAN YEAR	 	1997
	 CITY
	 		 		 	OPTION TYPE	 	NON-STATUTORY
					
	 SHARES EXERCISED
	 	0	 	CURRENT	 	OPTION PRICE	 	$0.0000
	 SHARES CANCELED
	 	0	 	CURRENT	 	MARKET PRICE	 	$0.00000
					
	 CURRENT MKT VALUE
	 	$0.00	 		 	FEDERAL TAX	 	$0.00
	 CURRENT OPT. COST
	 	$0.00	 		 	STATE TAX	 	$0.00
		 	  
	 		 		 	
		 		 		 	F.I.C.A.	 	$0.00
	 ORDINARY INCOME
	 	$0.00	 		 	FICA MEDICARE	 	$0.00
		 		 		 		 	  

	 NET INCOME
	 	$0.00	 		 		 	$0.00
					
	 EXCHANGE SHARES
	 	0.00	 		 		 	0.00
					
	 CERT #
	 	DATE	 	# SHARES	 	OPTION	 	TAX
					
		 		 	0	 	0	 	0
		 		 	  
	 	  
	 	  

		 	TOTAL	 	0	 	0	 	0
					
	NET SHARES	 	MKT VALUE	 	$0.00	 	$0.00	 	$0.00
					
	0	 	CASH BALANCE	 	$0.00	 	$0.00	 	$0.00
	
	I HEREBY GIVE NOTICE OF EXERCISE OF THE ABOVE OPTION GRANTED TO ME AS NOTED ABOVE. THIS EXERCISE IS MADE SUBJECT TO ALL TERMS AND CONDITIONS SET FORTH IN THE AGREEMENT
DATED THE SAME AS ABOVE, AND THE RELATED STOCK OPTION PLAN AS APPROVED BY THE STOCKHOLDERS.
			
	  
	 	  
	 	  

	 DATE
	 	FOR THE CORPORATION	 	OPTIONEE
	
	PLEASE RETAIN A COPY OF THIS FORM AS IT CONTAINS ALL INFORMATION REQUIRED FOR COMPLIANCE WITH SECTION 6039 (a) (1) OF THE INTERNAL REVENUE
CODE.

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